Ares Capital Corporation announced that its Board of Directors has promoted its President, Michael J. Arougheti, to Chief Executive Officer, and four longstanding executives of its investment adviser, Ares Capital Management LLC, to officer roles within Ares Capital Corporation.

Michael J. Arougheti has been promoted to Chief Executive Officer. Arougheti served as the President of Ares Capital Corporation since its IPO in 2004 until his promotion to Chief Executive Officer and has served as a director since 2009. Arougheti will also continue to serve as a Senior Partner in the Private Debt Group of Ares Management LLC, a global alternative asset manager and an SEC-registered investment adviser, a member of Ares Management's Executive Committee and a member of Ares Capital Management's Investment Committee.

R. Kipp deVeer III has been promoted to President. deVeer will also continue to serve as a Senior Partner in the Private Debt Group of Ares Management and as a member of Ares Capital Management's Investment Committee. deVeer has been with Ares Management since 2004.

Eric B. Beckman has been promoted to Executive Vice President. Beckman will also continue to serve as a Senior Partner in the Private Debt Group of Ares Management and as a member of Ares Capital Management's Investment Committee. Beckman has been with Ares Management since 1998.

Mitchell S. Goldstein has been promoted to Executive Vice President. Goldstein will also continue to serve as a Senior Partner in the Private Debt Group of Ares Management and as a member of Ares Capital Management's Investment Committee. Goldstein has been with Ares Management since 2005.

Michael L. Smith has been promoted to Executive Vice President. Smith will also continue to serve as a Senior Partner in the Private Debt Group of Ares Management and as a member of Ares Capital Management's Investment Committee. Smith has been with Ares Management since 2004.

"These promotions recognize the leadership that these individuals have demonstrated since ARCC's formation and solidify their roles in leading the company going forward," said Bennett Rosenthal, Chairman of Ares Capital Corporation. "On behalf of the Board, we congratulate Mike, Kipp, Eric, Mitch and Mike on their accomplishments in growing our company and look forward to their continued contributions in the future."

"I am honored by the Board's continued support and confidence in the management team," said Michael Arougheti, Chief Executive Officer. "I also want to congratulate Kipp, Eric, Mitch and Mike on their accomplishments and look forward to continuing our working relationship."

Ares Capital is a specialty finance company that provides one-stop financing solutions to U.S. middle market companies and private equity sponsors. Ares Capital originates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform.