ARES CAPITAL CORP (ARCC) — payout ratio, two ways
Fiscal year ending 2025-12-31 · sector Investment company · computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 103.2% | Distorted by unrealised marks on the investment portfolio, which move with credit spreads rather than with distributable income. |
| Net investment income | 92.0% | What actually funds a BDC distribution. |
Spread between highest and lowest: 11 percentage points. Same filings, different denominators.
The arithmetic
- GAAP earnings — dividends declared per share $1.92 ÷ diluted EPS $1.86
Where the figures came from
- 10-K filed 2026-02-04 · accession
0001287750-26-000006
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.