<SEC-DOCUMENT>0001104659-18-050350.txt : 20181003
<SEC-HEADER>0001104659-18-050350.hdr.sgml : 20181003
<ACCEPTANCE-DATETIME>20180808080508
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-18-050350
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20180808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CAPITAL CORP
		CENTRAL INDEX KEY:			0001287750
		IRS NUMBER:				331089684
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		245 PARK AVENUE, 44TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167
		BUSINESS PHONE:		2127507300

	MAIL ADDRESS:	
		STREET 1:		245 PARK AVENUE, 44TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


<html>
<head>




  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="155" height="50" src="g70563bai001.jpg"></font></p>    </td>
<td width="76%" style="padding:0in 0in 0in 0in;width:76.76%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Proskauer Rose   LLP&nbsp; 2049 Century Park East, 32nd   Floor&nbsp; Los Angeles, CA 90067-3206</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="79%" valign="top" style="padding:0in 0in 0in 0in;width:79.84%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">August&nbsp;8, 2018</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">Monica J. Shilling<br>   Member of the Firm</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#5f5f5f" face="Arial" style="color:#5F5F5F;font-size:8.5pt;">d</font><font size="1" face="Arial" style="font-size:8.5pt;"> 310.284.4544</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" color="#5f5f5f" face="Arial" style="color:#5F5F5F;font-size:8.5pt;">f</font><font size="1" face="Arial" style="font-size:8.5pt;"> 310.557.2193</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">mshilling@proskauer.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.5pt;">www.proskauer.com</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">VIA EDGAR</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">United States Securities and Exchange Commission<br> Division of Investment Management<br> 100 F Street, N.E.<br> Washington, D.C. 20549<br> Attention: John Ganley</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Re:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="3" style="font-size:12.0pt;">Ares Capital Corporation Registration Statement on Form&nbsp;N-2 (File No.&nbsp;333-223482)</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Dear Mr.&nbsp;Ganley:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">In a telephone conversation on April&nbsp;6, 2018, you provided us with verbal comments on the registration statement on Form&nbsp;N-2 (the &#147;Registration Statement&#148;) originally filed by Ares Capital Corporation (the &#147;Fund&#148;) on March&nbsp;6, 2018. We have revised the Registration Statement to respond to the comments you provided, including during the telephone conversation, and today filed Amendment No.&nbsp;1 (&#147;Amendment No.&nbsp;1&#148;) to the Registration Statement.&#160; We are concurrently filing this letter via EDGAR as a correspondence filing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Set forth below are the comments of the staff of the Securities and Exchange Commission (the &#147;Staff&#148;) provided by you and immediately below each comment is the response with respect thereto and, where applicable, the first location in the relevant filing of the requested disclosure. Comments described with respect to one section (and the responses thereto) are applicable to other sections of the Registration Statement that contain similar disclosure.&#160; Capitalized terms used but not defined herein shall have the meanings set forth in the Registration Statement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;font-weight:bold;">Fees and Expenses</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 58.5pt;text-indent:-.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Pages&nbsp;13-14 &#150; Fees and Expenses &#150; Footnote 7 </font></i><i><font size="3" style="font-size:12.0pt;font-style:italic;">&#150; The disclosure in the first paragraph states that the income based fees have been adjusted to take into account the waiver of the income based fees related to the American Capital acquisition. Please present the income based fees line item on a &#147;gross&#148; basis and include a separate line item for the waiver.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 22.5pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Fund has revised the disclosure as requested on page&nbsp;13 of Amendment No.&nbsp;1.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.5pt;">Beijing | Boca Raton | Boston | Chicago | Hong Kong | London | Los Angeles | New Orleans | New York | Newark | Paris | S&#227;o Paulo | Washington, DC</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105192\18-7056-3\task9000230\7056-3-ba.htm',USER='105192',CD='Aug  7 10:17 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="155" height="50" src="g70563bai002.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">U.S. Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">August&nbsp;8, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page 2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;font-weight:bold;">Risk Factors</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 58.5pt;text-indent:-40.5pt;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Page&nbsp;25 &#150; Risk Factors &#150; &#147;We may be unable to realize the benefits anticipated by the American Capital Acquisition, including estimated cost savings and synergies, or it may take longer than anticipated to achieve such benefits.&#148;&#160; The Staff notes that the American Capital Acquisition closed at the beginning of 2017.&#160; Please expand this risk factor to discuss the status of integration efforts and/or any adverse effects as a result of the integration efforts.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Fund advises the Staff that it believes there are no further material integration efforts or material adverse effects related to the American Capital Acquisition, and has removed the risk factor as requested on page&nbsp;25 of Amendment No.&nbsp;1</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 58.5pt;text-indent:-40.5pt;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Pages&nbsp;29-30 &#150; </font></i><i><font size="3" style="font-size:12.0pt;font-style:italic;">Risk Factors &#150; In light of the recently passed Tax Cuts and Jobs Act, please include detail in the risk factors related to the tax implications of such legislation to RICs.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Fund does not expect that any of the changes in law enacted by the Tax Cuts and Jobs Act will have a material effect on the taxation of the Fund or a holder of its common shares.&#160; Accordingly, the Fund does not believe that any additional revisions to any risk factor as a result of the Tax Cuts and Jobs Act are necessary or appropriate.