0001287750FALSE00012877502025-04-292025-04-29

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) April 29, 2025
 
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 classTrading symbolName of each exchange on which registered
Common stock, $0.001 par valueARCCNASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company 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 April 29, 2025, the registrant issued a press release, included herewith as Exhibit 99.1, announcing its financial results for the quarter ended March 31, 2025.

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 April 29, 2025, the registrant announced the declaration of a second quarter 2025 dividend of $0.48 per share, payable on June 30, 2025 to stockholders of record as of June 13, 2025.

Item 9.01  Financial Statements and Exhibits.
 
(d)                               Exhibits:
 
Exhibit Number Description
   
 Press Release, dated April 29, 2025
104Cover Page Interactive Data File (embedded within the Inline XBRL document)





SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  ARES CAPITAL CORPORATION
   
Date: April 29, 2025  
   
 By:/s/ SCOTT C. LEM
 Name:Scott C. Lem
 Title:Chief Financial Officer and Treasurer






Exhibit 99.1
aresnewlogo.jpg
ARES CAPITAL CORPORATION ANNOUNCES MARCH 31, 2025 FINANCIAL RESULTS
AND DECLARES SECOND QUARTER 2025 DIVIDEND OF $0.48 PER SHARE
 
DIVIDEND DECLARATIONS
 
New York, NY — April 29, 2025 — Ares Capital Corporation (“Ares Capital”) (NASDAQ: ARCC) announced that its Board of Directors has declared a second quarter 2025 dividend of $0.48 per share. The second quarter 2025 dividend is payable on June 30, 2025 to stockholders of record as of June 13, 2025.
 
MARCH 31, 2025 FINANCIAL RESULTS
 
Ares Capital also announced financial results for its first quarter ended March 31, 2025.
 
OPERATING RESULTS

 
Q1-25(3)
Q1-24(3)
(dollar amounts in millions, except per share data)Total AmountPer ShareTotal AmountPer Share
GAAP net income per share(1)$0.36 $0.76 
Core EPS(2)$0.50 $0.59 
Dividends declared and payable $0.48  $0.48 
Net investment income(1)$365 $0.54 $325 $0.55 
Net realized losses(1)$(61)$(0.09)$(32)$(0.05)
Net unrealized (losses) gains(1)$(63)$(0.09)$156 $0.26 
GAAP net income(1)$241 $0.36 $449 $0.76 

 As of
(dollar amounts in millions, except per share data)March 31, 2025December 31, 2024
Portfolio investments at fair value $27,130 $26,720 
Total assets$28,317 $28,254 
Stockholders’ equity$13,672 $13,355 
Net assets per share$19.82 $19.89 
Debt/equity ratio1.02x1.03x
Debt/equity ratio, net of available cash(4)0.98x0.99x
____________________________________________ 

(1)All per share amounts and weighted average shares outstanding are basic and diluted. The basic and diluted weighted average shares outstanding for the three months ended March 31, 2025 and 2024 were approximately 676 million and 591 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 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.
1


(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.

“As announced last quarter, after more than a decade as ARCC’s CEO, I will transition leadership to Kort Schnabel, effective April 30,” said Kipp deVeer, Chief Executive Officer of Ares Capital. “As I step into my new role at Ares Management, I look forward to continuing to serve as a Director of ARCC and believe that ARCC’s leadership team will continue delivering strong results for our stockholders.”

“We are starting the year with solid first quarter results, underpinned by a healthy portfolio, stable credit quality, and significant financial flexibility,” said Kort Schnabel, Co-President of Ares Capital. “With our scale, experience and disciplined approach, we believe we are well positioned to further build on our 20-year track record of delivering stockholder value during periods of uncertainty.”

“Since the beginning of this year, we have actively enhanced our capital and liquidity position by first accessing the unsecured notes market and then extending maturities, increasing capacity and reducing pricing on two of our secured revolving facilities,” said Scott Lem, Chief Financial Officer of Ares Capital. “With leverage below 1x net debt to equity, and a deep and stable capital base, our balance sheet strength allows us to continue supporting our portfolio companies while also remaining active across the direct lending market.”

