Earnings summaries and quarterly performance for ARES CAPITAL.
Executive leadership at ARES CAPITAL.
Kort Schnabel
Detailed
Chief Executive Officer
CEO
JM
Jana Markowicz
Detailed
Chief Operating Officer
JM
Jim Miller
Detailed
President
JB
Joshua Bloomstein
Detailed
General Counsel, Vice President and Secretary
Kd
Kipp deVeer
Detailed
Executive Vice President
LM
Lisa Morgan
Detailed
Chief Compliance Officer
MA
Michael Arougheti
Detailed
Executive Vice President
PC
Paul Cho
Detailed
Chief Accounting Officer
SC
Scott C. Lem
Detailed
Chief Financial Officer and Treasurer
Board of directors at ARES CAPITAL.
AT
Ann Torre Bates
Detailed
Director
DG
Daniel G. Kelly, Jr.
Detailed
Director
EB
Eric B. Siegel
Detailed
Lead Independent Director
MB
Mary Beth Henson
Detailed
Director
MK
Michael K. Parks
Detailed
Director
ML
Michael L. Smith
Detailed
Co-Chairperson of the Board
MG
Mitchell Goldstein
Detailed
Co-Chairperson of the Board
SB
Steven B. McKeever
Detailed
Director
Research analysts who have asked questions during ARES CAPITAL earnings calls.
CA
Casey Alexander
Compass Point Research & Trading, LLC
6 questions for ARCC
Also covers: BBDC, BXSL, FSK +14 more
KL
Kenneth Lee
RBC Capital Markets
6 questions for ARCC
Also covers: AAMI, AMP, APAM +17 more
MW
Melissa Wedel
JPMorgan Chase & Co.
6 questions for ARCC
Also covers: BXSL, CGBD, ESNT +12 more
RD
Robert Dodd
Raymond James
6 questions for ARCC
Also covers: , BBDC, BXSL +24 more
Finian O'Shea
Wells Fargo Securities
5 questions for ARCC
Also covers: BBDC, BCSF, BRDG +18 more
Paul Johnson
Keefe, Bruyette & Woods
4 questions for ARCC
Also covers: BCSF, BXSL, CCAP +22 more
SA
Sean-Paul Adams
Not Provided in Transcript
4 questions for ARCC
Also covers: , BXSL, CSWC +17 more
Arren Cyganovich
Truist
3 questions for ARCC
Also covers: BPOP, BXSL, FBP +9 more
BM
Brian McKenna
Citizens JMP Securities
3 questions for ARCC
Also covers: ARES, BX, CG +14 more
DH
Douglas Harter
UBS
3 questions for ARCC
Also covers: ACRE, ACT, AGNC +42 more
JH
John Hecht
Jefferies
3 questions for ARCC
Also covers: AFRM, BFH, CACC +23 more
MH
Mark Hughes
Truist Securities
3 questions for ARCC
Also covers: AIZ, AJG, AMBC +41 more
DH
Doug Harter
UBS Group AG
2 questions for ARCC
Also covers: ARR, BETR, BXMT +15 more
DH
Derek Hewett
Bank of America
1 question for ARCC
Also covers: BBDC, BCSF, CCAP +5 more
EK
Ethan Kaye
Lucid Capital Markets
1 question for ARCC
Finian O'Shea
Wells Fargo
1 question for ARCC
Recent press releases and 8-K filings for ARCC.
Ares Capital Corporation Reports Strong Q4 and Full-Year 2025 Results with Record Originations
ARCC
Earnings
Dividends
New Projects/Investments
- Ares Capital Corporation (ARCC) reported core earnings per share of $0.50 for Q4 2025 and $2.01 for the full year 2025, fully covering its dividends, and announced a Q1 2026 dividend of $0.48 per share. The company also has $988 million, or $1.03 per share, in spillover income available for distribution to stockholders in 2026.
- ARCC achieved record gross originations of $15.8 billion in 2025 and $5.8 billion in Q4 2025, leading to a total portfolio at fair value of $29.5 billion at year-end 2025. The company added over 100 new borrowers during the year.
- The portfolio demonstrated robust credit quality with weighted average organic EBITDA growth of borrowers more than three times GDP in 2025, an improved average interest coverage ratio of 2.2 times, and stable non-accruals. The balance sheet remains strong with a debt-to-equity ratio of 1.08 times at Q4 2025, well below the target of 1.25 times, and over $6 billion in liquidity.
