Ares Capital : Second Quarter 2022 Tear Sheet

Ares Capital Corporation (NASDAQ: ARCC) is the largest publicly traded business development company1 in the U.S. and focuses on providing direct loans and other corporate investments to private middle market companies

Key Statistics

$10.3b	8.3%	10+	12%	~80%
MARKET	DIVIDEND YIELD2*	YEARS OF STABLE	AVERAGE ANNUAL	HIGHER STOCK
CAPITALIZATION2		TO INCREASING	SHAREHOLDER	BASED TOTAL
		QUARTERLY	RETURN SINCE	RETURN THAN THE
		DIVIDENDS PAID	INCEPTION3	S&P 500 SINCE IPO4

Market Leading Company in Direct Lending

$21.2b	150	452
Portfolio5	Investment Professionals	Portfolio Companies
Senior-Oriented	Experienced & Tenured	Diverse & High Quality
Portfolio	Team	Portfolio

• 69% senior secured loans6
• Focus on defensively positioned companies in less cyclical industries

• We believe we have one of the largest industry investment teams
• Investment Committee members have average tenure at Ares of 17 years
• Extensive restructuring capabilities

• Highly diverse portfolio with significant downside protection7
• Average position size of 0.2%8
• Largest investment is 2%9
• Cumulative net realized losses less than 0% since inception10

Diverse Portfolio by Asset Class and Industry11

Portfolio by Asset Class5

ARCC Portfolio by Industry5

Senior-	23 Diverse
Oriented	Industries

First Lien Senior Secured Loans - 45%	Software & Services - 23%	Health Care Services - 11%
Ivy Hill Asset Management - 9% 13	Commercial & Professional Services - 9%
Second Lien Senior Secured Loans - 19%	Insurance Services - 5%	Senior Direct Lending Program - 5% 12
Senior Direct Lending Program, LLC - 5% 12	Power Generation - 4%	Capital Goods - 4%
Senior Subordinated Loans - 5%	Consumer Durables & Apparel - 4%	Consumer Services - 4%
Preferred Equity - 9%	Automobiles & Components - 3%	Diversified Financials - 3%
Ivy Hill Asset Management - 9%13	Food & Beverage - 3%	Retailing & Distribution - 2%
Other Equity - 8%	Media & Entertainment - 2%	Other - 9%

All information as of June 30, 2022, unless otherwise noted. Past performance is not indicative of future results *There Is no assurance that dividends will continue to be paid at these levels or at all. Refer to endnotes and Index Definitions for additional important information.

www.arescapitalcorp.com

ARCC has

leading

investment

performance on $48 billion of realized investments14

Annualized Net Realized Loss Rate	$7.68
< 0.0%			What $1	$4.73
			invested at
	-0.6%		ARCC's IPO in		$1.60
		2004 is worth
		-1.1%	today17
ARCC 10	Banks15	BDC Peers 16	ARCC 3	S&P 5004	BKX TR	18
					Bank Index

Cumulative Core Earnings Plus Net Realized Gains vs. Cumulative Dividends19

$ Millions

$9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000

$0

ARCC has a long history of strong dividend coverage

		Cumulative Core Earnings Plus Net Realized Gains		Cumulative Dividends Declared
			Accolades20
ARCC Received Most Honored	Top Quartile Rankings for	Lender of the Year	Global Fundraising of the
Designation & Highest	Several Funds	(North America)	Year24
Rankings for Best Investor	1Q'2222	202123
Relations Program21

All information as of June 30, 2022, unless otherwise noted. Past performance is not indicative of future results. Refer to endnotes and Index Definitions for additional

important information.

www.arescapitalcorp.com

Endnotes and Additional Important Information.

