Ares Capital Corp

(3) 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.

(4) 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) 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 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.

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

As of September 30, 2026 and December 31, 2025, the weighted average grade of the portfolio at fair value was 3.1 and 3.1, respectively, and loans on non-accrual status represented 2.4% of the total investments at amortized cost (or 1.4% at fair value) and 1.8% at amortized cost (or 1.2% 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, 2026, filed with the Securities and Exchange Commission (“SEC”) on October 27, 2026.

In July 2026, Ares Capital’s wholly-owned, consolidated subsidiary, Ares Direct Lending CLO 1 LLC (“ADL CLO 1”), completed a refinancing of its approximately $702 million term debt securitization with an approximately $709 million term debt securitization (as refinanced, the “ADL CLO 1 Debt Securitization”). The ADL CLO 1 Debt Securitization is also known as a collateralized loan obligation and is an on-balance-sheet financing incurred by Ares Capital.

The notes offered and term loans incurred in connection with the ADL CLO 1 Debt Securitization that mature on July 25, 2038 (collectively, the “July 2038 CLO Secured Debt”) were issued by ADL CLO 1 pursuant to the amended and restated indenture and security agreement governing the July 2038 CLO Notes (as defined below) and the Class A-1-LR credit agreement, as applicable, and include (i) $267.0 million of Class A-1-R Senior Floating Rate Notes, which bear interest at Term SOFR plus 1.46%; (ii) $24.5 million of Class A-2-R Senior Floating Rate Notes, which bear interest at Term SOFR plus 1.70%; (iii) $45.5 million of Class B-R Senior Floating Rate Notes, which bear interest at Term SOFR plus 1.90% (collectively, the “July 2038 CLO Notes”) and (iv) $139.0 million of Class A-1-LR term loans, which bear interest at Term SOFR plus 1.46%. In addition, ADL CLO issued an additional $7.1 million of subordinated notes (in addition to the $225.6 million of existing subordinated notes previously issued by ADL CLO 1), which do not bear interest. Ares Capital retained all of the subordinated notes, which are unsecured obligations of ADL CLO 1 and are eliminated in consolidation. The proceeds from the ADL CLO 1 Debt Securitization were used in part to redeem all outstanding $406 million of Class A Senior Floating Rate Notes and $70 million of Class B Senior Floating Rate Notes issued by ADL CLO 1 in May 2024. In connection with the refinancing, Ares Capital realized a loss on extinguishment of debt of approximately $2 million. The refinancing effectively adjusted the interest rate charged on the July 2038 CLO Secured Debt from SOFR plus a blended weighted average spread of 1.86% to SOFR plus a blended weighted average spread of 1.51% and extended the stated maturity date from April 25, 2036 to July 25, 2038.

THIRD QUARTER 2026 DIVIDENDS PAID On July 29, 2026, Ares Capital announced that its Board of Directors declared a third quarter 2026 dividend of $0.48 per share for a total of approximately $346 million. The third quarter 2026 dividend was paid on September 30, 2026 to stockholders of record as of September 15, 2026.

RECENT DEVELOPMENTS From October 1, 2026 through October 22, 2026, Ares Capital made new investment commitments of approximately $1.1 billion, of which approximately $855 million were funded. Of the approximately $1.1 billion in 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. Of the approximately $1.1 billion in new investment commitments, 88% were floating rate, 11% were fixed rate and 1% were non-income producing. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 10.0% and the weighted average yield on total investments funded during the period at amortized cost was 9.9%. 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, 2026 through October 22, 2026, Ares Capital exited approximately $727 million of investment commitments, including $497 million of loans sold to IHAM or certain vehicles managed by IHAM. Of the approximately $727 million of exited investment commitments, 93% were first lien senior secured loans, 1% were second lien senior secured loans and 6% were senior subordinated loans. Of the approximately $727 million of exited investment commitments, 94% were floating rate, 5% were fixed rate and 1% were on non-accrual status. The weighted average yield of debt and other income producing securities exited or repaid during the period at amortized cost was 9.2% and the weighted average yield on total investments exited or repaid during the period at amortized cost was 9.1%. Of the approximately $727 million of investment commitments exited from October 1, 2026 through October 22, 2026, Ares Capital recognized total net realized gains of approximately $2 million, including approximately $1 million of net realized losses recognized from the sale of loans to IHAM or certain vehicles managed by IHAM.

WEBCAST / CONFERENCE CALL Ares Capital will host a webcast/conference call on Tuesday, October 27, 2026 at 12:00 p.m. (Eastern Time) to discuss its quarter ended September 30, 2026 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 (833) 419-0865. International callers can access the conference call by dialing +1 (785) 838-9333. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected and to reference the conference ID ARCCQ326. For interested parties, an archived replay of the call will be available approximately one hour after the end of the call through November 27, 2026 at 5:00 p.m. (Eastern Time) to domestic callers by dialing toll free +1 (800) 839-1247 and to international callers by dialing +1 (402) 220-0470. An archived replay will also be available through November 27, 2026 on a webcast link located on the Home page of the Investor Resources section of Ares Capital’s website.