XML 36 R26.htm IDEA: XBRL DOCUMENT
v3.24.3

N-2 - $ / shares | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2024
Cover [Abstract] |  |  |  |  |  |  |  |  |  |  |
Entity Central Index Key |  |  |  |  |  |  |  |  |  |  | 0001287750
Amendment Flag |  |  |  |  |  |  |  |  |  |  | false
Securities Act File Number |  |  |  |  |  |  |  |  |  |  | 814-00663
Document Type |  |  |  |  |  |  |  |  |  |  | 10-Q
Entity Registrant Name |  |  |  |  |  |  |  |  |  |  | ARES CAPITAL CORPORATION
Entity Address, Address Line One |  |  |  |  |  |  |  |  |  |  | 245 Park Avenue
Entity Address, Address Line Two |  |  |  |  |  |  |  |  |  |  | 44th Floor
Entity Address, City or Town |  |  |  |  |  |  |  |  |  |  | New York
Entity Address, State or Province |  |  |  |  |  |  |  |  |  |  | NY
Entity Address, Postal Zip Code |  |  |  |  |  |  |  |  |  |  | 10167
City Area Code |  |  |  |  |  |  |  |  |  |  | 212
Local Phone Number |  |  |  |  |  |  |  |  |  |  | 750-7300
Entity Emerging Growth Company |  |  |  |  |  |  |  |  |  |  | false
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |  |  |  |
Investment Objectives and Practices [Text Block] |  |  |  |  |  |  |  |  |  |  | Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily in first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and second lien senior secured loans. In addition to senior secured loans, we also invest in subordinated loans (sometimes referred to as mezzanine debt) and preferred equity. To a lesser extent, we also make common equity investments, which have generally been non-control equity investments of less than $20 million (usually in conjunction with a concurrent debt investment). However, we may increase the size or change the nature of these investments.
Share Price [Table Text Block] |  |  |  |  |  |  |  |  |  |  | Price Range of Common Stock The following table sets forth, for the first three quarters of the year ending December 31, 2024 and each fiscal quarter for the fiscal years ended December 31, 2023 and 2022, the net asset value per share of our common stock, the range of high and low closing sales prices of our common stock, the closing sales price as a premium (discount) to net asset value and the dividends or distributions declared by us. On October 24, 2024, the last reported closing sales price of our common stock on the NASDAQ Global Select Market was $21.67 per share, which represented a premium of approximately 9.61% to the net asset value per share reported by us as of September 30, 2024.
| Net Asset |  | Price Range |  | High Sales Price Premium (Discount) to Net Asset |  | Low Sales Price Premium (Discount) to Net Asset |  | Cash Dividend Per |
| Value(1) |  | High |  | Low |  | Value(2) |  | Value(2) |  | Share(3) |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
First Quarter | $ | 19.03 |  |  | $ | 22.58 |  |  | $ | 19.70 |  |  | 18.65 | % |  | 3.52 | % |  | $ | 0.54 |  | (4)
Second Quarter | $ | 18.81 |  |  | $ | 22.44 |  |  | $ | 17.12 |  |  | 19.30 | % |  | (8.98) | % |  | $ | 0.42 |  |
Third Quarter | $ | 18.56 |  |  | $ | 20.70 |  |  | $ | 16.84 |  |  | 11.53 | % |  | (9.27) | % |  | $ | 0.43 |  |
Fourth Quarter | $ | 18.40 |  |  | $ | 19.76 |  |  | $ | 17.30 |  |  | 7.39 | % |  | (5.98) | % |  | $ | 0.48 |  |
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
First Quarter | $ | 18.45 |  |  | $ | 20.04 |  |  | $ | 17.19 |  |  | 8.62 | % |  | (6.83) | % |  | $ | 0.48 |  |
Second Quarter | $ | 18.58 |  |  | $ | 19.11 |  |  | $ | 17.65 |  |  | 2.85 | % |  | (5.01) | % |  | $ | 0.48 |  |
Third Quarter | $ | 18.99 |  |  | $ | 19.81 |  |  | $ | 18.86 |  |  | 4.32 | % |  | (0.68) | % |  | $ | 0.48 |  |
Fourth Quarter | $ | 19.24 |  |  | $ | 20.21 |  |  | $ | 18.66 |  |  | 5.04 | % |  | (3.01) | % |  | $ | 0.48 |  |
Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
First Quarter | $ | 19.53 |  |  | $ | 20.82 |  |  | $ | 19.94 |  |  | 6.61 | % |  | 2.10 | % |  | $ | 0.48 |  |
Second Quarter | $ | 19.61 |  |  | $ | 21.58 |  |  | $ | 20.24 |  |  | 10.05 | % |  | 3.21 | % |  | $ | 0.48 |  |
Third Quarter | $ | 19.77 |  |  | $ | 21.28 |  |  | $ | 19.80 |  |  | 7.64 | % |  | 0.15 | % |  | $ | 0.48 |  |
_______________________________________________________________________________ (1)Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low closing sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter. (2)Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter). (3)Represents the dividend or distribution declared in the relevant quarter. (4)Consists of a quarterly dividend of $0.42 per share and additional quarterly dividends totaling $0.12 per share, all of which were declared in the first quarter of 2022 and paid on March 31, 2022, June 30, 2022, September 30, 2022 and December 29, 2022.
