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Ares Capital announces new JV with AIG affiliate. We remain stubbornly Short.

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Ares Capital (ARCC) announced a new joint venture partner to replace the absconding GE Capital to continue making loans in the upper middle market. Investors and analysts seem comfortable with the news. We've dug a little deeper and are less convinced that ARCC is free and clear. We explain why in great detail. We are Short ARCC as discussed at the end of the article, but we accept this is a contrarian view.

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