# EDGAR Filing Document

**Accession Number:** 0001287750
**File Stem:** 0001628280-26-027685
**Filing Date:** 2026-4
**Character Count:** 32202
**Document Hash:** 19c127280e71e7cad8957b47c0de45e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-027685.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001628280-26-027685

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260428

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260427

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARES CAPITAL CORP
- **CENTRAL INDEX KEY:** 0001287750

**ORGANIZATION NAME:**
- **EIN:** 331089684
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00663
- **FILM NUMBER:** 26902750

**BUSINESS ADDRESS:**
- **STREET 1:** 245 PARK AVENUE, 44TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10167
- **BUSINESS PHONE:** 2127507300

**MAIL ADDRESS:**
- **STREET 1:** 245 PARK AVENUE, 44TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10167

?xml version='1.0' encoding='ASCII'? arcc-20260428

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549** 

_____________________________________________________________________

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the** 

**Securities Exchange Act of 1934**

Date of report (Date of earliest event reported) April 28, 2026

**ARES CAPITAL CORPORATION**

(Exact Name of Registrant as Specified in Charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **814-00663** | **33-1089684** |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

---

| | |
|:---|:---|
| **245 Park Avenue, 44th Floor, New York, NY** | **10167** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code **(212) 750-7300**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol** | **Name of each exchange on which registered** |
| Common stock, $0.001 par value | ARCC | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**<u>Item 2.02 Results of Operations and Financial Condition</u>.**

On April 28, 2026, the registrant issued a press release, included herewith as Exhibit 99.1, announcing its financial results for the quarter ended March 31, 2026.

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

**<u>Item 8.01 Other Events.</u>**

On April 28, 2026, the registrant announced the declaration of a second quarter 2026 dividend of $0.48 per share, payable on June 30, 2026 to stockholders of record as of June 15, 2026.

**<u>Item 9.01 Financial Statements and Exhibits.</u>**

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits:

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[99.1](arccq1-2026exhibit991.htm)</u> | Press Release, dated April 28, 2026 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | ARES CAPITAL CORPORATION |
| Date: April 28, 2026 |  |  |
|  | By: | /s/ SCOTT C. LEM |
|  | Name: | Scott C. Lem |
|  | Title: | Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

![ares_logoxrgbxnavybluea.jpg](ares_logoxrgbxnavybluea.jpg)

**ARES CAPITAL CORPORATION ANNOUNCES MARCH 31, 2026 FINANCIAL RESULTS**

**AND DECLARES SECOND QUARTER 2026 DIVIDEND OF $0.48 PER SHARE**

**DIVIDEND DECLARATIONS**

New York, NY — April 28, 2026 — Ares Capital Corporation ("Ares Capital") (NASDAQ: ARCC) announced that its Board of Directors has declared a second quarter 2026 dividend of $0.48 per share. The second quarter 2026 dividend is payable on June 30, 2026 to stockholders of record as of June 15, 2026.

**MARCH 31, 2026 FINANCIAL RESULTS** 

Ares Capital also announced financial results for its first quarter ended March 31, 2026.

**OPERATING RESULTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Q1-26**<sup>(3)</sup> | **Q1-26**<sup>(3)</sup> | **Q1-25**<sup>(3)</sup> | **Q1-25**<sup>(3)</sup> |
|<br>**(dollar amounts in millions, except per share data)** | **Total Amount** | **Per Share** | **Total Amount** | **Per Share** |
| GAAP net income per share(1) |  | $0.13 |  | $0.36 |
| Core EPS(2) |  | $0.47 |  | $0.50 |
| Dividends declared and payable |  | $0.48 |  | $0.48 |
| Net investment income(1) | $398 | $0.55 | $365 | $0.54 |
| Net realized gains (losses)(1) | $106 | $0.15 | $(61) | $(0.09) |
| Net unrealized losses(1) | $(412) | $(0.57) | $(63) | $(0.09) |
| GAAP net income(1) | $92 | $0.13 | $241 | $0.36 |

