<SEC-DOCUMENT>0001104659-21-074172.txt : 20210528
<SEC-HEADER>0001104659-21-074172.hdr.sgml : 20210528
<ACCEPTANCE-DATETIME>20210528161544
ACCESSION NUMBER:		0001104659-21-074172
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20210528
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210528
DATE AS OF CHANGE:		20210528

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00663
		FILM NUMBER:		21980380

	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>8-K
<SEQUENCE>1
<FILENAME>tm2117468d5_8k.htm
<DESCRIPTION>FORM 8-K
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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 -->

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 3pt 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; text-align: center"><B>WASHINGTON, DC 20549</B></P>

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;8-K</B></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; text-align: center"><B>CURRENT REPORT</B></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; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d)&nbsp;of
the</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: center"><B>Securities Exchange Act of 1934</B></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; text-align: center">Date of report (Date of earliest event reported)
May 28, 2021</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARES CAPITAL CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in Charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 30%; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>Maryland</B></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>814-00663</B></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 31%; padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt; text-align: center"><B>33-1089684</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of Incorporation)</P></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">File Number)</P>
    </TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P>
    </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 48%; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><B>245 Park Avenue, 44th Floor, New York, NY</B></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49%; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><B>10167</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; text-align: center">(Zip Code)</TD></TR>
  </TABLE>
<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; text-align: center">Registrant&#8217;s telephone number, including
area code <B>(212) 750-7300</B></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; text-align: center">(Former Name or Former Address, if Changed Since
Last Report)</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; text-align: justify; margin: 0pt 0">Check the appropriate box below if the Form&nbsp;8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see</I> General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;Written
communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;Soliciting
material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</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">Securities registered pursuant to Section 12(b) of the Act:</P>

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

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 39%; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Trading symbol</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name of each exchange on which registered</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-size: 10pt">Common stock, $0.001 par value</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-size: 10pt">ARCC</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-size: 10pt">NASDAQ Global Select Market</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in as defined in Rule 405 of the Securities Act of 1933 (&sect; 230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect; 240.12b-2 of this chapter).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; padding-top: 2pt; padding-bottom: 2pt">Emerging growth company <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">o</FONT></P>

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

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<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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 2.03. Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.</U></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; text-align: justify; margin: 0pt 0; text-indent: 0.5in">On May 28, 2021, Ares Capital Corporation (the
 &#8220;Company&#8221;) issued an additional $500 million aggregate principal amount of its 3.250% notes due 2025 (the &#8220;New 2025
Notes&#8221;) pursuant to a Purchase Agreement, dated May 26, 2021 (the &#8220;Purchase Agreement&#8221;), among the Company, Ares Capital
Management LLC, Ares Operations LLC and J.P. Morgan Securities LLC. The New 2025 Notes were issued as additional notes under the Indenture,
dated October 21, 2010 (the &#8220;Base Indenture&#8221;), between the Company and U.S. Bank National Association (the &#8220;Trustee&#8221;),
as supplemented by the Eleventh Supplemental Indenture, dated January 15, 2020 (the &#8220;Eleventh Supplemental Indenture,&#8221; and
together with the Base Indenture, the &#8220;Indenture&#8221;), pursuant to which, on January 15, 2020, the Company issued $750 million
aggregate principal amount of its 3.250% notes due 2025 (the &#8220;Existing 2025 Notes&#8221;). The New 2025 Notes are being treated
as a single series with the Existing 2025 Notes under the Indenture and have the same terms as the Existing 2025 Notes. The New 2025 Notes
have the same CUSIP number and are fungible and rank equally with the Existing 2025 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">The New 2025 Notes were issued at a premium of
104.745% of their principal amount, resulting in estimated net proceeds, after estimated offering expenses, of approximately $519.8 million.
Aggregate estimated offering expenses in connection with the offering of the New 2025 Notes, including the underwriting discount of $2.5
million, were approximately $3.9 million. The Company expects to use the net proceeds of this offering to repay certain outstanding indebtedness
under its credit facilities. The Company may reborrow under its credit facilities for general corporate purposes, which include investing
in portfolio companies in accordance with its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">The New 2025 Notes will mature on July 15, 2025
and may be redeemed in whole or in part at the Company&#8217;s option at any time at the redemption prices set forth in the Eleventh Supplemental
Indenture. The New 2025 Notes bear interest at a rate of 3.250% per year payable semiannually on January 15 and July 15 of each year.
The New 2025 Notes are direct senior unsecured obligations 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; text-align: justify; margin: 0pt 0; text-indent: 0.5in">The New 2025 Notes were offered and sold pursuant
to the Registration Statement on Form N-2 (File No. 333- 248831), the preliminary prospectus supplement filed with the Securities and
Exchange Commission (the &#8220;SEC&#8221;) on May 26, 2021 and the pricing term sheet filed with the SEC on May 26, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">The foregoing description of the New 2025 Notes
does not purport to be complete and is qualified in its entirety by reference to the full text of the Eleventh Supplemental Indenture
and the accompanying Form of 3.250% Notes due 2025, filed as Exhibits 4.1 and 4.2, respectively, to the Company&#8217;s Current Report
on Form 8-K filed with the SEC on January 15, 2020 and incorporated by reference herein.&nbsp;</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><U>Item 9.01. Financial Statements and Exhibits.</U></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">(d) Exhibits:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 5.5pt; padding-left: 0.125in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit
    <BR> Number</FONT></TD>
    <TD STYLE="padding-bottom: 5.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 5.5pt; text-align: center; padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description</FONT></TD></TR>
  <TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5.5pt; padding-left: 0.125in; width: 9%; text-align: left"><A HREF="tm2117468d5_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 5.5pt; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5.5pt; padding-left: 0.125in; width: 82%; text-align: justify"><A HREF="tm2117468d5_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase
    Agreement, dated May 26, 2021, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and J.P. Morgan Securities
    LLC</FONT></A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5.5pt; padding-left: 0.125in; text-align: left"><A HREF="tm2117468d5_ex5-1.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 5.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5.5pt; padding-left: 0.125in; text-align: left"><A HREF="tm2117468d5_ex5-1.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Opinion
    of Venable LLP</FONT></A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5.5pt; padding-left: 0.125in; text-align: left"><A HREF="tm2117468d5_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.2</FONT></A></TD>
    <TD STYLE="padding-bottom: 5.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5.5pt; padding-left: 0.125in; text-align: left"><A HREF="tm2117468d5_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Opinion
    of Kirkland &amp; Ellis LLP</FONT></A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5.5pt; padding-left: 0.125in; text-align: left"><A HREF="tm2117468d5_ex5-1.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 5.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5.5pt; padding-left: 0.125in; text-align: left"><A HREF="tm2117468d5_ex5-1.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent
    of Venable LLP (contained in the opinion filed as Exhibit 5.1 hereto)</FONT></A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5.5pt; padding-left: 0.125in; text-align: left"><A HREF="tm2117468d5_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.2</FONT></A></TD>
    <TD STYLE="padding-bottom: 5.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 5.5pt; padding-left: 0.125in; text-align: left"><A HREF="tm2117468d5_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent
    of Kirkland &amp; Ellis LLP (contained in the opinion filed as Exhibit 5.2 hereto) &nbsp;</FONT></A></TD></TR>
  </TABLE>




<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; text-align: center"><B>SIGNATURES</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; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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

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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">ARES CAPITAL CORPORATION</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Date: May 28, 2021</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 50%"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 3%">By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> /s/ Penni F. Roll</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Name:&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Penni F. Roll</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Title:&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Chief Financial Officer &nbsp;</TD></TR>
  </TABLE>


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



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<TYPE>EX-1.1
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<FILENAME>tm2117468d5_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="font-size: 10pt; margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; font-size: 10pt; margin: 0pt"><B>Exhibit 1.1</B></P>

