FALSE December 31 2023 Q2 0001287750 http://fasb.org/us-gaap/2023#ForeignExchangeForwardMember http://www.arescapitalcorp.com/20230630#RoyalBankOfCanadaMember http://fasb.org/us-gaap/2023#ForeignExchangeForwardMember http://www.arescapitalcorp.com/20230630#RoyalBankOfCanadaMember http://fasb.org/us-gaap/2023#ForeignExchangeForwardMember http://www.arescapitalcorp.com/20230630#RoyalBankOfCanadaMember http://fasb.org/us-gaap/2023#ForeignExchangeForwardMember http://www.arescapitalcorp.com/20230630#RoyalBankOfCanadaMember http://fasb.org/us-gaap/2023#ForeignExchangeForwardMember http://www.arescapitalcorp.com/20230630#RoyalBankOfCanadaMember http://fasb.org/us-gaap/2023#ForeignExchangeForwardMember http://www.arescapitalcorp.com/20230630#RoyalBankOfCanadaMember http://fasb.org/us-gaap/2023#ForeignExchangeForwardMember http://www.arescapitalcorp.com/20230630#CanadianImperialBankOfCommerceMember http://fasb.org/us-gaap/2023#ForeignExchangeForwardMember http://www.arescapitalcorp.com/20230630#RoyalBankOfCanadaMember http://fasb.org/us-gaap/2023#ForeignExchangeForwardMember http://www.arescapitalcorp.com/20230630#RoyalBankOfCanadaMember http://fasb.org/us-gaap/2023#ForeignExchangeForwardMember http://www.arescapitalcorp.com/20230630#RoyalBankOfCanadaMember http://fasb.org/us-gaap/2023#ForeignExchangeForwardMember http://www.arescapitalcorp.com/20230630#RoyalBankOfCanadaMember http://fasb.org/us-gaap/2023#ForeignExchangeForwardMember http://www.arescapitalcorp.com/20230630#RoyalBankOfCanadaMember http://fasb.org/us-gaap/2023#ForeignExchangeForwardMember http://www.arescapitalcorp.com/20230630#RoyalBankOfCanadaMember http://fasb.org/us-gaap/2023#ForeignExchangeForwardMember http://www.arescapitalcorp.com/20230630#RoyalBankOfCanadaMember http://fasb.org/us-gaap/2023#ForeignExchangeForwardMember http://www.arescapitalcorp.com/20230630#RoyalBankOfCanadaMember http://fasb.org/us-gaap/2023#AccountingStandardsUpdate202006Member P1Y P1Y http://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesRealizedGainLoss http://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesUnrealizedGainLoss http://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesRealizedGainLoss http://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesUnrealizedGainLoss http://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesRealizedGainLoss http://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesUnrealizedGainLoss http://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesRealizedGainLoss http://fasb.org/us-gaap/2023#DebtAndEquitySecuritiesUnrealizedGainLoss 0001287750 2023-01-01 2023-06-30 0001287750 2023-07-25 xbrli:shares 0001287750 us-gaap:InvestmentUnaffiliatedIssuerMember 2023-06-30 iso4217:USD 0001287750 us-gaap:InvestmentUnaffiliatedIssuerMember 2022-12-31 0001287750 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-06-30 0001287750 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-12-31 0001287750 us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-06-30 0001287750 us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-12-31 0001287750 2023-06-30 0001287750 2022-12-31 iso4217:USD xbrli:shares 0001287750 us-gaap:InvestmentUnaffiliatedIssuerMember 2023-04-01 2023-06-30 0001287750 us-gaap:InvestmentUnaffiliatedIssuerMember 2022-04-01 2022-06-30 0001287750 us-gaap:InvestmentUnaffiliatedIssuerMember 2023-01-01 2023-06-30 0001287750 us-gaap:InvestmentUnaffiliatedIssuerMember 2022-01-01 2022-06-30 0001287750 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-04-01 2023-06-30 0001287750 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-04-01 2022-06-30 0001287750 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2023-01-01 2023-06-30 0001287750 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-01-01 2022-06-30 0001287750 us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-04-01 2023-06-30 0001287750 us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-04-01 2022-06-30 0001287750 us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-01-01 2023-06-30 0001287750 us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-01-01 2022-06-30 0001287750 2023-04-01 2023-06-30 0001287750 2022-04-01 2022-06-30 0001287750 2022-01-01 2022-06-30 0001287750 2U, Inc., First lien senior secured loan 2023-06-30 utr:Rate 0001287750 AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC, First lien senior secured loan 1 2023-06-30 0001287750 AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC, First lien senior secured loan 2 2023-06-30 0001287750 AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC, Senior subordinated loan 2023-06-30 xbrli:pure 0001287750 arcc:AffiniPayMidcoLLCAndAffiniPayIntermediateHoldingsLLCMember 2023-06-30 0001287750 Anaplan, Inc., First lien senior secured loan 2023-06-30 0001287750 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, First lien senior secured loan 1 2023-06-30 0001287750 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, First lien senior secured loan 2 2023-06-30 0001287750 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, First lien senior secured loan 3 2023-06-30 0001287750 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, First lien senior secured loan 4 2023-06-30 0001287750 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, First lien senior secured loan 5 2023-06-30 0001287750 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, First lien senior secured loan 6 2023-06-30 0001287750 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, Limited partnership units 2023-06-30 0001287750 arcc:AnaquaParentHoldingsIncAstorgVIICoInvestAnaquaMember 2023-06-30 0001287750 APG Intermediate Holdings Corporation and APG Holdings, LLC, First lien senior secured loan 1 2023-06-30 0001287750 APG Intermediate Holdings Corporation and APG Holdings, LLC, First lien senior secured loan 2 2023-06-30 0001287750 APG Intermediate Holdings Corporation and APG Holdings, LLC, First lien senior secured loan 3 2023-06-30 0001287750 APG Intermediate Holdings Corporation and APG Holdings, LLC, Class A membership units 2023-06-30 0001287750 arcc:APGIntermediateHoldingsCorporationAndAPGHoldingsLLCMember 2023-06-30 0001287750 Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc., First lien senior secured loan 2023-06-30 0001287750 Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc., Series A preferred shares 2023-06-30 0001287750 arcc:ApprissHealthLLCAndApprissHealthIntermediateHoldingsIncMember 2023-06-30 0001287750 Apptio, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Apptio, Inc., First lien senior secured loan 2023-06-30 0001287750 arcc:ApptioIncMember 2023-06-30 0001287750 Aptean, Inc. and Aptean Acquiror Inc., First lien senior secured loan 2023-06-30 0001287750 Auctane, Inc., First lien senior secured loan 2023-06-30 0001287750 Avalara, Inc., First lien senior secured loan 2023-06-30 0001287750 Avetta, LLC, First lien senior secured loan 2023-06-30 0001287750 AxiomSL Group, Inc. and Calypso Group, Inc., First lien senior secured loan 2023-06-30 0001287750 Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured revolving loan 2023-06-30 0001287750 Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured loan 1 2023-06-30 0001287750 Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured loan 2 2023-06-30 0001287750 Banyan Software Holdings, LLC and Banyan Software, LP, Preferred units 2023-06-30 0001287750 arcc:BanyanSoftwareHoldingsLLCAndBanyanSoftwareLPMember 2023-06-30 0001287750 BCTO Ignition Purchaser, Inc., First lien senior secured loan 2023-06-30 0001287750 Bobcat Purchaser, LLC and Bobcat Topco, L.P., First lien senior secured loan 2023-06-30 0001287750 Bobcat Purchaser, LLC and Bobcat Topco, L.P., Class A-1 units 2023-06-30 0001287750 arcc:BobcatPurchaserLLCAndBobcatTopcoLPMember 2023-06-30 0001287750 Borrower R365 Holdings LLC, First lien senior secured loan 1 2023-06-30 0001287750 Borrower R365 Holdings LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:BorrowerR365HoldingsLLCMember 