ARES CAPITAL CORP

Ticker: ARCC CUSIP: 04010L103 Class: COM

TWO SIGMA ADVISERS, LP's Holding History (CIK: 0001478735)

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

Q4 2025

Shares 1,217,900 Value ($000) $24,638 Avg Close $19.79 Range $18.36 - $20.64

Q3 2025

Shares 2,474,500 Value ($000) $50,505 Avg Close $21.33 Range $19.60 - $22.39

Q2 2025

Shares 3,299,000 Value ($000) $72,446 Avg Close $19.97 Range $17.08 - $21.13

Q1 2025

Shares 3,715,400 Value ($000) $82,333 Avg Close $20.85 Range $19.58 - $21.80

Q4 2024

Shares 1,302,501 Value ($000) $28,512 Avg Close $19.38 Range $18.52 - $20.24

Q3 2024

Shares 449,700 Value ($000) $9,417 Avg Close $18.23 Range $16.88 - $18.78

Q2 2024

Shares 2,127,600 Value ($000) $44,339 Avg Close $17.90 Range $17.19 - $18.65

Q1 2024

Shares 2,539,600 Value ($000) $52,874 Avg Close $16.97 Range $16.50 - $17.82

Q4 2023

Shares 4,674,500 Value ($000) $93,630 Avg Close $15.96 Range $15.11 - $16.83

Q3 2023

Shares 4,834,000 Value ($000) $94,118 Avg Close $15.48 Range $14.81 - $16.12

Q2 2023

Shares 2,680,500 Value ($000) $50,367 Avg Close $14.38 Range $13.58 - $15.16

Q1 2023

Shares 3,116,400 Value ($000) $56,952 Avg Close $14.33 Range $12.98 - $15.20

Q4 2022

Shares 3,101,800 Value ($000) $57,290 Avg Close $13.85 Range $12.13 - $14.57

Q3 2022

Shares 3,310,200 Value ($000) $55,876 Avg Close $13.92 Range $12.26 - $14.87

Q2 2022

Shares 2,861,400 Value ($000) $51,305 Avg Close $13.84 Range $12.20 - $15.83

Q1 2022

Shares 1,594,700 Value ($000) $33,409 Avg Close $14.63 Range $13.59 - $15.72

Q3 2021

Shares 1,661,013 Value ($000) $33,768 Avg Close $13.21 Range $12.76 - $13.85

Q2 2021

Shares 672,013 Value ($000) $13,165 Avg Close $12.51 Range $11.72 - $13.01

Q1 2021

Shares 1,428,513 Value ($000) $26,727 Avg Close $11.38 Range $10.33 - $12.22

Q4 2020

Shares 1,939,713 Value ($000) $32,762 Avg Close $9.58 Range $8.32 - $10.75

Q3 2020

Shares 1,481,713 Value ($000) $20,670 Avg Close $8.55 Range $8.07 - $9.08

Q2 2020

Shares 1,292,620 Value ($000) $18,678 Avg Close $7.90 Range $5.17 - $9.48

Q1 2020

Shares 1,398,820 Value ($000) $15,079 Avg Close $9.57 Range $4.60 - $10.93

Q4 2019

Shares 608,756 Value ($000) $11,353 Avg Close $10.31 Range $9.90 - $10.59

Q3 2019

Shares 786,514 Value ($000) $14,657 Avg Close $10.07 Range $9.69 - $10.53

Q2 2019

Shares 1,144,155 Value ($000) $20,526 Avg Close $9.39 Range $9.08 - $9.82

Q1 2019

Shares 2,130,255 Value ($000) $36,513 Avg Close $8.68 Range $7.88 - $9.11

Q4 2018

Shares 2,200,355 Value ($000) $34,282 Avg Close $8.36 Range $7.47 - $8.87

Q3 2018

Shares 2,198,155 Value ($000) $37,786 Avg Close $8.47 Range $8.03 - $8.77

Q2 2018

Shares 2,017,855 Value ($000) $33,194 Avg Close $7.94 Range $7.42 - $8.28

Q1 2018

Shares 276,955 Value ($000) $4,395 Avg Close $7.48 Range $7.06 - $7.79

Q4 2017

Shares 955,455 Value ($000) $15,020 Avg Close $7.48 Range $7.21 - $7.65

Q3 2017

Shares 664,455 Value ($000) $10,890 Avg Close $7.28 Range $7.04 - $7.54

Q2 2017

Shares 918,730 Value ($000) $15,049 Avg Close $7.41 Range $7.10 - $7.75

Q1 2017

Shares 2,359,030 Value ($000) $41,000 Avg Close $7.44 Range $6.98 - $7.70

Q4 2016

Shares 2,056,815 Value ($000) $33,917 Avg Close $6.62 Range $6.28 - $7.14

Q3 2016

Shares 1,884,555 Value ($000) $29,211 Avg Close $6.30 Range $5.66 - $6.71

Q2 2016

Shares 1,208,927 Value ($000) $17,167 Avg Close $5.94 Range $5.67 - $6.15

