Slide 1: Ares Capital Corporation Earnings Presentation First Quarter 2026
Ares Capital Corporation Earnings Presentation First 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 Q1-26 Q4-25 Q1-25 GAAP Net Income Per Share1 $ 0.13 $ 0.41 $ 0.36 Core EPS*2 $ 0.47 $ 0.50 $ 0.50 Net Investment Income Per Share1 $ 0.55 $ 0.52 $ 0.54 Net Realized Gains (Losses) Per Share1 $ 0.15 $ (0.22) $ (0.09) 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) 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 GAAP Net Income Per Share1 $ 0.13 $ 0.41 $ 0.57 $ 0.52 $ 0.36 Core EPS*2 $ 0.47 $ 0.50 $ 0.50 $ 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) 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Investments at Fair Value $ 29,499 $ 29,485 $ 28,693 $ 27,886 $ 27,130 Number of Portfolio Companies11 607 603 587 566 566 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) 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Commitments: Gross Commitments3 $ 3,246 $ 5,825 $ 3,924 $ 2,573 $ 3,453 Exits of Commitments4 (3,176) (4,661) (2,625) (1,963) (2,857) Net Commitments16
Slide 7: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (amounts in millions, except per share data) 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Investment income $ 763 $ 793 $ 782 $ 745 $ 732 Expenses 359 406 433 395 360 Net investment income before income taxes 404 387 349 350 372 Income tax expense,
Slide 8: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (amounts in millions) 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Net Investment Income Before Income Taxes: Investment Income: Interest income from investments $ 550 $ 563 $ 561 $ 533 $ 526 Capital structuring service fees 39 57 48 34 46 Di
Slide 9: Quarterly Gain/Loss Detail
Quarterly Gain/Loss Detail For the Three Months Ended (amounts in millions) 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Net Realized and Unrealized Gains (Losses): Realized gains (losses) on investments: Gains $ 121 $ 27 $ 317 $ 229 $ 46 Losses (7) (198) (70) (112) (138) Net realized gains (losses) on
Slide 10: Quarterly Balance Sheets
Quarterly Balance Sheets As of (amounts in millions, except per share data) 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 ASSETS Investments at fair value $ 29,499 $ 29,485 $ 28,693 $ 27,886 $ 27,130 Cash and cash equivalents 505 638 1,036 447 647 Restricted cash 150 286 218 217 95 Interest receivable 23
Slide 11: Investment Portfolio by Issuer as of March 31, 2026
Investment Portfolio by Issuer as of March 31, 2026* Top 15 Investments 9.0% 25.9% 14 Ivy Hill Asset Management, L.P. 13 3.9% Senior Direct Lending Program, LLC 1.3% Denali Intermediate Holdings, Inc. 1.3% 1.1% High Street Buyer, Inc. and High Street Holdco LLC 1.1% Reddy Ice LLC 1.0% 1.0% AthenaHea
Slide 12: Investment Portfolio as of March 31, 2026
Investment Portfolio as of March 31, 2026* Asset Class Industry** 8% 6% 2% 2% 2% 22% 9% 3% 4% 8% 4% 4% 60% 6% 11% 5% 4% 5% 5% 5% 10% 6% 9% First Lien Senior Secured Loans12 Software and Services Senior Direct Lending Program13 Second Lien Senior Secured Loans Health Care Equipment and Services Sport
Slide 13: Portfolio Activity
Portfolio Activity Gross Commitments by Asset Class Exits of Commitments by Asset Class 100% 2% 1% 1% 100% 2% 1% 1% 2% 6% 3% 3% 2% 4% 3% 1% 10% 2% 1% 5% 3% 1% 9% 12% 2% 5% 2% 6% 2% 1% 1% 5% 2% 6% 2% 3% 7% 1% 10% 7% 3% 14% 2% 1% 2% 1% 8% 80% 1% 80% 4% 10% 4% 3% 3% 60% 60% 92% 89% 82% 85% 84% 40% 80%
Slide 14: Portfolio Company EBITDA and Credit Statistics
Portfolio Company EBITDA and Credit Statistics 12.0x $400.0 10.0x $304.5 $307.2 $286.5 $291.0 $300.0 $274.0 8.0x ($ Millions) 6.0x $178.5 $200.0 5.7x 5.7x 5.6x $177.3 5.6x 5.7x $174.8 $162.9 $165.7 4.0x $100.0 2.0x 2.0x 2.2x 2.2x 1.9x 1.9x 0.0x $0.0 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 * Portfolio Weighted
