Form 8-K

8-K — ARES CAPITAL CORP

Accession: 0001628280-26-050303

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0001287750

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — arcc-20260729.htm (Primary)

EX-99.1 (arccq2-2026exhibit991.htm)

GRAPHIC (ares_logoxrgbxnavyblue.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: arcc-20260729.htm · Sequence: 1

arcc-20260729

0001287750FALSE00012877502026-07-292026-07-29

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) July 29, 2026

ARES CAPITAL CORPORATION

(Exact Name of Registrant as Specified in Charter)

Maryland 814-00663 33-1089684

(State or Other Jurisdiction

of Incorporation) (Commission

File Number) (IRS Employer

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):

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

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

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

o 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 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 o

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. o

Item 2.02 Results of Operations and Financial Condition.

On July 29, 2026, the registrant issued a press release, included herewith as Exhibit 99.1, announcing its financial results for the quarter ended June 30, 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.

Item 8.01 Other Events.

On July 29, 2026, the registrant announced the declaration of a third quarter 2026 dividend of $0.48 per share, payable on September 30, 2026 to stockholders of record as of September 15, 2026.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

Exhibit Number Description

99.1

Press Release, dated July 29, 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: July 29, 2026

By: /s/ SCOTT C. LEM

Name: Scott C. Lem

Title: Chief Financial Officer and Treasurer

EX-99.1

Filename: arccq2-2026exhibit991.htm · Sequence: 2

Document

Exhibit 99.1

ARES CAPITAL CORPORATION ANNOUNCES JUNE 30, 2026 FINANCIAL RESULTS

AND DECLARES THIRD QUARTER 2026 DIVIDEND OF $0.48 PER SHARE

DIVIDEND DECLARATIONS

New York, NY — July 29, 2026 — Ares Capital Corporation (“Ares Capital”) (NASDAQ: ARCC) announced that its Board of Directors has declared a third quarter 2026 dividend of $0.48 per share. The third quarter 2026 dividend is payable on September 30, 2026 to stockholders of record as of September 15, 2026.

JUNE 30, 2026 FINANCIAL RESULTS

Ares Capital also announced financial results for its second quarter ended June 30, 2026.

OPERATING RESULTS

Q2-26(3)

Q2-25(3)

(dollar amounts in millions, except per share data) Total Amount Per Share Total Amount Per Share

GAAP net income per share(1) $ 0.24 $ 0.52

Core EPS(2) $ 0.47 $ 0.50

Dividends declared and payable $ 0.48 $ 0.48

Net investment income(1) $ 359 $ 0.50 $ 342 $ 0.49

Net realized gains (losses)(1) $ (5) $ (0.01) $ 34 $ 0.05

Net unrealized losses(1) $ (183) $ (0.25) $ (15) $ (0.02)

GAAP net income(1) $ 171 $ 0.24 $ 361 $ 0.52

As of

(dollar amounts in millions, except per share data) June 30, 2026 December 31, 2025

Portfolio investments at fair value $ 29,349 $ 29,485

Total assets $ 30,498 $ 31,235

Stockholders’ equity $ 13,891 $ 14,318

Net asset value per share $ 19.35 $ 19.94

Debt/equity ratio 1.15x 1.12x

Debt/equity ratio, net of available cash(4) 1.12x 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 June 30, 2026 and 2025 were approximately 718 million and 695 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 reported solid second quarter results, supported by consistent Core Earnings, healthy portfolio performance and historically low levels of non-accruing loans and problem assets,” said Kort Schnabel, Chief Executive Officer of Ares Capital. “In the slower transaction environment of the second quarter, our scale, stable capital base and longstanding borrower relationships enabled us to capture enhanced economics in attractive credits while remaining highly selective. Given our market leadership and competitive advantages, we remain well positioned to continue to generate attractive long-term shareholder returns, anchored by 17 years of stable or increasing regular quarterly dividends.”

