Overview
- TickerARCC on Nasdaq1
- HeadquartersNew York, New York1
- Incorporated inMD2
- Business address245 Park Avenue, 44Th Floor, New York, Ny 101672
- Filer categoryLarge accelerated filer2
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Ares Capital Corporation, a Maryland corporation (together with its subsidiaries, where applicable, “Ares Capital” or the “Company,” which may also be referred to as “we,” “us” or “our”), is a specialty finance company that is a closed-end, non-diversified management investment company. We have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder, the “Investment Company Act.” We were founded on April 16, 2004, were initially funded on June 23, 2004 and completed our initial public offering (“IPO”) on October 8, 2004. As of December 31, 2025, we were the largest publicly traded BDC by market capitalization and had approximately $31.2 billion of total assets.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| PIK interest income | $219.0M | $206.0M | $166.0M |
| PIK dividend income | $268.0M | $257.0M | $198.0M |
| Total investment income | $3.1B | $3.0B | $2.6B |
| Interest and credit facility fees | $793.0M | $715.0M | $582.0M |
| Base management fee | $425.0M | $374.0M | $323.0M |
| Income based fee | $348.0M | $364.0M | $328.0M |
| Capital gains incentive fee | -$23.0M | $18.0M | $53.0M |
| Administrative and other fees | $15.0M | $12.0M | $13.0M |
| Other general and administrative | $36.0M | $31.0M | $29.0M |
| Total expenses | $1.6B | $1.5B | $1.3B |
| NET INVESTMENT INCOME BEFORE INCOME TAXES | $1.5B | $1.5B | $1.3B |
| Income tax expense, including excise taxes | $43.0M | $40.0M | $28.0M |
| NET INVESTMENT INCOME | $1.4B | $1.4B | $1.3B |
| Foreign currency and other transactions | -$6.0M | $5.0M | -$24.0M |
| Net income tax expense on net realized gains | -$115.0M | -$33.0M | $8.0M |
| Net realized losses | -$20.0M | -$88.0M | -$171.0M |
| Foreign currency and other transactions | -$41.0M | $50.0M | $6.0M |
| Net change in deferred tax liabilities | $59.0M | -$5.0M | -$64.0M |
| Net unrealized gains (losses) | -$96.0M | $188.0M | $435.0M |
| Net realized and unrealized gains (losses) on investments, foreign currency and other transactions | -$116.0M | $100.0M | $264.0M |
| Realized loss on extinguishment of debt | $0 | -$14.0M | $0 |
| NET INCREASE IN STOCKHOLDERS EQUITY RESULTING FROM OPERATIONS | $1.3B | $1.5B | $1.5B |
| Basic (in usd per share) | $1.86 | $2.44 | $2.75 |
| Diluted (in usd per share) | $1.86 | $2.44 | $2.68 |
| Basic (in shares) | 699.0M shares | 624.0M shares | 554.0M shares |
| Diluted (in shares) | 699.0M shares | 624.0M shares | 575.0M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 11 quarters (quarterly), latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Fair Value | $29.5B | $26.7B | |||
| Cash and cash equivalents | $638.0M | $635.0M | |||
| Restricted cash | $286.0M | $225.0M | |||
| Interest receivable | $288.0M | $292.0M | |||
| Receivable for open trades | $317.0M | $224.0M | |||
| Other assets | $221.0M | $158.0M | |||
| Total assets | $31.2B | $28.3B | |||
| Debt | $16.0B | $13.7B | |||
| Base management fee payable | $111.0M | $100.0M | |||
| Income based fee payable | $89.0M | $91.0M | |||
| Capital gains incentive fee payable | $82.0M | $105.0M | |||
| Interest and facility fees payable | $193.0M | $170.0M | |||
| Payable to participants | $131.0M | $163.0M | |||
| Interest rate swap collateral payable | $155.0M | $62.0M | |||
| Payable for open trades | $5.0M | $236.0M | |||
| Accounts payable and other liabilities | $132.0M | $121.0M | |||
| Deferred tax liabilities | $28.0M | $92.0M | |||
| Secured borrowings | $0 | $32.0M | |||
| Total liabilities | $16.9B | $14.9B | |||
| Common stock, par value $0.001 per share, 1,000 common shares authorized; 718 and 672 common shares issued and outstanding, respectively | $1.0M | $1.0M | |||
| Capital in excess of par value | $13.4B | $12.5B | |||
| Accumulated undistributed earnings | $958.0M | $852.0M | |||
| Total stockholders equity | $14.3B | $13.4B | $11.2B | $9.6B | $8.9B |
| Total liabilities and stockholders equity | $31.2B | $28.3B | |||
| NET ASSET VALUE PER SHARE (in dollars per share) | $19.94 | $19.89 | $19.24 | $18.40 | $18.96 |
| Amortized cost of investments | $29.2B | $26.4B | |||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |||
| Common stock, shares authorized (in shares) | 1.0B shares | 1.0B shares | |||
| Common stock, shares issued (in shares) | 718.0M shares | 672.0M shares | |||
| Common stock, shares outstanding (in shares) | 718.0M shares | 672.0M shares | 582.0M shares | 519.0M shares | 468.0M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fair Value | $29.5B | $26.7B | |||||||||
