Material Agreement (Form 8-K)

Item 1.01 Entry into a Material Definitive Agreement.

Amendment and Restatement of Credit Facility.

On May 21, 2026, Ares Capital Corporation (the "Company") amended and restated its senior secured credit facility, among the Company, the lenders party thereto, and JPMorgan Chase Bank, N.A., as the administrative agent (as amended and restated, the "A&R Credit Facility"). The A&R Credit Facility, among other things, (a) increased the total commitments and loans under the A&R Credit Facility from approximately $5.312 billion to approximately $5.481 billion, (b) amended the base interest rate charged on the USD loans under the A&R Credit Facility from (x) Term SOFR (as defined in the documents governing the A&R Credit Facility) plus a credit spread adjustment of 0.10% to (y) Term SOFR, in each case plus an applicable spread described below, (c) modified certain covenant restrictions, (d) extended the expiration of the revolving period for lenders electing to extend their revolving commitments in an amount equal to approximately $4.2 billion from April 15, 2029 to May 21, 2030, during which period the Company, subject to certain conditions, may make borrowings under the A&R Credit Facility, (e) extended the stated maturity date for lenders electing to extend their revolving commitments in an amount equal to approximately $4.2 billion from April 15, 2030 to May 21, 2031 and (f) extended the stated maturity date for the lenders electing to extend their term loan commitments in an amount equal to approximately $1.0 billion from April 15, 2030 to May 21, 2031. Lenders who elected not to extend their revolving commitments in an amount equal to approximately $37.5 million and $131 million will remain subject to a revolving period expiration of April 12, 2028 and April 15, 2029, respectively, and a stated maturity date of April 12, 2029 and April 15, 2030, respectively. Lenders who elected not to extend the stated maturity of their term loans in an amount equal to $40 million, $12.5 million and $70 million will remain subject to a maturity date of April 19, 2028, April 12, 2029 and April 15, 2030, respectively.

The A&R Credit Facility is composed of a revolving loan tranche equal to approximately $4.3 billion and a term loan tranche in an amount equal to approximately $1.2 billion. The A&R Credit Facility includes an "accordion" feature that allows the Company, under certain circumstances, to increase the size of the A&R Credit Facility by an amount up to approximately $2.7 billion.

The interest rate charged on the A&R Credit Facility for lenders electing to extend the maturity of their term loans and the maturity and revolving period of their revolving loan commitments (the "Extending Lenders") and for lenders that did not consent to such extension but consented to the same pricing as the Extending Lenders (the "Special Non-Extending Lenders") is based on Term SOFR (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in certain approved foreign currencies plus a spread adjustment, if applicable) plus an applicable spread of either 1.525%, 1.650%, 1.775% or an "alternate base rate" (as defined in the documents governing the A&R Credit Facility) plus an applicable spread of either 0.525%, 0.650% or 0.775%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving exposure under the A&R Credit Facility and (b) 85% of the total commitments of the A&R Credit Facility (or, if higher, the aggregate amount of revolving exposure) plus (ii) other debt, if any, secured by the same collateral as the A&R Credit Facility.

The interest rate charged on the A&R Credit Facility for the lenders who are not Extending Lenders or Special Non-Extending Lenders (the "Other Lenders") is based on Term SOFR (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in certain approved foreign currencies plus a spread adjustment, if applicable) plus an applicable spread of either 1.750% or 1.875% or an "alternate base rate" (as defined in the documents governing the A&R Credit Facility) plus an applicable spread of either 0.750% or 0.875%, in each case, determined monthly based on the total amount of the borrowing base relative to the sum of (i) the greater of (a) the aggregate amount of revolving exposure under the A&R Credit Facility and (b) 85% of the total commitments of the A&R Credit Facility (or, if higher, the aggregate amount of revolving exposure) plus (ii) other debt, if any, secured by the same collateral as the A&R Credit Facility.