Headquartered in Los Angeles, CA Fiscal year ends December NASDAQ: ARCC arcc.ares.com
Ares Capital Corporation (NASDAQ: ARCC), founded in 2004, is a specialty finance company and the largest publicly traded business development company (BDC) by market capitalization. It focuses on providing direct loans and other investments to private middle market companies in the United States. Through its external manager, a subsidiary of Ares Management Corporation (NYSE: ARES), it utilizes extensive direct origination capabilities and incumbent borrower relationships to source and underwrite predominantly senior secured loans, as well as subordinated debt and equity investments. The company's portfolio spans over 636 companies backed by 271 private equity sponsors. It co-invests through its Senior Direct Lending Program (SDLP) with Varagon Capital Partners and manages additional investments through its subsidiary Ivy Hill Asset Management (IHAM). Ares Capital has elected to be regulated as a BDC under the Investment Company Act of 1940. Updated
Core earnings now sit below the $0.48 quarterly dividend the board just declared again, after a third straight quarter of declining EPS missed expectations. Management is leaning on a $2.5 billion backlog and the pending MidCap Financial deal to close the gap.
The largest BDC reports before the open at 6:00 AM ET without a single EPS beat in its last four quarters, consensus sitting at $0.48 on $776.12 million in revenue. With Moody's and Fitch already souring on the sector, portfolio credit quality matters more than the headline number.
Gilead is sending shareholders about $1.02 billion in cash, 82 cents a share, landing September 29 and dwarfing every other payment today. Xcel Energy, Ares Capital, T. Rowe Price and Valley National Bancorp round out the biggest checks.
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Ares Capital Corporation (NASDAQ: ARCC), founded in 2004, is a specialty finance company and the largest publicly traded business development company (BDC) by market capitalization. It focuses on providing direct loans and other investments to private middle market companies in the United States.
24/7 Wall St.'s 12-month price target for ARCC is $21.98, rated Buy. The Wall Street consensus target is $21.00. ARCC price prediction →
