Ares Capital (NASDAQ:ARCC)'s shares gained more than 1% after the BDC reported better than expected results for the December quarter. Ares Capital's portfolio is performing well, net investment income is growing by the double-digits, and the BDC has seen an expansion in its debt yields due to higher interest rates in the U.S. economy. Ares Capital is currently trading at 1.04X P/NAV ratio, which is slightly above the longer-term average price-to-NAV ratio.