NEW YORK (AP) _ Ares Capital Corp. (ARCC) on Tuesday reported second-quarter earnings of $277 million.

On a per-share basis, the New York-based company said it had net income of 65 cents. Earnings, adjusted for investment gains, were 39 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.

The private equity firm posted revenue of $350 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $349 million.

Ares Capital shares have dropped 23% since the beginning of the year. The stock has declined 21% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ARCC at https://www.zacks.com/ap/ARCC

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