ARES CAPITAL CORP

Ticker: ARCC CUSIP: 04010L103 Class: COM

DELPHI MANAGEMENT INC /MA/'s Holding History (CIK: 0000767684)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 63,422 Value ($000) $1 Avg Close $19.79 Range $18.36 - $20.64

Q3 2025

Shares 63,955 Value ($000) $1 Avg Close $21.33 Range $19.60 - $22.39

Q2 2025

Shares 62,699 Value ($000) $1 Avg Close $19.97 Range $17.08 - $21.13

Q1 2025

Shares 65,753 Value ($000) $1 Avg Close $20.85 Range $19.58 - $21.80

Q4 2024

Shares 73,215 Value ($000) $2 Avg Close $19.38 Range $18.52 - $20.24

Q3 2024

Shares 70,073 Value ($000) $1 Avg Close $18.23 Range $16.88 - $18.78

Q2 2024

Shares 89,235 Value ($000) $2 Avg Close $17.90 Range $17.19 - $18.65

Q1 2024

Shares 89,134 Value ($000) $2 Avg Close $16.97 Range $16.50 - $17.82

Q4 2023

Shares 77,342 Value ($000) $2 Avg Close $15.96 Range $15.11 - $16.83

Q3 2023

Shares 73,631 Value ($000) $1 Avg Close $15.48 Range $14.81 - $16.12

Q2 2023

Shares 70,387 Value ($000) $1 Avg Close $14.38 Range $13.58 - $15.16

Q4 2022

Shares 61,450 Value ($000) $1 Avg Close $13.85 Range $12.13 - $14.57

Q4 2021

Shares 66,663 Value ($000) $1,413 Avg Close $13.96 Range $13.29 - $14.62

Q3 2021

Shares 65,788 Value ($000) $1,337 Avg Close $13.21 Range $12.76 - $13.85

Q2 2021

Shares 66,563 Value ($000) $1,304 Avg Close $12.51 Range $11.72 - $13.01

Q1 2021

Shares 66,088 Value ($000) $1,237 Avg Close $11.38 Range $10.33 - $12.22

Q3 2019

Shares 79,132 Value ($000) $1,475 Avg Close $10.07 Range $9.69 - $10.53

Q2 2019

Shares 95,089 Value ($000) $1,706 Avg Close $9.39 Range $9.08 - $9.82

Q1 2019

Shares 102,673 Value ($000) $1,760 Avg Close $8.68 Range $7.88 - $9.11

Q4 2018

Shares 128,000 Value ($000) $1,994 Avg Close $8.36 Range $7.47 - $8.87

Q3 2018

Shares 135,609 Value ($000) $2,331 Avg Close $8.47 Range $8.03 - $8.77

Q2 2018

Shares 138,756 Value ($000) $2,338 Avg Close $7.94 Range $7.42 - $8.28

Q1 2018

Shares 142,476 Value ($000) $2,261 Avg Close $7.48 Range $7.06 - $7.79

Q4 2017

Shares 150,750 Value ($000) $2,370 Avg Close $7.48 Range $7.21 - $7.65

Q3 2017

Shares 149,863 Value ($000) $2,456 Avg Close $7.28 Range $7.04 - $7.54

Q2 2017

Shares 143,040 Value ($000) $2,343 Avg Close $7.41 Range $7.10 - $7.75

Q1 2017

Shares 144,100 Value ($000) $2,494 Avg Close $7.44 Range $6.98 - $7.70

Q4 2016

Shares 144,614 Value ($000) $2,385 Avg Close $6.62 Range $6.28 - $7.14

Q3 2016

Shares 145,048 Value ($000) $2,248 Avg Close $6.30 Range $5.66 - $6.71

Q2 2016

Shares 147,872 Value ($000) $2,100 Avg Close $5.94 Range $5.67 - $6.15

Q1 2016

Shares 152,199 Value ($000) $2,259 Avg Close $5.37 Range $4.77 - $5.91

Q4 2015

Shares 128,244 Value ($000) $1,827 Avg Close $5.76 Range $5.23 - $6.03

Q3 2015