| Cash and cash equivalents | $638.0M | $635.0M | |||||||||
| Restricted cash | $286.0M | $225.0M | |||||||||
| Interest receivable | $288.0M | $292.0M | |||||||||
| Receivable for open trades | $317.0M | $224.0M | |||||||||
| Other assets | $221.0M | $158.0M | |||||||||
| Total assets | $31.2B | $28.3B | |||||||||
| Debt | $16.0B | $13.7B | |||||||||
| Base management fee payable | $111.0M | $100.0M | |||||||||
| Income based fee payable | $89.0M | $91.0M | |||||||||
| Capital gains incentive fee payable | $82.0M | $105.0M | |||||||||
| Interest and facility fees payable | $193.0M | $170.0M | |||||||||
| Payable to participants | $131.0M | $163.0M | |||||||||
| Interest rate swap collateral payable | $155.0M | $62.0M | |||||||||
| Payable for open trades | $5.0M | $236.0M | |||||||||
| Accounts payable and other liabilities | $132.0M | $121.0M | |||||||||
| Deferred tax liabilities | $28.0M | $92.0M | |||||||||
| Secured borrowings | $0 | $32.0M | |||||||||
| Total liabilities | $16.9B | $14.9B | |||||||||
| Common stock, par value $0.001 per share, 1,000 common shares authorized; 718 and 672 common shares issued and outstanding, respectively | $1.0M | $1.0M | |||||||||
| Capital in excess of par value | $13.4B | $12.5B | |||||||||
| Accumulated undistributed earnings | $958.0M | $852.0M | |||||||||
| Total stockholders equity | $14.3B | $13.4B | $11.2B | $9.6B | $8.9B | $7.2B | $7.5B | $7.3B | $7.1B | $5.2B | |
| Total liabilities and stockholders equity | $31.2B | $28.3B | |||||||||
| NET ASSET VALUE PER SHARE (in dollars per share) | $19.94 | $19.89 | $19.24 | $18.40 | $18.96 | $16.97 | $17.32 | $17.12 | $16.65 | $16.45 | $16.46 |
| Amortized cost of investments | $29.2B | $26.4B | |||||||||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |||||||||
| Common stock, shares authorized (in shares) | 1.0B shares | 1.0B shares | |||||||||
| Common stock, shares issued (in shares) | 718.0M shares | 672.0M shares | |||||||||
| Common stock, shares outstanding (in shares) | 718.0M shares | 672.0M shares | 582.0M shares | 519.0M shares | 468.0M shares | 423.0M shares | 431.0M shares | 426.0M shares | 426.0M shares | 314.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net increase in stockholders' equity resulting from operations | $1.3B | $1.5B | $1.5B |
| Net realized losses on investments, foreign currency and other transactions | $20.0M | $88.0M | $171.0M |
| Net unrealized (gains) losses on investments, foreign currency and other transactions | $96.0M | -$188.0M | -$435.0M |
| Realized loss on extinguishment of debt | $0 | $14.0M | $0 |
| Net gain on interest rate swaps accounted for as hedge instruments and the related hedged items | -$1.0M | $0 | $0 |
| Net accretion of discount on investments | -$17.0M | -$17.0M | -$18.0M |
| PIK interest | -$219.0M | -$206.0M | -$166.0M |
| Collections of PIK interest | $131.0M | $109.0M | $48.0M |
| PIK dividends | -$268.0M | -$257.0M | -$198.0M |
| Collections of PIK dividends | $149.0M | $33.0M | $11.0M |
| Amortization of debt issuance costs | $34.0M | $33.0M | $31.0M |
| Net amortization of discount/premium on notes payable | $0 | -$6.0M | -$5.0M |
| Proceeds from sales and repayments of investments and other transactions | $11.2B | $9.2B | $5.3B |
| Purchases of investments | -$14.1B | -$12.6B | -$5.8B |
| Interest receivable | -$2.0M | -$45.0M | -$60.0M |
| Other assets | -$35.0M | $5.0M | -$8.0M |
| Base management fee payable | $11.0M | $16.0M | $5.0M |
| Capital gains incentive fee payable | -$2.0M | $1.0M | $9.0M |
| Capital gains incentive fee payable | -$23.0M | $17.0M | $53.0M |
| Interest and facility fees payable | $23.0M | $38.0M | $27.0M |
| Payable to participants | -$32.0M | $134.0M | -$5.0M |
| Interest rate swap collateral payable | $93.0M | $62.0M | $31.0M |
| Accounts payable and other liabilities | -$115.0M | -$71.0M | -$13.0M |
| Net cash provided by (used in) operating activities | -$1.7B | -$2.1B | $511.0M |
| Borrowings on debt | $12.5B | $13.2B | $5.2B |
| Repayments and repurchases of debt | -$10.3B | -$11.0B | -$5.6B |
| Debt issuance costs | -$45.0M | -$59.0M | -$20.0M |
| Repayment of 2024 Convertible Notes | $0 | -$10.0M | $0 |
| Net proceeds from issuance of common stock | $928.0M | $1.4B | $1.2B |
| Dividends paid | -$1.3B | -$1.1B | -$1.0B |
| Secured borrowings, net | -$32.0M | -$2.0M | -$45.0M |
| Net cash provided by (used in) financing activities | $1.8B | $2.4B | -$284.0M |
| CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $64.0M | $296.0M | $227.0M |
| Interest paid during the period | $750.0M | $676.0M | $524.0M |
| Taxes, including excise taxes, paid during the period | $163.0M | $66.0M | $36.0M |
No quarter-by-quarter statement was filed.
