Exhibit 99.1

ARES CAPITAL CORPORATION DECLARES
THIRD QUARTER 2014 DIVIDEND OF $0.38 PER SHARE

AND ANNOUNCES JUNE 30, 2014 FINANCIAL RESULTS

THIRD QUARTER 2014 DIVIDEND DECLARED

New York, NY —August 5, 2014— Ares Capital Corporation (“Ares Capital”) (NASDAQ: ARCC) announced that its Board of Directors has declared a third quarter dividend of $0.38 per share, payable on September 30, 2014 to stockholders of record as of September 15, 2014.

JUNE 30, 2014 FINANCIAL RESULTS

Ares Capital also announced financial results for its second quarter ended June 30, 2014.

HIGHLIGHTS

Financial

	Q2-14						Q2-13
(in millions, except per share data)	Total Amount			Per Share(1)			Total Amount		Per Share(1)
Core EPS (2)				$	0.34				$	0.38
Net investment income	$	92.0		$	0.31		$	93.6	$	0.35
Net realized gains (losses)	$	(48.5	)	$	(0.16	)	$	8.6	$	0.03
Net unrealized gains	$	99.3		$	0.33		$	31.3	$	0.12
GAAP net income	$	142.8		$	0.48		$	133.5	$	0.50
Dividends declared and payable				$	0.38				$	0.38

	As of June 30,				As of December 31,
(in millions, except per share data)	2014		2013		2013
Portfolio investments at fair value	$	8,067.9	$	6,815.0	$	7,632.9
Total assets	$	8,560.2	$	7,130.8	$	8,141.5
Stockholders’ equity	$	4,933.6	$	4,348.0	$	4,904.4
Net assets per share	$	16.52	$	16.21	$	16.46

(1) All per share amounts are basic and diluted.

(2) Basic and diluted Core EPS is a non-GAAP financial measure. Core EPS is the net per share increase (decrease) in stockholders’ equity resulting from operations less realized and unrealized gains and losses, any capital gains incentive fees attributable to such net realized and unrealized gains and losses and any income taxes related to such realized gains and losses. Basic and diluted GAAP EPS is the most directly comparable GAAP financial measure. Ares Capital believes that Core EPS provides useful information to investors regarding financial performance because it is one method Ares Capital uses to measure its financial condition and results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Reconciliations of basic and diluted Core EPS to the most directly comparable GAAP financial measure are set forth in Schedule 1 hereto.

Portfolio Activity

(dollar amounts in millions)	Q2-14			Q2-13			Q4-13
Portfolio Activity During the Period:
Gross commitments	$	1,018.9		$	1,203.2
Exits of commitments	$	767.3		$	394.7

Portfolio as of the End of the Period:
Number of portfolio company investments	202			164			193
Weighted average yield of debt and other income producing securities:
At amortized cost(4)	10.1		%	10.8		%	10.4	%
At fair value(5)	10.0		%	10.7		%	10.4	%
Weighted average yield on total investments:
At amortized cost(6)	9.2		%	9.8		%	9.4	%
At fair value(7)	9.0		%	9.6		%	9.3	%

(4) Computed as (a) annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities, divided by (b) total accruing debt and other income producing securities at amortized cost.

(5) Computed as (a) annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities, divided by (b) total accruing debt and other income producing securities at fair value.

(6) Computed as (a) annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities, divided by (b) total investments at amortized cost.

(7) Computed as (a) annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities, divided by (b) total investments at fair value.

SECOND QUARTER 2014 OPERATING RESULTS

For the quarter ended June 30, 2014, Ares Capital reported GAAP net income of $142.8 million or $0.48 per share (basic and diluted), Core EPS(2) of $0.34 per share (basic and diluted), net investment income of $92.0 million, or $0.31 per share (basic and diluted), and net realized and unrealized gains of $50.8 million or $0.17 per share (basic and diluted).

Net income can vary substantially from period to period due to various factors, including the level of new investment commitments, the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly comparisons of net income may not be meaningful.

As of June 30, 2014, total assets were $8.6 billion, stockholders’ equity was $4.9 billion and net asset value per share was $16.52.