Shares 546,690 Value ($000) $7,916 Avg Close $5.81 Range $4.05 - $6.14

Q2 2015

Shares 553,725 Value ($000) $9,114 Avg Close $6.04 Range $5.73 - $6.25

Q1 2015

Shares 541,400 Value ($000) $9,296 Avg Close $5.89 Range $5.44 - $6.24

Q4 2014

Shares 384,660 Value ($000) $6,003 Avg Close $5.49 Range $5.03 - $5.64

Q3 2014

Shares 377,550 Value ($000) $6,101 Avg Close $5.68 Range $5.43 - $6.00

Q2 2014

Shares 331,630 Value ($000) $5,923 Avg Close $5.65 Range $5.39 - $6.00

Q1 2014

Shares 425,411 Value ($000) $7,496 Avg Close $5.73 Range $5.59 - $5.95

Q4 2013

Shares 424,367 Value ($000) $7,541 Avg Close $5.52 Range $5.29 - $5.75

Q3 2013

Shares 425,346 Value ($000) $7,354 Avg Close $5.37 Range $5.17 - $5.58

Q2 2013

Shares 423,635 Value ($000) $7,287 Avg Close $5.23 Range $4.93 - $5.49

Q1 2013

Shares 340,860 Value ($000) $6,170 Avg Close $5.29 Range $5.10 - $5.47

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	63,422	$1	$19.79	$18.36 - $20.64
Q3 2025	63,955	$1	$21.33	$19.60 - $22.39
Q2 2025	62,699	$1	$19.97	$17.08 - $21.13
Q1 2025	65,753	$1	$20.85	$19.58 - $21.80
Q4 2024	73,215	$2	$19.38	$18.52 - $20.24
Q3 2024	70,073	$1	$18.23	$16.88 - $18.78
Q2 2024	89,235	$2	$17.90	$17.19 - $18.65
Q1 2024	89,134	$2	$16.97	$16.50 - $17.82
Q4 2023	77,342	$2	$15.96	$15.11 - $16.83
Q3 2023	73,631	$1	$15.48	$14.81 - $16.12
Q2 2023	70,387	$1	$14.38	$13.58 - $15.16
Q4 2022	61,450	$1	$13.85	$12.13 - $14.57
Q4 2021	66,663	$1,413	$13.96	$13.29 - $14.62
Q3 2021	65,788	$1,337	$13.21	$12.76 - $13.85
Q2 2021	66,563	$1,304	$12.51	$11.72 - $13.01
Q1 2021	66,088	$1,237	$11.38	$10.33 - $12.22
Q3 2019	79,132	$1,475	$10.07	$9.69 - $10.53
Q2 2019	95,089	$1,706	$9.39	$9.08 - $9.82
Q1 2019	102,673	$1,760	$8.68	$7.88 - $9.11
Q4 2018	128,000	$1,994	$8.36	$7.47 - $8.87
Q3 2018	135,609	$2,331	$8.47	$8.03 - $8.77
Q2 2018	138,756	$2,338	$7.94	$7.42 - $8.28
Q1 2018	142,476	$2,261	$7.48	$7.06 - $7.79
Q4 2017	150,750	$2,370	$7.48	$7.21 - $7.65
Q3 2017	149,863	$2,456	$7.28	$7.04 - $7.54
Q2 2017	143,040	$2,343	$7.41	$7.10 - $7.75
Q1 2017	144,100	$2,494	$7.44	$6.98 - $7.70
Q4 2016	144,614	$2,385	$6.62	$6.28 - $7.14
Q3 2016	145,048	$2,248	$6.30	$5.66 - $6.71
Q2 2016	147,872	$2,100	$5.94	$5.67 - $6.15
Q1 2016	152,199	$2,259	$5.37	$4.77 - $5.91
Q4 2015	128,244	$1,827	$5.76	$5.23 - $6.03
Q3 2015	546,690	$7,916	$5.81	$4.05 - $6.14
Q2 2015	553,725	$9,114	$6.04	$5.73 - $6.25
Q1 2015	541,400	$9,296	$5.89	$5.44 - $6.24
Q4 2014	384,660	$6,003	$5.49	$5.03 - $5.64
Q3 2014	377,550	$6,101	$5.68	$5.43 - $6.00
Q2 2014	331,630	$5,923	$5.65	$5.39 - $6.00
Q1 2014	425,411	$7,496	$5.73	$5.59 - $5.95
Q4 2013	424,367	$7,541	$5.52	$5.29 - $5.75
Q3 2013	425,346	$7,354	$5.37	$5.17 - $5.58
Q2 2013	423,635	$7,287	$5.23	$4.93 - $5.49
Q1 2013	340,860	$6,170	$5.29	$5.10 - $5.47