Lowest Price or Bid | $ 19.80 | $ 19.94 | $ 18.66 | $ 18.86 | $ 17.65 | $ 17.19 | $ 17.30 | $ 16.84 | $ 17.12 | $ 19.70 |
Highest Price or Bid | $ 21.28 | $ 20.82 | $ 20.21 | $ 19.81 | $ 19.11 | $ 20.04 | $ 19.76 | $ 20.70 | $ 22.44 | $ 22.58 |
Highest Price or Bid, Premium (Discount) to NAV [Percent] | 10.05% | 6.61% | 5.04% | 4.32% | 2.85% | 8.62% | 7.39% | 11.53% | 19.30% | 18.65% |
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | 3.21% | 2.10% | (3.01%) | (0.68%) | (5.01%) | (6.83%) | (5.98%) | (9.27%) | (8.98%) | 3.52% |
NAV Per Share | $ 19.77 | $ 19.53 |  | $ 19.24 | $ 18.99 |  |  | $ 18.40 |  |  | $ 19.77
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |  |  |  |
Long Term Debt [Table Text Block] |  |  |  |  |  |  |  |  |  |  | Our debt obligations consisted of the following as of September 30, 2024 and December 31, 2023:
| As of |
| September 30, 2024 |  | December 31, 2023 |
(in millions) | Total Aggregate Principal Amount Available/ Outstanding(1) |  | Principal Amount Outstanding |  | Carrying Value |  | Total Aggregate Principal Amount Available/ Outstanding(1) |  | Principal Amount Outstanding |  | Carrying Value |
Revolving Credit Facility | $ | 4,513 |  | (2) | $ | 1,713 |  |  | $ | 1,713 |  |  | $ | 4,758 |  | (2) | $ | 1,413 |  |  | $ | 1,413 |  |
Revolving Funding Facility | 1,775 |  |  | 822 |  |  | 822 |  |  | 1,775 |  |  | 863 |  |  | 863 |  |
SMBC Funding Facility | 800 |  | (3) | 492 |  |  | 492 |  |  | 800 |  | (3) | 401 |  |  | 401 |  |
BNP Funding Facility | 1,265 |  |  | 784 |  |  | 784 |  |  | 865 |  |  | 575 |  |  | 575 |  |
2024-1 CLO Notes(4) | 476 |  |  | 476 |  |  | 473 |  | (5) | — |  |  | — |  |  | — |  |
2024 Convertible Notes | — |  |  | — |  |  | — |  | (5) | 403 |  |  | 403 |  |  | 402 |  | (5)
June 2024 Notes | — |  |  | — |  |  | — |  | (5) | 900 |  |  | 900 |  |  | 899 |  | (5)
March 2025 Notes | 600 |  |  | 600 |  |  | 600 |  | (5) | 600 |  |  | 600 |  |  | 599 |  | (5)
July 2025 Notes | 1,250 |  |  | 1,250 |  |  | 1,252 |  | (5) | 1,250 |  |  | 1,250 |  |  | 1,255 |  | (5)
January 2026 Notes | 1,150 |  |  | 1,150 |  |  | 1,148 |  | (5) | 1,150 |  |  | 1,150 |  |  | 1,146 |  | (5)
July 2026 Notes | 1,000 |  |  | 1,000 |  |  | 995 |  | (5) | 1,000 |  |  | 1,000 |  |  | 993 |  | (5)
January 2027 Notes | 900 |  |  | 900 |  |  | 909 |  | (5)(6) | 900 |  |  | 900 |  |  | 905 |  | (5)(6)
June 2027 Notes | 500 |  |  | 500 |  |  | 496 |  | (5) | 500 |  |  | 500 |  |  | 495 |  | (5)
June 2028 Notes | 1,250 |  |  | 1,250 |  |  | 1,248 |  | (5) | 1,250 |  |  | 1,250 |  |  | 1,247 |  | (5)
March 2029 Notes | 1,000 |  |  | 1,000 |  |  | 1,005 |  | (5)(6) | — |  |  | — |  |  | — |  |
July 2029 Notes | 850 |  |  | 850 |  |  | 871 |  | (5)(6) | — |  |  | — |  |  | — |  |
November 2031 Notes | 700 |  |  | 700 |  |  | 692 |  | (5) | 700 |  |  | 700 |  |  | 691 |  | (5)
Total | $ | 18,029 |  |  | $ | 13,487 |  |  | $ | 13,500 |  |  | $ | 16,851 |  |  | $ | 11,905 |  |  | $ | 11,884 |  |
________________________________________ (1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, Revolving Funding Facility, SMBC Funding Facility and BNP Funding Facility (each as defined below) are subject to borrowing base and other restrictions. (2)Provides for a feature that allows us, under certain circumstances, to increase the size of the Revolving Credit Facility to a maximum of $6.7 billion and $7.1 billion, as of September 30, 2024 and December 31, 2023, respectively. (3)Provides for a feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility (as defined below) to a maximum of $1.0 billion. (4)Excludes the CLO Subordinated Notes (as defined below), which were retained by us and, as such, are eliminated in consolidation. See “Debt Securitization” below for more information. (5)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. In March 2024, we repaid in full the 2024 Convertible Notes (as defined below) upon their maturity. In June 2024,we repaid in full the June 2024 Notes (as defined below) upon their maturity. (6)The carrying value of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes (each as defined below) as of September 30, 2024 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the January 2027 Notes as of December 31, 2023 includes an adjustment as a result of an effective hedge accounting relationship. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information. The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all our debt outstanding as of September 30, 2024 were 5.2% and 3.5 years, respectively, and as of December 31, 2023 were 4.8% and 3.0 years, respectively. The weighted average stated interest rate of all our debt outstanding as of September 30, 2024 and December 31, 2023 includes the impact of interest rate swaps. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on the interest rate swaps. The ratio of total principal amount of debt outstanding to stockholders’ equity as of September 30, 2024 was 1.06:1.00 compared to 1.07:1.00 as of December 31, 2023. Revolving Credit Facility We are party to a senior secured revolving credit facility (as amended and restated, the “Revolving Credit Facility”), that allows us to borrow up to $4.5 billion at any one time outstanding. The Revolving Credit Facility consists of a $3.4 billion revolving tranche and a $1.1 billion term loan tranche. As of September 30, 2024, the end of the revolving periods and the stated maturity dates of the various revolving and term loan tranches of the Revolving Credit Facility were as follows:
(in millions) | Total Aggregate Principal Amount Committed/ Outstanding |  | End of Revolving Period |  | Maturity Date |  |  |
