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Subject to Completion Preliminary Prospectus Supplement dated July 28, 2021 PROSPECTUS SUPPLEMENT (To Prospectus dated June 3, 2021) 12,500,000 Shares nd it is not soliciting an offer to buy Common Stock We are offering for sale 12,500,000 shares of our common stock. Ares Capital Corporation is a specialty finance company that is a closed-end, non-diversified management investment company incorporated in Maryland. We have elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily in first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and subordinated debt, generally in a first lien position), and second lien senior secured loans. In addition to senior secured loans, we also invest in subordinated debt (sometimes referred to as mezzanine debt), which in some cases includes an equity component, and preferred equity. To a lesser extent, we also make common equity investments. We are externally managed by our investment adviser, Ares Capital Management LLC, a subsidiary of Ares Management Corporation, a publicly traded, leading global alternative investment manager. Ares Operations LLC, a subsidiary of Ares Management Corporation, provides certain administrative and other services necessary for us to operate. Our common stock is traded on The NASDAQ Global Select Market under the symbol “ARCC.” On July 27, 2021, the official close price of our common stock on The NASDAQ Global Select Market was $20.12 per share.
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