Corporate structure
ARES CAPITAL CORP sits at the top of its group. 62 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
- ARES CAPITAL CORP New York, New York
- ACAS, LLC Subsidiary · Delaware, United States
- ALLIED CRESCENT EQUITY, LLC Subsidiary · Delaware, United States
- ARCC APEX SPV, LLC Subsidiary · Delaware, United States
- ARCC API CORP. Subsidiary · Delaware, United States
- ARCC BEACON LLC Subsidiary · Delaware, United States
- ARCC BLOCKER CORP. Subsidiary · Delaware, United States
- ARCC BLOCKER II LLC Subsidiary · Delaware, United States
- ARCC BLOCKER IV LLC Subsidiary · Delaware, United States
- ARCC BLOCKER V LLC Subsidiary · Delaware, United States
- ARCC BLOCKER VI LLC Subsidiary · Delaware, United States
- ARCC BLOCKER VII LLC Subsidiary · Delaware, United States
- ARCC BLOCKER VIII LLC Subsidiary · Delaware, United States
- ARCC ED CORP. Subsidiary · Delaware, United States
- ARCC FB FUNDING LLC Subsidiary · Delaware, United States
- ARCC FD CORP. Subsidiary · Delaware, United States
- ARCC FGP LLC Subsidiary · Delaware, United States
- ARCC FIN LLC Subsidiary · Delaware, United States
- ARCC GG HOLDINGS LLC Subsidiary · Delaware, United States
- ARCC GREEN ENERGY PARTNERS BLOCKER LLC Subsidiary · Delaware, United States
- ARCC HEELSTONE LLC Subsidiary · Delaware, United States
- ARCC KPS CORP. Subsidiary · Delaware, United States
- ARCC LSQ LLC Subsidiary · Delaware, United States
- ARCC MBU HOLDINGS LLC Subsidiary · Delaware, United States
- ARCC MH LLC Subsidiary · Delaware, United States
- ARCC NV1 CORP. Subsidiary · Delaware, United States
- and 36 more
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What ARES CAPITAL CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $638.0M8 Dec 31, 2025 | $635.0M8 Dec 31, 2024 | +0.5% |
Properties, in its own words
We do not own any real estate or other physical properties materially important to our operation. Our headquarters are currently located at 245 Park Avenue, 44th Floor, New York, New York 10167. We are party to office leases pursuant to which we are leasing office facilities from third parties.
Item 2 of the 10-K filed Feb 4, 2026.4
Leadership
Who has led ARES CAPITAL CORP, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2010201520202025
- Chief executive officerR. Kipp Deveer Aug 8, 2014 to Feb 12, 202111
- Chief executive officerMichael J. Arougheti Dec 24, 2013 to May 13, 201412
- PresidentR. Kipp Deveer May 9, 2013 to Dec 24, 201313
- PresidentMichael J. Arougheti Nov 9, 2006 to May 10, 201214
- Chief financial officerScott C. Lem Feb 9, 2026 to now15
- Chief financial officerPenelope F. Roll Dec 29, 2010 to Mar 17, 202316
- Chief financial officerRichard S. Davis Mar 8, 2007 to May 21, 200917
- Chief operating officerJana Markowicz Jan 23, 2023 to now18
Board members and other officers (24)
- GC, VP and SecretaryIan Fitzgerald Oct 7, 2025 to now19
- Chief Accounting OfficerPaul Won Jae Cho Feb 15, 2024 to Feb 15, 202420
- Executive Vice PresidentMichael J. Arougheti Nov 6, 2014 to now21
- Executive Vice PresidentEric B. Beckman May 9, 2013 to Dec 24, 201322
- CAO, VP & TreasurerScott C. Lem Dec 16, 2013 to Mar 10, 201623
- Gen. Counsel, VP & Asst. Secr.Joshua M. Bloomstein Jan 22, 2010 to Jan 22, 201024
- Interim CCO & Asst. SecretaryValerie Bruce Jun 2, 2006 to Jun 2, 200625
- CCO and SecretaryHue H. Nguyen Dec 14, 2006 to Dec 14, 200626
- Board memberMary Beth Henson Mar 11, 2022 to now27
- Board memberMichael K. Parks Nov 22, 2019 to Sep 11, 202028
- Board memberR. Kipp Deveer Feb 5, 2016 to Feb 12, 202129
- Board memberSteven B. McKeever Sep 17, 2012 to Jun 17, 202230
- Board memberSteve Bartlett Nov 5, 2012 to Nov 4, 201931
- Board memberKenneth Heitz Jun 9, 2011 to Jun 9, 201132
- Board memberBennett Rosenthal Aug 9, 2011 to Feb 14, 202433
- Board memberMichael J. Arougheti Aug 9, 2011 to now34
- Board memberAntony Ressler May 7, 2010 to Dec 24, 201335
- Board memberBates Ann Torre May 7, 2010 to now36
- Board memberGregory W. Penske Mar 4, 2009 to Mar 4, 200937
- Board memberRobert L. Rosen May 14, 2008 to Aug 21, 202038
