<SEC-DOCUMENT>0001104659-21-072741.txt : 20210527
<SEC-HEADER>0001104659-21-072741.hdr.sgml : 20210527
<ACCEPTANCE-DATETIME>20210527080237
ACCESSION NUMBER:		0001104659-21-072741
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210527
DATE AS OF CHANGE:		20210527

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00663
		FILM NUMBER:		21968582

	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>DEFA14A
<SEQUENCE>1
<FILENAME>tm2117468d4_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 2pt solid; font-size: 1pt; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNITED STATES</B></FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Washington, D.C. 20549</B></FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SCHEDULE 14A</B></FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proxy Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;)</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filed by the Registrant&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
by a Party other than the Registrant&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check the appropriate box:</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preliminary Proxy Statement</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Definitive Proxy Statement</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Definitive Additional Materials</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 14pt; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 14pt">ARES
    CAPITAL CORPORATION</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Name of Registrant as Specified In Its Charter)</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payment of Filing Fee (Check the appropriate box):</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No fee required.</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; width: 91%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title of each class of securities to which transaction applies:</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total fee paid:</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fee paid previously with preliminary materials.</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amount Previously Paid:</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filing Party:</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date Filed:</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><IMG SRC="tm2117468d4_defa14aimg01.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Ares Capital Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>245 Park Avenue, 44<SUP>th</SUP>&nbsp;Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>New York, NY 10167</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I>Commencing on May&nbsp;27,
2021, Ares Capital Corporation made the following communications to certain of its stockholders.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>May 27, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Re: Supplemental Information Related to Proposal 1 (Election of
Directors)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Glass Lewis&nbsp;&amp;&nbsp;Co.
(&ldquo;Glass Lewis&rdquo;) has issued a voting recommendation that is inconsistent with the recommendation of our Board of Directors
on the election of Robert L. Rosen as one of our Class&nbsp;II directors. Mr. Rosen has been an important and active member of the Board
of Directors of Ares Capital Corporation (&ldquo;ARCC&rdquo; or the &ldquo;Company&rdquo;) since 2004 and we believe Glass Lewis&rsquo;s
recommendation does not reflect Mr. Rosen&rsquo;s deep level of commitment to the Company and Board matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We urge you, for the
reasons set forth below, to support the recommendation of our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are aware that Glass
Lewis has adopted a policy of recommending &quot;Against&quot; votes for certain directors of public companies on the basis that a company's
board of directors should have an independent composition of at least two-thirds. However, as described in further detail below, the composition
of our Board of Directors complies with the requirements of the NASDAQ Global Select Market (&quot;NASDAQ&quot;) and the Securities and
Exchange Commission (&quot;SEC&quot;) and, accordingly, is appropriate. In addition, the Nominating and Governance Committee of our Board
of Directors and our Board of Directors have determined that the current composition of our Board of Directors and the election of Mr.
Rosen is in the best interests of the Company and our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WE URGE YOU TO SUPPORT THE RECOMMENDATION OF
OUR BOARD OF DIRECTORS AND VOTE &ldquo;FOR&rdquo; THE ELECTION OF MR. ROSEN AS A DIRECTOR OF THE COMPANY.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Proposal 1 (Election of Directors)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>We urge you to support and vote FOR the election of Mr. Rosen as
a director of the Company:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We are aware that Glass Lewis&nbsp;&amp;&nbsp;Co.
has adopted a policy of recommending &quot;Against&quot; votes for certain directors of public companies on the basis that a company's
board of directors should have a composition of at least two-thirds independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">However, under NASDAQ and SEC rules, the
Company is only required to have a majority of independent directors. The Company currently has six out of ten directors who are
independent, and accordingly, the Company has complied with the independence requirements of NASDAQ and the SEC. Furthermore, our
independent directors have designated a lead independent director whose duties include, among other things, chairing executive
sessions of the independent directors, acting as a liaison between the independent directors and the co-chairs of the Board and
between the independent directors and officers of the Company and the investment adviser, facilitating communication among the
independent directors and the Company's counsel, reviewing and commenting on Board and committee meeting agendas and calling
additional meetings of the independent directors as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In addition, each of our directors was nominated
by the Nominating and Governance Committee of our Board of Directors, which is comprised solely of independent directors. In considering
which individuals to nominate as directors for election by stockholders, the Nominating and Governance Committee of our Board of Directors
reviews and evaluates each candidate's character, judgment, skills (including financial literacy), background, experience and other qualifications
(without regard to whether a nominee has been recommended by our stockholders), as well as the overall size and composition of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In general, the Company seeks a Board that
includes a diversity of perspectives and a broad range of experiences and includes individuals that possess backgrounds, skills, expertise
and attributes that allow them to function collaboratively and effectively together in their oversight of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Based on the foregoing, the Nominating and
Governance Committee of our Board of Directors and our Board of Directors have determined that the current composition of our Board of
Directors and the nomination and election of Mr. Rosen is in the best interests of the Company and our stockholders. The Nominating Governance
Committee of our Board of Directors has unanimously recommended to our Board of Directors, and our Board of Directors has nominated,
Mr. Rosen for election as a director of the Company. Our Board of Directors believes that depriving the Company of the services of Mr.&nbsp;Rosen,
a highly qualified director who has served the Company well since 2004, is not in the best interests of the Company or our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>For the foregoing reasons,
we believe the against recommendation is unwarranted and we urge you to vote FOR Mr.&nbsp;Rosen as a director of the Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If you have any questions or need assistance
in voting your proxy, please call our proxy solicitor, D.F. King&nbsp;&amp;&nbsp;Co.,&nbsp;Inc., at 1-877-864-5060.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I>This information is being
provided to certain stockholders as a supplement to our Proxy Statement dated April 13, 2021, which you already received. Please read
the complete Proxy Statement and accompanying materials carefully before you make a voting decision. Even if voting instructions for your
proxy have already been given, you can change your vote at any time before the annual meeting by giving new voting instructions as described
in more detail in our Proxy Statement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Re: Stockholder Email Related to Proposal 1 (Election of Directors)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title: ARCC - Urging Your Support of Robert L. Rosen at Our Upcoming
Annual Meeting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Stockholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">I hope this email finds
you well. I am writing to request your support for re-electing Robert L. Rosen as a director at Ares Capital Corporation&rsquo;s (&ldquo;ARCC&rdquo;)
Annual Stockholders meeting on June 7th. We believe ISS and Glass Lewis&rsquo; recommendations to withhold support are not in the best
interests of the Company or ARCC&rsquo;s stockholders. Mr. Rosen has been an important and active member of the Board of Directors of
Ares Capital Corporation since 2004 (&ldquo;ARCC&rdquo; or the &ldquo;Company&rdquo;) and we believe ISS&rsquo; and Glass Lewis&rsquo;
recommendations do not reflect his deep level of commitment to the Company and Board matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Rosen has been a director since the founding of ARCC in 2004. Mr.
