• Ares Capital average debt/equity ratio for 2023 was 1.09, a 12.1% decline from 2022.
• Ares Capital average debt/equity ratio for 2022 was 1.24, a 6.9% decline from 2021.
• Ares Capital average debt/equity ratio for 2021 was 1.16, a 0% increase from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.