<P STYLE="font-size: 10pt; margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt; font-size: 10pt"><B>EXECUTION VERSION</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARES CAPITAL CORPORATION<BR>
(a Maryland corporation)</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; text-align: center">$500,000,000</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; text-align: center">3.250% Notes due 2025</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; text-align: center">PURCHASE AGREEMENT</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; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Dated: May 26, 2021</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(a Maryland corporation)</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; text-align: center">$500,000,000</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; text-align: center">3.250% Notes due 2025</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; text-align: center">PURCHASE AGREEMENT</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; text-align: right">May 26, 2021</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</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">As Representative of the Underwriters<BR>
named in Schedule A hereto.</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">c/o J.P. Morgan Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">383 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10179</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">Ladies and Gentlemen:</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; text-indent: 0.5in">Ares Capital Corporation,
a Maryland corporation (the &ldquo;Company&rdquo;), confirms its agreement with each of the Underwriters named in Schedule A hereto (collectively,
the &ldquo;Underwriters,&rdquo; which term shall also include any underwriter substituted as hereinafter provided in Section 10 hereof),
for whom J.P. Morgan Securities LLC is acting as representative (in such capacity, the &ldquo;Representative&rdquo;), with respect to
the issue and sale by the Company and the purchase by the Underwriters, acting severally and not jointly, of $500,000,000 aggregate principal
amount of 3.250% Notes due 2026 (the &ldquo;Securities&rdquo;) of the Company set forth in said Schedule A. To the extent there is only
one Underwriter for the sale of the Securities, the term Underwriters shall mean the Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Securities will be issued
under an indenture dated as of October 21, 2010, as supplemented by the Eleventh Supplemental Indenture, dated as of May January 15, 2020
(collectively, the &ldquo;Indenture&rdquo;) between the Company and U.S. Bank National Association, as trustee (the &ldquo;Trustee&rdquo;).
The aforesaid Securities will be issued to Cede &amp; Co. as nominee of the Depository Trust Company (&ldquo;DTC&rdquo;) pursuant to a
blanket letter of representations, dated as of October 14, 2010 (the &ldquo;DTC Agreement&rdquo;), between the Company and DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 15, 2020, the Company
issued $750,000,000 in aggregate principal amount of its 3.250% Notes due 2025 under the Indenture (the &ldquo;Existing Notes&rdquo;).
The Securities offered by the Company pursuant to this Agreement constitute an issuance of &ldquo;Additional Notes&rdquo; under the Indenture.
Except as otherwise described in the General Disclosure Package (as defined below), the Securities offered by the Company pursuant to
this Agreement will have identical terms as the Existing Notes (except the issue date and offering price) and will be treated as a single
class of notes for all purposes under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company understands that
the Underwriters propose to make a public offering of the Securities as soon as the Representative deems advisable after this Agreement
has been executed and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has filed with
the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) a shelf registration statement on Form N-2 (File No. 333-248831)
covering the registration of the Securities and certain of the Company&rsquo;s other securities under the Securities Act of 1933, as amended
(the &ldquo;1933 Act&rdquo;), which registration statement became effective upon filing with the Commission on September 16, 2020. The
Indenture has been qualified under the Trust Indenture Act of 1939, as amended (the &ldquo;1939 Act&rdquo;). The Company has also filed
with the Commission a preliminary prospectus supplement, dated May 26, 2021, which contains a base prospectus, dated September 16, 2020
(collectively, the &ldquo;preliminary prospectus&rdquo;). Promptly after execution and delivery of this Agreement, the Company will prepare
and file a prospectus in accordance with the provisions of Rule 430B (&ldquo;Rule 430B&rdquo;) of the rules and regulations of the Commission
under the 1933 Act (the &ldquo;1933 Act Regulations&rdquo;) and Rule 424(b) (&ldquo;Rule 424(b)&rdquo;) of the 1933 Act Regulations. The
information included or incorporated by reference in such prospectus that was omitted from such registration statement at the time it
became effective but that is deemed to be part of such registration statement pursuant to Rule 430B is referred to as &ldquo;Rule 430B
Information.&rdquo; Unless the context otherwise requires, such registration statement, including all documents filed as a part thereof,
and including all post-effective amendments thereto filed on or prior to the date hereof and any Rule 430B Information contained in a
prospectus subsequently filed with the Commission pursuant to Rule 424(b) under the 1933 Act and deemed to be part of the registration
statement, and also including any registration statement filed pursuant to Rule 462(b) under the 1933 Act Regulations (the &ldquo;Rule
462(b) Registration Statement&rdquo;), is herein called the &ldquo;Registration Statement.&rdquo; The final prospectus in the form filed
by the Company with the Commission pursuant to Rule 424(b) under the 1933 Act on or before the second business day after the date hereof
(or such earlier time as may be required under the 1933 Act), which will include the base prospectus, dated September 16, 2020, together
with a final prospectus supplement, is herein called the &ldquo;Prospectus.&rdquo; Any reference herein to the Registration Statement,
any preliminary prospectus or the Prospectus shall be deemed to refer to and include the documents that are incorporated by reference
therein pursuant to the 1933 Act Regulations in effect as of the Applicable Time. For purposes of this Agreement, all references to the
Registration Statement, any preliminary prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed
to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system (&ldquo;EDGAR&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Form N-54A Notification
of Election to be Subject to Sections 55 through 65 of the Investment Company Act of 1940 filed Pursuant to Section 54(a) of the Investment
Company Act (File No. 814-00663) (the &ldquo;Notification of Election&rdquo;) was filed with the Commission on April 21, 2004 under the
Investment Company Act of 1940, as amended, and the rules and regulations thereunder (collectively, the &ldquo;1940 Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has entered into
the Second Amended and Restated Investment Advisory and Management Agreement, dated as of June 6, 2019 (as amended, the &ldquo;Investment
Advisory Agreement&rdquo;) with Ares Capital Management LLC, a Delaware limited liability company registered as an investment adviser
(the &ldquo;Adviser&rdquo;), under the Investment Advisers Act of 1940, as amended, and the rules and regulations thereunder (collectively,
the &ldquo;Advisers Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has entered into
an Amended and Restated Administration Agreement, dated as of June 1, 2007 (the &ldquo;Administration Agreement&rdquo;), with Ares Operations
LLC, a Delaware limited liability company (the &ldquo;Administrator&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">SECTION 1. <U>Representations and Warranties</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Representations
and Warranties by the Company. </I>The Company represents and warrants to each Underwriter as of the date hereof, as of the Applicable
Time referred to in Section 1(a)(i) hereof, and as of the Closing Time referred to in Section 2(b) hereof, and agrees with each Underwriter,
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Registration Requirements</U>. The Company is eligible to use Form N-2. The Registration Statement (and the Registration Statement
as amended by any post-effective amendment if the Company shall have made any amendments thereto after the effective date of the Registration
Statement) became effective upon filing under the 1933 Act with the Commission and no stop order suspending the effectiveness of the
Registration Statement (and the Registration Statement as amended by any post-effective amendment if the Company shall have made any
amendments thereto after the effective date of the Registration Statement) has been issued under the 1933 Act and no proceedings for
that purpose or pursuant to Section 8A of the 1933 Act have been instituted or are pending or, to the knowledge of the Company, are contemplated
by the Commission, and any request on the part of the Commission for additional information has been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">At the respective
times the Registration Statement and any post-effective amendments thereto became effective, at the Applicable Time and at the Closing
Time, the Registration Statement complied and will comply in all material respects with the requirements of the 1933 Act, the 1933 Act
Regulations and the 1940 Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading. Neither the Prospectus nor any amendments or
supplements thereto (including any prospectus wrapper), at the time the Prospectus or any such amendment or supplement was issued, and
at the Closing Time, included or will include an untrue statement of a material fact or omitted or will omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The
Prospectus, the preliminary prospectus and the prospectus filed as part of the Registration Statement as originally filed or as part
of any amendment thereto complied when so filed in all material respects with the 1933 Act, the 1933 Act Regulations and the 1940
Act except for any corrections to the preliminary prospectus that are made in the Prospectus and the preliminary prospectus and the
Prospectus delivered to the Underwriters for use in connection with this offering was identical to the electronically transmitted
copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">As of the Applicable
Time, the preliminary prospectus, together with the information included on Schedule B hereto, all considered together (collectively,
the &ldquo;General Disclosure Package&rdquo;), did not include any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. As of
the date hereof, as of the Applicable Time, and as of the Closing Time, the Marketing Materials (as defined below), together with the
information contained in the General Disclosure Package, did not and will not include any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made,
not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The documents incorporated
or deemed to be incorporated by reference in the Registration Statement, any preliminary prospectus and the Prospectus (i) at the time
they were or hereafter are filed with the Commission, complied or will comply in all material respects with the requirements of the Securities
Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;) and (ii) at the time they were filed with the Commission, when read together
with the other information in the Registration Statement, the General Disclosure Package or the Prospectus, as the case may be, did not
or will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">As used in this
subsection and elsewhere in this Agreement, &ldquo;Applicable Time&rdquo; means 2:15 P.M. (Eastern time) on May 26, 2021, or such other
time as agreed by the Company and the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">As used in this
subsection and elsewhere in this Agreement, &ldquo;Marketing Materials&rdquo; means the materials, if any, set forth on Schedule D hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The
representations and warranties in this subsection shall not apply to (x) statements in or omissions from the Registration Statement
(or any amendment thereto), including the Rule 430B information, any preliminary prospectus or the Prospectus (or any amendment or
supplement thereto), the General Disclosure Package or the Marketing Materials made in reliance upon and in conformity with written
information furnished to the Company by any Underwriter through the Representative expressly for use in the Registration Statement
(or any amendment thereto), including the Rule 430B information, any preliminary prospectus or the Prospectus (or any amendment or
supplement thereto), the General Disclosure Package or the Marketing Materials, or (y) the part of the Registration Statement that
constitutes the Statement of Eligibility and Qualification under the 1939 Act (Form T-1) of the Trustee under the Indenture.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independent
Accountants</U>. The accountants who certified the Company&rsquo;s financial statements included or incorporated by reference in the
Registration Statement, the General Disclosure Package and the Prospectus are independent public accountants as required by the 1933
Act, the 1933 Act Regulations and the 1934 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Statements</U>. The financial statements included or incorporated by reference in the Registration Statement, the General Disclosure
Package and the Prospectus, together with the related schedules and notes, present fairly in all material respects the financial position
of the Company and its Subsidiaries (as defined below) at the dates indicated and the consolidated statement of operations, consolidated
statement of stockholders&rsquo; equity and consolidated statement of cash flows of the Company and its Subsidiaries for the periods
specified; there are no financial statements that are required to be included in the Registration Statement, the General Disclosure Package
or the Prospectus that are not included as required; said financial statements have been prepared in conformity with generally accepted
accounting principles in the United States (&ldquo;GAAP&rdquo;) applied on a consistent basis throughout the periods involved. The &ldquo;Selected
Condensed Consolidated Financial Data of Ares Capital&rdquo; included in the Registration Statement, the General Disclosure Package and
the Prospectus present fairly, in all material respects, the information shown therein as of the date presented and have been compiled
on a basis consistent with that of the audited financial statements included in the Registration Statement, the General Disclosure Package
and the Prospectus. The financial data set forth in the General Disclosure Package and in the Prospectus under the caption &ldquo;Capitalization&rdquo;
fairly presents the information set forth therein on a basis consistent with that of the audited financial statements and related notes
thereto contained in the Registration Statement. There is no pro forma financial information that is required to be included in the Registration
Statement, the General Disclosure Package and the Prospectus that is not included as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Material Adverse Change in Business</U>. Since the respective dates as of which information is given in the Registration Statement, the
General Disclosure Package and the Prospectus, except as otherwise stated therein, (A)&nbsp;there has been no material adverse change
in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and its Subsidiaries
(as defined below) considered as one enterprise, whether or not arising in the ordinary course of business (a &ldquo;Material Adverse
Effect&rdquo;), (B) there have been no transactions entered into by the Company or its Subsidiaries, other than those in the ordinary
course of business, which are material with respect to the Company and its Subsidiaries considered as one enterprise, and (C) there has
been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Good
Standing of the Company</U>. The Company has been duly organized and is validly existing as a corporation in good standing under the
laws of the State of Maryland and has corporate power and authority to own, lease and operate its properties and to conduct its business
as described in the General Disclosure Package and the Prospectus and to enter into and perform its obligations under this Agreement,
the Investment Advisory Agreement, the Administration Agreement, the Indenture, the Securities and the DTC Agreement; and the Company
is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification
is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify
or to be in good standing would not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsidiaries</U>.
The Company&rsquo;s only subsidiaries that are consolidated with the Company for financial reporting purposes under GAAP are those listed
on Schedule C hereto (each, a &ldquo;Subsidiary&rdquo; and collectively, the &ldquo;Subsidiaries&rdquo;). Each of the Subsidiaries has
been duly organized and is validly existing as a corporation, limited liability company or limited partnership in good standing under
the laws of the jurisdiction of its organization, has power and authority to own, lease and operate its properties and to conduct its
business as described in the Prospectus and is duly qualified as a foreign corporation, limited liability company or limited partnership
to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership
or leasing of property or the conduct of business, except where the failure to be so qualified or to be in good standing would not reasonably
be expected to result in a Material Adverse Effect; except as otherwise disclosed in the Registration Statement, all of the issued and
outstanding capital stock of each such Subsidiary has been duly authorized and validly issued and is fully paid and non-assessable; none
of the outstanding shares of capital stock of any of the Subsidiaries was issued in violation of the preemptive or other similar rights
of any securityholder of such Subsidiary. Except (A) as set forth in the Registration Statement, the General Disclosure Package and the
Prospectus, and (B) portfolio investments made after March 31, 2021, the Company does not own, directly or indirectly, any shares of
stock or any other equity or debt securities of any corporation or have any equity or debt interest in any firm, partnership, joint venture,
association or other entity that is not a Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capitalization</U>.
The authorized, issued and outstanding capital stock of the Company is as set forth in the General Disclosure Package and the
Prospectus under the caption &ldquo;Capitalization&rdquo; (except for subsequent issuances, if any, pursuant to the Company&rsquo;s
Dividend Reinvestment Plan or pursuant to reservations, agreements or employee benefit plans, if any, referred to in the General
Disclosure Package or in the Prospectus or pursuant to the exercise of convertible securities or options, if any, referred to in the
General Disclosure Package or the Prospectus). The shares of issued and outstanding capital stock of the Company have been duly
authorized and validly issued and are fully paid and non-assessable; none of the outstanding shares of capital stock of the Company
was issued in violation of preemptive or other similar rights of any securityholder of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization
of Agreements</U>. (A) This Agreement, the Investment Advisory Agreement and the Administration Agreement have each been duly authorized,
executed and delivered by the Company. The Investment Advisory Agreement and the Administration Agreement are valid and binding obligations
of the Company, enforceable against the Company in accordance with their terms, except as the enforcement thereof may be subject to (i)&nbsp;bankruptcy,
insolvency, reorganization, moratorium or other similar laws now or thereafter in effect relating to creditors&rsquo; rights generally
and (ii) general principles of equity and the discretion of the court before which any proceeding therefor may be brought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture (including the Eleventh Supplemental Indenture) has been duly authorized, executed and delivered by the Company and, assuming
it has been executed and delivered by the Trustee, constitutes a valid and binding obligation of the Company, enforceable against the
Company in accordance with its terms, except as the enforcement thereof may be subject to (i)&nbsp;bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or thereafter in effect relating to creditors&rsquo; rights generally and (ii) general principles
of equity and the discretion of the court before which any proceeding therefor may be brought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DTC Agreement has been duly authorized, executed and delivered by the Company and is a valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms, except as the enforcement thereof may be subject to (i) bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or thereafter in effect relating to creditors&rsquo; rights generally and (ii) general
principles of equity and the discretion of the court before which any proceeding therefor may be brought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization
and Description of Securities</U>. The Securities have been duly authorized for issuance and sale to the Underwriters pursuant to
this Agreement and, when issued and delivered by the Company and authenticated by the Trustee pursuant to the provisions of this
Agreement and of the Indenture relating thereto, against payment of the consideration set forth in this Agreement, will be valid and
legally binding obligations of the Company enforceable in accordance with their terms, except as the enforcement thereof may be
subject to the effect of (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or thereafter in effect
relating to creditors&rsquo; rights generally and (ii) general principles of equity and the discretion of the court before which any
proceeding therefor may be brought, and will be entitled to the benefits of the Indenture relating thereto; and the Securities and
the Indenture conform in all material respects to the statements relating thereto contained in the General Disclosure Package and
the Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Defaults and Conflicts</U>. Neither the Company nor any of the Subsidiaries is in violation of its charter, by-laws or other organizational
documents. Further, neither the Company nor any of the Subsidiaries is in default in the performance or observance of any obligation,
agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease
or other agreement or instrument to which the Company or any of the Subsidiaries is a party or by which any of them may be bound, or
to which any of the property or assets of the Company or any of the Subsidiaries is subject (collectively, &ldquo;Agreements and Instruments&rdquo;)
except for such defaults that would not result in a Material Adverse Effect; and the execution, delivery and performance of this Agreement,
the Indenture (including the Eleventh Supplemental Indenture), the Securities, the Investment Advisory Agreement, the Administration
Agreement and the DTC Agreement and the consummation of the transactions contemplated herein and therein and in the Registration Statement,
the General Disclosure Package and the Prospectus (including the issuance and sale of the Securities and the use of the proceeds from
the sale of the Securities as described in the General Disclosure Package and the Prospectus under the caption &ldquo;Use of Proceeds&rdquo;)
and compliance by the Company with its obligations hereunder and thereunder do not and will not, whether with or without the giving of
notice or passage of time or both, conflict with or constitute a breach of, or default or Repayment Event (as defined below) under, or
result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of the Subsidiaries
pursuant to, the Agreements and Instruments, except for such conflicts, breaches, defaults or Repayment Events that would not result
in a Material Adverse Effect, nor will such action result in any violation of the provisions of the charter, by-laws or other organizational
documents of the Company or any of the Subsidiaries or any applicable law, statute, rule, regulation, judgment, order, writ or decree
of any government, government instrumentality or court, domestic or foreign, having jurisdiction over the Company or any of the Subsidiaries
or any of their assets, properties or operations. As used herein, a &ldquo;Repayment Event&rdquo; means any event or condition which
gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&rsquo;s behalf) the right
to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of the Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Proceedings</U>. Other than as disclosed in the General Disclosure Package, there is no action, suit or proceeding or, to the
knowledge of the Company, inquiry or investigation, before or brought by any court or governmental agency or body, domestic or
foreign, now pending, or, to the knowledge of the Company, threatened, against or affecting the Company or any of the Subsidiaries,
which is required to be disclosed in the General Disclosure Package, or which would result in a Material Adverse Effect, or which
would materially and adversely affect the properties or assets thereof or the consummation of the transactions contemplated in this
Agreement, the Indenture (including the Eleventh Supplemental Indenture), the Securities, the Investment Advisory Agreement, the
Administration Agreement or the DTC Agreement or the performance by the Company of its obligations hereunder or thereunder; the
aggregate of all pending legal or governmental proceedings to which the Company or any of the Subsidiaries is a party or of which
any of their respective property or assets is the subject which are not described in the General Disclosure Package, including
ordinary routine litigation incidental to the business, would not result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accuracy
of Exhibits</U>. There are no contracts or documents which are required to be described in the Registration Statement or the Prospectus
or to be filed as exhibits thereto which have not been so described and filed as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Possession
of Intellectual Property</U>. The Company and the Subsidiaries own or possess, or can acquire on reasonable terms, adequate patents,
patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary
or confidential information, systems or procedures), trademarks, service marks, trade names or other intellectual property (collectively,
 &ldquo;Intellectual Property&rdquo;) necessary to carry on the business now operated by them or proposed to be operated by them immediately
following the offering of the Securities as described in the General Disclosure Package and the Prospectus, except where the failure
to own or possess or otherwise be able to acquire such rights in a timely manner would not otherwise reasonably be expected to result
in a Material Adverse Effect, and neither the Company nor any of the Subsidiaries has received any notice of or is otherwise aware of
any infringement of or conflict with asserted rights of others with respect to any Intellectual Property or of any facts or circumstances
which would render any Intellectual Property invalid or inadequate to protect the interest of the Company or any of the Subsidiaries
therein, and which infringement or conflict (if the subject of any unfavorable decision, ruling or finding) or invalidity or inadequacy,
singly or in the aggregate, would reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Further Requirements</U>. No filing with, or authorization, approval, consent, license, order, registration, qualification or
decree of, any court or governmental authority or agency is necessary or required for the performance by the Company of its
obligations hereunder, in connection with the offering, issuance or sale of the Securities hereunder or the consummation of the
transactions contemplated by this Agreement, the Indenture, the Securities, the Investment Advisory Agreement, the Administration
Agreement, the DTC Agreement, the General Disclosure Package or the Prospectus (including the use of the proceeds from the sale of
the Securities as described in the General Disclosure Package and the Prospectus under the caption &ldquo;Use of Proceeds&rdquo;),
except (A) such as have been already obtained under the 1933 Act, the 1933 Act Regulations, the 1939 Act or the 1940 Act, (B) such
as may be required under state securities laws, and (C) the filing of the Notification of Election under the 1940 Act, which has
been effected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Manipulation</U>. Neither the Company nor any affiliate of the Company has taken, nor will the Company or any affiliate take, directly
or indirectly, any action which is designed to or which has constituted or which would be expected to cause or result in stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities in violation of any law,
statute, regulation or rule applicable to the Company or its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Possession
of Licenses and Permits</U>. The Company and the Subsidiaries possess such permits, licenses, approvals, consents and other authorizations
(collectively, &ldquo;Governmental Licenses&rdquo;) issued by the appropriate federal, state, local or foreign regulatory agencies or
bodies necessary to conduct the business now operated by them or proposed to be operated by them immediately following the offering of
the Securities as described in the General Disclosure Package and the Prospectus, except where the failure so to possess would not reasonably
be expected to, singly or in the aggregate, result in a Material Adverse Effect; the Company and the Subsidiaries are in compliance with
the terms and conditions of all such Governmental Licenses, except where the failure so to comply would not reasonably be expected to,
singly or in the aggregate, result in a Material Adverse Effect; all of the Governmental Licenses are valid and in full force and effect,
except when the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect
would not reasonably be expected to, singly or in the aggregate, result in a Material Adverse Effect; and neither the Company nor any
of the Subsidiaries has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses
which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to result
in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Company Act</U>. The Company is not required, and upon the issuance and sale of the Securities as herein contemplated and the application
of the net proceeds therefrom as described in the Prospectus will not be required, to register as a &ldquo;registered management investment
company&rdquo; under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xviii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Rights</U>. There are no persons with registration rights or other similar rights to have any securities registered pursuant to the Registration
Statement or otherwise registered by the Company under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Related
Party Transactions</U>. There are no business relationships or related party transactions involving the Company, any of the Subsidiaries
or any other person required to be described in the Prospectus which have not been described as required.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Notification of Election</U>. When the Notification of Election was filed with the Commission, it (A) contained all statements required
to be stated therein in accordance with, and complied in all material respects with the requirements of, the 1940 Act and (B) did not
include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xxi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Investment Advisory Agreement</U>. (A) The terms of the Investment Advisory Agreement, including compensation terms, comply in all
material respects with all applicable provisions of the 1940 Act and the Advisers Act and (B) the approvals by the board of directors
and the stockholders of the Company of the Investment Advisory Agreement have been made in accordance with the requirements of Section
15 of the 1940 Act applicable to companies that have elected to be regulated as business development companies under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xxii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Interested Persons</U>. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus (A) no
person is serving or acting as an officer, director or investment adviser of the Company, except in accordance with the provisions of
the 1940 Act and the Advisers Act, and (B) to the knowledge of the Company, no director of the Company is an &ldquo;interested person&rdquo;
(as defined in the 1940 Act) of the Company or an &ldquo;affiliated person&rdquo; (as defined in the 1940 Act) of any of the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Business Development Company</U>. (A) The Company has duly elected to be treated by the Commission under the 1940 Act as a business
development company, such election is effective and all required action has been taken by the Company under the 1933 Act and the 1940
Act to make the public offering and consummate the sale of the Securities as provided in this Agreement; (B) the provisions of the corporate
charter and by-laws of the Company, and the investment objectives, policies and restrictions described in the General Disclosure Package
and the Prospectus, assuming they are implemented as described, will comply in all material respects with the requirements of the 1940
Act; and (C) the operations of the Company are in compliance in all material respects with the provisions of the 1940 Act applicable to
business development companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Employees
and Executives</U>. The Company is not aware that (A)&nbsp;any executive, key employee or significant group of employees of the
Company, any of the Subsidiaries, the Adviser or the Administrator plans to terminate employment with the Company, any of the
Subsidiaries, the Adviser or the Administrator or (B) any such executive or key employee is subject to any noncompete,
nondisclosure, confidentiality, employment, consulting or similar arrangement that would be violated by the present or proposed
business activities of the Company, any of the Subsidiaries, the Adviser or the Administrator except where such termination or
violation would not reasonably be expected to have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xxv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>No Extension of Credit</U>. The Company has not, directly or indirectly, including through a Subsidiary, extended credit, arranged
to extend credit, or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer of the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xxvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Accounting Controls</U>. The Company has established and maintains an effective system of internal accounting controls sufficient to
provide reasonable assurances that (A) transactions are executed in accordance with management&rsquo;s authorization; (B) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets;
and (C) access to assets is permitted only in accordance with management&rsquo;s authorization.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xxvii)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Disclosure Controls</U>. The Company has established and employs effective disclosure controls and procedures that are designed to
ensure that information required to be disclosed by the Company in the reports that it files or submits under the 1934 Act is recorded,
processed, summarized and reported, within the time periods specified in the Commission&rsquo;s rules and forms, and is accumulated and
