Ares Capital priced $750 million of unsecured notes paying 6.250% and maturing on September 15, 2033, with the deal closing on September 15 and the cash earmarked to pay down bank borrowings the company can tap again later. The new coupon sits above the 5.550% Ares Capital paid on notes it sold in May 2026 that mature on January 15, 2030, though the longer maturity explains part of that gap. Chief Financial Officer Scott Lem said the company finished the June quarter with about $6.0 billion of available liquidity and no big maturities looming, and the new notes outlast every maturity date on its main credit facility, the latest being May 21, 2031. Net investment income was $0.50 per share in the quarter ended June 30, 2026, enough to fund the $0.48 dividend announced July 29 and payable on September 30 to holders of record on September 15, while the portfolio's debt and income-producing holdings earn 10.3% at amortized cost. Still, GAAP net income per share fell to $0.24 from $0.52 a year earlier on $183 million of net unrealized losses, net asset value per share slipped to $19.35 on June 30 from $19.94 on December 31, 2025, core EPS of $0.47 fell short of the dividend, and loans on non-accrual status rose to 2.4% of investments at amortized cost from 1.8%.
Ares Capital CorporationAres Capital priced $750M of 6.250% unsecured notes to repay bank borrowings, a financing event, though the higher coupon and weak Q2 results (NAV decline, non-accruals up) temper the read.
Yulon Finance Corp