---

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
|<br>**(dollar amounts in millions, except per share data)** | **March 31, 2026** | **December 31, 2025** |
| Portfolio investments at fair value | $29499 | $29485 |
| Total assets | $30679 | $31235 |
| Stockholders' equity | $14065 | $14318 |
| Net asset value per share | $19.59 | $19.94 |
| Debt/equity ratio | 1.13x | 1.12x |
| Debt/equity ratio, net of available cash(4) | 1.10x | 1.08x |

---

____________________________________________

(1)All per share amounts and weighted average shares outstanding are basic and diluted. The basic and diluted weighted average shares outstanding for the three months ended March 31, 2026 and 2025 were approximately 718 million and 676 million, respectively.

(2)Core EPS is a non-GAAP financial measure. Core EPS is the net increase (decrease) in stockholders' equity resulting from operations, and excludes net realized and unrealized gains and losses, any capital gains incentive fee attributable to such net realized and unrealized gains and losses and any income taxes (including excise taxes) related to such net realized gains and losses, divided by the basic weighted average shares outstanding for the relevant period. GAAP net income (loss) per share is the most directly comparable GAAP financial measure. Ares Capital believes that Core EPS provides useful information to investors regarding financial performance because it is one method Ares Capital uses to measure its financial condition and results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Reconciliations of GAAP net income, the most directly comparable GAAP financial measure, to Core EPS are set forth in Schedule 1 hereto.

(3)Net income can vary substantially from period to period due to various factors, including the level of new investment commitments, the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly comparisons of net income may not be meaningful.

------

(4)Computed as total principal debt outstanding less available cash divided by stockholders' equity. Available cash excludes restricted cash as well as cash held for uses specifically designated for paying interest and expenses on certain debt.

"We are off to a strong start to 2026 with solid core earnings, continued healthy portfolio performance and borrower fundamentals, and low levels of non-accruing investments," said Kort Schnabel, Chief Executive Officer of Ares Capital. "In an environment characterized by heightened volatility and reduced transaction activity, we are seeing improving lending conditions, including enhanced spreads and fees, lower leverage and more attractive terms and documentation. With our scale, diversified portfolio and strong financial position, we believe we are well positioned to capitalize on new investment opportunities and to continue to generate attractive long-term shareholder returns."

"During the first quarter, we maintained a strong and flexible balance sheet while further enhancing our capital structure, including raising over $1.25 billion of new debt financing at attractive terms," said Scott Lem, Chief Financial Officer of Ares Capital. "With approximately $6.0 billion of available liquidity, modest leverage and a well-laddered liability profile with limited near-term maturities, we believe we are well positioned to continue supporting our portfolio companies and opportunistically investing in new companies. Underpinned by our significant level of taxable spillover income and our consistently strong performance, our stable quarterly dividend reflects our view of the earnings power of our company in the current market environment."

**PORTFOLIO AND INVESTMENT ACTIVITY**

---

| | | |
|:---|:---|:---|
| **(dollar amounts in millions)** | **Q1-26** | **Q1-25** |
| *Portfolio Activity During the Period:* |  |  |
| &nbsp;&nbsp;&nbsp;Gross commitments | $3246 | $3453 |
| &nbsp;&nbsp;&nbsp;Exits of commitments | $3176 | $2857 |
| *Portfolio Information:* |  |  |
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;Portfolio investments at fair value | $29499 | $29485 |
| &nbsp;&nbsp;&nbsp;Fair value of accruing debt and other income producing securities(5) | $26500 | $26510 |
| &nbsp;&nbsp;&nbsp;Number of portfolio company investments | 607 | 603 |
| &nbsp;&nbsp;&nbsp;Percentage of floating rate securities at fair value(6) | 71% | 72% |
| &nbsp;&nbsp;&nbsp;Weighted average yields on debt and other income producing securities(7): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At amortized cost | 10.3% | 10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | 10.4% | 10.3% |
| &nbsp;&nbsp;&nbsp;Weighted average yields on total investments(8): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At amortized cost | 9.3% | 9.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | 9.3% | 9.3% |
| &nbsp;&nbsp;&nbsp;*Asset class percentage at fair value:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First lien senior secured loans | 60% | 61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second lien senior secured loans | 5% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinated certificates of the SDLP | 4% | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior subordinated loans | 6% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred equity | 8% | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivy Hill Asset Management, L.P.(9) | 9% | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other equity | 8% | 8% |

---

____________________________________________

(5)Includes the fair value of Ares Capital's equity investment in Ivy Hill Asset Management, L.P. ("IHAM").

