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Ares Capital Corporation Earnings Presentation Third Quarter 2026
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2 Important Notice This presentation has been prepared for Ares Capital Corporation (“Ares Capital”) for the benefit of its public stockholders. This presentation is solely for information purposes in connection with evaluating the business, operations and financial results of Ares Capital. This presentation does not constitute, and shall not be construed as, an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities of Ares Capital or any of its affiliates or subsidiaries. Nothing in this presentation constitutes the provision of tax, accounting, financial, investment, regulatory, legal or other advice by Ares Capital or any of its advisors. This presentation may not be referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by Ares Capital. This presentation contains “forward-looking statements" which relate to future events or Ares Capital’s future performance or financial condition and that are subject to risks and uncertainties. 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 due to the impact of many factors beyond the control of Ares Capital, including those described from time to time in Ares Capital’s filings with the Securities and Exchange Commission (the “SEC”). Any forward-looking statements speak only as of the date of this presentation. Ares Capital undertakes no duty to update or revise any forward-looking statements made in this presentation. The following slides contain summaries of certain financial and statistical information about Ares Capital. The information contained in this presentation is summary information that is intended to be considered in the context of Ares Capital’s SEC filings and other public announcements that Ares Capital may make, by press release or otherwise, from time to time. In addition, this presentation contains information about Ares Capital and certain of its personnel and affiliates, and its historical performance and general information about the market. In addition, information related to the past performance of Ares Capital, or information about the market, while helpful as an evaluative tool, is not necessarily indicative of Ares Capital’s future results, the achievement of which cannot be assured. Certain information set forth herein includes estimates and targets and involves significant elements of subjective judgment and analysis. No representations are made as to the accuracy of such estimates or targets or that all assumptions relating to such estimates or targets have been considered or stated or that such estimates or targets will be realized. Management uses certain non-GAAP financial measures, including Core Earnings Per Share (“Core EPS”) to evaluate Ares Capital’s performance. 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. See “Reconciliations of GAAP Net Income Per Share to Core EPS” and “Endnotes” for definitions and reconciliations of Core EPS to the most directly comparable GAAP measure. Amounts and percentages may reflect rounding adjustments and consequently totals may not appear to sum. Certain information discussed in this presentation (including information relating to portfolio companies) was derived from third party sources and has not been independently verified and, accordingly, Ares Capital makes no representation or warranty in respect of this information and assumes no responsibility for independent verification of such information. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. The statements contained in this presentation are made as of September 30, 2026, unless otherwise specified, and access to this presentation at any given time shall not imply that there has been no change in the facts set forth in this presentation since that date. Note: For Additional Important Disclosure Information, please refer to the Footnotes and Endnotes of this presentation, as needed.
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3 Financial and Portfolio Highlights Note: Please refer to endnotes beginning on slide 25 for additional important information. *See slide 24 hereof for reconciliations of U.S. generally accepted accounting principles (“GAAP”) net income per share, the most directly comparable GAAP financial measure, to Core EPS. Financial Highlights Q3-26 Q2-26 Q3-25 GAAP Net Income Per Share1 $ 0.44 $ 0.24 $ 0.57 Core EPS*2 $ 0.46 $ 0.47 $ 0.50 Net Investment Income Per Share1 $ 0.46 $ 0.50 $ 0.48 Net Realized Gains (Losses) Per Share1 $ (0.07) $ (0.01) $ 0.23 Net Unrealized Gains (Losses) Per Share1 $ 0.05 $ (0.25) $ (0.14) Net Asset Value Per Share $ 19.31 $ 19.35 $ 20.01 Portfolio Highlights (dollar amounts in millions) Q3-26 Q2-26 Q3-25 Gross Commitments3 $ 2,109 $ 2,592 $ 3,924 Exits of Commitments4 $ 2,473 $ 2,915 $ 2,625 Total Fair Value of Investments $ 29,213 $ 29,349 $ 28,693 Weighted Average Yields on Debt and Other Income Producing Securities at Amortized Cost5 10.6 % 10.3 % 10.6 % Weighted Average Yields on Total Investments at Amortized Cost6 9.5 % 9.3 % 9.6 %
