Ares Capital Corporation (ARCC) Balance Sheet
ARCC balance sheet, 2025
December 31, 2025 · U.S. dollars$31.23B assets = $16.92B liabilities + $14.32B equity
Both columns are drawn to the same scale: what ARCC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ARCC financial health
Descriptive bands, not a rating. Fiscal 2025.
ARCC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $9.24B2016 | $31.23B2025 | +14.5%/yr | |
| Total liabilities | $4.08B2016 | $16.92B2025 | +17.1%/yr | |
| Shareholders’ equity | $5.17B2016 | $14.32B2025 | +12.0%/yr | |
| Cash & short-term investments | $223.0M2016 | $924.0M2025 | +17.1%/yr | |
| Total debt | $4.04B2016 | $15.99B2025 | +16.5%/yr | |
| Net cash (debt) | −$3.81B2016 | −$15.07B2025 | −$11.3B | |
| Working capital | $233.0M2016 | $635.0M2025 | +$402.0M | |
| Book value per share | $16.452016 | $20.482025 | +2.5%/yr | |
| Current ratio | 3.282016 | 1.712025 | −1.57 | |
| Debt / equity | 0.782016 | 1.122025 | +0.34 | |
| Shares outstanding | 314.0M2016 | 699.0M2025 | +9.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ARCC assets
ARCC liabilities and equity
ARCC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ARCC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $924.0M | $635.0M | $535.0M | $303.0M | $372.0M | $254.0M | $176.0M | $296.0M | $316.0M | $223.0M |
| Cash & equivalents | $924.0M | $635.0M | $535.0M | $303.0M | $372.0M | $254.0M | $176.0M | $296.0M | $316.0M | $223.0M |
| Short-term investments | — | — | −$29.0M | $17.30B | $17.06B | — | — | $4.0M | — | — |
| Receivables | $605.0M | $516.0M | $261.0M | $180.0M | $222.0M | $223.0M | $131.0M | $103.0M | $94.0M | $141.0M |
| Inventory | $0 | $0 | $809.0M | $517.0M | $708.0M | $549.0M | $0 | −$4.0M | −$12.35B | −$9.27B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.0M | $12.35B | $9.24B |
| Total current assets | $1.53B | $1.15B | $825.0M | $517.0M | $708.0M | $549.0M | $307.0M | $399.0M | $409.0M | $335.0M |
| Property, plant & equipment (net) | $0 | $0 | $10.0M | $20.0M | $27.0M | $38.0M | $94.0M | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $29.48B | $26.72B | $22.87B | $21.78B | $20.01B | $15.52B | $14.43B | $12.42B | $11.84B | $8.82B |
| Other non-current assets | $221.0M | $383.0M | $91.0M | $81.0M | $99.0M | $94.0M | $78.0M | $79.0M | $97.0M | $90.0M |
| Total assets | $31.23B | $28.25B | $23.80B | $22.40B | $20.84B | $16.20B | $14.90B | $12.89B | $12.35B | $9.24B |
| Liabilities | ||||||||||
| Accounts payable | $86.0M | $406.0M | $115.0M | $87.0M | $307.0M | $66.0M | $177.0M | $188.0M | $245.0M | $102.0M |
| Short-term debt | — | — | $1.33B | $807.0M | $20.0M | $27.0M | $121.0M | $300.0M | $270.0M | $162.0M |
| Deferred revenue | — | — | — | — | $384.0M | $143.0M | $65.0M | −$4.73B | −$3.59B | −$3.77B |
| Total current liabilities | $894.0M | $406.0M | $1.87B | $1.22B | $724.0M | $375.0M | $121.0M | $188.0M | $245.0M | $102.0M |
| Long-term debt | $0 | $0 | $0 | $12.21B | $0 | $0 | $6.97B | $5.21B | $4.85B | $3.87B |
| Other long-term liabilities | $16.02B | $14.49B | $10.73B | $0 | $11.25B | $8.64B | $121.0M | $0 | $0 | $0 |
| Total liabilities | $16.92B | $14.90B | $12.60B | $12.84B | $11.97B | $9.02B | $7.44B | $5.59B | $5.25B | $4.08B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | — | — | — | — | — | — |
| Retained earnings (deficit) | $958.0M | $852.0M | $462.0M | −$2.0M | $315.0M | −$480.0M | −$293.0M | $127.0M | −$81.0M | $37.0M |
