<p>Ares Capital Corporation 最近的財報電話會議反映出總體積極的情緒，公司展示了強勁的第三季度業績。儘管面臨一些挑戰，例如核心收益同比下降和資本利得税，但穩定的收益和持續的淨資產價值增長等亮點顯著超過了負面因素。公司還展示了強勁的交易量和良好的信用質量，突顯了其在金融市場中的穩健表現。</p>
<h2>強勁的第三季度業績</h2>
<p>Ares Capital 報告的核心收益為每股 0.50 美元，超過了常規季度分紅，併產生了令人印象深刻的年化股本回報率 10%。這一表現突顯了公司在市場波動中維持強勁收益的能力。</p>
<h2>淨資產價值增長與分紅穩定性</h2>
<p>公司在過去 10 個季度中實現了第九次淨資產價值增長，突顯了過去十年中其穩定且不斷增長的分紅。這一增長反映了 Ares Capital 對為股東創造價值的承諾。</p>
<h2>創紀錄的交易量</h2>
<p>Ares Capital 在過去 12 個月內審查了超過 8750 億美元的估計交易，創下了公司的紀錄。這一成就展示了 Ares Capital 在美國和全球直接貸款市場的領先地位。</p>
<h2>強勁的信用質量</h2>
<p>公司報告的利息覆蓋率超過 2 倍，且不良貸款和淨實現及未實現收益均有所下降。這表明 Ares Capital 投資組合內的信用質量強勁，確保了財務穩定。</p>
<h2>成功的戰略退出</h2>
<p>Ares Capital 從 Potomac Energy Center 的出售中確認了 2.62 億美元的實現收益，內部收益率（IRR）約為 15%。這一戰略退出突顯了公司的有效投資策略。</p>
<h2>核心收益同比下降</h2>
<p>儘管整體結果積極，Ares Capital 的每股核心收益從一年前的 0.58 美元下降至 0.50 美元。這一下降表明公司在維持收益勢頭方面面臨一些挑戰。</p>
<h2>資本利得税</h2>
<p>公司在第三季度因某些淨實現收益而產生了 7200 萬美元的資本利得税。這一支出反映了公司成功投資退出的財務影響。</p>
<h2>前瞻性指導</h2>
<p>Ares Capital 提供了樂觀的指導，強調第三季度的強勁業績，核心收益為每股 0.50 美元。公司報告了來自 Potomac Energy Center 出售的 2.62 億美元實現收益，以及來自三項股權共同投資的淨實現收益。Ares Capital 專注於高質量信用和強勁的資產負債表，宣佈第四季度每股 0.48 美元的分紅。儘管短期利率可能下降，公司仍對維持當前分紅水平充滿信心，得益於其競爭優勢和財務靈活性。</p>
<p>總之，Ares Capital 的財報電話會議描繪了強勁的業績，表現出強勁的收益、持續的淨資產價值增長和創紀錄的交易量。儘管注意到核心收益下降和資本利得税等挑戰，但總體情緒仍然積極，反映了公司在金融市場中的穩固地位。</p>

ARCC

<p>Ares Capital Corporation 最近的財報電話會議強調了強勁的第三季度業績，展示了每股穩定的核心收益為 0.50 美元和持續的淨資產價值增長。儘管核心收益同比下降，並且面臨 7200 萬美元的資本利得税，公司仍報告了超過 8750 億美元的創紀錄交易量和強勁的信用質量。Ares Capital 認定出售 Potomac Energy Center 獲得了 2.62 億美元的收益，並宣佈第四季度每股派息 0.48 美元，表達了在市場波動中維持其分紅水平的信心</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 最近的財報電話會議反映出總體積極的情緒，公司展示了強勁的第三季度業績。儘管面臨一些挑戰，例如核心收益同比下降和資本利得税，但穩定的收益和持續的淨資產價值增長等亮點顯著超過了負面因素。公司還展示了強勁的交易量和良好的信用質量，突顯了其在金融市場中的穩健表現。</p>
</div><h2>Strong Third Quarter Results</h2>
<div class="lb-trans"><h2>強勁的第三季度業績</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 報告的核心收益為每股 0.50 美元，超過了常規季度分紅，併產生了令人印象深刻的年化股本回報率 10%。這一表現突顯了公司在市場波動中維持強勁收益的能力。</p>
</div><h2>NAV Growth and Dividend Consistency</h2>
<div class="lb-trans"><h2>淨資產價值增長與分紅穩定性</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>公司在過去 10 個季度中實現了第九次淨資產價值增長，突顯了過去十年中其穩定且不斷增長的分紅。這一增長反映了 Ares Capital 對為股東創造價值的承諾。</p>
</div><h2>Record Transaction Volume</h2>
<div class="lb-trans"><h2>創紀錄的交易量</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 在過去 12 個月內審查了超過 8750 億美元的估計交易，創下了公司的紀錄。這一成就展示了 Ares Capital 在美國和全球直接貸款市場的領先地位。</p>
</div><h2>Strong Credit Quality</h2>
<div class="lb-trans"><h2>強勁的信用質量</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>公司報告的利息覆蓋率超過 2 倍，且不良貸款和淨實現及未實現收益均有所下降。這表明 Ares Capital 投資組合內的信用質量強勁，確保了財務穩定。</p>
</div><h2>Successful Strategic Exit</h2>
<div class="lb-trans"><h2>成功的戰略退出</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 從 Potomac Energy Center 的出售中確認了 2.62 億美元的實現收益，內部收益率（IRR）約為 15%。這一戰略退出突顯了公司的有效投資策略。</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>儘管整體結果積極，Ares Capital 的每股核心收益從一年前的 0.58 美元下降至 0.50 美元。這一下降表明公司在維持收益勢頭方面面臨一些挑戰。</p>
</div><h2>Capital Gains Taxes</h2>
<div class="lb-trans"><h2>資本利得税</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淨實現收益而產生了 7200 萬美元的資本利得税。這一支出反映了公司成功投資退出的財務影響。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</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 提供了樂觀的指導，強調第三季度的強勁業績，核心收益為每股 0.50 美元。公司報告了來自 Potomac Energy Center 出售的 2.62 億美元實現收益，以及來自三項股權共同投資的淨實現收益。Ares Capital 專注於高質量信用和強勁的資產負債表，宣佈第四季度每股 0.48 美元的分紅。儘管短期利率可能下降，公司仍對維持當前分紅水平充滿信心，得益於其競爭優勢和財務靈活性。</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>總之，Ares Capital 的財報電話會議描繪了強勁的業績，表現出強勁的收益、持續的淨資產價值增長和創紀錄的交易量。儘管注意到核心收益下降和資本利得税等挑戰，但總體情緒仍然積極，反映了公司在金融市場中的穩固地位。</p>
</div>

Ares Capital 的財報電話會議突顯了其強勁的業績表現