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4 Selected Historical Financial Information *See slide 24 hereof for reconciliations of GAAP net income per share, the most directly comparable GAAP financial measure, to Core EPS. As of and for the Three Months Ended (dollar amounts in millions, except per share data and stock prices) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 GAAP Net Income Per Share1 $ 0.44 $ 0.24 $ 0.13 $ 0.41 $ 0.57 Core EPS*2 $ 0.46 $ 0.47 $ 0.47 $ 0.50 $ 0.50 Net Investment Income Per Share1 $ 0.46 $ 0.50 $ 0.55 $ 0.52 $ 0.48 Net Realized and Unrealized Gains (Losses) Per Share1 $ (0.02) $ (0.26) $ (0.42) $ (0.11) $ 0.09 Dividend Declared and Payable Per Share $ 0.48 $ 0.48 $ 0.48 $ 0.48 $ 0.48 Stockholders' Equity $ 13,946 $ 13,891 $ 14,065 $ 14,318 $ 14,322 Net Asset Value Per Share $ 19.31 $ 19.35 $ 19.59 $ 19.94 $ 20.01 Debt/Equity Ratio 1.11x 1.15x 1.13x 1.12x 1.09x Debt/Equity Ratio, Net of Available Cash7 1.06x 1.12x 1.10x 1.08x 1.02x Unsecured Debt to Total Debt 64.0 % 63.7 % 58.7 % 60.9 % 62.4 % Weighted Average Stated Interest on Debt8 5.2 % 4.8 % 4.9 % 4.9 % 5.1 % Net Interest and Dividend Margin9 6.8 % 6.9 % 7.0 % 7.2 % 7.4 % Ratio of Earnings to Fixed Charges10 2.5 2.6 2.6 2.8 2.7 Market Capitalization: Principal Debt $ 15,474 $ 15,924 $ 15,927 $ 16,012 $ 15,615 Equity 13,794 13,305 12,939 14,526 14,608 Total Market Capitalization $ 29,268 $ 29,229 $ 28,866 $ 30,538 $ 30,223 Common Stock Data: High Price during the period $ 20.19 $ 19.35 $ 20.99 $ 21.03 $ 23.25 Low Price during the period $ 18.38 $ 17.73 $ 17.45 $ 18.90 $ 20.41 Closing Price $ 19.10 $ 18.53 $ 18.02 $ 20.23 $ 20.41
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5 As of (dollar amounts in millions) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Investments at Fair Value $ 29,213 $ 29,349 $ 29,499 $ 29,485 $ 28,693 Number of Portfolio Companies11 636 619 607 603 587 Asset Class (at fair value): First Lien Senior Secured Loans12 58 % 59 % 60 % 61 % 61 % Second Lien Senior Secured Loans 4 % 4 % 5 % 5 % 6 % Senior Direct Lending Program13 4 % 4 % 4 % 4 % 4 % Senior Subordinated Loans 7 % 6 % 6 % 5 % 5 % Preferred Equity 8 % 8 % 8 % 9 % 9 % Ivy Hill Asset Management14 10 % 10 % 9 % 8 % 7 % Other Equity 9 % 9 % 8 % 8 % 8 % Interest Rate Type (at fair value): Floating Rate15 70 % 71 % 71 % 72 % 71 % Fixed Rate 13 % 12 % 12 % 12 % 12 % Non-Income Producing 10 % 10 % 10 % 10 % 10 % Ivy Hill Asset Management Equity* 7 % 7 % 7 % 6 % 7 % Yields: Weighted Average Yields on Debt and Other Income Producing Securities at Amortized Cost5 10.6 % 10.3 % 10.3 % 10.3 % 10.6 % Weighted Average Yields on Debt and Other Income Producing Securities at Fair Value5 10.8 % 10.5 % 10.4 % 10.3 % 10.7 % Weighted Average Yields on Total Investments at Amortized Cost6 9.5 % 9.3 % 9.3 % 9.4 % 9.6 % Weighted Average Yields on Total Investments at Fair Value6 9.6 % 9.4 % 9.3 % 9.3 % 9.6 % Selected Historical Financial Information (cont’d) *Ares Capital's equity investment in Ivy Hill Asset Management, L.P. ("IHAM") generally pays a quarterly dividend.
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6 For the Three Months Ended (dollar amounts in millions) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Commitments: Gross Commitments3 $ 2,109 $ 2,592 $ 3,246 $ 5,825 $ 3,924 Exits of Commitments4 (2,473) (2,915) (3,176) (4,661) (2,625) Net Commitments16 $ (364) $ (323) $ 70 $ 1,164 $ 1,299 Gross Commitments Information: Number of Transactions 53 58 61 114 80 Weighted Average Commitment Term in Months 59 67 64 69 71 Average Commitment in Period $ 40 $ 45 $ 53 $ 51 $ 49 Fundings: Gross Fundings $ 2,335 $ 2,927 $ 3,365 $ 4,817 $ 3,507 Net Fundings16 $ (286) $ (111) $ 277 $ 515 $ 872 Portfolio Turnover 0.11 0.10 0.10 0.15 0.09 Selected Historical Financial Information (cont’d)
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7 For the Three Months Ended (amounts in millions, except per share data) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Investment income $ 763 $ 768 $ 763 $ 793 $ 782 Expenses 429 401 359 406 433 Net investment income before income taxes 334 367 404 387 349 Income tax expense, including excise taxes 6 8 6 17 11 Net investment income 328 359 398 370 338 Net realized and unrealized gains (losses) (9) (188) (306) (77) 66 Net Income $ 319 $ 171 $ 92 $ 293 $ 404 Per Share: GAAP Net Income Per Share1 $ 0.44 $ 0.24 $ 0.13 $ 0.41 $ 0.57 Core EPS*2 $ 0.46 $ 0.47 $ 0.47 $ 0.50 $ 0.50 Dividends Declared and Payable $ 0.48 $ 0.48 $ 0.48 $ 0.48 $ 0.48 Weighted average shares of common stock outstanding1 720 718 718 716 709 Common shares outstanding at end of period 722 718 718 718 716 Quarterly Operating Results *See slide 24 hereof for reconciliations of GAAP net income per share, the most directly comparable GAAP financial measure, to Core EPS. For the Nine Months Ended (amounts in millions, except per share data) 9/30/26 9/30/25 Investment income $ 2,294 $ 2,259 Expenses 1,189 1,188 Net investment income before income taxes 1,105 1,071 Income tax expense, including excise taxes 20 26 Net investment income 1,085 1,045 Net realized and unrealized losses (503) (39) Net Income $ 582 $ 1,006 Per Share: GAAP Net Income Per Share1 $ 0.81 $ 1.45 Core EPS*2 $ 1.39 $ 1.50 Dividends Declared and Payable $ 1.44 $ 1.44 Weighted average shares of common stock outstanding1 719 694 Common shares outstanding at end of period 722 716 Quarterly Operating Results YTD - NOT to be added in Q1
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8* Accrued in accordance with GAAP. As of September 30, 2026, Ares Capital had no capital gains incentive fee payable under GAAP. The actual amount due under the investment advisory and management agreement is only determined annually at the end of each calendar year and may be less than the amount accrued under GAAP. No capital gains incentive fee was actually payable under Ares Capital's investment advisory and management agreement for any periods presented. For the Three Months Ended (amounts in millions) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Net Investment Income Before Income Taxes: Investment Income: Interest income from investments $ 558 $ 557 $ 550 $ 563 $ 561 Capital structuring service fees 23 40 39 57 48 Dividend income 160 152 156 149 141 Other income 22 19 18 24 32 Total investment income 763 768 763 793 782 Expenses: Interest and credit facility fees 221 214 213 210 209 Base management fee 109 110 111 111 108 Income based fee 82 84 84 89 88 Capital gains incentive fee* — (21) (61) (15) 13 Administrative fees 4 4 4 3 4 Other general and administrative 13 10 8 8 11 Total operating expenses 429 401 359 406 433 Net investment income before income taxes 334 367 404 387 349 Income tax expense, including excise taxes 6 8 6 17 11 Net Investment Income $ 328 $ 359 $ 398 $ 370 $ 338 Quarterly Operating Results Detail
