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Ares Capital Corporation Announces September 30, 2023 Financial Results and Declares Fourth Quarter 2023 Dividend of $0.48 Per Share

DIVIDEND DECLARATIONS

Ares Capital Corporation (“Ares Capital”) (NASDAQ: ARCC) announced that its Board of Directors has declared a fourth quarter 2023 dividend of $0.48 per share. The fourth quarter 2023 dividend is payable on December 28, 2023 to stockholders of record as of December 15, 2023.

SEPTEMBER 30, 2023 FINANCIAL RESULTS

Ares Capital also announced financial results for its third quarter ended September 30, 2023.

OPERATING RESULTS

 

 

Q3-23(1)

 

Q3-22(1)

 

(dollar amounts in millions, except per share data)

 

Total

Amount

 

Per

Share

 

Total

Amount

 

Per

Share

 

GAAP net income per share(2)(3)

 

 

 

$

0.89

 

 

 

 

$

0.21

 

 

Core EPS(4)

 

 

 

$

0.59

 

 

 

 

$

0.50

 

 

Dividends declared and payable

 

 

 

$

0.48

 

 

 

 

$

0.46

 

(5

)

Net investment income(2)

 

$

289

 

 

$

0.52

 

 

$

288

 

 

$

0.57

 

 

Net realized losses(2)

 

$

(76

)

 

$

(0.14

)

 

$

 

 

$

 

 

Net unrealized gains (losses)(2)

 

$

287

 

 

$

0.51

 

 

$

(184

)

 

$

(0.36

)

 

GAAP net income(2)(3)

 

$

500

 

 

$

0.89

 

 

$

104

 

 

$

0.21

 

 

 

 

 

As of

(dollar amounts in millions, except per share data)

 

September 30, 2023

 

December 31, 2022

Portfolio investments at fair value

 

$ 21,929

 

$ 21,780

Total assets

 

$ 22,920

 

$ 22,398

Stockholders’ equity

 

$ 10,815

 

$ 9,555

Net assets per share

 

$ 18.99

 

$ 18.40

Debt/equity ratio

 

1.07x

 

1.29x

Debt/equity ratio, net of available cash(6)

 

1.03x

 

1.26x

____________________________________________

(1)

Net income can vary substantially from period to period due to various factors, including the level of new investment commitments, the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly comparisons of net income may not be meaningful.

 

(2)

All per share amounts and weighted average shares outstanding are basic. The basic weighted average shares outstanding for the three months ended September 30, 2023 and 2022 were approximately 562 million and 503 million, respectively.

 

(3)

Ares Capital’s diluted GAAP net income per share for the three months ended September 30, 2023 and 2022 was $0.87 and $0.21, respectively. The weighted average shares outstanding for the purpose of calculating the diluted GAAP net income per share for the three months ended September 30, 2023 and 2022 were approximately 582 million and 523 million shares, respectively, which includes approximately 20 million shares for each period related to the assumed conversion of outstanding convertible notes.

 

(4)

Core EPS is a non-GAAP financial measure. Core EPS is the net increase (decrease) in stockholders’ equity resulting from operations, and excludes net realized and unrealized gains and losses, any capital gains incentive fees attributable to such net realized and unrealized gains and losses and any income taxes related to such net realized gains and losses, divided by the basic weighted average shares outstanding for the relevant period. GAAP net income (loss) per share is the most directly comparable GAAP financial measure. Ares Capital believes that Core EPS provides useful information to investors regarding financial performance because it is one method Ares Capital uses to measure its financial condition and results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Reconciliations of GAAP net income, the most directly comparable GAAP financial measure, to Core EPS are set forth in Schedule 1 hereto.

 

(5)

Includes an additional dividend of $0.03 per share paid on September 30, 2022 to stockholders of record as of September 15, 2022.

 

(6)

Computed as total principal debt outstanding less available cash divided by stockholders’ equity. Available cash excludes restricted cash as well as cash held for uses specifically designated for paying interest and expenses on certain debt.

