NEW YORK (AP) — NEW YORK (AP) — Ares Capital Corp. (ARCC) on Wednesday reported fourth-quarter profit of $413 million.

On a per-share basis, the New York-based company said it had profit of 70 cents. Earnings, adjusted for non-recurring gains, were 63 cents per share.

The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.

The private equity firm posted revenue of $707 million in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $684.5 million.

For the year, the company reported profit of $1.52 billion, or $2.68 per share. Revenue was reported as $2.61 billion.

Ares Capital shares have declined slightly since the beginning of the year. The stock has risen roughly 2% in the last 12 months.


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