Ares Capital Corporation reported $768 million in total investment income for the three months ended June 30, 2026, an increase from $745 million in the same period of the prior year. For the six months ended June 30, 2026, total investment income rose to $1.53 billion from $1.48 billion in the first six months of 2025. Net investment income for the three months ended June 30, 2026 was $359 million, up from $342 million in the prior year's second quarter. For the six-month period, net investment income increased to $757 million from $707 million in the comparable period of 2025.
Total expenses for the three months ended June 30, 2026 were $401 million, compared to $395 million for the same period in 2025. For the six months ended June 30, 2026, total expenses were $760 million, a slight increase from $755 million in the first six months of 2025. The company reported net realized gains of $5 million for the three months ended June 30, 2026, a decrease from $34 million in the prior year's second quarter. For the six-month period, net realized gains were $101 million, compared to net realized losses of $27 million in the first six months of 2025.
Ares Capital Corporation's total assets decreased to $30.50 billion as of June 30, 2026, from $31.24 billion as of December 31, 2025. Total liabilities also decreased to $16.61 billion from $16.92 billion over the same period. Stockholders' equity declined to $13.89 billion from $14.32 billion. The net asset value per share decreased to $19.35 as of June 30, 2026, from $19.94 as of December 31, 2025.
The company's investment portfolio is primarily composed of first lien senior secured loans, which represented $17.86 billion in amortized cost and $17.33 billion in fair value as of June 30, 2026. This category remains the largest segment of the company's investments. The portfolio is diversified across various industries, with "Software and Services" representing 22.0% of fair value as of June 30, 2026, followed by "Financial Services" at 13.4%. Geographically, the "Midwest" region accounted for 23.3% of the portfolio's fair value.
Looking ahead, Ares Capital Corporation's management anticipates continued stability and healthy overall economic activity, supported by stable economic growth and balanced labor market conditions. However, the company acknowledges ongoing uncertainty related to geopolitical developments and their potential impact on energy prices. The company also notes the Federal Reserve's commitment to price stability and its willingness to tighten monetary policy if warranted by economic conditions. The company's strategy involves continuing to originate new investment commitments, with a focus on first lien senior secured loans, while managing its capital resources effectively.
About ARES CAPITAL CORP
Ares Capital Corporation is a leading specialty finance company focused on providing capital to U.S. middle-market companies through debt and equity investments. With approximately $28.3 billion in total assets, it primarily invests in first and second lien senior secured loans, subordinated debt, and preferred equity. Ares leverages its extensive network and investment expertise to capitalize on market opportunities, aiming to generate current income and capital appreciation for its investors.
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