• Ares Capital average pre-tax profit margin for 2023 was 52.33%, a 4.85% decline from 2022.
• Ares Capital average pre-tax profit margin for 2022 was 49.91%, a 12.03% increase from 2021.
• Ares Capital average pre-tax profit margin for 2021 was 44.55%, a 18.18% increase from 2020.

Pre-tax profit margin can be defined as earnings before taxes as a portion of total revenue.