SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
the Securities Exchange Act of 1934 (Amendment No. )
![[MISSING IMAGE: lg_arescapitalcorp-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001287750/000110465925042576/lg_arescapitalcorp-4c.jpg)
245 Park Avenue, 44th Floor
New York, NY 10167
Co-Chairperson of the Board of Directors
Co-Chairperson of the Board of Directors
![[MISSING IMAGE: lg_arescapitalcorp-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001287750/000110465925042576/lg_arescapitalcorp-4c.jpg)
245 Park Avenue, 44th Floor
New York, NY 10167
TO BE HELD ON AUGUST 8, 2025
General Counsel, Vice President and Secretary
May , 2025
![[MISSING IMAGE: lg_arescapitalcorp-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001287750/000110465925042576/lg_arescapitalcorp-4c.jpg)
245 Park Avenue, 44th Floor
New York, NY 10167
SPECIAL MEETING OF STOCKHOLDERS
Name of Beneficial Owner
|
| |
Amount and
Nature of Beneficial Ownership |
| |
Percent of
Class(1) |
| ||||||
Directors and Named Executive Officers: | | | | | | | | | | | | | |
Interested Directors | | | | | | | | | | | | | |
Michael J Arougheti
|
| | | | 2,060,470 | | | | | | * | | |
R. Kipp deVeer
|
| | | | 300,000 | | | | | | * | | |
Mitchell Goldstein
|
| | | | 366,592 | | | | | | * | | |
Michael L. Smith
|
| | | | 240,012(2) | | | | | | * | | |
Independent Directors | | | | | | | | | | | | | |
Ann Torre Bates
|
| | | | 38,000(3) | | | | | | * | | |
Mary Beth Henson
|
| | | | 26,069 | | | | | | * | | |
Daniel G. Kelly, Jr.
|
| | | | 52,829 | | | | | | * | | |
Steven B. McKeever
|
| | | | 59,593 | | | | | | * | | |
Michael K. Parks
|
| | | | 32,734 | | | | | | * | | |
Eric B. Siegel
|
| | | | 52,970(4) | | | | | | * | | |
Named Executive Officers Who Are Not Directors | | | | | | | | | | | | | |
Scott C. Lem
|
| | | | 34,273 | | | | | | * | | |
Jim Miller
|
| | | | 51,036 | | | | | | * | | |
Kort Schnabel
|
| | | | 15,000 | | | | | | * | | |
All Directors, Executive Officers and Certain Other Officers as a Group
(19 persons) |
| | | | 3,358,948(5) | | | | | | * | | |
| | |
NAV(1)
|
| |
Price Range
|
| |
High
Sales Price Premium (Discount) to NAV(2) |
| |
Low
Sales Price Premium (Discount) to NAV(2) |
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High
|
| |
Low
|
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Year ended December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 19.03 | | | | | $ | 22.58 | | | | | $ | 19.70 | | | | | | 18.65% | | | | | | 3.52% | | |
Second Quarter
|
| | | $ | 18.81 | | | | | $ | 22.44 | | | | | $ | 17.12 | | | | | | 19.30% | | | | | | (8.98)% | | |
Third Quarter
|
| | | $ | 18.56 | | | | | $ | 20.70 | | | | | $ | 16.84 | | | | | | 11.53% | | | | | | (9.27)% | | |
Fourth Quarter
|
| | | $ | 18.40 | | | | | $ | 19.76 | | | | | $ | 17.30 | | | | | | 7.39% | | | | | | (5.98)% | | |
Year ended December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 18.45 | | | | | $ | 20.04 | | | | | $ | 17.19 | | | | | | 8.62% | | | | | | (6.83)% | | |
Second Quarter
|
| | | $ | 18.58 | | | | | $ | 19.11 | | | | | $ | 17.65 | | | | | | 2.85% | | | | | | (5.01)% | | |
| | |
NAV(1)
|
| |
Price Range
|
| |
High
Sales Price Premium (Discount) to NAV(2) |
| |
Low
Sales Price Premium (Discount) to NAV(2) |
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|
High
|
| |
Low
|
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Third Quarter
|
| | | $ | 18.99 | | | | | $ | 19.81 | | | | | $ | 18.86 | | | | | | 4.32% | | | | | | (0.68)% | | |
Fourth Quarter
|
| | | $ | 19.24 | | | | | $ | 20.21 | | | | | $ | 18.66 | | | | | | 5.04% | | | | | | (3.01)% | | |
Year ended December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 19.53 | | | | | $ | 20.82 | | | | | $ | 19.94 | | | | | | 6.61% | | | | | | 2.10% | | |
Second Quarter
|
| | | $ | 19.61 | | | | | $ | 21.58 | | | | | $ | 20.24 | | | | | | 10.05% | | | | | | 3.21% | | |
