Slide 1: Ares Capital Corporation Investor Presentation
Contact: John Stilmar, Investor Relations jstilmar@ares.com (678) 538 - 1983 Ares Capital Corporation Investor Presentation | Quarter Ended June 30, 2026 Confidential – Not for Publication or Distribution 20260731-5788648
Slide 2: Disclaimer
Disclaimer IMPORTANT NOTICE: Management or any of their affiliates will be made only by means of definitive offering Statements included herein may constitute “forward-looking statements,” which may relate to memoranda or an effective registration statement, which will be provided to prospective inv
Slide 3: Risk Factors
Risk Factors An investment in a fund managed by Ares Management, strategy, account or vehicle entails a determined in the sole discretion of the manager, allocate over time in a fair and equitable significant degree of risk and, therefore, should be undertaken only by investors capable of manner, ta
Slide 4: ARCC is a Market Leading Company in Direct Lending
ARCC is a Market Leading Company in Direct Lending Ares Capital Corporation (NASDAQ: ARCC) Market Leading Business Significant Competitive Attractive Portfolio and Compelling Track Record Development Company Strengths Diverse Sources of Funding Key Statistics/Track Record Largest publicly traded BDC
Slide 5: ARCC’s Positioning and Team Differentiators
ARCC’s Positioning and Team Differentiators Confidential – Not for Publication or Distribution
Slide 6: ARCC is Well Positioned in a Growing Market
ARCC is Well Positioned in a Growing Market ARCC has a leading market position with many distinct competitive strengths developed over 21+ years A Leading Credit Expanding Market Large Investment Team and Sourcing A Leading Credit Expanding Market Opportunity Large Investment Team Market Coverage4 S
Slide 7: Ares Management is a Global Leader in Private Markets
Ares Management is a Global Leader in Private Markets With approximately $671 billion in assets under management, Ares Management Corporation is a global alternative investment manager operating an integrated platform across five business groups Global Footprint3 1997 Overview Founded AUM $671bn Emp
Slide 8: Ares Credit Group
Ares Credit Group Integrated scaled global platform combines direct origination, deep credit research and broad perspective of relative value Differentiators $440 Billion AUM1 Profile Access to Differentiated Deep Investment Broad Expression Information to Inform Opportunity Set of Relative Value 90
Slide 9: Market Opportunity
Market Opportunity We believe that addressable market continues to expand which can provide additional opportunities for ARCC Bank Consolidation Has Meaningfully Reduced the Number of Banks1 Growing Demand for Direct Lending2,3,4 ~70% Reduction in Number of U.S. Banks Over the Last 40 Years 270%+ Gr
Slide 10: Leading Investment Team
Leading Investment Team We believe ARCC benefits from a large, long tenured and experienced team with significant experience in direct lending and extensive middle market knowledge ARCC’s Team Brings Members of the Investment Committee Invested $224 billion 25+ years average Knowledge Experience in
Slide 11: ARCC’s Sourcing Differentiators
ARCC’s Sourcing Differentiators ARCC’s scale and flexibility lead to sourcing differentiators and significant deal flow Origination Scale & Selectivity Relationships Incumbency Flexible Solutions • Wide funnel with nearly $1 Trillion • 21-year history in the market • Incumbency allows us to finance
Slide 12: ARCC’s Investment Approach and Portfolio
ARCC’s Investment Approach and Portfolio Confidential – Not for Publication or Distribution
Slide 13: Key Elements to Our Investment Approach
Key Elements to Our Investment Approach We believe a credit-focused investment approach supports our 21+ years of leading performance • Leading market share positions Fundamentally Strong Companies • Long-term staying power • Experienced management teams Highly Diversified • Across asset classes, bo
Slide 14: Flexible Capital Across Diversified Product Lines
Flexible Capital Across Diversified Product Lines ARCC has demonstrated its ability to be a total solutions provider, which we believe enhances our origination and our relationships with clients Merits of a Flexible Approach Asset Allocation 9% 10% Target best relative value opportunities across t
Slide 15: Highly Diversified Attractive Portfolio