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 58.5pt;text-indent:-40.5pt;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Page&nbsp;35 &#150; </font></i><i><font size="3" style="font-size:12.0pt;font-style:italic;">Risk Factors &#150;</font></i><i><font size="3" color="black" face="Times New Roman" style="background:white;color:black;font-size:12.0pt;font-style:italic;"> The Staff notes that the risk factor </font></i><i><font size="3" style="font-size:12.0pt;font-style:italic;">&#147;Changes </font></i><i><font size="3" color="black" face="Times New Roman" style="background:white;color:black;font-size:12.0pt;font-style:italic;">in laws or regulations governing our operations or the operations of our portfolio companies or our SBIC subsidiary, changes in the interpretation thereof or newly enacted laws or regulations, such as the Wall Street Reform and Consumer Protection Act (the &#147;Dodd-Frank Act&#148;) and Public Law No.&nbsp;115-97 (the &#147;Tax Cuts and Jobs Act&#148;), could require changes to certain business practices of us or our portfolio companies, negatively impact the operations, cash flows or financial condition of us or our portfolio companies, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies.&#148; includes statements regarding certain Dodd-Frank regulations that have not been implemented.&#160; Please expand the disclosure to specify which unimplemented Dodd-Frank rules&nbsp;the Fund is particularly concerned about.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 22.5pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Fund has revised the disclosure as requested on page&nbsp;36 of Amendment No.&nbsp;1.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;font-weight:bold;">Business</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 58.5pt;text-indent:-.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Page&nbsp;101 &#150; Business &#150; Operating and Regulatory Structure &#150; Please revise your disclosure to discuss what actions the Fund is contemplating with respect to the increased leverage that may be available as a result of the recently enacted Small Business Credit Availability Act.&#160; Please also discuss the related impacts of any decision to increase leverage on the Fund, including any necessary amendment of credit facilities,&nbsp;etc.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 22.5pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The Fund has revised the disclosure as requested on pages&nbsp;7, 27, 37, 87 and 112 of Amendment No.&nbsp;1</font><font size="3" style="font-size:12.0pt;">.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_024124_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\105192\18-7056-3\task9000230\7056-3-ba.htm',USER='105192',CD='Aug  7 10:17 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="155" height="50" src="g70563bai002.jpg"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">U.S. Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">August&nbsp;8, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page 3</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;font-weight:bold;">Accounting</font></i></b></p>
<p style="margin:0in 0in .0001pt 58.5pt;text-indent:-.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 58.5pt;text-indent:-.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Pages&nbsp;F-43 to F-45 &#150; Footnotes 7 and 8 to Schedule of Investments related to affiliated and control holdings.&#160; In future financial statements please disclose the following in each of the charts included in these footnotes:</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 94.5pt;text-indent:-.5in;"><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Fair Value of each holding (SX&nbsp;12-14 Column&nbsp;F); and</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 94.5pt;text-indent:-.5in;"><font size="3" face="Symbol" style="font-size:12.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" style="font-size:12.0pt;font-style:italic;">Totals for all income, gain and fair value columns that agree with correlative amounts on the balance sheet and income statement (SX&nbsp;12-14 Inst. 4).</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For future financial statements, the Fund will include the Fair Value of each holding, as required by Regulation S-X, Rule&nbsp;12-14 Column&nbsp;F, and totals for all income, gain and fair value columns that agree with correlative amounts on the balance sheet and income statement, as required by Regulation S-X, Rule&nbsp;12-14 Instruction&nbsp;4.&#160; The Fund notes that it has included the disclosure as requested in its Quarterly Report on Form&nbsp;10-Q, filed on May&nbsp;2, 2018, which are included in Amendment No.&nbsp;1.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 58.5pt;text-indent:-.5in;"><font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font size="3" face="Times New Roman" style="font-size:12.0pt;font-style:italic;">Page&nbsp;F-77 &#150; Statement of Cash Flows </font></i><i><font size="3" style="font-size:12.0pt;font-style:italic;">&#150; The cash flow discloses that $79M was earned by the Fund related to payment-in-kind interest and dividends.&#160; Please ensure that PIK amounts and any other category of income exceeding 5% of total investment income are disclosed as separate line items on future statement of operations. SX&nbsp;6-07.1.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">For future financial statements, the Fund will ensure that payment-in-kind interest and dividends amounts and any other category of income exceeding 5% of the Fund&#146;s total investment income are disclosed as separate line items, as required by Regulation S-X, Rule&nbsp;6-07.1.&#160; The Fund notes that it has included the disclosure as requested in its Quarterly Report on Form&nbsp;10-Q, filed on May&nbsp;2, 2018, which are included in Amendment No.&nbsp;1.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">We look forward to discussing with you any additional questions you may have regarding the Registration Statement. Please do not hesitate to call me at (310) 284-4544.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Very truly yours,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">/s/ Monica J. Shilling</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Monica J. Shilling</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">cc:</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Penni Roll, Chief   Financial Officer of Ares Capital Corporation</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="95%" valign="top" style="padding:0in 0in 0in 0in;width:95.66%;">
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Joshua M. Bloomstein,   General Counsel of Ares Capital Corporation</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_025113_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\105192\18-7056-3\task9000230\7056-3-ba.htm',USER='105192',CD='Aug  7 10:17 2018' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g70563bai001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g70563bai001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1"  R )L# 2(  A$! Q$!_\0
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@% !1110 4444 %%%% !1110 4444 %%%% !1110!_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g70563bai002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g70563bai002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1"  R )L# 2(  A$! Q$!_\0
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DB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** /_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