“We continued to enhance our balance sheet during the second quarter by raising approximately $1.2 billion of additional financing, including the upsizing and extension of two of our bank-led revolving credit facilities, while improving the economics of our largest revolving credit facility,” said Scott Lem, Chief Financial Officer of Ares Capital. “During the quarter, we also launched the first commercial paper program in the BDC sector, establishing access to a lower-cost source of capital while preserving the durability and flexibility that have long differentiated ARCC. We ended the quarter once again in a position of strength with approximately $6.0 billion of available liquidity (after giving effect to the repayment of our unsecured notes that matured in July), modest leverage and no meaningful near-term debt maturities.”

PORTFOLIO AND INVESTMENT ACTIVITY

(dollar amounts in millions) Q2-26 Q2-25

Portfolio Activity During the Period:

Gross commitments $ 2,592 $ 2,573

Exits of commitments $ 2,915 $ 1,963

Portfolio Information:

As of

June 30, 2026 December 31, 2025

Portfolio investments at fair value $ 29,349 $ 29,485

Fair value of accruing debt and other income producing securities(5) $ 26,262 $ 26,510

Number of portfolio company investments 619 603

Percentage of floating rate securities at fair value(6) 71 % 72 %

Weighted average yields on debt and other income producing securities(7):

At amortized cost 10.3 % 10.3 %

At fair value 10.5 % 10.3 %

Weighted average yields on total investments(8):

At amortized cost 9.3 % 9.4 %

At fair value 9.4 % 9.3 %

Asset class percentage at fair value:

First lien senior secured loans 59 % 61 %

Second lien senior secured loans 4 % 5 %

Subordinated certificates of the SDLP 4 % 4 %

Senior subordinated loans 6 % 5 %

Preferred equity 8 % 9 %

Ivy Hill Asset Management, L.P.(9) 10 % 8 %

Other equity 9 % 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 second quarter of 2026, Ares Capital made new investment commitments of approximately $2.6 billion, of which approximately $2.2 billion were funded. New investment commitments were made to 14 new portfolio companies, 41 existing portfolio companies and 3 additional existing portfolio companies purchased from the Senior Direct Lending Program (the “SDLP”), through which Ares Capital co-invests with Varagon Capital Partners, and its clients, to fund first lien senior secured loans. As of June 30, 2026, 273 separate private equity sponsors were represented in Ares Capital’s portfolio. Of the approximately $2.6 billion in new commitments made during the second quarter of 2026, 68% were in first lien senior secured loans, 2% were in subordinated certificates of the SDLP, 4% were in senior subordinated loans, 21% were in Ares Capital’s subordinated loan to IHAM, 2% were in preferred equity and 3% were in other equity. Of the approximately $2.6 billion in new commitments, 94% were in floating rate debt securities, of which 76% 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 9.4% 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 Ares Capital will be able to do so. Also in the second quarter of 2026, Ares Capital funded approximately $758 million related to previously existing unfunded revolving and delayed draw loan commitments.

In the second quarter of 2026, Ares Capital exited approximately $2.9 billion of investment commitments, including approximately $1.1 billion of loans sold to IHAM or certain vehicles managed by IHAM and approximately $361 million of loans sold to the SDLP. Of the approximately $2.9 billion of exited investment commitments, 69% were first lien senior secured loans, 4% were second lien senior secured loans, 1% were subordinated certificates of the SDLP, 7% were senior subordinated loans, 13% were Ares Capital’s subordinated loan to IHAM, 5% were preferred equity and 1% were other equity. Of the approximately $2.9 billion of exited investment commitments, 88% were floating rate, 9% were fixed rate, 1% were non-income producing and 2% were on non-accrual status.

As of June 30, 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 2.4% of the total investments at amortized cost (or 1.4% 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 June 30, 2026, filed with the Securities and Exchange Commission (“SEC”) on July 29, 2026.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2026, Ares Capital had $383 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 $6.7 billion available for additional borrowings under its existing credit facilities as of June 30, 2026.

