ARES CAPITAL CORP ARCC
Ares Capital Corporation, a Maryland corporation (together with its subsidiaries, where applicable, "Ares Capital" or the "Company," which may also be referred to as "we," "us" or "our"), is a specialty finance company that is a closed-end, non-diversified management investment company. We have elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder, the "Investment Company Act." We were founded on April 16, 2004, were initially funded on June 23, 2004 and completed our initial public offering ("IPO") on October 8, 2004. As of December 31, 2025, we were the largest publicly traded BDC by market capitalization and had approximately $31.2 billion of total assets.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest expense | $793.0M | $715.0M | $582.0M | $455.0M | $372.0M | $317.0M | — | — | — | — |
| Net income | $1.30B | $1.52B | $1.52B | $600.0M | $1.57B | $484.0M | — | — | — | — |
| EPS, basic | 1.86 | 2.44 | 2.75 | 1.21 | 3.51 | 1.14 | — | — | — | — |
| EPS, diluted | 1.86 | 2.44 | 2.68 | 1.19 | 3.51 | 1.14 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $699.0M | $624.0M | $575.0M | $518.0M | $446.0M | $424.0M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $638.0M | $635.0M | $564.0M | $337.0M | $486.0M | $326.0M | $176.0M | — | — | — |
| Total assets | $31.23B | $28.25B | $23.80B | $22.40B | $20.84B | — | — | — | — | — |
| Long-term debt | $15.99B | $13.73B | $11.88B | $12.21B | $11.02B | — | — | — | — | — |
| Total liabilities | $16.92B | $14.90B | $12.60B | $12.84B | $11.97B | — | — | — | — | — |
| Retained earnings | $958.0M | $852.0M | $462.0M | -$2.0M | — | — | — | — | — | — |
| Total equity | $14.32B | $13.36B | $11.20B | $9.55B | $8.87B | $7.18B | $7.47B | $7.30B | $7.10B | $5.17B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.72B | -$2.13B | $511.0M | -$1.36B | -$2.46B | -$580.0M | — | — | — | — |
| Financing cash flow | $1.78B | $2.42B | -$284.0M | $1.21B | $2.62B | $730.0M | — | — | — | — |
| Dividends paid | $1.26B | $1.14B | $1.03B | $912.0M | $694.0M | $679.0M | — | — | — | — |
| Buybacks | — | — | — | $0 | $0 | $100.0M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-020560.