FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

HUNTER GLOBAL ASSOCIATES LLC 		2. Issuer Name and Ticker or Trading Symbol

ARES CAPITAL CORP [ ARCC ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

485 MADISON AVENUE, 22ND FLOOR,  		3. Date of Earliest Transaction (MM/DD/YYYY)

10/5/2004
(Street)

NEW YORK, NY 10022
(City)        (State)        (Zip)
4. 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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   10/5/2004     S    250000   D $15.00   1000000   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. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) 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 FUND II LP
C/O HUNTER GLOBAL INVESTORS L.P.
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
C/O HUNTER GLOBAL INVESTORS L.P.
485 MADISON AVENUE, 22ND FLOOR
NEW YORK, NY 10022
X

BUCHAN DUKE III
C/O HUNTER GLOBAL INVESTORS L.P.
485 MADISON AVENUE, 22ND FLOOR
NEW YORK, NY 10022
X


Signatures
By: /s/ Duke Buchan III 10/12/2004
** Signature of Reporting Person Date

HUNTER GLOBAL ASSOCIATES L.L.C., By: /s/ Duke Buchan III, Senior Managing Member 10/12/2004
** Signature of Reporting Person Date

HUNTER GLOBAL INVESTORS L.P., By: Hunter Global Capital Management L.L.C., its general partner, By: /s/ Duke Buchan III, Member 10/12/2004
** 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 10/12/2004
** 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 10/12/2004
** 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 4(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).
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