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9 Quarterly Gain/Loss Detail For the Three Months Ended (amounts in millions) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Net Realized and Unrealized Gains (Losses): Realized gains (losses) on investments: Gains $ 25 $ 67 $ 121 $ 27 $ 317 Losses (86) (74) (7) (198) (70) Net realized gains (losses) on investments (61) (7) 114 (171) 247 Net income tax benefit (expense) on net realized gains — — — 1 (72) Net realized gains (losses) on investments, net of taxes (61) (7) 114 (170) 175 Unrealized gains (losses) on investments: Unrealized appreciation 295 265 229 210 268 Unrealized depreciation (303) (408) (586) (259) (254) Net unrealized gains (losses) on investments (8) (143) (357) (49) 14 Net unrealized (appreciation) depreciation reversed related to net realized gains or losses on investments 59 (48) (85) 144 (140) Total net unrealized gains (losses) on investments 51 (191) (442) 95 (126) Net realized and unrealized gains (losses) on foreign currency and other transactions 3 10 22 (2) 17 Realized loss on extinguishment of debt (2) — — — — Net realized and unrealized gains (losses) $ (9) $ (188) $ (306) $ (77) $ 66
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10 As of (amounts in millions, except per share data) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 ASSETS Investments at fair value $ 29,213 $ 29,349 $ 29,499 $ 29,485 $ 28,693 Cash and cash equivalents 722 383 505 638 1,036 Restricted cash 220 241 150 286 218 Interest receivable 278 299 239 288 256 Receivable for open trades 9 50 97 317 375 Derivative assets 18 39 67 83 103 Other assets 136 137 122 138 125 Total assets $ 30,596 $ 30,498 $ 30,679 $ 31,235 $ 30,806 LIABILITIES Debt $ 15,124 $ 15,773 $ 15,848 $ 15,991 $ 15,605 Base management fee payable 109 110 111 111 108 Income based fee payable17 166 84 84 89 88 Capital gains incentive fee payable18 — — 20 82 97 Interest and facility fees payable 170 199 134 193 129 Payable to participants 60 104 78 131 112 Interest rate swap collateral payable — 97 62 155 106 Derivative liabilities 224 51 20 19 9 Payable for open trades 574 2 91 5 1 Accounts payable and other liabilities 149 116 106 113 205 Deferred tax liabilities 74 71 60 28 24 Total liabilities 16,650 16,607 16,614 16,917 16,484 STOCKHOLDERS' EQUITY Common stock 1 1 1 1 1 Capital in excess of par value 13,441 13,359 13,359 13,359 13,470 Accumulated undistributed earnings 504 531 705 958 851 Total stockholders' equity 13,946 13,891 14,065 14,318 14,322 Total liabilities and stockholders' equity $ 30,596 $ 30,498 $ 30,679 $ 31,235 $ 30,806 NET ASSET VALUE PER SHARE $ 19.31 $ 19.35 $ 19.59 $ 19.94 $ 20.01 Quarterly Balance Sheets
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11 10.4% 3.9% 1.3% 1.3% 1.2% 1.1% 1.1% 1.1% 1.0% 1.0% 0.9% 0.9% 0.9% 0.9% 0.8% 72.2% Ivy Hill Asset Management, L.P. Senior Direct Lending Program, LLC High Street Buyer, Inc. and High Street Holdco LLC Denali Intermediate Holdings, Inc. Symplr Software Inc. AthenaHealth Group Inc. Digicert, Inc. and Dcert Buyer, Inc. Reddy Ice LLC Adonis Bidco Inc. Banyan Software Holdings, LLC FEH Group, LLC. Plaskolite PPC Intermediate II LLC Centralsquare Technologies, LLC Himalaya TopCo LLC Auctane, Inc. Remaining Investments Investment Portfolio by Issuer as of September 30, 2026* * At fair value Top 15 Investments 27.8% Diversified $29.2 billion portfolio with 636 portfolio companies11 Remaining comprised of 621 portfolio companies 13 179,135,45 172,172,169 2,87,133 6,126,146 120,163,198 120,163,198 58,121,127 86,86,86 161,203,211 223,233,241 219,219,219 127,84,39 14 To Be Updated
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12 Investment Portfolio as of September 30, 2026* IndustryAsset Class 58% 4% 4% 7% 8% 10% 9% 22% 10% 10% 9%6% 6% 5% 5% 4% 4% 4% 2% 2% 2% 2% 7% First Lien Senior Secured Loans12 Second Lien Senior Secured Loans Senior Direct Lending Program13 Senior Subordinated Loans Preferred Equity Ivy Hill Asset Management14 Other Equity Software and Services Ivy Hill Asset Management14 Health Care Equipment and Services Commercial and Professional Services Consumer Services Insurance Consumer Distribution and Retail Capital Goods Financial Services Senior Direct Lending Program13 Sports, Media and Entertainment Pharmaceuticals, Biotechnology and Life Sciences Materials Consumer Durables and Apparel Independent Power and Renewable Electricity Producers Other * At fair value 179,135,45 172,172,169 2,87,133 6,126,146 120,163,198 205,205,205 161,203,211 230,207,173 120,160,198 8,59,68 76,53,24 124,124,124 2% 2% 2%7% To Be Updated InsuranceConsumer Distribution and RetailCapital Goods Financial Services Sports, Media and Entertainment Senior Direct Lending Program13 Pharmaceuticals, Biotechnology and Life Sciences Materials Power and Renewable Electricity Consumer Durables and Apparel Other
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13 85% 80% 73% 68% 71% 3% 2% 4% 2% 2% 2% 7% 8% 4% 7% 2% 2% 4% 9% 12% 21% 18% 3% 3% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 0% 20% 40% 60% 80% 100% 67% 89% 84% 69% 83% 5% 2% 4% 10% 3%3% 6% 7%10% 2% 2% 5%7% 2% 5% 13% 6%10% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 0% 20% 40% 60% 80% 100% First Lien Senior Secured Loans Second Lien Senior Secured Loans Senior Direct Lending Program(14) Senior Subordinated Loans Collateralized Loan Obligations Preferred Equity Other Equity and Other % Floating Exits of Commitments by Asset ClassGross Commitments by Asset Class First Lien Senior Secured Loans Second Lien Senior Secured Loans Senior Direct Lending Program13 Senior Subordinated Loans Preferred Equity Ivy Hill Asset Management3,14 Other Equity % Floating 4% 3% Portfolio Activity 6% 2% 3% First Lien Senior Secured Loans Second Lien Senior Secured Loans Senior Direct Lending Program13 Senior Subordinated Loans Preferred Equity Ivy Hill Asset Management4,14 Other Equity % Floating 4% 1% 1%1% 1% 1% 1% To Be Updated 1% 1% 1%1% 1% 1% 1% 1% 1% 1% 1%