Rosen been influential in providing insight and guidance to the management team and Board regarding the strategic direction of the company,
which has generated a 13%<SUP>1</SUP> annual stock based total return for shareholders since inception in 2004. The Board believes that
having Mr. Rosen&rsquo;s institutional knowledge, deep executive experience and long history of service on the Board continues to be in
the best interests of the Company and ARCC&rsquo;s stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ISS has recommended against Mr. Rosen, along with our two other Class
II directors standing for election, based on its policy for public companies that have governing documents that provide the board with
the exclusive power to amend the company&rsquo;s bylaws. As part of our corporate governance review, our Board of Directors considered
whether or not we should amend our bylaws to allow our stockholders (without the concurrence of our Board of Directors) to adopt amendments
to the Company&rsquo;s bylaws. Our Board of Directors believes that it remains in the best interests of the Company and our stockholders
if the power to amend our bylaws is vested exclusively in our Board of Directors as is permitted by Maryland law. Since our initial public
offering in 2004, the power to amend our bylaws has been vested exclusively with our Board of Directors. This arrangement has served the
interests of the Company and our stockholders well, we believe, because under Maryland law, our directors owe legal duties to the Company
and our stockholders that require them to act with a reasonable belief that their actions are in the best interests of the Company and
our stockholders. On the other hand, under Maryland law, stockholders are not bound by any such legal duty and are permitted to take or
to recommend actions that are in their own individual interests as stockholders without taking into account the broader interests of other
stockholders or the interests of the Company. As a result of these factors, we believe that our Board of Directors is in the best position
to consider possible future bylaw amendments and will adopt such amendments only after concluding that such amendments are in the best
interests of the Company and our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Glass Lewis &amp; Co. has recommended against Mr. Rosen on the basis
that a company's board of directors should have a composition of at least two-thirds independent directors. However, under NASDAQ and
SEC rules, the Company is only required to have a majority of independent directors. The Company currently has six out of ten directors
who are independent, and accordingly, the Company has complied with the independence requirements of NASDAQ and the SEC. Furthermore,
our independent directors have designated a lead independent director whose duties include, among other things, chairing executive sessions
of the independent directors, acting as a liaison between the independent directors and the co-chairs of the Board and between the independent
directors and officers of the Company and the investment adviser, facilitating communication among the independent directors and the Company's
counsel, reviewing and commenting on Board and committee meeting agendas and calling additional meetings of the independent directors
as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
Source: SNL Financial. As of March 31, 2021. Ares Capital Corporation&rsquo;s stock price-based total return is calculated assuming dividends
are reinvested at the end of the day stock price on the relevant quarterly ex-dividend dates. Total return is calculated assuming investors
did not participate in Ares Capital Corporation&rsquo;s rights offering issuance as of March 20, 2008.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, each of our directors was nominated by the
Nominating and Governance Committee of our Board of Directors, which is comprised solely of independent directors. In considering
which individuals to nominate as directors for election by stockholders, the Nominating and Governance Committee of our Board of
Directors reviews and evaluates each candidate's character, judgment, skills (including financial literacy), background, experience
and other qualifications (without regard to whether a nominee has been recommended by our stockholders), as well as the overall size
and composition of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In general, the Company seeks a Board that includes a diversity of
perspectives and a broad range of experiences and includes individuals that possess backgrounds, skills, expertise and attributes that
allow them to function collaboratively and effectively together in their oversight of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We recognize this request may come with some additional burdens related
to voting your shares, but <B>we believe voting for Mr. Rosen is in the best interest of the continued success of the Company</B>. These
views are expressed in more detail in the additional Proxy materials we filed this morning and are attached to this email. If you have
any questions or items you would like to discuss, please respond to this email or call one of us directly at the numbers below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We thank you for your continued support of ARCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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