Ares Capital Corporation · NASDAQ:ARCC
Ares Capital — Q3 2026 Earnings Presentation
27 slides from Ares Capital's earnings presentation, Oct 27, 2026
Slide 1: Ares Capital Corporation Earnings Presentation Third Quarter 2026
Ares Capital Corporation Earnings Presentation Third Quarter 2026
Slide 2: Important Notice
Important Notice This presentation has been prepared for Ares Capital Corporation (“Ares Capital”) for the benefit of its public stockholders. This presentation is solely for information purposes in connection with evaluating the business, operations and financial results of Ares Capital. This prese
Slide 3: Financial and Portfolio Highlights
Financial and Portfolio Highlights Financial Highlights Q3-26 Q2-26 Q3-25 GAAP Net Income Per Share1 $ 0.44 $ 0.24 $ 0.57 Core EPS*2 $ 0.46 $ 0.47 $ 0.50 Net Investment Income Per Share1 $ 0.46 $ 0.50 $ 0.48 Net Realized Gains (Losses) Per Share1 $ (0.07) $ (0.01) $ 0.23 Net Unrealized Gains (Losses
Slide 4: Selected Historical Financial Information
Selected Historical Financial Information As of and for the Three Months Ended (dollar amounts in millions, except per share data and stock prices) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 GAAP Net Income Per Share1 $ 0.44 $ 0.24 $ 0.13 $ 0.41 $ 0.57 Core EPS*2 $ 0.46 $ 0.47 $ 0.47 $ 0.50 $ 0.50 Net
Slide 5: Selected Historical Financial Information (cont'd)
Selected Historical Financial Information (cont’d) As of (dollar amounts in millions) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Investments at Fair Value $ 29,213 $ 29,349 $ 29,499 $ 29,485 $ 28,693 Number of Portfolio Companies11 636 619 607 603 587 Asset Class (at fair value): First Lien Senior Sec
Slide 6: Selected Historical Financial Information (cont'd)
Selected Historical Financial Information (cont’d) For the Three Months Ended (dollar amounts in millions) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Commitments: Gross Commitments3 $ 2,109 $ 2,592 $ 3,246 $ 5,825 $ 3,924 Exits of Commitments4 (2,473) (2,915) (3,176) (4,661) (2,625) Net Commitments16
Slide 7: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (amounts in millions, except per share data) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Investment income $ 763 $ 768 $ 763 $ 793 $ 782 Expenses 429 401 359 406 433 Net investment income before income taxes 334 367 404 387 349 Income tax expense,
Slide 8: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (amounts in millions) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Net Investment Income Before Income Taxes: Investment Income: Interest income from investments $ 558 $ 557 $ 550 $ 563 $ 561 Capital structuring service fees 23 40 39 57 48 Di
Slide 9: Quarterly Gain/Loss Detail
Quarterly Gain/Loss Detail For the Three Months Ended (amounts in millions) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Net Realized and Unrealized Gains (Losses): Realized gains (losses) on investments: Gains $ 25 $ 67 $ 121 $ 27 $ 317 Losses (86) (74) (7) (198) (70) Net realized gains (losses) on inv
Slide 10: Quarterly Balance Sheets
Quarterly Balance Sheets As of (amounts in millions, except per share data) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 ASSETS Investments at fair value $ 29,213 $ 29,349 $ 29,499 $ 29,485 $ 28,693 Cash and cash equivalents 722 383 505 638 1,036 Restricted cash 220 241 150 286 218 Interest receivable 2
Slide 11: Investment Portfolio by Issuer as of September 30, 2026
Investment Portfolio by Issuer as of September 30, 2026* Top 15 Investments 10.4% 27.8% Ivy Hill Asset Management, L.P. 14 13 Senior Direct Lending Program, LLC 3.9% High Street Buyer, Inc. and High Street Holdco LLC 1.3% Denali Intermediate Holdings, Inc. 1.3% 1.2% Symplr Software Inc. 1.1% AthenaH
Slide 12: Investment Portfolio as of September 30, 2026
Investment Portfolio as of September 30, 2026* Asset Class Industry 9% 7% 2% 2% 2% 22% 10% 2% 4% 4% 8% 4% 58% 10% 7% 5% 5% 4% 10% 6% 4% 6% 9% First Lien Senior Secured Loans12 Software and Services Senior Direct Lending Program13 Second Lien Senior Secured Loans Ivy Hill Asset Management14 Sports, M
Slide 13: Portfolio Activity
Portfolio Activity Gross Commitments by Asset Class Exits of Commitments by Asset Class 100% 3% 3% 1% 4% 9% 1% 1% 100% 1% 1% 1% 1% 2% 12% 2% 5% 2% 18% 10% 2% 1% 6% 7% 21% 5% 2% 13% 3% 1% 6% 10% 2% 8% 1% 1% 7% 2% 80% 5% 1% 7% 4% 2% 80% 1% 10% 7% 4% 2% 2% 1% 3% 4% 3% 60% 60% 85% 89% 40% 80% 84% 83% 73
