ARES CAPITAL CORP

Ares Capital Corporation and its subsidiary, ARCC FB Funding LLC, entered into a Tenth Amendment to their Revolving Credit and Security Agreement with BNP Paribas. This amendment increased the total commitments under the BNP Funding Facility by $200 million, raising the total to $1.465 billion from $1.265 billion. The agreement also modified certain concentration limitations and advance rates applicable to collateral loans.

Ares Capital Corporation has established an inaugural $1 billion commercial paper program to issue short-term, unsecured notes. This program is expected to offer cost benefits and will be backed by a $5.5 billion revolving credit facility for liquidity. The net proceeds are intended for general corporate purposes. The notes will have maturities of up to 397 days and will be sold in the U.S. commercial paper market.

Ares Capital Corporation amended and restated its senior secured credit facility, increasing total commitments from approximately $5.312 billion to $5.481 billion. The amendment also extended the revolving period and stated maturity dates for a significant portion of the facility, enhancing the company's financial flexibility. Additionally, the base interest rate for USD loans was adjusted, and certain covenant restrictions were modified, with an accordion feature allowing for further expansion of up to $2.7 billion.

Ares Capital Corporation is holding a Special Meeting of Stockholders on August 13, 2026, to vote on a proposal to authorize the company to sell or issue up to 25% of its outstanding common stock at a price below its then current net asset value (NAV) per share. This authorization, if approved, would be effective for a twelve-month period and aims to provide financial flexibility for attractive investment opportunities, acquisitions, and compliance with regulatory and debt covenants. The company has received similar approvals for the past 17 years, using it only once in 2009 for an acquisition that was highly accretive to stockholders.

Ares Capital Corporation issued $800 million aggregate principal amount of 5.550% notes due 2030. These notes mature on January 15, 2030, and will pay interest semi-annually. The company plans to use the net proceeds to repay existing indebtedness under its credit facilities. Additionally, Ares Capital entered into an interest rate swap for the full notional amount to convert the fixed rate interest to a floating rate based on one-month SOFR.

Ares Capital Corporation has entered into a new Equity Distribution Agreement with Mizuho Securities USA LLC, replacing a prior agreement from February 5, 2025. This new agreement allows the company to offer and sell up to $1.5 billion in common stock through an at-the-market program. The company may also engage other sales agents for this offering, with the total aggregate offering price not exceeding the maximum amount.

Ares Capital Corporation announced its first quarter 2026 financial results, reporting GAAP net income of $92 million ($0.13 per share) and Core EPS of $0.47. The company also declared a second quarter 2026 dividend of $0.48 per share, payable on June 30, 2026. Management highlighted a strong start to 2026 with solid core earnings, healthy portfolio performance, and improving lending conditions, while also noting a decrease in net asset value per share.