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Ares Capital Corporation Declares Fourth Quarter 2013 Dividend of $0.38 Per Share and Two Additional Dividends of $0.05 Per



  Ares Capital Corporation Declares Fourth Quarter 2013 Dividend of $0.38 Per
  Share and Two Additional Dividends of $0.05 Per Share and Announces
  September 30, 2013 Financial Results

      Fourth Quarter 2013 Dividend and Two Additional Dividends Declared

Business Wire

NEW YORK -- November 5, 2013

Ares Capital Corporation (“Ares Capital”) (NASDAQ: ARCC) announced that its
Board of Directors has declared the following dividends: (i) a fourth quarter
dividend of $0.38 per share payable on December 31, 2013 to stockholders of
record as of December 16, 2013, (ii) an additional dividend of $0.05 per share
payable on December 31, 2013 to stockholders of record as of December 16, 2013
and (iii) another additional dividend of $0.05 per share payable on March 28,
2014 to stockholders of record as of March 14, 2014. Payment of the additional
March 2014 dividend is subject to the satisfaction of certain Maryland law
requirements.

SEPTEMBER 30, 2013 FINANCIAL RESULTS

Ares Capital also announced financial results for its third quarter ended
September 30, 2013.

HIGHLIGHTS
 
Financial
                                                           
                                    Q3-13                   Q3-12
(in millions, except per share      Total       Per         Total     Per
data)                               Amount      Share(1)    Amount    Share(1)
Core EPS (2)                                    $ 0.48                $  0.42
Net investment income               $ 126.2     $ 0.47      $ 89.5    $  0.39
Net realized gains                  $ 9.0       $ 0.03      $ 27.7    $  0.12
Net unrealized gains                $ 5.6       $ 0.02      $ 19.4    $  0.08
GAAP net income                     $ 140.8     $ 0.52      $ 136.6   $  0.59
Dividends declared (3)                          $ 0.38                $  0.43
                                                                          
                                    As of September 30,
(in millions, except per share      2013        2012
data)
Portfolio investments at fair       $ 7,385.3   $ 5,936.2
value
Total assets                        $ 7,754.1   $ 6,301.2
Stockholders’ equity                $ 4,392.4   $ 3,908.7
Net assets per share                $ 16.35     $ 15.74

(1)   All per share amounts are basic and diluted.
      Basic and diluted Core EPS is a non-GAAP financial measure. Core EPS is
      the net per share increase (decrease) in stockholders’ equity resulting
      from operations less realized and unrealized gains and losses, any
      incentive fees attributable to such net realized and unrealized gains
      and losses and any income taxes related to such realized gains. Basic
      and diluted GAAP EPS is the most directly comparable GAAP financial
(2)   measure. Ares Capital believes that Core EPS provides useful information
      to investors regarding financial performance because it is one method
      Ares Capital uses to measure its financial condition and results of
      operations. The presentation of this additional information is not meant
      to be considered in isolation or as a substitute for financial results
      prepared in accordance with GAAP. Reconciliations of basic and diluted
      Core EPS to the most directly comparable GAAP financial measure are set
      forth in Schedule 1 hereto.
(3)   For the three months ended September 30, 2012, the dividends declared
      include an additional dividend of $0.05 per share.

Portfolio Activity
                                                                  
(dollar amounts in millions)                         Q3-13         Q3-12
Portfolio Activity During the Period:
Gross commitments                                    $ 1,132.0     $ 1,022.3
Exits of commitments                                 $ 391.1       $ 652.6
                                                                              
Portfolio as of the End of the Period:
Number of portfolio company investments              175           153
Weighted average yield of debt and other income
producing securities:
At amortized cost(3)                                 10.6      %   11.6      %
At fair value(4)                                     10.5      %   11.4      %
Weighted average yield on total investments:
At amortized cost(5)                                 9.6       %   10.3      %
At fair value(6)                                     9.5       %   10.2      %

      Computed as (a) annual stated interest rate or yield earned plus the net
      annual amortization of original issue discount and market discount
(3)   earned on accruing debt and other income producing securities, divided
      by (b) total accruing debt and other income producing securities at
      amortized cost.
      Computed as (a) annual stated interest rate or yield earned plus the net
      annual amortization of original issue discount and market discount
(4)   earned on accruing debt and other income producing securities, divided
      by (b) total accruing debt and other income producing securities at fair
      value.
      Computed as (a) annual stated interest rate or yield earned plus the net
(5)   annual amortization of original issue discount and market discount
      earned on accruing debt and other income producing securities, divided
      by (b) total investments at amortized cost.
      Computed as (a) annual stated interest rate or yield earned plus the net
(6)   annual amortization of original issue discount and market discount
      earned on accruing debt and other income producing securities, divided
      by (b) total investments at fair value.