2023-06-30 0001287750 Bottomline Technologies, Inc. and Legal Spend Holdings, LLC, First lien senior secured loan 2023-06-30 0001287750 Businessolver.com, Inc., First lien senior secured loan 2023-06-30 0001287750 CallMiner, Inc., Warrant to purchase shares of Series 1 preferred stock 2023-06-30 0001287750 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Second lien senior secured loan 1 2023-06-30 0001287750 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Second lien senior secured loan 2 2023-06-30 0001287750 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A preferred shares 2023-06-30 0001287750 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A-2 preferred shares 2023-06-30 0001287750 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A-3 preferred shares 2023-06-30 0001287750 arcc:CardinalParentIncAndPackersSoftwareIntermediateHoldingsIncMember 2023-06-30 0001287750 Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., First lien senior secured notes 2023-06-30 0001287750 Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., First lien senior secured loan 2023-06-30 0001287750 Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., Second lien senior secured notes 2023-06-30 0001287750 Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., Series A preferred stock 2023-06-30 0001287750 Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., Limited partnership interests 2023-06-30 0001287750 arcc:CloudSoftwareGroupIncPicardParentIncCloudSoftwareGroupHoldingsIncPicardHoldCoLLCAndElliottAltoCoInvestorAggregatorLPMember 2023-06-30 0001287750 Community Brands ParentCo, LLC, First lien senior secured loan 2023-06-30 0001287750 Community Brands ParentCo, LLC, Class A units 2023-06-30 0001287750 arcc:CommunityBrandsParentCoLLCMember 2023-06-30 0001287750 Computer Services, Inc., First lien senior secured loan 2023-06-30 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured revolving loan 1 2023-06-30 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured revolving loan 2 2023-06-30 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 1 2023-06-30 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 2 2023-06-30 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 3 2023-06-30 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., Common units 2023-06-30 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., Series A common units 2023-06-30 0001287750 arcc:ConsilioMidcoLimitedCompusoftUSLLCAndConsilioInvestmentHoldingsLPMember 2023-06-30 0001287750 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, Second lien senior secured loan 2023-06-30 0001287750 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, Limited partnership units 2023-06-30 0001287750 arcc:CoreLogicIncAndTVIIICelestialCoInvestLPMember 2023-06-30 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 2 2023-06-30 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 3 2023-06-30 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 4 2023-06-30 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 5 2023-06-30 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., Preferred equity 2023-06-30 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., Common equity 2023-06-30 0001287750 arcc:CoritySoftwareIncCoritySoftwareUSAIncAndCorityParentIncMember 2023-06-30 0001287750 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Second lien senior secured loan 2023-06-30 0001287750 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Series A preferred shares 2023-06-30 0001287750 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Class A-1 common stock 2023-06-30 0001287750 arcc:CornerstoneOnDemandIncAndSunshineSoftwareHoldingsIncMember 2023-06-30 0001287750 Coupa Holdings, LLC and Coupa Software Incorporated, First lien senior secured loan 2023-06-30 0001287750 Datix Bidco Limited, First lien senior secured loan 2023-06-30 0001287750 Datix Bidco Limited, Second lien senior secured loan 2023-06-30 0001287750 arcc:DatixBidcoLimitedMember 2023-06-30 0001287750 Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Second lien senior secured loan 2023-06-30 0001287750 Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Series A preferred shares 2023-06-30 0001287750 Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Series A units 2023-06-30 0001287750 arcc:DcertBuyerIncDCertPreferredHoldingsIncAndDestinyDigitalHoldingsLPMember 2023-06-30 0001287750 Denali Holdco LLC and Denali Apexco LP, First lien senior secured revolving loan 1 2023-06-30 0001287750 Denali Holdco LLC and Denali Apexco LP, First lien senior secured revolving loan 2 2023-06-30 0001287750 Denali Holdco LLC and Denali Apexco LP, First lien senior secured loan 1 2023-06-30 0001287750 Denali Holdco LLC and Denali Apexco LP, First lien senior secured loan 2 2023-06-30 0001287750 Denali Holdco LLC and Denali Apexco LP, Class A units 2023-06-30 0001287750 arcc:DenaliHoldcoLLCAndDenaliApexcoLPMember 2023-06-30 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan 2 2023-06-30 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan 3 2023-06-30 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan 4 2023-06-30 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc., Preferred stock 2023-06-30 0001287750 arcc:DiligentCorporationAndDiligentPreferredIssuerIncMember 2023-06-30 0001287750 Drilling Info Holdings, Inc. and Titan DI Preferred Holdings, Inc., Second lien senior secured loan 2023-06-30 0001287750 Drilling Info Holdings, Inc. and Titan DI Preferred Holdings, Inc., Preferred stock 2023-06-30 0001287750 arcc:DrillingInfoHoldingsIncAndTitanDIPreferredHoldingsIncMember 2023-06-30 0001287750 DS Admiral Bidco, LLC, First lien senior secured loan 2023-06-30 0001287750 Dye & Durham Corporation, First lien senior secured revolving loan 1 2023-06-30 0001287750 Dye & Durham Corporation, First lien senior secured revolving loan 2 2023-06-30 0001287750 Dye & Durham Corporation, First lien senior secured loan 2023-06-30 0001287750 arcc:DyeDurhamCorporationMember 2023-06-30 0001287750 Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured revolving loan 1 2023-06-30 0001287750 Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured revolving loan 2 2023-06-30 0001287750 Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 2 2023-06-30 0001287750 Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 3 2023-06-30 0001287750 Elemica Parent, Inc. & EZ Elemica Holdings, Inc., Preferred equity 2023-06-30 0001287750 arcc:ElemicaParentIncEZElemicaHoldingsIncMember 2023-06-30 0001287750 EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., First lien senior secured loan 2023-06-30 0001287750 EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., Second lien senior secured loan 2023-06-30 0001287750 EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., Partnership units 2023-06-30 0001287750 arcc:EPPurchaserLLCAndTPGVIIIEPCoInvestIILPMember 2023-06-30 0001287750 EpiServer Inc. and Episerver Sweden Holdings AB, First lien senior secured loan 1 2023-06-30 0001287750 EpiServer Inc. and Episerver Sweden Holdings AB, First lien senior secured loan 2 2023-06-30 0001287750 EpiServer Inc. and Episerver Sweden Holdings AB, First lien senior secured loan 3 2023-06-30 0001287750 arcc:EpiServerIncAndEpiserverSwedenHoldingsABMember 2023-06-30 0001287750 eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Second lien senior secured loan 1 2023-06-30 0001287750 eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Second lien senior secured loan 2 2023-06-30 0001287750 eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Limited partnership interest 2023-06-30 0001287750 arcc:EResearchTechnologyIncAndAstorgVIICoInvestERTMember 2023-06-30 0001287750 ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., First lien senior secured revolving loan 2023-06-30 0001287750 ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., First lien senior secured loan 2023-06-30 0001287750 ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., Limited partner interests 2023-06-30 0001287750 arcc:ESHAResearchLLCAndRMCFVICIVXLVIIILPMember 2023-06-30 0001287750 Extrahop Networks, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Extrahop Networks, Inc., First lien senior secured loan 2 2023-06-30 0001287750 arcc:ExtraHopNetworksIncMember 2023-06-30 0001287750 First Insight, Inc., Warrant to purchase shares of Series C preferred stock 2023-06-30 0001287750 FM:Systems Group, LLC, First lien senior secured loan 1 2023-06-30 0001287750 FM:Systems Group, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:FMSystemsGroupLLCMember 2023-06-30 0001287750 Forescout Technologies, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Forescout Technologies, Inc., First lien senior secured loan 2 2023-06-30 0001287750 Forescout Technologies, Inc., First lien senior secured loan 3 2023-06-30 0001287750 arcc:ForescoutTechnologiesIncMember 2023-06-30 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co., First lien senior secured revolving loan 2023-06-30 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co., First lien senior secured loan 1 2023-06-30 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co., First lien senior secured loan 2 2023-06-30 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co., Second lien senior secured loan 1 2023-06-30 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co., Second lien senior secured loan 2 2023-06-30 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co., Second lien senior secured loan 3 2023-06-30 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co., Class A common stock 2023-06-30 0001287750 arcc:GenesisAcquisitionCoAndGenesisUltimateHoldingCoMember 2023-06-30 0001287750 GI Ranger Intermediate LLC, First lien senior secured revolving loan 2023-06-30 0001287750 GI Ranger Intermediate LLC, First lien senior secured loan 1 2023-06-30 0001287750 GI Ranger Intermediate LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:GIRangerIntermediateLLCMember 2023-06-30 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, First lien senior secured loan 1 2023-06-30 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, First lien senior secured loan 2 2023-06-30 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, First lien senior secured loan 3 2023-06-30 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, First lien senior secured loan 4 2023-06-30 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, Senior subordinated loan 2023-06-30 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, Preferred units 2023-06-30 0001287750 arcc:GraphPADSoftwareLLCInsightfulScienceIntermediateILLCAndInsightfulScienceHoldingsLLCMember 2023-06-30 0001287750 GSV PracticeTek Holdings, LLC, Class A units 2023-06-30 0001287750 Heavy Construction Systems Specialists, LLC, First lien senior secured loan 2023-06-30 0001287750 Help/Systems Holdings, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured revolving loan 1 2023-06-30 0001287750 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured revolving loan 2 2023-06-30 0001287750 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured loan 2023-06-30 0001287750 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, Senior subordinated loan 2023-06-30 0001287750 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, Company units 2023-06-30 0001287750 arcc:HuskiesParentIncGIInsurityParentLLCAndGIInsurityTopcoLPMember 2023-06-30 0001287750 Imprivata, Inc., Second lien senior secured loan 2023-06-30 0001287750 Inmar, Inc., First lien senior secured loan 2023-06-30 0001287750 IQN Holding Corp., First lien senior secured revolving loan 2023-06-30 0001287750 IQN Holding Corp., First lien senior secured loan 2023-06-30 0001287750 arcc:IQNHoldingCorpMember 2023-06-30 0001287750 IV Rollover Holdings, LLC, Class B units 2023-06-30 0001287750 IV Rollover Holdings, LLC, Class X units 2023-06-30 0001287750 arcc:IVRolloverHoldingsLLCMember 2023-06-30 0001287750 Kaseya Inc. and Knockout Intermediate Holdings I Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Kaseya Inc. and Knockout Intermediate Holdings I Inc., First lien senior secured loan 2023-06-30 0001287750 Kaseya Inc. and Knockout Intermediate Holdings I Inc., Perpetual preferred stock 2023-06-30 0001287750 arcc:KaseyaIncAndKnockoutIntermediateHoldingsIIncMember 2023-06-30 0001287750 LeanTaaS Holdings, Inc., First lien senior secured loan 2023-06-30 0001287750 Majesco and Magic Topco, L.P., First lien senior secured loan 2023-06-30 0001287750 Majesco and Magic Topco, L.P., Class A units 2023-06-30 0001287750 Majesco and Magic Topco, L.P., Class B units 2023-06-30 0001287750 arcc:MajescoAndMagicTopcoLPMember 2023-06-30 0001287750 Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 1 2023-06-30 0001287750 Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 2 2023-06-30 0001287750 Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, Limited partnership interest 2023-06-30 0001287750 arcc:MimecastBorrowercoIncAndMagnesiumCoInvestSCSpMember 2023-06-30 0001287750 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., First lien senior secured revolving loan 2023-06-30 0001287750 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., First lien senior secured loan 2023-06-30 0001287750 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., Limited partner interests 2023-06-30 0001287750 arcc:MinistryBrandsHoldingsLLCAndRCPMBInvestmentsBLPMember 2023-06-30 0001287750 Mitchell International, Inc., First lien senior secured loan 2023-06-30 0001287750 Mitchell International, Inc., Second lien senior secured loan 2023-06-30 0001287750 arcc:MitchellInternationalIncMember 2023-06-30 0001287750 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, First lien senior secured loan 2023-06-30 0001287750 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, Class A units 2023-06-30 0001287750 arcc:MoonrakerAcquisitionCoLLCAndMoonrakerHoldCoLLCMember 2023-06-30 0001287750 MRI Software LLC, First lien senior secured loan 1 2023-06-30 0001287750 MRI Software LLC, First lien senior secured loan 2 2023-06-30 0001287750 MRI Software LLC, First lien senior secured loan 3 2023-06-30 0001287750 arcc:MRISoftwareLLCMember 2023-06-30 0001287750 OpenMarket Inc., First lien senior secured loan 2023-06-30 0001287750 PDDS HoldCo, Inc., First lien senior secured loan 1 2023-06-30 0001287750 PDDS HoldCo, Inc., First lien senior secured loan 2 2023-06-30 0001287750 PDDS HoldCo, Inc., First lien senior secured loan 3 2023-06-30 0001287750 arcc:PDDSHoldCoIncMember 2023-06-30 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, First lien senior secured loan 2023-06-30 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Second lien senior secured loan 1 2023-06-30 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Second lien senior secured loan 2 2023-06-30 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Second lien senior secured loan 3 2023-06-30 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Second lien senior secured loan 4 2023-06-30 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Series A preferred stock 2023-06-30 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Class A units 2023-06-30 0001287750 arcc:PDITAHoldingsIncPeachtreeParentIncAndInsightPDIHoldingsLLCMember 2023-06-30 0001287750 Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC, First lien senior secured loan 2 2023-06-30 0001287750 Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC, First lien senior secured loan 3 2023-06-30 0001287750 Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC, Class A units 2023-06-30 0001287750 arcc:PegasusGlobalEnterpriseHoldingsLLCMekoneBlockerAcquisitionIncAndMekoneParentLLCMember 2023-06-30 0001287750 Perforce Software, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Petvisor Holdings, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Petvisor Holdings, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Petvisor Holdings, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:PetvisorHoldingsLLCMember 2023-06-30 0001287750 Ping Identity Holding Corp., First lien senior secured loan 2023-06-30 0001287750 Pluralsight, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Pluralsight, Inc., First lien senior secured loan 2023-06-30 0001287750 arcc:PluralsightIncMember 2023-06-30 0001287750 Poplicus Incorporated, Warrant to purchase shares of Series C preferred stock 2023-06-30 0001287750 ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P., First lien senior secured loan 2023-06-30 0001287750 ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P., Limited partnership units 2023-06-30 0001287750 arcc:ProfitSolvPurchaserIncAndPSCoInvestLPMember 2023-06-30 0001287750 Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc., First lien senior secured loan 2023-06-30 0001287750 Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc., Class A common stock 2023-06-30 0001287750 Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc., Class B common stock 2023-06-30 0001287750 arcc:ProjectAlphaIntermediateHoldingIncAndQlikParentIncMember 2023-06-30 0001287750 Project Essential Bidco, Inc. and Project Essential Super Parent, Inc., First lien senior secured loan 2023-06-30 0001287750 Project Essential Bidco, Inc. and Project Essential Super Parent, Inc., Preferred shares 2023-06-30 0001287750 arcc:ProjectEssentialBidcoIncAndProjectEssentialSuperParentIncMember 2023-06-30 0001287750 Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured revolving loan 2023-06-30 0001287750 Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 1 2023-06-30 0001287750 Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 2 2023-06-30 0001287750 Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 3 2023-06-30 0001287750 Project Potter Buyer, LLC and Project Potter Parent, L.P., Class B units 2023-06-30 0001287750 arcc:ProjectPotterBuyerLLCAndProjectPotterParentLPMember 2023-06-30 0001287750 Proofpoint, Inc., First lien senior secured loan 2023-06-30 0001287750 Proofpoint, Inc., Second lien senior secured loan 2023-06-30 0001287750 arcc:ProofpointIncMember 2023-06-30 0001287750 PushPay USA Inc., First lien senior secured loan 2023-06-30 0001287750 QF Holdings, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 QF Holdings, Inc., First lien senior secured loan 1 2023-06-30 0001287750 QF Holdings, Inc., First lien senior secured loan 2 2023-06-30 0001287750 QF Holdings, Inc., First lien senior secured loan 3 2023-06-30 0001287750 arcc:QFHoldingsIncMember 2023-06-30 0001287750 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 2 2023-06-30 0001287750 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, Class A common units 2023-06-30 0001287750 arcc:RaptorTechnologiesLLCSycamoreBidcoLTDAndRocketParentLLCMember 2023-06-30 0001287750 RealPage, Inc., Second lien senior secured loan 2023-06-30 0001287750 Regent Education, Inc., Warrant to purchase shares of common stock 2023-06-30 0001287750 Relativity ODA LLC, First lien senior secured loan 2023-06-30 0001287750 Revalize, Inc., First lien senior secured loan 2023-06-30 0001287750 RMS HoldCo II, LLC & RMS Group Holdings, Inc., First lien senior secured loan 1 2023-06-30 0001287750 RMS HoldCo II, LLC & RMS Group Holdings, Inc., First lien senior secured loan 2 2023-06-30 0001287750 RMS HoldCo II, LLC & RMS Group Holdings, Inc., Class A common stock 2023-06-30 0001287750 arcc:RMSHoldcoIILLCRMSGroupHoldingsIncMember 2023-06-30 0001287750 Smarsh Inc. and Skywalker TopCo, LLC, First lien senior secured loan 2023-06-30 0001287750 Smarsh Inc. and Skywalker TopCo, LLC, Common units 2023-06-30 0001287750 arcc:SmarshIncAndSkywalkerTopCoLLCMember 2023-06-30 0001287750 SocialFlow, Inc., Warrant to purchase shares of Series C preferred stock 2023-06-30 0001287750 Sophia, L.P., Second lien senior secured loan 2023-06-30 0001287750 SoundCloud Limited, Common stock 2023-06-30 0001287750 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured revolving loan 2023-06-30 0001287750 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured loan 2023-06-30 0001287750 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, Limited partner interests 2023-06-30 0001287750 arcc:SpiritRRHoldingsIncAndWinterfellCoInvestSCSpMember 2023-06-30 0001287750 Storable, Inc. and EQT IX Co-Investment (E) SCSP, Second lien senior secured loan 1 2023-06-30 0001287750 Storable, Inc. and EQT IX Co-Investment (E) SCSP, Second lien senior secured loan 2 2023-06-30 0001287750 Storable, Inc. and EQT IX Co-Investment (E) SCSP, Limited partnership interests 2023-06-30 0001287750 arcc:StorableIncAndEQTIXCoInvestmentESCSPMember 2023-06-30 0001287750 Sundance Group Holdings, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Sundance Group Holdings, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Sundance Group Holdings, Inc., First lien senior secured loan 2 2023-06-30 0001287750 arcc:SundanceGroupHoldingsIncMember 2023-06-30 0001287750 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured revolving loan 2023-06-30 0001287750 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 1 2023-06-30 0001287750 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 2 2023-06-30 0001287750 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., Class A-2 units 2023-06-30 0001287750 arcc:TamarackIntermediateLLCAndTamarackParentLLCMember 2023-06-30 0001287750 TCP Hawker Intermediate LLC, First lien senior secured loan 1 2023-06-30 0001287750 TCP Hawker Intermediate LLC, First lien senior secured loan 2 2023-06-30 0001287750 TCP Hawker Intermediate LLC, First lien senior secured loan 3 2023-06-30 0001287750 arcc:TCPHawkerIntermediateLLCMember 2023-06-30 0001287750 UKG Inc. and H&F Unite Partners, L.P., First lien senior secured revolving loan 2023-06-30 0001287750 UKG Inc. and H&F Unite Partners, L.P., Limited partnership interests 2023-06-30 0001287750 UserZoom Technologies, Inc., First lien senior secured loan 2023-06-30 0001287750 WebPT, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 WebPT, Inc., First lien senior secured loan 2023-06-30 0001287750 arcc:WebPTIncMember 2023-06-30 0001287750 Wellness AcquisitionCo, Inc., First lien senior secured loan 2023-06-30 0001287750 WorkWave Intermediate II, LLC, First lien senior secured loan 1 2023-06-30 0001287750 WorkWave Intermediate II, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:WorkWaveIntermediateIILLCMember 2023-06-30 0001287750 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, First lien senior secured loan 2023-06-30 0001287750 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, Series A preferred stock 2023-06-30 0001287750 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, Class A common units 2023-06-30 0001287750 arcc:ZenDeskIncZoroTopCoIncAndZoroTopCoLPMember 2023-06-30 0001287750 arcc:SoftwareAndServicesMember 2023-06-30 0001287750 AQ Sage Buyer, LLC, First lien senior secured loan 2023-06-30 0001287750 BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, First lien senior secured loan 2023-06-30 0001287750 BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, Senior subordinated loan 2023-06-30 0001287750 BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, Common units 2023-06-30 0001287750 arcc:BCCBlueprintHoldingsILLCAndBCCBlueprintInvestmentsLLCMember 2023-06-30 0001287750 Beacon Pointe Harmony, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Beacon Pointe Harmony, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:BeaconPointeHarmonyLLCMember 2023-06-30 0001287750 CI US Holdings Inc., Series A preferred stock 2023-06-30 0001287750 Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 1 2023-06-30 0001287750 Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 2 2023-06-30 0001287750 arcc:ConveraInternationalHoldingsLimitedAndConveraInternationalFinancialSARLMember 2023-06-30 0001287750 CrossCountry Mortgage, LLC, First lien senior secured loan 2023-06-30 0001287750 DFC Global Facility Borrower III LLC, First lien senior secured revolving loan 2023-06-30 0001287750 eCapital Finance Corp., Senior subordinated loan 1 2023-06-30 0001287750 eCapital Finance Corp., Senior subordinated loan 2 2023-06-30 0001287750 eCapital Finance Corp., Senior subordinated loan 3 2023-06-30 0001287750 eCapital Finance Corp., Senior subordinated loan 4 2023-06-30 0001287750 arcc:ECapitalFinanceCorpMember 2023-06-30 0001287750 EP Wealth Advisors, LLC, First lien senior secured loan 1 2023-06-30 0001287750 EP Wealth Advisors, LLC, First lien senior secured loan 2 2023-06-30 0001287750 EP Wealth Advisors, LLC, First lien senior secured loan 3 2023-06-30 0001287750 EP Wealth Advisors, LLC, First lien senior secured loan 4 2023-06-30 0001287750 arcc:EPWealthAdvisorsLLCMember 2023-06-30 0001287750 HighTower Holding, LLC, Senior subordinated loan 2023-06-30 0001287750 Ivy Hill Asset Management, L.P., Subordinated revolving loan 2023-06-30 0001287750 Ivy Hill Asset Management, L.P., Member interest 2023-06-30 0001287750 arcc:IvyHillAssetManagementLPMember 2023-06-30 0001287750 Lido Advisors, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Lido Advisors, LLC, First lien senior secured loan 2023-06-30 0001287750 arcc:LidoAdvisorsLLCMember 2023-06-30 0001287750 LS DE LLC and LM LSQ Investors LLC, Senior subordinated loan 1 2023-06-30 0001287750 LS DE LLC and LM LSQ Investors LLC, Senior subordinated loan 2 2023-06-30 0001287750 LS DE LLC and LM LSQ Investors LLC, Membership units 2023-06-30 0001287750 arcc:LSDELLCAndLMLSQInvestorsLLCMember 2023-06-30 0001287750 Monica Holdco (US) Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Monica Holdco (US) Inc., First lien senior secured loan 2023-06-30 0001287750 arcc:MonicaHoldcoUSIncMember 2023-06-30 0001287750 Pathstone Family Office LLC, First lien senior secured loan 2023-06-30 0001287750 Petrus Buyer, Inc., First lien senior secured loan 2023-06-30 0001287750 Priority Holdings, LLC and Priority Technology Holdings, Inc., First lien senior secured loan 2023-06-30 0001287750 Priority Holdings, LLC and Priority Technology Holdings, Inc., Senior preferred stock 2023-06-30 0001287750 Priority Holdings, LLC and Priority Technology Holdings, Inc., Warrant to purchase shares of common stock 2023-06-30 0001287750 arcc:PriorityHoldingsLLCAndPriorityTechnologyHoldingsIncMember 2023-06-30 0001287750 Rialto Management Group, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Rialto Management Group, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Rialto Management Group, LLC, First lien senior secured loan 2 2023-06-30 0001287750 Rialto Management Group, LLC, First lien senior secured loan 3 2023-06-30 0001287750 arcc:RialtoManagementGroupLLCMember 2023-06-30 0001287750 TA/WEG Holdings, LLC, First lien senior secured loan 1 2023-06-30 0001287750 TA/WEG Holdings, LLC, First lien senior secured loan 2 2023-06-30 0001287750 TA/WEG Holdings, LLC, First lien senior secured loan 3 2023-06-30 0001287750 arcc:TAWEGHoldingsLLCMember 2023-06-30 0001287750 The Edelman Financial Center, LLC, Second lien senior secured loan 2023-06-30 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured loan 1 2023-06-30 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured loan 2 2023-06-30 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured loan 3 2023-06-30 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured loan 4 2023-06-30 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Senior subordinated loan 2023-06-30 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Series A preferred units 2023-06-30 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Common units 2023-06-30 0001287750 arcc:TheMatherGroupLLCTVGTMGTopcoIncAndTVGTMGHoldingsLLCMember 2023-06-30 0001287750 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, First lien senior secured revolving loan 2023-06-30 0001287750 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, First lien senior secured loan 2023-06-30 0001287750 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class A units 1 2023-06-30 0001287750 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class A units 2 2023-06-30 0001287750 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class B units 1 2023-06-30 0001287750 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class B units 2 2023-06-30 0001287750 arcc:TheUltimusGroupMidcoLLCTheUltimusGroupLLCAndTheUltimusGroupAggregatorLPMember 2023-06-30 0001287750 Waverly Advisors, LLC and WAAM Topco, LLC, First lien senior secured loan 2023-06-30 0001287750 Waverly Advisors, LLC and WAAM Topco, LLC, Class A units 2023-06-30 0001287750 arcc:WaverlyAdvisorsLLCAndWAAMTopcoLLCMember 2023-06-30 0001287750 us-gaap:FinancialServicesSectorMember 2023-06-30 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured loan 2023-06-30 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC, Class A common units 2023-06-30 0001287750 arcc:AbsoluteDentalGroupLLCAndAbsoluteDentalEquityLLCMember 2023-06-30 0001287750 ADG, LLC, RC IV GEDC Investor LLC, and GEDC Equity, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 ADG, LLC, RC IV GEDC Investor LLC, and GEDC Equity, LLC, Second lien senior secured loan 2023-06-30 0001287750 ADG, LLC, RC IV GEDC Investor LLC, and GEDC Equity, LLC, Class A common units 2023-06-30 0001287750 arcc:ADGLLCAndRCIVGEDCInvestorLLCMember 2023-06-30 0001287750 Advarra Holdings, Inc., First lien senior secured loan 2023-06-30 0001287750 AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Series A preferred shares 2023-06-30 0001287750 AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Preferred units 2023-06-30 0001287750 AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Class B common units 2023-06-30 0001287750 arcc:AHRFundingHoldingsIncAndAHRParentHoldingsLPMember 2023-06-30 0001287750 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Series A preferred stock 2023-06-30 0001287750 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Class A units 2023-06-30 0001287750 arcc:AthenaHealthGroupIncMinervaHoldcoIncAndBCPECoInvestALPMember 2023-06-30 0001287750 BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP, First lien senior secured loan 1 2023-06-30 0001287750 BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP, First lien senior secured loan 2 2023-06-30 0001287750 arcc:BAARTProgramsIncMedMarkServicesIncAndCanadianAddictionTreatmentCentresLPMember 2023-06-30 0001287750 Bambino Group Holdings, LLC, Class A preferred units 2023-06-30 0001287750 Center for Autism and Related Disorders, LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 Center for Autism and Related Disorders, LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 Center for Autism and Related Disorders, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Center for Autism and Related Disorders, LLC, First lien senior secured loan 2 2023-06-30 0001287750 Center for Autism and Related Disorders, LLC, First lien senior secured loan 3 2023-06-30 0001287750 Center for Autism and Related Disorders, LLC, First lien senior secured loan 4 2023-06-30 0001287750 arcc:CenterForAutismAndRelatedDisordersLLCMember 2023-06-30 0001287750 Color Intermediate, LLC, First lien senior secured loan 2023-06-30 0001287750 Comprehensive EyeCare Partners, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Comprehensive EyeCare Partners, LLC, First lien senior secured loan 2023-06-30 0001287750 arcc:ComprehensiveEyeCarePartnersLLCMember 2023-06-30 0001287750 Convey Health Solutions, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Convey Health Solutions, Inc., First lien senior secured loan 2 2023-06-30 0001287750 Convey Health Solutions, Inc., First lien senior secured loan 3 2023-06-30 0001287750 arcc:ConveyHealthSolutionsIncMember 2023-06-30 0001287750 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, First lien senior secured loan 2023-06-30 0001287750 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, Class A shares 2023-06-30 0001287750 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, Common units 2023-06-30 0001287750 arcc:CrownCTParentIncCrownCTHoldCoIncAndCrownCTManagementLLCMember 2023-06-30 0001287750 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan 1 2023-06-30 0001287750 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan 2 2023-06-30 0001287750 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan 3 2023-06-30 0001287750 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan 4 2023-06-30 0001287750 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, Common stock 2023-06-30 0001287750 arcc:CVPHoldcoIncAndOMERSWildcatsInvestmentHoldingsLLCMember 2023-06-30 0001287750 Evolent Health LLC and Evolent Health, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Evolent Health LLC and Evolent Health, Inc., First lien senior secured loan 2 2023-06-30 0001287750 Evolent Health LLC and Evolent Health, Inc., Series A preferred shares 2023-06-30 0001287750 arcc:EvolentHealthLLCAndEvolentHealthIncMember 2023-06-30 0001287750 GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC, Second lien senior secured loan 2023-06-30 0001287750 GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC, Class A units 2023-06-30 0001287750 arcc:GHXUltimateParentCorporationCommerceParentIncAndCommerceTopcoLLCMember 2023-06-30 0001287750 Global Medical Response, Inc. and GMR Buyer Corp., First lien senior secured loan 1 2023-06-30 0001287750 Global Medical Response, Inc. and GMR Buyer Corp., First lien senior secured loan 2 2023-06-30 0001287750 Global Medical Response, Inc. and GMR Buyer Corp., Second lien senior secured loan 2023-06-30 0001287750 Global Medical Response, Inc. and GMR Buyer Corp., Warrant to purchase units of common stock 1 2023-06-30 0001287750 Global Medical Response, Inc. and GMR Buyer Corp., Warrant to purchase units of common stock 2 2023-06-30 0001287750 arcc:GlobalMedicalResponseIncAndGMRBuyerCorpMember 2023-06-30 0001287750 Hanger, Inc., First lien senior secured loan 2023-06-30 0001287750 Hanger, Inc., Second lien senior secured loan 2023-06-30 0001287750 arcc:HangerIncMember 2023-06-30 0001287750 HealthEdge Software, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 HealthEdge Software, Inc., First lien senior secured loan 1 2023-06-30 0001287750 HealthEdge Software, Inc., First lien senior secured loan 2 2023-06-30 0001287750 arcc:HealthEdgeSoftwareIncMember 2023-06-30 0001287750 Honor Technology, Inc., First lien senior secured loan 2023-06-30 0001287750 Honor Technology, Inc., Warrant to purchase shares of Series D-2 preferred stock 2023-06-30 0001287750 arcc:HonorTechnologyIncMember 2023-06-30 0001287750 JDC Healthcare Management, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 JDC Healthcare Management, LLC, First lien senior secured loan 2023-06-30 0001287750 arcc:JDCHealthcareManagementLLCMember 2023-06-30 0001287750 KBHS Acquisition, LLC (d/b/a Alita Care, LLC), First lien senior secured revolving loan 1 2023-06-30 0001287750 KBHS Acquisition, LLC (d/b/a Alita Care, LLC), First lien senior secured revolving loan 2 2023-06-30 0001287750 KBHS Acquisition, LLC (d/b/a Alita Care, LLC), First lien senior secured revolving loan 3 2023-06-30 0001287750 arcc:KBHSAcquisitionLLCDbaAlitaCareLLCMember 2023-06-30 0001287750 Lifescan Global Corporation, First lien senior secured loan 2023-06-30 0001287750 Lifescan Global Corporation, Second lien senior secured loan 2023-06-30 0001287750 arcc:LifescanGlobalCorporationMember 2023-06-30 0001287750 Medline Borrower, LP, First lien senior secured revolving loan 2023-06-30 0001287750 Napa Management Services Corporation and ASP NAPA Holdings, LLC, Preferred units 2023-06-30 0001287750 Napa Management Services Corporation and ASP NAPA Holdings, LLC, Senior preferred units 2023-06-30 0001287750 Napa Management Services Corporation and ASP NAPA Holdings, LLC, Class A units 2023-06-30 0001287750 arcc:NapaManagementServicesCorporationAndASPNAPAHoldingsLLCMember 2023-06-30 0001287750 NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured revolving loan 1 2023-06-30 0001287750 NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured revolving loan 2 2023-06-30 0001287750 NMN Holdings III Corp. and NMN Holdings LP, Partnership units 2023-06-30 0001287750 arcc:NMNHoldingsIIICorpAndNMNHoldingsLPMember 2023-06-30 0001287750 NSPC Intermediate Corp. and NSPC Holdings, LLC, Common units 2023-06-30 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 1 2023-06-30 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 2 2023-06-30 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 3 2023-06-30 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Preferred stock 2023-06-30 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Preferred units 2023-06-30 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Class A common units 2023-06-30 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Common units 2023-06-30 0001287750 arcc:OlympiaAcquisitionIncAndOlympiaTopCoLPMember 2023-06-30 0001287750 OMH-HealthEdge Holdings, LLC, First lien senior secured loan 1 2023-06-30 0001287750 OMH-HealthEdge Holdings, LLC, First lien senior secured loan 2 2023-06-30 0001287750 OMH-HealthEdge Holdings, LLC, First lien senior secured loan 3 2023-06-30 0001287750 arcc:OMHHealthEdgeHoldingsLLCMember 2023-06-30 0001287750 Pathway Vet Alliance LLC and Jedi Group Holdings LLC, Second lien senior secured loan 2023-06-30 0001287750 Pathway Vet Alliance LLC and Jedi Group Holdings LLC, Class R common units 2023-06-30 0001287750 arcc:PathwayVetAllianceLLCAndJediGroupHoldingsLLCMember 2023-06-30 0001287750 PetVet Care Centers, LLC, First lien senior secured loan 2023-06-30 0001287750 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, First lien senior secured revolving loan 2023-06-30 0001287750 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, First lien senior secured loan 2023-06-30 0001287750 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, Second lien senior secured loan 2023-06-30 0001287750 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, Class A units 2023-06-30 0001287750 arcc:PremiseHealthHoldingCorpAndOMERSBluejayInvestmentHoldingsLPMember 2023-06-30 0001287750 Project Ruby Ultimate Parent Corp., Second lien senior secured loan 2023-06-30 0001287750 RTI Surgical, Inc. and Pioneer Surgical Technology, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 RTI Surgical, Inc. and Pioneer Surgical Technology, Inc., First lien senior secured loan 2023-06-30 0001287750 arcc:RTISurgicalIncAndPioneerSurgicalTechnologyIncMember 2023-06-30 0001287750 SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC, First lien senior secured loan 2023-06-30 0001287750 SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC, Common units 2023-06-30 0001287750 arcc:SiroMedPhysicianServicesIncAndSiroMedEquityHoldingsLLCMember 2023-06-30 0001287750 SM Wellness Holdings, Inc. and SM Holdco, LLC, Series D units 2023-06-30 0001287750 SM Wellness Holdings, Inc. and SM Holdco, LLC, Series A units 2023-06-30 0001287750 SM Wellness Holdings, Inc. and SM Holdco, LLC, Series B units 2023-06-30 0001287750 arcc:SMWellnessHoldingsIncAndSMHoldcoIncMember 2023-06-30 0001287750 SOC Telemed, Inc. and PSC Spark Holdings, LP, First lien senior secured loan 2023-06-30 0001287750 SOC Telemed, Inc. and PSC Spark Holdings, LP, Class A-2 units 2023-06-30 0001287750 SOC Telemed, Inc. and PSC Spark Holdings, LP, Warrant to purchase units of common stock 2023-06-30 0001287750 arcc:SOCTelemedIncAndPSCSparkHoldingsLPMember 2023-06-30 0001287750 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured loan 2023-06-30 0001287750 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Second lien senior secured loan 2023-06-30 0001287750 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-1 preferred shares 2023-06-30 0001287750 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-2 preferred shares 2023-06-30 0001287750 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-3 preferred shares 2023-06-30 0001287750 arcc:SymplrSoftwareIncAndSymplrSoftwareIntermediateHoldingsIncMember 2023-06-30 0001287750 Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC, First lien senior secured loan 2023-06-30 0001287750 Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC, Common units 2023-06-30 0001287750 arcc:SynergyHomeCareFranchisingLLCAndNPSynergyHoldingsLLCMember 2023-06-30 0001287750 Tempus Labs, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Tempus Labs, Inc., First lien senior secured loan 2 2023-06-30 0001287750 arcc:TempusLabsIncMember 2023-06-30 0001287750 Therapy Brands Holdings LLC, Second lien senior secured loan 2023-06-30 0001287750 Touchstone Acquisition, Inc. and Touchstone Holding, L.P., Class A preferred units 2023-06-30 0001287750 U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc., Second lien senior secured loan 2023-06-30 0001287750 U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc., Common stock 2023-06-30 0001287750 arcc:USAnesthesiaPartnersIncUSAnesthesiaPartnersHoldingsIncMember 2023-06-30 0001287750 United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, First lien senior secured loan 2023-06-30 0001287750 United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, Class A interests 2023-06-30 0001287750 arcc:UnitedDigestiveMSOParentLLCAndKolnCoInvestUnblockedLPMember 2023-06-30 0001287750 Viant Medical Holdings, Inc., First lien senior secured loan 2023-06-30 0001287750 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured revolving loan 2023-06-30 0001287750 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 1 2023-06-30 0001287750 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 2 2023-06-30 0001287750 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., Class A-2 units 1 2023-06-30 0001287750 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., Class A-2 units 2 2023-06-30 0001287750 arcc:VPPIntermediateHoldingsLLCAndVPPGroupHoldingsLPMember 2023-06-30 0001287750 Wellpath Holdings, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Wellpath Holdings, Inc., First lien senior secured loan 2023-06-30 0001287750 arcc:WellpathHoldingsIncMember 2023-06-30 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured revolving loan 2023-06-30 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 1 2023-06-30 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 2 2023-06-30 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 3 2023-06-30 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 4 2023-06-30 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 5 2023-06-30 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 6 2023-06-30 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 7 2023-06-30 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, Common units 2023-06-30 0001287750 arcc:WSHPFCAcquisitionLLCMember 2023-06-30 0001287750 us-gaap:HealthcareSectorMember 2023-06-30 0001287750 Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC, Class A common units 2023-06-30 0001287750 arcc:AccommodationsPlusTechnologiesLLCAndAccommodationsPlusTechnologiesHoldingsLLCMember 2023-06-30 0001287750 Aero Operating LLC, First lien senior secured loan 1 2023-06-30 0001287750 Aero Operating LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:AeroOperatingLLCMember 2023-06-30 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 1 2023-06-30 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 2 2023-06-30 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 3 2023-06-30 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 4 2023-06-30 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 5 2023-06-30 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 6 2023-06-30 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 7 2023-06-30 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, Second lien senior secured loan 1 2023-06-30 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, Second lien senior secured loan 2 2023-06-30 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, Second lien senior secured loan 3 2023-06-30 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, Common units 2023-06-30 0001287750 arcc:AIFireBuyerIncAndAIFireParentLLCMember 2023-06-30 0001287750 Applied Technical Services, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Applied Technical Services, LLC, First lien senior secured loan 2023-06-30 0001287750 arcc:AppliedTechnicalServicesLLCMember 2023-06-30 0001287750 Argenbright Holdings V, LLC and Amberstone Security Group Limited, First lien senior secured loan 1 2023-06-30 0001287750 Argenbright Holdings V, LLC and Amberstone Security Group Limited, First lien senior secured loan 2 2023-06-30 0001287750 Argenbright Holdings V, LLC and Amberstone Security Group Limited, First lien senior secured loan 3 2023-06-30 0001287750 arcc:ArgenbrightHoldingsVLLCAndAmberstoneSecurityGroupLimitedMember 2023-06-30 0001287750 BH-Sharp Holdings LP, Common units 2023-06-30 0001287750 Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, First lien senior secured revolving loan 2023-06-30 0001287750 Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, First lien senior secured loan 2023-06-30 0001287750 Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, Second lien senior secured loan 2023-06-30 0001287750 Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, Class A units 2023-06-30 0001287750 arcc:CapstoneAcquisitionHoldingsIncAndCapstoneParentHoldingsLPMember 2023-06-30 0001287750 Compex Legal Services, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 DTI Holdco, Inc. and OPE DTI Holdings, Inc., Class A common stock 2023-06-30 0001287750 DTI Holdco, Inc. and OPE DTI Holdings, Inc., Class B common stock 2023-06-30 0001287750 arcc:DTIHoldcoIncAndOPEDTIHoldingsIncMember 2023-06-30 0001287750 Elevation Services Parent Holdings, LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 Elevation Services Parent Holdings, LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 Elevation Services Parent Holdings, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Elevation Services Parent Holdings, LLC, First lien senior secured loan 2 2023-06-30 0001287750 Elevation Services Parent Holdings, LLC, First lien senior secured loan 3 2023-06-30 0001287750 Elevation Services Parent Holdings, LLC, First lien senior secured loan 4 2023-06-30 0001287750 Elevation Services Parent Holdings, LLC, First lien senior secured loan 5 2023-06-30 0001287750 arcc:ElevationServicesParentHoldingsLLCMember 2023-06-30 0001287750 FlyWheel Acquireco, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 FlyWheel Acquireco, Inc., First lien senior secured loan 2023-06-30 0001287750 arcc:FlyWheelAcquirecoIncMember 2023-06-30 0001287750 HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured revolving loan 2023-06-30 0001287750 HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured loan 1 2023-06-30 0001287750 HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured loan 2 2023-06-30 0001287750 HH-Stella, Inc. and Bedrock Parent Holdings, LP, Class A units 2023-06-30 0001287750 arcc:HHStellaIncAndBedrockParentHoldingsLPMember 2023-06-30 0001287750 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured revolving loan 2023-06-30 0001287750 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured loan 2023-06-30 0001287750 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., Class A units 2023-06-30 0001287750 arcc:ISQHawkeyeHoldcoIncAndISQHawkeyeHoldingsLLCMember 2023-06-30 0001287750 Kellermeyer Bergensons Services, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Kellermeyer Bergensons Services, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:KellermeyerBergensonsServicesLLCMember 2023-06-30 0001287750 KPS Global LLC and Cool Group LLC, First lien senior secured loan 1 2023-06-30 0001287750 KPS Global LLC and Cool Group LLC, First lien senior