Ares Capital Corp (ARCC) financial statements: income statement, balance sheet and cash flow
Ares Capital Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Ares Capital Corp reported net income of ($115.0M).
Income statement
Ares Capital Corp income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Interest income (excluding payment-in-kind (“PIK”) interest income)
$2.0B
$2.0B
$1.8B
—
PIK interest income
$219.0M
$206.0M
$166.0M
—
Capital structuring service fees
$6.8M
$15.4M
$8.8M
—
Dividend income (excluding PIK dividend income)
$323.0M
$286.0M
—
—
PIK dividend income
$268.0M
$257.0M
—
—
Other income
$6.4M
$7.3M
$5.8M
$6.3M
Total investment income
$3.1B
$3.0B
$2.6B
$2.1B
Interest and credit facility fees
$793.0M
$715.0M
$582.0M
$455.0M
Base management fee
$425.0M
$374.0M
$323.0M
$305.0M
Income based fee
$348.0M
$364.0M
$328.0M
$252.0M
Capital gains incentive fee
($23.0M)
$18.0M
$53.0M
($101.0M)
Administrative and other fees
$15.0M
$12.0M
$13.0M
$11.0M
Other general and administrative
$36.0M
$31.0M
$29.0M
$27.0M
Total expenses
$1.6B
$1.5B
$1.3B
$949.0M
NET INVESTMENT INCOME BEFORE INCOME TAXES
$1.5B
$1.5B
$1.3B
$1.1B
Income tax expense, including excise taxes
$43.0M
$73.0M
$20.0M
—
NET INVESTMENT INCOME
$1.4B
$1.4B
$1.3B
—
Net realized gains (losses):
$21.5M
$17.5M
($9.6M)
($31.4M)
Foreign currency and other transactions
($6.0M)
$5.0M
($24.0M)
$57.0M
Net income tax expense on net realized gains
($115.0M)
—
—
—
Net realized losses
($20.0M)
($55.0M)
($179.0M)
—
Net unrealized gains (losses):
($117.6M)
$82.1M
$49.9M
$72.0M
Foreign currency and other transactions
($41.0M)
$50.0M
$6.0M
($12.0M)
Net change in deferred tax liabilities
$59.0M
—
—
—
Net unrealized gains (losses)
($96.0M)
$188.0M
$435.0M
—
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions
($116.0M)
$133.0M
$256.0M
—
Realized loss on extinguishment of debt
$0
($14.0M)
$0
($48.0M)
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS
$1.3B
$1.5B
$1.5B
$600.0M
Basic (in usd per share)
$1.86
$2.44
$2.75
$1.21
Diluted (in usd per share)
$1.86
$2.44
$2.68
$1.19
Basic (in shares)
699.0M
624.0M
554.0M
498.0M
Diluted (in shares)
699.0M
624.0M
575.0M
518.0M
Ares Capital Corp income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Interest income (excluding payment-in-kind (“PIK”) interest income)
$499.0M
$498.0M
$502.0M
$477.0M
PIK interest income
$58.0M
$52.0M
$59.0M
$56.0M
Capital structuring service fees
$40.0M
$1.7M
$48.0M
$34.0M
Dividend income (excluding PIK dividend income)
$89.0M
$92.0M
$79.0M
$82.0M
PIK dividend income
$63.0M
$64.0M
$62.0M
$76.0M
Other income
$19.0M
$1.3M
$32.0M
$20.0M
Total investment income
$768.0M
$763.0M
$782.0M
$745.0M
Interest and credit facility fees
$214.0M
$213.0M
$209.0M
$188.0M
Base management fee
$110.0M
$111.0M
$108.0M
$104.0M
Income based fee
$84.0M
$84.0M
$88.0M
$86.0M
Capital gains incentive fee
($21.0M)
($61.0M)
$13.0M
$4.0M
Administrative and other fees
$4.0M
$4.0M
$4.0M
$4.0M
Other general and administrative
$10.0M
$8.0M
$11.0M
$9.0M
Total expenses
$401.0M
$359.0M
$433.0M
$395.0M
NET INVESTMENT INCOME BEFORE INCOME TAXES
$367.0M
$404.0M
$349.0M
$350.0M
Income tax expense, including excise taxes
