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Ares Capital reports higher Q1 GAAP net income YOY

reportedfirst-quarter GAAP net income of $131.5 million, or 42 cents per share, up from$100.6 million, or 32 cents per share, in the year-ago quarter.

On anon-GAAP basis, core EPS was 37 cents, unchanged from the year-ago quarter.

The S&P Capital IQ consensusnormalized EPS estimate for the quarter was 39 cents.

Net investment income dropped to$112.7 million, or 36 cents per share, in the first quarter, from $121.7million, or 39 cents per share, in the year-ago quarter. Net realized gainswere $27.3 million, or 9 cents per share, compared to $27.9 million, or 9 centsper share, in the year-ago quarter. The company reported net unrealized lossesof $8.5 million, or 3 cents per share, compared to losses of $49.0 million, or16 cents per share, in the prior-year quarter.

In the first quarter, Ares Capitalmade $470.6 million in new commitments and exited $484.3 million ofcommitments. From April 1 through April 27, Ares Capital made new investmentcommitments of approximately $123 million and exited approximately $335 millionof investment commitments.

As of April 27, Ares Capital hadan investment backlog of approximately $260 million and investment pipeline of$210 million.

As of March 31, the company repurchased 514,677 of itscommon shares in the open market under the stock repurchase program since itsinception in September 2015, at an average price of $13.92 per share, includingcommissions paid, leaving approximately $92.8 million available for additionalrepurchases under the program.