Document


	Q3-24(1)				Q3-23(1)
(金额单位为百万美元，每股数据除外)	总额		每股		总额		每股
按照通用会计准则计算的每股净利润(2)(3)			$	0.62			$	0.89
核心每股收益(4)			$	0.58			$	0.59
宣布和应付的分红派息			$	0.48			$	0.48
投资净收益(2)	$	361	$	0.57	$	289	$	0.52
已实现亏损净额(2)	$	(24)	$	(0.04)	$	(76)	$	(0.14)
未实现收益净额(2)	$	57	$	0.09	$	287	$	0.51
GAAP净利润(2)(3)	$	394	$	0.62	$	500	$	0.89


	截至
(以百万美元为单位，除每股数据外)	2024年9月30日		2023年12月31日
以公允价值计量的投资组合	$	25,918	$	22,874
总资产	$	27,100	$	23,800
股东权益	$	12,773	$	11,201
每股净资产	$	19.77	$	19.24
负债/权益比	1.06x		1.07x
扣除可用现金后的负债/权益比(5)	1.03x		1.02x

____________________________________________

(3)截至2024年9月30日三个月结束时，基本和稀释的加权平均股份为约63500万股。艾瑞斯资本截至2023年9月30日三个月结束时的稀释GAAP净利润每股为0.87美元。用于计算截至2023年9月30日三个月结束时稀释GAAP净利润每股的加权平均股份约为58200万股，其中包括与艾瑞斯资本当时未偿$40300万美元无抵押可转换票据（“2024转换票据”）相关的约2000万股。

(4)核心每股收益是一项非通用会计原则财务指标。核心每股收益是源自经营活动的股东权益净增加（减少），并排除净实现和未实现收益和损失，任何归因于此类净实现和未实现收益和损失的资本收益激励费，以及任何与此类净实现收益和损失相关的所得税，除数为基本

加权平均每股股份在相关期间。根据通用会计准则，每股净利润（亏损）是最直接可比的通用会计准则财务指标。阿瑞斯资本认为核心每股收益为投资者提供了关于财务绩效的有用信息，因为这是阿瑞斯资本用来衡量其财务状况和经营结果的方法之一。提供此额外信息并不意味着孤立考虑，也不意味着代替按照通用会计准则编制的财务结果。通用会计准则净利润，即最直接可比的通用会计准则财务指标，与核心每股收益的调节详见附表1。

“我们报告了强劲的第三季度核心每股收益，我们的每股净资产价值再创新高，得益于强劲的新投资活动和良好的信用表现，” Ares Capital首席执行官Kipp deVeer表示。“在本月庆祝我们20周年纪念日之际，我们为为股东带来的回报感到自豪，包括13%的股息总年化回报率以及过去20年投资中累计净实现损失率为0%。”

“我们相信，资产负债表的强壮和多样化继续是差异化的来源，” Ares Capital的首席财务官Scott Lem说道。“在第三季度，我们的投资级别档案进一步提升，使得ARCC成为板块中唯一获得标普和惠誉最高评级以及积极展望的公司。我们对投资和资产负债表融资保守的做法使我们能够为股东支付已有15年以上稳定增长的季度股息。”


(金额单位为百万美元)	Q3-24			Q3-23
期间的投资组合活动：
毛承诺	$	3,919		$	1,598
退出承诺	$	2,598		$	1,280

投资组合信息：
	截至
	2024年9月30日			2023年12月31日
按公允价值计量的投资组合	$	25,918		$	22,874
应计债务和其他收入生产证券的公允价值(6)	$	23,346		$	20,375
投资组合公司投资数量	535			505
按公允价值计量的浮动利率证券占比(7)	69		%	69		%
债务和其他收入生产证券的加权平均收益率(8)：
摊余成本计量	11.7		%	12.5		%
以公允价值计量	11.7		%	12.5		%
总投资的加权平均收益率(9)：
摊余成本计量	10.7		%	11.3		%
以公允价值计量	10.5		%	11.2		%

公允价值下的资产类别百分比:
第一抵押优先担保贷款	53		%	44		%
第二抵押优先担保贷款	11		%	16		%
SDLP的次级证书	5		%	6		%
高级次级贷款	5		%	5		%
优先股权	10		%	11		%
艾菲山资产管理, L.P.(10)	7		%	9		%
其他股权	9		%	9		%

(8)债务和其他收入产生证券的加权平均收益率计算如下：（a）年度规定利率或收益率加上原始发行折扣和市场折价或溢价的净年度摊销，以及在应计的债务和其他收入产生证券上获得的（包括关于其在IHAm的股权投资相关的分红年度化金额）的分红金额，除以（b）按摊销成本或公允价值计量的累计债务和其他收入产生证券总额（包括Ares Capital在IHAm的股权投资的摊销成本或公允价值，视情况而定）。

