- Ares Capital (NASDAQ:ARCC) Q1 core EPS of 43 cents beats the 42 cents consensus and declined from 54 cents in Q4 2020 and increased from 41 cents in the year-ago quarter.
- Q1 total investment income of $390M vs. $385.9M consensus and $440M in Q4 2020 and $369M in Q1 2020.
- ARCC shares slip 0.9% in premarket trading.
- Fair value of Ares Capital's portfolio investments at March 31, 2021 was $15.43B compares with $15.52B at Dec. 31.
- Net assets per share of $17.45 at March 31, 2021 vs. $16.97 at Dec. 31, 2020.
- Q1 net investment income of $144M vs. $229M in Q1 2020 and $234M in Q1 2020.
- In Q1, Ares Capital made $1.8B in new investment commitments, of which $1.4B were funded, including 21 new portfolio companies and 18 existing portfolio companies.
- Exited ~$2.1B of investment commitments during the quarter, including $283M of loans sold to Ivy Hill Asset Management L.P. (“IHAM”) or certain vehicles managed by IHAM. Of the exited investment commitments, 92% were floating rate, 4% were fixed rate, 3% were non-income producing, and 1% were on non-accrual.
- At March 31, 2021, the weighted average yield on total investments in the portfolio at amortized cost and fair value was 7.9% and 8.0%, respectively, and 82% of the total investments at fair value were in floating rate securities.
- Since the quarter end, ARCC made new investment commitments of ~$971M, of which $630M were funded, and exited ~$432M of investment commitment, including $51M of loans sold to IHAM or certain vehicles managed by IHAM.
- Conference call at 11:00 AM ET.
- Previously (April 28): Ares Capital EPS beats by $0.01, beats on revenue