communicated to the Company&rsquo;s management, including its principal executive officer or officers and principal financial officer
or officers, as appropriate to allow timely decisions regarding disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xxviii)&nbsp;&nbsp;&nbsp;
<U>Tax Returns</U>. The Company and the Subsidiaries have filed all federal, state, local and foreign tax returns that are required to
have been filed by them pursuant to applicable foreign, federal, state, local or other law or have duly requested extensions thereof,
except insofar as the failure to file such returns or request such extensions would not reasonably be expected to result in a Material
Adverse Effect, and have paid all taxes shown as due pursuant to such returns or pursuant to any assessment received by the Company and
the Subsidiaries, except for such taxes or assessments, if any, as are being contested in good faith and as to which adequate reserves
have been provided or where the failure to pay would not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xxix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>No
Unlawful Payments</U>. Neither the Company nor the Subsidiaries nor, to the knowledge of the Company, any director, officer, agent,
employee or other person associated with or acting on behalf of the Company or any of the Subsidiaries has (A) used any corporate
funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (B) made any
direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (C) violated or
is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended; or (D) made any bribe, rebate, payoff,
influence payment, kickback or other unlawful payment. The Company and its Subsidiaries, taken as a whole, have instituted, maintain
and enforce, and will continue to maintain and enforce policies and procedures designed to promote and ensure compliance with all
applicable anti-bribery and anti-corruption laws except in each case as would not reasonably expected to, individually or in the
aggregate, have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xxx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Compliance with Anti-Money Laundering Laws</U>. The operations of the Company and the Subsidiaries are and have been conducted at all
times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting
Act of 1970, as amended (the &ldquo;CFTRA&rdquo;), and the applicable money laundering statutes of all other jurisdictions having jurisdiction
over the Company or any of the Subsidiaries, the applicable rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any other governmental agency having jurisdiction over the Company or any of the Subsidiaries
(collectively, the &ldquo;Other Anti-Money Laundering Laws&rdquo;), and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any of the Subsidiaries with respect to the CFTRA or Other Anti-Money
Laundering Laws is pending or, to the knowledge of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xxxi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>No Conflicts with Sanctions Laws</U>. None of the Company, the Subsidiaries or, to the knowledge of the Company, any of their respective
directors, officers, agents, employees or affiliates is currently subject to any U.S. sanctions administered by the Office of Foreign
Assets Control of the U.S. Department of the Treasury, the United Nations Security Council, the European Union or Her Majesty&rsquo;s
Treasury (collectively, &ldquo;Sanctions&rdquo;); and the Company will not, directly or indirectly, use the proceeds of the offering of
the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other
person or entity (i) to fund any activities of or business with any person that, at the time of such funding, is the subject of Sanctions,
(ii) to fund any activities of or business in Cuba, Iran, North Korea, Syria or the Crimea region of Ukraine or (iii) in any other manner
that will result in a violation by any person of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xxxii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Company Not Ineligible Issuer and is a Well-Known Seasoned Issuer</U>. The Company is not an ineligible issuer and is a well-known
seasoned issuer, in each case as defined in Rule 405 under the 1933 Act, in each case at the times specified in Rule 405 under the 1933
Act in connection with the offering of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xxxiii)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Sarbanes-Oxley Act</U>. Except as disclosed in the General Disclosure Package, the Company is, and to the knowledge of the Company,
the Company&rsquo;s directors and officers, in their capacities as such, are, in compliance in all material respects with any applicable
provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, including Section
402 related to loans and Sections 302 and 906 related to certifications.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xxxiv)&nbsp;&nbsp;
<U>Cybersecurity</U>. (A) The Company is not aware of any security breach or incident, unauthorized access or disclosure, or other compromise
relating to the Adviser&rsquo;s information technology and computer systems, data and databases used by the Company (collectively, &ldquo;IT
Systems and Data&rdquo;) except in each case as would not reasonably expected to, individually or in the aggregate, have a Material Adverse
Effect, and (B) to the Company&rsquo;s knowledge, the Adviser has implemented appropriate controls, policies, procedures, and technological
safeguards to maintain and protect the integrity, continuous operation, redundancy and security of its IT Systems and Data reasonably
consistent with in all material respects with industry standards and practices, or as required by applicable regulatory standards. To
the Company&rsquo;s knowledge, the Adviser is presently in material compliance with all applicable laws and regulations relating to the
privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation
or modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xxxv)&nbsp;&nbsp;&nbsp;&nbsp;
<U>Additional Securities.</U> The Securities to be sold pursuant to this Agreement and on the terms set forth on the Pricing Term Sheet
constitute &ldquo;Additional Notes&rdquo; within the meaning of the Indenture, will be treated as a single series with the Existing Notes,
will have the same terms and CUSIP number as the Existing Notes and will be fungible with the Existing Notes for federal income tax purposes.
Upon the issuance of the Securities, the outstanding aggregate principal of the Company&rsquo;s 3.250% Notes due 2025 will be $1,250,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Representations
and Warranties of the Adviser and the Administrator. </I>The Adviser and the Administrator, jointly and severally, represent to each Underwriter
as of the date hereof, as of the Applicable Time, and as of the Closing Time referred to in Section 2(b) hereof, and agree with each Underwriter
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>No Material Adverse Change in Business</U>. Since the respective dates as of which information is given in the Registration Statement,
the General Disclosure Package and the Prospectus, except as otherwise stated therein, there has been no material adverse change in the
condition, financial or otherwise, or in the earnings, business affairs, business prospects or regulatory status of the Adviser or the
Administrator, whether or not arising in the ordinary course of business, that would reasonably be expected to result in a Material Adverse
Effect. For purposes of this Section 1(b), &ldquo;Material Adverse Effect&rdquo; means, in addition to a &ldquo;Material Adverse Effect&rdquo;
as defined in Section 1(c)(iv), any material adverse effect on the ability of the Adviser or Administrator, as applicable, to fulfill
its obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Good Standing</U>. Each of the Adviser and the Administrator has been duly organized and is validly existing as a limited liability
company in good standing under the laws of the State of Delaware, and has limited liability company power and authority to own, lease
and operate its properties and to conduct its business as described in the General Disclosure Package and the Prospectus and to
enter into and perform its obligations under this Agreement; the Adviser has limited liability company power and authority to execute
and deliver and perform its obligations under the Investment Advisory Agreement; the Administrator has limited liability company power
and authority to enter into and perform its obligations under the Administration Agreement; and each of the Adviser and the Administrator
is duly qualified to transact business as a foreign entity and is in good standing in each other jurisdiction in which such qualification
is required, whether by reason of ownership or leasing of its property or the conduct of business, except where the failure to qualify
or be in good standing would not otherwise reasonably be expected to result in a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Registration Under Advisers Act</U>. The Adviser is duly registered with the Commission as an investment adviser under the Advisers
Act and is not prohibited by the Advisers Act or the 1940 Act from acting under the Investment Advisory Agreement for the Company as contemplated
by the General Disclosure Package and the Prospectus. There does not exist any proceeding or, to the Adviser&rsquo;s knowledge, any facts
or circumstances the existence of which could lead to any proceeding which might adversely affect the registration of the Adviser with
the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Absence of Proceedings</U>. There is no action, suit or proceeding or, to the knowledge of the Adviser or the Administrator, inquiry
or investigation before or brought by any court or governmental agency or body, domestic or foreign, now pending, or, to the knowledge
of the Adviser or the Administrator, threatened, against or affecting either the Adviser or the Administrator, which is required to be
disclosed in the General Disclosure Package (other than as disclosed therein), or which would reasonably be expected to result in a Material
Adverse Effect, or which would reasonably be expected to materially and adversely affect the consummation of the transactions contemplated
in this Agreement, the Indenture, the Securities, the Investment Advisory Agreement or the Administration Agreement; the aggregate of
all pending legal or governmental proceedings to which the Adviser or the Administrator is a party or of which any of their respective
property or assets is the subject which are not described in the General Disclosure Package, including ordinary routine litigation incidental
to their business, would not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Absence of Defaults and Conflicts</U>. Neither the Adviser nor the Administrator is in violation of its limited liability company
operating agreement or in default in the performance or observance of any obligation, agreement, covenant or condition contained in any
contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which the Adviser
or the Administrator is a party or by which it or any of them may be bound, or to which any of the property or assets of the Adviser
or the Administrator is subject (collectively, the &ldquo;Adviser/Administrator Agreements and Instruments&rdquo;), or in violation
of any law, statute, rule, regulation, judgment, order or decree except for such violations or defaults that would not reasonably be
expected to result in a Material Adverse Effect; and the execution, delivery and performance of this Agreement, the Investment Advisory
Agreement and the Administration Agreement and the consummation of the transactions contemplated herein and therein and in the Registration
Statement, the General Disclosure Package and the Prospectus (including the issuance and sale of the Securities and the use of the proceeds
from the sale of the Securities as described in the General Disclosure Package and the Prospectus under the caption &ldquo;Use of Proceeds&rdquo;)
and compliance by the Adviser and the Administrator with their respective obligations hereunder and under the Investment Advisory Agreement
and the Administration Agreement do not and will not, whether with or without the giving of notice or passage of time or both, conflict
with or constitute a breach of, or default under, or result in the creation or imposition of any lien, charge or encumbrance upon any
property or assets of the Adviser or the Administrator pursuant to, the Adviser/Administrator Agreements and Instruments except for such
violations or defaults that would not reasonably be expected to result in a Material Adverse Effect, nor will such action result in any
violation of the provisions of the limited liability company operating agreement of the Adviser or Administrator, respectively, or any
applicable law, statute, rule, regulation, judgment, order, writ or decree of any government, government instrumentality or court, domestic
or foreign, having jurisdiction over the Adviser or the Administrator or any of their assets, properties or operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Authorization of Agreements</U>. This Agreement, the Investment Advisory Agreement and the Administration Agreement have been duly
authorized, executed and delivered by the Adviser and the Administrator, as applicable. This Agreement, the Investment Advisory Agreement
and the Administration Agreement are valid and binding obligations of the Adviser or the Administrator, as applicable, enforceable against
them in accordance with their terms, except as the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium
or other similar laws now or thereafter in effect relating to creditors&rsquo; rights generally and (ii) general principles of equity
and the discretion of the court before which any proceeding therefor may be brought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Absence of Further Requirements</U>. No filing with, or authorization, approval, consent, license, order, registration, qualification
or decree of, any court or governmental authority or agency is necessary or required for the performance by the Adviser or the Administrator
of their obligations hereunder, in connection with the offering, issuance or sale of the Securities hereunder or the consummation of
the transactions contemplated by this Agreement, the Indenture, the Investment Advisory Agreement, the Administration Agreement, the
DTC Agreement, the General Disclosure Package or the Prospectus (including the use of the proceeds from the sale of the Securities as
described in the General Disclosure Package and the Prospectus under the caption &ldquo;Use of Proceeds&rdquo;), except (A) such
as have been already obtained under the 1933 Act, the 1933 Act Regulations or the 1940 Act, (B)&nbsp;such as may be required under state
securities laws and (C) the filing of the Notification of Election under the 1940 Act, which has been effected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Description of Adviser and Administrator</U>. The description of the Adviser and the Administrator contained in the General Disclosure
Package and the Prospectus does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements therein, in light of the circumstances in which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Possession of Licenses and Permits</U>. The Adviser and the Administrator possess such Governmental Licenses issued by the appropriate
federal, state, local or foreign regulatory agencies or bodies necessary to conduct the business now operated by them, except where the
failure so to possess would not reasonably be expected to, singly or in the aggregate, result in a Material Adverse Effect; the Adviser
and the Administrator are in compliance with the terms and conditions of all such Governmental Licenses, except where the failure so to
comply would not, singly or in the aggregate, result in a Material Adverse Effect; all of the Governmental Licenses are valid and in full
force and effect, except when the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full
force and effect would not, singly or in the aggregate, result in a Material Adverse Effect; and neither the Adviser nor the Administrator
has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses which, singly or in
the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to result in a Material Adverse
Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Stabilization and Manipulation</U>. Neither the Adviser, the Administrator nor any of their respective partners, officers, affiliates
or controlling persons has taken, directly or indirectly, any action designed, under the 1934 Act, to result in the stabilization or manipulation
of the price of any security of the Company to facilitate the sale of the Securities in violation of any law, statute, regulation or rule
applicable to the Adviser, the Administrator or any of their respective partners, officers, affiliates or controlling persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Employment Status</U>. The Adviser is not aware that (A) any executive, key employee or significant group of employees of the Company,
if any, any of the Subsidiaries, the Adviser or the Administrator, as applicable, plans to terminate employment with the Company, any
of the Subsidiaries, the Adviser or the Administrator or (B) any such executive or key employee is subject to any noncompete, nondisclosure,
confidentiality, employment, consulting or similar agreement that would be violated by the present or proposed business activities of
the Company, the Subsidiaries or the Adviser except where such termination or violation would not reasonably be expected to have a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Internal Controls</U>. The Adviser is using its commercially reasonable efforts to operate a system of internal controls sufficient
to provide reasonable assurance that (A) transactions effectuated by it under the Investment Advisory Agreement are executed in accordance
with its management&rsquo;s general or specific authorization; and (B) access to the Company&rsquo;s assets that are in its possession
or control is permitted only in accordance with its management&rsquo;s general or specific authorization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Accounting Controls</U>. The Administrator is using its commercially reasonable efforts to operate a system of internal accounting
controls sufficient to provide reasonable assurance that (A) transactions for which it has bookkeeping and record keeping responsibility
for under the Administration Agreement are recorded as necessary to permit preparation of the Company&rsquo;s financial statements in
conformity with GAAP and to maintain financial statements in conformity with GAAP and to maintain accountability for the Company&rsquo;s
assets and (B) the recorded accountability for such assets is compared with existing assets at reasonable intervals and appropriate action
is taken with respect to any differences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Officer&rsquo;s Certificates. </I>Any certificate signed by any officer of the Company, any of the Subsidiaries, the Adviser or the
Administrator delivered to the Representative or to counsel for the Underwriters shall be deemed a representation and warranty by the
Company, such Subsidiary, the Adviser and/or the Administrator, as applicable, to each Underwriter as to the matters covered thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">SECTION 2. <U>Sale and Delivery to Underwriters; Closing</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Securities. </I>On the basis of the representations and warranties herein contained and subject to the terms and conditions herein
set forth, the Company agrees to sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not jointly,
agrees to purchase from the Company, at the price set forth in Schedule A, the aggregate principal amount of Securities set forth in Schedule
A opposite the name of such Underwriter, plus any additional aggregate principal amount of Securities which such Underwriter may become
obligated to purchase pursuant to the provisions of Section 10 hereof</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Payment. </I>Payment of the purchase price for, and delivery of, the Securities shall be made at the offices of Freshfields Bruckhaus
Deringer US LLP, 601 Lexington Avenue, New York, NY 10022 or at such other place as shall be agreed upon by the Representative and the
Company, at 9:00 A.M. (Eastern time) on the second business day after the date hereof (unless postponed in accordance with the provisions
of Section 10), or such other time not later than ten business days after such date as shall be agreed upon by the Representative and
the Company (such time and date of payment and delivery being herein called &ldquo;Closing Time&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payment shall be made to
the Company by wire transfer of immediately available funds to a bank account designated by the Company, against delivery to the Representative
through the facilities of DTC for the respective accounts of the Underwriters of Securities to be purchased by them. It is understood
that each Underwriter has authorized the Representative, for its account, to accept delivery of, receipt for, and make payment of
the purchase price for, the Securities, which it has agreed to purchase. The Representative may (but shall not be obligated to) make
payment of the purchase price for the Securities to be purchased by any Underwriter whose funds have not been received by the Closing
Time, but such payment shall not relieve such Underwriter from its obligations hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Denominations; Registration. </I>The Securities shall be transferred electronically at the Closing Time, in such denominations and
registered in such names as the Representative may request; provided that any such request must be received in writing at least one full
business day before the Closing Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">SECTION 3. <U>Covenants
of the Company</U>. The Company covenants with each Underwriter as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Compliance with Securities Regulations and Commission Requests. </I>During any period that a prospectus relating to the Securities
is required to be delivered under the 1933 Act (but in any event through the Closing Time), the Company, subject to Section 3(b), will
comply with the requirements of Rule 415, Rule 430B and Rule 424(b) and will notify the Representative immediately, and confirm the notice
in writing, (i) when any post-effective amendment to the Registration Statement shall become effective, or any supplement to the Prospectus
or any amended Prospectus shall have been filed, (ii) of the receipt of any comments from the Commission relating to the Registration
Statement, (iii) of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the
Prospectus or for additional information, and (iv) of the issuance by the Commission of any stop order suspending the effectiveness of
the Registration Statement or of any order preventing or suspending the use of any preliminary prospectus, or of any proceeding under
Section 8A of the 1933 Act, or of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, or of
the initiation or threatening of any proceedings for any of such purposes. The Company will promptly effect the filings necessary pursuant
to Rule 424(b) and will take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing
under Rule 424(b) was received for filing by the Commission and, in the event that it was not, it will promptly file such prospectus.
During any period that a prospectus relating to the Securities is required to be delivered under the 1933 Act (but in any event through
the Closing Time), the Company will use its reasonable efforts to prevent the issuance of any stop order and, if any stop order is issued,
to obtain the lifting thereof at the earliest possible moment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Filing
of Amendments. </I>During any period that a prospectus relating to the Securities is required to be delivered under the 1933 Act
(but in any event through the Closing Time), the Company will give the Representative notice of its intention to file or prepare any
amendment to the Registration Statement (including any filing under Rule 462(b)) or any amendment, supplement or revision to any
preliminary prospectus (including any prospectus included in the Registration Statement at the time it became effective) or to the
Prospectus, will furnish the Representative with copies of any such documents a reasonable amount of time prior to such proposed
filing or use, as the case may be, and will not file or use any such document to which the Representative or counsel for the
Underwriters shall reasonably object. The Company has given the Underwriters notice of any filings made pursuant to the 1934 Act or
the rules and regulations adopted thereunder within 48 hours prior to the Applicable Time; the Company will give the Underwriters
notice of its intention to make any such filing from the Applicable Time to the Closing Time and will furnish the Underwriters with
copies of any such documents a reasonable amount of time prior to such proposed filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Delivery of Commission Filings. </I>Upon the Representative&rsquo;s written request, the Company will deliver to the Representative,
without charge, conformed copies of the Registration Statement as originally filed, and of each amendment thereto (including exhibits
filed therewith or incorporated by reference therein and documents incorporated or deemed to be incorporated by reference therein) and
conformed copies of all consents and certificates of experts, and, upon the Representative&rsquo;s request, will also deliver to the Representative,
without charge, a conformed copy of the Registration Statement as originally filed and of each amendment thereto (without exhibits) for
each of the Underwriters. The copies of the Registration Statement and each amendment thereto furnished to the Underwriters will be identical
to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation
S-T, or as filed with the Commission in paper form as permitted by Regulation S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Delivery of Prospectuses. </I>The Company has delivered to each Underwriter, without charge, as many copies of each preliminary prospectus
as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the 1933
Act. The Company will furnish to each Underwriter, without charge, during the period when the Prospectus is required to be delivered under
the 1933 Act, such number of copies of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus
and any amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof
filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Continued Compliance with Securities Laws. </I>The Company will use its commercially reasonable efforts to comply with the 1933 Act
and the 1933 Act Regulations so as to permit the completion of the distribution of the Securities as contemplated in this Agreement and
in the Prospectus. If at any time when a prospectus is required by the 1933 Act to be delivered in connection with sales of the Securities,
any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Underwriters or
for the Company, to amend the Registration Statement or amend or supplement the Prospectus in order that the Prospectus will not include
any untrue statements of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading
in the light of the circumstances existing at the time it is delivered to a purchaser, or if it shall be necessary, in the opinion of
such counsel, at any such time to amend the Registration Statement or amend or supplement the Prospectus in order to comply with the
requirements of the 1933 Act or the 1933 Act Regulations, the Company will promptly prepare and file with the Commission, subject to
Section 3(b), such amendment or supplement as may be necessary to correct such statement or omission or to make the Registration
Statement or the Prospectus comply with such requirements, and the Company will furnish to the Underwriters such number of copies of
such amendment or supplement as the Underwriters may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Blue Sky Qualifications. </I>The Company will use its commercially reasonable efforts, in cooperation with the Underwriters, to qualify
the Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign)
as the Representative may designate and to maintain such qualifications in effect for as long as the Representative reasonably requests;
provided, however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign
corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect
of doing business in any jurisdiction in which it is not otherwise so subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Rule 158. </I>The Company will timely file such reports pursuant to the 1934 Act as are necessary in order to make generally available
to its securityholders as soon as reasonably practicable an earnings statement for the purposes of, and to provide the benefits contemplated
by, the last paragraph of Section 11(a) of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>DTC. </I>The Company will cooperate with the Representative and use its commercially reasonable efforts to permit the offered Securities
to be eligible for clearance and settlement through the facilities of DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Use of Proceeds. </I>The Company will use the net proceeds received by it from the sale of the Securities in the manner specified in
the General Disclosure Package and in the Prospectus under &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Restriction on Sale of Securities. </I>Through the Closing Time, the Company will not, without the prior written consent of the Representative,
directly or indirectly, offer, pledge, sell, contract to sell, grant any option for the sale of, or otherwise transfer or dispose of any
debt securities issued or guaranteed by the Company or any securities convertible into or exercisable or exchangeable for debt securities
issued or guaranteed by the Company or file any registration statement under the 1933 Act with respect to any of the foregoing. The foregoing
sentence shall not apply to the registration and sale of Securities to be sold hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Reporting Requirements. </I>The Company, during the period when the Prospectus is required to be delivered under the 1933 Act, will
file all documents required to be filed with the Commission pursuant to the 1934 Act within the time periods required by the 1934 Act
and the rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Business
Development Company Status. </I>The Company, during a period of at least 12 months from the Closing Time, will use its commercially reasonable
efforts to maintain its status as a business development company; <U>provided</U>, <U>however</U>, the Company may cease to be, or withdraw
its election as, a business development company, with the approval of the board of directors and a vote of stockholders as required by
Section 58 of the 1940 Act or any successor provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Regulated Investment Company Status. </I>During the 12-month period following the Closing Time, the Company will use its commercially
reasonable efforts to qualify and elect to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code
of 1986, as amended (the &ldquo;Code&rdquo;) and to maintain such qualification and election in effect for each full fiscal year during
which it is a business development company under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Accounting Controls. </I>The Company will use its commercially reasonable efforts to maintain a system of internal accounting controls
sufficient to provide reasonable assurances that (A) material information relating to the Company and the assets managed by the Adviser
is promptly made known to the officers responsible for establishing and maintaining the system of internal accounting controls; and (B)
any significant deficiencies or weaknesses in the design or operation of internal accounting controls which could adversely affect the
Company&rsquo;s ability to record, process, summarize and report financial data, and any fraud whether or not material that involves management
or other employees who have a significant role in internal controls, are adequately and promptly disclosed to the Company&rsquo;s independent
auditors and the audit committee of the Company&rsquo;s board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Marketing Materials. </I>Before using, authorizing, approving or referring to any Marketing Materials, the Company will furnish to
the Representative and counsel for the Underwriters a copy of such materials for review and will not use, authorize, approve or refer
to any such materials to which the Representative or the counsel for the Underwriters reasonably object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">SECTION 4. <U>Payment of Expenses.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Expenses. </I>The
Company will pay all expenses incident to the performance of its obligations under this Agreement, including (i) the preparation,
printing and filing of the Registration Statement (including financial statements and exhibits) as originally filed and of each
amendment thereto, (ii) the printing and delivery to the Underwriters of this Agreement, the Indenture, the DTC Agreement and such
other documents as may be required in connection with the offering, purchase, sale, issuance or delivery of the Securities, (iii)
the preparation, issuance and delivery of the certificates for the Securities to the Underwriters, including any transfer taxes and
any stamp or other duties payable upon the sale, issuance or delivery of the Securities to the Underwriters, (iv) the fees and
disbursements of the Company&rsquo;s, the Adviser&rsquo;s and the Administrator&rsquo;s counsel, accountants and other advisors, (v)
the qualification of the Securities under securities laws in accordance with the provisions of Section 3(f) hereof, including filing
fees and the reasonable fees and disbursements of counsel for the Underwriters in connection therewith and in connection with the
preparation of the Blue Sky Survey and any supplement thereto, (vi) the printing and delivery to the Underwriters of copies of each
preliminary prospectus and of the Prospectus and any amendments or supplements thereto, (vii) the preparation, printing and delivery
to the Underwriters of copies of the Blue Sky Survey and any supplement thereto, (viii) the fees and expenses of the Trustee with
respect to the Securities, (ix)&nbsp;the filing fees incident to, and the reasonable fees and disbursements of counsel to the
Underwriters in connection with, the review by the Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;) of the terms of the
sale of the Securities, and (x) the costs and expenses (including without limitation any damages or other amounts payable in
connection with legal or contractual liability) associated with the reforming of any contracts for sale of the Securities made by
the Underwriters (which are terminated prior to the Closing Time) caused by a breach of the representation contained in the fourth
paragraph of Section 1(a)(i). In the event there are any road show or marketing expenses, the Underwriters will pay their own
expenses and the Company will pay its own expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Termination of Agreement. </I>If this Agreement is terminated by the Representative in accordance with the provisions of Section 5
or Section 9(a)(i) and (iii) hereof, the Company shall reimburse the Underwriters for all of their out-of-pocket expenses incurred, including
the reasonable fees and disbursements of counsel for the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 5. <U>Conditions of
Underwriters&rsquo; Obligations</U>. The obligations of the several Underwriters hereunder are subject to the accuracy of the representations
and warranties of the Company, the Adviser and the Administrator contained in Section 1 hereof or in certificates of any officer of the
Company, the Adviser or the Administrator, to the performance by the Company, the Adviser and the Administrator of their respective covenants
