Ares Capital Corporation Announces September 30, 2024 Financial Results and Declares Fourth Quarter 2024 Dividend of $0.48 Per Share
Ares Capital (ARCC) announced its Q3 2024 financial results and declared a Q4 2024 dividend of $0.48 per share. The company reported Q3 GAAP net income of $0.62 per share, down from $0.89 in Q3 2023, and Core EPS of $0.58. Portfolio investments at fair value increased to $25.9 billion from $22.9 billion in December 2023. During Q3, ARCC made new investment commitments of $3.9 billion, with 93% in first lien senior secured loans. The company maintained strong credit performance with loans on non-accrual status at 1.3% of total investments at amortized cost.
Ares Capital (ARCC) ha annunciato i risultati finanziari per il terzo trimestre del 2024 e ha dichiarato un dividendo per il quarto trimestre del 2024 di $0,48 per azione. L'azienda ha riportato un reddito netto GAAP per il terzo trimestre di $0,62 per azione, in calo rispetto a $0,89 del terzo trimestre del 2023, e un utile core per azione (EPS) di $0,58. Gli investimenti del portafoglio a valore equo sono aumentati a $25,9 miliardi rispetto ai $22,9 miliardi di dicembre 2023. Durante il terzo trimestre, ARCC ha effettuato nuovi impegni di investimento per $3,9 miliardi, con il 93% in prestiti senior garantiti di primo livello. L'azienda ha mantenuto una forte performance creditizia con prestiti in stato di non accantonamento pari all'1,3% del totale degli investimenti a costo ammortizzato.
Ares Capital (ARCC) anunció sus resultados financieros del tercer trimestre de 2024 y declaró un dividendo de $0,48 por acción para el cuarto trimestre de 2024. La compañía reportó un ingreso neto GAAP de $0,62 por acción en el tercer trimestre, una disminución desde $0,89 en el tercer trimestre de 2023, y un EPS core de $0,58. Las inversiones de la cartera a valor razonable aumentaron a $25,9 mil millones desde $22,9 mil millones en diciembre de 2023. Durante el tercer trimestre, ARCC realizó nuevos compromisos de inversión de $3,9 mil millones, con el 93% en préstamos senior garantizados de primer grado. La compañía mantuvo un sólido rendimiento crediticio, con préstamos en estado de no acumulación que representan el 1,3% de las inversiones totales a costo amortizado.
Ares Capital (ARCC)는 2024년 3분기 재무 결과를 발표하고 2024년 4분기 주당 $0.48의 배당금을 선언했습니다. 이 회사는 3분기 GAAP 순이익이 주당 $0.62로, 2023년 3분기의 $0.89에서 감소했으며, 핵심 주당순이익(EPS)은 $0.58로 보고했습니다. 공정 가치 기준으로 포트폴리오 투자액은 2023년 12월의 $22.9억에서 $25.9억으로 증가했습니다. 3분기 동안 ARCC는 93%가 첫 번째 담보 대출인 $3.9억의 새로운 투자 약속을 했습니다. 이 회사는 총 투자액의 1.3%가 비수익 대출 상태인 상황에서도 강력한 신용 성과를 유지했습니다.
Ares Capital (ARCC) a annoncé ses résultats financiers pour le troisième trimestre 2024 et a déclaré un dividende de $0,48 par action pour le quatrième trimestre 2024. La société a rapporté un revenu net GAAP de $0,62 par action pour le troisième trimestre, en baisse par rapport à $0,89 au troisième trimestre 2023, et un bénéfice par action de base (EPS) de $0,58. Les investissements du portefeuille à valeur juste ont augmenté à $25,9 milliards, contre $22,9 milliards en décembre 2023. Au cours du troisième trimestre, ARCC a pris de nouveaux engagements d'investissement de $3,9 milliards, dont 93 % étaient des prêts senior garantis de premier niveau. L'entreprise a maintenu une solide performance créditrice, avec des prêts en statut de non-accrual représentant 1,3 % des investissements totaux à coût amorti.