In the second quarter of 2014, Ares Capital made $1,018.9 million in new commitments, including commitments to 12 new portfolio companies, ten existing portfolio companies and seven additional portfolio companies through the Senior Secured Loan Fund LLC, which operates using the name “Senior Secured Loan Program” (the “SSLP”) through which Ares Capital co-invests with GE Global Sponsor Finance LLC and General Electric Capital Corporation (together, “GE”) to fund first lien senior secured loans. Of these new commitments, 27 were sponsored transactions. As of June 30, 2014, 137 separate private equity sponsors were represented in Ares Capital’s portfolio. Of the $1,018.9 million in new commitments made during the second quarter of 2014, 51% were in first lien senior secured debt, 28% were in second lien senior secured loans, 20% were in subordinated certificates of the SSLP to make co-investments with GE in first lien senior secured loans through the SSLP, and 1% were in other equity securities. Of these commitments, 96% were in floating rate debt securities, of which 79% contained interest rate floors and the remaining 21% were in the subordinated certificates of the SSLP to make co-investments with GE in floating rate first lien senior secured loans through the SSLP, all of which contained interest rate floors. Ares Capital may seek to syndicate a portion of these new investment commitments, although there can be no assurance that Ares Capital will be able to do so.

During the second quarter of 2014, significant new commitments included:

· $205 million in the subordinated certificates of the SSLP to make co-investments with GE in first lien senior secured loans to seven portfolio companies in a variety of industries;

· $137 million in first lien senior secured revolving, delayed draw and term loans of an archery and bow hunting accessories provider;

· $80 million in a second lien senior secured term loan of a provider of rain and cold weather consumer products;

· $73 million in first lien senior secured revolving and term loans of an education services provider to the medical sector;

· $68 million in first lien and second lien senior secured term loans of a heating, ventilation and air conditioning services provider;

· $60 million in a first lien senior secured revolving loan of an asset-based financial services company;

· $60 million in a second lien senior secured term loan of a distributor of emergency medical service and respiratory products;

· $45 million in a second lien senior secured term loan of a dental supplies and equipment manufacturer;

· $40 million in first lien senior secured revolving, delayed draw and term loans of a provider of repair services to the industrial end market;

· $40 million in a second lien senior secured term loan of a flashlight manufacturer; and

· $32 million in a first lien senior secured delayed draw term loan of a liquefied natural gas export provider.

Also during the second quarter of 2014, Ares Capital exited approximately $767.3 million of investment commitments.

The fair value of Ares Capital’s portfolio investments at June 30, 2014 was $8.1 billion, including $7.2 billion in accruing debt and other income producing securities. The total portfolio investments at fair value were comprised of approximately 44% of first lien senior secured loans, 16% of second lien senior secured loans, 24% of subordinated certificates of the SSLP (the proceeds of which were applied to co-investments with GE in first lien senior secured loans through the SSLP), 5% of senior subordinated debt securities, 3% of preferred equity securities and 8% of other equity and other securities. As of June 30, 2014, the weighted average yield of debt and other income producing securities in the portfolio at fair value was 10.0%(3) (10.1% at amortized cost(4)), the weighted average yield on total investments in the portfolio at fair value was 9.0%(5) (9.2% at amortized cost(6)), and 81% of the total investments at fair value were in floating rate securities.

Chief Executive Officer Kipp deVeer commented, “We reported strong second quarter GAAP earnings, driving growth in our net asset value after paying our regular quarterly dividend of $0.38 per share. Our portfolio continues to perform well with positive credit statistics and meaningful net investment gains. We are off to a strong start in the third quarter with $390 million of net investment commitments made and a backlog and pipeline of $890 million. While the market remains competitive, our national origination platform provides us with a broad set of investment opportunities, allowing us to remain highly selective.”