THIRD QUARTER 2013 OPERATING RESULTS

For the quarter ended September 30, 2013, Ares Capital reported GAAP net
income of $140.8 million or $0.52 per share (basic and diluted), Core
EPS(2) of $0.48 per share (basic and diluted), net investment income of $126.2
million, or $0.47 per share (basic and diluted), and net realized and
unrealized gains of $14.6 million or $0.05 per share (basic and diluted).

Net income can vary substantially from period to period due to various
factors, including the level of new investment commitments, the recognition of
realized gains and losses and unrealized appreciation and depreciation. As a
result, quarterly comparisons of net income may not be meaningful.

As of September 30, 2013, total assets were $7.8 billion, stockholders’ equity
was $4.4 billion and net asset value per share was $16.35.

In the third quarter of 2013, Ares Capital made approximately $1,132.0 million
in new commitments, including commitments to 14 new portfolio companies, three
existing portfolio companies and eight additional portfolio companies through
the Senior Secured Loan Fund LLC, which operates using the name “Senior
Secured Loan Program” (the “SSLP”) through which Ares Capital co-invests with
GE Global Sponsor Finance LLC and General Electric Capital Corporation
(together, “GE”) to fund first lien senior secured loans. Of these new
commitments, all were sponsored transactions. As of September 30, 2013, 111
separate private equity sponsors were represented in Ares Capital’s portfolio.
Of the $1,132.0 million in new commitments made during the third quarter of
2013, approximately 67% were in first lien senior secured debt, 20% were in
subordinated certificates of the SSLP to make co-investments with GE in first
lien senior secured loans through the SSLP, 12% were in second lien senior
secured debt and 1% were in other equity securities. Of these commitments, 95%
were in floating rate debt securities, 79% of which contained interest rate
floors, and the remaining 21% were in the subordinated certificates of the
SSLP to make co-investments with GE in floating rate first lien senior secured
loans through the SSLP, all of which contained interest rate floors. We may
seek to syndicate a portion of these new investment commitments, although
there can be no assurance that we will be able to do so.

During the third quarter of 2013, significant new commitments included:

  * $221 million in the subordinated certificates of the SSLP to make
    co-investments with GE in first lien senior secured loans to eight
    portfolio companies in a variety of industries;
  * $188 million in first lien senior secured revolving and term loans and
    equity of a web and mobile cloud performance testing and monitoring
    service provider;
  * $100 million in a first lien senior secured delayed draw term loan of a
    gas turbine power generation facilities operator;
  * $96 million in first lien senior secured revolving, delayed draw and term
    loans and second lien senior secured delayed draw and term loans of a
    dialysis provider;
  * $95 million in first lien senior secured revolving and term loans of a
    chemical producer;
  * $92 million in a first lien senior secured term loan of a gas turbine
    power generation facilities operator;
  * $78 million in a second lien senior secured term loan of an outsourced
    mobile diagnostic healthcare service provider; and
  * $58 million in first lien senior secured revolving, delayed draw and term
    loans of a provider of transportation systems products to the traffic and
    rail industries.

Also during the third quarter of 2013, Ares Capital exited approximately
$391.1 million of investment commitments.

The fair value of Ares Capital’s portfolio investments at September 30, 2013
was $7.4 billion, including $6.7 billion in accruing debt and other income
producing securities. The total portfolio investments at fair value were
comprised of approximately 45% of first lien loans, 19% of second lien loans,
22% of subordinated certificates of the SSLP (the proceeds of which were
applied to co-investments with GE in first lien senior secured loans through
the SSLP), 3% of senior subordinated debt securities, 3% of preferred equity
securities and 8% of other equity and other securities. As of September 30,
2013, the weighted average yield of debt and other income producing securities
in the portfolio at fair value was 10.5%(3) (10.6% at amortized cost(4)), the
weighted average yield on total investments in the portfolio at fair value was
9.5%(5) (9.6% at amortized cost(6)), and 82% of the total investments at fair
value were in floating rate securities.

Chief Executive Officer Michael Arougheti commented, “We reported record third
quarter core earnings, reflecting the growth in our investment portfolio, an
increase in our net interest and dividend margin and continued strong
investment performance. Our portfolio continued to perform well with net
realized and unrealized gains during the third quarter and non-accruals
remaining near five-year lows. Based upon our performance and our level of
excess undistributed earnings, we are pleased to declare a fourth quarter
dividend of $0.38 per share and two additional dividends of $0.05 per share
each, the first to be paid in December and the second in March of 2014.”

President Kipp deVeer added, “Our market was relatively healthy during the
third quarter, allowing us to be quite active with $1.1 billion in new
investment commitments and $741 million in net commitments. We continued to
use our competitive advantages in origination, which drove the addition of a
select group of attractive new borrowers to our portfolio. Our investment
backlog and pipeline is strong with a continued focus on floating rate, senior
loans in defensively positioned companies.”

PORTFOLIO QUALITY

Ares Capital Management LLC, our investment adviser, employs an investment
rating system to categorize our investments. In addition to various risk
management and monitoring tools, our investment adviser grades the credit risk
of all investments on a scale of 1 to 4 no less frequently than quarterly.
This system is intended primarily to reflect the underlying risk of a
portfolio investment relative to our initial cost basis in respect of such
portfolio investment (i.e., at the time of origination or acquisition),
although it may also take into account under certain circumstances the
performance of the portfolio company’s business, the collateral coverage of
the investment and other relevant factors. Under this system, investments with
a grade of 4 involve the least amount of risk to our initial cost basis. The
trends and risk factors for this investment since origination or acquisition
are generally favorable, which may include the performance of the portfolio
company or a potential exit. Investments graded 3 involve a level of risk to
our initial cost basis that is similar to the risk to our initial cost basis
at the time of origination or acquisition. This portfolio company is generally
performing as expected and the risk factors to our ability to ultimately
recoup the cost of our investment are neutral to favorable. All investments or
acquired investments in new portfolio companies are initially assessed a grade
of 3. Investments graded 2 indicate that the risk to our ability to recoup the
initial cost basis of such investment has increased materially since
origination or acquisition, including as a result of factors such as declining
performance and non-compliance with debt covenants; however, payments are
generally not more than 120 days past due. An investment grade of 1 indicates
that the risk to our ability to recoup the initial cost basis of such
investment has substantially increased since origination or acquisition, and
the portfolio company likely has materially declining performance. For debt
investments with an investment grade of 1, most or all of the debt covenants
are out of compliance and payments are substantially delinquent. For
investments graded 1, it is anticipated that we will not recoup our initial
cost basis and may realize a substantial loss of our initial cost basis upon
exit. For investments graded 1 or 2, our investment adviser enhances its level
of scrutiny over the monitoring of such portfolio company. Our investment
adviser grades the investments in our portfolio at least each quarter and it
is possible that the grade of a portfolio investment may be reduced or
increased over time.

As of September 30, 2013, the weighted average grade of the investments in our
portfolio at fair value was 3.0. Also, as of September 30, 2013, loans on
non-accrual status represented 2.0% of total investments at amortized cost (or
1.1% at fair value).

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2013, Ares Capital had $135.5 million in cash and cash
equivalents and $3.2 billion in aggregate principal amount of debt outstanding
($3.1 billion in carrying value). Subject to leverage and borrowing base
restrictions, Ares Capital had approximately $1.1 billion available for
additional borrowings under its existing credit facilities as of September 30,
2013.

In July 2013, we issued $300 million aggregate principal amount of unsecured
convertible senior notes that mature on January 15, 2019 (the “2019
Convertible Notes”), unless previously converted or repurchased in accordance
with their terms. We do not have the right to redeem the 2019 Convertible
Notes prior to maturity. The 2019 Convertible Notes bear interest at a rate of
4.375% per year, payable semi-annually commencing on January 15, 2014. In
certain circumstances, the 2019 Convertible Notes will be convertible into
cash, shares of Ares Capital’s common stock or a combination of cash and
shares of our common stock, at our election, at an initial conversion rate of
49.6044 shares of common stock per one thousand dollar principal amount of the
2019 Convertible Notes, which was equivalent to an initial conversion price of
approximately $20.16 per share of our common stock, subject to customary
anti-dilution adjustments. The initial conversion price was approximately 15%
above the $17.53 per share closing price of our common stock on July 15, 2013.

In the third quarter of 2013, we increased total commitments to our senior
secured revolving credit facility (the “Revolving Credit Facility”) from $930
million to $1,035 million.

THIRD QUARTER 2013 DIVIDEND

For the three months ended September 30, 2013, Ares Capital declared a
dividend on August 6, 2013 of $0.38 per share for a total of approximately
$101.9 million. The record date for the dividend was September 16, 2013 and
the dividend was paid on September 30, 2013.

RECENT DEVELOPMENTS

In October 2013, we completed a public equity offering (the “October 2013
Offering”) pursuant to which we sold 12,650,000 shares of common stock at a
price of $16.98 per share to the participating underwriters. Total proceeds
from the October 2013 Offering, net of estimated offering expenses payable by
us, were approximately $214.2 million. We used the net proceeds of the
October 2013 Offering to repay certain outstanding indebtedness under our debt
facilities and for general corporate purposes, which included investing in
portfolio companies in accordance with our investment objective.

In October 2013, we increased total commitments of the Revolving Credit
Facility from $1,035 million to $1,060 million.

In November 2013, the SSLP’s total available capital was increased from $9.0
billion to $11.0 billion. In connection with this expansion, GE agreed to make
available to the SSLP up to approximately $8.7 billion and we agreed to make
available to the SSLP up to approximately $2.3 billion. Investment of any
unfunded amount must be approved by an investment committee of the SSLP
consisting of representatives of Ares Capital and GE (with approval from a
representative of each required).

From October 1, 2013 through October 31, 2013, we made new investment
commitments of $211 million, of which $200 million were funded. Of these new
commitments, 47% were in senior subordinated debt, 36% were in first lien
senior secured loans, 16% were investments in subordinated certificates of the
SSLP to make co-investments with GE in first lien senior secured loans through
the SSLP and 1% were in other equity securities. Of the $211 million of new
investment commitments, 52% were floating rate, 47% were fixed rate and 1%
were non-interest bearing. The weighted average yield of debt and other income
producing securities funded during the period at amortized cost was 10.6%. We
may seek to syndicate a portion of these new investment commitments, although
there can be no assurance that we will be able to do so.

From October 1, 2013 through October 31, 2013, we exited $91 million of
investment commitments. Of these investment commitments, 76% were first lien
senior secured loans, 14% were investments in subordinated certificates of the
SSLP, 5% were second lien senior secured loans, 3% were other equity
securities, 1% were preferred equity securities and 1% were senior
subordinated debt. Of the $91 million of exited investment commitments, 88%
were floating rate, 5% were on non-accrual status, 4% were non-interest
bearing and 3% were fixed rate. The weighted average yield of debt and other
income producing securities exited or repaid during the period at amortized
cost was 9.4%. On the $91 million of investment commitments exited from
October 1, 2013 through October 31, 2013, we recognized total net realized
gains of approximately $1 million.

In addition, as of October 31, 2013, we had an investment backlog and pipeline
of approximately $390 million and $930 million, respectively. Investment
backlog includes transactions approved by our investment adviser’s investment
committee and/or for which a formal mandate, letter of intent or signed
commitment has been issued, and therefore we believe are likely to close.
Investment pipeline includes transactions where due diligence and analysis are
in process, but no formal mandate, letter of intent or signed commitment has
been issued. The consummation of any of the investments in this backlog and
pipeline depends upon, among other things, one or more of the following:
satisfactory completion of our due diligence investigation of the prospective
portfolio company, our acceptance of the terms and structure of such
investment and the execution and delivery of satisfactory transaction
documentation. In addition, we may syndicate a portion of these investments
and certain of these investments may result in the repayment of existing
investments. We cannot assure you that we will make any of these investments
or that we will syndicate any portion of these investments.

WEBCAST / CONFERENCE CALL

Ares Capital will host a webcast/conference call on Tuesday, November 5, 2013,
at 12:00 p.m. (ET) to discuss its financial results for the second quarter
ended September 30, 2013. PLEASE VISIT OUR WEBCAST LINK LOCATED ON THE HOME
PAGE OF THE INVESTOR RESOURCES SECTION OF OUR WEBSITE FOR A SLIDE PRESENTATION
THAT COMPLEMENTS THE EARNINGS CONFERENCE CALL.

All interested parties are invited to participate via telephone or the live
webcast, which will be hosted on a webcast link located on the Home page of
the Investor Resources section of our website at
http://www.arescapitalcorp.com. Please visit the website to test your
connection before the webcast. Domestic callers can access the conference call
by dialing (888) 317-6003. International callers can access the conference
call by dialing +1 (412) 317-6061. All callers will need to enter the
Participant Elite Entry Number 6197392 followed by the # sign and reference
“Ares Capital Corporation” once connected with the operator. All callers are
asked to dial in 10-15 minutes prior to the call so that name and company
information can be collected. For interested parties, an archived replay of
the call will be available approximately one hour after the end of the call
through November 18, 2013 at 5:00 p.m. (Eastern Time) to domestic callers by
dialing (877) 344-7529 and to international callers by dialing +1 (412)
317-0088. For all replays, please reference conference number 10034529. An
archived replay will also be available on a webcast link located on the Home
page of the Investor Resources section of our website.

ABOUT ARES CAPITAL CORPORATION

Ares Capital is a leading specialty finance company that provides one-stop
financing solutions to U.S. middle market companies and private equity
sponsors. The Company originates and invests in senior secured loans,
mezzanine debt and, to a lesser extent, equity investments through its
national direct origination platform. Ares Capital’s investment objective is
to generate both current income and capital appreciation through debt and
equity investments primarily in private companies. Ares Capital has elected to
be regulated as a business development company, and is externally managed by a
wholly owned subsidiary of Ares Management LLC. Ares Management is a global
alternative asset manager and a SEC-registered investment adviser with
approximately $68 billion of committed capital under management as of
September 30, 2013. For more information, visit
http://www.arescapitalcorp.com. However, the contents of such website are not
and should not be deemed to be incorporated by reference herein.

FORWARD-LOOKING STATEMENTS

Statements included herein or on the webcast/conference call may constitute
“forward-looking statements,” which relate to future events or our future
performance or financial condition. These statements are not guarantees of
future performance, condition or results and involve a number of risks and
uncertainties. Actual results and conditions may differ materially from those
in the forward-looking statements as a result of a number of factors,
including those described from time to time in our filings with the Securities
and Exchange Commission. Ares Capital Corporation undertakes no duty to update
any forward-looking statements made herein or on the webcast/conference call.

AVAILABLE INFORMATION

Ares Capital Corporation’s filings with the Securities and Exchange
Commission, press releases, earnings releases and other financial information
are available on its website at http://www.arescapitalcorp.com. The
information on Ares Capital’s website is not and should not be deemed to be
incorporated by reference herein.

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Amounts in thousands, except per share data)
                                     
                                      As of
                                      September 30, 2013   December 31, 2012
                                      (unaudited)
ASSETS
Total investments at fair value
(amortized cost of $7,277,712 and     $     7,385,285      $    5,924,555
$5,823,451,
respectively)
Cash and cash equivalents             135,487              269,043
Interest receivable                   120,503              108,998
Receivable for open trades            13,121               131
Other assets                          99,749               98,497
Total assets                          $     7,754,145      $    6,401,224
LIABILITIES
Debt                                  $     3,137,883      $    2,195,872
Management and incentive fees         136,196              131,585
payable
Accounts payable and other            58,202               53,178
liabilities
Interest and facility fees payable    28,860               30,603
Payable for open trades               648                  1,640
Total liabilities                     3,361,789            2,412,878
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per
share, 500,000 common shares
authorized,                           269                  249
268,596 and 248,653 common shares
issued and outstanding,
respectively
Capital in excess of par value        4,465,173            4,117,517
Accumulated overdistributed net       (7,317             ) (27,910           )
investment income
Accumulated net realized loss on
investments, foreign currency
transactions,                         (173,342           ) (202,614          )
extinguishment of debt and other
assets
Net unrealized gain on investments    107,573              101,104
Total stockholders’ equity            4,392,356            3,988,346
Total liabilities and stockholders’   $     7,754,145      $    6,401,224
equity
NET ASSETS PER SHARE                  $     16.35          $    16.04

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(in thousands, except per share data)
                                                 
                  For the three months ended      For the nine months ended
                  September 30,   September 30,   September      September
                  2013            2012            30, 2013       30, 2012
                  (unaudited)     (unaudited)     (unaudited)    (unaudited)
INVESTMENT
INCOME:
Interest income
from              $   169,623     $   144,638     $   471,769    $  415,565
investments
Capital
structuring       31,555          29,575          61,695         68,502
service fees
Dividend income   34,848          9,400           82,715         27,557
Management and    5,384           4,707           14,875         14,151
other fees
Other income      5,391           2,252           16,925         10,090
Total
investment        246,801         190,572         647,979        535,865
income
                                                                              
EXPENSES:
Interest and
credit facility   44,424          35,702          124,032        103,496
fees
Base management   27,467          22,316          75,587         63,113
fees
Incentive fees    35,199          34,139          88,658         83,258
Professional      3,143           1,923           10,023         9,157
fees
Administrative    3,346           2,269           8,544          6,806
fees
Other general
and               3,009           2,726           10,525         8,001
administrative
Total expenses    116,588         99,075          317,369        273,831
NET INVESTMENT
INCOME BEFORE     130,213         91,497          330,610        262,034
INCOME
TAXES
Income tax
expense,          3,991           2,037           11,714         7,635
including
excise tax
NET INVESTMENT    126,222         89,460          318,896        254,399
INCOME
REALIZED AND
UNREALIZED
GAINS
(LOSSES) ON
INVESTMENTS:
Net realized      8,946           27,667          29,272         (18,901     )
gains (losses)
Net unrealized    5,629           19,428          6,469          100,214
gains
Net realized
and unrealized    14,575          47,095          35,741         81,313
gains on
investments
REALIZED LOSS
ON
EXTINGUISHMENT    —               —               —              (2,678      )
OF
DEBT
NET INCREASE IN
STOCKHOLDERS’
EQUITY            $   140,797     $   136,555     $   354,637    $  333,034
RESULTING FROM
OPERATIONS
BASIC AND
DILUTED           $   0.52        $   0.59        $   1.36       $  1.49
EARNINGS PER
COMMON SHARE
WEIGHTED
AVERAGE SHARES
OF COMMON
STOCK             268,312         233,126         261,120        224,049
OUTSTANDING -
BASIC AND
DILUTED

                                  SCHEDULE 1

 Reconciliations of basic and diluted Core EPS to basic and diluted GAAP EPS

Reconciliations of basic and diluted Core EPS to basic and diluted GAAP EPS,
the most directly comparable GAAP financial measure, for the three months
ended September 30, 2013 and 2012 are provided below.

                                    For the three months ended September 30,
                                    2013                    2012
                                    (unaudited)             (unaudited)
Basic and diluted Core EPS(1)       $        0.48           $      0.42
Net realized and unrealized gains   0.05                    0.20
Incentive fees attributed to net
realized and unrealized gains and   (0.01              )    (0.03            )
losses
Income tax expense related to       —                       —
realized gains
Basic and diluted GAAP EPS          $        0.52           $      0.59

      Basic and diluted Core EPS is a non-GAAP financial measure. Core EPS is
      the net per share increase (decrease) in stockholders’ equity resulting
      from operations less realized and unrealized gains and losses, any
      incentive fees attributable to such net realized and unrealized gains
      and losses and any income taxes related to such realized gains. Basic
(1)   and diluted GAAP EPS is the most directly comparable GAAP financial
      measure. Ares Capital believes that Core EPS provides useful information
      to investors regarding financial performance because it is one method
      Ares Capital uses to measure its financial condition and results of
      operations. The presentation of this additional information is not meant
      to be considered in isolation or as a substitute for financial results
      prepared in accordance with GAAP.

Contact:

Ares Capital Corporation
Carl Drake, 888-818-5298
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