Highly Diversified Attractive Portfolio Attractively positioned $29.3 billion highly diverse portfolio with a level of downside protection1 Moderate portfolio company 619 Portfolio Companies3 Average Position Size 0.2%4 Largest investment is ~1%5 leverage with LTV of ~47%2 ARCC Portfolio by Industry
Slide 16: ARCC’s Significant Portfolio Diversity vs. BDC Peer Averages
ARCC’s Significant Portfolio Diversity vs. BDC Peer Averages ARCC’s portfolio is more diversified than peers on hold size, largest single exposure, and top 10 investment concentration Average Hold1 Largest Exposure at Fair Value1,2 Top 10 Investments at Fair Value1,2 22.2% 4.4% 0.6% 10.5% 1.3% 0.2%
Slide 17: ARCC’s Financial Results
ARCC’s Financial Results Confidential – Not for Publication or Distribution
Slide 18: ARCC Has Delivered Compelling Long Term Performance
ARCC Has Delivered Compelling Long Term Performance We believe ARCC has a high quality portfolio and leading track record 21+ YEARS • 21+ year track record with over $224 billion of capital invested across Ares in U.S. direct lending, resulting in attractive Length of Track Record returns for ARCC i
Slide 19: ARCC Has a Compelling Track Record of Credit Performance
ARCC Has a Compelling Track Record of Credit Performance ARCC’s annual loss rate has been significantly better than the industry averages ARCC Credit Experience Since Inception1 First Lien Second Lien & Subordinated Period Measured1 2004 – Q1’26 2004 – Q1’26 Significant Capital Deployed1 $103 billio
Slide 20: Attractive Credit and Investment Performance
Attractive Credit and Investment Performance ARCC has generated cumulative net realized gains where others have generated losses Since IPO in October 2004 through June 30, 2026: ARCC generated ~200 bps of average annual incremental gain differential vs. peers since 20043,4 1.4% Over $1 billion • Cum
Slide 21: Differentiated Portfolio Management Capabilities & Focus
Differentiated Portfolio Management Capabilities & Focus We believe we have the largest and most experienced portfolio management team amongst any other U.S. direct lending manager1 Portfolio Management Capabilities & Focus Areas Experienced and Growing Portfolio Management Team Robust coverage of D
Slide 22: ARCC’s Portfolio Has Generated Higher Returns with Less Risk
ARCC’s Portfolio Has Generated Higher Returns with Less Risk Our investment strategy and competitive strengths have led to attractive returns with lower volatility Annualized Returns (Dividends & Change in NAV)1,2 3 Years 5 Years Since IPO (2004) 11.9% 12.4% 12.7% 8.5% 8.0% 8.3% 6.6% 7.6% 5.5% 5.1%
Slide 23: ARCC’s Stock Total Returns Since Inception
ARCC’s Stock Total Returns Since Inception Annualized Shareholder Total Return Since Inception 10/8/04 - 6/30/261,2 1400% 1200% ARCC 1000% S&P 500 Index 800% American Capital Acquisition provided additional scale January 3, 2017 600% Allied Capital Acquisition provided scale 400% April 1, 2010 BofA
Slide 24: Capital & Liquidity
Capital & Liquidity Confidential – Not for Publication or Distribution
Slide 25: Deep and Diverse Access to Debt Financing
Deep and Diverse Access to Debt Financing Our deep bank and capital market relationships enhance our access to capital supported by investment grade ratings Debt Summary Aggregate Principal Amount of Weighted Average Stated Principal Outstanding ($ in millions) Commitments Outstanding1 Interest Rate
Slide 26: ARCC Has Stable and Broad Sources of Financing
ARCC Has Stable and Broad Sources of Financing Conservative balance sheet with a longstanding track record of accessing diverse sources of financing Simple Balance Sheet with Significant Liquidity* Strong Liability and Funding Construction $353 Available Cash ~$6.0 bn Total Available $5,690 Liquidit
Slide 27: Deep Sources of Liquidity and Well Laddered Maturities
Deep Sources of Liquidity and Well Laddered Maturities Investment portfolio provides ample cash flows to support debt maturities Sales & Repayments Sources of Liquidity** As a % of Portfolio at Amortized Cost* ~$6.0 billion of available 45% borrowing capacity3 $22,019 40% 35% $15,924 30% $10,796 $ M
Slide 28: Strong Coverage Ratios
Strong Coverage Ratios ARCC noteholders may benefit from conservative liability structure and significant unencumbered assets Strong Asset Coverage for Unsecured Notes1 Significant Fixed Charge Coverage from Earnings2 4.5x 4.5x 4.1x 4.0x 4.0x 3.8x 3.7x 3.5x 3.5x 3.5x 3.5x 3.4x 3.4x 3.3x 3.2x 3.2x 3.
