SEC Contract Filing

Filing Date: 2025-02-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>tm254084d3_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B>Ares Capital
Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Up to $1,500,000,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Shares of Common Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(par value $0.001 per share)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EQUITY DISTRIBUTION AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">February&nbsp;5, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jefferies LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">520 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Ares
Capital Corporation</FONT>, a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), Ares Capital Management LLC, a Delaware limited
liability company (the &ldquo;<U>Adviser</U>&rdquo;), and Ares Operations LLC, a Delaware limited liability company (the &ldquo;<U>Administrator</U>&rdquo;),
confirm their agreement (this &ldquo;<U>Agreement</U>&rdquo;) with Jefferies LLC (the &ldquo;<U>Manager</U>&rdquo;), as follows. This
Agreement supersedes the terms of the Equity Distribution Agreement dated as of July&nbsp;30, 2024 among the Company, the Adviser, the
Administrator and the Manager (the &ldquo;<U>2024 EDA</U>&rdquo;), and the parties hereto agree that the 2024 EDA is terminated pursuant
to Section&nbsp;10(c)&nbsp;of the 2024 EDA and the provisions of the 2024 EDA set forth in such section shall survive termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.
</FONT><U>Description of Securities</U>. The Company proposes to issue and sell through or to the Manager (or any Alternative Manager
(as defined below)), as sales agent and/or principal, shares of the Company&rsquo;s common stock, par value $0.001 per share (the &ldquo;<U>Common
Stock</U>&rdquo;), having an aggregate offering price of up to $1,500,000,000 (the &ldquo;<U>Maximum </U>Amount&rdquo;) on the terms set
forth in Section&nbsp;4 of this Agreement. The shares of Common Stock to be sold through or to the Manager pursuant hereto or pursuant
to a Terms Agreement (as defined below) or through or to an Alternative Manager pursuant to an Alternative Equity Distribution Agreement
or Alternative Terms Agreement (each term as defined below) are referred to herein as the &ldquo;<U>Shares</U>.&rdquo; For the avoidance
of doubt, as of the date of this Agreement, Common Stock having an aggregate offering price of up to $1,500,000,000 may be sold pursuant
to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has entered into, and from time to time may also enter
into separate equity distribution agreements (each, an &ldquo;<U>Alternative Equity Distribution Agreement</U>&rdquo; and collectively,
the &ldquo;<U>Alternative Equity Distribution Agreements</U>&rdquo;), dated of even date herewith, with each of the entities listed on
<U>Schedule A</U> hereto, as sales agent and/or principal (each, an &ldquo;<U>Alternative Manager</U>&rdquo; and collectively, the &ldquo;<U>Alternative
Managers</U>&rdquo;). The Company agrees that whenever it determines to sell the Shares directly to the Manager or an Alternative Manager
as principal, it will enter into a separate agreement (each, a &ldquo;<U>Terms Agreement</U>&rdquo; or &ldquo;<U>Alternative Terms Agreement</U>&rdquo;,
respectively) in substantially the form of <U>Annex I</U> hereto, relating to such sale in accordance with Section&nbsp;4 of this Agreement.
This Agreement and the Alternative Equity Distribution Agreements are sometimes hereinafter referred to as the &ldquo;<U>Distribution
Agreements</U>.&rdquo; The Manager and the Alternative Managers are sometimes hereinafter referred to as the &ldquo;<U>Distribution Managers</U>.&rdquo;
In addition, the Company has adopted a dividend reinvestment plan (the &ldquo;<U>Dividend Reinvestment Plan</U>&rdquo;) pursuant to which
holders of Common Stock of the Company have their dividends automatically reinvested in additional shares of Common Stock of the Company
unless they elect to receive such dividends in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P S