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14 Portfolio Company EBITDA and Credit Statistics * For the portfolio companies included in the portfolio weighted average EBITDA data above (subject to additional exclusions described in the following sentence), the weighted average EBITDA growth rate as of Q3-26 was approximately 7% on a comparable basis for the most recently reported LTM period versus the prior year LTM period. In addition to those portfolio companies excluded as noted19, this calculation excludes 63 companies where prior year comparable data was not available.24 ** Interest coverage represents portfolio companies' LTM EBITDA as a multiple of implied annualized cash interest based on the borrowing levels and market rates at quarter end. Portfolio Average EBITDA (18)(20) Portfolio Weighted Average Interest Coverage Ratio(18)(20)(22) ($ Millions) $304.5 $307.2 $291.0 $274.4 $269.7 $177.3 $178.5 $174.8 $177.6 $179.05.6x 5.6x 5.7x 5.8x 5.8x 2.0x 2.2x 2.2x 2.1x 2.0x Portfolio Weighted Average EBITDA(19)(20)(21) Portfolio Average EBITDA(19)(21) Portfolio Weighted Average Net Leverage Multiple(19)(21)(22)Portfolio Weighted Average Interest Coverage Ratio(19)(21)(23)** Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x $0.0 $100.0 $200.0 $300.0 $400.0 (18)(19)(20) (18)(20) $146.6 * To Be Updated
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15 Portfolio By Grade25 % by Number of Companies% by Fair Value 2% 2% 3% 3% 4% 81% 79% 77% 77% 75% 16% 17% 18% 18% 19% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 4% 4% 5% 5% 5% 5% 4% 5% 5% 5% 80% 81% 79% 79% 79% 11% 11% 11% 11% 11% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Grade 1 Grade 2 Grade 3 Grade 4 1% 2%1% 1% 1% 1% 2% To Be Updated 2% 2%
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16 Loans on Non-Accrual Status Fair ValueAmortized Cost ($ Millions) $509 $524 $614 $708 $711 1.8% 1.8% 2.1% 2.4% 2.4% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% $0 $100 $200 $300 $400 $500 $600 $700 $800 ($ Millions) $289 $350 $345 $405 $426 1.0% 1.2% 1.2% 1.4% 1.4% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% $0 $100 $200 $300 $400 $500 $600 $700 $800 Loans on Non-Accrual Status Percentage of Total Investment Portfolio To Be Updated
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17 Ares Capital made approximately $1.1 billion of new investment commitments • 90% were in first lien senior secured loans, 9% were in Ares Capital's subordinated loan to IHAM and 1% were in preferred equity • 88% were floating rate, 11% were fixed rate and 1% were non-income producing • Weighted average yield of debt and other income producing securities funded at amortized cost was 10.0% • Weighted average yield on total investments funded at amortized cost was 9.9% Ares Capital exited approximately $727 million of investment commitments • 93% were first lien senior secured loans, 1% were second lien senior secured loans and 6% were senior subordinated loans • 94% were floating rate, 5% were fixed rate and 1% were on non-accrual status • Weighted average yield of debt and other income producing securities exited or repaid at amortized cost was 9.2% • Weighted average yield on total investments exited or repaid at amortized cost was 9.1% • Total net realized gains of approximately $2 million • Exited investment commitments include approximately $497 million of loans sold to IHAM or certain vehicles managed by IHAM, resulting in net realized losses of approximately $1 million Investment Activity from October 1, 2026 through October 22, 2026 To Be Updated
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18 23% 13% 13%12% 10% 7% 5% 4% 4% 4% 5% • As of October 22, 2026, Ares Capital had a backlog of approximately $2.5 billion26 • The following is a breakdown of the backlog by asset class and by industry Investment Backlog IndustryAsset Class 76%1% 6% 11% 6% Commercial and Professional Services Insurance Software and Services Capital Goods Consumer Durables and Apparel Consumer Distribution and Retail Sports, Media and Entertainment Financial Services Transportation Other Health Care Equipment and Services First Lien Senior Secured Loans12 Second Lien Senior Secured Loans Senior Subordinated Loans Preferred Equity Other Equity 179,135,45 172,172,169 2,87,133 6,126,146 Default Sequence 23% 13% 13% 12% 10% 7% 5% [ ] 10% [ ] Software & Services Retailing & Distribution Health Care Services Food & Beverage Commercial & Professional Services Insurance Media & Entertainment Power Generation Energy Other To Be Updated
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19 As of 6/30/26 As of 9/30/26 (dollar amounts in millions) Aggregate Principal Amount Committed/ Outstanding28 Principal Amount Outstanding Carrying Value of Outstanding Debt Aggregate Principal Amount Committed/ Outstanding28 Principal Amount Outstanding Carrying Value of Outstanding Debt Weighted Average Stated Interest Rate30 Interest Rate Maturity Date Secured Revolving Facilities27: Revolving Credit Facility* $ 5,481 $ 1,566 $ 1,563 $ 5,481 $ 1,261 $ 1,261 5.379 % SOFR + 1.66% 31 May 2031 31 Revolving Funding Facility 2,250 1,086 1,086 2,250 1,085 1,085 5.670 % SOFR + 1.80% 31 July 2030 31 SMBC Funding Facility 1,600 728 728 1,600 775 775 5.580 % SOFR + 1.75% 31 July 2030 31 BNP Funding Facility 1,465 674 674 1,465 733 733 5.618 % SOFR + 1.90% 31 March 2030 31 Subtotal 10,796 4,054 4,051 10,796 3,854 3,854 5.547 % Debt Securitizations: April 2036 CLO Secured Debt32 476 476 474 — — — July 2038 CLO Secured Debt32 — — — 476 476 474 5.273 % SOFR + 1.51% July 2038 October 2036 CLO Secured Loans32 544 544 541 544 544 542 5.358 % SOFR + 1.58% October 2036 January 2038 CLO Secured Notes32 700 700 697 700 700 697 5.198 % SOFR + 1.47% January 2038 Subtotal 1,720 1,720 1,712 1,720 1,720 1,713 5.269 % Unsecured Notes: July 2026 Notes 1,000 1,000 1,000 29 — — — July 2026 January 2027 Notes 900 900 894 29 900 900 893 29 6.398 % SOFR + 2.5810% January 2027 June 2027 Notes 500 500 499 29 500 500 499 29 2.875 % June 2027 June 2028 Notes 1,250 1,250 1,249 29 1,250 1,250 1,249 29 2.875 % June 2028 March 2029 Notes 1,000 1,000 982 29 1,000 1,000 965 29 5.706 % SOFR + 2.0227% March 2029 July 2029 Notes 850 850 844 29 850 850 826 29 5.460 % SOFR + 1.6430% July 2029 January 2030 Notes 800 800 784 29 800 800 765 29 5.516 % SOFR + 1.6995% January 2030 September 2030 Notes 750 750 730 29 750 750 708 29 5.454 % SOFR + 1.7705% September 2030 January 2031 Notes 650 650 623 29 650 650 602 29 5.544 % SOFR + 1.7270% January 2031 April 2031 Notes 750 750 721 29 750 750 697 29 5.514 % SOFR + 1.7217% April 2031 November 2031 Notes 700 700 694 29 700 700 694 29 3.200 % November 2031 March 2032 Notes 1,000 1,000 990 29 1,000 1,000 949 29 5.442 % SOFR + 1.6995% March 2032 September 2033 Notes — — — 750 750 710 29 5.669 % SOFR + 1.8525% September 2033 Subtotal 10,150 10,150 10,010 9,900 9,900 9,557 4.981 % Total Debt $ 22,666 $ 15,924 $ 15,773 $ 22,416 $ 15,474 $ 15,124 5.154 % Debt Summary FRG: Make sure endnotes are consistent with the 8K "Liquidity" section Floating and Fixed rate debt as of September 30, 2026 Debt (dollar amounts in millions) Principal Amount Outstanding Weighted Average Stated Interest Rate30 Weighted Average Remaining Maturity** (in years) Floating*** $ 13,024 5.57 % 4.70 Fixed 2,450 2.97 % 2.48 Total $ 15,474 5.15 % 4.35 * In June 2026, Ares Capital established a $1.0 billion commercial paper program (the "CP Program") pursuant to which it may issue short-term unsecured commercial paper notes, supported by the available capacity under the Revolving Credit Facility as a backstop liquidity source. Ares Capital expects to maintain available capacity under the Revolving Credit Facility at least equal to the amount of commercial paper notes outstanding under the CP Program. As of September 30, 2026, there were no commercial paper notes outstanding under the CP Program. ** Represents the weighted average remaining maturity of outstanding debt as of September 30, 2026. *** Includes the January 2027 Notes, the March 2029 Notes, the July 2029 Notes, the January 2030 Notes, the September 2030 Notes, the January 2031 Notes, the April 2031 Notes, the March 2032 Notes and the September 2033 Notes.
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20 Debt Summary ($ in millions) Secured Revolving Facilities Debt Securitizations Unsecured Notes Debt Maturities* * Represents the total aggregate principal amount outstanding due on the stated maturity date. As of September 30, 2026 $— — $— $1,720$1,400 $1,250 $1,850 $1,550 $3,850 $2,666 $1,135 2026 2027 2028 2029 2030 Thereafter $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 (30)(31)(32) (27)(28)(29)(30) 31 $40 32 31 31 $13 To Be Updated 31
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21 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.48 $0.03 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 Ares Capital carried forward excess taxable income of approximately $983 million or $1.37 per share from 2025 for distribution to stockholders in 2026 Quarterly Dividends Regular Dividend Additional Dividend 33 To Be Updated
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22 Corporate Data* Board of Directors MICHAEL AROUGHETI Executive Vice President of Ares Capital Corporation Co-Founder and Chief Executive Officer of Ares Management Corporation ANN TORRE BATES Former Executive Vice President, Chief Financial Officer and Treasurer of NHP, Inc. KIPP DEVEER Executive Vice President of Ares Capital Corporation Co-President of Ares Management Corporation MITCHELL GOLDSTEIN Co-Chairperson of Ares Capital Corporation Partner, Co-Head of Credit Group MARY BETH HENSON Former Chief Financial Officer of the National Audubon Society Co-Founder & Managing Director, Retail & Apparel Investment Banking Group, Merrill Lynch DANIEL KELLY, JR. Retired Partner of Davis Polk & Wardwell LLP STEVEN MCKEEVER Founder and Chief Executive Officer of Hidden Beach Recordings MICHAEL PARKS Director of FlyawayHomes ERIC SIEGEL Retired Partner of Apollo Advisors, L.P. Special Advisor to the Chairman of the Milwaukee Brewers Baseball Club and a member of the Club's Board of Advisors MICHAEL SMITH Co-Chairperson of Ares Capital Corporation Partner, Co-Head of Credit Group Company Rating Fitch Ratings BBB Moody's Baa2 S&P BBB- Investment Committee MARK AFFOLTER Partner, U.S. Direct Lending RYAN BRAUNS Partner, U.S. Direct Lending KIPP DEVEER Director and Executive Vice President of Ares Capital Corporation Co-President of Ares Management Corporation MICHAEL DIEBER Partner, Head of U.S. Direct Lending Portfolio Management MITCHELL GOLDSTEIN Co-Chairperson of Board of Directors of Ares Capital Corporation Partner, Co-Head of Credit Group NEIL LAWS Partner, U.S. Direct Lending MARK LIGGITT Partner, U.S. Direct Lending JIM MILLER President of Ares Capital Corporation Partner, Co-Head of U.S. Direct Lending JASON PARK Partner, U.S. Direct Lending KORT SCHNABEL Chief Executive Officer of Ares Capital Corporation Partner, Co-Head of U.S. Direct Lending MICHAEL SMITH Co-Chairperson of Board of Directors of Ares Capital Corporation Partner, Co-Head of Credit Group MIKE ZUGAY Partner, U.S. Direct Lending Corporate Officers MICHAEL AROUGHETI Director and Executive Vice President PAUL CHO Chief Accounting Officer KIPP DEVEER Director and Executive Vice President IAN FITZGERALD General Counsel, Vice President and Secretary ANGELA LEE Vice President and Assistant Treasurer SCOTT LEM Chief Financial Officer and Treasurer JANA MARKOWICZ Chief Operating Officer JIM MILLER President LISA MORGAN Chief Compliance Officer NASEEM SAGATI AGHILI Vice President KORT SCHNABEL Chief Executive Officer Investor Relations Contacts JOHN STILMAR Partner, Co-Head of Public Markets Investor Relations Tel: (888) 818-5298 CARL DRAKE Partner, Senior Advisor Public Markets Investor Relations Tel: (888) 818-5298 General IR Contact Please visit our website at: www.arescapitalcorp.com To Be Updated * Effective October 31, 2026, Paul Cho will step down as Chief Accounting Officer of Ares Capital, and Angela Lee will step down as Vice President and Assistant Treasurer of Ares Capital.