(6)Includes Ares Capital's investment in the subordinated certificates of the SDLP (as defined below).

(7)Weighted average yields on debt and other income producing securities are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and

------

other income producing securities (including the annualized amount of the regular dividend received by Ares Capital related to its equity investment in IHAM during the most recent quarter end), divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value (including the amortized cost or fair value of Ares Capital's equity investment in IHAM as applicable), as applicable.

(8)Weighted average yields on total investments are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the regular dividend received by Ares Capital related to its equity investment in IHAM during the most recent quarter end), divided by (b) total investments at amortized cost or at fair value, as applicable.

(9)Includes Ares Capital's subordinated loan and equity investments in IHAM, as applicable.

In the first quarter of 2026, Ares Capital made new investment commitments of approximately $3.2 billion, of which approximately $2.5 billion were funded. New investment commitments included 18 new portfolio companies and 43 existing portfolio companies. As of March 31, 2026, 264 separate private equity sponsors were represented in Ares Capital's portfolio. Of the approximately $3.2 billion in new commitments made during the first quarter of 2026, 73% were in first lien senior secured loans, 4% were in second lien senior secured loans, 1% were in subordinated certificates of the Senior Direct Lending Program (the "SDLP"), 8% were in senior subordinated loans, 12% were in Ares Capital's subordinated loan to IHAM, 1% were in preferred equity and 1% were in other equity. Of the approximately $3.2 billion in new commitments, 91% were in floating rate debt securities, of which 95% contained interest rate floors and 2% were in the subordinated certificates of the SDLP. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 9.2% and the weighted average yield on total investments funded during the period at amortized cost was 9.0%. Ares Capital may seek to sell all or a portion of these new investment commitments, although there can be no assurance that Ares Capital will be able to do so. Also in the first quarter of 2026, Ares Capital funded approximately $838 million related to previously existing unfunded revolving and delayed draw loan commitments.

In the first quarter of 2026, Ares Capital exited approximately $3.2 billion of investment commitments, including $1.0 billion of loans sold to IHAM or certain vehicles managed by IHAM. Of the approximately $3.2 billion of exited investment commitments, 84% were first lien senior secured loans, 2% were second lien senior secured loans, 6% were senior subordinated loans, 5% were Ares Capital's subordinated loan to IHAM, 2% were preferred equity and 1% were other equity. Of the approximately $3.2 billion of exited investment commitments, 94% were floating rate, 4% were fixed rate and 2% were non-income producing.

As of March 31, 2026 and December 31, 2025, the weighted average grade of the portfolio at fair value was 3.1 and 3.1, respectively, and loans on non-accrual status represented 2.1% of the total investments at amortized cost (or 1.2% at fair value) and 1.8% at amortized cost (or 1.2% at fair value), respectively. For more information on Ares Capital's portfolio investment grades and loans on non-accrual status, see "Part I—Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity" in Ares Capital's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the Securities and Exchange Commission ("SEC") on April 28, 2026.

**LIQUIDITY AND CAPITAL RESOURCES** 

As of March 31, 2026, Ares Capital had $505 million in cash and cash equivalents and $15.9 billion in total aggregate principal amount of debt outstanding ($15.8 billion at carrying value). Subject to borrowing base and other restrictions, Ares Capital had approximately $5.5 billion available for additional borrowings under its existing credit facilities as of March 31, 2026.