(9)总投资加权平均收益率按照(a) 年化规定利率或收益率加上原始发行折价和市场折价或溢价的净年摊销以及对应应计债务所产生的收入和其他收入产生证券（包括Ares Capital在最近季度末收到的与IHAm的股权投资相关的股息年化金额），除以(b) 摊销成本或公允价值下的总投资。

In the third quarter of 2024, Ares Capital made new investment commitments of approximately $3.9 billion, of which approximately $2.7 billion were funded. New investment commitments included 23 new portfolio companies and 51 existing portfolio companies. As of September 30, 2024, 240 separate private equity sponsors were represented in Ares Capital’s portfolio. Of the approximately $3.9 billion in new commitments made during the third quarter of 2024, 93% were in first lien senior secured loans, 1% were in second lien senior secured loans, 2% were in subordinated certificates of the Senior Direct Lending Program (the “SDLP”), 1% were in senior subordinated loans, 1% were in Ares Capital’s subordinated loan investment in IHAM, 1% were in preferred equity and 1% were in other equity. Of the approximately $3.9 billion in new commitments, 95% were in floating rate debt securities, of which 87% contained interest rate floors and 2% were in the subordinated certificates of the SDLP. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 10.3% and the weighted average yield on total investments funded during the period at amortized cost was 10.1%. Ares Capital may seek to sell all or a portion of these new investment commitments, although there can be no assurance that Ares Capital will be able to do so. Also in the third quarter of 2024, Ares Capital funded approximately $453 million related to previously existing unfunded revolving and delayed draw loan commitments.

In the third quarter of 2024, Ares Capital exited approximately $2.6 billion of investment commitments. Of the approximately $2.6 billion of exited investment commitments, 72% were first lien senior secured loans, 12% were second lien senior secured loans, 5% were subordinated certificates of the SDLP, 3% were senior subordinated loans, 1% were Ares Capital’s subordinated loan investment in IHAM, 6% were preferred equity and 1% were other equity. Of the approximately $2.6 billion of exited investment commitments, 92% were floating rate, 3% were fixed rate, 2% were non-income producing and 3% were on non-accrual.

As of September 30, 2024 and December 31, 2023, the weighted average grade of the portfolio at fair value was 3.1 and 3.1, respectively, and loans on non-accrual status represented 1.3% of the total investments at amortized cost (or 0.6% at fair value) and 1.3% at amortized cost (or 0.6% at fair value), respectively. For more information on Ares Capital’s portfolio investment grades and loans on non-accrual status, see “Part I—Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity” in Ares Capital’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the Securities and Exchange Commission (“SEC”) on October 30, 2024.

As of September 30, 2024, Ares Capital had $486 million in cash and cash equivalents and $13.5 billion in total aggregate principal amount of debt outstanding ($13.5 billion at carrying value). Subject to borrowing base and other restrictions, Ares Capital had approximately $4.5 billion available for additional borrowings under its existing credit facilities as of September 30, 2024.

In July 2024, Ares Capital and its consolidated subsidiary, ARCC FB Funding LLC (“AFB”), entered into an agreement to amend AFB’s revolving funding facility (the “BNP Funding Facility”). The amendment, among other things, (a) increased the total commitment under the BNP Funding Facility from $865 million to approximately $1.3 billion, (b) extended the end of the reinvestment period from April 20, 2026 to July 26, 2027, (c) extended the stated maturity date from April 20, 2028 to July 26, 2029 and (d) adjusted the interest rate charged on the BNP Funding Facility from an applicable Secured Overnight Financing Rate (“SOFR”) or a “base rate” (as defined in the documents governing the BNP Funding Facility) plus a margin of (i) 2.50% during the reinvestment period and (ii) 3.00% following the reinvestment period to an applicable SOFR or a “base rate” plus a margin of (i) 2.10% during the reinvestment period and (ii) 2.60% following the reinvestment period. The other terms of the BNP Funding Facility remained materially unchanged.

During the three months ended September 30, 2024, Ares Capital issued and sold approximately 14.7 million shares of common stock under its equity distribution agreements, with net proceeds totaling approximately $302.4 million, after giving effect to sales agents’ commissions and certain estimated offering expenses.

On October 8, 2024, Ares Capital and its consolidated subsidiary, Ares Capital CP Funding LLC (“Ares Capital CP”), entered into an agreement to amend Ares Capital CP’s revolving funding facility (“Revolving Funding Facility”). The amendment, among other things, (a) increased the commitments under the Revolving Funding Facility from $1.775 billion to $2.150 billion, (b) extended the end of the reinvestment period from December 29, 2024 to October 8, 2027, (c) extended the stated maturity date from December 29, 2026 to October 8, 2029 and (d) adjusted the interest rate charged on the Revolving Funding Facility from an applicable SOFR plus a credit spread adjustment of 0.10% or a “base rate” plus an applicable spread of 1.90% per annum to an applicable SOFR or a “base rate” (as defined in the documents governing the Revolving Funding Facility) plus an applicable spread of 2.00% per annum and with no credit spread adjustment. The other terms of the Revolving Funding Facility remained materially unchanged.

