Ares Capital Q4 2023 Earnings Report
Key Takeaways
Ares Capital Corporation announced its Q4 2023 financial results, featuring a GAAP net income of $413 million or $0.72 per share and Core EPS of $0.63. The company's portfolio investments at fair value reached $22.874 billion, and it declared a first quarter 2024 dividend of $0.48 per share.
Ares Capital reported a GAAP net income of $413 million, or $0.72 per share for Q4 2023.
Core EPS for Q4 2023 was $0.63.
The company's portfolio investments at fair value totaled $22.874 billion as of December 31, 2023.
Ares Capital declared a first quarter 2024 dividend of $0.48 per share.
Ares Capital
Ares Capital
Forward Guidance
Ares Capital believes it is heading into 2024 from a position of strength and will seek to build upon its 14-year track record of paying a stable regular quarterly dividend for its shareholders. With over $6 billion of available capital after considering the January notes issuance, the company remains well positioned to invest opportunistically in a more active market environment.
Positive Outlook
- Company is in a strong position heading into 2024.
- Ares Capital aims to build upon its track record of stable quarterly dividends.
- Over $6 billion of available capital provides flexibility for investments.
- Company is well positioned to invest opportunistically in a more active market.
- Raised $1.3 billion of unsecured notes on market leading terms, further strengthening liquidity.
Challenges Ahead
- Net income can vary substantially from period to period due to various factors.
- Quarterly comparisons of net income may not be meaningful.
- Ares Capital may seek to sell new investment commitments, but there is no assurance they will be able to do so.
- The consummation of any investments in backlog and pipeline depends on satisfactory due diligence and acceptance of terms.
- Ares Capital cannot assure that it will make any of these investments or sell any portion of these investments.