ARES CAPITAL CORP
For the period ended Mar 31, 2026. Filed Apr 28, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 28, 2026
ARCC$19.44+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for the three
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| OPERATING ACTIVITIES: | ||
| Net increase in stockholders’ equity resulting from operations | $92 | $241 |
| Adjustments to reconcile net increase in stockholders’ equity resulting from operations: | ||
| Net realized (gains) losses on investments, foreign currency and other transactions | (106) | 61 |
| Net unrealized losses on investments, foreign currency and other transactions | 412 | 63 |
| Net gain on interest rate swaps accounted for as hedge instruments and the related hedged items | — | (1) |
| Net accretion of discount on investments | (4) | (4) |
| PIK interest | (52) | (50) |
| Collections of PIK interest | 54 | 38 |
| PIK dividends | (64) | (67) |
| Collections of PIK dividends | 11 | 22 |
| Amortization of debt issuance costs | 8 | 9 |
| Net amortization of discount/premium on notes payable | 2 | (1) |
| Proceeds from sales and repayments of investments and other transactions | 3,347 | 2,534 |
| Purchases of investments | (3,277) | (3,015) |
| Changes in operating assets and liabilities: | ||
| Interest receivable | 57 | 66 |
| Other assets | 18 | 22 |
| Base management fee payable | — | 2 |
| Income based fee payable | (5) | (6) |
| Capital gains incentive fee payable | (62) | (25) |
| Interest and facility fees payable | (59) | (40) |
| Payable to participants | (53) | (136) |
| Interest rate swap collateral payable | (93) | 6 |
| Accounts payable and other liabilities | (42) | (18) |
| Net cash provided by (used in) operating activities | 184 | (299) |
| FINANCING ACTIVITIES: | ||
| Borrowings on debt | 3,874 | 2,595 |
| Repayments and repurchases of debt | (3,971) | (2,447) |
| Debt issuance costs | (11) | (11) |
| Net proceeds from issuance of common stock | — | 384 |
| Dividends paid | (345) | (308) |
| Secured borrowings, net | — | (32) |
| Net cash provided by (used in) financing activities | (453) | 181 |
| CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (269) | (118) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 924 | 860 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $655 | $742 |
| Supplemental Information: | ||
| Interest paid during the period | $219 | $176 |
| Taxes, including excise taxes, paid during the period | $39 | $37 |
| Dividends declared and payable during the period | $345 | $328 |
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