In January 2026, Ares Capital issued $750 million in aggregate principal amount of unsecured notes, which bear interest at a rate of 5.250% per annum and mature on April 12, 2031 (the "April 2031 Notes"). The April 2031 Notes pay interest semi-annually and all principal is due upon maturity. The April 2031 Notes may be redeemed in whole or in part at any time at Ares Capital's option at a redemption price equal to par plus a "make whole" premium, if applicable, as determined pursuant to the indenture governing the April 2031 Notes, and any accrued and unpaid interest. The April 2031 Notes were issued at a discount to the principal amount. In connection with the April 2031 Notes, Ares Capital entered into an interest rate swap for a total notional amount of $750 million that matures on April 12, 2031. Under the interest rate swap, Ares Capital will receive a fixed interest rate of 5.250% and pay a floating interest rate of one-month Secured Overnight Financing Rate ("SOFR") plus 1.7217%.

In January 2026, Ares Capital repaid in full the $1,150 million aggregate principal amount outstanding of its unsecured notes upon their maturity, which bore interest at a rate of 3.875% per annum.

------

In February 2026, Ares Capital and its consolidated subsidiary, Ares Capital JB Funding LLC ("ACJB"), entered into an agreement to amend ACJB's revolving funding facility (the "SMBC Funding Facility"). The amendment, among other things, (a) increased the total commitment under the SMBC Funding Facility from $1.1 billion to $1.6 billion, (b) adjusted the interest rate charged on the SMBC Funding Facility from an applicable spread of either (i) 1.80% over SOFR or (ii) 0.80% over a "base rate" to an applicable spread of either (x) 1.75% over SOFR or (y) 0.75% over a "base rate" (as defined in the documents governing the SMBC Funding Facility) and (c) increased the "accordion" feature that allows ACJB, under certain circumstances, to increase the overall size of the SMBC Funding Facility from a maximum of $1.3 billion to a maximum of $2.5 billion. The other terms of the SMBC Funding Facility remained materially unchanged.

**FIRST QUARTER 2026 DIVIDENDS PAID**

On February 4, 2026, Ares Capital announced that its Board of Directors declared a first quarter 2026 dividend of $0.48 per share for a total of approximately $345 million. The first quarter 2026 dividend was paid on March 31, 2026 to stockholders of record as of March 13, 2026.

**RECENT DEVELOPMENTS** 

From April 1, 2026 through April 23, 2026, Ares Capital made new investment commitments of approximately $198 million, of which approximately $187 million were funded. Of the approximately $198 million in new investment commitments, 56% were in first lien senior secured loans, 43% were in Ares Capital's subordinated loan to IHAM and 1% were in other equity. Of the approximately $198 million in new investment commitments, 99% were floating rate and 1% were non-income producing. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 9.2% and the weighted average yield on total investments funded during the period at amortized cost was 9.1%. Ares Capital may seek to sell all or a portion of these new investment commitments, although there can be no assurance that it will be able to do so.

From April 1, 2026 through April 23, 2026, Ares Capital exited approximately $13 million of investment commitments. Of the approximately $13 million of exited investment commitments, 84% were first lien senior secured loans and 16% were Ares Capital's subordinated loan to IHAM. All of the approximately $13 million of exited investment commitments were floating rate. The weighted average yield of debt and other income producing securities exited or repaid during the period at amortized cost was 9.7% and the weighted average yield on total investments exited or repaid during the period at amortized cost was 9.7%. Of the approximately $13 million of investment commitments exited from April 1, 2026 through April 23, 2026, Ares Capital did not recognize any realized gains or losses.

In addition, as of April 23, 2026, Ares Capital had an investment backlog of approximately $1.8 billion. Investment backlog includes transactions approved by Ares Capital's investment adviser's U.S. direct lending investment committee and/or for which a formal mandate, letter of intent or a signed commitment have been issued, and therefore Ares Capital believes are likely to close. The consummation of any of the investments in this backlog depends upon, among other things, one or more of the following: Ares Capital's acceptance of the terms and structure of such investment and the execution and delivery of satisfactory transaction documentation. In addition, Ares Capital may sell all or a portion of these investments and certain of these investments may result in the repayment of existing investments. Ares Capital cannot assure you that it will make any of these investments or that Ares Capital will sell all or any portion of these investments.

