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Ares Capital sees core income fall YOY in Q2

Ares Capital Corp. reported second-quarter GAAP net income of $178 million, or 42 cents per share, up from $157 million, or 50 cents per share, in the prior-year quarter.

On a non-GAAP basis, core EPS was 34 cents, down from 39 cents from the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 36 cents.

Net investment income was $124 million, or 29 cents per share, in the second quarter, versus $105 million, or 34 cents per share, in the prior-year quarter. Net realized gains were $106 million, or 25 cents per share, compared with $31 million, or 10 cents per share, in the prior-year period. The company reported net unrealized losses of $52 million, or 12 cents per share, in the second quarter, compared to gains of $22 million, or 6 cents per share, in the year-ago period.

In the second quarter, Ares Capital made $1.97 billion in new commitments and exited approximately $1.79 billion of investment commitments.

As of July 26, the company had an investment backlog of approximately $530 million and investment pipeline of $325 million.

The company also resolved the Senior Secured Loan Program by purchasing the remaining loans from the SSLP. It has received the final distribution on its SSLP certificates.