 

“Our strong performance continued into the third quarter with year-over-year growth in both our GAAP and Core earnings per share primarily reflecting the benefits of higher rates and continued stable credit quality,” said Kipp deVeer, Chief Executive Officer of Ares Capital. “Looking forward, the investing environment from a risk/reward standpoint remains attractive and we believe that our experience, scale and market coverage position us well to benefit from current market dynamics.”

“During the third quarter, we raised more than $800 million of new capital, including the issuance of unsecured notes, further strengthening our liquidity profile,” said Penni Roll, Chief Financial Officer of Ares Capital. “Our balance sheet remains a source of strength with ample liquidity and low leverage at 1.03x net debt to equity, which we believe positions us well to capitalize on our distinct investing advantages in today’s market.”

PORTFOLIO AND INVESTMENT ACTIVITY

(dollar amounts in millions)

 

Q3-23

 

Q3-22

Portfolio Activity During the Period:

 

 

 

 

Gross commitments

 

$

1,598

 

 

$

2,242

 

Exits of commitments

 

$

1,280

 

 

$

1,984

 

 

 

 

 

 

Portfolio Information:

 

 

 

 

 

 

As of

 

 

September 30, 2023

 

December 31, 2022

Portfolio investments at fair value

 

$

21,929

 

 

$

21,780

 

Fair value of accruing debt and other income producing securities(7)

 

$

19,529

 

 

$

19,493

 

Number of portfolio company investments

 

 

490

 

 

 

466

 

Percentage of floating rate securities at fair value(8)

 

 

69

%

 

 

71

%

Weighted average yields on debt and other income producing securities(9):

 

 

 

 

At amortized cost

 

 

12.4

%

 

 

11.6

%

At fair value

 

 

12.6

%

 

 

11.9

%

Weighted average yields on total investments(10):

 

 

 

 

At amortized cost

 

 

11.2

%

 

 

10.5

%

At fair value

 

 

11.2

%

 

 

10.6

%

 

 

 

 

 

Asset class percentage at fair value

 

 

 

 

First lien senior secured loans

 

 

43

%

 

 

43

%

Second lien senior secured loans

 

 

17

%

 

 

18

%

Subordinated certificates of the SDLP

 

 

6

%

 

 

6

%

Senior subordinated loans

 

 

5

%

 

 

5

%

Preferred equity

 

 

11

%

 

 

9

%

Ivy Hill Asset Management, L.P.(11)

 

 

9

%

 

 

10

%

Other equity

 

 

9

%

 

 

9

%

____________________________________________

(7)

Including the fair value of Ares Capital’s equity investment in Ivy Hill Asset Management, L.P. (“IHAM”).

 

 

(8)

Including Ares Capital's investment in the subordinated certificates of the SDLP (as defined below).

 

 

(9)

Weighted average yields on debt and other income producing securities are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the dividend received by Ares Capital related to its equity investment in IHAM during the most recent quarter end), divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value (including the amortized cost or fair value of Ares Capital’s equity investment in IHAM as applicable), as applicable.

 

 

(10)

Weighted average yields on total investments are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the dividend received by Ares Capital related to its equity investment in IHAM during the most recent quarter end), divided by (b) total investments at amortized cost or at fair value, as applicable.

 

 

(11)

Includes Ares Capital’s subordinated loan and equity investments in IHAM, as applicable.