Revolving tranche | $ | 3,024 |  |  | April 12, 2028 |  | April 12, 2029 |  |  |
| 269 |  | March 31, 2026 |  | March 31, 2027 |  |  |
| 107 |  | March 31, 2025 |  | March 31, 2026 |  |  |
| 3,400 |  |  |  |  |  |  |  |
Term loan tranche | 974 |  |  |  |  | April 12, 2029 |  |  |
| 70 |  |  |  | April 19, 2028 |  |  |
| 41 |  |  |  | March 31, 2027 |  |  |
| 28 |  |  |  | March 31, 2026 |  |  |
| 1,113 |  |  |  |  |  |  |  |
| $ | 4,513 |  |  |  |  |  |  |  |
The Revolving Credit Facility also provides for a feature that allows us, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of $6.7 billion. The interest rate charged on the Revolving Credit Facility is based on SOFR (or an alternative rate of interest for certain loans, commitments and/or other extensions of credit denominated in Sterling, Canadian Dollars, Euros and certain other foreign currencies) plus a credit spread adjustment of 0.10% and an applicable spread of either 1.75% or 1.875% or an “alternate base rate” (as defined in the documents governing the Revolving Credit Facility) plus a credit spread adjustment of 0.10% and an applicable spread of either 0.75% or 0.875%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving exposure and term loans outstanding under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. As of September 30, 2024, the applicable spread in effect was 1.75%. We are also required to pay a letter of credit fee of either 2.00% or 2.125% per annum on letters of credit issued, determined monthly based on the total amount of the borrowing base relative to the total commitments of the Revolving Credit Facility and other debt, if any, secured by the same collateral as the Revolving Credit Facility. Additionally, we are required to pay a commitment fee of 0.375% per annum on any unused portion of the Revolving Credit Facility. As of September 30, 2024, there was $1.7 billion outstanding under the Revolving Credit Facility and we were in compliance in all material respects with the terms of the Revolving Credit Facility. Revolving Funding Facility We and our consolidated subsidiary, Ares Capital CP Funding LLC (“Ares Capital CP”), are party to a revolving funding facility (as amended, the “Revolving Funding Facility”), that allows Ares Capital CP to borrow up to $1.8 billion at any one time outstanding. The Revolving Funding Facility is secured by all of the assets held by, and the membership interest in, Ares Capital CP. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility are December 29, 2024 and December 29, 2026, respectively. The interest rate charged on the Revolving Funding Facility is based on SOFR plus a credit spread adjustment of 0.10% or a “base rate” (as defined in the documents governing the Revolving Funding Facility) plus an applicable spread of 1.90% per annum. Ares Capital CP is also required to pay a commitment fee of between 0.50% and 1.25% per annum depending on the size of the unused portion of the Revolving Funding Facility. As of September 30, 2024, there was $822 million outstanding under the Revolving Funding Facility and we and Ares Capital CP were in compliance in all material respects with the terms of the Revolving Funding Facility. See “Recent Developments,” as well as Note 14 to our consolidated financial statements for the three and nine months ended September 30, 2024, for a subsequent event relating to the Revolving Funding Facility. SMBC Funding Facility We and our consolidated subsidiary, Ares Capital JB Funding LLC (“ACJB”), are party to a revolving funding facility (as amended, the “SMBC Funding Facility”), with ACJB, as the borrower, and Sumitomo Mitsui Banking Corporation, as the administrative agent and collateral agent, that allows ACJB to borrow up to $800 million at any one time outstanding. The SMBC Funding Facility also provides for a feature that allows ACJB, subject to receiving certain consents, to increase the overall size of the SMBC Funding Facility to $1.0 billion. The SMBC Funding Facility is secured by all of the assets held by ACJB. The end of the reinvestment period and the stated maturity date for the SMBC Funding Facility are March 28, 2027 and March 28, 2029, respectively. The reinvestment period and the stated maturity date are both subject to two one-year extensions by mutual agreement. The interest rate charged on the SMBC Funding Facility is based on an applicable spread of either (i) 2.50% over one month SOFR or (ii) 1.50% over a “base rate” (as defined in the documents governing the SMBC Funding Facility). ACJB is also required to pay a commitment fee of between 0.50% and 1.00% per annum depending on the size of the unused portion of the SMBC Funding Facility. As of September 30, 2024, there was $492 million outstanding under the SMBC Funding Facility and we and ACJB were in compliance in all material respects with the terms of the SMBC Funding Facility. BNP Funding Facility We and our consolidated subsidiary, ARCC