Ares Capital (ARCC) hat seine finanziellen Ergebnisse für das dritte Quartal 2024 bekannt gegeben und eine Dividende von $0,48 pro Aktie für das vierte Quartal 2024 erklärt. Das Unternehmen berichtete für das dritte Quartal einen GAAP-Nettogewinn von $0,62 pro Aktie, was einen Rückgang gegenüber $0,89 im dritten Quartal 2023 darstellt, sowie ein Kern-Ergebnis pro Aktie (EPS) von $0,58. Die Portfolioinvestitionen zu Marktwert stiegen auf $25,9 Milliarden gegenüber $22,9 Milliarden im Dezember 2023. Im dritten Quartal tätigte ARCC neue Investitionsverpflichtungen in Höhe von $3,9 Milliarden, wobei 93% in erster Rang senior gesicherten Darlehen investiert wurden. Das Unternehmen hielt eine starke Kreditperformance aufrecht, wobei Darlehen in Non-Accrual-Status 1,3% der Gesamtinvestitionen zu amortisiertem Kostenbetrag ausmachten.
- Portfolio investments increased to $25.9B from $22.9B in December 2023
- Strong new investment activity with $3.9B in commitments in Q3
- Net asset value per share reached record level at $19.77
- Maintained stable dividend of $0.48 per share
- Low non-accrual rate at 1.3% of total investments
- GAAP net income decreased to $0.62 per share from $0.89 year-over-year
- Core EPS declined to $0.58 from $0.59 year-over-year
- Weighted average yields on debt decreased to 11.7% from 12.5%
Insights
The Q3 2024 results demonstrate strong operational performance with several key highlights: Core EPS of
The portfolio quality remains stable with weighted average grade of 3.1 and low non-accrual rate of
DIVIDEND DECLARATIONS
SEPTEMBER 30, 2024 FINANCIAL RESULTS
Ares Capital also announced financial results for its third quarter ended September 30, 2024.
OPERATING RESULTS |
||||||||||||||||
|
|
Q3-24(1) |
|
Q3-23(1) |
||||||||||||
(dollar amounts in millions, except per share data) |
|
Total
|
|
Per
|
|
Total
|
|
Per
|
||||||||
GAAP net income per share(2)(3) |
|
|
|
$ |
0.62 |
|
|
|
|
$ |
0.89 |
|
||||
Core EPS(4) |
|
|
|
$ |
0.58 |
|
|
|
|
$ |
0.59 |
|
||||
Dividends declared and payable |
|
|
|
$ |
0.48 |
|
|
|
|
$ |
0.48 |
|
||||
Net investment income(2) |
|
$ |
361 |
|
|
$ |
0.57 |
|
|
$ |
289 |
|
|
$ |
0.52 |
|
Net realized losses(2) |
|
$ |
(24 |
) |
|
$ |
(0.04 |
) |
|
$ |
(76 |
) |
|
$ |
(0.14 |
) |
Net unrealized gains(2) |
|
$ |
57 |
|
|
$ |
0.09 |
|
|
$ |
287 |
|
|
$ |
0.51 |
|
GAAP net income(2)(3) |
|
$ |
394 |
|
|
$ |
0.62 |
|
|
$ |
500 |
|
|
$ |
0.89 |
|
|
|
As of |
||||
(dollar amounts in millions, except per share data) |
|
September 30,
|
|
December 31,
|
||
Portfolio investments at fair value |
|
$ |
25,918 |
|
$ |
22,874 |
Total assets |
|
$ |
27,100 |
|
$ |
23,800 |
Stockholders’ equity |
|
$ |
12,773 |
|
$ |
11,201 |
Net assets per share |
|
$ |
19.77 |
|
$ |
19.24 |
Debt/equity ratio |
|
1.06x |
|
1.07x |
||
Debt/equity ratio, net of available cash(5) |
|
1.03x |
|
1.02x |
||
(1) |
Net income can vary substantially from period to period due to various factors, including the level of new investment commitments, the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, quarterly comparisons of net income may not be meaningful. |
|
(2) |
All per share amounts and weighted average shares outstanding are basic. The basic weighted average shares outstanding for the three months ended September 30, 2024 and 2023 were approximately 635 million and 562 million, respectively. |
|
(3) |
The basic and diluted weighted average shares outstanding for the three months ended September 30, 2024 was approximately 635 million shares. Ares Capital’s diluted GAAP net income per share for the three months ended September 30, 2023 was |
|
(4) |