and other obligations hereunder, and to the following further conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Effectiveness of Registration Statement. </I>The Registration Statement, including any Rule 462(b) Registration Statement, has become
effective and at the Closing Time no stop order suspending the effectiveness of the Registration Statement shall have been issued under
the 1933 Act or proceedings therefor or pursuant to Section 8A of the 1933 Act initiated or threatened by the Commission, and any request
on the part of the Commission for additional information shall have been complied with to the reasonable satisfaction of counsel to the
Underwriters. A final prospectus containing the Rule 430B Information shall have been filed with the Commission in accordance with Rule
424(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Opinions of Counsel for Company. </I>At the Closing Time, the Representative shall have received the favorable opinion, dated as of
Closing Time, of Kirkland &amp; Ellis LLP, counsel for the Company, Eversheds Sutherland (US) LLP, special regulatory counsel for the
Company, and Venable LLP, special Maryland counsel for the Company, in each case in form and substance reasonably satisfactory to counsel
for the Underwriters, together with signed or reproduced copies of such letter for each of the other Underwriters, to the effect set forth
in Exhibits A through C hereto. Such counsel may state that, insofar as such opinion involves factual matters, they have relied upon certificates
of officers of the Company and/or any of the Subsidiaries and certificates of public officials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Opinion
of Counsel for Underwriters. </I>At the Closing Time, the Representative shall have received the favorable opinion, dated as of
Closing Time, of Freshfields Bruckhaus Deringer US LLP, counsel for the Underwriters, together with signed or reproduced copies of
such letter for each of the other Underwriters, with respect to the matters set forth in opinions 4 (solely as to the authorization
by the Adviser and the Administrator of the Purchase Agreement), 5, 6 and 7, 10 and 11 and the fifth paragraph (solely as to the
qualification of the Indenture under the 1939 Act) of Exhibit A-1 hereto, the third to last paragraph of Exhibit A-2 hereto and
opinions 1, 4 and 5 (solely as to the authorization by the Company of the Purchase Agreement) of Exhibit C hereto. In giving such
opinion such counsel may rely, as to all matters governed by the laws of jurisdictions other than the law of the State of New York
and the federal law of the United States upon the opinions of counsel reasonably satisfactory to the Representative, including
counsel of the Company. Such counsel may also state that, insofar as such opinion involves factual matters, they have relied, to the
extent they deem proper, upon certificates of officers of the Company and/or any of the Subsidiaries and certificates of public
officials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Officers&rsquo; Certificates. </I>(i) At the Closing Time, there shall not have been, since the date hereof or since the respective
dates as of which information is given in the Prospectus or the General Disclosure Package, any material adverse change in the condition,
financial or otherwise, or in the earnings, business affairs or business prospects of the Company and the Subsidiaries considered as one
enterprise, whether or not arising in the ordinary course of business, and the Representative shall have received a certificate of the
chief executive officer or president of the Company and of the chief financial or chief accounting officer of the Company, dated as of
Closing Time, to the effect that (A) there has been no such material adverse change, (B) the representations and warranties in Section
1(a) hereof are true and correct with the same force and effect as though expressly made at and as of Closing Time, (C) the Company has
complied with all agreements and satisfied all conditions on its part to be performed or satisfied at or prior to Closing Time, and (D)
no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been
instituted or are pending or, to their knowledge, contemplated by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Closing Time, there shall not have been, since the date hereof or since the respective dates as of which information is given in
the Prospectus or the General Disclosure Package, any material adverse change in the condition, financial or otherwise, or in the
earnings, business affairs, business prospects or regulatory status of the Adviser or the Administrator, whether or not arising in
the ordinary course of business, that would reasonably be expected to result in a Material Adverse Effect (collectively, with
respect to each of the Adviser and the Administrator, an &ldquo;Advisers Material Adverse Effect&rdquo;), and the Representative
shall have received a certificate of a vice president (or other authorized officer) and the chief financial or chief accounting
officer (or other authorized officer) of each of the Adviser and the Administrator, dated as of Closing Time, to the effect that (A)
there has been no such Advisers Material Adverse Effect, (B) the representations and warranties of the Adviser and Administrator in
Sections 1(a) and 1(b) hereof are true and correct with the same force and effect as though expressly made at and as of Closing
Time, (C) the Adviser and the Administrator have complied with all agreements and satisfied all conditions on their part to be
performed or satisfied at or prior to Closing Time, and (D) no stop order suspending the effectiveness of the Registration Statement
has been issued and no proceedings for that purpose have been instituted or are pending or, to their knowledge, contemplated by the
Commission.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Accountant&rsquo;s Comfort Letter and CFO Certificate. </I>At the time of the execution of this Agreement, the Representative shall
have received:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A letter from KPMG LLP, independent public accountants for the Company, each in form and substance reasonably satisfactory to the Representative,
covering the financial information included or incorporated by reference in the Registration Statement, the General Disclosure Package
and the Prospectus of the Company, together with signed or reproduced copies of such letter for each of the other Underwriters, containing
statements and information of the type ordinarily included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters with respect
to the financial statements and certain financial information contained in the Registration Statement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A certificate of the chief financial officer of the Company, in form and substance reasonably satisfactory to the Representative and as
agreed upon prior to the date hereof, covering certain financial matters of the Company, together with signed or reproduced copies of
such certificate for each of the other Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Bring-down Comfort Letter and CFO Certificate. </I>At the Closing Time, the Representative shall have received (i) from KPMG LLP, independent
public accountants for the Company, dated as of Closing Time, to the effect that they reaffirm the statements made in the letter furnished
pursuant to subsection (e)(i) of this Section, except that the specified date referred to shall be a date not more than three business
days prior to Closing Time and (ii) from the Company a certificate of the chief financial officer of the Company, dated as of the Closing
Time, to the effect that the chief financial officer of the Company reaffirms the statements made in the certificate furnished pursuant
to subsection (e)(ii) of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Indenture. </I>At or prior to the Closing Time, the Indenture shall be in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Ratings. </I>At the Closing Time, the Securities shall be rated at least BBB- by Standard &amp; Poor&rsquo;s and BBB by Fitch and since
the execution of this Agreement, there shall not have been any decrease in the rating of any debt or preferred stock of the Company or
any Subsidiary by any &ldquo;nationally recognized statistical rating organization&rdquo; (as defined in Section 3(a)(62) of the 1934
Act), or any notice given of any intended or potential decrease in any such rating or of a possible change in any such rating that does
not indicate the direction of the possible change, and no such organization shall have publicly announced it has under surveillance or
review any such rating.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Additional
Documents. </I>At the Closing Time, counsel for the Underwriters shall have been furnished with such documents as they may
reasonably require for the purpose of enabling them to pass upon the issuance and sale of the Securities as herein contemplated, or
in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein
contained; and all proceedings taken by the Company, the Adviser and the Administrator in connection with the issuance and sale of
the Securities as herein contemplated shall be reasonably satisfactory in form and substance to the Representative and counsel for
the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">(k)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
of Agreement. </I>If any condition specified in this Section shall not have been fulfilled when and as required to be fulfilled, this
Agreement may be terminated by the Representative by notice to the Company at any time at or prior to Closing Time, and such termination
shall be without liability of any party to any other party except as provided in Section 4 and except that Sections 1, 6, 7 and 8 shall
survive any such termination and remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">SECTION 6. <U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(1) <I>Indemnification of Underwriters by the Company. </I>The Company agrees to indemnify and hold harmless each Underwriter, its affiliates,
as such term is defined in Rule 501(b) under the 1933 Act (each, an &ldquo;Affiliate&rdquo;), its directors, officers, selling agents
and each person, if any, who controls any Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including the Rule 430B Information
(including the information on Schedule B hereto), or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement
of a material fact included in any preliminary prospectus or the Prospectus (or any amendment or supplement thereto) or in the General
Disclosure Package or the Marketing Materials, or the omission or alleged omission therefrom of a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in
settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any
claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject
to Section 6(d) below) any such settlement is effected with the written consent of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Representative),
reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or
any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>provided</U>, <U>however</U>, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by such
Underwriter through the Representative expressly for use in the Registration Statement (or any amendment thereto), including the Rule
430B Information, or any preliminary prospectus or the Prospectus (or any amendment or supplement thereto), the General Disclosure Package
or the Marketing Materials.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification
of Underwriters by the Adviser and the Administrator. </I>Each of the Adviser and the Administrator, jointly and severally, agrees to
indemnify and hold harmless each Underwriter, its Affiliates, its directors, officers, selling agents and each person, if any, who controls
any Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: 0.45in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including the Rule 430B Information
(including the information on Schedule B hereto), or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement
of a material fact included in any preliminary prospectus or the Prospectus (or any amendment or supplement thereto) or in the General
Disclosure Package or in the Marketing Materials, or the omission or alleged omission therefrom of a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading to the extent the loss, liability,
claim, damage and expense relates to information concerning the Adviser or the Administrator;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: 0.45in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in
settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any
claim whatsoever based upon any such untrue statement or omission related to the Adviser or the Administrator or any such alleged untrue
statement or omission related to the Adviser or the Administrator; provided that (subject to Section 6(d) below) any such settlement is
effected with the written consent of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: 0.45in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Representative),
reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission
related to the Administrator, or any such alleged untrue statement or omission related to the Administrator, to the extent that any
such expense is not paid under (i) or (ii) above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>provided</U>, <U>however</U>, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by such
Underwriter through the Representative expressly for use in the Registration Statement (or any amendment thereto), including the Rule
430B Information, or any preliminary prospectus or the Prospectus (or any amendment or supplement thereto), the General Disclosure Package
or the Marketing Materials.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Indemnification of Company, Directors, Officers, Adviser and Administrator. </I>Each Underwriter severally agrees to indemnify and
hold harmless each of the Company, the Adviser, the Administrator, each of their directors and officers and each person, if any, who controls
the Company, the Adviser or the Administrator within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, against
any and all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a) of this Section, as incurred,
but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement
(or any amendment thereto), including the Rule 430B Information, or any preliminary prospectus or the Prospectus (or any amendment or
supplement thereto) or in the General Disclosure Package or the Marketing Materials in reliance upon and in conformity with written information
furnished to the Company by such Underwriter through the Representative expressly for use in the Registration Statement (or any amendment
thereto), including the Rule 430B Information, or any preliminary prospectus or the Prospectus (or any amendment or supplement thereto)
or in the General Disclosure Package or the Marketing Materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Actions
against Parties; Notification. </I>Each indemnified party shall give notice as promptly as reasonably practicable to each
indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder (an
 &ldquo;Action&rdquo;), but failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability
hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability
which it may have otherwise than on account of this indemnity agreement. In the case of parties indemnified pursuant to Section
6(a)(1) or (2) above, counsel to the indemnified parties shall be selected by the Representative, and, in the case of parties
indemnified pursuant to Section 6(b) above, counsel to the indemnified parties shall be selected by the Company. An indemnifying
party may participate at its own expense in the defense of any such Action; <U>provided</U>, <U>however</U>, that counsel to the
indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no
event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel)
separate from their own counsel for all indemnified parties in connection with any one Action or separate but similar or related
Actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without
the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to
any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim
whatsoever in respect of which indemnification or contribution could be sought under this Section 6 or Section 7 hereof (whether or
not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an
unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or
claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party. Notwithstanding anything to the contrary herein, neither the assumption of the defense of any such Action nor the
payment of any fees or expenses related thereto shall be deemed to be an admission by the indemnifying party that it has an
obligation to indemnify any person pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Settlement Without Consent if Failure to Reimburse. </I>If at any time an indemnified party shall have requested an indemnifying party
to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement
of the nature contemplated by Section 6(a)(1)(ii) or 6(a)(2)(ii) effected without its written consent if (i) such settlement is entered
into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received
notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying party
shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Acknowledgement by the Company, the Adviser and the Administrator. </I>The Company, the Adviser and the Administrator also acknowledge
and agree that (i)&nbsp;the purchase and sale of any Securities pursuant to this Agreement, including the determination of the public
offering price of the Securities and any related discounts and commissions, is an arm&rsquo;s-length commercial transaction between the
Company, on the one hand, and the Underwriters of such Securities, on the other hand, (ii) in connection with the public offering of the
Securities and the process leading to such transaction the Underwriters will act solely as principals and not as agents or fiduciaries
of the Company or its stockholders, creditors, employees or any other party, (iii) the Underwriters will not assume an advisory or fiduciary
responsibility in favor of the Company with respect to the offering of Securities contemplated hereby or the process leading thereto (irrespective
of whether the Underwriters have advised or are currently advising the Company on other matters) and the Underwriters will not have any
obligation to the Company with respect to the offering except the obligations expressly set forth herein, (iv) the Underwriters and their
affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company, and (v) the Underwriters
have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to the offering of the Securities
and the Company has consulted and will consult its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 7. <U>Contribution</U>.
If the indemnification provided for in Section 6 hereof is for any reason unavailable to or insufficient to hold harmless an
indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying
party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such
indemnified party, as incurred, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company,
the Adviser and the Administrator on the one hand and the Underwriters on the other hand from the offering of the Securities
pursuant to this Agreement or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Company, the Adviser and the Administrator on the one hand and of the Underwriters on the other hand in connection with the
statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant
equitable considerations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative benefits received
by the Company, the Adviser and the Administrator on the one hand and the Underwriters on the other hand in connection with the offering
of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the
offering of the Securities pursuant to this Agreement (before deducting expenses) received by the Company and the total underwriting discount
received by the Underwriters, in each case as set forth on the cover of the Prospectus, bear to the aggregate initial public offering
price of the Securities as set forth on the cover of the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative fault of the
Company, the Adviser and the Administrator on the one hand and the Underwriters on the other hand shall be determined by reference to,
among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a
material fact relates to information supplied by the Company, the Adviser and the Administrator or by the Underwriters and the parties&rsquo;
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, the Adviser,
the Administrator and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined
by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which
does not take account of the equitable considerations referred to above in this Section 7. The aggregate amount of losses, liabilities,
claims, damages and expenses incurred by an indemnified party and referred to above in this Section 7 shall be deemed to include any legal
or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue
or alleged untrue statement or omission or alleged omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
provisions of this Section 7, no Underwriter shall be required to contribute any amount in excess of the amount by which the total
price at which the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any
damages which such Underwriter has otherwise been required to pay by reason of any such untrue or alleged untrue statement or
omission or alleged omission.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this Section
7, each person, if any, who controls an Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act and
each Underwriter&rsquo;s Affiliates, directors, officers, and selling agents shall have the same rights to contribution as such Underwriter,
and each director of the Company, each officer of the Company, and each person, if any, who controls the Company, Adviser or Administrator
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as the Company,
Adviser or Administrator, as the case may be. The Underwriters&rsquo; respective obligations to contribute pursuant to this Section 7
are several in proportion to the aggregate principal amount of Securities set forth opposite their respective names in Schedule A hereto
and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any other
provision of Section 6 and this Section 7, no party shall be entitled to indemnification or contribution under this Agreement in violation
of Section 17(i) of the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 8. <U>Representations,
Warranties and Agreements to Survive</U>. All representations, warranties and agreements contained in this Agreement or in certificates
of officers of the Company, any of the Subsidiaries, the Adviser and the Administrator submitted pursuant hereto, shall remain operative
and in full force and effect regardless of (i) any investigation made by or on behalf of any Underwriter or its Affiliates or selling
agents, any person controlling any Underwriter, its officers or directors or any person controlling the Company and (ii) delivery of and
payment for the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">SECTION 9. <U>Termination of Agreement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Termination;
General. </I>The Representative may terminate this Agreement, by notice to the Company, at any time at or prior to Closing Time (i)
if there has been, since the time of execution of this Agreement or since the respective dates as of which information is given in
the Prospectus or the General Disclosure Package, any material adverse change in the condition, financial or otherwise, or in the
earnings, business affairs or business prospects of the Company and the Subsidiaries considered as one enterprise, the Adviser or
the Administrator, whether or not arising in the ordinary course of business, or (ii) if there has occurred any material adverse
change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or
escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or
international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment
of the Representative, impracticable or inadvisable to market the Securities or to enforce contracts for the sale of the Securities,
or (iii) if trading in any securities of the Company has been suspended or materially limited by the Commission or the Nasdaq Global
Select Market or the Nasdaq Global Market or The New York Stock Exchange, or (iv) if trading generally on The New York Stock
Exchange, the NYSE American LLC, the Nasdaq Global Market or the Nasdaq Global Select Market has been suspended or materially
limited, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been required, by any of said
exchanges or by such system or by order of the Commission, FINRA or any other governmental authority, or (v) a material disruption
has occurred in commercial banking or securities settlement or clearance services in the United States, or (vi) if a banking
moratorium has been declared by either Federal or New York authorities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Liabilities. </I>If this Agreement is terminated pursuant to this Section, such termination shall be without liability of any party
to any other party except as provided in Section 4 hereof, and provided further that Sections 1, 6, 7 and 8 shall survive such termination
and remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10. <U>Default by
One or More of the Underwriters</U>. If one or more of the Underwriters shall fail at the Closing Time to purchase the Securities which
it or they are obligated to purchase under this Agreement (the &ldquo;Defaulted Securities&rdquo;), the Representative shall have the
right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters, or any other underwriters,
to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set
forth; if, however, the Representative shall not have completed such arrangements within such 24-hour period, then:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: 0.45in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if the aggregate principal amount of Defaulted Securities does not exceed 10% of the aggregate principal amount of Securities to be purchased
on such date, each of the non- defaulting Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof
in the proportions that their respective underwriting obligations hereunder bear to the underwriting obligations of all non-defaulting
Underwriters, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: 0.45in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if the aggregate principal amount of Defaulted Securities exceeds 10% of the aggregate principal amount of Securities to be purchased
on such date, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-align: justify; text-indent: 0.45in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">No action taken
pursuant to this Section shall relieve any defaulting Underwriter from liability in respect of its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In the event of
any such default which does not result in a termination of this Agreement, either the Representative or the Company shall have the right
to postpone Closing Time for a period not exceeding seven days in order to effect any required changes in the Registration Statement,
the General Disclosure Package or the Prospectus or in any other documents or arrangements. As used herein, the term &ldquo;Underwriter&rdquo;
includes any person substituted for an Underwriter under this Section 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11. <U>Tax
Disclosure</U>. Notwithstanding any other provision of this Agreement, from the commencement of discussions with respect to the
transactions contemplated hereby, the Company (and each employee, representative or other agent of the Company) may disclose to any
and all persons, without limitation of any kind, the tax treatment and tax structure (as such terms are used in Sections 6011, 6111
and 6112 of the U.S. Code and the Treasury Regulations promulgated thereunder) of the transactions contemplated by this Agreement
and all materials of any kind (including opinions or other tax analyses) that are provided relating to such tax treatment and tax
structure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 12. <U>Notices</U>.
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted
by any standard form of telecommunication. Notices to the Underwriters shall be directed to the Representative at J.P. Morgan Securities
LLC, 383 Madison Avenue, New York NY 10179, attention: Investment Grade Syndicate Desk, facsimile: 212-834-6180, with a copy to Freshfields
Bruckhaus Deringer US LLP, 601 Lexington Avenue, New York, NY 10022, attention: Valerie Ford Jacob and Michael Levitt; and notices to
the Company, the Adviser and Administrator shall be directed to them at 245 Park Avenue, 44th Floor, New York, NY 10167, attention: General
Counsel, with a copy to Kirkland &amp; Ellis LLP, 2049 Century Park East, Suite 3700, Los Angeles, CA 90067, attention: Monica Shilling
and Christopher Wu.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 13. <U>Parties</U>.
This Agreement shall each inure to the benefit of and be binding upon the Underwriters and the Company and their respective successors.
Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than
the Underwriters, the Company, the Adviser and the Administrator and their respective successors and the controlling persons, officers,
directors and other parties referred to in Sections 6 and 7 and their heirs and legal representatives, any legal or equitable right, remedy
or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof
are intended to be for the sole and exclusive benefit of the Underwriters, the Company, the Adviser and the Administrator and their respective
successors, and said controlling persons, officers, directors and other parties referred to in Sections 6 and 7 and their heirs and legal
representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from any Underwriter shall be
deemed to be a successor by reason merely of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 14. <U>GOVERNING LAW</U>.
THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED THERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 15. <U>TIME</U>. TIME
SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 16. <U>Submission
to Jurisdiction</U>. Except as set forth below, no claim or action may be commenced, prosecuted or continued in any court other than
the courts of the State of New York located in the City and County of New York or in the United States District Court for the
Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and each of the
Underwriters, the Company, the Adviser and the Administrator consent to the jurisdiction of such courts and personal service with
respect thereto. The Company, the Adviser and the Administrator hereby consent to personal jurisdiction, service and venue in any
court in which any claim or action arising out of or in any way relating to this Agreement is brought by any third party against the
Underwriters or any indemnified party. The Underwriters, the Company, the Adviser and the Administrator (on its behalf and, to the
extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action,
proceeding or counterclaim (whether based upon contract, tort or otherwise) in any way arising out of or relating to this
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 17. <U>Counterparts</U>.
This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic
signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act
or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have
been duly and validly delivered and be valid and effective for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 18. <U>Effect of Headings</U>.
The Section headings herein are for convenience only and shall not affect the construction hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 19. <U>USA Patriot
Act</U>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)),
the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company,
which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters
to properly identify their respective clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">SECTION 20. <U>Recognition of the U.S. Special Resolution
Regimes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the
transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the
same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation,
were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a
proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such
Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;BHC Act Affiliate&rdquo; has the meaning
assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Covered Entity&rdquo; means any of the
following: (i) a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);
(ii) a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii) a
 &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Default Right&rdquo; has the meaning assigned
to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;U.S. Special Resolution Regime&rdquo; means
each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[SIGNATURE PAGES FOLLOW]</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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 0.1in; text-align: justify; text-indent: 0.5in">If the foregoing is in
accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument,
along with all counterparts, will become a binding agreement between the Underwriters, the Company, the Adviser and the Administrator
in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMPANY:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARES CAPITAL CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/ Kipp de Veer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kipp de Veer </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADVISER:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARES CAPITAL MANAGEMENT LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Joshua M. Bloomstein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joshua M. Bloomstein </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADMINISTRATOR:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARES OPERATIONS LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/ Naseem Sagati Aghili</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Naseem Sagati Aghili</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="text-align: center; font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt"><I>[Signature Page to Purchase Agreement
 &ndash; Representative]</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">CONFIRMED AND ACCEPTED,<BR>
as of the date first above written:</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"><FONT STYLE="text-transform: uppercase"><BR>
J.P. MORGAN SECURITIES LLC<BR>
<BR>
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By: J.P. MORGAN SECURITIES LLC</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/ Stephen L. Sheiner</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen L. Sheiner </FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<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 0.1in 0pt 0">For itself and as Representative of the other Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE A</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; text-indent: 0in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The initial offering price for the Securities shall be 104.745% of the aggregate principal amount thereof plus accrued and unpaid interest
from January 15, 2021 up to, but not including, the Closing Time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The purchase price for the Securities to be paid by the several Underwriters shall be 104.245% of the aggregate principal amount thereof,
plus accrued and unpaid interest from January 15, 2021 up to, but not including, the Closing Time.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Name of Underwriter</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Aggregate<BR>
 Principal<BR>
 Amount of<BR>
 Securities to<BR>
 be Purchased</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left">J.P. Morgan Securities LLC</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">500,000,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">500,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<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>

