Ares Capital lifts BNP credit facility to $1.465B

Ares Capital Corporation entered into a Tenth Amendment to its BNP Paribas revolving credit and security agreement through its subsidiary ARCC FB Funding LLC.

Rhea-AI Filing Summary

Ares Capital Corporation entered into a Tenth Amendment to its BNP Paribas revolving credit and security agreement through its subsidiary ARCC FB Funding LLC. The amendment increased total lender commitments by $200 million, raising the facility size from $1.265 billion to $1.465 billion. The amendment also adjusted certain concentration limits and the advance rate on specific collateral loans, while leaving other key terms of the facility materially unchanged.

Insights

Credit & capital structure analyst

Ares Capital modestly expands secured funding capacity under existing BNP facility.

Ares Capital Corporation increased total commitments under its BNP Paribas revolving credit and security agreement from $1.265 billion to $1.465 billion. This provides additional drawn or drawable capacity within an established funding framework.

The amendment also revises concentration limits and the advance rate on certain collateral loans, which can influence how much borrowing the collateral base supports. Other terms are described as materially unchanged, suggesting this is an incremental capacity and structural tweak rather than a full refinancing.

The impact for investors depends on how actively the company utilizes the extra $200 million of commitments and how the updated concentration and advance rate mechanics affect leverage and portfolio composition in future periods.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Increase in commitments: $200 million Previous facility commitments: $1.265 billion New facility commitments: $1.465 billion

3 metrics

Increase in commitments $200 million Increment added by Tenth Amendment to BNP facility

Previous facility commitments $1.265 billion Total commitments under BNP facility before amendment

New facility commitments $1.465 billion Total commitments under BNP facility after Tenth Amendment

Key Terms

Material Definitive Agreement, Revolving Credit and Security Agreement, advance rate, concentration limitations, +1 more

5 terms

Material Definitive Agreement regulatory

"Item 1.01 Entry into a Material Definitive Agreement."

A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.

Revolving Credit and Security Agreement financial

"Tenth Amendment to the Revolving Credit and Security Agreement, dated as of June 18, 2026"

A revolving credit and security agreement is a loan arrangement that lets a borrower draw, repay and redraw funds up to a set limit—similar to a business credit card—while pledging assets as collateral to back the borrowing. It matters to investors because it affects a company's short-term cash flexibility, ongoing borrowing costs and risk profile: pledged assets can limit future financing options and breaches of the agreement’s rules can trigger repayment demands.

advance rate financial

"modified certain concentration limitations and the advance rate applicable to certain collateral loans"

The advance rate is the percentage of an asset’s appraised or stated value that a lender is willing to loan against, commonly used for receivables, inventory, or property. For investors it shows how much immediate cash a company can raise from its assets — like the share of value a pawnbroker will lend you — and affects liquidity, borrowing capacity and perceived credit risk.

concentration limitations financial

"modified certain concentration limitations and the advance rate applicable to certain collateral loans"

off-balance sheet arrangement regulatory

"Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of Registrant."

An off-balance sheet arrangement is a financial commitment or asset that a company keeps out of its main financial statements so it does not show up as a direct asset or liability. Think of it like renting equipment or using a separate storage locker instead of putting the item in your home: the economic effects exist, but they aren’t listed on the company’s primary balance sheet. Investors care because these arrangements can hide risks, obligations or sources of cash flow that affect a company’s true financial strength and future performance.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Ares Capital Corporation (ARCC) change in its BNP credit facility?

Ares Capital Corporation increased total lender commitments under its BNP Paribas revolving credit and security agreement from $1.265 billion to $1.465 billion. The amendment also modified certain concentration limitations and the advance rate on specific collateral loans, while leaving other material terms largely unchanged.

By how much did Ares Capital (ARCC) increase its BNP revolving credit commitments?

The commitments under Ares Capital’s BNP revolving credit facility rose by $200 million, moving from $1.265 billion to $1.465 billion. This amendment expands the potential borrowing capacity available to ARCC FB Funding LLC within the existing secured funding structure with BNP Paribas and other lenders.

When was Ares Capital’s Tenth Amendment to the BNP facility executed?

Ares Capital’s subsidiary ARCC FB Funding LLC entered into the Tenth Amendment to the BNP revolving credit and security agreement on June 18, 2026. This amendment increased total commitments to $1.465 billion and updated certain collateral-related terms while keeping other provisions materially unchanged.

Which entities are parties to Ares Capital’s amended BNP revolving facility?

The amended BNP revolving facility involves ARCC FB Funding LLC as borrower, BNP Paribas as administrative agent and lender, various other lenders, Ares Capital Corporation as equityholder and servicer, and U.S. Bank Trust Company, National Association, as collateral agent. These roles are detailed in the Tenth Amendment exhibit.

Did Ares Capital’s 8-K describe other major changes besides increased commitments?

The 8-K highlights three main points: a $200 million increase in total commitments to $1.465 billion, modifications to certain concentration limitations, and an adjusted advance rate for specific collateral loans. It states that other terms of the BNP funding facility remained materially unchanged following this Tenth Amendment.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/22/2026 - 04:20 PM Learn about SEC filing dates

0001287750FALSE00012877502026-06-182026-06-18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549 

_____________________________________________________________________  

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported) June 18, 2026

ARES CAPITAL CORPORATION

(Exact Name of Registrant as Specified in Charter)

Maryland

814-00663

33-1089684

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

245 Park Avenue, 44th Floor, New York, NY						10167
(Address of Principal Executive Offices)						(Zip Code)

Registrant’s telephone number, including area code (212) 750-7300

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol			Name of each exchange on which registered
Common stock, $0.001 par value			ARCC			NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 1.01 Entry into a Material Definitive Agreement.

On June 18, 2026, Ares Capital Corporation (the “Registrant”) and ARCC FB Funding LLC, a wholly owned subsidiary of the Registrant (“AFB LLC”), entered into a Tenth Amendment (the “BNP Funding Facility Amendment”) to the Revolving Credit and Security Agreement, dated June 11, 2020, as amended (the “BNP Funding Facility”), with BNP Paribas and each of the other parties thereto. The BNP Funding Facility Amendment, among other things, (a) increased the total commitments under the BNP Funding Facility by $200 million, from $1.265 billion to $1.465 billion and (b) modified certain concentration limitations and the advance rate applicable to certain collateral loans. The other terms of the BNP Funding Facility remained materially unchanged.

The description above is only a summary of the material provisions of the BNP Funding Facility Amendment and is qualified in its entirety by reference to the copy of the BNP Funding Facility Amendment, which is filed as Exhibit 10.1 to this current report on Form 8-K and incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of Registrant.

The information included under Item 1.01 above is incorporated by reference into this Item 2.03.

Item 9.01  Financial Statements and Exhibits.

(d)                               Exhibits:

Exhibit Number						Description
10.1						Tenth Amendment to the Revolving Credit and Security Agreement, dated as of June 18, 2026 among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank Trust Company, National Association, as collateral agent.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						ARES CAPITAL CORPORATION
Date: June 22, 2026
			By:			/s/ SCOTT C. LEM
			Name:			Scott C. Lem
			Title:			Chief Financial Officer and Treasurer

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

• EX-10.1 EX-10.1 173.0 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 22.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.8 KB