Earnings Releases·Oct 27, 2026, 6:14 AM ET

Ares Capital Corporation — Third Quarter 2026 Earnings Summary

GAAP net income declined to $319 million ($0.44 per share) from $404 million ($0.57 per share) in Q3 2025, driven by a shift from $162 million in net realized gains to $52 million in net realized losses, while core EPS fell to $0.46 from $0.50.
Total assets and stockholders' equity decreased to $30.6 billion and $13.9 billion respectively as of September 30, 2026, with net asset value per share dropping to $19.31 from $19.94 at year-end 2025.
Management expects stronger transaction activity in Q4 2026, citing a meaningful increase in investment backlog to approximately $2.5 billion and the anticipated earnings boost from the recently announced acquisition of MidCap Financial Investment Corporation.
The company strengthened its funding profile through the issuance of $750 million in unsecured notes and refinancing of ADL CLO 1 term debt, while maintaining a debt/equity ratio of 1.11x and declaring a Q4 2026 dividend of $0.48 per share.