ARES CAPITAL CORP

Listed Company

ARCCCIK 0001287750NasdaqLarge AcceleratedMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$1.30B

Total Assets

$31.23B

Equity

$14.32B

Shares Out

718.02M

Op. Cash Flow

$-1.72B

ARCC$19.19−17.46% · past yearDBEQ Basic

Daily closing prices

Business

Ares Capital Corporation is a specialty finance company and externally managed business development company that generates current income and capital appreciation through debt and equity investments in U.S. middle-market companies. The company invests primarily in first lien senior secured loans, second lien senior secured loans, subordinated debt, and preferred equity. Ares Capital owns Ivy Hill Asset Management, an SEC-registered investment adviser, and participates in the Senior Direct Lending Program joint venture.

Summary from 10-K filed 2026-02-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
PIK interest income	219	206	166	138	164
PIK dividend income	268	257	198	175	—
Total investment income	3,052	2,990	2,614	2,096	1,820
Interest and credit facility fees	793	715	582	455	372
Base management fee	425	374	323	305	253
Income based fee	348	364	328	252	225
Capital gains incentive fee	−23	18	53	−101	161
Administrative and other fees	15	12	13	11	15
Other general and administrative	36	31	29	27	24
Total expenses	1,594	1,514	1,328	949	1,050
NET INVESTMENT INCOME BEFORE INCOME TAXES	1,458	1,476	1,286	1,147	770
Income tax expense, including excise taxes	43	40	28	55	29
NET INVESTMENT INCOME	1,415	1,436	1,258	1,092	741
Foreign currency and other transactions	−6	5	−24	57	25
Net income tax expense on net realized gains	−115	−33	8	—	—
Net realized losses	−20	−88	−171	81	283
Foreign currency and other transactions	−41	50	6	−12	−16
Net change in deferred tax liabilities	59	−5	−64	—	—
Net unrealized gains (losses)	−96	188	435	−525	586
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions	−116	100	264	−444	869
Realized loss on extinguishment of debt	0	−14	0	−48	−43
NET INCREASE IN STOCKHOLDERS EQUITY RESULTING FROM OPERATIONS	1,299	1,522	1,522	600	1,567
Basic (in usd per share)	1.86	2.44	2.75	1.21	3.51
Diluted (in usd per share)	1.86	2.44	2.68	1.19	3.51
Basic (in shares)	699	624	554	498	446
Diluted (in shares)	699	624	575	518	446

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fair Value	29,485	26,720	22,874	21,780	20,009
Cash and cash equivalents	638	635	535	303	372
Restricted cash	286	225	29	34	114
Interest receivable	288	292	245	176	142
Receivable for open trades	317	224	16	4	80
Other assets	221	158	101	81	99
Total assets	31,235	28,254	23,800	22,398	20,843
Debt	15,991	13,727	11,884	12,210	11,020
Base management fee payable	111	100	84	79	69
Income based fee payable	89	91	—	—	—
Capital gains incentive fee payable	82	105	—	—	—
Interest and facility fees payable	193	170	132	105	100
Payable to participants	131	163	29	34	114
Interest rate swap collateral payable	155	62	—	—	—
Payable for open trades	5	236	7	22	216
Accounts payable and other liabilities	132	121	251	167	111
Deferred tax liabilities	28	92	—	—	—
Secured borrowings	0	32	34	79	74
Total liabilities	16,917	14,899	12,599	12,843	11,975
Commitments and contingencies (Note 7)	—	—	—	—	—
Common stock, par value $0.001 per share, 1,000 common shares authorized; 718 and 672 common shares issued and outstanding, respectively	1	1	1	1	0
Capital in excess of par value	13,359	12,502	10,738	9,556	8,553
Accumulated undistributed earnings	958	852	462	−2	—
Total stockholders equity	14,318	13,355	11,201	9,555	8,868
Total liabilities and stockholders equity	31,235	28,254	23,800	22,398	20,843
NET ASSET VALUE PER SHARE (in dollars per share)	19.94	19.89	19.24	18.4	18.96

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net gain on interest rate swaps accounted for as hedge instruments and the related hedged items	−1	0	0	—	—
Net accretion of discount on investments	−17	−17	−18	−13	−16
Collections of PIK interest	131	109	48	30	104
Collections of PIK dividends	149	33	11	71	122
Amortization of debt issuance costs	34	33	31	30	29
Net amortization of discount/premium on notes payable	0	−6	−5	−4	2
Proceeds from sales and repayments of investments and other transactions	11,216	9,212	5,315	7,747	10,250
Purchases of investments	−14,075	−12,622	−5,804	−9,852	−13,644
Interest receivable	−2	−45	−60	−34	−24
Other assets	−35	5	−8	65	10
Base management fee payable	11	16	5	10	13
Capital gains incentive fee payable	−2	1	9	—	—
Capital gains incentive fee payable	−23	17	53	—	—
Interest and facility fees payable	23	38	27	5	17
Payable to participants	−32	134	−5	−80	42
Interest rate swap collateral payable	93	62	31	—	—
Accounts payable and other liabilities	−115	−71	−13	−1	27
Net cash provided by (used in) operating activities	−1,717	−2,128	511	−1,359	−2,459
Borrowings on debt	12,534	13,238	5,215	7,950	19,336
Repayments and repurchases of debt	−10,340	−10,968	−5,558	−6,818	—
Debt issuance costs	−45	−59	−20	−16	−64
Repayment of 2024 Convertible Notes	0	−10	0	0	—
Net proceeds from issuance of common stock	928	1,364	1,155	1,001	819
Dividends paid	−1,264	−1,139	−1,031	−912	−694
Secured borrowings, net	−32	−2	−45	5	51
Net cash provided by (used in) financing activities	1,781	2,424	−284	1,210	2,619
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	64	296	227	−149	160
Interest paid during the period	750	676	524	402	310
Taxes, including excise taxes, paid during the period	163	66	36	39	26

Filings

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Frequently asked questions

What is ARES CAPITAL CORP's CIK number?

ARES CAPITAL CORP's SEC CIK number is 0001287750 (1287750). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find ARES CAPITAL CORP's SEC filings?

All of ARES CAPITAL CORP's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did ARES CAPITAL CORP last report earnings?

ARES CAPITAL CORP (ARCC) most recently filed an earnings 8-K with the SEC on Apr 28, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-027685). This is ARES CAPITAL CORP's most recent earnings filing of record — not a forecast of its next earnings date.

What is ARES CAPITAL CORP's most recent earnings 8-K?

ARES CAPITAL CORP's latest earnings 8-K (Item 2.02) was filed Apr 28, 2026 under accession 0001628280-26-027685. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View ARES CAPITAL CORP's latest earnings 8-K →
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