Ares Capital Increases Earnings, Investment Activity in 1Q

Dow Jones05-01

By Emon Reiser

Ares Capital grew its first-quarter earnings and total investment income as year-over-year investment activity increased.

The New York-based private-asset manager reported a profit of $449 million, or 76 cents a share, for the quarter ended March 31, up from $278 million, or 52 cents a share in the year-ago period.

Adjusted for certain one-time items, Ares reported earnings of 59 cents a share compared with 57 cents a share in the year-ago quarter. Analysts expected 60 cents a share.

Total investment income increased to $701 million from $618 million. Analysts expected $703.8 million.

"With over $6 billion of available capital, and leverage levels below 1.0x, we believe we are well positioned to continue to support the growth of our existing portfolio companies and to remain opportunistic investors in this market environment," Chief Executive Scott Lem said.

Write to Emon Reiser at emon.reiser@wsj.com

(END) Dow Jones Newswires

May 01, 2024 08:36 ET (12:36 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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