Ares Capital's $0.48 quarterly dividend remains steady after 68 quarters but shows no growth amid rising credit risks.

Ares Capital has maintained a steady quarterly dividend of $0.48 per share for 12 consecutive quarters, marking 68 quarters of stable or increasing payouts. However, the dividend has not grown, and recent earnings per share have slightly dipped below the dividend amount, signaling tighter coverage. Credit quality is softening with non-accrual loans rising from 1.8% to 2.4%, raising concerns about the sustainability of the payout. Management highlights a significant earnings buffer but acknowledges the risk if credit issues worsen, making the dividend reliable but with stalled growth.