Ares Capital Declares $0.48 Dividend; Q1 GAAP Net Income Up to $0.76

By Bobby Samwell • Wednesday, May 01 10:27 • Permanent Link

Ares Capital Corporation has declared a second quarter 2024 dividend of $0.48 per share, payable on June 28, 2024 to stockholders of record as of June 14, 2024. The company's financial results for the first quarter ended March 31, 2024, reveal a significant increase in GAAP net income per share from $0.52 to $0.76, and core EPS rose from $0.57 to $0.59.

The net investment income for the first quarter of 2024 was $325 million, compared to $318 million in the same period of 2023. Additionally, Ares Capital reported net realized losses of $(32) million, a decrease from $(50) million in the first quarter of 2023, and net unrealized gains increased to $156 million from $10 million in the same period last year.

As of March 31, 2024, Ares Capital's portfolio investments at fair value reached $23,124 million, up from $22,874 million as of December 31, 2023. The total assets also increased to $24,256 million from $23,800 million, and stockholders' equity rose to $11,872 million from $11,201 million. The net assets per share climbed to $19.53 from $19.24, and the debt/equity ratio decreased to 0.99x from 1.07x, while the debt/equity ratio net of available cash dropped to 0.95x from 1.02x.

Ares Capital's portfolio activity during the first quarter of 2024 saw gross commitments of $3,554 million, a substantial increase from $766 million in the same period of 2023. The exits of commitments also surged to $3,414 million from $1,884 million in the first quarter of 2023. As of March 31, 2024, the fair value of accruing debt and other income producing securities stood at $20,490 million, up from $20,375 million as of December 31, 2023.

The company made new investment commitments of approximately $3.6 billion in the first quarter of 2024, of which approximately $2.5 billion were funded. These commitments included 16 new portfolio companies and 45 existing portfolio companies. Ares Capital's portfolio represented 240 separate private equity sponsors as of March 31, 2024.

Today the company's shares have moved 0.2% to a price of $20.65. If you want to know more, read the company's complete 8-K report here.

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