The earnings call presented a generally positive outlook with stable core earnings, increased net asset value, and strong portfolio performance despite some challenges related to tariff volatility and a modest uptick in non-accruals.

Company Guidance

During the Ares Capital Corporation's second-quarter earnings call, the company reported stable core earnings of $0.50 per share, representing an annualized return on equity of 10%, consistent with the prior quarter. The net asset value per share increased both sequentially and year-over-year, supported by earnings in excess of dividends and strong net realized gains from their equity co-investment portfolio. The company's total portfolio at fair value reached $27.9 billion, up from $27.1 billion in the previous quarter. Ares Capital remains diversified across 566 companies in 25 industries, with a debt-to-equity ratio of 0.98x. The company highlighted its robust liquidity, totaling nearly $6.5 billion, and noted strong investment activity with $2.5 billion of new commitments, 74% of which were with existing borrowers. They also emphasized their ability to generate attractive, risk-adjusted returns, with borrower leverage levels below their five-year average and an average loan-to-value ratio in the low 40% range. Despite a modest uptick in non-accruals, these levels remain below historical averages. The company declared a third-quarter dividend of $0.48 per share and noted an estimated $878 million, or $1.29 per share, of taxable income and spillover available for distribution in 2025.

Stable Core Earnings and Return on Equity

Reported stable core earnings of $0.50 per share, representing an annualized return on equity of 10%, consistent with the prior quarter.

Increase in Net Asset Value

Net asset value per share increased both sequentially and year-over-year, supported by earnings in excess of the dividend and robust net investment gains.

Strong Portfolio Performance

The portfolio showed healthy performance with borrowers' weighted average organic EBITDA growth rates accelerating into the double digits over the last 12 months.

Increase in Portfolio Value

Total portfolio at fair value increased to $27.9 billion from $27.1 billion at the end of the first quarter and $25 billion a year ago.

Successful Debt Issuance

Issued $750 million of long 5-year unsecured notes at a spread to treasuries of 175 basis points, marking the tightest 5-year new issue spread achieved by BDC since the beginning of the second quarter.

Strong Liquidity Position

Liquidity remains strong, totaling nearly $6.5 billion, including available cash, with no debt maturing for the remainder of the year.

Significant Investment Activity

Originated over $2.5 billion of new investment commitments in the second quarter, with incumbent borrowers accounting for 74% of commitments.

Record Private Credit LBO

Serving as the lead-left arranger for the largest private credit LBO on record with the take private of Dun & Bradstreet, expected to close in the third quarter.

Dividend Stability

Declared a third quarter 2025 dividend of $0.48 per share, marking the 16th consecutive year of stable or increasing regular dividend.

Ares Capital (ARCC) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

ARCC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 28, 2025	2025 (Q3)	0.50 / -	0.58	―	―	―
Jul 29, 2025	2025 (Q2)	0.51 / 0.50	0.61	-18.03% (-0.11)
Apr 29, 2025	2025 (Q1)	0.53 / 0.50	0.59	-15.25% (-0.09)
Feb 05, 2025	2024 (Q4)	0.58 / 0.55	0.63	-12.70% (-0.08)
Oct 30, 2024	2024 (Q3)	0.59 / 0.58	0.59	-1.69% (-0.01)
Jul 30, 2024	2024 (Q2)	0.58 / 0.61	0.58	5.17% (+0.03)
May 01, 2024	2024 (Q1)	0.60 / 0.59	0.57	3.51% (+0.02)
Feb 07, 2024	2023 (Q4)	0.60 / 0.63	0.63	0.00% (0.00)
Oct 24, 2023	2023 (Q3)	0.58 / 0.59	0.5	18.00% (+0.09)
Jul 25, 2023	2023 (Q2)	0.57 / 0.58	0.46	26.09% (+0.12)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ARCC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 29, 2025	$22.70	$22.54	-0.70%
Apr 29, 2025	$20.79	$20.22	-2.74%
Feb 05, 2025	$22.78	$22.10	-2.99%
Oct 30, 2024	$20.18	$19.97	-1.04%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Ares Capital Corp (ARCC) report earnings?

Ares Capital Corp (ARCC) is schdueled to report earning on Oct 28, 2025, Before Open (Confirmed).

What is Ares Capital Corp (ARCC) earnings time?

Ares Capital Corp (ARCC) earnings time is at Oct 28, 2025, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is ARCC EPS forecast?

ARCC EPS forecast for the fiscal quarter 2025 (Q3) is 0.5.

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