Document


	Q3-24(1)				Q3-23(1)
(金額單位爲百萬美元，每股數據除外)	總額		每股		總額		每股
按照通用會計準則計算的每股淨利潤(2)(3)			$	0.62			$	0.89
核心每股收益(4)			$	0.58			$	0.59
宣佈和應付的分紅派息			$	0.48			$	0.48
投資淨收益(2)	$	361	$	0.57	$	289	$	0.52
已實現虧損淨額(2)	$	(24)	$	(0.04)	$	(76)	$	(0.14)
未實現收益淨額(2)	$	57	$	0.09	$	287	$	0.51
GAAP淨利潤(2)(3)	$	394	$	0.62	$	500	$	0.89


	截至
(以百萬美元爲單位，除每股數據外)	2024年9月30日		2023年12月31日
以公允價值計量的投資組合	$	25,918	$	22,874
總資產	$	27,100	$	23,800
股東權益	$	12,773	$	11,201
每股淨資產	$	19.77	$	19.24
負債/權益比	1.06x		1.07x
扣除可用現金後的負債/權益比(5)	1.03x		1.02x

____________________________________________

(3)截至2024年9月30日三個月結束時，基本和稀釋的加權平均股份爲約63500萬股。艾瑞斯資本截至2023年9月30日三個月結束時的稀釋GAAP淨利潤每股爲0.87美元。用於計算截至2023年9月30日三個月結束時稀釋GAAP淨利潤每股的加權平均股份約爲58200萬股，其中包括與艾瑞斯資本當時未償$40300萬美元無抵押可轉換票據（「2024轉換票據」）相關的約2000萬股。

(4)核心每股收益是一項非通用會計原則財務指標。核心每股收益是源自經營活動的股東權益淨增加（減少），並排除淨實現和未實現收益和損失，任何歸因於此類淨實現和未實現收益和損失的資本收益激勵費，以及任何與此類淨實現收益和損失相關的所得稅，除數爲基本

加權平均每股股份在相關期間。根據通用會計準則，每股淨利潤（虧損）是最直接可比的通用會計準則財務指標。阿瑞斯資本認爲核心每股收益爲投資者提供了關於財務績效的有用信息，因爲這是阿瑞斯資本用來衡量其財務狀況和經營結果的方法之一。提供此額外信息並不意味着孤立考慮，也不意味着代替按照通用會計準則編制的財務結果。通用會計準則淨利潤，即最直接可比的通用會計準則財務指標，與核心每股收益的調節詳見附表1。

「我們報告了強勁的第三季度核心每股收益，我們的每股淨資產價值再創新高，得益於強勁的新投資活動和良好的信用表現，」 Ares Capital首席執行官Kipp deVeer表示。「在本月慶祝我們20週年紀念日之際，我們爲爲股東帶來的回報感到自豪，包括13%的股息總年化回報率以及過去20年投資中累計淨實現損失率爲0%。」

「我們相信，資產負債表的強壯和多樣化繼續是差異化的來源，」 Ares Capital的首席財務官Scott Lem說道。「在第三季度，我們的投資級別檔案進一步提升，使得ARCC成爲板塊中唯一獲得標普和惠譽最高評級以及積極展望的公司。我們對投資和資產負債表融資保守的做法使我們能夠爲股東支付已有15年以上穩定增長的季度股息。」


(金額單位爲百萬美元)	Q3-24			Q3-23
期間的投資組合活動：
毛承諾	$	3,919		$	1,598
退出承諾	$	2,598		$	1,280

投資組合信息：
	截至
	2024年9月30日			2023年12月31日
按公允價值計量的投資組合	$	25,918		$	22,874
應計債務和其他收入生產證券的公允價值(6)	$	23,346		$	20,375
投資組合公司投資數量	535			505
按公允價值計量的浮動利率證券佔比(7)	69		%	69		%
債務和其他收入生產證券的加權平均收益率(8)：
攤餘成本計量	11.7		%	12.5		%
以公允價值計量	11.7		%	12.5		%
總投資的加權平均收益率(9)：
攤餘成本計量	10.7		%	11.3		%
以公允價值計量	10.5		%	11.2		%

公允價值下的資產類別百分比:
第一抵押優先擔保貸款	53		%	44		%
第二抵押優先擔保貸款	11		%	16		%
SDLP的次級證書	5		%	6		%
高級次級貸款	5		%	5		%
優先股權	10		%	11		%
艾菲山資產管理, L.P.(10)	7		%	9		%
其他股權	9		%	9		%

(8)債務和其他收入產生證券的加權平均收益率計算如下：（a）年度規定利率或收益率加上原始發行折扣和市場折價或溢價的淨年度攤銷，以及在應計的債務和其他收入產生證券上獲得的（包括關於其在IHAm的股權投資相關的分紅年度化金額）的分紅金額，除以（b）按攤銷成本或公允價值計量的累計債務和其他收入產生證券總額（包括Ares Capital在IHAm的股權投資的攤銷成本或公允價值，視情況而定）。

(9)總投資加權平均收益率按照(a) 年化規定利率或收益率加上原始發行折價和市場折價或溢價的淨年攤銷以及對應應計債務所產生的收入和其他收入產生證券（包括Ares Capital在最近季度末收到的與IHAm的股權投資相關的股息年化金額），除以(b) 攤銷成本或公允價值下的總投資。

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.