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Ares Capital Corporation Declares Third Quarter 2018 Dividend of $0.39 Per Share and Announces June 30, 2018 Financial Results

Nachrichtenquelle: Business Wire (engl.)
01.08.2018, 13:00  |  212   |   |   

Ares Capital Corporation (“Ares Capital”) (NASDAQ: ARCC) announced that its Board of Directors has declared a third quarter dividend of $0.39 per share, an increase of $0.01 per share over the prior quarter dividend. The third quarter dividend is payable on September 28, 2018 to stockholders of record as of September 14, 2018.

JUNE 30, 2018 FINANCIAL RESULTS

Ares Capital also announced financial results for its second quarter ended June 30, 2018.

HIGHLIGHTS

Financial

   
 
Q2-18 Q2-17
(dollar amounts in millions, except per share data)    

Total
Amount

 

Per
Share(1)

Total
Amount

 

Per
Share(1)

Core EPS(2) $ 0.39 $ 0.34
Net investment income $ 162 $ 0.38 $ 124 $ 0.29
Net realized gains $ 27 $ 0.07 $ 106 $ 0.25
Net unrealized gains (losses) $ 65 $ 0.15 $ (52 ) $ (0.12 )
GAAP net income $ 254 $ 0.60 $ 178 $ 0.42
Dividends declared and payable $ 0.38 $ 0.38
 
As of
(dollar amounts in millions, except per share data) June 30, 2018   June 30, 2017 December 31, 2017
Portfolio investments at fair value $ 11,527   $ 11,498 $ 11,841
Total assets $ 12,297 $ 12,328 $ 12,347
Stockholders’ equity $ 7,270 $ 7,051 $ 7,098
Net assets per share $ 17.05 $ 16.54 $ 16.65
 

__________________________________________________

(1)   All per share amounts are basic and diluted.
 
(2)

Basic and diluted Core EPS is a non-GAAP financial measure. Core EPS is the net per share increase (decrease) in
stockholders’ equity resulting from operations less net professional fees and other costs related to the acquisition of
American Capital, Ltd. (“American Capital”) (the “American Capital Acquisition”), expense reimbursement (the
“Ares Reimbursement”) from Ares Capital Management LLC (“Ares Capital Management”), 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. Basic and diluted GAAP EPS 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. Reconciliations of basic and diluted Core EPS
to the most directly comparable GAAP financial measure are set forth in Schedule 1 hereto. For more information
about the Ares Reimbursement, see Note 12 “Related Party Transactions” in Part I, Item I “Financial Statements” in
the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018.

 
     

Portfolio Activity

(dollar amounts in millions) Q2-18 Q2-17 Q4-17
Portfolio Activity During the Period:
Gross commitments $ 1,619 $ 1,973 $ 1,506
Exits of commitments $ 2,200 $ 1,792 $ 1,321
 
Portfolio as of the End of the Period:
Number of portfolio company investments 346 319 314
Weighted average yield of debt and other income producing securities(3):
At amortized cost 10.4 % 9.4 % 9.7 %
At fair value 10.5 % 9.5 % 9.8 %
Weighted average yield on total investments(4):
At amortized cost 9.1 % 8.2 % 8.7 %
At fair value 9.0 % 8.3 % 8.7 %
 

__________________________________________________

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