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23 Corporate Data (cont'd) Research Coverage AUTONOMOUS CREDIT Jesse Rosenthal (917) 344-8305 BANK OF AMERICA SECURITIES Derek Hewett (415) 676-3518 BARCLAYS CREDIT RESEARCH Peter Troisi (212) 412-3695 B. RILEY SECURITIES Sean-Paul Adams (415) 229-4851 CITIZENS Chris Muller (212) 906-3559 COMPASS POINT Jason Stewart (202) 534-1397 Merrill Ross (202) 534-1392 J.P. MORGAN Richard Shane (415) 315-6701 J.P. MORGAN CREDIT RESEARCH Kabir Caprihan (212) 834-5613 JEFFERIES John Hecht (415) 229-1569 KEEFE, BRUYETTE & WOODS Paul Johnson (617) 848-2777 LUCID CAPITAL MARKETS Ethan Kaye (917) 516-9876 OPPENHEIMER Mitchel Penn (212) 667-7136 RAYMOND JAMES Robert Dodd (901) 579-4560 RBC CAPITAL MARKETS Kenneth Lee (212) 905-5995 TRUIST SECURITIES Arren Cyganovich (212) 319-2334 UBS SECURITIES Michael Brown (212) 713-1387 WELLS FARGO SECURITIES Finian O'Shea (704) 410-0067 Company Rating Fitch Ratings BBB Moody's Baa2 S&P BBB- Ares Capital Credit Ratings** Corporate Headquarters Corporate Counsel Independent Registered Public Accounting Firm Securities Listing Transfer Agent Fitch Ratings: BBB (Positive) Moody's: Baa2 (Stable) S&P: BBB (Stable) 245 Park Avenue, 44th Floor New York, NY 10167 Tel: (212) 710-2100 Fax: (212) 750-1777 KIRKLAND & ELLIS LLP Los Angeles, CA EVERSHEDS SUTHERLAND (US) LLP Washington, D.C. KPMG LLP Los Angeles, CA NASDAQ: ARCC Computershare, Inc. Tel: (866) 365-2497 www.computershare.com/investor ** As of October 27, 2026. The ratings noted herein may not be representative of any given investor’s experience. All investments involve risk, including loss of principal. To Be Updated Ratings To Be Confirmed
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24 The following are reconciliations of net income per share computed in accordance with GAAP to core earnings per share: Reconciliations of GAAP Net Income Per Share to Core EPS For the Three Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 GAAP net income per share1 $ 0.44 $ 0.24 $ 0.13 $ 0.41 $ 0.57 Adjustments: Net realized and unrealized (gains) losses1 0.02 0.26 0.42 0.11 (0.09) Capital gains incentive fee attributable to net realized and unrealized gains and losses1 — (0.03) (0.08) (0.03) 0.02 Other income tax expense (including excise taxes) related to net realized gains and losses1 — — — 0.01 — Core EPS2 $ 0.46 $ 0.47 $ 0.47 $ 0.50 $ 0.50 For the Nine Months Ended 9/30/26 9/30/25 GAAP net income per share1 $ 0.81 $ 1.45 Adjustments: Net realized and unrealized losses1 0.70 0.06 Capital gains incentive fee attributable to net realized and unrealized gains and losses1 (0.12) (0.01) Other income tax expense (including excise taxes) related to net realized gains and losses1 — — Core EPS2 $ 1.39 $ 1.50 Reconciliations of Core EPS YTD- not to be updated in Q1
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25 Endnotes 1) Per share amounts and weighted average shares outstanding are basic and diluted. The basic and diluted weighted average shares outstanding for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025 were approximately 720 million, 718 million, 718 million, 716 million and 709 million, respectively. The basic and diluted weighted average shares outstanding for the nine months ended September 30, 2026 and 2025 were approximately 719 million and 694 million, respectively. 2) 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 fee attributable to such net realized and unrealized gains and losses, and any income taxes (including excise 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 per share, the most directly comparable GAAP financial measure, to Core EPS are set forth on slide 24 hereof. 3) Includes investment commitments to IHAM, a wholly-owned portfolio company of Ares Capital, or certain vehicles managed by IHAM. Q3-26, Q2-26, Q1-26, Q4-25 and Q3-25 include investments funded to IHAM of $389 million, $554 million, $378 million, $518 million and $139 million, respectively. Q3-26, Q2-26, Q1-26, Q4-25 and Q3-25 also include new investment commitments originated and syndicated to third party lenders during the quarter of $0, $86 million, $478 million, $724 million and $375 million, respectively. 4) Q3-26, Q2-26, Q1-26, Q4-25 and Q3-25 include sales of loans to IHAM or certain vehicles managed by IHAM of $1,164 million, $1,087 million, $1,042 million, $1,936 million and $400 million, respectively. Q3-26, Q2-26, Q1-26, Q4-25 and Q3-25 also include investment commitments repaid by IHAM of $150 million, $370 million, $146 million, $87 million and $195 million, respectively. Q3-26 and Q2-26 includes sales of loans to the SDLP of $0 and $361 million, respectively. There were no such sales of loans to the SDLP in Q1-26, Q4-25 and Q3-25. 5) The weighted average yields on debt and other income producing securities are computed as (a) 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 regular dividend received by Ares Capital related to its equity investment in IHAM during the most recent quarter end), divided by (b) 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. 