<!-- Field: Page; Sequence: 39; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule A</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">SCHEDULE B</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 0pt 0.5in; text-align: justify; text-indent: -0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &ldquo;Priced&rdquo; Bloomberg filed with the Commission on May 26, 2021 pursuant to Rule 497(a) (as a Rule 482ad).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Pricing Term Sheet, dated May 26, 2021, filed with the Commission on May 26, 2021 pursuant to Rule 433 (as a free writing prospectus).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule B</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE C</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; text-align: center">ARES CAPITAL CORPORATION</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; text-align: center">CONSOLIDATED SUBSIDIARIES</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">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AC CORPORATE HOLDINGS,
INC. - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACAS CRE CDO 2007-1 Depositor,
LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACAS CRE CDO 2007-1, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACAS CRE Services, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACAS Real Estate Holdings
Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACAS, LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALLIED CRESCENT EQUITY,
LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC API CORP. - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC BEACON LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC BLOCKER CORP. &ndash;
DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC BLOCKER II LLC &ndash;
DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC BLOCKER III LLC &ndash;
DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC BLOCKER IV LLC -
DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC CP LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC CR LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC ED CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC FB FUNDING LLC -
DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC FD CORP. &ndash;
DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC FGP LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC FL CORP. - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC FM CORP. - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC GAC LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC HEELSTONE LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC HS LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC KPS CORP. - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC LSQ LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC MCF 2 LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC MCF I, LLC (F/K/A
DYNAMIC EQUITY, LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">29.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC MH LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">30.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC NR LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">31.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC NV1 CORP. - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">32.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC NV2 CORP. - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">33.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC OTG CORP. - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">34.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC OTG PREFERRED CORP.
- DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">35.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC PCGI III AIV BLOCKER,
INC. - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">36.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC PCP G.P., LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">37.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC PCP L.P. - CAYMAN
ISLANDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">38.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC PG LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">39.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC PH CORP. - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">40.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC PJMB LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">41.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC PT CORP. - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">42.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC PVA LLC - DE</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>