Third Quarter
|
| | | $ | 19.77 | | | | | $ | 21.28 | | | | | $ | 19.80 | | | | | | 7.64% | | | | | | 0.15% | | |
Fourth Quarter
|
| | | $ | 19.89 | | | | | $ | 22.27 | | | | | $ | 20.74 | | | | | | 11.97% | | | | | | 4.27% | | |
Year ending December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 19.82 | | | | | $ | 23.81 | | | | | $ | 21.28 | | | | | | 20.13% | | | | | | 7.37% | | |
Second Quarter (through May , 2025)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Example 1
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Example 2
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Example 3
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Example 4
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5% Offering at
5% Discount |
| |
10% Offering at
10% Discount |
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20% Offering at
20% Discount |
| |
25% Offering at
25% Discount |
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| | |
Prior to Sale
Below NAV |
| |
Following
Sale |
| |
%
Change |
| |
Following
Sale |
| |
%
Change |
| |
Following
Sale |
| |
%
Change |
| |
Following
Sale |
| |
%
Change |
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Offering Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Price per Share to Public
|
| | | | | | | | | $ | 15.00 | | | | | | — | | | | | $ | 14.21 | | | | | | — | | | | | $ | 12.63 | | | | | | — | | | | | $ | 11.84 | | | | | | — | | |
Net Proceeds per Share to
Issuer |
| | | | | | | | | $ | 14.25 | | | | | | — | | | | | $ | 13.50 | | | | | | — | | | | | $ | 12.00 | | | | | | — | | | | | $ | 11.25 | | | | | | — | | |
Decrease to Net Asset Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Shares Outstanding
|
| | | | 30,000,000 | | | | | | 31,500,000 | | | | | | 5.00% | | | | | | 33,000,000 | | | | | | 10.00% | | | | | | 36,000,000 | | | | | | 20.00% | | | | | | 37,500,000 | | | | | | 25.00% | | |
Net Asset Value per Share
|
| | | $ | 15.00 | | | | | $ | 14.96 | | | | | | (0.24)% | | | | | $ | 14.86 | | | | | | (0.91)% | | | | | $ | 14.50 | | | | | | (3.33)% | | | | | $ | 14.25 | | | | | | (5.00)% | | |
Dilution to Nonparticipating Stockholder | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Held by Stockholder A
|
| | | | 30,000 | | | | | | 30,000 | | | | | | 0.00% | | | | | | 30,000 | | | | | | 0.00% | | | | | | 30,000 | | | | | | 0.00% | | | | | | 30,000 | | | | | | 0.00% | | |
Percentage Held by Stockholder A
|
| | | | 0.10% | | | | | | 0.10% | | | | | | (4.76)% | | | | | | 0.09% | | | | | | (9.09)% | | | | | | 0.08% | | | | | | (16.67)% | | | | | | 0.08% | | | | | | (20.00)% | | |
Total Net Asset Value Held by Stockholder A
|
| | | $ | 450,000 | | | | | $ | 448,929 | | | | | | (0.24)% | | | | | $ | 445,909 | | | | | | (0.91)% | | | | | $ | 435,000 | | | | | | (3.33)% | | | | | $ | 427,500 | | | | | | (5.00)% | | |
Total Investment by Stockholder A (Assumed to
Be $15.00 per Share) |
| | | $ | 450,000 | | | | | $ | 450,000 | | | | | | | | | | | $ | 450,000 | | | | | | | | | | | $ | 450,000 | | | | | | | | | | | $ | 450,000 | | | | | | | | |
Total Dilution to Stockholder A (Total Net Asset
Value Less Total Investment) |
| | | | | | | | | $ | (1,071) | | | | | | | | | | | $ | (4,091) | | | | | | | | | | | $ | (15,000) | | | | | | | | | | | $ | (22,500) | | | | | | | | |
Investment per Share Held by Stockholder A (Assumed to be $15.00 per Share on Shares Held Prior to Sale)
|
| | | $ | 15.00 | | | | | $ | 15.00 | | | | | | 0.00% | | | | | $ | 15.00 | | | | | | 0.00% | | | | | $ | 15.00 | | | | | | 0.00% | | | | | $ | 15.00 | | | | | | 0.00% | | |
Net Asset Value per Share Held by
Stockholder A |
| | | | | | | | | $ | 14.96 | | | | | | | | | | | $ | 14.86 | | | | | | | | | | | $ | 14.50 | | | | | | | | | | | $ | 14.25 | | | | | | | | |
Dilution per Share Held by Stockholder A (Net Asset Value per Share Less Investment per Share)
|
| | | | | | | | | $ | (0.04) | | | | | | | | | | | $ | (0.14) | | | | | | | | | | | $ | (0.50) | | | | | | | | | | | $ | (0.75) | | | | | | | | |
Percentage Dilution to Stockholder A (Dilution
per Share Divided by Investment per Share) |
| | | | | | | | | | | | | | | | (0.24)% | | | | | | | | | | | | (0.91)% | | | | | | | | | | | | (3.33)% | | | | | | | | | | | | (5.00)% | | |
| | | | | | | | |
50% Participation
|
| |
150% Participation
|
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| | |
Prior to Sale
Below NAV |
| |
Following
Sale |
| |
% Change
|
| |
Following
Sale |
| |
% Change
|
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Offering Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Price per Share to Public
|
| | | | | | | | | $ | 12.63 | | | | | | | | | | | $ | 12.63 | | | | | | | | |
Net Proceeds per Share to Issuer
|
| | | | | | | | | $ | 12.00 | | | | | | | | | | | $ | 12.00 | | | | | | | | |
Decrease/Increase to Net Asset Value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Shares Outstanding
|
| | | | 30,000,000 | | | | | | 36,000,000 | | | | | | 20% | | | | | | 36,000,000 | | | | | | 20% | | |
Net Asset Value per Share
|
| | | $ | 15.00 | | | | | $ | 14.50 | | | | | | (3.33)% | | | | | $ | 14.50 | | | | | | (3.33)% | | |
Dilution/Accretion to Participating Stockholder Shares Held by Stockholder A
|
| | | | 30,000 | | | | | | 33,000 | | | | | | 10% | | | | | | 39,000 | | | | | | 30% | | |
Percentage Held by Stockholder A
|
| | | | 0.10% | | | | | | 0.09% | | | | | | (8.33)% | | | | | | 0.11% | | | | | | 8.33% | | |
Total Net Asset Value Held by Stockholder A
|
| | | $ | 450,000 | | | | | $ | 478,500 | | | | | | 6.33% | | | | | $ | 565,500 | | | | | | 25.67% | | |
Total Investment by Stockholder A
(Assumed to be $15.00 per Share on Shares Held Prior to Sale) |
| | | | | | | | | $ | 487,895 | | | | | | | | | | | $ | 563,684 | | | | | | | | |
Total Dilution/Accretion to Stockholder A (Total Net Asset Value Less Total Investment)
|
| | | | | | | | | $ | (9,395) | | | | | | | | | | | $ | 1,816 | | | | | | | | |
Investment per Share Held by Stockholder A (Assumed to Be $15.00 on Shares Held
Prior to Sale) |
| | | $ | 15.00 | | | | | $ | 14.78 | | | | | | (1.44)% | | | | | $ | 14.45 | | | | | | (3.64)% | | |
Net Asset Value per Share Held by
Stockholder A |
| | | | | | | | | $ | 14.50 | | | | | | | | | | | $ | 14.50 | | | | | | | | |
Dilution/Accretion per Share Held by
Stockholder A (Net Asset Value per Share Less Investment per Share) |
| | | | | | | | | $ | (0.28) | | | | | | | | | | | $ | 0.05 | | | | | | 0.40% | | |
Percentage Dilution/Accretion to Stockholder A (Dilution per Share Divided by Investment per Share)
|
| | | | | | | | | | | | | | | | (1.96)% | | | | | | | | | | | | 0.32% | | |
| | | | | | | | |
Example 1
|
| |
Example 2
|
| |
Example 3
|
| |
Example 4
|
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| | | | | | | | |
5% Offering at
5% Discount |
| |
10% Offering at
10% Discount |
| |
20% Offering at
20% Discount |
| |
25% Offering at
25% Discount |
| ||||||||||||||||||||||||||||||||||||
| | |
Prior to Sale
Below NAV |
| |
Following
Sale |
| |
%
Change |
| |
Following
Sale |
| |
%
Change |
| |
Following
Sale |
| |
%
Change |
| |
Following
Sale |
| |
%
Change |
| |||||||||||||||||||||||||||
Offering Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Price per Share to Public
|
| | | | | | | | | $ | 15.00 | | | | | | | | | | | $ | 14.21 | | | | | | | | | | | $ | 12.63 | | | | | | | | | | | $ | 11.84 | | | | | | — | | |
Net Proceeds per
Share to Issuer |
| | | | | | | | | $ | 14.25 | | | | | | | | | | | $ | 13.50 | | | | | | | | | | | $ | 12.00 | | | | | | | | | | | $ | 11.25 | | | | | | — | | |
Decrease/Increase to Net Asset Value
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Shares Outstanding
|
| | | | 30,000,000 | | | | | | 31,500,000 | | | | | | 5% | | | | | | 33,000,000 | | | | | | 10% | | | | | | 36,000,000 | | | | | | 20% | | | | | | 37,500,000 | | | | | | 25.00% | | |
