EXHIBIT 1

JOINT FILING AGREEMENT

     In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them a Statement on Schedule 13G (including amendments thereto) with regard to the common stock of Ares Capital Corporation, and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filings. In evidence thereof, the undersigned, being duly authorized, hereby execute this Joint Filing Agreement as of October 27, 2004.

ATLAS CAPITAL (Q.P.), L.P.
By:	Atlas Capital Management, L.P., its general partner
By:	RHA, Inc., its general partner
By:	/s/ Robert H. Alpert
	Robert H. Alpert
	President
ATLAS CAPITAL MASTER FUND, L.P.
By:	Atlas Capital Management, L.P., its general partner
By:	RHA, Inc., its general partner
By:	/s/ Robert H. Alpert
	Robert H. Alpert
	President
ATLAS CAPITAL ID FUND, L.P.
By:	Atlas Capital Management, L.P., its general partner
By:	RHA, Inc., its general partner
By:	/s/ Robert H. Alpert
	Robert H. Alpert
	President
ATLAS CAPITAL MANAGEMENT, L.P.
By:	RHA, Inc., its general partner
By:	/s/ Robert H. Alpert
	Robert H. Alpert
	President
RHA, INC.
By:	/s/ Robert H. Alpert
	Robert H. Alpert
	President
/s/ Robert H. Alpert
Robert H. Alpert