 

In the third quarter of 2023, Ares Capital made new investment commitments of approximately $1.6 billion, of which approximately $1.2 billion were funded. New investment commitments included 20 new portfolio companies and 30 existing portfolio companies. As of September 30, 2023, 228 separate private equity sponsors were represented in Ares Capital’s portfolio. Of the $1.6 billion in new commitments made during the third quarter of 2023, 70% were in first lien senior secured loans, 2% were in second lien senior secured loans, 1% were in subordinated certificates of the Senior Direct Lending Program (the “SDLP”), 6% were in senior subordinated loans, 8% were in Ares Capital’s subordinated loan in IHAM, 11% were in preferred equity and 2% were in other equity. Of these commitments, 84% were in floating rate debt securities, of which 71% contained interest rate floors and 1% were in the subordinated certificates of the SDLP. Ares Capital may seek to sell all or a portion of these new investment commitments, although there can be no assurance that Ares Capital will be able to do so. Also in the third quarter of 2023, Ares Capital funded approximately $241 million related to previously existing unfunded revolving and delayed draw loan commitments.

Also in the third quarter of 2023, Ares Capital exited approximately $1.3 billion of investment commitments, including approximately $151 million of loans sold to IHAM or certain vehicles managed by IHAM. Of the total investment commitments exited, 48% were first lien senior secured loans, 21% were Ares Capital’s subordinated loan investment in IHAM, 14% were second lien senior secured loans, 9% were senior subordinated loans, 3% were subordinated certificates of the SDLP, 3% were preferred equity and 2% were other equity. Of the approximately $1.3 billion of exited investment commitments, 78% were floating rate, 9% were fixed rate, 11% were on non-accrual status and 2% were non-income producing.

As of September 30, 2023 and December 31, 2022, the weighted average grade of the portfolio at fair value was 3.1 and 3.2, respectively, and loans on non-accrual status represented 1.2% of the total investments at amortized cost (or 0.6% at fair value) and 1.7% at amortized cost (or 1.1% at fair value), respectively. For more information on Ares Capital’s portfolio investment grades and loans on non-accrual status, see “Part I—Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity” in Ares Capital’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, filed with the Securities and Exchange Commission (“SEC”) on October 24, 2023.

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2023, Ares Capital had $527 million in cash and cash equivalents and $11.6 billion in total aggregate principal amount of debt outstanding ($11.5 billion at carrying value). Subject to borrowing base and other restrictions, Ares Capital had approximately $4.8 billion available for additional borrowings under its existing credit facilities as of September 30, 2023.

During the three months ended September 30, 2023, Ares Capital issued and sold approximately 11.1 million shares of common stock under its equity distribution agreements, with net proceeds totaling approximately $214 million, after giving effect to sales agents’ commissions and certain estimated offering expenses.

In August 2023, Ares Capital issued $600 million in aggregate principal amount of unsecured notes, which bear interest at a rate of 7.000% per annum and mature on January 15, 2027 (the “January 2027 Notes”). The January 2027 Notes pay interest semi-annually and all principal is due upon maturity. The January 2027 Notes may be redeemed in whole or in part at any time at Ares Capital’s option at the redemption price determined pursuant to the indenture governing the January 2027 Notes, plus any accrued and unpaid interest. In connection with the issuance of the January 2027 Notes, Ares Capital entered into an interest rate swap agreement for a total notional amount of $600 million that matures on January 15, 2027. Under the interest rate swap agreement, Ares Capital will receive fixed rate interest at 7.000% and pay floating rate interest based on one-month Secured Overnight Financing Rate plus 2.585%.

THIRD QUARTER 2023 DIVIDENDS PAID

On July 25, 2023, Ares Capital announced that its Board of Directors declared a third quarter 2023 dividend of $0.48 per share for a total of approximately $271 million. The third quarter 2023 dividend was paid on September 29, 2023 to stockholders of record as of September 15, 2023.

RECENT DEVELOPMENTS

From October 1, 2023 through October 18, 2023, Ares Capital made new investment commitments of approximately $410 million, of which $297 million were funded. Of these new investment commitments, 97% were in first lien senior secured loans, 2% were in preferred equity and 1% was in other equity. Of the approximately $410 million of new investment commitments, 97% were floating rate, 2% were fixed rate and 1% was non-incoming producing. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 11.5% and the weighted average yield on total investments funded during the period at amortized cost was 11.2%. Ares Capital may seek to sell all or a portion of these new investment commitments, although there can be no assurance that it will be able to do so.

