The following is a summary of the Ares Capital (ARCC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ares Capital recorded strong core earnings of $0.59 per share in Q1 2024, representing a 3.5% YoY increase and surpassing its regular dividend of $0.48 per share.

• The GAAP net income per share also saw an increase to $0.76 in Q1 2024, from $0.72 in the previous quarter and $0.52 in Q1 2023.

• The company experienced primary investment income in the quarter as a result of higher base rates and structuring fees.

• The company's stockholders' equity achieved a record high of $11.9 billion or $19.53 per share, marking a 6% YoY increase.

• By the end of Q1 2024, the total portfolio at fair value was $23.1 billion, a slight increase from Q4 2023, driven largely by net unrealized gains.

• Ares Capital maintained a strong liquidity position with approximately $6.3 billion of total available liquidity.

Business Progress:

• The company made $1.2 billion in new investment commitments in Q2 2024.

• In Q1 2024, Ares Capital committed to new investments amounting to $3.6 billion across 61 transactions, even amidst competitive market conditions.

• The weighted average LTV of new originations in Q1 2024 was below 40% with all-in yields of nearly 11%.

• The company has successfully amended, extended, or raised over $7 billion of financing for ARCC in 2024.

• A second-quarter 2024 dividend of $0.48 per share was declared by the company.

• Ares Capital plans to include CLO issuances as part of its funding strategy due to attractive spreads and diversification options in the financing market.

More details: Ares Capital Corp IR

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