1. Name and Address of Reporting Person * HUNTER GLOBAL ASSOCIATES LLC	2. Date of Event Requiring Statement (MM/DD/YYYY) 10/5/2004	3. Issuer Name and Ticker or Trading Symbol ARES CAPITAL CORP [ARCC]
(Last)        (First)        (Middle) 485 MADISON AVENUE, 22ND FLOOR	4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                            ___ X ___ 10% Owner _____ Officer (give title below)          _____ Other (specify below)
(Street) NEW YORK, NY 10022        (City)              (State)              (Zip)	5. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	1250000	I	See Footnotes   (1) (2)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 4)	2. Date Exercisable and Expiration Date (MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:
(1)	The shares of Common Stock to which this Form 3 relate are held directly by Hunter Global Investors Fund I L.P. ("Fund I"), Hunter Global Investors Fund II L.P. ("Fund II"), Hunter Global Investors Offshore Fund Ltd. ("Offshore I"), and Hunter Global Investors Offshore Fund II Ltd. ("Offshore II"; collectively, the "Hunter Funds"), in the aggregate, though no one Hunter Fund holds 10% or more. Mr. Buchan, the senior managing member of the general partner (Hunter Global Associates L.L.C.) of Fund I and Fund II and the sole member of the general partner of the investment manager (Hunter Global Investors L.P.) of all of the Hunter Funds, has the power to direct the affairs of the Hunter Funds, including with respect to the disposition of proceeds from the sale of the Common Stock.
(2)	Mr. Buchan disclaims any beneficial ownership of any of the Issuer's securities to which this filing relates for purposes of Section 16 of the Act or otherwise, except to the extent of his pecuniary interest therein.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
HUNTER GLOBAL ASSOCIATES LLC 485 MADISON AVENUE 22ND FLOOR NEW YORK, NY 10022		X
HUNTER GLOBAL INVESTORS L P 485 MADISON AVENUE 22ND FLOOR NEW YORK, NY 10022		X
HUNTER GLOBAL INVESTORS FUND I LP 485 MADISON AVENUE 22ND FLOOR NEW YORK, NY 10022		X
HUNTER GLOBAL INVESTORS FUND II LP 485 MADISON AVENUE 22ND FLOOR NEW YORK, NY 10022		X
BUCHAN DUKE III 485 MADISON AVENUE 22ND FLOOR NEW YORK, NY 10022		X

Signatures
By: /s/ Duke Buchan III, Duke Buchan III		10/5/2004
** Signature of Reporting Person		Date
HUNTER GLOBAL ASSOCIATES L.L.C., By: /s/ Duke Buchan III, Senior Managing Member		10/5/2004
** Signature of Reporting Person		Date
HUNTER GLOBAL INVESTORS L.P., By: Hunter Global Capital Management L.L.C., By: /s/ Duke Buchan III, Member		10/5/2004
** Signature of Reporting Person		Date
HUNTER GLOBAL INVESTORS FUND I L.P., By: Hunter Global Associates L.L.C., its general partner, By: /s/ Duke Buchan III, Senior Managing Member		10/5/2004
** Signature of Reporting Person		Date
HUNTER GLOBAL INVESTORS FUND II L.P., By: Hunter Global Associates L.L.C., its general partner, By: /s/ Duke Buchan III, Senior Managing Member		10/5/2004
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.