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Mar 31, 2025
Ares Capital Q1 2025 Earnings Report
Ares Capital reported solid first quarter performance with stable earnings and a strong liquidity position.
Key Takeaways
Ares Capital generated $732 million in total revenue and posted $241 million in net income for Q1 2025. While GAAP EPS decreased year-over-year, core earnings remained resilient, supported by portfolio growth and balance sheet strength.
Revenue by Segment
Forward Guidance
Management expressed confidence in continued performance, backed by enhanced liquidity and expanded credit capacity.
Positive Outlook
- Expanded senior secured credit facility to $5.3B
- New investment commitments of $3.5B across 70 companies
- High percentage (90%) of floating rate debt in new investments
- Improved terms on revolving facilities and note issuance
- Leverage maintained below 1x net debt to equity
Challenges Ahead
- GAAP EPS declined from $0.76 to $0.36 YoY
- Realized and unrealized losses totaled $124M
- Net assets per share decreased from $19.89 to $19.82
- Reduction in yield on debt and income-producing securities
- Decrease in net investment income per share YoY
Historical Earnings Impact
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Avg. Return Before/After Earnings
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