In October 2024, Ares Capital, through a wholly owned and consolidated subsidiary, priced a $544 million term debt securitization. The transaction is expected to close in November 2024, subject to customary closing conditions. A term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by Ares Capital which is consolidated by it and subject to its overall asset coverage requirement.

From October 1, 2024 through October 24, 2024, Ares Capital made new investment commitments of approximately $408 million, of which approximately $320 million were funded. Of the approximately $408 million in new investment commitments, 55% were in first lien senior secured loans, 19% were in senior subordinated loans and 26% were in Ares Capital’s subordinated loan investment in IHAM. All of the approximately $408 million in new investment commitments were floating rate. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 10.8% and the weighted average yield on total investments funded during the period at amortized cost was 10.8%. Ares Capital may seek to sell all or a portion of these new investment commitments, although there can be no assurance that it will be able to do so.

From October 1, 2024 through October 24, 2024, Ares Capital exited approximately $1.2 billion of investment commitments, including $458 million of loans sold to IHAM or certain vehicles managed by IHAM. Of the approximately $1.2 billion of exited investment commitments, 60% were first lien senior secured loans, 28% were second lien senior secured loans, 1% were subordinated certificates of the SDLP, 11% were Ares Capital’s subordinated loan investment in IHAM. All of the approximately $1.2 billion of exited investment commitments were floating rate. The weighted average yield of debt and other income producing securities exited or repaid during the period at amortized cost was 11.3% and the weighted average yield on total investments exited or repaid during the period at amortized cost was 11.3%. Of the approximately $1.2 billion of investment commitments exited from October 1, 2024 through October 24, 2024, Ares Capital recognized total net realized gains of approximately $4 million, with no realized gains or losses recognized from the sale of loans to IHAM or certain vehicles managed by IHAM.

In addition, as of October 24, 2024, Ares Capital had an investment backlog of approximately $2.8 billion. Investment backlog includes transactions approved by Ares Capital’s investment adviser’s investment committee and/or for which a formal mandate, letter of intent or a signed commitment have been issued, and therefore Ares Capital believes are likely to close. The consummation of any of the investments in this backlog depends upon, among other things, one or more of the following: Ares Capital’s acceptance of the terms and structure of such investment and the execution and delivery of satisfactory transaction documentation. In addition, Ares Capital may sell all or a portion of these investments and certain of these investments may result in the repayment of existing investments. Ares Capital cannot assure you that it will make any of these investments or that Ares Capital will sell all or any portion of these investments.

Ares Capital will host a webcast/conference call on Wednesday, October 30, 2024 at 12:00 p.m. (Eastern Time) to discuss its quarter ended September 30, 2024 financial results. PLEASE VISIT ARES CAPITAL’S WEBCAST LINK LOCATED ON THE HOME PAGE OF THE INVESTOR RESOURCES SECTION OF ARES CAPITAL’S WEBSITE FOR A SLIDE PRESENTATION THAT COMPLEMENTS THE EARNINGS CONFERENCE CALL.

All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of Ares Capital’s website at www.arescapitalcorp.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call toll free by dialing +1 (800) 245-3047. International callers can access the conference call by dialing +1 (203) 518-9765. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected and to reference the conference ID ARCCQ324. For interested parties, an archived replay of the call will be available approximately one hour after the end of the call through November 30, 2024 at 5:00 p.m. (Eastern Time) to domestic callers by dialing toll free +1 (800) 839-5127 and to international callers by dialing +1 (402) 220-2692. An archived replay will also be available through November 30, 2024 on a webcast link located on the Home page of the Investor Resources section of Ares Capital’s website.

Founded in 2004, Ares Capital is a leading specialty finance company focused on providing direct loans and other investments in private middle market companies in the United States. Ares Capital’s objective is to source and invest in high-quality borrowers that need capital to achieve their business goals, which oftentimes can lead to economic growth and employment. Ares Capital believes its loans and other investments in these companies can help generate attractive levels of current income and potential capital appreciation for investors. Ares Capital, through its investment manager, utilizes its extensive, direct origination capabilities and incumbent borrower relationships to source and underwrite predominantly senior secured loans but also subordinated debt and equity investments. Ares Capital has elected to be regulated as a business development company (“BDC”) and was the largest publicly traded BDC by market capitalization as of September 30, 2024. Ares Capital is externally managed by a subsidiary of Ares Management Corporation (NYSE: ARES), a publicly traded, leading global alternative investment manager. For more information about Ares Capital, visit www.arescapitalcorp.com.