From October 1, 2023 through October 18, 2023, Ares Capital exited approximately $158 million of investment commitments, including approximately $4 million of loans sold to IHAM or certain vehicles managed by IHAM. Of the investment commitments exited, 93% were first lien senior secured loans, 4% were subordinated certificates of the SDLP and 3% were Ares Capital's subordinated loan investment in IHAM. All of the approximately $158 million of exited investment commitments were floating rate. The weighted average yield of debt and other income producing securities exited or repaid during the period at amortized cost was 11.6% and the weighted average yield on total investments exited or repaid during the period at amortized cost was 11.6%. Of the approximately $158 million of investment commitments exited from October 1, 2023 through October 18, 2023, Ares Capital recognized total net realized gains of approximately $1 million, with no realized gains or losses recognized from the sale of loans to IHAM or certain vehicles managed by IHAM.

In addition, as of October 18, 2023, Ares Capital had an investment backlog and pipeline of approximately $820 million and $0, respectively. Investment backlog includes transactions approved by Ares Capital’s investment adviser’s investment committee and/or for which a formal mandate, letter of intent or a signed commitment have been issued, and therefore Ares Capital believes are likely to close. Investment pipeline includes transactions where due diligence and analysis are in process, but no formal mandate, letter of intent or signed commitment have been issued. The consummation of any of the investments in this backlog and pipeline depends upon, among other things, one or more of the following: satisfactory completion of Ares Capital due diligence investigation of the prospective portfolio company, Ares Capital’s acceptance of the terms and structure of such investment and the execution and delivery of satisfactory transaction documentation. In addition, Ares Capital may sell all or a portion of these investments and certain of these investments may result in the repayment of existing investments. Ares Capital cannot assure you that it will make any of these investments or that Ares Capital will sell all or any portion of these investments.

WEBCAST / CONFERENCE CALL

Ares Capital will host a webcast/conference call on Tuesday, October 24, 2023 at 12:00 p.m. (Eastern Time) to discuss its quarter ended September 30, 2023 financial results. PLEASE VISIT ARES CAPITAL’S WEBCAST LINK LOCATED ON THE HOME PAGE OF THE INVESTOR RESOURCES SECTION OF ARES CAPITAL’S WEBSITE FOR A SLIDE PRESENTATION THAT COMPLEMENTS THE EARNINGS CONFERENCE CALL.

All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of Ares Capital’s website at www.arescapitalcorp.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call toll free by dialing +1 (877) 407-0312. International callers can access the conference call by dialing +1 (201) 389-0899. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected. For interested parties, an archived replay of the call will be available approximately one hour after the end of the call through November 21, 2023 at 5:00 p.m. (Eastern Time) to domestic callers by dialing toll free +1 (877) 660-6853 and to international callers by dialing +1 (201) 612-7415. For all replays, please reference access code 13740714. An archived replay will also be available through November 21, 2023 on a webcast link located on the Home page of the Investor Resources section of Ares Capital’s website.

ABOUT ARES CAPITAL CORPORATION

Founded in 2004, Ares Capital is a leading specialty finance company focused on providing direct loans and other investments in private middle market companies in the United States. Ares Capital’s objective is to source and invest in high-quality borrowers that need capital to achieve their business goals, which often times can lead to economic growth and employment. Ares Capital believes its loans and other investments in these companies can help generate attractive levels of current income and potential capital appreciation for investors. Ares Capital, through its investment manager, utilizes its extensive, direct origination capabilities and incumbent borrower relationships to source and underwrite predominantly senior secured loans but also subordinated debt and equity investments. Ares Capital has elected to be regulated as a business development company (“BDC”) and was the largest publicly traded BDC by market capitalization as of September 30, 2023. Ares Capital is externally managed by a subsidiary of Ares Management Corporation (NYSE: ARES), a publicly traded, leading global alternative investment manager. For more information about Ares Capital, visit www.arescapitalcorp.com.