6) The weighted average yields on total investments are computed as (a) 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 regular 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. 7) 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. 8) Computed as (a) the annual stated interest expense on Ares Capital's debt obligations divided by (b) total debt obligations at principal amount outstanding. Stated interest expense on debt excludes facility and other fees and the amortization of original issue discount or premium, market discounts and debt issuance costs. The stated interest rates on the January 2027 Notes, the March 2029 Notes, the July 2029 Notes, the January 2030 Notes, the September 2030 Notes, the January 2031 Notes, the April 2031 Notes, the March 2032 Notes and the September 2033 Notes reflect the floating rates paid under the interest rate swaps. See Note 6 to Ares Capital’s consolidated financial statements included in the quarterly report on Form 10-Q for the quarter ended September 30, 2026 for more information on the interest rate swaps. 9) Net interest and dividend margin represents the difference between interest and dividend income (including dividend income from IHAM) and interest and credit facility fees expense for the last twelve month period divided by average total investments at amortized cost during the same period. 10) Excludes realized and unrealized gains (losses), incentive fee attributable to net realized and unrealized gains (losses) and income tax expense, including excise taxes. Fixed charges include interest and credit facility fees expense and amortization of debt issuance costs. 11) Includes portfolio companies for which there are outstanding commitments, but for which no amounts were funded at the end of the period. 12) First lien senior secured loans include certain loans that Ares Capital classifies as “unitranche” loans, which are loans that combine both senior and subordinated loans, generally in a first lien position. As of September 30, 2026, the total amortized cost and fair value of loans that Ares Capital classified as “unitranche” loans were $13.6 billion and $13.3 billion, respectively. 13) Represents Ares Capital’s portion of co-investments with Varagon Capital Partners and its clients primarily in first lien senior secured loans, including certain loans that the Senior Direct Lending Program LLC (the “SDLP”) classifies as “unitranche” loans, to U.S. middle-market companies. See Note 4 to Ares Capital's consolidated financial statements included in the quarterly report on Form 10-Q for the quarter ended September 30, 2026 for more information regarding the SDLP. 14) Includes Ares Capital’s subordinated loan and equity investments in IHAM, as applicable. IHAM is an asset manager and an SEC-registered investment adviser. See Note 4 to Ares Capital's consolidated financial statements included in the quarterly report on Form 10-Q for the quarter ended September 30, 2026 for more information regarding IHAM. 15) As of September 30, 2026, excluding Ares Capital's investment in the subordinated certificates of the SDLP, 95% of the floating rate investments at fair value contained interest rate floor features. 16) Represents gross commitments or fundings less commitments or investments exited, respectively. 17) Pursuant to the terms of Ares Capital's investment advisory and management agreement, payment of the $84 million income based fee earned by Ares Capital's investment adviser for the second quarter of 2026 had been previously deferred. As of September 30, 2026, such deferral of income based fee was payable under the terms of Ares Capital's investment advisory and management agreement. 18) Accrued in accordance with GAAP. No capital gains incentive fee was actually payable under Ares Capital's investment advisory and management agreement for any periods presented. 19) The portfolio weighted average EBITDA and average EBITDA for the underlying borrowers includes information solely in respect of corporate investments in Ares Capital’s portfolio and the weighted average total net leverage multiple and interest coverage ratio data includes information solely in respect of corporate portfolio companies in which Ares Capital has a debt investment (in each case, subject to the exclusions described in the following sentence). Excluded from the data above is information in respect of the following: (i) the SDLP (and the underlying borrowers in the SDLP), (ii) portfolio companies that do not report EBITDA, including IHAM, (iii) portfolio companies with negative or de minimis EBITDA, (iv) investment funds/ vehicles, (v) discrete projects in the project finance/power generation sector, (vi) certain oil and gas companies, (vii) venture capital backed companies and (viii) commercial real estate finance companies. The portfolio weighted average EBITDA for the underlying borrowers in the SDLP was $102.4 million, $106.0 million, $110.6 million, $131.2 million and $135.5 million as of September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026 and September 30, 2026, respectively. The portfolio average EBITDA for the underlying borrowers in the SDLP was $107.8 million, $118.0 million, $126.0 million, $151.5 million and 152.8 million as of September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026 and September 30, 2026, respectively. 20) Weighted average EBITDA amounts are weighted based on the fair value of the portfolio company investments. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by Ares Capital and may reflect a normalized or adjusted amount. Accordingly, Ares Capital makes no representation or warranty in respect of this information. 21) EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company financial statements, have not been independently verified by Ares Capital and may reflect a normalized or adjusted amount. Accordingly, Ares Capital makes no representation or warranty in respect of this information.
