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Ares Capital
Ares Capital (ARCC) investor relations material
Ares Capital Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Delivered strong financial results in 2025, with core EPS of $0.50 in Q4 and $2.01 for the year, fully covering dividends and driving ROE above 10% for both periods.
Reported GAAP net income per share of $0.41 for Q4 2025 and $1.86 for the year, both down from 2024.
Achieved record gross originations and new investment commitments, with portfolio at fair value reaching $29.5 billion across over 600 borrowers.
Maintained stable credit quality, with non-accruals at cost at 1.8% and at fair value at 1.2%, both below historical averages.
Continued to pay stable or increasing regular quarterly dividends, declaring $0.48 per share for Q1 2026.
Financial highlights
FY 2025 GAAP net income was $1,299 million ($1.86 per share), and core EPS was $2.01, both down from FY 2024.
Net investment income for Q4 2025 was $370 million ($0.52 per share); FY 2025 net investment income was $1,415 million ($2.02 per share).
Net asset value (NAV) per share ended at $19.94, up slightly year-over-year.
Portfolio at fair value reached $29.5 billion, up 10% year-over-year.
Generated over $470 million in gross gains from equity co-investments, with average IRR above 25%.
Outlook and guidance
Confident in maintaining current dividend level despite potential declines in short-term rates, supported by low leverage, spillover income, and strategic investments.
Investment backlog as of January 29, 2026, stood at $2.2 billion, with 89% in first lien senior secured loans.
Expect continued healthy credit performance and incremental growth from Senior Direct Lending Program and Ivy Hill Asset Management.
Explain the trend in new investment yields
Discuss debt refinancing strategy and cost impact
What drove the decline in GAAP net income FY25?
Which software types are most vulnerable to AI?
Prioritize dividend support factors given rate declines
How to leverage capital amid changing market flows?
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Next Ares Capital earnings date
Q1 202628 Apr, 2026
Ares Capital
Next Ares Capital earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Ares Capital Corporation is a leading specialty finance company that provides one-stop solutions to meet the distinct and underserved financing needs of private middle market companies across diverse industries. Ares Capital's investment objective is to generate both current income and capital appreciation through debt and equity investments. Ares Capital has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940.
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