FB Funding LLC (“AFB”), are party to a revolving funding facility (as amended, the “BNP Funding Facility”) with AFB, as the borrower, and BNP Paribas, as the administrative agent and lender, that allows AFB to borrow up to $1,265 million at any one time outstanding. The BNP Funding Facility is secured by all of the assets held by AFB. The end of the reinvestment period and the stated maturity date for the BNP Funding Facility are July 26, 2027 and July 26, 2029, respectively. The reinvestment period and the stated maturity date are both subject to a one-year extension by mutual agreement. The interest rate charged on the BNP Funding Facility was based on applicable SOFR, or a “base rate” (as defined in the documents governing the BNP Funding Facility) plus a margin of (i) 2.10% during the reinvestment period and (ii) 2.60% following the reinvestment period. As of September 30, 2024, the applicable spread in effect was 2.10%. AFB is required to pay a commitment fee of between 0.00% and 1.25% per annum depending on the size of the unused portion of the BNP Funding Facility. As of September 30, 2024, there was $784 million outstanding under the BNP Funding Facility and we and AFB were in compliance in all material respects with the terms of the BNP Funding Facility. Debt Securitization 2024-1 CLO Notes In May 2024, we, through our wholly owned consolidated subsidiary, Ares Direct Lending CLO 1 LLC (“ARCC CLO I”), completed a $702 million term debt securitization (the “2024 Debt Securitization”). The 2024 Debt Securitization is also known as a collateralized loan obligation and is an on-balance sheet financing incurred by us, which is consolidated by us for financial reporting purposes and subject to our overall asset coverage requirement. The notes offered in the 2024 Debt Securitization (collectively, the “2024-1 CLO Notes”) were issued by ARCC CLO I pursuant to the indenture governing 2024-1 CLO Notes (the “CLO Indenture”) and include (i) $406 million of Class A Senior Floating Rate Notes (the “Class A CLO Notes”); (ii) $70 million of Class B Senior Floating Rate Notes (the “Class B CLO Notes” and, together with the Class A CLO Notes, the “CLO Secured Notes”); and (iii) $226 million of Subordinated Notes (the “CLO Subordinated Notes”). We retained all of the CLO Subordinated Notes, as such, the CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the 2024-1 CLO Notes as of September 30, 2024 (dollar amounts in millions):
Class |  | Type |  | Principal Outstanding |  | Maturity Date |  | Interest Rate |  | Credit Rating
Class A CLO Notes |  | Senior Secured Floating Rate |  | $ | 406 |  |  | April 25, 2036 |  | SOFR+1.80% |  | AAA(sf)
Class B CLO Notes |  | Senior Secured Floating Rate |  | 70 |  |  | April 25, 2036 |  | SOFR+2.20% |  | AA(sf)
Total CLO Secured Notes |  |  |  | 476 |  |  |  |  |  |  |
CLO Subordinated Notes |  | Subordinated |  | 226 |  |  | April 25, 2036 |  | None |  | Not Rated
Total 2024-1 CLO Notes |  |  |  | $ | 702 |  |  |  |  |  |  |
The CLO Secured Notes are the secured obligation of ARCC CLO I and are backed by a diversified portfolio of first lien senior secured loans contributed by us to ARCC CLO I pursuant to the terms of a contribution agreement. The interest rate charged on the CLO Secured Notes is based on SOFR plus a blended weighted average spread of 1.86%. The CLO Subordinated Notes, which were retained by us, are the unsecured obligations of ARCC CLO I. Our investment adviser serves as asset manager to ARCC CLO I under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. Our investment adviser has waived its right to receive such fees but may rescind such waiver with respect to the CLO Secured Notes at any time. See “Recent Developments,” as well as Note 14 to our consolidated financial statements for the three and nine months ended September 30, 2024 for a subsequent event relating to an additional term debt securitization. 2024 Convertible Unsecured Notes In March 2024, we repaid in full the $403 million in aggregate principal amount of unsecured convertible notes which bore interest at a rate of 4.625% per year, payable semi-annually (the “2024 Convertible Notes”) upon their maturity, resulting in a realized loss on extinguishment of debt of $14 million. In accordance with the indenture governing the 2024 Convertible Notes, we settled the repayment of the 2024 Convertible Notes with a combination of cash and shares of our common stock. Approximately $393 million of aggregate principal amount was settled with approximately 20 million shares of our common stock and the remaining $10 million was settled with available cash. Unsecured Notes We issued certain unsecured notes (each issuance of which is referred to herein using the “defined term” set forth under the “Unsecured Notes” column of the table below and collectively referred to as the “Unsecured Notes”), that pay interest semi-annually and all principal amounts are due upon maturity. Each of the Unsecured Notes may be redeemed in whole or in part at any time at our option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indentures governing each of the Unsecured Notes, plus any accrued and unpaid interest. Certain key terms related to the features for the Unsecured Notes as of September 30, 2024 are listed below.