Statements included herein or on the webcast/conference call may constitute “forward-looking statements,” which relate to future events or Ares Capital’s future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Ares Capital’s filings with the SEC. Ares Capital undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call.


	As of
	September 30, 2024		December 31, 2023

ASSETS	(unaudited)
Total investments at fair value (amortized cost of $25,573 and $22,668, respectively)	$	25,918	$	22,874
Cash and cash equivalents	486		535
Restricted cash	138		29
Interest receivable	269		245

Receivable for open trades	113		16
Other assets	169		91
Operating lease right-of-use asset	7		10
Total assets	$	27,100	$	23,800
LIABILITIES
Debt	$	13,500	$	11,884
Base management fee payable	96		84
Income based fee payable	92		90
Capital gains incentive fee payable	106		88
Interest and facility fees payable	119		132
Payable to participants	38		29
Payable for open trades	45		7
Accounts payable and other liabilities	284		234
Secured borrowings	34		34
Operating lease liabilities	13		17
Total liabilities	14,327		12,599
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share, 1,000 common shares authorized; 646 and 582 common shares issued and outstanding, respectively	1		1
Capital in excess of par value	12,044		10,738
Accumulated undistributed earnings	728		462
Total stockholders’ equity	12,773		11,201
Total liabilities and stockholders’ equity	$	27,100	$	23,800
NET ASSETS PER SHARE	$	19.77	$	19.24


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
INVESTMENT INCOME
Interest income from investments	$	568	$	495	$	1,620	$	1,441
Capital structuring service fees	38		20		124		51
Dividend income	151		128		441		372
Other income	18		12		46		43
Total investment income	775		655		2,231		1,907

EXPENSES
Interest and credit facility fees	195		145		528		425
Base management fee	96		81		274		239
Income based fee	92		83		273		238
Capital gains incentive fee	7		42		19		40
Administrative fees	3		4		9		10
Other general and administrative	9		8		24		23
Total expenses	402		363		1,127		975
NET INVESTMENT INCOME BEFORE INCOME TAXES	373		292		1,104		932
Income tax expense, including excise tax	12		3		60		11
NET INVESTMENT INCOME	361		289		1,044		921
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized losses	(24)		(76)		(30)		(207)
Net unrealized gains	57		287		165		395
Net realized and unrealized gains on investments, foreign currency and other transactions	33		211		135		188
REALIZED LOSS ON EXTINGUISHMENT OF DEBT	—		—		(14)		—
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS	$	394	$	500	$	1,165	$	1,109
NET INCOME PER COMMON SHARE:
Basic	$	0.62	$	0.89	$	1.90	$	2.03
Diluted	$	0.62	$	0.87	$	1.90	$	1.98
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic	635		562		614		548
Diluted	635		582		614		568


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
GAAP net income per share(1)(2)	$	0.62	$	0.89	$	1.90	$	2.03
Adjustments:
Net realized and unrealized gains(1)	(0.05)		(0.37)		(0.20)		(0.35)
Capital gains incentive fees attributable to net realized and unrealized gains and losses(1)	0.01		0.07		0.03		0.08
Income tax expense (benefit) related to net realized gains and losses(1)	—		—		0.05		(0.02)
Core EPS(3)	$	0.58	$	0.59	$	1.78	$	1.74

(1)All per share amounts and weighted average shares outstanding are basic. The basic weighted average shares outstanding for the three and nine months ended September 30, 2024 were approximately 635 million and 614 million, respectively, and approximately 562 million and 548 million, respectively, for the comparable periods in 2023.

(2)The basic and diluted weighted average shares outstanding for the three and nine months ended September 30, 2024 was approximately 635 million shares and 614 million shares, respectively. Ares Capital’s diluted GAAP net income per share for the three and nine months ended September 30, 2023 was $0.87 and $1.98, respectively. The weighted average shares outstanding for the purpose of calculating the diluted GAAP net income per share for the three and nine months ended September 30, 2023 were approximately 582 million shares and 568 million shares, respectively, which includes approximately 20 million shares for each period related to the assumed conversion of the then outstanding 2024 Convertible Notes.

(3)Core EPS is a non-GAAP financial measure. Core EPS is the net increase (decrease) in stockholders’ equity resulting from operations, and excludes net realized and unrealized gains and losses, any capital gains incentive fees attributable to such net realized and unrealized gains and losses and any income taxes related to such net realized gains and losses, divided by the basic weighted average shares outstanding for the relevant period. GAAP net income (loss) per share is the most directly comparable GAAP financial measure. Ares Capital believes that Core EPS provides useful information to investors regarding financial performance because it is one method Ares Capital uses to measure its financial condition and results of operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.