<p>Ares Capital Corporation 最近的财报电话会议反映出总体积极的情绪，公司展示了强劲的第三季度业绩。尽管面临一些挑战，例如核心收益同比下降和资本利得税，但稳定的收益和持续的净资产价值增长等亮点显著超过了负面因素。公司还展示了强劲的交易量和良好的信用质量，突显了其在金融市场中的稳健表现。</p>
<h2>强劲的第三季度业绩</h2>
<p>Ares Capital 报告的核心收益为每股 0.50 美元，超过了常规季度分红，并产生了令人印象深刻的年化股本回报率 10%。这一表现突显了公司在市场波动中维持强劲收益的能力。</p>
<h2>净资产价值增长与分红稳定性</h2>
<p>公司在过去 10 个季度中实现了第九次净资产价值增长，突显了过去十年中其稳定且不断增长的分红。这一增长反映了 Ares Capital 对为股东创造价值的承诺。</p>
<h2>创纪录的交易量</h2>
<p>Ares Capital 在过去 12 个月内审查了超过 8750 亿美元的估计交易，创下了公司的纪录。这一成就展示了 Ares Capital 在美国和全球直接贷款市场的领先地位。</p>
<h2>强劲的信用质量</h2>
<p>公司报告的利息覆盖率超过 2 倍，且不良贷款和净实现及未实现收益均有所下降。这表明 Ares Capital 投资组合内的信用质量强劲，确保了财务稳定。</p>
<h2>成功的战略退出</h2>
<p>Ares Capital 从 Potomac Energy Center 的出售中确认了 2.62 亿美元的实现收益，内部收益率（IRR）约为 15%。这一战略退出突显了公司的有效投资策略。</p>
<h2>核心收益同比下降</h2>
<p>尽管整体结果积极，Ares Capital 的每股核心收益从一年前的 0.58 美元下降至 0.50 美元。这一下降表明公司在维持收益势头方面面临一些挑战。</p>
<h2>资本利得税</h2>
<p>公司在第三季度因某些净实现收益而产生了 7200 万美元的资本利得税。这一支出反映了公司成功投资退出的财务影响。</p>
<h2>前瞻性指导</h2>
<p>Ares Capital 提供了乐观的指导，强调第三季度的强劲业绩，核心收益为每股 0.50 美元。公司报告了来自 Potomac Energy Center 出售的 2.62 亿美元实现收益，以及来自三项股权共同投资的净实现收益。Ares Capital 专注于高质量信用和强劲的资产负债表，宣布第四季度每股 0.48 美元的分红。尽管短期利率可能下降，公司仍对维持当前分红水平充满信心，得益于其竞争优势和财务灵活性。</p>
<p>总之，Ares Capital 的财报电话会议描绘了强劲的业绩，表现出强劲的收益、持续的净资产价值增长和创纪录的交易量。尽管注意到核心收益下降和资本利得税等挑战，但总体情绪仍然积极，反映了公司在金融市场中的稳固地位。</p>

ARCC

<p>Ares Capital Corporation 最近的财报电话会议强调了强劲的第三季度业绩，展示了每股稳定的核心收益为 0.50 美元和持续的净资产价值增长。尽管核心收益同比下降，并且面临 7200 万美元的资本利得税，公司仍报告了超过 8750 亿美元的创纪录交易量和强劲的信用质量。Ares Capital 认定出售 Potomac Energy Center 获得了 2.62 亿美元的收益，并宣布第四季度每股派息 0.48 美元，表达了在市场波动中维持其分红水平的信心</p>