| Accumulated other comprehensive income | — | — | $11.20B | $9.55B | $8.87B | $7.18B | $7.47B | $127.0M | −$94.0M | −$127.0M |
| Total shareholders' equity | $14.32B | $13.36B | $11.20B | $9.55B | $8.87B | $7.18B | $7.47B | $7.30B | $7.10B | $5.17B |
| Key figures | ||||||||||
| Total debt | $15.99B | $13.76B | $11.95B | $12.38B | $11.16B | $8.60B | $7.09B | $5.51B | $5.12B | $4.04B |
| Net cash (debt) | −$15.07B | −$13.12B | −$11.41B | −$12.07B | −$10.79B | −$8.35B | −$6.92B | −$5.22B | −$4.81B | −$3.81B |
| Working capital | $635.0M | $745.0M | −$1.04B | −$700.0M | −$16.0M | $174.0M | $186.0M | $211.0M | $164.0M | $233.0M |
| Tangible book value | $14.32B | $13.36B | $11.20B | $9.55B | $8.87B | $7.18B | $7.47B | $7.30B | $7.10B | $5.17B |
| Book value per share | $20.48 | $21.40 | $19.48 | $18.45 | $19.88 | $16.92 | $17.49 | $17.14 | $16.70 | $16.45 |
| Shares outstanding | 699.0M | 624.0M | 575.0M | 518.0M | 446.0M | 424.0M | 427.0M | 426.0M | 425.0M | 314.0M |
| Current ratio | 1.71 | 2.83 | 0.44 | 0.42 | 0.98 | 1.46 | 2.54 | 2.12 | 1.67 | 3.28 |
| Quick ratio | 1.71 | 2.83 | 0.43 | 0.40 | 0.82 | 1.27 | 2.54 | 2.12 | 1.67 | 3.57 |
| Debt / equity | 1.12 | 1.03 | 1.07 | 1.30 | 1.26 | 1.20 | 0.95 | 0.76 | 0.72 | 0.78 |
| Equity / assets | 45.8% | 47.3% | 47.1% | 42.7% | 42.5% | 44.3% | 50.1% | 56.6% | 57.5% | 55.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $383.0M | $505.0M | $924.0M | $1.04B | $447.0M | $647.0M | $635.0M | $486.0M | $601.0M | $509.0M | $535.0M | $527.0M |
| Cash & equivalents | $383.0M | $505.0M | $924.0M | $1.04B | $447.0M | $647.0M | $635.0M | $486.0M | $601.0M | $509.0M | $535.0M | $527.0M |
| Short-term investments | — | — | — | — | — | — | — | — | $7.0M | $1.0M | — | — |
| Receivables | $299.0M | $239.0M | $605.0M | $631.0M | $306.0M | $272.0M | $516.0M | $382.0M | $331.0M | $464.0M | $261.0M | $259.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.01B | $0 | −$1.0M | $825.0M | $820.0M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.0M | $0 | $0 |
| Total current assets | $682.0M | $505.0M | $1.53B | $1.67B | $753.0M | $919.0M | $1.15B | $868.0M | $932.0M | $973.0M | $825.0M | $864.0M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $7.0M | $8.0M | $9.0M | $10.0M | $13.0M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $29.35B | $29.50B | $29.48B | $28.69B | $27.89B | $27.13B | $26.72B | $25.92B | $24.97B | $23.12B | $22.87B | $21.93B |
| Other non-current assets | $467.0M | $675.0M | $221.0M | $446.0M | $432.0M | $268.0M | $383.0M | $307.0M | $179.0M | $150.0M | $91.0M | $114.0M |
| Total assets | $30.50B | $30.68B | $31.23B | $30.81B | $29.07B | $28.32B | $28.25B | $27.10B | $26.09B | $24.26B | $23.80B | $22.92B |
| Liabilities | ||||||||||||
| Accounts payable | $201.0M | $225.0M | $86.0M | $130.0M | $199.0M | $140.0M | $406.0M | $164.0M | $163.0M | $121.0M | $115.0M | $98.0M |
| Short-term debt | — | — | — | — | $2.42B | — | — | $13.0M | $14.0M | $15.0M | $1.33B | $42.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | $636.0M | −$122.0M | $367.0M | — |
| Total current liabilities | $596.0M | $580.0M | $894.0M | $130.0M | $199.0M | $140.0M | $406.0M | $164.0M | $163.0M | $121.0M | $1.87B | $469.0M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $16.01B | $16.03B | $16.02B | $16.35B | $14.84B | $14.51B | $14.49B | $14.16B | $13.56B | $12.26B | $10.73B | $11.64B |