PORTFOLIO AND INVESTMENT ACTIVITY
(dollar amounts in millions)Q1-25Q1-24
Portfolio Activity During the Period:
Gross commitments$3,453 $3,554 
Exits of commitments$2,857 $3,414 
Portfolio Information:
As of
March 31, 2025December 31, 2024
Portfolio investments at fair value$27,130 $26,720 
Fair value of accruing debt and other income producing securities(5)$23,981 $23,643 
Number of portfolio company investments 566 550 
Percentage of floating rate securities at fair value(6)69 %69 %
Weighted average yields on debt and other income producing securities(7):
At amortized cost11.0 %11.1 %
At fair value11.1 %11.2 %
Weighted average yields on total investments(8):
At amortized cost9.9 %10.0 %
At fair value9.8 %9.9 %
Asset class percentage at fair value:
First lien senior secured loans58 %57 %
Second lien senior secured loans6 %7 %
Subordinated certificates of the SDLP4 %5 %
Senior subordinated loans5 %5 %
Preferred equity10 %10 %
Ivy Hill Asset Management, L.P.(9)7 %7 %
Other equity10 %9 %
____________________________________________ 

(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).

2

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

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

(9)Includes Ares Capital’s subordinated loan and equity investments in IHAM, as applicable.
 
In the first quarter of 2025, Ares Capital made new investment commitments of approximately $3.5 billion, of which approximately $2.2 billion were funded. New investment commitments included 28 new portfolio companies and 42 existing portfolio companies. As of March 31, 2025, 245 separate private equity sponsors were represented in Ares Capital’s portfolio. Of the approximately $3.5 billion in new commitments made during the first quarter of 2025, 92% were in first lien senior secured loans, 1% were in subordinated certificates of the Senior Direct Lending Program (the “SDLP”), 3% were in senior subordinated loans, 2% were in preferred equity and 2% were in other equity. Of the approximately $3.5 billion in new commitments, 90% were in floating rate debt securities, of which 93% contained interest rate floors and 1% 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 9.9% and the weighted average yield on total investments funded during the period at amortized cost was 9.6%. Ares Capital may seek to sell all or a portion of these new investment commitments, although there can be no assurance that Ares Capital will be able to do so. Also in the first quarter of 2025, Ares Capital funded approximately $576 million related to previously existing unfunded revolving and delayed draw loan commitments.

In the first quarter of 2025, Ares Capital exited approximately $2.9 billion of investment commitments, including approximately $794 million of loans sold to IHAM or certain vehicles managed by IHAM. Of the approximately $2.9 billion of exited investment commitments, 78% were first lien senior secured loans, 14% were second lien senior secured loans, 2% were subordinated certificates of the SDLP, 1% were senior subordinated loans, 3% were preferred equity and 2% were other equity. Of the approximately $2.9 billion of exited investment commitments, 85% were floating rate, 6% were fixed rate, 3% were non-income producing and 6% were on non-accrual.
 
As of March 31, 2025 and December 31, 2024, the weighted average grade of the portfolio at fair value was 3.1 and 3.1, respectively, and loans on non-accrual status represented 1.5% of the total investments at amortized cost (or 0.9% at fair value) and 1.7% at amortized cost (or 1.0% at fair value), respectively. For more information on Ares Capital’s portfolio investment grades and loans on non-accrual status, see “Part I—Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity” in Ares Capital’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on April 29, 2025.

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2025, Ares Capital had $647 million in cash and cash equivalents and $13.9 billion in total aggregate principal amount of debt outstanding ($13.9 billion at carrying value). Subject to borrowing base and other restrictions, Ares Capital had approximately $5.4 billion available for additional borrowings under its existing credit facilities as of March 31, 2025.

