• Ares Capital average return on tangible equity for 2023 was 10.73, a 0.47% increase from 2022.
• Ares Capital average return on tangible equity for 2022 was 10.68, a 47.83% increase from 2021.
• Ares Capital average return on tangible equity for 2021 was 20.47, a 598.63% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.