ARES CAPITAL CORP 8-K
Earnings
Widening unrealized investment losses cut GAAP income despite higher net investment income; Q3 dividend held steady.
Filed 2026-07-28 20:33 ET
- 2.02 Results of Operations
- 8.01 Other Events
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results and Q3 dividend declaration. Net investment income increased, while GAAP net income fell as unrealized investment losses widened. ARCC declared a $0.48-per-share dividend, unchanged from Q2.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Net investment income | $359M | $342M | +5.0% |
| GAAP net income | $171M | $361M | -52.6% |
| GAAP net income per share | $0.24 | $0.52 | -53.8% |
| Non-GAAP Core EPS | $0.47 | $0.50 | -6.0% |
- Net unrealized losses were $183M, vs $15M a year earlier; net realized losses were $5M, vs $34M of net realized gains. Weighted average shares outstanding rose to 718M from 695M.
- At 6/30/2026, non-accrual loans were 2.4% of investments at amortized cost (1.4% at fair value), vs 1.8% (1.2% at fair value) at 12/31/2025. Net asset value per share was $19.35, down from $19.94 at year-end.
- Quarter-end debt was $15.9B in aggregate principal amount ($15.8B carrying value); cash was $383M, with $6.7B available to borrow under existing credit facilities, subject to restrictions. Debt/equity was 1.15x. ARCC declared a $0.48-per-share Q3 dividend, payable 9/30/2026 to holders of record on 9/15/2026.
Guidance
No guidance in this filing.
Investor Takeaways
- Watch whether the ≈$1.5B investment backlog reported as of 7/23/2026 converts into funded investments.
- Track non-accrual levels and portfolio valuations in upcoming results against the reported 2.4% of investments at amortized cost and 1.4% at fair value.
The summary is written by an AI model reading the filing.
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