In January 2025, Ares Capital issued $1.0 billion in aggregate principal amount of unsecured notes that mature on March 8, 2032 and bear interest at a rate of 5.800% per annum (the “March 2032 Notes”). The March 2032 Notes pay interest semi-annually and all principal is due upon maturity. The March 2032 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 March 2032 Notes, and any accrued and unpaid interest. The March 2032 Notes were issued at a discount to the principal amount. In connection with the March 2032 Notes, Ares Capital entered into a forward-starting interest rate swap for a total notional amount of $1.0 billion that matures on March 8, 2032 with an effective date of January 8, 2026. Under the forward-starting interest rate swap, Ares Capital will receive a fixed interest rate of 5.800% and will pay a floating interest rate of one-month Secured Overnight Financing Rate (“SOFR”) plus 1.6995%.

3

In March 2025, 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, (a) extended the end of the reinvestment period from July 26, 2027 to March 20, 2028, (b) extended the stated maturity date from July 26, 2029 to March 20, 2030 and (c) adjusted the interest rate charged on the BNP Funding Facility from an applicable SOFR or a “base rate” (as defined in the documents governing the BNP Funding Facility) plus a margin of (i) 2.10% during the reinvestment period and (ii) 2.60% following the reinvestment period to an applicable SOFR or a “base rate” plus a margin of (i) 1.90% during the reinvestment period and (ii) 2.40% following the reinvestment period. The other terms of the BNP Funding Facility remained materially unchanged.

In March 2025, Ares Capital repaid in full the $600 million aggregate principal amount outstanding of its unsecured notes upon their maturity, which bore interest at a rate of 4.250% per annum.

During the three months ended March 31, 2025, Ares Capital issued and sold approximately 17.2 million shares of common stock under its Equity Distribution Agreements, with net proceeds totaling approximately $384 million, after giving effect to sales agents’ commissions and certain estimated offering expenses.

FIRST QUARTER 2025 DIVIDENDS PAID

On February 5, 2025, Ares Capital announced that its Board of Directors declared a first quarter 2025 dividend of $0.48 per share for a total of approximately $328 million. The first quarter 2025 dividend was paid on March 31, 2025 to stockholders of record as of March 14, 2025.

RECENT DEVELOPMENTS

In April 2025, 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 under the A&R Credit Facility from $4,513 million to $5,283 million, (b) modified certain covenant restrictions, (c) extended the expiration of the revolving period for lenders electing to extend their revolving commitments in an amount equal to approximately $3,878 million from April 12, 2028 to April 15, 2029, (d) extended the stated maturity date for lenders electing to extend their revolving commitments in an amount equal to approximately $3,878 million from April 12, 2029 to April 15, 2030 and (e) extended the stated maturity date for approximately $945 million of the lenders electing to extend their term loan commitments from April 12, 2029 to April 15, 2030. Lenders who elected not to extend their revolving commitments in an amount equal to approximately $246 million and $50 million will remain subject to a revolving period expiration of March 31, 2026 and April 12, 2028, respectively, and a stated maturity date of March 31, 2027 and April 12, 2029, respectively. Lenders who elected not to extend their term loan commitments in an amount equal to $24 million, $70 million and $70 million will remain subject to a maturity date of March 31, 2027, April 19, 2028 and April 12, 2029, respectively. The other terms of the A&R Credit Facility remained materially unchanged.

From April 1, 2025 through April 24, 2025, Ares Capital made new investment commitments of approximately $492 million, of which approximately $406 million were funded. Of the approximately $492 million in new investment commitments, 87% were in first lien senior secured loans, 6% were in subordinated certificates of the SDLP, 3% were in senior subordinated loans and 4% were in other equity. Of the approximately $492 million in new investment commitments, 92% were floating rate, 4% were fixed rate and 4% were non-income producing. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 9.8% and the weighted average yield on total investments funded during the period at amortized cost was 9.5%. Ares Capital may seek to sell all or a portion of these new investment commitments, although there can be no assurance that it will be able to do so.