(dollar amounts in millions) Unsecured Notes | Aggregate Principal Amount Issued |  | Effective Stated Interest Rate |  | Original Issuance Date |  | Maturity Date
March 2025 Notes | $ | 600 |  |  | 4.250% |  | January 11, 2018 |  | March 1, 2025
July 2025 Notes | $ | 1,250 |  |  | 3.250% |  | January 15, 2020 |  | July 15, 2025
January 2026 Notes | $ | 1,150 |  |  | 3.875% |  | July 15, 2020 |  | January 15, 2026
July 2026 Notes | $ | 1,000 |  |  | 2.150% |  | January 13, 2021 |  | July 15, 2026
January 2027 Notes(1) | $ | 900 |  |  | 7.678% |  | August 3, 2023 |  | January 15, 2027
June 2027 Notes | $ | 500 |  |  | 2.875% |  | January 13, 2022 |  | June 15, 2027
June 2028 Notes | $ | 1,250 |  |  | 2.875% |  | June 10, 2021 |  | June 15, 2028
March 2029 Notes(1) | $ | 1,000 |  |  | 7.223% |  | January 23, 2024 |  | March 1, 2029
July 2029 Notes(1) | $ | 850 |  |  | 6.740% |  | May 13, 2024 |  | July 15, 2029
November 2031 Notes | $ | 700 |  |  | 3.200% |  | November 4, 2021 |  | November 15, 2031
________________________________________ (1)The effective stated interest rates of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes include the impact of interest rate swaps. In June 2024, we repaid in full the $900 million in aggregate principal amount outstanding of unsecured notes (the “June 2024 Notes”) upon their maturity. The June 2024 Notes bore interest at a rate of 4.200% per annum, payable semi-annually. In connection with certain of the unsecured notes issued by us, we have entered into interest rate swap agreements to more closely align the interest rates of such liabilities with our investment portfolio, which consists primarily of floating rate loans. We designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. Certain information related to our interest rate swap instruments as of September 30, 2024 is presented below.
(dollar amounts in millions) Description |  | Hedged Item |  | Company Receives |  | Company Pays |  |  |  | Maturity Date |  | Notional Amount |  |  |  |
Interest rate swap |  | January 2027 Notes |  | 7.000 | % |  | SOFR +2.581% |  |  |  | January 15, 2027 |  | $ | 900 |  |  |  |  |
Interest rate swap |  | March 2029 Notes |  | 5.875 | % |  | SOFR +2.023% |  |  |  | March 1, 2029 |  | $ | 1,000 |  |  |  |  |
Interest rate swap |  | July 2029 Notes |  | 5.950 | % |  | SOFR +1.643% |  |  |  | July 15, 2029 |  | $ | 850 |  |  |  |  |
See Note 5 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on our debt obligations. As of September 30, 2024, we were in compliance in all material respects with the indentures governing the Unsecured Notes. The Unsecured Notes are our senior unsecured obligations and rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not expressly subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
Revolving Funding Facility [Member] |  |  |  |  |  |  |  |  |  |  |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |  |  |  |
Long Term Debt, Title [Text Block] |  |  |  |  |  |  |  |  |  |  | Revolving Funding Facility
Long Term Debt, Structuring [Text Block] |  |  |  |  |  |  |  |  |  |  | We and our consolidated subsidiary, Ares Capital CP Funding LLC (“Ares Capital CP”), are party to a revolving funding facility (as amended, the “Revolving Funding Facility”), that allows Ares Capital CP to borrow up to $1.8 billion at any one time outstanding. The Revolving Funding Facility is secured by all of the assets held by, and the membership interest in, Ares Capital CP. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility are December 29, 2024 and December 29, 2026, respectively. The interest rate charged on the Revolving Funding Facility is based on SOFR plus a credit spread adjustment of 0.10% or a “base rate” (as defined in the documents governing the Revolving Funding Facility) plus an applicable spread of 1.90% per annum. Ares Capital CP is also required to pay a commitment fee of between 0.50% and 1.25% per annum depending on the size of the unused portion of the Revolving Funding Facility. As of September 30, 2024, there was $822 million outstanding under the Revolving Funding Facility and we and Ares Capital CP were in compliance in all material respects with the terms of the Revolving Funding Facility. See “Recent Developments,” as well as Note 14 to our consolidated financial statements for the three and nine months ended September 30, 2024, for a subsequent event relating to the Revolving Funding Facility.
SMBC Funding Facility [Member] |  |  |  |  |  |  |  |  |  |  |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |  |  |  |
Long Term Debt, Title [Text Block] |  |  |  |  |  |  |  |  |  |  | SMBC Funding Facility
Long Term Debt, Structuring [Text Block] |  |  |  |  |  |  |  |  |  |  | We and our consolidated subsidiary, Ares Capital JB Funding LLC (“ACJB”), are party to a revolving funding facility (as amended, the “SMBC Funding Facility”), with ACJB, as the borrower, and Sumitomo Mitsui Banking Corporation, as the administrative agent and collateral agent, that allows ACJB to borrow up to $800 million at any one time outstanding. The SMBC Funding Facility also provides for a feature that allows ACJB, subject to receiving certain consents, to increase the overall size of the SMBC Funding Facility to $1.0 billion. The SMBC Funding Facility is secured by all of the assets held by ACJB. The end of the reinvestment period and the stated maturity date for the SMBC Funding Facility are March 28, 2027 and March 28, 2029, respectively. The reinvestment period and the stated maturity date are both subject to two one-year extensions by mutual agreement. The interest rate charged on the SMBC Funding Facility is based on an applicable spread of either (i) 2.50% over one month SOFR or (ii) 1.50% over a “base rate” (as defined in the documents governing the SMBC Funding Facility). ACJB is also required to pay a commitment fee of between 0.50% and 1.00% per annum depending on the size of the unused portion of the SMBC Funding Facility. As of September 30, 2024, there was $492 million outstanding under the SMBC Funding Facility and we and ACJB were in compliance in all material respects with the terms of the SMBC Funding Facility.