$8.0M
$6.0M
$11.0M
$8.0M
NET INVESTMENT INCOME
$359.0M
$398.0M
$338.0M
$342.0M
Net realized gains (losses):
($7.0M)
$12.5M
$247.0M
$117.0M
Foreign currency and other transactions
$2.0M
($8.0M)
($13.0M)
($39.0M)
Net income tax expense on net realized gains
$0
—
($72.0M)
($44.0M)
Net realized gains (losses)
($5.0M)
$106.0M
$162.0M
$34.0M
Net unrealized gains (losses):
($180.0M)
($75.9M)
($182.0M)
($40.0M)
Foreign currency and other transactions
$8.0M
$30.0M
$30.0M
($10.0M)
Net change in deferred tax liabilities
($11.0M)
($26.0M)
$56.0M
$35.0M
Net unrealized losses
($183.0M)
($412.0M)
($96.0M)
($15.0M)
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions
($188.0M)
($306.0M)
$66.0M
$19.0M
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS
$171.0M
$92.0M
$404.0M
$361.0M
Basic net income per common share (in usd per share)
$0.24
$0.13
$0.57
$0.52
Diluted net income per common share (in usd per share)
$0.24
$0.13
$0.57
$0.52
Basic weighted average shares of common stock outstanding (in shares)
718.0M
718.0M
709.0M
695.0M
Diluted weighted average shares of common stock outstanding (in shares)
718.0M
718.0M
709.0M
695.0M
Balance sheet
Ares Capital Corp balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Fair Value
$29.5B
$26.7B
$22.9B
$21.8B
Cash and cash equivalents
$638.0M
$635.0M
$535.0M
$303.0M
Restricted cash
$286.0M
$225.0M
$29.0M
$34.0M
Interest receivable
$288.0M
$292.0M
$245.0M
$176.0M
Receivable for open trades
$317.0M
$224.0M
$16.0M
—
Other assets
$221.0M
$158.0M
$91.0M
$81.0M
Total assets
$31.2B
$28.3B
$23.8B
$22.4B
Debt
$16.0B
$13.7B
$11.9B
$12.2B
Base management fee payable
$111.0M
$100.0M
$84.0M
$79.0M
Income based fee payable
$89.0M
$91.0M
—
—
Capital gains incentive fee payable
$82.0M
$105.0M
—
—
Interest and facility fees payable
$193.0M
$170.0M
$132.0M
$105.0M
Payable to participants
$131.0M
$163.0M
$29.0M
$34.0M
Interest rate swap collateral payable
$155.0M
—
—
—
Payable for open trades
$5.0M
$236.0M
$7.0M
—
Accounts payable and other liabilities
$132.0M
$275.0M
$234.0M
$167.0M
Deferred tax liabilities
$28.0M
—
—
—
Secured borrowings
$0
$32.0M
$34.0M
$79.0M
Total liabilities
$16.9B
$14.9B
$12.6B
$12.8B
Common stock, par value $0.001 per share, 1,000 common shares authorized; 718 and 672 common shares issued and outstanding, respectively
$1000000.00
$1000000.00
$1000000.00
$1000000.00
Capital in excess of par value
$13.4B
$12.5B
$10.7B
$9.6B
Accumulated undistributed earnings
$958.0M
$852.0M
$462.0M
—
Total stockholders’ equity
$14.3B
$13.4B
$11.2B
$9.6B
Total liabilities and stockholders’ equity
$31.2B
$28.3B
$23.8B
$22.4B
NET ASSET VALUE PER SHARE (in dollars per share)
$19.94
$19.89
$19.24
$18.40
Ares Capital Corp balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Fair Value
$29.3B
$29.5B
$28.7B
$27.9B
Cash and cash equivalents
$383.0M
$505.0M
$1.0B
$447.0M
Restricted cash
$241.0M
$150.0M
$218.0M
$217.0M
Interest receivable
$299.0M
$239.0M
$256.0M
$273.0M
Receivable for open trades
$50.0M
$97.0M
$375.0M
$33.0M
Other assets
$176.0M
$189.0M
$228.0M
$215.0M
Total assets
$30.5B
$30.7B
$30.8B
$29.1B
Debt
$15.8B
$15.8B
$15.6B
$14.1B