<!-- Field: Page; Sequence: 41; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule C</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">43.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC RB LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">44.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC RT LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">45.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC S2 LLC (F/K/A AC
POSTLE, LLC) - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">46.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC SC LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">47.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC SHC LLC -DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">48.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC SK BLOCKER CORP.
- DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">49.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC TM CORP. - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">50.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC ULTIMUS LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">51.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC UNIVERSAL CORP. -
DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">52.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC VP LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">53.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARCC VS CORP. - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">54.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARES CAPITAL CP FUNDING
HOLDINGS LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">55.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARES CAPITAL CP FUNDING
LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">56.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARES CAPITAL JB FUNDING
LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">57.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BW LANDCO LLC &mdash;
DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">58.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CALDER EQUITY, LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">59.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Placement Holdings,
Inc. - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">60.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECAS 2016 Ltd. &ndash;
Guernsey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">61.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECAS II S.ar.l. &ndash;
Luxembourg</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">62.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECAS S.ar.l. &ndash; Luxembourg</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">63.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Capital Limited
- Guernsey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">64.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Capital S.A.
SICAR &ndash; Luxembourg</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">65.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCI EQUITY, LLC - IL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">66.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IVY HILL ASSET MANAGEMENT
GP, LLC - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">67.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MULTIAD EQUITY CORP. -
DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">68.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S2 EQUITY, CORP. - DE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">69.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STARTEC EQUITY, LLC -
DE</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; text-align: center"></P>

