Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

ARCC Reports Q1-16

|Includes: Ares Capital (ARCC)

There really are too many important metrics. The most important: (1) NAV increased and (2) the dividend was covered by core NII. But . . . some investors are going to get lost in a multitude of other metrics - some of which were bad.

Q1-18 Q4-17 Q3-17 Q2-17 Q1-17 Q4-16 Q3-16 Q2-16 Q1-16 Q4-15 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14 Q4-13 Q3-13 Q2-13 Q1-13
Realized & Unrealized Gains 98 92 -14 54 24 -63 -27.445 52.136 37.622 -125.818 -13.618 38.019 -17.262 25.202 72.449 50.840 4.728 22.374 14.575 39.921 -18.755
Realized & Unrealized Gains/share $0.2300 $0.2160 -$0.0323 $0.1268 $0.0563 -$0.20 -$0.0874 0.1661 0.1197 - 0.4001 - 0.0433 0.1209 - 0.0549 0.0802 0.2306 0.1702 0.0159 0.0751 0.0543 0.1500 -0.0754
Cap Gain Incentive Expense 20 18 -3 10 16 -13 -5.491 10.427 3.762 -27.555 -2.628 7.682 -4.220 5.277 13.087 10.168 935 4.492 2.915 7.984 x
Cap Gain Expense/share $0.0469 $0.0422 -0.0069 0.0235 0.0376 -0.04 -0.0175 0.0332 .0120 - .0876 -.0084 .0244 -.0139 .0168 .0417 .0340 .0031 .0151 .0098 .0268 x

Ares Capital Q1-18 Q4-17 Q3-17 Q2-17 Q1-17 Q4-16 Q3-16 Q2-2016 Q1-2016 Q4-2015 Q3-2015 Q2-2015 Q1-2015 Q4-2014 Q3-2014 Q2-2014 Q1-2014 Q4-2013
Total investment income 317 307 294 284 275 261 258.670 245.262 248.050 261.676 260.948 249.479 253.247 270.917 253.396 224.927 239.719 233.742
Net investment income 149 140 153 124 94 146 137.696 105.264 117.926 147.103 130.477 108.503 121.677 128.185 105.290 91.991 112.336 111.510
Investments @ fair value 12.693 11.841 11.456 11.498 11.407 8.820 8.805 8.900 9.072 9.055 8.692 8.573 8.482 9.028 8.784 8.068 7.800 7.633
Wt Av Share Count 426 426 426 426 426 314 313.954 313.954 314.293 314.450 314.469 314.469 314.108 314.108 314.108 298.583 298.270 297.971
TII/share $0.7441 $0.7207 $0.6901 $0.6667 $0.6455 $0.8312 $0.8239 $0.7812 $0.7892 $0.8322 $0.8298 $0.7933 $0.8062 $0.8625 $0.8067 $0.7533 $0.8037 $0.7844
NII/share $0.3498 $0.3286 $0.3592 $0.2911 $0.2206 $0.4650 $0.4386 $0.3353 $0.3752 $0.4678 $0.4149 $0.3450 $0.3873 $0.4081 $0.3352 $0.3081 $0.3766 $0.3742
Core NII/share $0.39 $0.38 $0.36 $0.34 $0.32 $0.42 $0.43 $0.39 $0.37 $0.40 $0.41 $0.37 $0.37 $0.42 $0.40 $0.34 $0.38 $0.41
Dividend/share $0.38 $0.38 $0.38 $0.38 $0.38 $0.38 $0.38 $0.38 $0.38 $0.38 $0.38 $0.38 $0.43 $0.38 $0.38 $0.38 $0.43 $0.43
NAV/share $16.84 $16.65 $16.49 $16.54 $16.50 $16.45 $16.59 $16.62 $16.50 $16.46 $16.79 $16.80 $16.71 $16.82 $16.71 $16.52 $16.42 $16.46
Wt Av Yield Income Securities @ FV 10.1% 9.8% 9.6% 9.4% 9.3% 9.3% 9.7% 9.8% 10.1% 10.1% 10.4% 10.6% 10.5% 10.1% 9.9% 10.0% 10.2% 10.4%
Wt Av Yield Total Portfolio @ FV 8.9% 8.7% 8.5% 8.2% 8.1% 8.3% 8.7% 8.9% 9.3% 9.1% 9.3% 9.6% 9.5% 9.1% 8.9% 9.0% 9.3% 9.5%
TII/Investments or Income Yield 9.99% 10.37% 10.26% 9.88% 9.64% 11.84% 11.75% 11.02% 10.94% 11.56% 12.01% 11.64% 11.94% 12.00% 11.54% 11.15% 12.29% 12.25%
NII/TII 47.0% 45.6% 52.0% 43.7% 34.2% 55.9% 53.2% 42.9% 47.5% 56.2% 51.0% 43.5% 48.0% 47.3% 41.6% 40.9% 46.9% 47.7%
The fee waiver was 10 million in Q1-18; the same as in Q4, Q3 and Q2-17
On 7-21-14 ARCC had a secondary offering of 13.5 million shares with the option to purchase 2 million more when shares were selling at $17.40
In Q2-16 NII was decremented by two cents per share from expenses related to the pending acquisition of ACAS - Q3 decrement was 0.8 cents.
Reported and actual numbers should come with an asterisk. Example: Q2-16 NII had a more than three cent/share subtraction for cap gain fees
Due to prior period loses, management may not earn or keep incentive fee dollars - but it is still subtracted from NII
Non-accruals at cost 2.7% 3.1% 3.4% 2.7% 2.9% 2.9% 2.3% 1.3% 1.3% 2.6% 2.3% 1.7% 1.7% 2.2% 2.2% 1.9% 3.2% 3.1%
Non-accruals fair value 1.0% 1.4% 0.9% 0.5% 1.1% 0.8% 1.2% 0.7% 0.6% 1.7% 1.7% 1.3% 1.3% 1.7% 1.6% 1.2% 1.9% 2.1%

