Ares Capital Corporation (ARCC) Earnings Call Transcripts

Ares Capital Corporation's Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Ares Capital Corporation (ARCC) reported core earnings per share of $0.47, reflecting a decline from $0.50 in the previous quarter, primarily due to reduced capital structuring service fees and the impact of current base rates on interest income. The company's total portfolio at fair value remained stable at $29.5 billion, with a net asset value of $14.1 billion, down from $14.5 billion in the previous quarter. Management maintained a stable dividend of $0.48 per share, supported by strong underlying earnings and significant liquidity of approximately $6 billion, positioning ARCC favorably for future opportunities despite current market volatility.

Reported metrics

Guidance from management

Management maintained a stable dividend and indicated that they are well-positioned to capitalize on market opportunities, with expectations for improved terms and spreads in the near future.

What management said

Yes. Thanks, Fin. Yes, I do think that there's potential for that. We're not seeing it at the moment. As you saw -- during the quarter, we actually repriced our facilities down a little bit. So these things will ebb and flow. I think for us, if it does move, that it's not going to be just for us or for the whole sector. So that's happening that should mean that we should be able to put pressure on the asset side, t...

It feels like all the ingredients are still in place. If you take out the volatility that's going on in the world in the market right now. So the pressures on the private equity firms to return capital is only increasing. The hold periods are lengthening. Again, even though economic growth overall is slowing a little bit in the sectors that we invest in, growth is still really strong. So I really don't see any other ...

What analysts pressed on

Analysts expressed concerns regarding the potential for credit quality to revert to historical norms, especially given geopolitical uncertainties and economic slowdowns. There were also questions about the sustainability of wider spreads and better terms in the current market environment.

Main topics on the call

• Core Earnings Performance — ARCC reported core earnings of $0.47 per share, down from $0.50 in the previous quarter. Management noted that this decline was primarily due to 'the impact of a full quarter of current base rates on our interest income ...
• Market Conditions and Investment Environment — Management highlighted a 'reset underway with wider spreads, lower leverage levels and more attractive overall deal terms across the market.' They noted that 'the ability to provide capital at scale and with certainty is...
• Portfolio Quality and Nonaccruals — The overall portfolio quality remains healthy, with nonaccruals at cost ending the quarter at 2.1%, still below historical averages. Management stated, 'Our overall risk ratings remain stable and the share of our portfol...
• Liquidity Position — ARCC reported a strong liquidity position of approximately $6 billion, which provides significant advantages in the current market. Management emphasized that 'our healthy levels of available capital... positions us well...

Read the full Ares Capital Corporation transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 36 Ares Capital Corporation earnings call transcripts on record, spanning February 12, 2020 to July 29, 2026. Based on this history, Ares Capital Corporation reports quarterly. The most recent call on file is dated July 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

ARCC

Exchange

NasdaqGS

Country

US

Sector

Financials

Industry

Capital Markets

Calls on record

36

First call

February 12, 2020

Most recent

July 29, 2026

Reporting cadence

quarterly