From April 1, 2025 through April 24, 2025, Ares Capital exited approximately $394 million of investment commitments. Of the approximately $394 million of exited investment commitments, 98% were first lien senior secured loans and 2% were subordinated certificates of the SDLP. Of the approximately $394 million of exited investment commitments, all were floating rate. The weighted average yield of debt and other income producing securities exited or repaid during the period at amortized cost was 10.8% and the weighted average yield on total investments exited or repaid during the period at amortized cost was 10.8%. Of the approximately $394 million of investment commitments exited from April 1, 2025 through April 24, 2025, Ares Capital recognized total net realized gains of approximately $1 million.

In addition, as of April 24, 2025, Ares Capital had an investment backlog of approximately $2.6 billion. Investment backlog includes transactions approved by Ares Capital’s investment adviser’s 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
4

Capital’s acceptance of the terms and structure of such investment and the execution and delivery of satisfactory transaction documentation. In addition, Ares Capital may sell all or a portion of these investments and certain of these investments may result in the repayment of existing investments. Ares Capital cannot assure you that it will make any of these investments or that Ares Capital will sell all or any portion of these investments.

WEBCAST / CONFERENCE CALL
 
Ares Capital will host a webcast/conference call on Tuesday, April 29, 2025 at 12:00 p.m. (Eastern Time) to discuss its quarter ended March 31, 2025 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) 225-9448. International callers can access the conference call by dialing +1 (203) 518-9708. 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 ARCCQ125. For interested parties, an archived replay of the call will be available approximately one hour after the end of the call through May 29, 2025 at 5:00 p.m. (Eastern Time) to domestic callers by dialing toll free +1 (800) 753-5479 and to international callers by dialing +1 (402) 220-2675. An archived replay will also be available through May 29, 2025 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 March 31, 2025. 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
5

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions, except per share data)
 
 As of
 March 31, 2025December 31, 2024
ASSETS(unaudited) 
Total investments at fair value (amortized cost of $26,778 and $26,374, respectively)
$27,130 $26,720 
Cash and cash equivalents647 635 
Restricted cash95 225 
Interest receivable239 292 
Receivable for open trades33 224 
Other assets173 158 
Total assets$28,317 $28,254 
LIABILITIES
Debt$13,922 $13,727 
Base management fee payable102 100 
Income based fee payable85 91 
Capital gains incentive fee payable80 105 
Interest and facility fees payable130 170 
Payable to participants27 163 
Payable for open trades10 236 
Accounts payable and other liabilities289 275 
Secured borrowings— 32 
Total liabilities14,645 14,899 
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share, 1,000 common shares authorized; 690 and 672 common shares issued and outstanding, respectively
1 1 
Capital in excess of par value12,906 12,502 
 Accumulated undistributed earnings765 852 
Total stockholders’ equity13,672 13,355 
Total liabilities and stockholders’ equity$28,317 $28,254 
NET ASSETS PER SHARE$19.82 $19.89 

6

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(in millions, except per share data)
(unaudited)
 
For the Three Months Ended March 31,
 20252024
INVESTMENT INCOME
Interest income from investments$526 $513 
Capital structuring service fees46 28 
Dividend income143 147 
Other income17 13 
Total investment income732 701 
EXPENSES
Interest and credit facility fees186 159 
Base management fee102 87 
Income based fee85 88 
Capital gains incentive fee(25)25 
Administrative fees4 3 
Other general and administrative8 7 
Total expenses360 369 
NET INVESTMENT INCOME BEFORE INCOME TAXES372 332 
Income tax expense, including excise tax7 7 
NET INVESTMENT INCOME 365 325 
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized losses(61)(18)
Net unrealized (losses) gains(63)156 
Net realized and unrealized (losses) gains on investments, foreign currency and other transactions(124)138 
REALIZED LOSS ON EXTINGUISHMENT OF DEBT— (14)
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS$241 $449 
NET INCOME PER COMMON SHARE:
Basic$0.36 $0.76 
Diluted$0.36 $0.76 
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic676 591
Diluted676 591

7

SCHEDULE 1
 
Reconciliations of GAAP net income per share to Core EPS
 
Reconciliations of GAAP net income per share, the most directly comparable GAAP financial measure, to Core EPS for the three months ended March 31, 2025 and 2024 are provided below.
 