In May 2026, Ares Capital issued $800 million in aggregate principal amount of unsecured notes, which bear interest at a rate of 5.550% per annum and mature on January 15, 2030 (the “January 2030 Notes”). The January 2030 Notes pay interest semi-annually and all principal is due upon maturity. The January 2030 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 January 2030 Notes, and any accrued and unpaid interest. The January 2030 Notes were issued at a discount to the principal amount. In connection with the January 2030 Notes, Ares Capital entered into an interest rate swap for a total notional amount of $800 million that matures on January 15, 2030. Under the interest rate swap, Ares Capital will receive a fixed interest rate of 5.550% and pay a floating interest rate of one-month SOFR plus 1.69950%.

In May 2026, Ares Capital amended and restated its senior secured credit facility (as amended and restated, the “A&R Credit Facility”). The amendment, among other things, (a) increased the total commitment and loans under the A&R Credit Facility from approximately $5.3 billion to approximately $5.5 billion, (b) amended the base interest rate charged on the USD loans under the A&R Credit Facility from (x) Term Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment of 0.10% plus an applicable spread to (y) Term SOFR in each case, (c) modified certain covenant restrictions, (d) extended the expiration of the revolving period for lenders electing to extend their revolving commitments in an amount equal to approximately $4.2 billion from April 15, 2029 to May 21, 2030, (e) extended the stated maturity date for lenders electing to extend their revolving commitments in an amount equal to approximately $4.2 billion from April 15, 2030 to May 21, 2031 and (f) extended the stated maturity date for lenders electing to extend their term loan commitments in an amount equal to approximately $1.0 billion from April 15, 2030 to May 21, 2031. Lenders who elected not to extend their revolving commitments in an amount equal to approximately $37.5 million and $131 million will remain subject to a revolving period expiration of April 12, 2028 and April 15, 2029, respectively, and a stated maturity date of April 12, 2029 and April 15, 2030, respectively. Lenders who elected not to extend the stated maturity of their term loan commitments in an amount equal to $40 million, $12.5 million and $70 million will remain subject to a maturity date of April 19, 2028, April 12, 2029 and April 15, 2030, respectively.

Subject to certain exceptions, the interest rate charged on the A&R Credit Facility is based on Term SOFR (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in certain approved foreign currencies plus a spread adjustment, if applicable) plus an applicable spread of either 1.525%, 1.650% or 1.775% or an alternate base rate (as defined in the documents governing the A&R Credit Facility) plus an applicable spread of either 0.525%, 0.650% or 0.775%, in each case determined monthly based on the borrowing base.

In June 2026, Ares Capital established a commercial paper program (the “CP Program”) under which it may issue short-term unsecured commercial paper notes. The CP Program provides for borrowings of up to $1.0 billion, with individual commercial paper notes having maturities of up to 397 days and interest rates determined at issuance. The CP Program is backed by Ares Capital’s A&R Credit Facility, and Ares Capital expects to maintain available capacity under the A&R Credit Facility at least equal to the amount of any commercial paper notes outstanding.

In June 2026, Ares Capital and its wholly owned consolidated subsidiary, ARCC FB Funding LLC (“AFB”), entered into an agreement to amend AFB’s revolving funding facility (the “BNP Funding Facility”). The amendment among other things increased the total commitment under the BNP Funding Facility from approximately $1.3 billion to approximately $1.5 billion and modified certain concentration limitations and the advance rate applicable to certain collateral loans. The other terms of the BNP Funding Facility remained materially unchanged.

SECOND QUARTER 2026 DIVIDENDS PAID

On April 28, 2026, Ares Capital announced that its Board of Directors declared a second quarter 2026 dividend of $0.48 per share for a total of approximately $345 million. The second quarter 2026 dividend was paid on June 30, 2026 to stockholders of record as of June 15, 2026.

RECENT DEVELOPMENTS

In July 2026, Ares Capital’s wholly owned, consolidated subsidiary, Ares Direct Lending CLO 1 LLC (“ADL CLO 1”), completed a refinancing of its approximately $708.7 million term debt securitization (as refinanced, the “ADL CLO 1 Debt Securitization”). The ADL CLO 1 Debt Securitization is also known as a collateralized loan obligation and is an on-balance-sheet financing incurred by Ares Capital.