Net Asset Value per Share
|
| | | $ | 15.00 | | | | | $ | 14.96 | | | | | | (0.24)% | | | | | $ | 14.86 | | | | | | (0.91)% | | | | | $ | 14.50 | | | | | | (3.33)% | | | | | $ | 14.25 | | | | | | (5.00)% | | |
Dilution/Accretion to New Investor A
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Held by Investor A
|
| | | | 0 | | | | | | 1,500 | | | | | | | | | | | | 3,000 | | | | | | | | | | | | 6,000 | | | | | | | | | | | | 7,500 | | | | | | — | | |
Percentage Held by Investor A
|
| | | | 0.00% | | | | | | 0.00% | | | | | | | | | | | | 0.01% | | | | | | | | | | | | 0.02% | | | | | | | | | | | | 0.02% | | | | | | — | | |
Total Net Asset Value Held by Investor A
|
| | | $ | 0 | | | | | $ | 22,446 | | | | | | | | | | | $ | 44,591 | | | | | | | | | | | $ | 87,000 | | | | | | | | | | | $ | 106,875 | | | | | | — | | |
Total Investment by Investor A (At
Price to Public) |
| | | | | | | | | $ | 22,500 | | | | | | | | | | | $ | 42,632 | | | | | | | | | | | $ | 75,789 | | | | | | | | | | | $ | 88,816 | | | | | | — | | |
Total Dilution/ Accretion to Investor A (Total Net Asset Value Less Total Investment)
|
| | | | | | | | | $ | (54) | | | | | | | | | | | $ | 1,959 | | | | | | | | | | | $ | 11,211 | | | | | | | | | | | $ | 18,059 | | | | | | — | | |
Investment per Share Held by Investor A
|
| | | $ | 0 | | | | | $ | 15.00 | | | | | | | | | | | $ | 14.21 | | | | | | | | | | | $ | 12.63 | | | | | | | | | | | $ | 11.84 | | | | | | — | | |
Net Asset Value per Share Held by
Investor A |
| | | | | | | | | $ | 14.96 | | | | | | | | | | | $ | 14.86 | | | | | | | | | | | $ | 14.50 | | | | | | | | | | | $ | 14.25 | | | | | | — | | |
Dilution/Accretion per Share Held
by Investor A (Net Asset Value per Share Less Investment per Share) |
| | | | | | | | | $ | (0.04) | | | | | | | | | | | $ | 0.65 | | | | | | | | | | | $ | 1.87 | | | | | | | | | | | $ | 2.41 | | | | | | — | | |
Percentage Dilution/Accretion to Investor A (Dilution per Share Divided by Investment per
Share) |
| | | | | | | | | | | | | | | | (0.24)% | | | | | | | | | | | | 4.60% | | | | | | | | | | | | 14.79% | | | | | | | | | | | | 20.33% | | |
Special Meeting of Stockholders to be held on August 8, 2025
Co-Chairperson of the Board of Directors
Co-Chairperson of the Board of Directors
May , 2025
![[MISSING IMAGE: lg_arescapitalcorp-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001287750/000110465925042576/lg_arescapitalcorp-4c.jpg)
![[MISSING IMAGE: lg_arescapitalcorp-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0001287750/000110465925042576/lg_arescapitalcorp-4c.jpg)
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Using a black ink pen, mark your votes with an X as shown in this example. Please do not write
outside the designated areas. |
| | ☒ | |
ENVELOPE.
|
1.
To authorize the Company, with the approval of its board of directors, to sell or otherwise issue shares of its common stock at a price below its then current net asset value per share subject to the limitations set forth in the proxy statement for the special meeting of stockholders (including, without limitation, that the number of shares issued does not exceed 25% of the Company’s then outstanding common stock). If approved, the authorization would be effective for common stock issued during a twelve-month period expiring on the anniversary of the date of this Special Meeting.
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FOR
☐ |
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AGAINST
☐ |
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ABSTAIN
☐ |
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| Date (mm/dd/yyyy) – Please print date below. | | | Signature 1 – Please keep signature within the box. | | | Signature 2 – Please keep signature within the box. | |
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