FORWARD-LOOKING STATEMENTS

Statements included herein or on the webcast/conference call may constitute “forward-looking statements,” which relate to future events or Ares Capital’s future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Ares Capital’s filings with the SEC. Ares Capital undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call.

 

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(in millions, except per share data)

 
 

 

As of

 

September 30, 2023

 

December 31, 2022

ASSETS

(unaudited)

 

 

Total investments at fair value (amortized cost of $21,864 and $22,043, respectively)

$

21,929

 

$

21,780

 

Cash and cash equivalents

 

527

 

 

303

 

Restricted cash

 

78

 

 

34

 

Interest receivable

 

215

 

 

176

 

Receivable for open trades

 

44

 

 

4

 

Other assets

 

114

 

 

81

 

Operating lease right-of-use asset

 

13

 

 

20

 

Total assets

$

22,920

 

$

22,398

 

LIABILITIES

 

 

 

Debt

$

11,517

 

$

12,210

 

Base management fees payable

 

81

 

 

79

 

Income based fees payable

 

83

 

 

81

 

Capital gains incentive fees payable

 

75

 

 

35

 

Interest and facility fees payable

 

85

 

 

105

 

Payable to participants

 

77

 

 

34

 

Payable for open trades

 

1

 

 

22

 

Accounts payable and other liabilities

 

132

 

 

167

 

Secured borrowings

 

34

 

 

79

 

Operating lease liabilities

 

20

 

 

31

 

Total liabilities

 

12,105

 

 

12,843

 

STOCKHOLDERS’ EQUITY

 

 

 

Common stock, par value $0.001 per share, 1,000 and 700 common shares authorized, respectively; 569 and 519 common shares issued and outstanding, respectively

 

1

 

 

1

 

Capital in excess of par value

 

10,505

 

 

9,556

 

Accumulated undistributed (overdistributed) earnings

 

309

 

 

(2

)

Total stockholders’ equity

 

10,815

 

 

9,555

 

Total liabilities and stockholders’ equity

$

22,920

 

$

22,398

 

NET ASSETS PER SHARE

$

18.99

 

$

18.40

 

 

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(in millions, except per share data)

(unaudited)

 
 

 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

 

2023

 

2022

 

2023

 

2022

INVESTMENT INCOME

 

 

 

 

 

 

 

Interest income from investments

$

495

 

 

$

385

 

 

$

1,441

 

 

$

1,014

 

Capital structuring service fees

 

20

 

 

 

32

 

 

 

51

 

 

 

94

 

Dividend income

 

128

 

 

 

107

 

 

 

372

 

 

 

314

 

Other income

 

12

 

 

 

13

 

 

 

43

 

 

 

34

 

Total investment income

 

655

 

 

 

537

 

 

 

1,907

 

 

 

1,456

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

Interest and credit facility fees

 

145

 

 

 

120

 

 

 

425

 

 

 

314

 

Base management fees

 

81

 

 

 

78

 

 

 

239

 

 

 

226

 

Income based fees

 

83

 

 

 

63

 

 

 

238

 

 

 

171

 

Capital gains incentive fees

 

42

 

 

 

(37

)

 

 

40

 

 

 

(64

)

Administrative fees

 

4

 

 

 

3

 

 

 

10

 

 

 

9

 

Other general and administrative

 

8

 

 

 

8

 

 

 

23

 

 

 

20

 

Total expenses

 

363

 

 

 

235

 

 

 

975

 

 

 

676

 

NET INVESTMENT INCOME BEFORE INCOME TAXES

 

292

 

 

 

302

 

 

 

932

 

 

 

780

 

Income tax expense, including excise tax

 

3

 

 

 

14

 

 

 

11

 

 

 

37

 

NET INVESTMENT INCOME

 

289

 

 

 

288

 

 

 

921

 

 

 

743

 

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:

 

 

 

 

 

 

 

Net realized (losses) gains

 

