阿瑞斯资本美股招股说明书(2026-05-06版)

Ares Capital Corporation5.550% Notes due 2030 We are offering $800,000,000 in aggregate principal amount of 5.550% notes due 2030, which we refer to as the Notes. TheNoteswill mature on January 15, 2030. We will pay interest on the Noteson January 15 and July 15 of eachyear, beginning January 15,2027. We may redeem the Notes in whole or in part at any time or from time to time at the redemption price discussed under the caption“Description of Notes—Optional Redemption” in this prospectus supplement. In addition, holders of the Notes can require us to repurchasethe Notes at 100% of their principal amount upon the occurrence of a Change of Control Repurchase Event (as defined herein). The Noteswill be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Notes will be our direct senior unsecured obligations and rankparipassu, or equally, with all outstanding and futureunsecured unsubordinated indebtedness issued by Ares Capital Corporation. Ares Capital Corporation is a specialty finance company that is a closed-end, non-diversified management investment companyincorporated in Maryland. We have elected to be regulated as a business development company under the Investment Company Act of 1940,as amended (the “Investment Company Act”). Our investment objective is to generate both current income and capital appreciation throughdebt and equity investments. We invest primarily in first lien senior secured loans (including “unitranche” loans, which are loans thatcombine both senior and subordinated loans, generally in a first lien position), and second lien senior secured loans. In addition to seniorsecured loans, we also invest in subordinated debt (sometimes referred to as mezzanine debt), which in some cases includes an equitycomponent, 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 ManagementCorporation, a publicly traded, leading global alternative investment manager (“Ares”). Ares Operations LLC, a subsidiary of AresManagement Corporation, provides certain administrative and other services necessary for us to operate. Investing in the Notes involves risks. Before making a decision to invest in the Notes, you should carefully consider thematters that are described in the “Risk Factors” section beginning on page S-11 of this prospectus supplement and page 15 of theaccompanying prospectus, including the risk of leverage and the matters discussed in the documents incorporated by reference inthis prospectus supplement and the accompanying prospectus. This prospectus supplement and the accompanying prospectus, and the documents incorporated by reference herein and therein,concisely provide important information about us that you should know before investing in the Notes. Please read this prospectussupplement and the accompanying prospectus, and the documents incorporated by reference herein and therein, before you invest and keep itfor future reference. We file annual, quarterly and current reports, proxy statements and other information with the Securities and ExchangeCommission (the “SEC”). This information is available free of charge by calling us collect at (310) 201-4200 or on our website atwww.arescapitalcorp.com. The SEC also maintains a website at www.sec.gov that contains such information. The information on thewebsites referred to herein is not incorporated by reference into this prospectus supplement or the accompanying prospectus. Public offering price(1) Underwriting discount (sales load) Proceeds, before expenses, to Ares Capital Corporation(2) (1)The public offering price set forth above does not include accrued interest, if any. Interest on the Notes will accrue from May 11, 2026and must be paid by the purchaser if the Notes are delivered after May 11, 2026.(2)Before deducting expenses payable by us related to this offering, estimated at $. THE NOTES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THEFEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved ofthese securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Anyrepresentation to the contrary is a criminal offense. Delivery of the Notesoffered hereby in book-entry form only through The Depository Trust Company for the accounts of itsparticipants, including Euroclear Bank S.A./N.V., as operator of the Euroclear System, and Clearstream Banking S.A., will be made on orabout May 11, 2026, which is the fifth business day after the date of this prospectus supplement. See “Underwriting.” We and the underwriters have not authorized anyone to provide any information other than that contained orincorporated by reference in this prospectus supplement and the