6 hours ago
ARCC Reports Q4 and Full-Year 2025 Results
ARCC
Earnings
Dividends
Debt Issuance
- Ares Capital Corporation (ARCC) reported core earnings per share of $0.50 for Q4 2025 and $2.01 for the full year 2025, fully covering dividends and driving an ROE in excess of 10% for both periods.
- The company achieved record gross originations of $15.8 billion in new commitments during 2025 and added more than 100 new borrowers to its portfolio, which reached a record $29.5 billion at fair value by year-end.
- ARCC's portfolio quality remains strong, with non-accruals at cost ending 2025 in line with prior periods, an improved average interest coverage ratio of 2.2 times, and average portfolio leverage decreasing by approximately a quarter turn of EBITDA from the prior year.
- The company recorded record new gross debt commitments of $4.5 billion in 2025, including $2.4 billion in unsecured notes, and maintains a strong liquidity position of over $6 billion.
- ARCC's software portfolio strategy focuses on foundational infrastructure software, companies with proprietary data, and those serving regulated end markets to be highly resistant to technology and obsolescence risks, including AI disruption.
7 hours ago
ARCC Reports Strong Q4 and Full-Year 2025 Results with Record Investment Activity
ARCC
Earnings
Dividends
New Projects/Investments
- ARCC reported Q4 2025 core earnings per share of $0.50 and full-year 2025 core earnings per share of $2.01, both fully covering dividends and contributing to an ROE exceeding 10% for the quarter and year. The company maintains a strong dividend outlook, supported by over 2 quarters of spillover income.
- The company achieved record new investment commitments of $15.8 billion for the full year 2025, including $5.8 billion in Q4 2025, which was up 50% from Q4 2024. This led to a record total portfolio at fair value of $29.5 billion by year-end 2025, diversified across 603 borrowers.
- Credit quality remained stable, with non-accruals at cost at 1.8% and at fair value at 1.2% at the end of Q4 2025. ARCC also set a new record for gross debt commitments in 2025 at $4.5 billion and expanded credit facilities by $1.4 billion.
- ARCC's software portfolio, its largest industry category, is positioned for resilience against AI-related disruption, characterized by investments in foundational infrastructure software, companies with proprietary data, and those serving regulated markets, with an average EBITDA of $350 million and an average loan-to-value of 37%.
8 hours ago
Ares Capital (ARCC) Announces Q4 and Full-Year 2025 Results
ARCC
Earnings
Dividends
Guidance Update
- For Q4 2025, Ares Capital reported Core EPS of $0.50 and GAAP Net Income Per Share of $0.41. Full-year 2025 figures were Core EPS of $2.01 and GAAP Net Income Per Share of $1.86.
- The company declared a regular dividend of $0.48 per share for Q4 2025. Ares Capital also anticipates carrying forward approximately $988 million or $1.38 per share in excess taxable income from 2025 for distribution to stockholders in 2026. Net Asset Value Per Share was $19.94 as of December 31, 2025.
- As of December 31, 2025, the portfolio was valued at $29.5 billion, comprising 603 portfolio companies. First Lien Senior Secured Loans represented the largest asset class at 61%.
- Key credit statistics for Q4 2025 showed a Portfolio Weighted Average Net Leverage Multiple of 5.6x and a Weighted Average Interest Coverage Ratio of 2.0x. The portfolio maintained strong credit quality with 79% by fair value graded as Grade 1.
14 hours ago
Ares Capital Corporation Announces Q4 and Full-Year 2025 Financial Results
ARCC
Earnings
Dividends
Debt Issuance
- Ares Capital Corporation reported Q4 2025 GAAP net income per share of $0.41 and Core EPS of $0.50, with full-year 2025 GAAP net income per share at $1.86 and Core EPS at $2.01. The company declared a first quarter 2026 dividend of $0.48 per share.
- As of December 31, 2025, portfolio investments at fair value reached $29,485 million, driven by Q4 2025 gross commitments of $5,825 million. Loans on non-accrual status represented 1.8% of total investments at amortized cost.
- The company's balance sheet as of December 31, 2025, showed total assets of $31,235 million, stockholders' equity of $14,318 million, and a net asset value per share of $19.94. The debt/equity ratio stood at 1.12x.
- In January 2026, Ares Capital issued $750 million in unsecured notes and repaid $1,150 million in unsecured notes. The share repurchase program was extended to February 15, 2027, authorizing repurchases of up to $1.0 billion.
15 hours ago
Ares Capital Corporation Issues $750 Million in 5.250% Notes Due 2031
ARCC
Debt Issuance
New Projects/Investments
- Ares Capital Corporation issued $750,000,000 aggregate principal amount of 5.250% Notes due 2031.
- The Notes will mature on April 12, 2031, and bear interest at a rate of 5.250% per year, payable semiannually on April 12 and October 12, commencing April 12, 2026.
- The net proceeds from this offering are expected to be used to repay certain outstanding indebtedness under its credit facilities, with the Company retaining the option to reborrow for general corporate purposes, including investing in portfolio companies.
- In connection with the issuance, the Company entered into an interest rate swap for a notional amount of $750,000,000 to convert the fixed interest rate of 5.250% to a floating rate based on one-month SOFR + 1.7217%, maturing on April 12, 2031.
Jan 12, 2026, 9:06 PM
Ares Capital Corporation Prices Public Offering of Unsecured Notes
ARCC
Debt Issuance
- Ares Capital Corporation (Nasdaq: ARCC) announced it has priced an underwritten public offering of $750 million in aggregate principal amount of notes.
- The notes are 5.250% unsecured notes due 2031.
- The notes will mature on April 12, 2031, and may be redeemed in whole or in part at Ares Capital’s option at any time at par plus a “make-whole” premium, if applicable.
Jan 5, 2026, 11:21 PM
Ares Capital Corporation Prices Public Offering of Unsecured Notes
ARCC
Debt Issuance
- Ares Capital Corporation (ARCC) has priced an underwritten public offering of $750 million in aggregate principal amount of 5.250% unsecured notes due 2031.
- The notes will mature on April 12, 2031, and the offering is expected to close on January 12, 2026.
- Ares Capital plans to use the net proceeds from this offering to repay certain outstanding indebtedness under its debt facilities.
Jan 5, 2026, 10:10 PM
Ares Capital Corporation Details Investment and Portfolio Criteria
ARCC
Debt Issuance
New Projects/Investments
- ARES CAPITAL CORPORATION (ARCC) filed an 8-K on December 9, 2025, outlining detailed definitions and criteria related to its investment activities and debt instruments.
- The document specifies "Eligibility Criteria" and "Portfolio Criteria" for investments, including a minimum of 96% for Senior Secured Loans and Eligible Investments, and a maximum of 4% for Second Lien Loans (including First-Lien Last-Out Loans).
- Investment limits include a maximum of 5% for Fixed Rate Underlying Assets and a maximum of 17.5% for Underlying Assets with a Standard & Poor's Rating or Fitch Rating at or below "CCC+".
- The company defines "ESG Prohibited Obligation" to exclude investments in obligors whose principal business is derived from activities such as controversial weapons, thermal coal, oil from oil sands, tobacco, pornography, child labor, and human trafficking.
- A "Weighted Average Life Test" is detailed, requiring the Weighted Average Life to be no higher than specified levels, starting at 8.00 for the Closing Date and decreasing to 0.00 by January 2034 and thereafter.
Dec 9, 2025, 10:23 PM
Ares Capital Corporation Reports Strong Q3 2025 Financial Results and Portfolio Growth
ARCC
Earnings
Dividends
Debt Issuance
- Ares Capital Corporation (ARCC) reported GAAP net income per share of $0.57 and core earnings per share of $0.50 for the third quarter of 2025, marking the 20th consecutive quarter where core earnings exceeded its regular quarterly dividend.
- The company's total portfolio at fair value grew to $28.7 billion by the end of Q3 2025, and credit quality remained strong with non-accruals at cost declining to 1.8%.
- ARCC originated over $3.9 billion in new investment commitments in Q3 2025, a 50% increase from the prior quarter, and issued $650 million of unsecured notes to enhance its strong $6.2 billion liquidity position.
- ARCC declared a $0.48 per share dividend for Q4 2025, supported by $1.26 per share in spillover income available for distribution in 2025.
Oct 28, 2025, 4:00 PM
Quarterly earnings call transcripts for ARES CAPITAL.
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