<SEC-DOCUMENT>0001104659-22-062414.txt : 20220901
<SEC-HEADER>0001104659-22-062414.hdr.sgml : 20220901
<ACCEPTANCE-DATETIME>20220518153131
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-22-062414
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20220518

FILER:

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

	FILING VALUES:
		FORM TYPE:		CORRESP

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

	MAIL ADDRESS:	
		STREET 1:		245 PARK AVENUE, 44TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<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 STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>2049
    Century Park East, 37th Floor</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>Los Angeles,
    CA 90067</FONT></P></TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE>


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    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>Monica
    J. Shilling, P.C.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>To Call
    Writer Directly:<BR>
    +1 310 552 4355</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>monica.shilling@kirkland.com</FONT></P></TD>
    <TD STYLE="width: 34%">
    <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"><FONT>United
    States</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>+1 310
    552 4200</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: middle; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile:<BR>
+1 310 552 5900</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT>www.kirkland.com</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">May&nbsp;18, 2022</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">U.S. Securities and Exchange Commission</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Washington, D.C. 20549</P>

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

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    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Ares Capital Corporation Preliminary Proxy Statement Filed May&nbsp;6, 2022 (File No.&nbsp;814-00663)</U></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; margin: 0pt 0">Dear Ms.&nbsp;Dubey:</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: 0.25in; background-color: white">In a telephone conversation
on May&nbsp;10, 2022, you provided us with verbal comments on the preliminary proxy statement on Form&nbsp;PRE 14A (the &ldquo;Proxy Statement&rdquo;),
filed by Ares Capital Corporation (&ldquo;ARCC&rdquo; or the &ldquo;Registrant&rdquo;). We are concurrently filing this letter via EDGAR
as a correspondence filing.</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: 0.25in; background-color: white">Set forth below are the
comments of the staff of the Division of Investment Management (the &ldquo;Staff&rdquo;) of the Securities and Exchange Commission provided
by you, and immediately below each such comment is ARCC&rsquo;s response with respect thereto and, where applicable, the location in the
relevant filing of the requested disclosure. Capitalized terms used but not defined herein shall have the meanings set forth in the Proxy
Statement.</P>

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

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

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

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    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Comment:&nbsp;</B></FONT>Pursuant to Rule&nbsp;14a-6(e)(1)&nbsp;under the Securities Exchange Act of 1934, as amended (&ldquo;Exchange Act&rdquo;), all copies of preliminary proxy statements and forms of proxy filed pursuant to section (a)&nbsp;of Rule&nbsp;14a-6, are required to be clearly marked as &ldquo;Preliminary Copies.&rdquo;&nbsp;&nbsp;Please confirm that you will mark such proxy statements and forms of proxy as &ldquo;Preliminary Copies&rdquo; in future filings made pursuant to section (a)&nbsp;of Rule&nbsp;14a-6.</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 0pt 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Response:&nbsp;</B></FONT>In
the future, Registrant undertakes to clearly identify preliminary proxy materials as preliminary copies in compliance with Rule&nbsp;14a-6(e)(1)&nbsp;under
the Exchange Act.</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%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Comment:&nbsp;</B></FONT>In
    the third paragraph appearing on page&nbsp;3 of the proxy, please revise the first sentence of the paragraph to delete the
    references to broker non-votes. Add an additional sentence along the lines of the following &ldquo;Because a broker is not permitted
    to provide a proxy for your shares unless you provide your broker with voting instructions, such shares are not counted as present
    for quorum purposes.&rdquo;</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 0pt 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Response: </B></FONT>The
Registrant has revised the disclosure on page&nbsp;3 to the below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: white">Abstentions will be deemed to be
present for the purpose of determining a quorum for the Special Meeting, but will not be treated as votes cast. A &ldquo;broker non-vote&rdquo;
with respect to a matter occurs when a broker, bank or other institution or nominee holding shares on behalf of a beneficial owner has
not received voting instructions from the beneficial owner on a particular proposal and does not have, or chooses not to exercise, discretionary
authority to vote the shares on such proposals. Because a broker is not permitted to provide a proxy for your shares unless you provide
your broker with voting instructions, such shares are not counted as present for quorum purposes nor would they be treated as votes cast.
The Company does not expect any broker non-votes at the Special Meeting because there are no routine proposals to be voted on at the Special
Meeting.</P>

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

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Austin Bay&nbsp;Area Beijing Boston Brussels Chicago Dallas Hong&nbsp;Kong Houston London Los&nbsp;Angeles Munich New&nbsp;York Paris Salt&nbsp;Lake&nbsp;City Shanghai Washington,&nbsp;D.C.</FONT></TD></TR>
  </TABLE>
<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">&nbsp;</P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT>U.S. Securities and Exchange
    Commission</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT>May&nbsp;18, 2022</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT>Page&nbsp;2</FONT></P></TD>
    <TD STYLE="width: 50%; padding-right: 1in; padding-left: 5.75pt; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Comment:&nbsp;</B></FONT>If ARCC has opted into the Maryland Control Share Act, please disclose:&nbsp;&nbsp;(1)&nbsp;how the Fund intends to treat stockholder votes if it has opted into the Maryland Control Share Act, (2)&nbsp;the effect opting into the Maryland Control Share Act has on the vote for this proposal and (3)&nbsp;any risks related to such opt-in and treatment of votes.</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 0pt 1in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Response:&nbsp;</B></FONT>The
Registrant has opted out of the Maryland Control Share Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
look forward to discussing with you any additional questions you may have regarding the Proxy Statement. Please do not hesitate to call
me at (310) 552-4355&nbsp;or <U>monica.shilling@kirkland.com</U></FONT>.</P>

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

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    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Monica J. Shilling</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Monica J. Shilling</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


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

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    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Joshua M. Bloomstein, General Counsel, Vice President and Secretary</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ares Capital Corporation</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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