- Board memberDouglas E. Coltharp Aug 18, 2008 to Nov 17, 200839
- Board memberFrank Eugene Obryan Dec 4, 2008 to Dec 11, 200940
- General counselJoshua M. Bloomstein May 9, 2011 to Oct 30, 202041
- General counselMichael D. Weiner Dec 14, 2006 to May 1, 200842
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- ACAS, LLC DELAWARE3
- ALLIED CRESCENT EQUITY, LLC DELAWARE3
- ARCC APEX SPV, LLC DELAWARE3
- ARCC API CORP. DELAWARE3
- ARCC BEACON LLC DELAWARE3
- ARCC BLOCKER CORP. DELAWARE3
- ARCC BLOCKER II LLC DELAWARE3
- ARCC BLOCKER IV LLC DELAWARE3
- ARCC BLOCKER V LLC DELAWARE3
- ARCC BLOCKER VI LLC DELAWARE3
- ARCC BLOCKER VII LLC DELAWARE3
- ARCC BLOCKER VIII LLC DELAWARE3
- ARCC ED CORP. DELAWARE3
- ARCC FB FUNDING LLC DELAWARE3
- ARCC FD CORP. DELAWARE3
- ARCC FGP LLC DELAWARE3
- ARCC FIN LLC DELAWARE3
- ARCC GG HOLDINGS LLC DELAWARE3
- ARCC GREEN ENERGY PARTNERS BLOCKER LLC DELAWARE3
- ARCC HEELSTONE LLC DELAWARE3
- ARCC KPS CORP. DELAWARE3
- ARCC LSQ LLC DELAWARE3
- ARCC MBU HOLDINGS LLC DELAWARE3
- ARCC MH LLC DELAWARE3
All 61 listed subsidiaries
- ARCC NV1 CORP. DELAWARE3
- ARCC NV2 CORP. DELAWARE3
- ARCC OTG CORP. DELAWARE3
- ARCC OTG PREFERRED CORP. DELAWARE3
- ARCC PCGI III AIV BLOCKER, INC. DELAWARE3
- ARCC PCP GP, LLC DELAWARE3
- ARCC PCP L.P. CAYMAN ISLANDS3
- ARCC PH CORP. DELAWARE3
- ARCC PJMB LLC DELAWARE3
- ARCC RB LLC DELAWARE3
- ARCC RT LLC DELAWARE3
- ARCC S2 LLC (F/K/A AC POSTLE, LLC) DELAWARE3
- ARCC SHC LLC DELAWARE3
- ARCC SK BLOCKER CORP. DELAWARE3
- ARCC TM CORP. DELAWARE3
- ARCC ULTIMUS LLC DELAWARE3
- ARCC UNIVERSAL CORP. DELAWARE3
- ARES CAPITAL CP FUNDING HOLDINGS LLC DELAWARE3
- ARES CAPITAL CP FUNDING LLC DELAWARE3
- ARES CAPITAL JB FUNDING LLC DELAWARE3
- ARES DIRECT LENDING CLO 1 LLC DELAWARE3
- ARES DIRECT LENDING CLO 4 LLC DELAWARE3
- ARES DIRECT LENDING CLO 7 LLC DELAWARE3
- ASCLEPIUS HOLDINGS LLC DELAWARE3
- ASCLEPIUS INTERMEDIATE HOLDINGS LLC DELAWARE3
- BW LANDCO LLC DELAWARE3
- EUROPEAN CAPITAL LIMITED GUERNSEY3
- GEDC EQUITY, LLC DELAWARE3
- HCI EQUITY, LLC ILLINOIS3
- IVY HILL ASSET MANAGEMENT GP, LLC DELAWARE3
- MULTIAD EQUITY CORP. DELAWARE3
- POTOMAC ENERGY CENTER, LLC VIRGINIA3
- POTOMAC INTERMEDIATE HOLDINGS II LLC DELAWARE3
- POTOMAC INTERMEDIATE HOLDINGS III LLC DELAWARE3
- S2 EQUITY CORP. DELAWARE3
- STARTEC EQUITY, LLC DELAWARE3
- SVP HOLDINGS GP LLC DELAWARE3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Sep 15, 20268-K Entered a material agreement; New debt or obligation; Other events43
- Aug 14, 20268-K Shareholder vote44
- Jul 29, 20268-K Results of operations; Other events45
- Jul 22, 20268-K Entered a material agreement; New debt or obligation46
- Jun 22, 20268-K Entered a material agreement; New debt or obligation47
- Jun 8, 20268-K Entered a material agreement; New debt or obligation; Other events48
- May 26, 20268-K Entered a material agreement; New debt or obligation49
- May 11, 20268-K Entered a material agreement; New debt or obligation; Other events50
- May 8, 20268-K Shareholder vote51
- Apr 28, 20268-K Results of operations; Other events52
- Apr 28, 20268-K Entered a material agreement; Ended a material agreement53
- Feb 27, 20268-K Entered a material agreement; New debt or obligation54
- Aug 8, 2014New chief executive R. Kipp Deveer becomes CEO11
- Dec 24, 2013New chief executive Michael J. Arougheti becomes CEO12
Calendar
Coming up
- Oct 27, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.50 a share, on Oct 28, 2025.55
When it reported results
- Jul 29, 2026Reported quarterly or annual results45
- Apr 28, 2026Reported quarterly or annual results52
- Feb 4, 2026Reported quarterly or annual results56
- Oct 28, 2025Reported quarterly or annual results57
- Jul 29, 2025Reported quarterly or annual results58
- Apr 29, 2025Reported quarterly or annual results59
- Feb 5, 2025Reported quarterly or annual results60
- Oct 30, 2024Reported quarterly or annual results61
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
323 filings to the SEC since October 2021: 9 annual reports, 15 quarterly reports, 91 major events, 28 insider forms, 180 other. The latest 20:
- Oct 2, 202640-17G EDGAR