1. Based on market capitalization as of June 30, 2022.
2. Based on market prices as of August 12, 2022. Dividend yield excludes the $0.03 supplemental dividend declared in Q1-22. Including the supplemental, the dividend yield is 8.9%.
3. Source: SNL Financial. As of June 30, 2022. Ares Capital Corporation's stock price-based total return is calculated assuming dividends are reinvested at the end of the day stock price on the relevant quarterly ex-dividend dates. Total return is calculated assuming investors did not participate in Ares Capital Corporation's rights offering issuance as of March 20, 2008.
4. Source: SNL Financial. As of June 30, 2022. S&P 500 returns measured by the S&P 500 Index, which measures the performance of the large-cap segment of the market. The S&P 500 is considered to be a proxy of the U.S. equity market and is composed of 500 constituent companies.
5. At fair value.
6. Including First Lien Senior Secured Loans, Second Lien Senior Secured Loans and investments in the subordinated certificates of the Senior Direct Lending Program, through which Ares Capital co-invests with Varagon Capital Partners and its clients to fund first lien senior secured loans.
7. References to downside protection are not guarantees against loss of investment capital or value.
8. Average of the amortized cost divided by total portfolio at amortized cost for each portfolio company.
9. Based on fair value. Excludes IHAM and the subordinated certificates of the Senior Direct Lending Program.
10. ARCC has a net realized gain rate of 1.0% since inception. Calculated as an average of the historical annual net realized gain/loss rates (where annual net realized
    gain/loss rate is calculated as the amount of net realized gains/losses for a particular period from Ares Capital IPO in October 2004 to June 30, 2022 divided by the average quarterly investments at amortized cost in such period). Excludes $196 million one‐time gain on the acquisition of Allied Capital Corporation in Q2‐10 and gains/losses from extinguishment of debt and sale of other assets. Diversification does not assure profit or protect against market loss.
11. Diversification does not assure profit or protect against market loss.
12. Represents Ares Capital's portion of co-investments with Varagon Capital Partners and its clients in first lien senior secured loans, including certain loans that 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 June 30, 2022 for more information regarding SDLP.
13. Includes Ares Capital's equity and subordinated loan investments in IHAM, as applicable. IHAM is an asset management services company 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 June 30, 2022 for more information regarding IHAM.
14. Annual average for ARCC is December 31, 2004 through June 30, 2022. Annual average for the BDC peer group and Banks is from December 31, 2004 through March 31, 2022, as not all BDC peers have filed June 30, 2022 financial results as of August 5, 2022.
15. Source: KBW and FDIC Commercial Banking Data. Calculated as net charge-offs for commercial and industrial loans divided by net commercial and industrial loans and leases for the respective periods.
16. BDC peer group consists of BDCs with a total portfolio at fair value greater than $1.5 billion or a combined portfolio at fair value greater than $2 billion if under common management and have been publicly traded for at least one year, as of December 31, 2021. Peers include: AINV, BBDC, BCSF, BKCC, CGBD, OCSL, ORCC, FSK, GBDC, GSBD, HTGC, MAIN, NMFC, PFLT, PNNT, PSEC, SLRC, TCPC and TSLX. Net realized gain/(loss) rate calculated as an average of a BDC's historical annual net realized gain/loss rates, where annual net realized gain/loss rate is calculated as the amount of net realized gains/losses for a particular period divided by the average quarterly investments at amortized cost in such period.
17. As of June 30, 2022. Hypothetical value of $1 invested in ARCC's IPO in October 2004 and kept invested through June 30, 2022, assuming reinvestment income. Graph shown for illustrative purposes only and is not indicative of any investment. Past performance is not guarantee of future results. Ares Capital's stock price- based total return is calculated assuming dividends are reinvested at the end of day stock price on the relevant quarterly ex-dividend dates, and assuming investors did not participate in Ares Capital's rights offering issuance as of March 20, 2008. Time period selected to include Ares Capital IPO in October 2004. The benchmarks included represent investments in either the U.S. non-investment grade credit or equity market. Performance to indices and peers is shown for illustrative purposes only and may not be directly comparable.
18. Banks as measured by the BKX TR Index. Refer to Index Definitions for further information.
19. As of June 30, 2022. There can be no assurance that dividends will continue to be paid at historic levels or at all. Past performance is not indicative of future results.
    Core Earnings is a non-GAAP financial measure. Core Earnings is the net increase (decrease) in stockholders' equity resulting from operations less professional fees and other costs related to the American Capital Acquisition, expense reimbursement from Ares Capital Management LLC (the "Ares Reimbursement"), 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. Net increase (decrease) in stockholders' equity is the most directly comparable GAAP financial measure. Ares Capital believes that Core Earnings 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 Note 16 to Ares Capital's consolidated financial statements included in the annual report on Form 10-K for the year ended December 31, 2019 for information regarding the American Capital Acquisition. See Note 13 to Ares Capital's consolidated financial statements included in the annual report on Form 10-K for the year ended December 31, 2020 for information regarding the Ares Reimbursement. Note our 2021 spillover income is $1.30 per share.
20. The performance, awards/ratings noted herein relate only to selected funds/strategies and may not be representative of any given client's experience and should not be viewed as indicative of Ares' past performance or its funds' future performance. All investments involve risk, including loss of principal.
21. ARCC received the 2021 All-America Executive Team Most Honored designation alongside 136 other companies. Various Ares personnel received first place awards as part of the "Brokers, Asset Managers & Exchanges" category for: Investor Relations, CEO, CFO, Investor Day and Communication of Strategy and Risk
    Management amid COVID-19. Six other institutions also received a first-,second-, or third-place ranking in this category. Institutional Investor based these awards on the opinions of 3,029© portfolio managers and buy-side analysts, and 497 sell-side analysts who participated in this survey. Institutional Investor logo from Institutional Investor, 2021 Institutional Investor, LLC. All rights reserved. Used by permission and protected by the Copyright Laws of the United States.