PORTFOLIO QUALITY

Ares Capital Management LLC, Ares Capital’s investment adviser, employs an investment rating system to categorize Ares Capital’s investments. In addition to various risk management and monitoring tools, Ares Capital’s investment adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to Ares Capital’s initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. Under this system, investments with a grade of 4 involve the least amount of risk to Ares Capital’s initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit. Investments graded 3 involve a level of risk to Ares Capital’s initial cost basis that is similar to the risk to Ares Capital’s initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to Ares Capital’s ability to ultimately recoup the cost of Ares Capital’s investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 3. Investments graded 2 indicate that the risk to Ares Capital’s ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due. An investment grade of 1 indicates that the risk to Ares Capital’s ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 1, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 1, it is anticipated that Ares Capital will not recoup Ares Capital’s initial cost basis and may realize a substantial loss of Ares Capital’s initial cost basis upon exit. For investments graded 1 or 2, Ares Capital’s investment adviser enhances its level of scrutiny over the monitoring of such portfolio company. The grade of a portfolio investment may be reduced or increased over time.

As of June 30, 2014, the weighted average grade of the investments in Ares Capital’s portfolio at fair value was 3.1 and loans on non-accrual status represented 1.9% of total investments at amortized cost (or 1.2% at fair value).

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2014, Ares Capital had $223.2 million in cash and cash equivalents and $3.4 billion in aggregate principal amount of debt outstanding ($3.4 billion in carrying value). Subject to leverage and borrowing base restrictions, Ares Capital had approximately $1.8 billion available for additional borrowings under its existing credit facilities as of June 30, 2014.

In May 2014, Ares Capital and Ares Capital CP Funding LLC (“Ares Capital CP”) entered into an amendment to Ares Capital CP’s revolving funding facility (the “Revolving Funding Facility”). The amendment, among other things, (1) extended the reinvestment period from April 18, 2015 to May 14, 2017, (2) extended the stated maturity date from April 18, 2017 to May 14, 2019 and (3) reduced the range of commitment fees paid depending on the size of the unused portion of the Revolving Funding Facility from between 0.50% and 1.75% per annum to 0.50% and 1.50% per annum. Commitments under the amended Revolving Funding Facility were reduced from the pre-amendment commitments of $620 million to $540 million.

In May 2014, Ares Capital increased total commitments under its revolving credit facility by $80 million from $1,170 million to $1,250 million.

SECOND QUARTER 2014 DIVIDEND

For the three months ended June 30, 2014, Ares Capital declared on May 6, 2014 a dividend of $0.38 per share for a total of approximately $113.3 million. The record date for the dividend was June 16, 2014 and the dividend was paid on June 30, 2014.

RECENT DEVELOPMENTS

In July 2014, Ares Capital completed a public equity offering (the “July 2014 Offering”) pursuant to which Ares Capital sold 15,525,000 shares of common stock (including 2,025,000 shares pursuant to the exercise in full by the underwriters of their option to purchase additional shares) at a price of $16.63 per share to the participating underwriters. Total proceeds from the July 2014 Offering, net of estimated offering expenses payable by Ares Capital, were approximately $257.7 million. Ares Capital used the net proceeds of the July 2014 Offering to repay certain outstanding indebtedness under its debt facilities and for general corporate purposes, which included investing in portfolio companies in accordance with its investment objective.

From July 1, 2014 through July 31, 2014, Ares Capital made new investment commitments of $492 million, of which $451 million were funded. Of these new commitments, 54% were in first lien senior secured loans, 43% were in second lien senior secured loans, 2% were investments in subordinated certificates of the SSLP to make co-investments with GE in first lien senior secured loans through the SSLP and 1% were in other equity securities. Of the $492 million of new investment commitments, 97% were floating rate, 2% were fixed rate and 1% were non-interest bearing. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 8.1%. Ares Capital may seek to syndicate a portion of these new investment commitments, although there can be no assurance that Ares Capital will be able to do so.

From July 1, 2014 through July 31, 2014, Ares Capital exited $102 million of investment commitments. Of these investment commitments, 44% were second lien senior secured loans, 28% were first lien senior secured loans, 17% were investments in subordinated certificates of the SSLP, 6% were preferred equity securities and 5% were other equity securities. Of the $102 million of exited investment commitments, 80% were floating rate, 11% were non-interest bearing, 8% were fixed rate and 1% were on non-accrual status. The weighted average yield of debt and other income producing securities exited or repaid during the period at amortized cost was 10.0%. On the $102 million of investment commitments exited from July 1, 2014 through July 31, 2014, Ares Capital recognized total net realized gains of approximately $5 million.

