Ares Capital Q3 Core EPS $0.46, NAV Slips to $19.31, Q4 Dividend Held at $0.48
ARCC is trading near its 52-week low of $17.4 (4.3% above the low).
Summary
Ares Capital earned $0.46 of core EPS in Q3 2026 against a $0.48 dividend, with NAV down to $19.31 and non-accruals up to 2.4% of amortized cost. The board declared the same $0.48 fourth-quarter dividend, payable December 29.
Key Events · Earnings and Guidance · ARCC
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Q3 Core EPS $0.46, GAAP $0.44
Core EPS fell from $0.50 a year earlier and GAAP net income per share from $0.57; net investment income was $328 million versus $338 million.
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Dividend Held at $0.48
Fourth quarter 2026 dividend of $0.48 per share declared, payable December 29, 2026 to stockholders of record December 15, 2026 — unchanged year over year and roughly 0.96x covered by Q3 core EPS ($0.46).
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NAV Declines, Non-Accruals Rise
Net asset value per share fell to $19.31 from $19.94 at December 31, 2025; loans on non-accrual rose to 2.4% of total investments at amortized cost (1.4% at fair value) from 1.8% (1.2%).
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Unrealized Swing to Gains
Net unrealized gains of $43 million in Q3 2026 versus a $96 million loss in Q3 2025, though the nine-month figure remains a $552 million unrealized loss.
Analysis · ARCC · Unknown
Core EPS of $0.46 covers the $0.48 quarterly dividend only about 0.96x, so the payout is again being part-funded from spillover income rather than current earnings — the same pattern as the prior quarter. NAV per share fell to $19.31 from $19.94 at year-end, and non-accruals rose to 2.4% of amortized cost from 1.8%, which is the number that matters for a lender trading near its 52-week low. Offsetting that, the quarter produced $43 million of net unrealized gains after a $96 million loss a year earlier, and management points to a $2.5 billion backlog entering Q4. The separately filed MidCap Financial acquisition is the larger event today; this release is the operating baseline against which that deal will be judged.
How filings like this one have moved
In the 30 days to Oct 27, 2026, 29.9% of the 1374 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. 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 $18.15 on NASDAQ in the Unknown sector, with a market capitalization of approximately $13.4B. The 52-week trading range was $17.40 to $21.14. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.