$ARCC

Reuters reports mixed updates in U.S. private credit. Apollo Global said redemption requests for its $26 billion Apollo Debt Solutions fund eased to about half the prior level, after investors sought ~16.8% redemptions versus a 5% maximum. BCP Investment and Morgan Stanley Direct Lending Fund posted weaker Q2 results, while Ares Management shrank a planned €1 billion vehicle. Golub Capital repurchase requests fell to 4.8%.

Ares Commercial Real Estate Corporation reported Q2 2026 earnings call updates, citing modest CRE price gains and better liquidity. Management said office exposure fell to under 25% of the loan portfolio from 39% a year ago. It plans to resolve $150 million of non-accruing loans, expects earnings growth from risk-rated 4 and 5 exits, and targets ROE of about 9% to 10%.

Blue Owl Capital (OBDC) cut its base dividend from $0.37 to $0.31 per quarter to align with portfolio go-forward earnings power. Adjusted NII per share fell from $0.36 (Q1 2025) to $0.31 (Q1 2026) as loan yields declined and NAV per share dropped to $14.41 from $14.81 (Dec 2025). The article also reviews MAIN, ARCC and FSKK Capital dividend and NAV trends.

Ares Capital (ARCC) shares closed at $18.76, implying a 10.23% annualized regular yield. In Q2 2026, core earnings of $0.47 per share covered the $0.48 dividend by 98%, and net investment income of $0.50 covered it by 104%. Management estimated spillover at $988 million ($1.38/share) and noted NAV fell 3% from year-end.

Strategic Performance and Market Dynamics Core earnings remained stable at $0.47 per share, supported by healthy organic EBITDA growth of 8% across the portfolio, which aligns with the company's 10-year average. Management observed a temporary dip in market-wide deal closures during Q2 due to macroeconomic uncertainty, though internal review activity surged by 25% over the prior quarter.

Management expects industry credit conditions to continue normalizing toward longer-term averages, though it said performance differences among managers have widened. Schnabel said Ares Capital added four investments to non-accrual during the quarter, but the companies were in unrelated businesses and did not indicate a sector-specific trend.

ARES CAPITAL CORP (ARCC) filed an SEC Form 8-K — Results of Operations and Financial Condition. EX-99.1 2 arccq2-2026exhibit991.htm EX-99.1 Document Exhibit 99.1 ARES CAPITAL CORPORATION ANNOUNCES JUNE 30, 2026 FINANCIAL RESULTS AND DECLARES THIRD QUARTER 2026 DIVIDEND OF $0.48 PER SHARE DIVIDEND DECLARATIONS New York, NY — July 29, 2026 — Ares Capital Corporation (“Ares Ca

The article highlights three BDCs: Ares Capital (ARCC), Trinity Capital (TRIN), and Golub Capital BDC (GBDC). It cites ARCC trading below NAV with about a 10% yield, TRIN’s 15.8% effective yield and 11.56% dividend with Q1 2026 dividend coverage of 103.9%, and GBDC trading below NAV with buybacks at 84% of NAV and about an 11.11% yield. Risks include non-accruals, NAV moves, and dividend coverage.

A Marsh survey found 57% of firms plan to increase private credit exposure in the next 12 to 24 months, led by large managers and life insurers. Blackstone reported lower withdrawal requests early in Q3 after 10% redemptions in Q2. Insurers cite lower premiums and tighter spreads, while regulators scrutinize insurer links to private credit.

ARES CAPITAL CORP (ARCC) filed an SEC Form 8-K — Entry into a Material Definitive Agreement. EX-4.1 2 tm2620889d1_ex4-1.htm EXHIBIT 4.1 Exhibit 4.1 EXECUTION VERSION ARES DIRECT LENDING CLO 1 LLC, ISSUER AND U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, COLLATERAL TRUSTEE AMENDED AND RESTATED INDENTURE AND SECURITY AGREEMENT COLLATERALIZED LOAN OBLIGATIONS Dated as of J