In addition, as of July 31, 2014, Ares Capital had an investment backlog and pipeline of approximately $390 million and $500 million, respectively. Investment backlog includes transactions approved by Ares Capital’s investment adviser’s investment committee and/or for which a formal mandate, letter of intent or signed commitment has been issued, and therefore Ares Capital believes are likely to close. Investment pipeline includes transactions where due diligence and analysis are in process, but no formal mandate, letter of intent or signed commitment has been issued. The consummation of any of the investments in this backlog and pipeline depends upon, among other things, one or more of the following: satisfactory completion of Ares Capital’s due diligence investigation of the prospective portfolio company, Ares Capital’s acceptance of the terms and structure of such investment and the execution and delivery of satisfactory transaction documentation. In addition, Ares Capital may syndicate a portion of these investments and certain of these investments may result in the repayment of existing investments. Ares Capital cannot assure you that Ares Capital will make any of these investments or that Ares Capital will syndicate any portion of these investments.

WEBCAST / CONFERENCE CALL

Ares Capital will host a webcast/conference call on Tuesday, August 5, 2014, at 12:00 p.m. (ET) to discuss its financial results for the second quarter ended June 30, 2014. PLEASE VISIT ARES CAPITAL’S WEBCAST LINK LOCATED ON THE HOME PAGE OF THE INVESTOR RESOURCES SECTION OF ARES CAPITAL’S WEBSITE FOR A SLIDE PRESENTATION THAT COMPLEMENTS THE EARNINGS CONFERENCE CALL.

All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of Ares Capital’s website at http://www.arescapitalcorp.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call by dialing (888) 317-6003. International callers can access the conference call by dialing +1 (412) 317-6061. All callers will need to enter the Participant Elite Entry Number 9496315 followed by the # sign and reference “Ares Capital Corporation” once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected. For interested parties, an archived replay of the call will be available approximately one hour after the end of the call through August 18, 2014 at 5:00 p.m. (Eastern Time) to domestic callers by dialing (877) 344-7529 and to international callers by dialing +1 (412) 317-0088. For all replays, please reference conference number 10048348. An archived replay will also be available on a webcast link located on the Home page of the Investor Resources section of Ares Capital’s website.

ABOUT ARES CAPITAL CORPORATION

Ares Capital is a leading specialty finance company that provides one-stop debt and equity financing solutions to the U.S. middle market. Ares Capital originates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform. Ares Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments primarily in private companies. Ares Capital has elected to be regulated as a business development company, and is externally managed by a subsidiary of Ares Management, L.P. (“Ares Management”) (NYSE:ARES). Ares Management is a publicly traded, leading global alternative asset manager with approximately $77 billion of assets under management as of March 31, 2014. For more information, visit www.arescapitalcorp.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.

FORWARD-LOOKING STATEMENTS

Statements included herein or on the webcast/conference call may constitute “forward-looking statements,” which relate to future events or Ares Capital’s future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Ares Capital’s filings with the Securities and Exchange Commission. Ares Capital Corporation undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call.

AVAILABLE INFORMATION

Ares Capital Corporation’s filings with the Securities and Exchange Commission, press releases, earnings releases and other financial information are available on its website at http://www.arescapitalcorp.com. The information on Ares Capital’s website is not and should not be deemed to be incorporated by reference herein.

CONTACT

Carl G. Drake
Jana Markowicz

Ares Capital Corporation
888-818-5298

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(Amounts in thousands, except per share data)

