Ares Capital earnings missed analyst estimates in the third quarter of 2026, with non-GAAP earnings of $0.46 per share and revenue of $763 million. The middle-market lender also disclosed $750 million in notes intended to refinance existing debt.

Key Takeaways

  • Non-GAAP earnings per share fell $0.02 short of consensus estimates.
  • Revenue declined 2.4% from a year earlier and missed projections by $13.12 million.
  • The notes carry a 6.250% coupon and are intended to refinance existing obligations.

Ares Capital earnings and revenue miss forecasts

Ares Capital announced its third-quarter results on October 27, 2026. Both the earnings-per-share figure and revenue came in below analyst expectations. The revenue decline compares the quarter with the same period a year earlier.

Ares Capital is a business development company that finances middle-market businesses. Its portfolio primarily includes first-lien senior secured loans, unitranche loans and other debt instruments across sectors such as software, healthcare and business services.

Notes are intended to refinance debt

The company disclosed $750 million in notes with a 6.250% coupon to refinance existing debt obligations. The available information does not specify which obligations would be refinanced, the notes’ maturity or whether the refinancing has been completed.

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