Slide 29: Conclusion
Conclusion Confidential – Not for Publication or Distribution
Slide 30: Conclusion
We believe ARCC is well positioned to deliver differentiated results Strong and growing position in an expanding market Meaningful competitive strengths driven by our scale and tenure in the market Conclusion Healthy, attractively positioned and diversified senior oriented portfolio Large and experi
Slide 31: Appendix
Appendix Additional Investment and Financial Considerations Confidential – Not for Publication or Distribution
Slide 32: Risk Position: Asset Mix Changes with Views on Risk and Return
Risk Position: Asset Mix Changes with Views on Risk and Return Our portfolio composition will change based on our view of market conditions and the returns available 100% 6% 4% 4% 4% 4% 4% 5% 5% 5% 7% 7% 7% 7% 8% 9% 9% 9% 8% 9% 11% 12% 4% 3% 3% 3% 3% 2% 2% 4% 4% 4% 4% 5% 5% 5% 3% 4% 3% 4% 90% 4% 5%
Slide 33: Ivy Hill Asset Management Overview
Ivy Hill Asset Management Overview Ivy Hill was established in 2007 and has become a leading middle market asset manager Ivy Hill Portfolio and Team Characteristics Diversity in Fund Structure & Investments5 18+ $16bn+ 33% 29% Year Track Record AUM3 24 278 Managed Vehicles Borrowers* 38% 15 20+ CLOs
Slide 34: Cycle Tested with Differentiated Approach
Cycle Tested with Differentiated Approach ARCC’s team has deep experience and a leading track record in managing underperforming companies ARCC’s Historical Core Non–Accruals1,2 Differentiated Approach Percentage of Total Core Investment Portfolio 12% Pro-active portfolio management approach allows
Slide 35: Rigorous Underwriting and Credit Management
Rigorous Underwriting and Credit Management Our in-depth process typically spans several months, allowing for thoughtful decision making Typical Average Timeframe Investment Opportunity (Primary and Secondary) Preliminary Evaluation by senior management and deal team Key Attributes of ARCC Borrowers
Slide 36: Benefits of BDC Structure
Benefits of BDC Structure We believe creditors benefit from the leverage restrictions and diversification requirements of the BDC/RIC structure The BDC/RIC structure provides limitation on leverage BDCs are closed-end investment companies regulated by the SEC and requires portfolio diversification •
Slide 37: Reconciliations of GAAP Net Income to Core Earnings
Reconciliations of GAAP Net Income to Core Earnings Reconciliations of GAAP Net Income to Core Earnings For the YTD For the years ended Period (in millions) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2-25 Q2-26 GAAP Net Income $379 $474 $667 $858 $793 $484 $1,567 $600 $1,522 $1,522 $1,2
Slide 38: Index & ETF Definitions
Index & ETF Definitions Confidential – Not for Publication or Distribution
Slide 39: Index Definitions
Index Definitions Indices are provided for illustrative purposes only and not indicative of any investment. They have be rated “5B” or lower. That is, the highest Moody’s/S&P ratings are Baa1/BB+ or Ba1/BBB+. not been selected to represent appropriate benchmarks or targets for ARCC. Rather, the indi
Slide 40: Endnotes
Endnotes Confidential – Not for Publication or Distribution
Slide 41: Endnotes
Endnotes Slide 4: Market Leading Company in Direct Lending billion in revenues held at banks based on data reported by the FDIC Shared National Credit Slide 9: Market Opportunity 1. By market capitalization as of June 30, 2026. Review and Ares’ view of the market. This results in a $3 trillion estim
Slide 42: Endnotes
Endnotes Slide 13: Key Elements to Our Investment Approach Slide 18: ARCC Has Delivered Compelling Long Term Performance not participate in Ares Capital Corporation’s rights offering issuance as of March 20, 2008. 1. The portfolio median EBITDA includes information solely in respect of corporate inv
Slide 43: Endnotes
Endnotes Slide 20: Attractive Credit and Investment Performance Slide 23: ARCC’s Stock Total Return Since Inception Excludes the subordinated notes issued by Ares Direct Lending CLO 1 LLC, Ares Direct 1. Calculated as the net realized gains/losses from Ares Capital IPO in October 2004 to June 1. As
Slide 44: Endnotes
Endnotes Slide 33: Ivy Hill Asset Management Overview 1. Including IHAM investment committee members. 2. Refer to “Consolidated IHAM Vehicles” column within the “Selected Balance Sheet Information” table in Note 4 to Ares Capital’s consolidated financial statements included in the quarterly report i
Slide 45: Confidential – Not for Publication or Distribution
Confidential – Not for Publication or Distribution