Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On January 24, 2020, Ares Capital Corporation (the "Registrant") and Ares Capital JB Funding LLC, a wholly owned subsidiary of the Registrant ("ACJB LLC"), increased total commitments under ACJB LLC's revolving funding facility (the "SMBC Funding Facility") with Sumitomo Mitsui Banking Corporation and each of the other parties thereto by $75 million, from $650 million to $725 million. The other terms of the SMBC Funding Facility remained unchanged.

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