The notes offered in the ADL CLO 1 Debt Securitization that mature on July 25, 2038 (collectively, the “July 2038 CLO Notes”) were issued by ADL CLO 1 pursuant to the amended and restated indenture and security agreement governing the July 2038 CLO Notes and include (i) $267.0 million of Class A-1-R Senior Floating Rate Notes, which bear interest at Term SOFR plus 1.46%; (ii) $24.5 million of Class A-2-R Senior Floating Rate Notes, which bear interest at Term SOFR plus 1.70%; (iii) $45.5 million of Class B-R Senior Floating Rate Notes, which bear interest at Term SOFR plus 1.90% and (iv) an additional $7.1 million of additional subordinated notes (in addition to the $225.6 million of existing subordinated notes issued by ADL CLO 1), which do not bear interest. Ares Capital retained all of the $7.1 million of subordinated notes, which are unsecured obligations of ADL CLO 1 and will accordingly be eliminated in consolidation. In addition, in connection with the ADL CLO 1 Debt Securitization, ADL CLO 1 incurred $139.0 million of Class A-1-LR term loans that mature on July 25, 2038, which bear interest at Term SOFR plus 1.46%, under a Class A-1-LR credit agreement. The proceeds from the ADL CLO 1 Debt Securitization were used in part to redeem all outstanding April 2036 CLO Secured Notes issued by ADL CLO 1.

In July 2026, Ares Capital repaid in full the $1,000 million aggregate principal amount outstanding of its unsecured notes upon their maturity, which bore interest at a rate of 2.150% per annum.

From July 1, 2026 through July 23, 2026, Ares Capital made new investment commitments of approximately $244 million, of which approximately $179 million were funded. Of the approximately $244 million in new investment commitments, 47% were in first lien senior secured loans, 17% were in second lien senior secured loans, 5% were in subordinated certificates of the SDLP, 19% were in senior subordinated loans, 11% were in Ares Capital’s subordinated loan to IHAM and 1% were in other equity. Of the approximately $244 million in new investment commitments, 64% were floating rate, 35% were fixed 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 10.2% and the weighted average yield on total investments funded during the period at amortized cost was 10.0%. 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 July 1, 2026 through July 23, 2026, Ares Capital exited approximately $132 million of investment commitments. All of the approximately $132 million of exited investment commitments were first lien senior secured loans, all of which were floating rate. The weighted average yield of debt and other income producing securities exited or repaid during the period at amortized cost was 8.3% and the weighted average yield on total investments exited or repaid during the period at amortized cost was 8.3%. Of the approximately $132 million of investment commitments exited from July 1, 2026 through July 23, 2026, Ares Capital recognized total net realized losses of approximately $2 million.

In addition, as of July 23, 2026, Ares Capital had an investment backlog of approximately $1.5 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 Wednesday, July 29, 2026 at 12:00 p.m. (Eastern Time) to discuss its quarter ended June 30, 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 www.arescapitalcorp.com. 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 ARCCQ226. For interested parties, an archived replay of the call will be available approximately one hour after the end of the call through August 29, 2026 at 5:00 p.m. (Eastern Time) to domestic callers by dialing toll free +1 (800) 839-3736 and to international callers by dialing +1 (402) 220-2978. An archived replay will also be available through August 29, 2026 on a webcast link located on the Home page of the Investor Resources section of Ares Capital’s website.

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 June 30, 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 www.arescapitalcorp.com.

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

June 30, 2026 December 31, 2025

(unaudited)

ASSETS

Total investments at fair value (amortized cost of $29,675 and $29,250, respectively)

$ 29,349 $ 29,485

Cash and cash equivalents 383 638

Restricted cash 241 286

Interest receivable 299 288

Receivable for open trades 50 317

Other assets 176 221

Total assets $ 30,498 $ 31,235

LIABILITIES

Debt $ 15,773 $ 15,991

Base management fee payable 110 111

Income based fee payable 84 89

Capital gains incentive fee payable — 82

Interest and facility fees payable 199 193

Payable to participants 104 131

Interest rate swap collateral payable 97 155

Payable for open trades 2 5

Accounts payable and other liabilities 167 132

Deferred tax liabilities 71 28

Total liabilities 16,607 16,917

STOCKHOLDERS’ EQUITY

Common stock, par value $0.001 per share, 1,000 common shares authorized; 718 common shares issued and outstanding

