Ares Capital Q2 Earnings: Core EPS $0.47, NAV Dips to $19.35, $0.48 Dividend Declared
ARCC is trading near its 52-week low of $17.4 (9.1% above the low).
Summary
Ares Capital posted Q2 Core EPS of $0.47, below the $0.48 dividend, as $183M in unrealized losses pressured NAV. The $0.48 quarterly dividend was maintained, and liquidity remains robust at $6.0B.
Key Events · Earnings and Guidance · ARCC
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Core EPS Misses Dividend
Core EPS of $0.47 fell short of the $0.48 quarterly dividend, though net investment income rose to $359M from $342M a year ago.
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NAV Decline on Unrealized Losses
Net asset value per share dropped to $19.35 from $19.94 at year-end, driven by $183M in net unrealized losses on investments.
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Dividend Maintained at $0.48
Board declared a third-quarter dividend of $0.48 per share, payable September 30, 2026 to shareholders of record September 15.
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Liquidity Bolstered to $6.0B
Available liquidity reached $6.0 billion after upsizing credit facilities and launching a $1.0B commercial paper program, with no near-term debt maturities.
Analysis · ARCC · Unknown
Ares Capital reported a mixed second quarter. Core EPS of $0.47 slightly missed the $0.50 consensus and fell short of the $0.48 dividend, though net investment income grew 5% year-over-year. The bigger story is a $183 million net unrealized loss, driven by mark-to-market declines in the portfolio, which pushed NAV per share down to $19.35 from $19.94 at year-end. The company maintained its $0.48 quarterly dividend and highlighted a strong liquidity position with $6.0 billion available, including a new commercial paper program. The results show a BDC navigating a tougher credit environment—earnings power remains solid, but asset quality bears watching as non-accruals ticked up to 2.4% of amortized cost.
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In the 30 days to Sep 17, 2026, 29.6% of the 1708 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.34%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, ARCC was trading at $18.99 on NASDAQ in the Unknown sector, with a market capitalization of approximately $13.7B. The 52-week trading range was $17.40 to $23.12. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.