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Dec 31, 2025
Ares Capital Q4 2025 Earnings Report
Ares Capital reported its financial results for the fourth quarter and full year ended December 31, 2025, and declared a first quarter 2026 dividend.
Key Takeaways
Ares Capital Corporation announced strong fourth quarter results, capping a successful year with record investment commitments, stable credit performance, and core earnings exceeding dividends. The company also declared a first quarter 2026 dividend of $0.48 per share.
GAAP net income per share for Q4 2025 was $0.41, compared to $0.55 in Q4 2024.
Core EPS for Q4 2025 was $0.50, slightly down from $0.55 in Q4 2024.
Total investment income for Q4 2025 reached $793 million, an increase from $759 million in Q4 2024.
The company declared a first quarter 2026 dividend of $0.48 per share, maintaining a stable dividend payout.
Revenue by Segment
Forward Guidance
Ares Capital anticipates continued strong performance, leveraging its market-leading platform, rigorous credit standards, and portfolio management capabilities to generate attractive returns for stockholders. The company also plans to continue enhancing its balance sheet and maintaining ample liquidity.
Positive Outlook
- Market-leading platform, experience, rigorous credit standards, and portfolio management capabilities position the company well for attractive stockholder returns.
- Continued enhancement of ARCC's strong balance sheet with record new gross debt commitments.
- Maintenance of ample levels of liquidity to support new and existing portfolio companies.
- Stable or growing regular quarterly dividends for over 16 consecutive years.
- Investment backlog of approximately $2.2 billion as of January 29, 2026, indicating potential future investments.
Challenges Ahead
- Net income can vary substantially due to factors like new investment commitments, realized/unrealized gains/losses, and appreciation/depreciation, making quarterly comparisons less meaningful.
- No assurance that Ares Capital will be able to sell all or a portion of new investment commitments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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