BNP Funding Facility [Member] |  |  |  |  |  |  |  |  |  |  |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |  |  |  |
Long Term Debt, Title [Text Block] |  |  |  |  |  |  |  |  |  |  | BNP Funding Facility
Long Term Debt, Structuring [Text Block] |  |  |  |  |  |  |  |  |  |  | We and our consolidated subsidiary, ARCC FB Funding LLC (“AFB”), are party to a revolving funding facility (as amended, the “BNP Funding Facility”) with AFB, as the borrower, and BNP Paribas, as the administrative agent and lender, that allows AFB to borrow up to $1,265 million at any one time outstanding. The BNP Funding Facility is secured by all of the assets held by AFB. The end of the reinvestment period and the stated maturity date for the BNP Funding Facility are July 26, 2027 and July 26, 2029, respectively. The reinvestment period and the stated maturity date are both subject to a one-year extension by mutual agreement. The interest rate charged on the BNP Funding Facility was based on applicable SOFR, or a “base rate” (as defined in the documents governing the BNP Funding Facility) plus a margin of (i) 2.10% during the reinvestment period and (ii) 2.60% following the reinvestment period. As of September 30, 2024, the applicable spread in effect was 2.10%. AFB is required to pay a commitment fee of between 0.00% and 1.25% per annum depending on the size of the unused portion of the BNP Funding Facility. As of September 30, 2024, there was $784 million outstanding under the BNP Funding Facility and we and AFB were in compliance in all material respects with the terms of the BNP Funding Facility.
2024-1 CLO Notes [Member] |  |  |  |  |  |  |  |  |  |  |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |  |  |  |
Long Term Debt, Title [Text Block] |  |  |  |  |  |  |  |  |  |  | 2024 Debt Securitization
2024 Convertible Notes [Member] |  |  |  |  |  |  |  |  |  |  |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |  |  |  |
Long Term Debt, Title [Text Block] |  |  |  |  |  |  |  |  |  |  | 2024 Convertible Notes
Long Term Debt, Structuring [Text Block] |  |  |  |  |  |  |  |  |  |  | In March 2024, we repaid in full the $403 million in aggregate principal amount of unsecured convertible notes which bore interest at a rate of 4.625% per year, payable semi-annually (the “2024 Convertible Notes”) upon their maturity, resulting in a realized loss on extinguishment of debt of $14 million. In accordance with the indenture governing the 2024 Convertible Notes, we settled the repayment of the 2024 Convertible Notes with a combination of cash and shares of our common stock. Approximately $393 million of aggregate principal amount was settled with approximately 20 million shares of our common stock and the remaining $10 million was settled with available cash.
Revolving Credit Facility [Member] |  |  |  |  |  |  |  |  |  |  |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |  |  |  |
Long Term Debt, Title [Text Block] |  |  |  |  |  |  |  |  |  |  | Revolving Credit Facility
Long Term Debt, Structuring [Text Block] |  |  |  |  |  |  |  |  |  |  | We are party to a senior secured revolving credit facility (as amended and restated, the “Revolving Credit Facility”), that allows us to borrow up to $4.5 billion at any one time outstanding. The Revolving Credit Facility consists of a $3.4 billion revolving tranche and a $1.1 billion term loan tranche. As of September 30, 2024, the end of the revolving periods and the stated maturity dates of the various revolving and term loan tranches of the Revolving Credit Facility were as follows:
(in millions) | Total Aggregate Principal Amount Committed/ Outstanding |  | End of Revolving Period |  | Maturity Date |  |  |
Revolving tranche | $ | 3,024 |  |  | April 12, 2028 |  | April 12, 2029 |  |  |
| 269 |  | March 31, 2026 |  | March 31, 2027 |  |  |
| 107 |  | March 31, 2025 |  | March 31, 2026 |  |  |
| 3,400 |  |  |  |  |  |  |  |
Term loan tranche | 974 |  |  |  |  | April 12, 2029 |  |  |
| 70 |  |  |  | April 19, 2028 |  |  |
| 41 |  |  |  | March 31, 2027 |  |  |
| 28 |  |  |  | March 31, 2026 |  |  |
| 1,113 |  |  |  |  |  |  |  |
| $ | 4,513 |  |  |  |  |  |  |  |
The Revolving Credit Facility also provides for a feature that allows us, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of $6.7 billion. The interest rate charged on the Revolving Credit Facility is based on SOFR (or an alternative rate of interest for certain loans, commitments and/or other extensions of credit denominated in Sterling, Canadian Dollars, Euros and certain other foreign currencies) plus a credit spread adjustment of 0.10% and an applicable spread of either 1.75% or 1.875% or an “alternate base rate” (as defined in the documents governing the Revolving Credit Facility) plus a credit spread adjustment of 0.10% and an applicable spread of either 0.75% or 0.875%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving exposure and term loans outstanding under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. As of September 30, 2024, the applicable spread in effect was 1.75%. We are also required to pay a letter of credit fee of either 2.00% or 2.125% per annum on letters of credit issued, determined monthly based on the total amount of the borrowing base relative to the total commitments of the Revolving Credit Facility and other debt, if any, secured by the same collateral as the Revolving Credit Facility. Additionally, we are required to pay a commitment fee of 0.375% per annum on any unused portion of the Revolving Credit Facility. As of September 30, 2024, there was $1.7 billion outstanding under the Revolving Credit Facility and we were in compliance in all material respects with the terms of the Revolving Credit Facility.