 For the Three Months Ended March 31,
 20252024
(unaudited)(unaudited)
GAAP net income per share(1)$0.36 $0.76 
Adjustments:
Net realized and unrealized losses (gains)(1)0.18 (0.21)
Capital gains incentive fee attributable to net realized and unrealized gains and losses(1)(0.04)0.04 
Income tax expense related to net realized gains and losses(1)— — 
Core EPS(2)$0.50 $0.59 
__________________________________________________ 

(1)All per share amounts and weighted average shares outstanding are basic and diluted. The basic and diluted weighted average shares outstanding for the three months ended March 31, 2025 and 2024 were approximately 676 million and 591 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 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.
8

v3.25.1
Cover
Apr. 29, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Apr. 29, 2025
Entity Registrant Name ARES CAPITAL CORPORATION
Entity Incorporation, State or Country Code MD
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 NY
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 

{
 "version": "2.2",
 "instance": {
  "arcc-20250429.htm": {
   "nsprefix": "arcc",
   "nsuri": "http://www.arescapitalcorp.com/20250429",
   "dts": {
    "inline": {
     "local": [
      "arcc-20250429.htm"
     ]
    },
    "schema": {
     "local": [
      "arcc-20250429.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd",
      "https://xbrl.sec.gov/dei/2024/dei-2024.xsd"
     ]
    },
    "labelLink": {
     "local": [
      "arcc-20250429_lab.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "arcc-20250429_pre.xml"
     ]
    }
   },
   "keyStandard": 23,
   "keyCustom": 0,
   "axisStandard": 0,
   "axisCustom": 0,
   "memberStandard": 0,
   "memberCustom": 0,
   "hidden": {
    "total": 2,
    "http://xbrl.sec.gov/dei/2024": 2
   },
   "contextCount": 1,
   "entityCount": 1,
   "segmentCount": 0,
   "elementCount": 24,
   "unitCount": 0,
   "baseTaxonomies": {
    "http://xbrl.sec.gov/dei/2024": 23
   },
   "report": {
    "R1": {
     "role": "http://www.arescapitalcorp.com/role/Cover",
     "longName": "0000001 - Document - Cover",
     "shortName": "Cover",
     "isDefault": "true",
     "groupType": "document",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "1",
     "firstAnchor": {
      "contextRef": "c-1",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "arcc-20250429.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "c-1",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "arcc-20250429.htm",
      "first": true,
      "unique": true
     }
    }
   },
   "tag": {
    "dei_AmendmentFlag": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "AmendmentFlag",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Amendment Flag",
        "label": "Amendment Flag",
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission."
       }
      }
     },
     "auth_ref": []
    },
    "dei_CityAreaCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "CityAreaCode",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "City Area Code",
        "label": "City Area Code",
        "documentation": "Area code of city"
       }
      }
     },
     "auth_ref": []
    },
    "dei_CoverAbstract": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "CoverAbstract",
     "lang": {
      "en-us": {
       "role": {
        "label": "Cover [Abstract]",
        "documentation": "Cover page."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentPeriodEndDate": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "DocumentPeriodEndDate",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Document Period End Date",
        "label": "Document Period End Date",
        "documentation": "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."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentType": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "DocumentType",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Document Type",
        "label": "Document Type",
        "documentation": "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'."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressAddressLine1": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityAddressAddressLine1",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, Address Line One",
        "label": "Entity Address, Address Line One",
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressAddressLine2": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityAddressAddressLine2",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, Address Line Two",
        "label": "Entity Address, Address Line Two",
        "documentation": "Address Line 2 such as Street or Suite number"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressCityOrTown": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityAddressCityOrTown",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, City or Town",
        "label": "Entity Address, City or Town",
        "documentation": "Name of the City or Town"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressPostalZipCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityAddressPostalZipCode",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, Postal Zip Code",
        "label": "Entity Address, Postal Zip Code",
        "documentation": "Code for the postal or zip code"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressStateOrProvince": {
     "xbrltype": "stateOrProvinceItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityAddressStateOrProvince",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, State or Province",
        "label": "Entity Address, State or Province",