Base management fee payable
$110.0M
$111.0M
$108.0M
$104.0M
Income based fee payable
$84.0M
$84.0M
$88.0M
$86.0M
Capital gains incentive fee payable
$0
$20.0M
$97.0M
$84.0M
Interest and facility fees payable
$199.0M
$134.0M
$129.0M
$193.0M
Payable to participants
$104.0M
$78.0M
$112.0M
$74.0M
Interest rate swap collateral payable
$97.0M
$62.0M
$106.0M
$143.0M
Payable for open trades
$2.0M
$91.0M
$1.0M
$6.0M
Accounts payable and other liabilities
$167.0M
$126.0M
$214.0M
$158.0M
Deferred tax liabilities
$71.0M
$60.0M
$24.0M
$80.0M
Total liabilities
$16.6B
$16.6B
$16.5B
$15.0B
Common stock, par value $0.001 per share, 1,000 common shares authorized; 718 common shares issued and outstanding
$1000000.00
$1000000.00
$1000000.00
$1000000.00
Capital in excess of par value
$13.4B
$13.4B
$13.5B
$13.2B
Accumulated undistributed earnings
$531.0M
$705.0M
$851.0M
$789.0M
Total stockholders’ equity
$13.9B
$14.1B
$14.3B
$14.0B
Total liabilities and stockholders’ equity
$30.5B
$30.7B
$30.8B
$29.1B
NET ASSET VALUE PER SHARE (in dollars per share)
$19.35
$19.59
$20.01
$19.90
Cash flow statement
Ares Capital Corp cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net increase in stockholders' equity resulting from operations
$1.3B
$1.5B
$1.5B
$600.0M
Net realized losses on investments, foreign currency and other transactions
$20.0M
$55.0M
$179.0M
—
Net unrealized (gains) losses on investments, foreign currency and other transactions
$96.0M
($188.0M)
($435.0M)
—
Realized loss on extinguishment of debt
$0
$14.0M
$0
$48.0M
Net gain on interest rate swaps accounted for as hedge instruments and the related hedged items
($1.0M)
—
—
—
Net accretion of discount on investments
($17.0M)
($17.0M)
($18.0M)
($13.0M)
PIK interest
($219.0M)
($206.0M)
($166.0M)
—
Collections of PIK interest
$131.0M
$109.0M
$48.0M
$30.0M
PIK dividends
($268.0M)
($257.0M)
($198.0M)
—
Collections of PIK dividends
$149.0M
$33.0M
$11.0M
$71.0M
Amortization of debt issuance costs
$34.0M
$33.0M
$31.0M
$30.0M
Net amortization of discount/premium on notes payable
$0
($6.0M)
($5.0M)
($4.0M)
Proceeds from sales and repayments of investments and other transactions
$11.2B
$9.2B
$5.3B
—
Purchases of investments
($14.1B)
($12.6B)
($5.8B)
—
Interest receivable
($2.0M)
($45.0M)
($60.0M)
($34.0M)
Other assets
($35.0M)
$5.0M
($18.0M)
$58.0M
Base management fee payable
$11.0M
$16.0M
$5.0M
—
Capital gains incentive fee payable
($2.0M)
$17.0M
—
—
Capital gains incentive fee payable
($23.0M)
—
—
—
Interest and facility fees payable
$23.0M
$38.0M
$27.0M
$5.0M
Payable to participants
($32.0M)
$134.0M
($5.0M)
($80.0M)
Interest rate swap collateral payable
$93.0M
—
—
—
Accounts payable and other liabilities
($115.0M)
$24.0M
$24.0M
$11.0M
Net cash provided by (used in) operating activities
($1.7B)
($2.1B)
$511.0M
($1.4B)
Borrowings on debt
$12.5B
$13.2B
$5.2B
$8.0B
Repayments and repurchases of debt
($10.3B)
($11.0B)
($5.6B)
($6.8B)
Debt issuance costs
($45.0M)
($59.0M)
($20.0M)
($16.0M)
Repayment of 2024 Convertible Notes
$0
($10.0M)
—
—
Net proceeds from issuance of common stock
$928.0M
$1.4B
$1.2B
$1.0B
Dividends paid
($1.3B)
($1.1B)
($1.0B)
($912.0M)
