Exhibit 99.1
New York, NY — February 10, 2021 — Ares Capital Corporation (“Ares Capital”) (NASDAQ: ARCC) announced that its Board of Directors has declared a first quarter dividend of $0.40 per share. The first quarter dividend is payable on March 31, 2021 to stockholders of record as of March 15, 2021.
Ares Capital also announced financial results for its fourth quarter and year ended December 31, 2020.

(dollar amounts in millions, except per share data)Total AmountPer Share(1)Total AmountPer Share(1)Total AmountPer Share(1)Total AmountPer Share(1)
Core EPS(2)$0.54 $0.45 $1.74 $1.89 
GAAP net income per share$0.89 $0.48 $1.14 $1.86 
Net investment income$229 $0.54 $190 $0.44 794 $1.87 $811 $1.90 
Net realized gains (losses)$(183)$(0.43)$(79)$(0.18)(166)$(0.39)$(65)$(0.15)
Net unrealized gains (losses)$332 $0.78 $93 $0.22 (144)$(0.34)$47 $0.11 
GAAP net income$378 $0.89 $204 $0.48 $484 $1.14 $793 $1.86 
Dividends declared and payable $0.40  $0.42 (3)$1.60 $1.68 (4)
 As of
(dollar amounts in millions, except per share data)December 31, 2020December 31, 2019
Portfolio investments at fair value $15,515 $14,426 
Total assets$16,196 $14,905 
Stockholders’ equity$7,176 $7,467 
Net assets per share$16.97 $17.32 
Debt/equity ratio1.20x0.95x

(1)All per share amounts are basic and diluted.

(2)Basic and diluted Core EPS is a non-GAAP financial measure. Core EPS is the net per share increase (decrease) in stockholders’ equity resulting from operations less 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. Basic and diluted GAAP net income 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 basic and diluted Core EPS to the most directly comparable GAAP financial measure are set forth in Schedule 1 hereto.

(3)Includes an additional dividend of $0.02 per share paid in the fourth quarter ended December 31, 2019.

(4)Includes additional dividends of $0.08 per share in the aggregate paid in the year ended December 31, 2019.


The following information was filed by Ares Capital Corp (ARCC) on Wednesday, February 10, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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