        "documentation": "Name of the state or province."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityCentralIndexKey": {
     "xbrltype": "centralIndexKeyItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityCentralIndexKey",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Central Index Key",
        "label": "Entity Central Index Key",
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_EntityEmergingGrowthCompany": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityEmergingGrowthCompany",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Emerging Growth Company",
        "label": "Entity Emerging Growth Company",
        "documentation": "Indicate if registrant meets the emerging growth company criteria."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_EntityFileNumber": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityFileNumber",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity File Number",
        "label": "Securities Act File Number",
        "documentation": "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."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityIncorporationStateCountryCode": {
     "xbrltype": "edgarStateCountryItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityIncorporationStateCountryCode",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Incorporation, State or Country Code",
        "label": "Entity Incorporation, State or Country Code",
        "documentation": "Two-character EDGAR code representing the state or country of incorporation."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityRegistrantName": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityRegistrantName",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Registrant Name",
        "label": "Entity Registrant Name",
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_EntityTaxIdentificationNumber": {
     "xbrltype": "employerIdItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "EntityTaxIdentificationNumber",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Tax Identification Number",
        "label": "Entity Tax Identification Number",
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_LocalPhoneNumber": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "LocalPhoneNumber",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Local Phone Number",
        "label": "Local Phone Number",
        "documentation": "Local phone number for entity."
       }
      }
     },
     "auth_ref": []
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "PreCommencementIssuerTenderOffer",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Pre-commencement Issuer Tender Offer",
        "label": "Pre-commencement Issuer Tender Offer",
        "documentation": "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."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "dei_PreCommencementTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "PreCommencementTenderOffer",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Pre-commencement Tender Offer",
        "label": "Pre-commencement Tender Offer",
        "documentation": "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."
       }
      }
     },
     "auth_ref": [
      "r5"
     ]
    },
    "dei_Security12bTitle": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "Security12bTitle",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Title of 12(b) Security",
        "label": "Title of 12(b) Security",
        "documentation": "Title of a 12(b) registered security."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "dei_SecurityExchangeName": {
     "xbrltype": "edgarExchangeCodeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "SecurityExchangeName",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Security Exchange Name",
        "label": "Security Exchange Name",
        "documentation": "Name of the Exchange on which a security is registered."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "dei_SolicitingMaterial": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "SolicitingMaterial",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Soliciting Material",
        "label": "Soliciting Material",
        "documentation": "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."
       }
      }
     },
     "auth_ref": [
      "r4"
     ]
    },
    "dei_TradingSymbol": {
     "xbrltype": "tradingSymbolItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "TradingSymbol",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Trading Symbol",
        "label": "Trading Symbol",
        "documentation": "Trading symbol of an instrument as listed on an exchange."
       }
      }
     },
     "auth_ref": []
    },
    "dei_WrittenCommunications": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2024",
     "localname": "WrittenCommunications",
     "presentation": [
      "http://www.arescapitalcorp.com/role/Cover"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Written Communications",
        "label": "Written Communications",
        "documentation": "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."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    }
   }
  }
 },
 "std_ref": {
  "r0": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b"
  },
  "r1": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r2": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r3": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r4": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "14a",
   "Subsection": "12"
  },
  "r5": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r6": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "425"
  }
 }
}