ARES CAPITAL CORP
For the period ended Sep 30, 2025. Filed Oct 28, 2025.
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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.
Sep 30, 2025 · Filed Oct 28, 2025
ARCC$19.35+1.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statement of Cash Flows for the three
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
| For the Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| OPERATING ACTIVITIES: | ||
| Net increase in stockholders' equity resulting from operations | $1,006 | $1,165 |
| Adjustments to reconcile net increase in stockholders’ equity resulting from operations: | ||
| Net realized (gains) losses on investments, foreign currency and other transactions | (135) | 60 |
| Net unrealized (gains) losses on investments, foreign currency and other transactions | 174 | (165) |
| Realized loss on extinguishment of debt | — | 14 |
| Net gain on interest rate swaps accounted for as hedge instruments and the related hedged items | (2) | (1) |
| Net accretion of discount on investments | (12) | (14) |
| PIK interest | (165) | (150) |
| Collections of PIK interest | 124 | 67 |
| PIK dividends | (205) | (189) |
| Collections of PIK dividends | 128 | 17 |
| Amortization of debt issuance costs | 26 | 25 |
| Net amortization of premium on notes payable | (1) | (5) |
| Proceeds from sales and repayments of investments and other transactions | 7,079 | 6,737 |
| Purchases of investments | (9,263) | (9,469) |
| Changes in operating assets and liabilities: | ||
| Interest receivable | 46 | (14) |
| Other assets | (16) | (7) |
| Base management fee payable | 8 | 12 |
| Income based fee payable | (3) | 2 |
| Capital gains incentive fee payable | (8) | 18 |
| Interest and facility fees payable | (41) | (13) |
| Payable to participants | (51) | 9 |
| Interest rate swap collateral payable | 44 | 99 |
| Accounts payable and other liabilities | (23) | (58) |
| Net cash used in operating activities | (1,290) | (1,860) |
| FINANCING ACTIVITIES: | ||
| Borrowings on debt | 9,383 | 10,649 |
| Repayments and repurchases of debt | (7,583) | (8,681) |
| Debt issuance costs | (45) | (38) |
| Repayment of 2024 Convertible Notes | — | (10) |
| Net proceeds from issuance of common stock | 906 | 836 |
| Dividends paid | (945) | (836) |
| Secured borrowings, net | (32) | — |
| Net cash provided by financing activities | 1,684 | 1,920 |
| CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 394 | 60 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 860 | 564 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $1,254 | $624 |
| Supplemental Information: | ||
| Interest paid during the period | $560 | $513 |
| Taxes, including excise taxes, paid during the period | $42 | $58 |
| Dividends declared and payable during the period | $1,007 | $899 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.