<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule C</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-align: center">SCHEDULE D</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; text-align: center">MARKETING MATERIALS</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">None.</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>

<!-- Field: Page; Sequence: 43; Options: NewSection Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule D</P></DIV>
    <!-- Field: /Page -->

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2117468d5_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1&nbsp;</B></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-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="tm2117468d5_ex99-1img3.jpg" ALT=""><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">May 28, 2021</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">Ares Capital Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">245 Park Avenue, 44th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10167</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-indent: 1in">Re:&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration Statement on Form N-2 (File
No. 333-248831)</U></P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have served as Maryland counsel to Ares Capital
Corporation, a Maryland corporation (the &#8220;Company&#8221;), and a business development company under the Investment Company Act of
1940, as amended (the &#8220;1940 Act&#8221;), in connection with certain matters of Maryland law arising out of the registration by the
Company of $500,000,000 aggregate principal amount of the Company&#8217;s 3.250% Notes due 2025 (the &#8220;Notes&#8221;), covered by
the above-referenced Registration Statement, and all amendments thereto (the &#8220;Registration Statement&#8221;), filed by the Company
with the United States Securities and Exchange Commission (the &#8220;Commission&#8221;) under the Securities Act of 1933, as amended
(the &#8220;1933 Act&#8221;).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In connection with our representation of the Company,
and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction,
of the following documents (hereinafter collectively referred to as the &#8220;Documents&#8221;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registration
Statement;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Prospectus,
dated September 16, 2020, as supplemented by the Prospectus Supplement, dated May 26, 2021, filed by the Company with the Commission pursuant
to Rule 497 of the General Rules and Regulations promulgated under the 1933 Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The charter
of the Company, certified by the State Department of Assessments and Taxation of Maryland (the &#8220;SDAT&#8221;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Third
Amended and Restated Bylaws of the Company, certified as of the date hereof by an officer of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A certificate
of the SDAT as to the good standing of the Company, dated as of a recent date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><IMG SRC="tm2117468d5_ex5-1img3.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 28, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