<p>The recent earnings call for Ares Capital Corporation reflected a generally positive sentiment, with the company showcasing strong third-quarter results. Despite some challenges such as a year-over-year decline in core earnings and capital gains taxes, the highlights, including stable earnings and consistent NAV growth, significantly outweighed the negatives. The company also demonstrated robust transaction volume and strong credit quality, underscoring its solid performance in the financial market.</p>
<div class="lb-trans"><p>Ares Capital Corporation 最近的财报电话会议反映出总体积极的情绪，公司展示了强劲的第三季度业绩。尽管面临一些挑战，例如核心收益同比下降和资本利得税，但稳定的收益和持续的净资产价值增长等亮点显著超过了负面因素。公司还展示了强劲的交易量和良好的信用质量，突显了其在金融市场中的稳健表现。</p>
</div><h2>Strong Third Quarter Results</h2>
<div class="lb-trans"><h2>强劲的第三季度业绩</h2>
</div><p>Ares Capital reported stable core earnings of $0.50 per share, which exceeded the regular quarterly dividend and generated an impressive annualized return on equity of 10%. This performance underscores the company’s ability to maintain strong earnings despite market fluctuations.</p>
<div class="lb-trans"><p>Ares Capital 报告的核心收益为每股 0.50 美元，超过了常规季度分红，并产生了令人印象深刻的年化股本回报率 10%。这一表现突显了公司在市场波动中维持强劲收益的能力。</p>
</div><h2>NAV Growth and Dividend Consistency</h2>
<div class="lb-trans"><h2>净资产价值增长与分红稳定性</h2>
</div><p>The company achieved its ninth NAV increase in the past 10 quarters, highlighting its consistent and growing dividends over the last decade. This growth reflects Ares Capital’s commitment to delivering value to its shareholders.</p>
<div class="lb-trans"><p>公司在过去 10 个季度中实现了第九次净资产价值增长，突显了过去十年中其稳定且不断增长的分红。这一增长反映了 Ares Capital 对为股东创造价值的承诺。</p>
</div><h2>Record Transaction Volume</h2>
<div class="lb-trans"><h2>创纪录的交易量</h2>
</div><p>Ares Capital reviewed more than $875 billion in estimated transactions over the last 12 months, marking a record for the company. This achievement demonstrates Ares Capital’s leading presence in the U.S. and global direct lending markets.</p>
<div class="lb-trans"><p>Ares Capital 在过去 12 个月内审查了超过 8750 亿美元的估计交易，创下了公司的纪录。这一成就展示了 Ares Capital 在美国和全球直接贷款市场的领先地位。</p>
</div><h2>Strong Credit Quality</h2>
<div class="lb-trans"><h2>强劲的信用质量</h2>
</div><p>The company reported increased interest coverage to over 2x, with declining nonaccruals and net realized and unrealized gains. This indicates a strong credit quality within Ares Capital’s portfolio, ensuring financial stability.</p>
<div class="lb-trans"><p>公司报告的利息覆盖率超过 2 倍，且不良贷款和净实现及未实现收益均有所下降。这表明 Ares Capital 投资组合内的信用质量强劲，确保了财务稳定。</p>
</div><h2>Successful Strategic Exit</h2>
<div class="lb-trans"><h2>成功的战略退出</h2>
</div><p>Ares Capital recognized a $262 million realized gain from the sale of Potomac Energy Center, achieving an internal rate of return (IRR) of approximately 15%. This strategic exit highlights the company’s effective investment strategies.</p>
<div class="lb-trans"><p>Ares Capital 从 Potomac Energy Center 的出售中确认了 2.62 亿美元的实现收益，内部收益率（IRR）约为 15%。这一战略退出突显了公司的有效投资策略。</p>
</div><h2>Decline in Core Earnings Year-Over-Year</h2>
<div class="lb-trans"><h2>核心收益同比下降</h2>
</div><p>Despite the overall positive results, Ares Capital experienced a decline in core earnings per share from $0.58 a year ago to $0.50. This decrease points to some challenges the company faces in maintaining its earnings momentum.</p>
<div class="lb-trans"><p>尽管整体结果积极，Ares Capital 的每股核心收益从一年前的 0.58 美元下降至 0.50 美元。这一下降表明公司在维持收益势头方面面临一些挑战。</p>
</div><h2>Capital Gains Taxes</h2>
<div class="lb-trans"><h2>资本利得税</h2>
</div><p>The company incurred $72 million in capital gains taxes related to certain net realized gains during the third quarter. This expense reflects the financial implications of the company’s successful investment exits.</p>
<div class="lb-trans"><p>公司在第三季度因某些净实现收益而产生了 7200 万美元的资本利得税。这一支出反映了公司成功投资退出的财务影响。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Ares Capital provided optimistic guidance, highlighting strong third-quarter results with core earnings of $0.50 per share. The company reported a $262 million realized gain from the sale of Potomac Energy Center and net realized gains from three equity co-investments. With a focus on high-quality credits and a strong balance sheet, Ares Capital declared a fourth-quarter dividend of $0.48 per share. Despite potential short-term interest rate declines, the company expressed confidence in sustaining its current dividend level due to its competitive positioning and financial flexibility.</p>
<div class="lb-trans"><p>Ares Capital 提供了乐观的指导，强调第三季度的强劲业绩，核心收益为每股 0.50 美元。公司报告了来自 Potomac Energy Center 出售的 2.62 亿美元实现收益，以及来自三项股权共同投资的净实现收益。Ares Capital 专注于高质量信用和强劲的资产负债表，宣布第四季度每股 0.48 美元的分红。尽管短期利率可能下降，公司仍对维持当前分红水平充满信心，得益于其竞争优势和财务灵活性。</p>
</div><p>In summary, Ares Capital’s earnings call painted a picture of robust performance with strong earnings, consistent NAV growth, and a record transaction volume. While challenges such as a decline in core earnings and capital gains taxes were noted, the overall sentiment was positive, reflecting the company’s solid standing in the financial market.</p>
<div class="lb-trans"><p>总之，Ares Capital 的财报电话会议描绘了强劲的业绩，表现出强劲的收益、持续的净资产价值增长和创纪录的交易量。尽管注意到核心收益下降和资本利得税等挑战，但总体情绪仍然积极，反映了公司在金融市场中的稳固地位。</p>
</div>

Ares Capital 的财报电话会议突显了其强劲的业绩表现