Q1 2016

Shares 873,927 Value ($000) $12,969 Avg Close $5.37 Range $4.77 - $5.91

Q4 2015

Shares 734,999 Value ($000) $10,474 Avg Close $5.76 Range $5.23 - $6.03

Q3 2015

Shares 483,053 Value ($000) $7,085 Avg Close $5.81 Range $4.05 - $6.14

Q2 2015

Shares 364,443 Value ($000) $5,999 Avg Close $6.04 Range $5.73 - $6.25

Q1 2015

Shares 339,895 Value ($000) $5,836 Avg Close $5.89 Range $5.44 - $6.24

Q4 2014

Shares 914,221 Value ($000) $14,266 Avg Close $5.49 Range $5.03 - $5.64

Q3 2014

Shares 1,723,421 Value ($000) $27,850 Avg Close $5.68 Range $5.43 - $6.00

Q2 2014

Shares 1,754,121 Value ($000) $31,329 Avg Close $5.65 Range $5.39 - $6.00

Q1 2014

Shares 1,325,421 Value ($000) $23,354 Avg Close $5.73 Range $5.59 - $5.95

Q4 2013

Shares 1,880,921 Value ($000) $33,423 Avg Close $5.52 Range $5.29 - $5.75

Q3 2013

Shares 1,145,921 Value ($000) $19,812 Avg Close $5.37 Range $5.17 - $5.58

Q2 2013

Shares 1,726,629 Value ($000) $29,698 Avg Close $5.23 Range $4.93 - $5.49

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	1,217,900	$24,638	$19.79	$18.36 - $20.64
Q3 2025	2,474,500	$50,505	$21.33	$19.60 - $22.39
Q2 2025	3,299,000	$72,446	$19.97	$17.08 - $21.13
Q1 2025	3,715,400	$82,333	$20.85	$19.58 - $21.80
Q4 2024	1,302,501	$28,512	$19.38	$18.52 - $20.24
Q3 2024	449,700	$9,417	$18.23	$16.88 - $18.78
Q2 2024	2,127,600	$44,339	$17.90	$17.19 - $18.65
Q1 2024	2,539,600	$52,874	$16.97	$16.50 - $17.82
Q4 2023	4,674,500	$93,630	$15.96	$15.11 - $16.83
Q3 2023	4,834,000	$94,118	$15.48	$14.81 - $16.12
Q2 2023	2,680,500	$50,367	$14.38	$13.58 - $15.16
Q1 2023	3,116,400	$56,952	$14.33	$12.98 - $15.20
Q4 2022	3,101,800	$57,290	$13.85	$12.13 - $14.57
Q3 2022	3,310,200	$55,876	$13.92	$12.26 - $14.87
Q2 2022	2,861,400	$51,305	$13.84	$12.20 - $15.83
Q1 2022	1,594,700	$33,409	$14.63	$13.59 - $15.72
Q3 2021	1,661,013	$33,768	$13.21	$12.76 - $13.85
Q2 2021	672,013	$13,165	$12.51	$11.72 - $13.01
Q1 2021	1,428,513	$26,727	$11.38	$10.33 - $12.22
Q4 2020	1,939,713	$32,762	$9.58	$8.32 - $10.75
Q3 2020	1,481,713	$20,670	$8.55	$8.07 - $9.08
Q2 2020	1,292,620	$18,678	$7.90	$5.17 - $9.48
Q1 2020	1,398,820	$15,079	$9.57	$4.60 - $10.93
Q4 2019	608,756	$11,353	$10.31	$9.90 - $10.59
Q3 2019	786,514	$14,657	$10.07	$9.69 - $10.53
Q2 2019	1,144,155	$20,526	$9.39	$9.08 - $9.82
Q1 2019	2,130,255	$36,513	$8.68	$7.88 - $9.11
Q4 2018	2,200,355	$34,282	$8.36	$7.47 - $8.87
Q3 2018	2,198,155	$37,786	$8.47	$8.03 - $8.77
Q2 2018	2,017,855	$33,194	$7.94	$7.42 - $8.28
Q1 2018	276,955	$4,395	$7.48	$7.06 - $7.79
Q4 2017	955,455	$15,020	$7.48	$7.21 - $7.65
Q3 2017	664,455	$10,890	$7.28	$7.04 - $7.54
Q2 2017	918,730	$15,049	$7.41	$7.10 - $7.75
Q1 2017	2,359,030	$41,000	$7.44	$6.98 - $7.70
Q4 2016	2,056,815	$33,917	$6.62	$6.28 - $7.14
Q3 2016	1,884,555	$29,211	$6.30	$5.66 - $6.71
Q2 2016	1,208,927	$17,167	$5.94	$5.67 - $6.15
Q1 2016	873,927	$12,969	$5.37	$4.77 - $5.91
Q4 2015	734,999	$10,474	$5.76	$5.23 - $6.03
Q3 2015	483,053	$7,085	$5.81	$4.05 - $6.14
Q2 2015	364,443	$5,999	$6.04	$5.73 - $6.25
Q1 2015	339,895	$5,836	$5.89	$5.44 - $6.24
Q4 2014	914,221	$14,266	$5.49	$5.03 - $5.64
Q3 2014	1,723,421	$27,850	$5.68	$5.43 - $6.00
Q2 2014	1,754,121	$31,329	$5.65	$5.39 - $6.00
Q1 2014	1,325,421	$23,354	$5.73	$5.59 - $5.95
Q4 2013	1,880,921	$33,423	$5.52	$5.29 - $5.75
Q3 2013	1,145,921	$19,812	$5.37	$5.17 - $5.58
Q2 2013	1,726,629	$29,698	$5.23	$4.93 - $5.49