**WEBCAST / CONFERENCE CALL** 

Ares Capital will host a webcast/conference call on Tuesday, April 28, 2026 at 12:00 p.m. (Eastern Time) to discuss its quarter ended March 31, 2026 financial results. PLEASE VISIT ARES CAPITAL'S WEBCAST LINK LOCATED ON THE HOME PAGE OF THE INVESTOR RESOURCES SECTION OF ARES CAPITAL'S WEBSITE FOR A SLIDE PRESENTATION THAT COMPLEMENTS THE EARNINGS CONFERENCE CALL.

All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of Ares Capital's website at <u>www.arescapitalcorp.com</u>. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call toll free by dialing +1 (800) 245-3047. International callers can access the conference call by dialing +1 (203) 518-9765. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected and to reference the conference ID ARCCQ126. For interested parties, an archived replay of the call will be available approximately one hour after the end of the call through May 28, 2026 at 5:00 p.m. (Eastern Time) to domestic callers by dialing toll free +1 (800) 727-6189 and to international callers by dialing +1 (402) 220-2671. An archived replay will also be available through May 28, 2026 on a webcast link located on the Home page of the Investor Resources section of Ares Capital's website.

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**ABOUT ARES CAPITAL CORPORATION**

Founded in 2004, Ares Capital is a leading specialty finance company focused on providing direct loans and other investments in private middle market companies in the United States. Ares Capital's objective is to source and invest in high-quality borrowers that need capital to achieve their business goals, which oftentimes can lead to economic growth and employment. Ares Capital believes its loans and other investments in these companies can help generate attractive levels of current income and potential capital appreciation for investors. Ares Capital, through its investment manager, utilizes its extensive, direct origination capabilities and incumbent borrower relationships to source and underwrite predominantly senior secured loans but also subordinated debt and equity investments. Ares Capital has elected to be regulated as a business development company ("BDC") and was the largest publicly traded BDC by market capitalization as of March 31, 2026. Ares Capital is externally managed by a subsidiary of Ares Management Corporation (NYSE: ARES), a publicly traded, leading global alternative investment manager. For more information about Ares Capital, visit <u>www.arescapitalcorp.com</u>.

**FORWARD-LOOKING STATEMENTS**

Statements included herein or on the webcast/conference call may constitute "forward-looking statements," which relate to future events or Ares Capital's future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Ares Capital's filings with the SEC. Ares Capital undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call.

**INVESTOR RELATIONS CONTACTS**

Ares Capital Corporation

John Stilmar or Carl Drake

(888) 818-5298

irarcc@aresmgmt.com

------

**ARES CAPITAL CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEET**

**(in millions, except per share data)**

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **March 31, 2026** | **December 31, 2025** |
| **ASSETS** | (unaudited) |  |
| &nbsp;&nbsp;Total investments at fair value (amortized cost of $29,648 and $29,250, respectively) | $29499 | $29485 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 505 | 638 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 150 | 286 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 239 | 288 |
| &nbsp;&nbsp;&nbsp;Receivable for open trades | 97 | 317 |
| &nbsp;&nbsp;&nbsp;Other assets | 189 | 221 |
| &nbsp;&nbsp;&nbsp;Total assets | $30679 | $31235 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Debt | $15848 | $15991 |
| &nbsp;&nbsp;&nbsp;Base management fee payable | 111 | 111 |
| &nbsp;&nbsp;&nbsp;Income based fee payable | 84 | 89 |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee payable | 20 | 82 |
| &nbsp;&nbsp;Interest and facility fees payable | 134 | 193 |
| &nbsp;&nbsp;&nbsp;Payable to participants | 78 | 131 |
| &nbsp;&nbsp;&nbsp;Interest rate swap collateral payable | 62 | 155 |
| &nbsp;&nbsp;Payable for open trades | 91 | 5 |
| &nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 126 | 132 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 60 | 28 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 16614 | 16917 |
| **STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;Common stock, par value $0.001 per share, 1,000 common shares authorized; 718 common shares issued and outstanding | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | 13359 | 13359 |
| &nbsp;&nbsp;&nbsp; Accumulated undistributed earnings | 705 | 958 |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | 14065 | 14318 |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $30679 | $31235 |
| **NET ASSET VALUE PER SHARE** | $19.59 | $19.94 |