Core EPS is a non-GAAP financial measure. Core EPS is the net increase (decrease) in stockholders’ equity resulting from operations, and excludes net realized and unrealized gains and losses, any capital gains incentive fees attributable to such net realized and unrealized gains and losses and any income taxes related to such net realized gains and losses, divided by the basic weighted average shares outstanding for the relevant period. GAAP net income (loss) per share is the most directly comparable GAAP financial measure. Ares Capital believes that Core EPS provides useful information to investors regarding financial performance because it is one method Ares Capital uses to measure its financial condition and results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Reconciliations of GAAP net income, the most directly comparable GAAP financial measure, to Core EPS are set forth in Schedule 1 hereto. |
|
(5) |
Computed as total principal debt outstanding less available cash divided by stockholders’ equity. Available cash excludes restricted cash as well as cash held for uses specifically designated for paying interest and expenses on certain debt. |
“We reported strong third quarter Core EPS and another record in our net asset value per share supported by robust new investment activity and healthy credit performance,” said Kipp deVeer, Chief Executive Officer of Ares Capital. “As we celebrate our 20-year anniversary this month, we are proud of the returns we delivered for our shareholders, including a total annualized stock return with dividends of
“We believe that the strength and diversification of our balance sheet continues to be a source of differentiation,” said Scott Lem, Chief Financial Officer of Ares Capital. “During the third quarter, our investment-grade profile improved further, making ARCC the only company to have the highest ratings in the BDC sector and positive outlooks by S&P and Fitch. Our conservative approach to investing and funding our balance sheet have enabled us to pay a stable to growing regular quarterly dividend for our shareholders for over 15 years.”
PORTFOLIO AND INVESTMENT ACTIVITY
(dollar amounts in millions) |
|
Q3-24 |
|
Q3-23 |
||||
Portfolio Activity During the Period: |
|
|
|
|
||||
Gross commitments |
|
$ |
3,919 |
|
|
$ |
1,598 |
|
Exits of commitments |
|
$ |
2,598 |
|
|
$ |
1,280 |
|
|
|
|
|
|
||||
Portfolio Information: |
|
|
|
|
||||
|
|
As of |
||||||
|
|
September 30,
|
|
December 31,
|
||||
Portfolio investments at fair value |
|
$ |
25,918 |
|
|
$ |
22,874 |
|
Fair value of accruing debt and other income producing securities(6) |
|
$ |
23,346 |
|
|
$ |
20,375 |
|
Number of portfolio company investments |
|
|
535 |
|
|
|
505 |
|
Percentage of floating rate securities at fair value(7) |
|
|
69 |
% |
|
|
69 |
% |
Weighted average yields on debt and other income producing securities(8): |
|
|
|
|
||||
At amortized cost |
|
|
11.7 |
% |
|
|
12.5 |
% |
At fair value |
|
|
11.7 |
% |
|
|
12.5 |
% |
Weighted average yields on total investments(9): |
|
|
|
|
||||
At amortized cost |
|
|
10.7 |
% |
|
|
11.3 |
% |
At fair value |
|
|
10.5 |
% |
|
|
11.2 |
% |
|
|
|
|
|
||||
Asset class percentage at fair value: |
|
|
|
|
||||
First lien senior secured loans |
|
|
53 |
% |
|
|
44 |
% |
Second lien senior secured loans |
|
|
11 |
% |
|
|
16 |
% |
Subordinated certificates of the SDLP |
|
|
5 |
% |
|
|
6 |
% |
Senior subordinated loans |
|
|
5 |
% |
|
|
5 |
% |
Preferred equity |
|
|
10 |
% |
|
|
11 |
% |
Ivy Hill Asset Management, L.P.(10) |
|
|
7 |
% |
|
|
9 |
% |
Other equity |
|
|
9 |
% |
|
|
9 |
% |
(6) |
Includes the fair value of Ares Capital’s equity investment in Ivy Hill Asset Management, L.P. (“IHAM”). |
|
(7) |
Includes Ares Capital's investment in the subordinated certificates of the SDLP (as defined below). |
|
(8) |
Weighted average yields on debt and other income producing securities are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the dividend received by Ares Capital related to its equity investment in IHAM during the most recent quarter end), divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value (including the amortized cost or fair value of Ares Capital’s equity investment in IHAM as applicable), as applicable. |
|
(9) |