Slide 15: Portfolio By Grade
Portfolio By Grade23 % by Fair Value % by Number of Companies 100% 100% 12% 12% 11% 11% 11% 19% 19% 16% 17% 18% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 79% 79% 80% 81% 79% 78% 77% 81% 79% 77% 40% 40% 30% 30% 20% 20% 10% 10% 5% 5% 5% 4% 5% 1% 1% 1% 2% 2% 3% 2% 2% 3% 2% 4% 4% 4% 4% 5% 0% 0% Q1-25 Q2-2
Slide 16: Loans on Non-Accrual Status
Loans on Non-Accrual Status Amortized Cost Fair Value 5.0% $700 5.0% $700 $614 $600 $600 4.0% $546 4.0% $524 $509 $500 $500 $414 3.0% 3.0% $400 $400 ($ Millions) ($ Millions) $350 $345 $327 $289 $300 $300 2.0% 2.0% $244 2.1% 2.0% 1.8% 1.8% $200 $200 1.5% 1.0% 1.0% 1.2% 1.2% 1.2% $100 1.0% $100 0.9%
Slide 17: Investment Activity from April 1, 2026 through April 23, 2026
Investment Activity from April 1, 2026 through April 23, 2026 Ares Capital made approximately $198 million of new investment commitments • 56% were in first lien senior secured loans, 43% were in Ares Capital's subordinated loan to IHAM and 1% were in other equity • 99% were floating rate and 1% wer
Slide 18: Investment Backlog
Investment Backlog • As of April 23, 2026, Ares Capital had a backlog of approximately $1.8 billion24 • The following is a breakdown of the backlog by asset class and by industry Asset Class Industry 2% 4% 3% 2% 2% 5% 2% 2% 4% 4% 5% 42% 88% 7% 28% First Lien Senior Secured Loans12 Consumer Services
Slide 19: Debt Summary
Debt Summary As of 12/31/25 As of 3/31/26 Aggregate Principal Aggregate Principal Weighted Average Amount Committed/ Principal Amount Carrying Value of Amount Committed/ Principal Amount Carrying Value of Stated Interest (dollar amounts in millions) Outstanding26 Outstanding Outstanding Debt Outstan
Slide 20: Debt Summary: Debt Maturities
Debt Summary Debt Maturities* ($ in millions) $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 29 $3,100 $3,000 $4,671 $57 $2,000 $89 29 $40 29 29 $1,000 $1,850 $1,720 30 $1,400 $1,250 $1,000 $750 $0 2026 $— 2027 — 2028 $— 2029 2030 Thereafter As of March 31, 2026 Secured Revolving Facilities Debt
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 $0.03 $0.03 $0.43 $0.40 $0.42 $0.30 $0.20 $0.10 $0.00 Q2-22 Q3-22 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 31 Regular Divid
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-Chairman of Ares Capital Former Chief Financial Officer of
Slide 23: Corporate Data (cont'd)
Corporate Data (cont'd) Research Coverage BANK OF AMERICA SECURITIES BARCLAYS CREDIT RESEARCH B. RILEY SECURITIES CITIZENS COMPASS POINT J.P. MORGAN Derek Hewett Peter Troisi Sean-Paul Adams Brian McKenna Casey Alexander Richard Shane (415) 676-3518 (212) 412-3695 (415) 229-4851 (212) 906-3545 (516)
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 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 GAAP net income per share1 $ 0.13 $ 0.41 $ 0.57 $ 0.52 $
Slide 25: Endnotes
Endnotes 1) Per share amounts and weighted average shares outstanding are basic and diluted. The 7) Computed as total principal debt outstanding less available cash divided by stockholders’ 17) The portfolio weighted average EBITDA and average EBITDA for the underlying borrowers basic and diluted we
Slide 26: Endnotes (cont'd)
Endnotes (cont’d) 21) The interest coverage ratio represents portfolio companies’ LTM EBITDA as a multiple of 24) Investment backlog includes transactions approved by Ares Capital’s investment adviser’s 31) Declared. The second quarter 2026 regular dividend of $0.48 per share to be paid on implied a
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