2024 Debt Securitization [Member] |  |  |  |  |  |  |  |  |  |  |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |  |  |  |
Long Term Debt, Structuring [Text Block] |  |  |  |  |  |  |  |  |  |  | In May 2024, we, through our wholly owned consolidated subsidiary, Ares Direct Lending CLO 1 LLC (“ARCC CLO I”), completed a $702 million term debt securitization (the “2024 Debt Securitization”). The 2024 Debt Securitization is also known as a collateralized loan obligation and is an on-balance sheet financing incurred by us, which is consolidated by us for financial reporting purposes and subject to our overall asset coverage requirement. The notes offered in the 2024 Debt Securitization (collectively, the “2024-1 CLO Notes”) were issued by ARCC CLO I pursuant to the indenture governing 2024-1 CLO Notes (the “CLO Indenture”) and include (i) $406 million of Class A Senior Floating Rate Notes (the “Class A CLO Notes”); (ii) $70 million of Class B Senior Floating Rate Notes (the “Class B CLO Notes” and, together with the Class A CLO Notes, the “CLO Secured Notes”); and (iii) $226 million of Subordinated Notes (the “CLO Subordinated Notes”). We retained all of the CLO Subordinated Notes, as such, the CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the 2024-1 CLO Notes as of September 30, 2024 (dollar amounts in millions):
Class |  | Type |  | Principal Outstanding |  | Maturity Date |  | Interest Rate |  | Credit Rating
Class A CLO Notes |  | Senior Secured Floating Rate |  | $ | 406 |  |  | April 25, 2036 |  | SOFR+1.80% |  | AAA(sf)
Class B CLO Notes |  | Senior Secured Floating Rate |  | 70 |  |  | April 25, 2036 |  | SOFR+2.20% |  | AA(sf)
Total CLO Secured Notes |  |  |  | 476 |  |  |  |  |  |  |
CLO Subordinated Notes |  | Subordinated |  | 226 |  |  | April 25, 2036 |  | None |  | Not Rated
Total 2024-1 CLO Notes |  |  |  | $ | 702 |  |  |  |  |  |  |
The CLO Secured Notes are the secured obligation of ARCC CLO I and are backed by a diversified portfolio of first lien senior secured loans contributed by us to ARCC CLO I pursuant to the terms of a contribution agreement. The interest rate charged on the CLO Secured Notes is based on SOFR plus a blended weighted average spread of 1.86%. The CLO Subordinated Notes, which were retained by us, are the unsecured obligations of ARCC CLO I. Our investment adviser serves as asset manager to ARCC CLO I under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. Our investment adviser has waived its right to receive such fees but may rescind such waiver with respect to the CLO Secured Notes at any time. See “Recent Developments,” as well as Note 14 to our consolidated financial statements for the three and nine months ended September 30, 2024 for a subsequent event relating to an additional term debt securitization.
Unsecured Notes [Member] |  |  |  |  |  |  |  |  |  |  |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |  |  |  |  |  |  |  |  |  |  |
Long Term Debt, Title [Text Block] |  |  |  |  |  |  |  |  |  |  | Unsecured Notes
Long Term Debt, Structuring [Text Block] |  |  |  |  |  |  |  |  |  |  | We issued certain unsecured notes (each issuance of which is referred to herein using the “defined term” set forth under the “Unsecured Notes” column of the table below and collectively referred to as the “Unsecured Notes”), that pay interest semi-annually and all principal amounts are due upon maturity. Each of the Unsecured Notes may be redeemed in whole or in part at any time at our option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indentures governing each of the Unsecured Notes, plus any accrued and unpaid interest. Certain key terms related to the features for the Unsecured Notes as of September 30, 2024 are listed below.
(dollar amounts in millions) Unsecured Notes | Aggregate Principal Amount Issued |  | Effective Stated Interest Rate |  | Original Issuance Date |  | Maturity Date
March 2025 Notes | $ | 600 |  |  | 4.250% |  | January 11, 2018 |  | March 1, 2025
July 2025 Notes | $ | 1,250 |  |  | 3.250% |  | January 15, 2020 |  | July 15, 2025
January 2026 Notes | $ | 1,150 |  |  | 3.875% |  | July 15, 2020 |  | January 15, 2026
July 2026 Notes | $ | 1,000 |  |  | 2.150% |  | January 13, 2021 |  | July 15, 2026
January 2027 Notes(1) | $ | 900 |  |  | 7.678% |  | August 3, 2023 |  | January 15, 2027
June 2027 Notes | $ | 500 |  |  | 2.875% |  | January 13, 2022 |  | June 15, 2027
June 2028 Notes | $ | 1,250 |  |  | 2.875% |  | June 10, 2021 |  | June 15, 2028
March 2029 Notes(1) | $ | 1,000 |  |  | 7.223% |  | January 23, 2024 |  | March 1, 2029
July 2029 Notes(1) | $ | 850 |  |  | 6.740% |  | May 13, 2024 |  | July 15, 2029
November 2031 Notes | $ | 700 |  |  | 3.200% |  | November 4, 2021 |  | November 15, 2031
________________________________________ (1)The effective stated interest rates of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes include the impact of interest rate swaps. In June 2024, we repaid in full the $900 million in aggregate principal amount outstanding of unsecured notes (the “June 2024 Notes”) upon their maturity. The June 2024 Notes bore interest at a rate of 4.200% per annum, payable semi-annually. In connection with certain of the unsecured notes issued by us, we have entered into interest rate swap agreements to more closely align the interest rates of such liabilities with our investment portfolio, which consists primarily of floating rate loans. We designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. Certain information related to our interest rate swap instruments as of September 30, 2024 is presented below.