Weighted average yields on total investments are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the dividend received by Ares Capital related to its equity investment in IHAM during the most recent quarter end), divided by (b) total investments at amortized cost or at fair value, as applicable. |
|
(10) |
Includes Ares Capital’s subordinated loan and equity investments in IHAM, as applicable. |
In the third quarter of 2024, Ares Capital made new investment commitments of approximately
In the third quarter of 2024, Ares Capital exited approximately
As of September 30, 2024 and December 31, 2023, the weighted average grade of the portfolio at fair value was 3.1 and 3.1, respectively, and loans on non-accrual status represented
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2024, Ares Capital had
In July 2024, Ares Capital and its consolidated subsidiary, ARCC FB Funding LLC (“AFB”), entered into an agreement to amend AFB’s revolving funding facility (the “BNP Funding Facility”). The amendment, among other things, (a) increased the total commitment under the BNP Funding Facility from
During the three months ended September 30, 2024, Ares Capital issued and sold approximately 14.7 million shares of common stock under its equity distribution agreements, with net proceeds totaling approximately
THIRD QUARTER 2024 DIVIDENDS PAID
On July 30, 2024, Ares Capital announced that its Board of Directors declared a third quarter 2024 dividend of
RECENT DEVELOPMENTS
On October 8, 2024, Ares Capital and its consolidated subsidiary, Ares Capital CP Funding LLC (“Ares Capital CP”), entered into an agreement to amend Ares Capital CP’s revolving funding facility (“Revolving Funding Facility”). The amendment, among other things, (a) increased the commitments under the Revolving Funding Facility from
In October 2024, Ares Capital, through a wholly owned and consolidated subsidiary, priced a
From October 1, 2024 through October 24, 2024, Ares Capital made new investment commitments of approximately
From October 1, 2024 through October 24, 2024, Ares Capital exited approximately
In addition, as of October 24, 2024, Ares Capital had an investment backlog of approximately
WEBCAST / CONFERENCE CALL
Ares Capital will host a webcast/conference call on Wednesday, October 30, 2024 at 12:00 p.m. (Eastern Time) to discuss its quarter ended September 30, 2024 financial results. PLEASE VISIT ARES CAPITAL’S WEBCAST LINK LOCATED ON THE HOME PAGE OF THE INVESTOR RESOURCES SECTION OF ARES CAPITAL’S WEBSITE FOR A SLIDE PRESENTATION THAT COMPLEMENTS THE EARNINGS CONFERENCE CALL.
All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of Ares Capital’s website at www.arescapitalcorp.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call toll free by dialing +1 (800) 245-3047. International callers can access the conference call by dialing +1 (203) 518-9765. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected and to reference the conference ID ARCCQ324. For interested parties, an archived replay of the call will be available approximately one hour after the end of the call through November 30, 2024 at 5:00 p.m. (Eastern Time) to domestic callers by dialing toll free +1 (800) 839-5127 and to international callers by dialing +1 (402) 220-2692. An archived replay will also be available through November 30, 2024 on a webcast link located on the Home page of the Investor Resources section of Ares Capital’s website.
ABOUT ARES CAPITAL CORPORATION
Founded in 2004, Ares Capital is a leading specialty finance company focused on providing direct loans and other investments in private middle market companies in
FORWARD-LOOKING STATEMENTS
Statements included herein or on the webcast/conference call may constitute “forward-looking statements,” which relate to future events or Ares Capital’s future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Ares Capital’s filings with the SEC. Ares Capital undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call.
ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (in millions, except per share data) |
|||||
|
As of |
||||
|
September 30,
|
|
December 31,
|
||
ASSETS |
(unaudited) |
|
|
||
Total investments at fair value (amortized cost of |
$ |
25,918 |
|
$ |
22,874 |
Cash and cash equivalents |
|
486 |
|
|
535 |
Restricted cash |
|
138 |
|
|
29 |
Interest receivable |
|
269 |
|
|
245 |
Receivable for open trades |
|
113 |
|
|
16 |
Other assets |
|
169 |
|
|
91 |
Operating lease right-of-use asset |
|
7 |
|
|
10 |
Total assets |
$ |
27,100 |
|
$ |
23,800 |
LIABILITIES |
|
|
|
||
Debt |
$ |
13,500 |
|
$ |
11,884 |
Base management fee payable |
|
96 |
|
|
84 |
Income based fee payable |
|
92 |
|
|
90 |
Capital gains incentive fee payable |
|
106 |
|
|
88 |
Interest and facility fees payable |
|
119 |
|
|
132 |
Payable to participants |
|
38 |
|
|
29 |
Payable for open trades |
|
45 |
|
|
7 |
Accounts payable and other liabilities |
|
284 |
|
|
234 |
Secured borrowings |
|
34 |
|
|
34 |
Operating lease liabilities |
|
13 |
|
|
17 |
Total liabilities |
|
14,327 |
|
|
12,599 |
STOCKHOLDERS’ EQUITY |
|
|
|
||
Common stock, par value |
|
1 |
|
|
1 |
Capital in excess of par value |
|
12,044 |
|
|
10,738 |
Accumulated undistributed earnings |
|
728 |
|
|
462 |
Total stockholders’ equity |
|
12,773 |
|
|
11,201 |
Total liabilities and stockholders’ equity |
$ |
27,100 |
|
$ |
23,800 |
NET ASSETS PER SHARE |
$ |
19.77 |
|
$ |
19.24 |
ARES CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (in millions, except per share data) (unaudited) |
|||||||||||||||
|
For the Three Months
|
|
For the Nine Months
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
INVESTMENT INCOME |
|
|
|
|
|
|
|
||||||||
Interest income from investments |
$ |
568 |
|
|
$ |
495 |
|
|
$ |
1,620 |
|
|
$ |
1,441 |
|
Capital structuring service fees |
|
38 |
|
|
|
20 |
|
|
|
124 |
|
|
|
51 |
|
Dividend income |
|
151 |
|
|
|
128 |
|
|
|
441 |
|
|
|
372 |
|
Other income |
|
18 |
|
|
|
12 |
|
|
|
46 |
|
|
|
43 |
|
Total investment income |
|
775 |
|
|
|
655 |
|
|
|
2,231 |
|
|
|
1,907 |
|
|
|
|
|
|
|
|
|
||||||||
EXPENSES |
|
|
|
|
|
|
|
||||||||
Interest and credit facility fees |
|
195 |
|
|
|
145 |
|
|
|
528 |
|
|
|
425 |
|
Base management fee |
|
96 |
|
|
|
81 |
|
|
|
274 |
|
|
|
239 |
|
Income based fee |
|
92 |
|
|
|
83 |
|
|
|
273 |
|
|
|
238 |
|
Capital gains incentive fee |
|
7 |
|
|
|
42 |
|
|
|
19 |
|
|
|
40 |
|
Administrative fees |
|
3 |
|
|
|
4 |
|
|
|
9 |
|
|
|
10 |
|
Other general and administrative |
|
9 |
|
|
|
8 |
|
|
|
24 |
|
|
|
23 |
|
Total expenses |
|
402 |
|
|
|
363 |
|
|
|
1,127 |
|
|
|
975 |
|
NET INVESTMENT INCOME BEFORE INCOME TAXES |
|
373 |
|
|
|
292 |
|
|
|
1,104 |
|
|
|
932 |
|
Income tax expense, including excise tax |
|
12 |
|
|
|
3 |
|
|
|
60 |
|
|
|
11 |
|
NET INVESTMENT INCOME |
|
361 |
|
|
|
289 |
|
|
|
1,044 |
|
|
|
921 |
|
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS: |
|
|
|
|
|
|
|
||||||||
Net realized losses |
|
(24 |
) |
|
|
(76 |
) |
|
|
(30 |
) |
|
|
(207 |
) |
Net unrealized gains |
|
57 |
|
|
|
287 |
|
|
|
165 |
|
|
|
395 |
|
Net realized and unrealized gains on investments, foreign currency and other transactions |
|
33 |
|
|
|
211 |
|
|
|
