ARCC · Ares Capital Corp
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Metrics snapshot
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AI Brief
Q2 FY26 earnings call · Jul 29, 2026TL;DR. Ares Capital reported Q2 2026 Core EPS of $0.47 consistent with the prior quarter and GAAP net income per share of $0.24, while NAV per share declined to $19.35 from $19.94 driven by $183M of net unrealized losses; management maintained the $0.48 regular dividend (68 consecutive quarters of stable or increasing dividends) and launched the BDC sector's first $1B commercial paper program.
- + Core EPS held flat at $0.47 quarter-over-quarter with annualized ROE of 9.7%, reflecting stable earnings generation
- + Non-accruals at cost of 2.4% remain well below the company's ~3% historical average and the BDC ~4% historical average
- + New senior loan spreads widened 20 basis points and upfront fees increased 50 basis points versus Q4 2025, improving risk-adjusted economics
- + Launched the first commercial paper program in the BDC sector with potential to reduce funding costs by 50-100 bps
- + Maintained $0.48 quarterly dividend, extending the streak of stable or increasing regular quarterly dividends to 68 consecutive quarters
- + Ended the quarter with approximately $6.0 billion of available liquidity, modest leverage of 1.12x, and no meaningful near-term unsecured maturities
- − NAV per share declined to $19.35 from $19.94, a $0.59 reduction, including a $0.24 sequential decline in Q2 2026
- − Portfolio fair value declined to $29.3 billion from $29.5 billion, driven by mark-to-market valuation adjustments and net repayment activity
- − Q2 closing ratio was moderately below the historical average of approximately 5% as deal quality declined in the slower environment
- − Management expects industry-wide non-accruals and credit quality to normalize toward historical norms
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Technicals
trend & momentum for long-term holders SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Asset Management — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
ARCC
this stock
Ares Capital Corp
|
$13.86B | -5.3% | — | 14.3 | 5.8% |
|
BLK
BlackRock, Inc.
|
$347.03B | -0.6% | +16.2% | 25.6 | 0.6% |
|
KKR
KKR & Co. Inc.
|
$86.77B | -28.4% | -11.0% | — | 1.5% |
|
BX
Blackstone Inc.
|
$85.57B | -27.2% | +9.2% | 25.6 | 2.6% |
|
BN
BROOKFIELD Corp /ON/
|
$81.46B | -20.4% | — | — | 0.9% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| ARCC | +0.2% | -4.3% | +5.9% | +0.3% | -5.3% |
| SPY | -0.4% | -0.2% | +12.4% | +0.2% | +12.0% |
| vs SPY | +0.6% | -4.2% | -6.5% | +0.1% | -17.3% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.