(dollar amounts in millions) Description |  | Hedged Item |  | Company Receives |  | Company Pays |  |  |  | Maturity Date |  | Notional Amount |  |  |  |
Interest rate swap |  | January 2027 Notes |  | 7.000 | % |  | SOFR +2.581% |  |  |  | January 15, 2027 |  | $ | 900 |  |  |  |  |
Interest rate swap |  | March 2029 Notes |  | 5.875 | % |  | SOFR +2.023% |  |  |  | March 1, 2029 |  | $ | 1,000 |  |  |  |  |
Interest rate swap |  | July 2029 Notes |  | 5.950 | % |  | SOFR +1.643% |  |  |  | July 15, 2029 |  | $ | 850 |  |  |  |  |
See Note 5 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on our debt obligations. As of September 30, 2024, we were in compliance in all material respects with the indentures governing the Unsecured Notes. The Unsecured Notes are our senior unsecured obligations and rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not expressly subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 + Details
Name: | cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract
Namespace Prefix: | cef_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 8 + Details
Name: | cef_GeneralDescriptionOfRegistrantAbstract
Namespace Prefix: | cef_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 8 -Subsection 5 -Paragraph b + Details
Name: | cef_HighestPriceOrBid
Namespace Prefix: | cef_
Data Type: | dtr-types:perShareItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 8 -Subsection 5 -Paragraph b -Subparagraph Instructions 4, 5 + Details
Name: | cef_HighestPriceOrBidPremiumDiscountToNavPercent
Namespace Prefix: | cef_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 8 -Subsection 2 -Paragraph b, d + Details
Name: | cef_InvestmentObjectivesAndPracticesTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 2 -Paragraph a + Details
Name: | cef_LongTermDebtStructuringTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 2 + Details
Name: | cef_LongTermDebtTableTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 10 -Subsection 2 + Details
Name: | cef_LongTermDebtTitleTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 8 -Subsection 5 -Paragraph b + Details
Name: | cef_LowestPriceOrBid
Namespace Prefix: | cef_
Data Type: | dtr-types:perShareItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 8 -Subsection 5 -Paragraph b -Subparagraph Instructions 4, 5 + Details
Name: | cef_LowestPriceOrBidPremiumDiscountToNavPercent
Namespace Prefix: | cef_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | duration

X
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form N-2 -Section Item 8 -Subsection 5 -Paragraph b -Subparagraph 4 + Details
Name: | cef_SharePriceTableTextBlock
Namespace Prefix: | cef_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Boolean flag that is true when the XBRL content amends previously-filed or accepted submission. + References No definition available. + Details
Name: | dei_AmendmentFlag
Namespace Prefix: | dei_
Data Type: | xbrli:booleanItemType
Balance Type: | na
Period Type: | duration

X
- Definition Area code of city + References No definition available. + Details
Name: | dei_CityAreaCode
Namespace Prefix: | dei_
Data Type: | xbrli:normalizedStringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Cover page. + References No definition available. + Details
Name: | dei_CoverAbstract
Namespace Prefix: | dei_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. + References No definition available. + Details
Name: | dei_DocumentType
Namespace Prefix: | dei_
Data Type: | dei:submissionTypeItemType
Balance Type: | na
Period Type: | duration

X
- Definition Address Line 1 such as Attn, Building Name, Street Name + References No definition available. + Details
Name: | dei_EntityAddressAddressLine1
Namespace Prefix: | dei_
Data Type: | xbrli:normalizedStringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Address Line 2 such as Street or Suite number + References No definition available. + Details
Name: | dei_EntityAddressAddressLine2
Namespace Prefix: | dei_
Data Type: | xbrli:normalizedStringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Name of the City or Town + References No definition available. + Details
Name: | dei_EntityAddressCityOrTown
Namespace Prefix: | dei_
Data Type: | xbrli:normalizedStringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Code for the postal or zip code + References No definition available. + Details
Name: | dei_EntityAddressPostalZipCode
Namespace Prefix: | dei_
Data Type: | xbrli:normalizedStringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Name of the state or province. + References No definition available. + Details
Name: | dei_EntityAddressStateOrProvince
Namespace Prefix: | dei_
Data Type: | dei:stateOrProvinceItemType
Balance Type: | na
Period Type: | duration

X
- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2 + Details
Name: | dei_EntityCentralIndexKey
Namespace Prefix: | dei_
Data Type: | dei:centralIndexKeyItemType
Balance Type: | na
Period Type: | duration

X
- Definition Indicate if registrant meets the emerging growth company criteria. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2 + Details
Name: | dei_EntityEmergingGrowthCompany
Namespace Prefix: | dei_
Data Type: | xbrli:booleanItemType
Balance Type: | na
Period Type: | duration

X
- Definition Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen. + References No definition available. + Details
Name: | dei_EntityFileNumber
Namespace Prefix: | dei_
Data Type: | dei:fileNumberItemType
Balance Type: | na
Period Type: | duration

X
- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2 + Details
Name: | dei_EntityRegistrantName
Namespace Prefix: | dei_
Data Type: | xbrli:normalizedStringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Local phone number for entity. + References No definition available. + Details
Name: | dei_LocalPhoneNumber
Namespace Prefix: | dei_
Data Type: | xbrli:normalizedStringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477796/946-210-45-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2 + Details
Name: | us-gaap_NetAssetValuePerShare
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:perShareItemType
Balance Type: | na
Period Type: | instant

X
- Details
Name: | us-gaap_DebtInstrumentAxis=arcc_RevolvingFundingFacilityMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=arcc_SMBCFundingFacilityMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=arcc_BNPFundingFacilityMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=arcc_A20241CLONotesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=arcc_A2024ConvertibleNotesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=arcc_A2024DebtSecuritizationMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DebtInstrumentAxis=arcc_UnsecuredNotesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |