Ares Capital Corporation announced that Kort Schnabel was appointed as Co-President. Concurrently, Michael Smith stepped down as Co-President and has been appointed to the Ares Capital Board of Directors. Mr. Smith will continue to serve as a member of the Investment Committee of Ares Capital's investment manager.

Mitchell Goldstein will continue in his role as Co-President of Ares Capital alongside Mr. Schnabel. Mr. Schnabel was a founding member of the Ares U.S. direct lending strategy in 2004 and has been at the firm since 2001. Mr. Schnabel currently serves as a Partner and Co-Head of the Ares U.S. direct lending strategy and is a member of the Investment Committee of Ares Capital's investment manager.

Mr. Schnabel holds a B.A., cum laude, from the University of Pennsylvania in Economics.