Ares Capital Corp (NASDAQ:ARCC) used to be my favorite overall Business Development Company (i.e., "BDC") due to its phenomenal long-term track record of generating outsized total returns as well as sustaining and even growing NAV per share while also paying out a hefty dividend: Much of this phenomenal performance is due to the expert management provided to the fund by Ares Management Corporation (ARES). That being said, I recently parted ways with my ARCC shares, and in this article, I will detail three reasons why.