135 |
|
|
|
188 |
|
REALIZED LOSS ON EXTINGUISHMENT OF DEBT |
|
— |
|
|
|
— |
|
|
|
(14 |
) |
|
|
— |
|
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS |
$ |
394 |
|
|
$ |
500 |
|
|
$ |
1,165 |
|
|
$ |
1,109 |
|
NET INCOME PER COMMON SHARE: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.62 |
|
|
$ |
0.89 |
|
|
$ |
1.90 |
|
|
$ |
2.03 |
|
Diluted |
$ |
0.62 |
|
|
$ |
0.87 |
|
|
$ |
1.90 |
|
|
$ |
1.98 |
|
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: |
|
|
|
|
|
|
|
||||||||
Basic |
|
635 |
|
|
|
562 |
|
|
|
614 |
|
|
|
548 |
|
Diluted |
|
635 |
|
|
|
582 |
|
|
|
614 |
|
|
|
568 |
|
SCHEDULE 1
Reconciliations of GAAP net income per share to Core EPS
Reconciliations of GAAP net income per share, the most directly comparable GAAP financial measure, to Core EPS for the three and nine months ended September 30, 2024 and 2023 are provided below.
|
For the Three Months
|
|
For the Nine Months
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
||||||||
GAAP net income per share(1)(2) |
$ |
0.62 |
|
|
$ |
0.89 |
|
|
$ |
1.90 |
|
|
$ |
2.03 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Net realized and unrealized gains(1) |
|
(0.05 |
) |
|
|
(0.37 |
) |
|
|
(0.20 |
) |
|
|
(0.35 |
) |
Capital gains incentive fees attributable to net realized and unrealized gains and losses(1) |
|
0.01 |
|
|
|
0.07 |
|
|
|
0.03 |
|
|
|
0.08 |
|
Income tax expense (benefit) related to net realized gains and losses(1) |
|
— |
|
|
|
— |
|
|
|
0.05 |
|
|
|
(0.02 |
) |
Core EPS(3) |
$ |
0.58 |
|
|
$ |
0.59 |
|
|
$ |
1.78 |
|
|
$ |
1.74 |
|
(1) |
All per share amounts and weighted average shares outstanding are basic. The basic weighted average shares outstanding for the three and nine months ended September 30, 2024 were approximately 635 million and 614 million, respectively, and approximately 562 million and 548 million, respectively, for the comparable periods in 2023. |
|
(2) |
The basic and diluted weighted average shares outstanding for the three and nine months ended September 30, 2024 was approximately 635 million shares and 614 million shares, respectively. Ares Capital’s diluted GAAP net income per share for the three and nine months ended September 30, 2023 was |
|
(3) |
Core EPS is a non-GAAP financial measure. Core EPS is the net increase (decrease) in stockholders’ equity resulting from operations, and excludes net realized and unrealized gains and losses, any capital gains incentive fees attributable to such net realized and unrealized gains and losses and any income taxes related to such net realized gains and losses, divided by the basic weighted average shares outstanding for the relevant period. GAAP net income (loss) per share is the most directly comparable GAAP financial measure. Ares Capital believes that Core EPS provides useful information to investors regarding financial performance because it is one method Ares Capital uses to measure its financial condition and results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030297703/en/
INVESTOR RELATIONS CONTACTS
Ares Capital Corporation
John Stilmar or Carl Drake
(888) 818-5298
irarcc@aresmgmt.com
Source: Ares Capital Corporation
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