- Sep 15, 20268-K EDGAR
- Sep 10, 2026424B2 EDGAR
- Sep 8, 2026497AD EDGAR
- Sep 8, 2026497AD EDGAR
- Sep 8, 2026497AD EDGAR
- Sep 8, 2026497AD EDGAR
- Sep 8, 2026FWP EDGAR
- Sep 8, 2026424B2 EDGAR
- Aug 21, 202640-33 EDGAR
- Aug 14, 20268-K EDGAR
- Jul 29, 202610-Q EDGAR
- Jul 29, 20268-K EDGAR
- Jul 22, 20268-K EDGAR
- Jun 22, 20268-K EDGAR
- Jun 8, 20268-K EDGAR
- Jun 5, 202640-33 EDGAR
- Jun 3, 2026DEFA14A EDGAR
- May 26, 20268-K EDGAR
- May 15, 2026DEFA14A EDGAR
The 323 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
20 open-market trades by officers, directors and large owners since October 2021: 19 buys and 1 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Feb 9, 2026 | MARKOWICZ JANAChief Operating Officer | Buy | 15,000 | $19.20 | $288.0K | Form 4 |
| Feb 6, 2026 | Lem Scott CCFO and Treasurer | Buy | 5,186 | $19.29 | $100.0K | Form 4 |
| Feb 5, 2026 | SCHNABEL MICHAEL KORTChief Executive Officer | Buy | 12,500 | $19.13 | $239.1K | Form 4 |
| Feb 5, 2026 | HENSON MARY BETHDirector | Buy | 4,000 | $19.14 | $76.6K | Form 4 |
| Feb 5, 2026 | SCHNABEL MICHAEL KORTChief Executive Officer | Buy | 12,500 | $19.13 | $239.1K | Form 4 |
| Oct 31, 2025 | SCHNABEL MICHAEL KORTChief Executive Officer | Buy | 13,000 | $20.39 | $265.1K | Form 4 |
| Mar 3, 2025 | Miller James RobertCo-President | Buy | 40,000 | $23.32 | $932.8K | Form 4 |
| Feb 11, 2025 | Bates Ann TorreDirector | Buy | 6,000 | $22.75 | $136.5K | Form 4 |
| May 2, 2023 | SCHNABEL MICHAEL KORTChief Executive Officer | Buy | 15,000 | $17.84 | $267.6K | Form 4 |
| Mar 16, 2023 | ROLL PENELOPE FChief Financial Officer | Buy | 3,000 | $17.44 | $52.3K | Form 4 |
| Mar 15, 2023 | ROLL PENELOPE FChief Financial Officer | Buy | 3,000 | $17.50 | $52.5K | Form 4 |
| Sep 14, 2022 | ROLL PENELOPE FChief Financial Officer | Buy | 2,500 | $19.04 | $47.6K | Form 4 |
| Aug 31, 2022 | HENSON MARY BETHDirector | Buy | 9,000 | $19.77 | $177.9K | Form 4 |
| Aug 3, 2022 | ROLL PENELOPE FChief Financial Officer | Buy | 25,000 | $19.77 | $494.2K | Form 4 |
| Jun 15, 2022 | McKeever Steven B.Director | Buy | 2,775 | $17.95 | $49.8K | Form 4 |
| Jun 14, 2022 | Arougheti Michael JExecutive Vice President | Buy | 300,000 | $17.75 | $5.3M | Form 4 |
| Jun 1, 2022 | HENSON MARY BETHDirector | Buy | 5,000 | $19.62 | $98.1K | Form 4 |
| May 19, 2022 | Smith Michael LewisCo-President | Buy | 54,000 | $18.64 | $1.0M | Form 4 |
| Mar 14, 2022 | HENSON MARY BETHDirector | Buy | 6,000 | $20.05 | $120.3K | Form 4 |
| Dec 14, 2021 | ROLL PENELOPE FChief Financial Officer | Sale | 25,805 | $19.96 | $515.1K | Form 4 |
From Forms 4 filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Morgan Stanley | 17,022,990 | $315.4M | 0.0% | +668,630 |
| UBS Group AG | 13,778,805 | $255.3M | 0.0% | −537,740 |
| Van Eck Associates Corp | 13,306,095 | $246.6M | 0.2% | +2,418,984 |
| Strs Ohio | 10,657,085 | $197.5M | 0.7% | +157,085 |
| Bank Of America Corp /de/ | 8,935,191 | $165.6M | 0.0% | −200,263 |
| Jpmorgan Chase & Co | 7,850,659 | $145.3M | 0.0% | +156,109 |
| Generali Asset Management SPA SGR | 7,547,995 | $139.9M | 2.5% | No change |
| Legal & General Group Plc | 6,510,302 | $120.5M | 0.0% | +535,294 |
| Two Sigma Investments, LP | 5,886,022 | $109.1M | 0.1% | −1,420,322 |
| Wells Fargo & Company/mn | 4,437,109 | $82.2M | 0.0% | −49,497 |
| Ameriprise Financial Inc | 4,122,134 | $76.4M | 0.0% | +346,230 |
| LPL Financial LLC | 4,029,149 | $74.7M | 0.0% | −9,036 |
| HighTower Advisors, LLC | 3,870,130 | $71.7M | 0.1% | +335,197 |
| Raymond James Financial Inc | 3,548,186 | $65.7M | 0.0% | +99,572 |
| Advisors Capital Management, LLC | 3,407,463 | $63.1M | 0.7% | −526,943 |
| Confluence Investment Management LLC | 3,367,580 | $62.4M | 1.0% | −67,709 |
| Evercore Wealth Management, LLC | 3,007,303 | $55.7M | 0.8% | −113,705 |
| OMERS ADMINISTRATION Corp | 2,907,012 | $53.9M | 0.3% | +72,543 |
| Ares Management LLC | 2,783,165 | $51.6M | 2.3% | +170,690 |
| Sound Income Strategies, LLC | 2,766,368 | $51.3M | 2.3% | +102,797 |
| Rockefeller Capital Management L.P. | 2,692,567 | $49.9M | 0.1% | +401,771 |