Secured borrowings, net
($32.0M)
($2.0M)
($45.0M)
$5.0M
Net cash provided by (used in) financing activities
$1.8B
$2.4B
($284.0M)
$1.2B
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
$64.0M
$296.0M
$227.0M
($149.0M)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD
$860.0M
$564.0M
$337.0M
$486.0M
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
$924.0M
$860.0M
$564.0M
$337.0M
Interest paid during the period
$750.0M
$676.0M
$524.0M
$402.0M
Taxes, including excise taxes, paid during the period
$163.0M
$66.0M
$36.0M
$39.0M
Dividends declared and payable during the period
$1.4B
$1.2B
$1.1B
$941.0M
Ares Capital Corp cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net increase in stockholders’ equity resulting from operations
$263.0M
$92.0M
$1.0B
$602.0M
Net realized (gains) losses on investments, foreign currency and other transactions
($101.0M)
($106.0M)
($135.0M)
$27.0M
Net unrealized losses on investments, foreign currency and other transactions
$595.0M
$412.0M
$174.0M
$78.0M
Net gain on interest rate swaps accounted for as hedge instruments and the related hedged items
$0
$0
($2.0M)
($2.0M)
Net accretion of discount on investments
($8.0M)
($4.0M)
($12.0M)
($8.0M)
PIK interest
($110.0M)
($52.0M)
($165.0M)
($106.0M)
Collections of PIK interest
$70.0M
$54.0M
$124.0M
$41.0M
PIK dividends
($127.0M)
($64.0M)
($205.0M)
($143.0M)
Collections of PIK dividends
$50.0M
$11.0M
$128.0M
$52.0M
Amortization of debt issuance costs
$17.0M
$8.0M
$26.0M
$18.0M
Net amortization of discount/premium on notes payable
$3.0M
$2.0M
($1.0M)
($2.0M)
Proceeds from sales and repayments of investments and other transactions
$6.4B
$3.3B
$7.1B
$4.7B
Purchases of investments
($6.3B)
($3.3B)
($9.3B)
($5.8B)
Interest receivable
($11.0M)
$57.0M
$46.0M
$11.0M
Other assets
$11.0M
$18.0M
($16.0M)
($27.0M)
Base management fee payable
($1.0M)
$0
$8.0M
$4.0M
Income based fee payable
($5.0M)
($5.0M)
($3.0M)
($5.0M)
Capital gains incentive fee payable
($82.0M)
($62.0M)
($8.0M)
—
Interest and facility fees payable
$6.0M
($59.0M)
($41.0M)
$23.0M
Payable to participants
($27.0M)
($53.0M)
($51.0M)
($89.0M)
Interest rate swap collateral payable
($58.0M)
($93.0M)
$44.0M
$81.0M
Accounts payable and other liabilities
($38.0M)
($42.0M)
($23.0M)
($5.0M)
Net cash provided by (used in) operating activities
$520.0M
$184.0M
($1.3B)
($517.0M)
Borrowings on debt
$7.0B
$3.9B
$9.4B
$4.6B
Repayments and repurchases of debt
($7.1B)
($4.0B)
($7.6B)
($4.3B)
Debt issuance costs
($29.0M)
($11.0M)
($45.0M)
($30.0M)
Net proceeds from issuance of common stock
$0
$0
$906.0M
$702.0M
Dividends paid
($690.0M)
($345.0M)
($945.0M)
($625.0M)
Secured borrowings, net
$0
$0
($32.0M)
($32.0M)
Net cash (used in) provided by financing activities
($820.0M)
($453.0M)
$1.7B
$321.0M
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
($300.0M)
($269.0M)
$394.0M
($196.0M)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD
$924.0M
$924.0M
$860.0M
$860.0M
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
$624.0M
$655.0M
$1.3B
$664.0M
Interest paid during the period
$424.0M
$219.0M
$560.0M
$339.0M
Taxes, including excise taxes, paid during the period