ARES CAPITAL CORP

Ticker: ARCC CUSIP: 04010L103 Class: COM

Bell Bank's Holding History (CIK: 0001002672)

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

Q4 2025

Shares 534,586 Value ($000) $10,815 Avg Close $19.79 Range $18.36 - $20.64

Q3 2025

Shares 530,194 Value ($000) $10,821 Avg Close $21.33 Range $19.60 - $22.39

Q2 2025

Shares 504,792 Value ($000) $11,085 Avg Close $19.97 Range $17.08 - $21.13

Q1 2025

Shares 500,498 Value ($000) $11,091 Avg Close $20.85 Range $19.58 - $21.80

Q4 2024

Shares 484,052 Value ($000) $10,596 Avg Close $19.38 Range $18.52 - $20.24

Q3 2024

Shares 427,727 Value ($000) $8,957 Avg Close $18.23 Range $16.88 - $18.78

Q2 2024

Shares 484,776 Value ($000) $10,103 Avg Close $17.90 Range $17.19 - $18.65

Q1 2024

Shares 489,632 Value ($000) $10,194 Avg Close $16.97 Range $16.50 - $17.82

Q4 2023

Shares 481,238 Value ($000) $9,639 Avg Close $15.96 Range $15.11 - $16.83

Q3 2023

Shares 474,249 Value ($000) $9,234 Avg Close $15.48 Range $14.81 - $16.12

Q2 2023

Shares 469,360 Value ($000) $8,819 Avg Close $14.38 Range $13.58 - $15.16

Q1 2023

Shares 496,238 Value ($000) $9,069 Avg Close $14.33 Range $12.98 - $15.20

Q4 2022

Shares 477,587 Value ($000) $8,821 Avg Close $13.85 Range $12.13 - $14.57

Q3 2022

Shares 476,766 Value ($000) $8,048 Avg Close $13.92 Range $12.26 - $14.87

Q2 2022

Shares 413,650 Value ($000) $7,417 Avg Close $13.84 Range $12.20 - $15.83

Q1 2022

Shares 361,862 Value ($000) $7,581 Avg Close $14.63 Range $13.59 - $15.72

Q4 2021

Shares 290,591 Value ($000) $6,158 Avg Close $13.96 Range $13.29 - $14.62

Q3 2015

Shares 57,129 Value ($000) $827 Avg Close $5.81 Range $4.05 - $6.14

Q2 2015

Shares 53,514 Value ($000) $881 Avg Close $6.04 Range $5.73 - $6.25

Q1 2015

Shares 54,434 Value ($000) $935 Avg Close $5.89 Range $5.44 - $6.24

Q4 2014

Shares 53,789 Value ($000) $839 Avg Close $5.49 Range $5.03 - $5.64

Q3 2014

Shares 49,579 Value ($000) $801 Avg Close $5.68 Range $5.43 - $6.00

Q2 2014

Shares 45,644 Value ($000) $815 Avg Close $5.65 Range $5.39 - $6.00

Q1 2014

Shares 43,484 Value ($000) $766 Avg Close $5.73 Range $5.59 - $5.95

Q4 2013

Shares 47,679 Value ($000) $847 Avg Close $5.52 Range $5.29 - $5.75

Q3 2013

Shares 53,919 Value ($000) $932 Avg Close $5.37 Range $5.17 - $5.58

Q2 2013

Shares 53,789 Value ($000) $925 Avg Close $5.23 Range $4.93 - $5.49

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	534,586	$10,815	$19.79	$18.36 - $20.64
Q3 2025	530,194	$10,821	$21.33	$19.60 - $22.39
Q2 2025	504,792	$11,085	$19.97	$17.08 - $21.13
Q1 2025	500,498	$11,091	$20.85	$19.58 - $21.80
Q4 2024	484,052	$10,596	$19.38	$18.52 - $20.24
Q3 2024	427,727	$8,957	$18.23	$16.88 - $18.78
Q2 2024	484,776	$10,103	$17.90	$17.19 - $18.65
Q1 2024	489,632	$10,194	$16.97	$16.50 - $17.82
Q4 2023	481,238	$9,639	$15.96	$15.11 - $16.83
Q3 2023	474,249	$9,234	$15.48	$14.81 - $16.12
Q2 2023	469,360	$8,819	$14.38	$13.58 - $15.16
Q1 2023	496,238	$9,069	$14.33	$12.98 - $15.20
Q4 2022	477,587	$8,821	$13.85	$12.13 - $14.57
Q3 2022	476,766	$8,048	$13.92	$12.26 - $14.87
Q2 2022	413,650	$7,417	$13.84	$12.20 - $15.83
Q1 2022	361,862	$7,581	$14.63	$13.59 - $15.72
Q4 2021	290,591	$6,158	$13.96	$13.29 - $14.62
Q3 2015	57,129	$827	$5.81	$4.05 - $6.14
Q2 2015	53,514	$881	$6.04	$5.73 - $6.25
Q1 2015	54,434	$935	$5.89	$5.44 - $6.24
Q4 2014	53,789	$839	$5.49	$5.03 - $5.64
Q3 2014	49,579	$801	$5.68	$5.43 - $6.00
Q2 2014	45,644	$815	$5.65	$5.39 - $6.00
Q1 2014	43,484	$766	$5.73	$5.59 - $5.95
Q4 2013	47,679	$847	$5.52	$5.29 - $5.75
Q3 2013	53,919	$932	$5.37	$5.17 - $5.58
Q2 2013	53,789	$925	$5.23	$4.93 - $5.49