| Royal Bank Of Canada | 2,677,282 | $49.6M | 0.0% | +8,090 |
| Stifel Financial Corp | 2,640,857 | $48.9M | 0.0% | +2,138 |
| BlackRock, Inc. | 2,446,785 | $45.3M | 0.0% | +50,225 |
| Allen Investment Management, LLC | 2,441,585 | $45.2M | 0.5% | −156,897 |
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
13 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Jul 24, 2026 | Pete SessionsRepublican, House | Sale | $1,001 - $15,000 | +4.8% | Report |
| Nov 1, 2023 | Pete SessionsRepublican, House | Sale | $1,001 - $15,000 | +85.1% | Report |
| Oct 6, 2023 | Pete SessionsRepublican, House | Buy | $569 | −80.9% | Report |
| Aug 15, 2023 | Pete SessionsRepublican, House | Buy | $155 | −77.5% | Report |
| Jul 14, 2023 | Pete SessionsRepublican, House | Buy | $240 | −74.2% | Report |
| May 25, 2023 | Zoe LofgrenDemocratic, House | Sale | $1,001 - $15,000 | +85.9% | Report |
| Jan 18, 2022 | Thomas R Carper, Senate | Partial sale | $1,001 - $15,000 | +81.6% | Report |
| Sep 2, 2021 | Zoe LofgrenDemocratic, House | Buy | $1,001 - $15,000 | −77.7% | Report |
| Apr 20, 2021 | Pete SessionsRepublican, House | Buy | $1,001 - $15,000 | −91.0% | Report |
| Jul 9, 2020 | Thomas R Carper, Senate | Partial sale | $1,001 - $15,000 | +109.8% | Report |
| Apr 2, 2020 | Thomas R Carper, Senate | Buy | $1,001 - $15,000 | −112.5% | Report |
| Mar 23, 2020 | Zoe LofgrenDemocratic, House | Sale | $1,001 - $15,000 | +114.5% | Report |
| Jan 15, 2020 | Mo Brooks, House | Sale | $1,001 - $15,000 | +135.9% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How ARES CAPITAL CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARARES CAPITAL CORP1
- CIK0001287750
- Employer ID (EIN)33-10896844
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inMaryland4
- Fiscal year endsDecember 311
- Business address245 Park Avenue, 44Th Floor, New York, NY 101671
- Phone21275073001
- Shares outstanding718,022,845 as of Jul 23, 202610
- Public float$15.4B as of Jun 30, 20254
- AuditorKPMG LLP, Los Angeles, California PCAOB ID 185; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceApr 20, 20041
- Filings1,562 in all: 8-K (392), 4 (197), 497AD (186), DEFA14A (90), 497 (68), CORRESP (68), 10-Q (66), 424B2 (57)1
All 55 form types
N-2/A (42), 3 (39), DEF 14A (34), 425 (29), POS EX (28), 40-17G (23), 10-K (22), 40-APP/A (22), FWP (22), PRE 14A (20), N-2 (19), EFFECT (18), SC 13G/A (16), IRANNOTICE (10), N-23C-2 (8), SC 13G (8), 5 (6), N-14 8C/A (6), UPLOAD (6), 10-K/A (5), 40-33 (5), 40-APP (5), 25-NSE (4), 8-A12B (4), APP NTC (4), APP ORDR (4), 4/A (3), POS 8C (3), CERTNAS (2), N-14 8C (2), N-2ASR (2), N-2MEF (2), 11-K (1), 13F-HR (1), 13F-HR/A (1), 25 (1), 25-NSE/A (1), 3/A (1), 305B2 (1), 424B3 (1), 8-A12G (1), 8-K/A (1), ABS-15G (1), CERTNYS (1), N-54A (1), SC 13D (1), SC 13D/A (1)
- Latest filingsAnnual report (10-K) Feb 4, 2026
Quarterly report (10-Q) Jul 29, 2026
Proxy statement (DEF 14A) May 15, 2026
Latest 8-K (8-K) Sep 15, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.001 per share | ARCC | The NASDAQ Global Select Market |
From the cover page of the 10-K filed Feb 4, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks ARES CAPITAL CORP names in Item 1A of its 10-K filed Feb 4, 2026: 60 risks under these headings, as written.4
- RISKS RELATING TO OUR BUSINESS
- The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets, which may have a negative impact on our business and operations.
- We are exposed to risks associated with changes in interest rates, including the current interest rate environment.
- Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies.
- A failure on our part to maintain our status as a BDC may significantly reduce our operating flexibility.
- We are dependent upon certain key personnel of Ares for our future success and upon their access to other Ares investment professionals.
- Our financial condition and results of operations depend on our ability to manage future growth effectively.
- Our ability to grow depends on our ability to raise capital.
- Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.
