Tear Sheet: Ares Capital Corp.

This report does not constitute a rating action. Sustained competition from the broadly syndicated markets and tighter credit spreads lowered Ares Capital Corp.'s (ARCC's) weighted average investment yield to 9.6% as of Sept. 30, 2025, from 9.8% the prior quarter and 10.7% a year prior. As a result, net investment income per share fell to $0.48 from $0.57 year on year, and core earnings per share declined to $0.50 from $0.58. The company maintained its quarterly dividend payout of $0.48 per share (1.0x coverage) as of Sept. 30. For the rolling 12 months ended Sept. 30, 2025, asset quality remained steady, with loans on nonaccrual at cost of 2.2% (down from 2.5% the prior quarter) and payment-in-kind (PIK) income and

...Ratings Detail (as of November 25, 2025)* *Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings' credit ratings on the global scale are comparable across countries. S&P Global Ratings' credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees....

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