| Total liabilities | $16.61B | $16.61B | $16.92B | $16.48B | $15.04B | $14.64B | $14.90B | $14.33B | $13.73B | $12.38B | $12.60B | $12.11B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M |
| Retained earnings (deficit) | $531.0M | $705.0M | $958.0M | $851.0M | $789.0M | $765.0M | $852.0M | $728.0M | $642.0M | $620.0M | $462.0M | $309.0M |
| Total shareholders' equity | $13.89B | $14.06B | $14.32B | $14.32B | $14.03B | $13.67B | $13.36B | $12.77B | $12.36B | $11.87B | $11.20B | $10.81B |
| Key figures | ||||||||||||
| Total debt | $15.77B | $15.85B | $15.99B | $15.61B | $14.11B | $13.92B | $13.76B | $13.55B | $13.01B | $11.74B | $11.95B | $11.60B |
| Net cash (debt) | −$15.39B | −$15.34B | −$15.07B | −$14.57B | −$13.66B | −$13.28B | −$13.12B | −$13.06B | −$12.41B | −$11.23B | −$11.41B | −$11.07B |
| Working capital | $86.0M | −$75.0M | $635.0M | $1.54B | $554.0M | $779.0M | $745.0M | $704.0M | $769.0M | $852.0M | −$1.04B | $395.0M |
| Tangible book value | $13.89B | $14.06B | $14.32B | $14.32B | $14.03B | $13.67B | $13.36B | $12.77B | $12.36B | $11.87B | $11.20B | $10.81B |
| Book value per share | $19.35 | $19.59 | $20.48 | $20.20 | $20.19 | $20.22 | $20.39 | $20.11 | $20.07 | $20.09 | $18.89 | $18.58 |
| Shares outstanding | 718.0M | 718.0M | 699.0M | 709.0M | 695.0M | 676.0M | 655.0M | 635.0M | 616.0M | 591.0M | 593.0M | 582.0M |
| Current ratio | 1.14 | 0.87 | 1.71 | 12.82 | 3.78 | 6.56 | 2.83 | 5.29 | 5.72 | 8.04 | 0.44 | 1.84 |
| Quick ratio | 1.14 | 1.28 | 1.71 | 12.82 | 3.78 | 6.56 | 2.83 | 5.29 | 5.72 | 8.04 | 0.43 | 1.68 |
| Debt / equity | 1.14 | 1.13 | 1.12 | 1.09 | 1.01 | 1.02 | 1.03 | 1.06 | 1.05 | 0.99 | 1.07 | 1.07 |
| Equity / assets | 45.5% | 45.8% | 45.8% | 46.5% | 48.3% | 48.3% | 47.3% | 47.1% | 47.4% | 48.9% | 47.1% | 47.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 4, 2026); data from EODHD.
ARCC financial position
At the end of fiscal 2025 (December 31, 2025), Ares Capital had total assets of $31.2 billion (up 10.6% from a year earlier), total liabilities of $16.9 billion and shareholders' equity of $14.3 billion. It held $924.0 million in cash and short-term investments against $16.0 billion of debt, net debt of $15.1 billion. Its current ratio was 1.71. In the latest quarter (ended June 30, 2026) total assets were $30.5 billion and equity $13.9 billion.
Related: ARCC income statement, ARCC cash flow statement, ARCC key metrics. See the ARCC stock overview for the latest quote and news.
ARCC balance sheet FAQ
What are Ares Capital's total assets?
Ares Capital reported total assets of $31.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $28.3 billion a year earlier.
How much debt does Ares Capital have?
Ares Capital had $16.0 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.12.
How much cash does Ares Capital have?
Ares Capital held $924.0 million in cash and short-term investments at the end of fiscal 2025; with $16.0 billion of debt that is net debt of $15.1 billion.
What is Ares Capital's book value?
Ares Capital's shareholders' equity (book value) was $14.3 billion at the end of fiscal 2025, or $20.48 per share.
What is Ares Capital's current ratio?
Ares Capital had current assets of $1.5 billion and current liabilities of $894.0 million, a current ratio of 1.71 (it can cover its short-term obligations).