---

------

**ARES CAPITAL CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENT OF OPERATIONS**

**(in millions, except per share data)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income from investments | $550 | $526 |
| &nbsp;&nbsp;&nbsp;Capital structuring service fees | 39 | 46 |
| &nbsp;&nbsp;&nbsp;Dividend income | 156 | 143 |
| &nbsp;&nbsp;&nbsp;Other income | 18 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 763 | 732 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Interest and credit facility fees | 213 | 186 |
| &nbsp;&nbsp;&nbsp;Base management fee | 111 | 102 |
| &nbsp;&nbsp;&nbsp;Income based fee | 84 | 85 |
| &nbsp;&nbsp;&nbsp;Capital gains incentive fee | (61) | (25) |
| &nbsp;&nbsp;&nbsp;Administrative fees | 4 | 4 |
| &nbsp;&nbsp;&nbsp;Other general and administrative | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 359 | 360 |
| NET INVESTMENT INCOME BEFORE INCOME TAXES | 404 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense, including excise taxes | 6 | 7 |
| NET INVESTMENT INCOME | 398 | 365 |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS: |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | 114 | (92) |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) on foreign currency and other transactions | (8) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | 106 | (61) |
| &nbsp;&nbsp;&nbsp;Net unrealized gains (losses) on investments | (416) | 3 |
| &nbsp;&nbsp;&nbsp;Net unrealized gains (losses) on foreign currency and other transactions | 30 | (44) |
| &nbsp;&nbsp;&nbsp;Net change in deferred tax liabilities | (26) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized losses | (412) | (63) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized losses on investments, foreign currency and other transactions | (306) | (124) |
| NET INCREASE IN STOCKHOLDERS' EQUITY RESULTING FROM OPERATIONS | $92 | $241 |
| Basic and diluted net income per common share | $0.13 | $0.36 |
| Basic and diluted weighted average shares of common stock outstanding | 718 | 676 |

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**SCHEDULE 1**

**Reconciliations of GAAP net income per share to Core EPS** 

Reconciliations of GAAP net income per share, the most directly comparable GAAP financial measure, to Core EPS for the three months ended March 31, 2026 and 2025 are provided below.

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2025** |
| | (unaudited) | (unaudited) |
| GAAP net income per share(1) | $0.13 | $0.36 |
| &nbsp;&nbsp;Adjustments: |  |  |
| Net realized and unrealized losses(1) | 0.42 | 0.18 |
| Capital gains incentive fee attributable to net realized and unrealized gains and losses(1) | (0.08) | (0.04) |
| Other income tax expense (including excise taxes) related to net realized gains and losses(1) |  |  |
| Core EPS(2) | $0.47 | $0.50 |

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(1)All per share amounts and weighted average shares outstanding are basic and diluted. The basic and diluted weighted average shares outstanding for the three months ended March 31, 2026 and 2025 were approximately 718 million and 676 million, respectively.

(2)Core EPS is a non-GAAP financial measure. Core EPS is the net increase (decrease) in stockholders' equity resulting from operations, and excludes net realized and unrealized gains and losses, any capital gains incentive fee attributable to such net realized and unrealized gains and losses and any income taxes (including excise taxes) related to such net realized gains and losses, divided by the basic weighted average shares outstanding for the relevant period. GAAP net income (loss) per share is the most directly comparable GAAP financial measure. Ares Capital believes that Core EPS provides useful information to investors regarding financial performance because it is one method Ares Capital uses to measure its financial condition and results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.