**Ares Capital Corporation Reports First Quarter 2026 Results**
Ares Capital Corporation (ARCC) has released its financial results for the three months ended March 31, 2026, revealing a net increase in stockholders' equity resulting from operations of $92 million, or $0.13 per share. This compares to $241 million, or $0.36 per share, for the same period in 2025. The company's total investment income reached $763 million, up from $732 million in the prior year, driven primarily by increased interest income from investments. However, this increase was offset by a rise in total expenses, which remained relatively stable at $359 million compared to $360 million in 2025.
The company's investment portfolio, at fair value, totaled $29.499 billion as of March 31, 2026, slightly up from $29.485 billion as of December 31, 2025. Non-controlled/non-affiliate company investments accounted for the largest portion of the portfolio, valued at $24.607 billion. The company's net asset value (NAV) per share decreased to $19.59 from $19.94 at the end of the previous quarter. This decrease was primarily due to net unrealized losses on investments, which totaled $412 million for the quarter.
Operationally, Ares Capital continued to focus on its core investment strategy, primarily targeting first and second lien senior secured loans. The company's schedule of investments provides a detailed breakdown of its holdings, including coupon rates, maturity dates, and fair values for each investment. The company's investment portfolio is diversified across various industries, with a significant concentration in software and services, healthcare, and financial services. The company's investment activity included both new commitments and exits, with a focus on maintaining a balanced and diversified portfolio.
Looking ahead, Ares Capital Corporation remains focused on generating both current income and capital appreciation through its debt and equity investments. The company's management team will continue to actively manage the portfolio, seeking opportunities to optimize returns while maintaining a disciplined approach to risk management. The company's ability to navigate the current economic environment and capitalize on investment opportunities will be crucial in achieving its long-term financial goals.
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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