1 1

Capital in excess of par value 13,359 13,359

Accumulated undistributed earnings 531 958

Total stockholders’ equity 13,891 14,318

Total liabilities and stockholders’ equity $ 30,498 $ 31,235

NET ASSET VALUE PER SHARE $ 19.35 $ 19.94

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(in millions, except per share data)

(unaudited)

For the Three Months Ended June 30, For the Six Months Ended June 30,

2026 2025 2026 2025

INVESTMENT INCOME

Interest income from investments $ 557 $ 533 $ 1,107 $ 1,059

Capital structuring service fees 40 34 79 80

Dividend income 152 158 308 301

Other income 19 20 37 37

Total investment income 768 745 1,531 1,477

EXPENSES

Interest and credit facility fees 214 188 427 374

Base management fee 110 104 221 206

Income based fee 84 86 168 171

Capital gains incentive fee (21) 4 (82) (21)

Administrative fees 4 4 8 8

Other general and administrative 10 9 18 17

Total expenses 401 395 760 755

NET INVESTMENT INCOME BEFORE INCOME TAXES 367 350 771 722

Income tax expense, including excise taxes 8 8 14 15

NET INVESTMENT INCOME 359 342 757 707

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:

Net realized gains (losses) on investments (7) 117 107 25

Net realized gains (losses) on foreign currency and other transactions 2 (39) (6) (8)

Net income tax expense on net realized gains — (44) — (44)

Net realized gains (losses) (5) 34 101 (27)

Net unrealized losses on investments (180) (40) (596) (37)

Net unrealized gains (losses) on foreign currency and other transactions 8 (10) 38 (54)

Net change in deferred tax liabilities (11) 35 (37) 13

Net unrealized losses (183) (15) (595) (78)

Net realized and unrealized gains (losses) on investments, foreign currency and other transactions (188) 19 (494) (105)

NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS $ 171 $ 361 $ 263 $ 602

Basic and diluted net income per common share $ 0.24 $ 0.52 $ 0.36 $ 0.88

Basic and diluted weighted average shares of common stock outstanding 718 695 718 686

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 and six months ended June 30, 2026 and 2025 are provided below.

For the Three Months Ended June 30, For the Six Months Ended June 30,

2026 2025 2026 2025

(unaudited) (unaudited) (unaudited) (unaudited)

GAAP net income per share(1) $ 0.24 $ 0.52 $ 0.36 $ 0.88

Adjustments:

Net realized and unrealized (gains) losses(1) 0.26 (0.03) 0.69 0.15

Capital gains incentive fee attributable to net realized and unrealized gains and losses(1) (0.03) 0.01 (0.11) (0.03)

Other income tax expense (including excise taxes) related to net realized gains and losses(1) — — — —

Core EPS(2) $ 0.47 $ 0.50 $ 0.94 $ 1.00

__________________________________________________

(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 and six months ended June 30, 2026 were approximately 718 million and 718 million, respectively, and approximately 695 million and 686 million, respectively, for the comparable periods in 2025.

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Cover

Jul. 29, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

Jul. 29, 2026

Entity Registrant Name

ARES CAPITAL CORPORATION

Entity Incorporation, State or Country Code

Entity File Number

814-00663

Entity Tax Identification Number

33-1089684

Entity Address, Address Line One

245 Park Avenue

Entity Address, Address Line Two

44th Floor

Entity Address, City or Town

New York

Entity Address, State or Province

Entity Address, Postal Zip Code

10167

City Area Code

212

Local Phone Number

750-7300

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common stock, $0.001 par value

Trading Symbol

ARCC

Security Exchange Name

NASDAQ

Entity Emerging Growth Company

false

Entity Central Index Key

0001287750

Amendment Flag

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

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Area code of city

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Cover page.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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- Definition

Address Line 1 such as Attn, Building Name, Street Name

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Address Line 2 such as Street or Suite number

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

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-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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