- We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.
- In addition to regulatory requirements that restrict our ability to raise capital, the Credit Facilities, the Debt Securitizations and the Unsecured Notes contain various covenants that, if not complied with, could accelerate repayment under the Credit Facilities, the Debt Securitizations and the Unsecured Notes, thereby materially and adversely affecting our liquidity, financial condition and results of operations.
- We have formed and may in the future form CLOs, which subject us to certain structured financing risks.
The other 49 risks
- We operate in a highly competitive market for investment opportunities.
- Our ability to enter into transactions with our affiliates is restricted.
- There are significant potential conflicts of interest that could impact our investment returns.
- We may be subject to additional corporate-level income taxes if we fail to maintain our status as a RIC.
- We may have difficulty paying our required distributions under applicable tax rules if we recognize income before or without receiving cash representing such income.
- Most of our portfolio investments are not publicly traded and, as a result, the fair value of these investments may not be readily determinable.
- The lack of liquidity in our investments may adversely affect our business.
- Our financial condition and results of operations could be negatively affected if a significant investment fails to perform as expected.
- Increasing scrutiny from stakeholders and regulators with respect to sustainability—or ESG—matters may impose additional costs and expose us to additional risks.
- New and evolving and sometimes conflicting sustainability/ESG regulations and disclosure expectations could increase our compliance costs and expose us to enforcement, litigation, or fundraising constraints.
- Climate change and related transition and physical risks could adversely affect our operations and those of our portfolio companies and increase costs (including insurance costs).
- We, our executive officers, directors, and our investment adviser, its affiliates and/or any of their respective principals and employees could be the target of litigation or regulatory investigations.
- Changes in laws or regulations governing our operations or the operations of our portfolio companies, changes in the interpretation thereof or enacted laws or regulations could require changes to certain business practices of us or our portfolio companies, negatively impact the operations, cash flows or financial condition of us or our portfolio companies, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies.
- Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.
- Our investment adviser’s liability is limited under the investment advisory and management agreement, and we are required to indemnify our investment adviser against certain liabilities, which may lead our investment adviser to act in a riskier manner on our behalf than it would when acting for its own account.
- We may be obligated to pay our investment adviser certain fees even if we incur a loss.
- We are highly dependent on the information systems of Ares Management and operational risks including systems failures could significantly disrupt our business, result in losses or limit our growth, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends.
- RISKS RELATING TO OUR INVESTMENTS
- Declines in market prices and liquidity in the corporate debt markets can result in significant net unrealized depreciation of our portfolio, which in turn would reduce our net asset value.
- Economic recessions or downturns could impair our portfolio companies and harm our operating results.
- Investments in privately held middle-market companies involve significant risks.
- Our debt investments may be risky and we could lose all or part of our investment.
- Investments in equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.
- There may be circumstances in which our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
- Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in such companies.