Q1-18 Q4-17 Q3-17 Q2-17 Q1-17 Q4-16 Q3-16 Q2-16 Q1-16 Q4-15 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14
ARCC ARCC ARCC ARCC SSLP ARCC SSLP ARCC SSLP ARCC SSLP ARCC SSLP ARCC SSLP ARCC SSLP ARCC SSLP ARCC SSLP ARCC SSLP ARCC SSLP ARCC SSLP ARCC SSLP ARCC SSLP
Debt/EBITDA 5.4x 5.4x 5.4x 5.5x 4.9x 5.3x 4.9x 5.5x 5.1x 5.3x 4.9x 5.3x 4.8x 5.2x 4.9x 5.3x 4.9x 5.2x 4.9x 5.1x 4.9x 5.1x 4.8x 4.8x 4.8x 4.7x 4.8x 4.6x 4.8x 4.6x 4.8x
Interest Coverage 2.2x 2.3x 2.4x 2.3x 2.7x 2.5x 2.6x 2.4x 2.4x 2.5x 3.9x 2.5x 4.0x 2.6x 3.7x 2.6x 3.8x 2.7x 3.8x 2.8x 3.6x 2.7x 3.6x 2.9x 3.6x 3.0x 3.7x 3.0x 3.4x 2.8x 3.6x

Q1-18 Q4-17 Q3-17 Q2-17 Q1-17 Q4-16 Q3-16 Q2-16 Q1-16 Q4-15 Q3-15 Q2-15 Q1-15 Q4-14 Q3-14 Q2-14 Q1-14
Debt 5,118 4,854 4,640 4,838 4,585 3,874 3,720.916 3,785.354 3,984.812 4,113.935 3,653.304 3,582.199 3,429.164 3,924.482 3,679.201 3,357.415 3,058.693
Debt/share 12.06 11.39 10.89 11.36 10.76 12.33 11.8518 12.0570 12.6787 13.0829 11.6174 11.3913 10.9171 12.4941 11.7132 11.2445 10.2548
Debt/share to NAV 71.3% 68.4% 66.1% 68.7% 65.2% 75.0% 71.34% 72.54% 76.84% 79.48% 69.19% 67.81% 65.33% 74.28% 70.10% 68.06% 62.45%
Interest expense 60 59 56 55 55 47 43.300 45.334 50.243 55.353 56.618 56.421 58.575 56.279 54.096 53.151 52.493
Interest expense/share 0.1408 0.1385 0.1314 0.13 0.13 0.15 0.1379 0.1444 0.1599 0.1760 0.1800 0.1794 0.1865 0.1792 0.1722 0.1780 0.1760
Interest expense/TII 18.9% 19.2% 19.0% 19.4% 20.0% 18.0% 16.74% 18.48% 20.26% 21.15% 22.69% 22.62% 23.13% 20.77% 21.35% 26.36% 21.90%
Annualized Int exp/Debt 4.69% 4.86% 4.83% 4.55% 4.80% 4.58% 4.65% 4.79% 5.04% 5.38% 6.20% 6.30% 6.83% 5.74% 5.88% 6.33% 6.86%
PWAY - Int exp/Debt 541 bps 494 bps 477 bps 495 bps 450 bps 472 bps 515 bps 511 bps 506 bps 492 bps 420 bps 430 bps 367 bps 436 bps 402 bps 367 bps 334 bps
Stated Av Interest Exp 4.14% 4.12% 4.05% 3.941% 4.52% 4.164% 4.184% 3.922% 3.998% 4.425% 5.00%

Disclosure: I am/we are long ARCC.