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




<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolutions
adopted by the Board of Directors of the Company, or by a duly authorized committee thereof, relating to, among other matters, the authorization
of the issuance of the Notes and the execution, delivery and performance by the Company of the Note Documents (as defined herein), certified
as of the date hereof by an officer of the Company;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Base
Indenture, dated as of October 21, 2010 (the &#8220;Base Indenture&#8221;), between the Company and U.S. Bank National Association, as
trustee (the &#8220;Trustee&#8221;);</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sixth
Supplemental Indenture, dated as of September 19, 2016 (the &#8220;Sixth Supplemental Indenture&#8221;), between the Company and the Trustee;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seventh
Supplemental Indenture, dated as of August 10, 2017 (the &#8220;Seventh Supplemental Indenture&#8221;), between the Company and the Trustee;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Eighth Supplemental Indenture, dated as of January 11, 2018 (the &#8220;Eighth Supplemental Indenture&#8221;), between the Company and
the Trustee;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Ninth Supplemental Indenture, dated as of March 8, 2019 (the &#8220;Ninth Supplemental Indenture&#8221;), between the Company and the
Trustee;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Tenth Supplemental Indenture, dated as of June 10, 2019 (the &#8220;Tenth Supplemental Indenture&#8221;), between the Company and the
Trustee;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Eleventh Supplemental Indenture, dated as of January 15, 2020 (the &#8220;Eleventh Supplemental Indenture&#8221;), between the Company
and the Trustee;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Twelfth Supplemental Indenture, dated as of July 15, 2020 (the &#8220;Twelfth Supplemental Indenture&#8221;), between the Company and
the Trustee;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Thirteenth Supplemental Indenture, dated as of January 13, 2021 (the &#8220;Thirteenth Supplemental Indenture&#8221; and, together with
the Base Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture, the Ninth
Supplemental Indenture, the Tenth Supplemental Indenture, the Eleventh Supplemental Indenture and the Twelfth Supplemental Indenture,
the &#8220;Indenture&#8221;), between the Company and the Trustee;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
global note representing the Notes (the &#8220;Global Note&#8221; and, together with the Indenture, the &#8220;Note Documents&#8221;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><IMG SRC="tm2117468d5_ex5-1img4.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 28, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A certificate
executed by an officer of the Company, dated as of the date hereof; and</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In expressing the opinion set forth below, we have
assumed the following:</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
individual executing any of the Documents, whether on behalf of such individual or any other person, is legally competent to do so.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents
to which such party is a signatory, and such party&#8217;s obligations set forth therein are legal, valid and binding and are enforceable
in accordance with all stated terms.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Documents
submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not differ in
any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to
us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records
reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained
in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there
has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based upon the foregoing, and subject to the assumptions,
limitations and qualifications stated herein, it is our opinion that:</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good standing with
the SDAT.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution and delivery by the Company of, and the performance by the Company of its obligations under, the Note Documents have been
duly authorized by all necessary corporate action on the part of the Company. The Notes have been duly authorized for issuance by
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"></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"><IMG SRC="tm2117468d5_ex5-1img5.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 28, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</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-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Note
Documents have been duly executed and delivered by the Company.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The foregoing opinion is limited to the laws of the
State of Maryland and we do not express any opinion herein concerning federal law or the laws of any other state. We express no opinion
as to compliance with federal or state securities laws, including the securities laws of the State of Maryland, or the 1940 Act. We note
that the Note Documents are governed by the laws of the State of New York. To the extent that any matter as to which our opinion is expressed
herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter.
The opinion expressed herein is subject to the effect of judicial decisions which may permit the introduction of parol evidence to modify
the terms or the interpretation of agreements.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The opinion expressed herein is limited to the matters
specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement
this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed
herein after the date hereof.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This opinion is being furnished to you for submission
to the Commission as an exhibit to the Company&#8217;s Current Report on Form 8-K relating to the issuance of the Notes (the &#8220;Current
Report&#8221;). Kirkland &amp; Ellis LLP, counsel to the Company, may rely on this opinion in connection with any opinions to be delivered
by it in connection with the Notes. We hereby consent to the filing of this opinion as an exhibit to the Current Report and the said incorporation
by reference and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of
persons whose consent is required by Section 7 of the 1933 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>/s/ Venable LLP</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>tm2117468d5_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 10pt 5.4pt 7pt; text-align: center; font-size: 10pt"><IMG SRC="image_002.gif" ALT="" STYLE="height: 33px; width: 238px"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 23%">
    <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; text-align: center">2049 Century Park East</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Los Angeles, CA 90067</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United States</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; text-align: center">+1 310 552 4200</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; text-align: center">www.kirkland.com</P></TD>
    <TD STYLE="width: 38%; padding-top: 42pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile</FONT>:<BR>
+1 310 552 5900</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">May 28, 2021</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">Ares Capital Corporation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">New York, New York 10167</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">Re:&nbsp;&nbsp;<U>Ares Capital Corporation 3.250%
Notes due 2025</U></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">Ladies and Gentlemen:</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; text-indent: 0.5in; background-color: white">We
are issuing this opinion letter in our capacity as special counsel to Ares Capital Corporation, a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;),
in connection with the issuance of $500,000,000 aggregate principal amount of 3.250% notes due 2025 (the &ldquo;<U>Notes</U>&rdquo;) pursuant
to the registration statement on Form&nbsp;N-2 (File No. 333-248831) (the &ldquo;<U>Registration Statement</U>&rdquo;), filed with the
Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) pursuant to the Securities Act of 1933, as amended (the &ldquo;<U>Securities
Act</U>&rdquo;), and the final prospectus supplement, dated May 26, 2021 (including the base prospectus filed therewith, the &ldquo;<U>Prospectus
Supplement</U>&rdquo;) filed with the Commission on May 27, 2021 pursuant to Rule 424(b) under the Securities Act.</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; text-indent: 0.5in; background-color: white">The
Notes are to be issued pursuant to the provisions of the Indenture dated October&nbsp;21, 2010 (the &ldquo;<U>Existing Indenture</U>&rdquo;),
between the Company and U.S. Bank National Association, as trustee (the &ldquo;<U>Trustee</U>&rdquo;), as supplemented by the Eleventh
Supplemental Indenture, dated January 15, 2020, between the Company and the Trustee (the &ldquo;Eleventh Supplemental Indenture,&rdquo;
and, together with the Existing Indenture, the &ldquo;<U>3.250% Notes Indenture</U>&rdquo;).</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; text-indent: 0.5in; background-color: white">As
such counsel, we have examined originals, or copies certified or otherwise identified to our satisfaction, of such documents, corporate
records and other instruments as we have deemed necessary for the purposes of this opinion, including (i)&nbsp;the Registration Statement,
(ii) the Prospectus Supplement, (iii)&nbsp;the 3.250% Notes Indenture, (iv) a specimen form of the Notes, (v) the purchase agreement related
to the Notes, dated May 26, 2021, among the Company, the underwriter party thereto and the other parties named therein, and (vi)&nbsp;such
corporate records of the Company, certificates of public officials, officers of the Company and other persons, and such other documents,
agreements and instruments as we have deemed necessary as a basis for the opinions hereinafter expressed.</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; text-indent: 0.5in; background-color: white">For
purposes of this opinion, we have assumed the authenticity of all documents submitted to us as originals, the conformity to the originals
of all documents submitted to us as copies and the authenticity of the originals of all such documents submitted to us as copies. We have
also assumed the genuineness of the signatures of persons signing all documents in connection with which this opinion is rendered, the
authority of such persons signing on behalf of the parties thereto, and the due authorization, execution and delivery of all documents
by the parties thereto. As to any facts material to the opinions expressed herein that we have not independently established or verified,
we have relied upon statements and representations of officers and other representatives of the Company, public officials and others.</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; text-indent: 0.5in; background-color: white">Our
opinion expressed below is subject to the qualifications that we express no opinion as to the applicability of, compliance with, or effect
of (i)&nbsp;any bankruptcy, insolvency, reorganization, fraudulent transfer, fraudulent conveyance, moratorium or other similar law affecting
the enforcement of creditors&rsquo; rights generally, (ii)&nbsp;general principals of equity (regardless of whether enforcement is considered
in a proceeding in equity or at law), concepts of materiality, reasonableness, good faith and fair dealing, and the discretion of the
court before which a proceeding is brought and (iii)&nbsp;public policy considerations that may limit the rights of parties to obtain
certain remedies.</P>




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-right: 47pt; padding-bottom: 3pt; width: 100%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bay&nbsp;Area&nbsp;&nbsp;&nbsp;&nbsp; Beijing&nbsp;&nbsp;&nbsp; Boston&nbsp;&nbsp;&nbsp; Chicago &nbsp;&nbsp;&nbsp;Dallas&nbsp;&nbsp;&nbsp; Hong&nbsp;Kong &nbsp;&nbsp;&nbsp;Houston&nbsp;&nbsp;&nbsp; London&nbsp;&nbsp;&nbsp; Munich&nbsp;&nbsp;&nbsp; New&nbsp;York&nbsp;&nbsp;&nbsp; Paris&nbsp;&nbsp;&nbsp; Shanghai&nbsp;&nbsp;&nbsp; Washington,&nbsp;D.C.<BR>
<BR>
</FONT></TD></TR>
  </TABLE>

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><IMG SRC="tm2117468d5_ex5-2img6.jpg" ALT="">&nbsp;</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; text-indent: 0.5in; background-color: white">Based
upon and subject to the foregoing qualifications, assumptions and limitations and the further limitations set forth below, we are of the
opinion that when (i)&nbsp;the 3.250% Indenture has been duly authorized, executed and delivered by each of the Company and the Trustee,
(ii)&nbsp;the final terms of the Notes are duly established and authorized for issuance by all necessary corporate action on the part
of the Company, (iii)&nbsp;the Notes have been duly executed by the Company and authenticated by the Trustee in accordance with the provisions
of the 3.250% Indenture, delivered to and paid for by the purchaser thereof pursuant to the documents governing their issuance and sale
and (iv)&nbsp;the terms of the Notes as established comply with the requirements of the Investment Company Act of 1940, as amended, the
Notes will be validly issued and binding obligations of the Company, enforceable against the Company in accordance with the terms thereof
and will be entitled to the benefits of the 3.250% Indenture.</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; text-indent: 0.5in; background-color: white">We
hereby consent to the filing of this opinion as an exhibit to a Current Report on Form 8-K relating to the issuance of the Notes. We also
consent to the reference to our firm under the heading &ldquo;Legal Matters&rdquo; in the Registration Statement and the Prospectus Supplement.
In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section&nbsp;7
of the Securities Act or the rules&nbsp;and regulations of the Commission promulgated thereunder.</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; text-indent: 0.5in; background-color: white">Our
advice on every legal issue addressed in this letter is based exclusively on the internal law of the State of New York and represents
our opinion as to how that issue would be resolved were it to be considered by the highest court in the jurisdiction which enacted such
law. The manner in which any particular issue relating to the opinions would be treated in any actual court case would depend in part
on facts and circumstances particular to the case and would also depend on how the court involved chose to exercise the wide discretionary
authority generally available to it. None of the opinions or other advice contained in this letter considers or covers the laws of any
other jurisdiction, including any foreign or state securities (or &ldquo;blue sky&rdquo;) laws or regulations or the effect of any such
non-covered laws on the opinions stated herein.</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; text-indent: 0.5in; background-color: white">This
opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein.
This opinion speaks only as of the date hereof and we assume no obligation to revise or supplement this opinion.</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; text-indent: 0.5in; background-color: white">We
have also assumed that the execution and delivery of the 3.250% Indenture and the Notes and the performance by the Company of its obligations
thereunder do not and will not violate, conflict with or constitute a default under any agreement or instrument to which the Company is
bound.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kirkland &amp; Ellis LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KIRKLAND &amp; ELLIS LLP</FONT></TD></TR>
  </TABLE>

<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"></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>