- When we are a debt or minority equity investor in a portfolio company, we are often not in a position to exert influence on the entity, and other equity holders and management of the company may make decisions that could decrease the value of our investment in such portfolio company.
- Our portfolio companies may be highly leveraged.
- Our investment adviser’s fee structure may create an incentive for it to make certain investments on our behalf, including speculative investments.
- Our investments in foreign companies or investments denominated in foreign currencies may involve significant risks in addition to the risks inherent in U.S. and U.S. dollar denominated investments.
- We may expose ourselves to risks if we engage in hedging transactions.
- As a BDC, we are permitted to enter into unfunded commitment agreements, and, if we fail to meet certain requirements, we will be required to treat such unfunded commitments as derivative transactions, subject to leverage limitations, which may limit our ability to use derivatives and/or enter into certain other financial contracts.
- RISKS RELATING TO OUR COMMON STOCK AND PUBLICLY TRADED NOTES
- Our shares of common stock have traded at a discount from net asset value and may do so again, which could limit our ability to raise additional equity capital.
- There is a risk that investors in our common stock may not receive dividends or that our dividends may not grow over time and that investors in our debt securities may not receive all of the interest income to which they are entitled.
- Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse effect on the price of our common stock.
- Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.
- The market price of our common stock may fluctuate significantly.
- We may in the future determine to issue preferred stock, which could adversely affect the market value of our common stock.
- The net asset value per share of our common stock may be diluted if we sell shares of our common stock in one or more offerings at prices below the then current net asset value per share of our common stock or securities to subscribe for or convertible into shares of our common stock.
- Our stockholders will experience dilution in their ownership percentage if they opt out of our dividend reinvestment plan.
- Our stockholders may receive shares of our common stock as dividends, which could result in adverse cash flow consequences to them.
- Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.
- The trading market or market value of our publicly issued debt securities may fluctuate.
- Terms relating to redemption may materially adversely affect our noteholders’ return on any debt securities that we may issue.
- Our credit ratings may not reflect all risks of an investment in our debt securities.
- GENERAL RISK FACTORS
- Difficult market and political conditions may adversely affect our businesses in many ways, including by reducing the value or hampering the performance of our investments or reducing our ability to raise or deploy capital, each of which could have a significant adverse effect on our business, financial condition and results of operations.
- We may experience fluctuations in our quarterly results.
- Security incidents or cyber-attacks, affecting us or our third-party service providers, could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential, personal or other sensitive information and/or damage to our business relationships or reputation, any of which could negatively impact our business, financial condition and operating results.
- Technological developments in artificial intelligence could disrupt the markets in which we operate and subject us to increased competition, legal and regulatory risks and compliance costs.
- We are subject to numerous privacy laws, and violation of such laws may subject us to significant fines or penalties, litigation, or reputational damage, and new privacy laws or changes in enforcement of existing privacy laws could impact our business and financial performance.
- Ineffective internal controls could impact our business and operating results.
Legal proceedings
From time to time, we, our executive officers, directors and our investment adviser, its affiliates and/or any of their respective principals and employees are subject to legal proceedings, including those arising from our investments in our portfolio companies, and we may, as a result, incur significant costs and expenses in connection with such legal proceedings.
We and our investment adviser are also subject to extensive regulation, which, from time to time, results in requests for information from us or our investment adviser or legal or regulatory proceedings or investigations against us or our investment adviser. We incur significant costs and expenses in connection with any such proceedings, information requests and investigations.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13SEC EDGARR. Kipp Deveer, President
- 14SEC EDGARMichael J. Arougheti, President
- 15
- 16
- 17
- 18
- 19SEC EDGARIan Fitzgerald, GC, VP and Secretary
- 20
- 21
- 22
- 23SEC EDGARScott C. Lem, CAO, VP & Treasurer
- 24
- 25
- 26SEC EDGARHue H. Nguyen, CCO and Secretary
- 27SEC EDGARMary Beth Henson, Board member
- 28SEC EDGARMichael K. Parks, Board member
- 29SEC EDGARR. Kipp Deveer, Board member
- 30SEC EDGARSteven B. McKeever, Board member
- 31SEC EDGARSteve Bartlett, Board member
- 32SEC EDGARKenneth Heitz, Board member
- 33SEC EDGARBennett Rosenthal, Board member
- 34SEC EDGARMichael J. Arougheti, Board member
- 35SEC EDGARAntony Ressler, Board member
- 36SEC EDGARBates Ann Torre, Board member
- 37SEC EDGARGregory W. Penske, Board member
- 38SEC EDGARRobert L. Rosen, Board member
- 39SEC EDGARDouglas E. Coltharp, Board member
- 40SEC EDGARFrank Eugene Obryan, Board member
- 41
- 42SEC EDGARMichael D. Weiner, General counsel
- 43
- 44SEC EDGARShareholder vote
- 45SEC EDGARResults of operations; Other events
- 46
- 47
- 48
- 49
- 50
- 51SEC EDGARShareholder vote
- 52SEC EDGARResults of operations; Other events
- 53
- 54
- 55NasdaqNasdaq calendar
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