	As of
	June 30, 2014			December 31, 2013
	(unaudited)
ASSETS
Total investments at fair value (amortized cost of $7,880,204 and $7,537,403, respectively)	$	8,067,942		$	7,632,897
Cash and cash equivalents	223,154			149,629
Interest receivable	153,077			123,981
Receivable for open trades	963			128,566
Other assets	115,083			106,431
Total assets	$	8,560,219		$	8,141,504
LIABILITIES
Debt	$	3,357,415		$	2,986,275
Base management fees payable	30,731			29,270
Income based fees payable	25,540			29,001
Capital gains incentive fees payable	74,615			80,937
Accounts payable and other liabilities	76,271			68,649
Interest and facility fees payable	44,527			42,828
Payable for open trades	17,476			100
Total liabilities	3,626,575			3,237,060
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share, 500,000 common shares authorized, 298,583 and 297,971 common shares issued and outstanding, respectively	299			298
Capital in excess of par value	4,993,323			4,982,477
Accumulated overdistributed net investment income	(45,928		)	(8,785		)
Accumulated net realized loss on investments, foreign currency transactions, extinguishment of debt and other assets	(201,512		)	(165,040		)
Net unrealized gain on investments and foreign currency transactions	187,462			95,494
Total stockholders’ equity	4,933,644			4,904,444
Total liabilities and stockholders’ equity	$	8,560,219		$	8,141,504
NET ASSETS PER SHARE	$	16.52		$	16.46

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(in thousands, except per share data)

	For the three months ended June 30,					For the six months ended June 30,
	2014			2013		2014			2013
	(unaudited)			(unaudited)		(unaudited)			(unaudited)
INVESTMENT INCOME:
Interest income from investments	$	176,150		$	157,969	$	349,674		$	302,146
Capital structuring service fees	21,732			24,149		42,630			30,140
Dividend income	16,749			15,778		47,475			47,867
Management and other fees	6,078			4,993		12,030			9,491
Other income	4,218			3,234		12,837			11,534
Total investment income	224,927			206,123		464,646			401,178

EXPENSES:
Interest and credit facility fees	53,151			40,261		105,644			79,608
Base management fees	30,731			24,902		60,815			48,120
Income based fees	25,540			25,390		53,858			49,226
Capital gains incentive fees	10,168			7,984		11,103			4,233
Administrative fees	2,813			2,606		6,556			5,198
Other general and administrative	7,610			7,484		14,040			14,396
Total expenses	130,013			108,627		252,016			200,781
NET INVESTMENT INCOME BEFORE INCOME TAXES	94,914			97,496		212,630			200,397
Income tax expense, including excise tax	2,923			3,919		8,303			7,723
NET INVESTMENT INCOME	91,991			93,577		204,327			192,674
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gains (losses)	(48,517		)	8,648		(36,400		)	20,326
Net unrealized gains	99,357			31,273		91,968			840
Net realized and unrealized gains on investments and foreign currency transactions	50,840			39,921		55,568			21,166
REALIZED LOSSES ON EXTINGUISHMENT OF DEBT	—			—		(72		)	—
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS	$	142,831		$	133,498	$	259,823		$	213,840
BASIC AND DILUTED EARNINGS PER COMMON SHARE	$	0.48		$	0.50	$	0.87		$	0.83
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING - BASIC AND DILUTED	298,270			266,174		298,122			257,464

SCHEDULE 1

Reconciliations of basic and diluted Core EPS to basic and diluted GAAP EPS

Reconciliations of basic and diluted Core EPS to basic and diluted GAAP EPS, the most directly comparable GAAP financial measure, for the three months ended June 30, 2014 and 2013 are provided below.

	For the three months ended June 30,
	2014			2013
	(unaudited)			(unaudited)
Basic and diluted Core EPS(1)	$	0.34		$	0.38
Net realized and unrealized gains	0.17			0.15
Capital gains incentive fees attributed to net realized and unrealized gains and losses	(0.03		)	(0.03		)
Income tax expense related to realized gains and losses	—			—
Basic and diluted GAAP EPS	$	0.48		$	0.50

(1) Basic and diluted Core EPS is a non-GAAP financial measure. Core EPS is the net per share increase (decrease) in stockholders’ equity resulting from operations less realized and unrealized gains and losses, any capital gains incentive fees attributable to such net realized and unrealized gains and losses and any income taxes related to such realized gains and losses. Basic and diluted GAAP EPS is the most directly comparable GAAP financial measure. Ares Capital believes that Core EPS provides useful information to investors regarding financial performance because it is one method Ares Capital uses to measure its financial condition and results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.