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ARCC Core NII 42 vs Div of 38 - NAV up ARCC Q3-14 stats: NAV 16.71 Core NII 0.40 ARCC Q4-14 stats: NAV 16.82 Core NII 0.42 (Q4-13 NAV was $16.46 Ares Capital Corporation (“Ares Capital”) (ARCC) announced that its Board of Directors has declared a first quarter dividend of $0.38 per share and an additional dividend of $0.05 per share, both payable on March 31, 2015 to stockholders of record as of March 13, 2015. (ARCC paid 'additional dividends' in 2014) There was even a small bit of good news on weighted average yields. From Q3-14: As of September 30, 2014, the weighted average yield of debt and other income producing securities in the portfolio at fair value was 9.9%(3) (9.9% at amortized cost(4)), the weighted average yield on total investments in the portfolio at fair value was 8.9%(5) (9.1% at amortized cost(6)), and 82% of the total investments at fair value were in floating rate securities. From Q4-14: As of December 31, 2014, the weighted average yield of debt and other income producing securities in the portfolio at fair value was 10.1%(3) (10.1% at amortized cost(4)), the weighted average yield on total investments in the portfolio at fair value was 9.1%(5) (9.3% at amortized cost(6)), and 82% of the total investments at fair value were in floating rate securities. Why is this important? If weighted average yields are rising, NII tends to rise. |
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