NASDAQ$ARCC

Ares Capital Corp · Q4 2024 earnings

Q4 2024 earnings · · Before market open · Investor relations

Briefing

Ares Capital's financial results for Q4 2024 were announced, and the first quarter 2025 dividend was declared.

Ares Capital Corporation reported GAAP net income of $0.55 per share and Core EPS of $0.55 for the fourth quarter of 2024. The company's investment portfolio at fair value reached $26.72 billion, and the board declared a first quarter 2025 dividend of $0.48 per share.

  • Ares Capital declared a first quarter 2025 dividend of $0.48 per share.
  • The company reported a GAAP net income of $0.55 per share for Q4 2024.
  • Core EPS for Q4 2024 was $0.55.
  • Portfolio investments at fair value reached $26.72 billion.

Headline financials

Total Revenue

$733M

Previous: $738M-0.7%
EPS (adj)

$0.55

Previous: $0.63-12.7%
Debt/equity ratio

1.0%

Previous: 1.1%-3.7%
Number of portfolio investments

550

No prior period
Loans on non-accrual status (amortized cost)

1.7%

No prior period
Weighted avg yield on debt securities (amortized cost)

11.1%

No prior period
Weighted avg yield on debt securities (fair value)

11.2%

No prior period
Weighted avg grade of portfolio (fair value)

3.1

No prior period
Portfolio investments at fair value

$26.7B

No prior period
Net asset value per share

$19.89

No prior period
Gross commitments

$3.75B

No prior period
Exits of commitments

$2.72B

No prior period
Floating rate securities at fair value

69.0%

Previous: 69.0%+0.0%
Capital Expenditures

$0.00

Previous: $0.00
Net Income

$357M

Previous: $413M-13.6%
Operating Income

$372M

Previous: $354M+5.1%

Revenue & EPS history

Ares Capital · Revenue · Quarterly

$733M

Q4 2024-0.7%vs Q4 2023
Beat estimate in 3 of 15 quarters(20%)
ActualEstimate

Forward guidance

Ares Capital believes it is well-positioned for an increasingly active investing market in 2025, focusing on acquisition finance and growth capital opportunities, supported by a strong balance sheet.

Tailwinds

  • Well-positioned for an increasingly active investing market.
  • Focus on acquisition finance and growth capital opportunities.
  • Supported by a strong balance sheet.
  • Ability to deliver attractive level of long-term performance.
  • Stable credit performance

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2024

Historical avgQ4 2024

+0.2%

Avg return

Earnings day

+0.5%

Avg return

5 days after

+1.3%

Avg return

30 days after

56%

36 / 64 earnings

Positive

+6.5%

Q3 2022

Best reaction

-9.2%

Q2 2011

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.8%+3.4%+1.0%
Q4 2025+0.5%+1.8%-2.0%
Q3 2025+1.1%+0.1%+0.9%
Q1 2025-2.7%-2.1%+3.5%
Q4 2024-3.0%-3.9%-3.4%
Q3 2024-2.0%-3.2%+2.7%
Q2 2024+0.2%-2.9%+0.6%
Q1 2024-0.3%+1.4%+4.7%
Q4 2023+0.4%+1.3%+2.9%
Q3 2023+0.5%-0.8%+5.5%
Q2 2023+1.0%-0.4%-2.1%
Q1 2023-3.5%+0.1%+1.1%
Q4 2022+1.8%+0.7%-5.9%
Q3 2022+6.5%+7.8%+8.3%
Q2 2022+2.7%+0.9%+6.8%
Q1 2022-4.1%-6.6%-10.6%
Q4 2021-2.1%-4.5%-10.5%
Q3 2021+1.2%+0.7%-3.1%
Q2 2021-1.3%-0.5%+0.0%
Q1 2021+0.1%-2.4%-0.7%
Q4 2020-1.2%-0.4%+3.1%
Q3 2020-0.8%-1.3%+19.9%
Q2 2020+2.4%+3.0%-1.4%
Q1 2020+6.4%+9.3%+25.9%
Q4 2019-0.2%-1.0%-23.7%
Q3 2019-1.2%+0.1%+1.1%
Q2 2019+1.9%+1.2%+3.3%
Q1 2019+0.2%+0.4%+0.4%
Q4 2018+2.9%+3.4%+3.0%
Q3 2018+6.0%+6.5%+4.7%
Q2 2018+2.3%+3.1%+3.6%
Q1 2018+1.3%+2.6%+5.7%
Q4 2017+3.2%+2.6%-1.6%
Q3 2017-0.3%+0.9%+1.0%
Q2 2017-0.1%+0.1%-1.6%
Q1 2017-4.8%-5.4%-4.0%
Q4 2016+0.5%+0.5%-1.9%
Q3 2016+0.4%+0.7%+6.1%
Q2 2016+2.8%+2.3%+8.4%
Q1 2016+0.1%
Q4 2015+3.6%
Q3 2015+1.2%
Q2 2015-0.3%
Q1 2015-4.2%
Q4 2014+1.6%
Q3 2014+1.4%
Q2 2014-1.4%
Q1 2014-3.5%
Q4 2013-0.9%
Q3 2013+2.4%
Q2 2013-3.9%
Q1 2013-0.1%
Q4 2012+2.0%
Q3 2012-0.5%
Q2 2012+2.1%
Q1 2012-2.4%
Q4 2011+2.3%
Q3 2011-3.1%
Q2 2011-9.2%
Q1 2011-1.3%
Q4 2010-2.0%
Q3 2010+2.0%
Q2 2010+2.4%
Q1 2010+3.0%

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