(76

)

 

 

 

 

 

(207

)

 

 

55

 

Net unrealized gains (losses)

 

287

 

 

 

(184

)

 

 

395

 

 

 

(324

)

Net realized and unrealized gains (losses) on investments, foreign currency and other transactions

 

211

 

 

 

(184

)

 

 

188

 

 

 

(269

)

REALIZED LOSS ON EXTINGUISHMENT OF DEBT

 

 

 

 

 

 

 

 

 

 

(48

)

NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS

$

500

 

 

$

104

 

 

$

1,109

 

 

$

426

 

NET INCOME PER COMMON SHARE:

 

 

 

 

 

 

 

Basic

$

0.89

 

 

$

0.21

 

 

$

2.03

 

 

$

0.86

 

Diluted

$

0.87

 

 

$

0.21

 

 

$

1.98

 

 

$

0.86

 

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:

 

 

 

 

 

 

 

Basic

 

562

 

 

 

503

 

 

 

548

 

 

 

492

 

Diluted

 

582

 

 

 

523

 

 

 

568

 

 

 

512

 

 

SCHEDULE 1

Reconciliations of GAAP net income per share to Core EPS

Reconciliations of GAAP net income per share, the most directly comparable GAAP financial measure, to Core EPS for the three and nine months ended September 30, 2023 and 2022 are provided below.

 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

 

2023

 

2022

 

2023

 

2022

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

GAAP net income per share(1)(2)

$

0.89

 

 

$

0.21

 

 

$

2.03

 

 

$

0.86

 

Adjustments:

 

 

 

 

 

 

 

Net realized and unrealized (gains) losses(1)

 

(0.37

)

 

 

0.36

 

 

 

(0.35

)

 

 

0.65

 

Capital gains incentive fees attributable to net realized and unrealized gains and losses(1)

 

0.07

 

 

 

(0.07

)

 

 

0.08

 

 

 

(0.13

)

Income tax expense (benefit) related to net realized gains and losses(1)

 

 

 

 

 

 

 

(0.02

)

 

 

0.01

 

Core EPS(3)

$

0.59

 

 

$

0.50

 

 

$

1.74

 

 

$

1.39

 

__________________________________________________

(1)

All per share amounts and weighted average shares outstanding are basic. The basic weighted average shares outstanding for the three and nine months ended September 30, 2023 were approximately 562 million and 548 million, respectively, and approximately 503 million and 492 million, respectively, for the comparable periods in 2022.

 

(2)

Ares Capital’s diluted GAAP net income per share for the three and nine months ended September 30, 2023 was $0.87 and $1.98, respectively, and $0.21 and $0.86, respectively, for the comparable periods in 2022. The weighted average shares outstanding for the purpose of calculating the diluted GAAP net income per share for the three and nine months ended September 30, 2023 were approximately 582 million and 568 million, respectively, which includes approximately 20 million shares for each period related to the assumed conversion of outstanding convertible notes. The weighted average shares outstanding for the purpose of calculating the diluted GAAP net income per share for the three and nine months ended September 30, 2022 were approximately 523 million and 512 million, respectively, which includes approximately 20 million shares for each period related to the assumed conversion of outstanding convertible notes.

 

(3)

Core EPS is a non-GAAP financial measure. Core EPS is the net increase (decrease) in stockholders’ equity resulting from operations, and excludes net realized and unrealized gains and losses, any capital gains incentive fees attributable to such net realized and unrealized gains and losses and any income taxes related to such net realized gains and losses, divided by the basic weighted average shares outstanding for the relevant period. GAAP net income (loss) per share is the most directly comparable GAAP financial measure. Ares Capital believes that Core EPS provides useful information to investors regarding financial performance because it is one method Ares Capital uses to measure its financial condition and results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.

 

Contacts

INVESTOR RELATIONS

Ares Capital Corporation

Carl Drake or John Stilmar

(888) 818-5298

irarcc@aresmgmt.com

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