Slide 14: Portfolio Company EBITDA and Credit Statistics
Portfolio Company EBITDA and Credit Statistics 12.0x $400.0 10.0x $304.5 $307.2 $291.0 $300.0 $274.4 $269.7 8.0x ($ Millions) 6.0x $177.3 $178.5 5.8x $177.6 5.8x $179.0 $200.0 5.6x 5.6x 5.7x $174.8 4.0x $100.0 2.0x 2.0x 2.2x 2.2x 2.1x 2.0x 0.0x $0.0 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26* Portfolio Weighted
Slide 15: Portfolio By Grade
Portfolio By Grade25 % by Fair Value % by Number of Companies 100% 100% 11% 11% 11% 11% 11% 16% 17% 18% 18% 19% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 79% 79% 79% 80% 81% 81% 79% 77% 77% 75% 40% 40% 30% 30% 20% 20% 10% 10% 5% 4% 5% 5% 5% 2% 3% 3% 4% 2% 1% 2% 2% 2% 2% 4% 4% 5% 5% 5% 0% 0% Q3-25 Q4-2
Slide 16: Loans on Non-Accrual Status
Loans on Non-Accrual Status Amortized Cost Fair Value 5.0% $800 5.0% $800 $708 $711 $700 $700 4.0% $614 4.0% $600 $600 $509 $524 $500 $500 3.0% 3.0% $426 ($ Millions) ($ Millions) $405 $400 $400 $350 $345 2.4% 2.4% 2.0% 2.0% $289 2.1% $300 $300 1.8% 1.8% $200 $200 1.4% 1.4% 1.0% 1.0% 1.2% 1.2% 1.0%
Slide 17: Investment Activity from October 1, 2026 through October 22, 2026
Investment Activity from October 1, 2026 through October 22, 2026 Ares Capital made approximately $1.1 billion of new investment commitments • 90% were in first lien senior secured loans, 9% were in Ares Capital's subordinated loan to IHAM and 1% were in preferred equity • 88% were floating rate, 11
Slide 18: Investment Backlog
Investment Backlog • As of October 22, 2026, Ares Capital had a backlog of approximately $2.5 billion26 • The following is a breakdown of the backlog by asset class and by industry Asset Class Industry 5% 6% 4% 4% 23% 11% 4% 5% 6% 1% 76% 7% 13% 10% 13% 12% First Lien Senior Secured Loans12 Commercia
Slide 19: Debt Summary
Debt Summary As of 6/30/26 As of 9/30/26 Aggregate Principal Aggregate Principal Weighted Average Amount Committed/ Principal Amount Carrying Value of Amount Committed/ Principal Amount Carrying Value of Stated Interest (dollar amounts in millions) Outstanding28 Outstanding Outstanding Debt Outstand
Slide 20: Debt Summary: Debt Maturities
Debt Summary Debt Maturities* ($ in millions) $10,000 $9,000 $8,000 $7,000 $6,000 $1,135 31 $5,000 $4,000 $3,850 $3,000 $2,666 31 $13 $2,000 $40 31 31 $1,000 $1,850 $1,720 32 $1,400 $1,250 $1,550 $0 2026 $— 2027 — 2028 $— 2029 2030 Thereafter As of September 30, 2026 Secured Revolving Facilities Deb
Slide 21: Quarterly Dividends
Quarterly Dividends $0.60 $0.50 $0.03 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.40 $0.30 $0.20 $0.10 $0.00 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 33 Regular Dividend Addition
Slide 22: Corporate Data
Corporate Data* Board of Directors MICHAEL AROUGHETI ANN TORRE BATES KIPP DEVEER MITCHELL GOLDSTEIN MARY BETH HENSON DANIEL KELLY, JR. Executive Vice President of Ares Former Executive Vice President, Chief Executive Vice President of Ares Co-Chairperson of Ares Capital Former Chief Financial Office
Slide 23: Corporate Data (cont'd)
Corporate Data (cont'd) Research Coverage AUTONOMOUS CREDIT BANK OF AMERICA SECURITIES BARCLAYS CREDIT RESEARCH B. RILEY SECURITIES CITIZENS COMPASS POINT Jesse Rosenthal Derek Hewett Peter Troisi Sean-Paul Adams Chris Muller Jason Stewart Merrill Ross (917) 344-8305 (415) 676-3518 (212) 412-3695 (4
Slide 24: Reconciliations of GAAP Net Income Per Share to Core EPS
Reconciliations of GAAP Net Income Per Share to Core EPS The following are reconciliations of net income per share computed in accordance with GAAP to core earnings per share: For the Three Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 GAAP net income per share1 $ 0.44 $ 0.24 $ 0.13 $ 0.41 $
Slide 25: Endnotes
Endnotes 1) Per share amounts and weighted average shares outstanding are basic and diluted. The basic and 7) Computed as total principal debt outstanding less available cash divided by 17) Pursuant to the terms of Ares Capital's investment advisory and management diluted weighted average shares out
Slide 26: Endnotes (cont'd)
Endnotes (cont’d) 22) The net leverage multiple represents Ares Capital’s last dollar of invested debt capital 25) Based on Ares Capital’s investment adviser’s internal investment rating system 30) Effective stated interest rate as of September 30, 2026. In connection with the issuances (net of cash
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