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26 Endnotes (cont’d) 22) The net leverage multiple represents Ares Capital’s last dollar of invested debt capital (net of cash) as a multiple of EBITDA. The portfolio weighted average net leverage multiple is weighted based on the fair value of the portfolio company investments. In addition to the data presented for the entire portfolio, the weighted average net leverage multiple for the underlying borrowers in the SDLP was 6.1x, 5.8x, 5.8x, 5.8x and 5.5x as of September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026 and September 30, 2026, respectively, which excludes certain portfolio companies with negative or de minimis EBITDA. Net leverage multiples for the underlying borrowers in the SDLP represent the SDLP's last dollar of invested debt capital (net of cash) as a multiple of EBITDA. The SDLP portfolio weighted average net leverage multiple is weighted based on the fair value of the underlying portfolio company investments. Portfolio company credit statistics for Ares Capital and the SDLP are derived from the most recently available portfolio company financial statements, have not been independently verified by Ares Capital and may reflect a normalized or adjusted amount. Accordingly, Ares Capital makes no representation or warranty in respect of this information. 23) The interest coverage ratio represents portfolio companies’ LTM EBITDA as a multiple of implied annualized cash interest expense based on the borrowing levels and market rates at quarter end. The portfolio weighted average interest coverage ratio is weighted based on the fair value of the portfolio company investments. In addition to the data presented for the entire portfolio, the weighted average interest coverage ratio for the underlying borrowers in the SDLP was 2.1x, 2.2x, 2.2x, 2.3x and 2.3x as of September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026 and September 30, 2026, respectively, which excludes certain portfolio companies with negative or de minimis EBITDA. The SDLP portfolio weighted average interest coverage ratio is weighted based on the fair value of the underlying portfolio company investments. Portfolio company credit statistics for Ares Capital and the SDLP are derived from the most recently available portfolio company financial statements, have not been independently verified by Ares Capital and may reflect a normalized or adjusted amount. Accordingly, Ares Capital makes no representation or warranty in respect of this information. 24) The EBITDA growth rate for each included portfolio company is calculated as the percentage change for the most recently reported fiscal year to date comparable periods and is weighted based on the fair value of the portfolio company investments to calculate the portfolio weighted average EBITDA growth rate. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts used in the calculation are estimated from the most recent portfolio company financial statements, have not been independently verified by Ares Capital and may reflect a normalized or adjusted amount. Accordingly, Ares Capital makes no representation or warranty in respect of this information. 25) Based on Ares Capital’s investment adviser’s internal investment rating system scale from 1 to 4. Investments with a grade of 4 involve the least amount of risk to Ares Capital’s initial cost basis and the trends and risk factors for these investments since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit. Investments with a grade of 3 involve a level of risk to Ares Capital’s initial cost basis that is similar to the risk to its initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to Ares Capital’s ability to ultimately recoup the cost of its investment are neutral to favorable. Investments with a grade of 2 indicate that the risk to Ares Capital’s ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due. Investments with a grade of 1 indicate that the risk to Ares Capital’s ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition and its investment adviser does not anticipate that Ares Capital will recoup its initial cost basis and Ares Capital may realize a substantial loss on its initial cost basis upon exit. All investments or acquired investments in new portfolio companies are initially assessed a grade of 3. 26) Investment backlog includes transactions approved by Ares Capital’s investment adviser’s U.S. direct lending investment committee and/or for which a formal mandate, letter of intent or a signed commitment has been issued, and therefore Ares Capital believes are likely to close. The consummation of any of the investments in this backlog depends upon, among other things, one or more of the following: 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. 27) Requires periodic payments of interest and may require repayments of a portion of the outstanding principal once their respective reinvestment periods end but prior to the applicable stated maturity. 28) Subject to borrowing base and other restrictions. Represents total aggregate amount committed or outstanding, as applicable, under such instrument. 29) Represents the aggregate principal amount of the notes outstanding adjusted for the unaccreted discount or amortized premium recorded at issuance, as well as adjustments resulting from effective fair value hedge accounting relationships for the January 2027 Notes, the March 2029 Notes, the July 2029 Notes, the January 2030 Notes, the September 2030 Notes, the January 2031 Notes, the April 2031 Notes, the March 2032 Notes and the September 2033 Notes. 30) Effective stated interest rate as of September 30, 2026. In connection with the issuances of the January 2027 Notes, the March 2029 Notes, the July 2029 Notes, the January 2030 Notes, the September 2030 Notes, the January 2031 Notes, the April 2031 Notes, the March 2032 Notes and the September 2033 Notes, Ares Capital entered into interest rate swaps to more closely align the interest rates of such liabilities with Ares Capital’s investment portfolio, which consists primarily of floating rate loans. The stated interest rates on the January 2027 Notes, the March 2029 Notes, the July 2029 Notes, the January 2030 Notes, the September 2030 Notes, the January 2031 Notes, the April 2031 Notes, the March 2032 Notes and the September 2033 Notes reflect the floating rates paid under the interest rate swaps. See Note 6 to Ares Capital’s consolidated financial statements included in the quarterly report on Form 10-Q for the quarter ended September 30, 2026 for more information on the interest rate swaps. 31) See Note 5 to Ares Capital’s consolidated financial statements included in the quarterly report on Form 10-Q for the quarter ended September 30, 2026 for more information regarding each of Ares Capital’s revolving credit facilities. 32) Excludes the subordinated notes issued by certain of Ares Capital's wholly owned, consolidated subsidiaries in connection with debt securitizations, all of which were retained by Ares Capital. The interest rate represents the blended weighted average spread of the July 2038 CLO Secured Debt, the October 2036 CLO Secured Loans and the January 2038 CLO Secured Notes, respectively. See Note 5 to Ares Capital’s consolidated financial statements included in the quarterly report on Form 10-Q for the quarter ended September 30, 2026 for more information regarding Ares Capital’s debt securitizations. 33) Declared. The fourth quarter 2026 regular dividend of $0.48 per share to be paid on December 29, 2026 to stockholders of record on December 15, 2026.