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1. Lipper Rankings reported in Lipper Marketplace Best Money Managers, March 31, 2022. Lipper Marketplace is the source of the long-only and multi-strategy credit rankings. Lipper's Best Money Managers rankings consider only those funds that meet the following qualification: performance must be calculated "net" of all fees and commissions; must include cash; performance must be calculated in U.S. dollars; asset base must be at least $10 million in size for "traditional" U.S. asset classes (equity, fixed income, and balanced accounts); and, the classification of the product must fall into one of the categories which they rank. Lipper defines Short Duration as 1-5 years. Lipper's Active Duration definition does not specify a time period but rather refers to an Active rather than Passive strategy. Ares Institutional Loan Fund was ranked 6 out of 38 for the 40 quarters ended March 31, 2022. Composites for Ares U.S. Bank Loan Aggregate and Ares U.S. High Yield additionally received rankings of 5 of 38 and 4 of 30, respectively, for the 40 quarters ended March 31, 2022.
2. Private Equity International selected Ares Management as Lender of the Year in North America - 2021. Awards based on an industry wide global survey across 77 categories conducted by Private Equity International. Survey participants voted independently. In addition, survey participants could nominate another firm not listed in the category.
3. Private Debt Investor selected Ares Management for 2021 Global Fundraising of the Year based on an industry wide global survey across 47 categories conducted by Private Debt Investor. Survey participants voted independently. In addition, survey participants could nominate another firm not listed in the category.

www.arescapitalcorp.com

Index Definitions

Indices are provided for illustrative purposes only and not indicative of any investment. They have not been selected to represent appropriate benchmarks or targets for ARCC. Rather, the indices shown are provided solely to illustrate the performance of well known and widely recognized indices. Any comparisons herein of the investment performance of ARCC to an index are qualified as follows: (i) the volatility of such index will likely be materially different from that of ARCC; (ii) such index will, in many cases, employ different investment guidelines and criteria than ARCC and, therefore, holdings in ARCC will differ significantly from holdings of the securities that comprise such index and ARCC may invest in different asset classes altogether from the illustrative index, which may materially impact the performance of ARCC relative to the index; and (iii) the performance of such index is disclosed solely to allow for comparison on ARCC's performance to that of a well known index. Comparisons to indices have limitations because indices have risk profiles, volatility, asset composition and other material characteristics that will differ from ARCC. The indices do not reflect the deduction of fees or expenses. You cannot invest directly in an index. No representation is being made as to the risk profile of any benchmark or index relative to the risk profile of ARCC. There can be no assurance that the future performance of any specific investment, or product will be profitable, equal any corresponding indicated historical performance, or be suitable for a portfolio.

• The Standard & Poor's 500 Index ("S&P 500") is a market capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. The S&P 500 is considered to be a proxy of the U.S. equity market.
• The KBW Nasdaq Bank Index ("BKX") is designed to track the performance of the leading banks and thrifts that are publicly traded in the U.S. The Index includes banking stocks representing the largest U.S. national money centers, regional banks and thrift institutions.

REF: DLUS-01736

IMPORTANT NOTICE:

Statements included herein may constitute "forward-looking statements," which may relate to future events or the future performance or financial condition of Ares Capital Corporation ("ARCC"), its investment adviser Ares Capital Management LLC ("ACM"), a subsidiary of Ares Management Corporation ("Ares Management"), or of Ares Management. These statements are not guarantees of future results or financial condition 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 the filings of ARCC and Ares Management with the Securities and Exchange Commission ("SEC"). These factors include, but are not limited to, the effects of the COVID-19 global pandemic.

The information contained in this presentation is summary information that is intended to be considered in the context of the SEC filings of ARCC and Ares Management and other public announcements that ARCC or Ares Management may make, by press release or otherwise, from time to time. Neither ARCC nor Ares Management undertakes any duty or obligation to publicly update or revise the forward-looking statements or other information contained in this presentation. These materials contain information about ARCC, ACM and Ares Management, and certain of their respective personnel and affiliates, information about their respective historical performance and general information about the market. You should not view information related to the past performance of ARCC, ACM or Ares Management or information about the market, as indicative of future results, the achievement of which cannot be assured.

Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by ARCC or Ares Management or as legal, accounting or tax advice. None of ARCC, ACM, Ares Management or any affiliate of ARCC, ACM or Ares Management makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance. Certain information set forth herein includes estimates and projections and involves significant elements of subjective judgment and analysis. Further, such information, unless otherwise stated, is before giving effect to management and incentive fees and deductions for taxes. No representations are made as to the accuracy of such estimates or projections or that all assumptions relating to such estimates or projections have been considered or stated or that such estimates or projections will be realized.

You are advised that United States securities laws restrict any person who has material, non-public information about a company from purchasing or selling securities of such company (and options, warrants and rights relating thereto) and from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. You agree not to purchase or sell such securities in violation of any such laws.

These materials are not intended as an offer to sell, or the solicitation of an offer to purchase, any security, the offer and/or sale of which can only be made by definitive offering documentation. Any offer or solicitation with respect to any securities that may be issued by ARCC, Ares Management or any of their affiliates will be made only by means of definitive offering memoranda or prospectus, which will be provided to prospective investors and will contain material information that is not set forth herein, including risk factors relating to any such investment.

www.arescapitalcorp.com