secured loan 2 2023-06-30 0001287750 KPS Global LLC and Cool Group LLC, Class A units 2023-06-30 0001287750 arcc:KPSGlobalLLCAndCoolGroupLLCMember 2023-06-30 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 1 2023-06-30 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 2 2023-06-30 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 3 2023-06-30 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 4 2023-06-30 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 5 2023-06-30 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC, Class A units 2023-06-30 0001287750 arcc:LaboratoriesBidcoLLCAndLaboratoriesTopcoLLCMember 2023-06-30 0001287750 Lightbeam Bidco, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Lightbeam Bidco, Inc., First lien senior secured loan 2023-06-30 0001287750 LJP Purchaser, Inc. and LJP Topco, LP, First lien senior secured loan 2023-06-30 0001287750 LJP Purchaser, Inc. and LJP Topco, LP, Class A units 2023-06-30 0001287750 arcc:LJPPurchaserIncAndLJPTopcoLPMember 2023-06-30 0001287750 Marmic Purchaser, LLC and Marmic Topco, L.P., First lien senior secured loan 1 2023-06-30 0001287750 Marmic Purchaser, LLC and Marmic Topco, L.P., First lien senior secured loan 2 2023-06-30 0001287750 Marmic Purchaser, LLC and Marmic Topco, L.P., First lien senior secured loan 3 2023-06-30 0001287750 Marmic Purchaser, LLC and Marmic Topco, L.P., Limited partnership units 2023-06-30 0001287750 arcc:MarmicPurchaserLLCAndMarmicTopcoLPMember 2023-06-30 0001287750 Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Second lien senior secured loan 2023-06-30 0001287750 Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Series A preferred stock 2023-06-30 0001287750 Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Common stock 2023-06-30 0001287750 arcc:MicrostarLogisticsLLCMicrostarGlobalAssetManagementLLCMStarHoldingCorporationAndKegstarUSAIncMember 2023-06-30 0001287750 NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 1 2023-06-30 0001287750 NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 2 2023-06-30 0001287750 NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 3 2023-06-30 0001287750 arcc:NASLLCAndNationwideMarketingGroupLLCMember 2023-06-30 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 1 2023-06-30 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 2 2023-06-30 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 3 2023-06-30 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured note 2023-06-30 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., Second lien senior secured loan 2023-06-30 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., Limited partnership interests 2023-06-30 0001287750 arcc:NeptuneBidcoUSIncAndElliottMetronCoInvestorAggregatorLPMember 2023-06-30 0001287750 Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1, Senior subordinated loan 2023-06-30 0001287750 Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1, Limited partner interest 2023-06-30 0001287750 arcc:NestTopcoBorrowerIncKKRNestCoInvestLPAndNBLY20211Member 2023-06-30 0001287750 North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC, First lien senior secured loan 1 2023-06-30 0001287750 North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC, First lien senior secured loan 2 2023-06-30 0001287750 North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC, First lien senior secured loan 3 2023-06-30 0001287750 North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC, Common units 2023-06-30 0001287750 arcc:NorthAmericanFireHoldingsLLCAndNorthAmericanFireUltimateHoldingsLLCMember 2023-06-30 0001287750 North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC, First lien senior secured loan 1 2023-06-30 0001287750 North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:NorthHavenFairwayBuyerLLCFairwayLawnsLLCAndCommandPestControlLLCMember 2023-06-30 0001287750 North Haven Stack Buyer, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 North Haven Stack Buyer, LLC, First lien senior secured loan 2023-06-30 0001287750 arcc:NorthHavenStackBuyerLLCMember 2023-06-30 0001287750 Petroleum Service Group LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Petroleum Service Group LLC, First lien senior secured loan 1 2023-06-30 0001287750 Petroleum Service Group LLC, First lien senior secured loan 2 2023-06-30 0001287750 Petroleum Service Group LLC, First lien senior secured loan 3 2023-06-30 0001287750 Petroleum Service Group LLC, First lien senior secured loan 4 2023-06-30 0001287750 Petroleum Service Group LLC, First lien senior secured loan 5 2023-06-30 0001287750 arcc:PetroleumServiceGroupLLCMember 2023-06-30 0001287750 Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, First lien senior secured loan 2 2023-06-30 0001287750 Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, First lien senior secured loan 3 2023-06-30 0001287750 Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, Class A units 2023-06-30 0001287750 arcc:PritchardIndustriesLLCAndLJPritchardTopCoHoldingsLLCMember 2023-06-30 0001287750 PS Operating Company LLC and PS Op Holdings LLC, First lien senior secured revolving loan 2023-06-30 0001287750 PS Operating Company LLC and PS Op Holdings LLC, First lien senior secured loan 2023-06-30 0001287750 PS Operating Company LLC and PS Op Holdings LLC, Common unit 2023-06-30 0001287750 arcc:PSOperatingCompanyLLCAndPSOPHoldingsLLCFkaQCSupplyLLCMember 2023-06-30 0001287750 R2 Acquisition Corp., Common stock 2023-06-30 0001287750 RC V Tecmo Investor LLC, Common member units 2023-06-30 0001287750 RE Community Holdings GP, LLC and RE Community Holdings, LP, Limited partnership interest 1 2023-06-30 0001287750 RE Community Holdings GP, LLC and RE Community Holdings, LP, Limited partnership interest 2 2023-06-30 0001287750 arcc:RECommunityHoldingsGPLLCAndRECommunityHoldingsLPMember 2023-06-30 0001287750 Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., First lien senior secured loan 2023-06-30 0001287750 Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., Limited partner interests 2023-06-30 0001287750 arcc:RegistrarIntermediateLLCAndPSPRegistrarCoInvestmentFundLPMember 2023-06-30 0001287750 Rodeo AcquisitionCo LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Rodeo AcquisitionCo LLC, First lien senior secured loan 2023-06-30 0001287750 arcc:RodeoAcquisitionCoLLCMember 2023-06-30 0001287750 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., First lien senior secured revolving loan 2023-06-30 0001287750 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., First lien senior secured loan 2023-06-30 0001287750 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., Class A units 2023-06-30 0001287750 arcc:SchillLandscapingAndLawnCareServicesLLCTenderLawnCareULCAndLandscapeParallelPartnersLPMember 2023-06-30 0001287750 Shermco Intermediate Holdings, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP, Second lien senior secured loan 2023-06-30 0001287750 SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP, Limited partnership class A-1 units 2023-06-30 0001287750 SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP, Limited partnership class A-2 units 2023-06-30 0001287750 arcc:SSEBuyerIncSupplySourceEnterprisesIncImpactProductsLLCTheSafetyZoneLLCAndSSEParentLPMember 2023-06-30 0001287750 Startec Equity, LLC, Member interest 2023-06-30 0001287750 Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 1 2023-06-30 0001287750 Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 2 2023-06-30 0001287750 Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 3 2023-06-30 0001287750 Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 4 2023-06-30 0001287750 Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 5 2023-06-30 0001287750 Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 6 2023-06-30 0001287750 Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 7 2023-06-30 0001287750 arcc:StealthHoldingLLCAndUCITOnlineSecurityIncMember 2023-06-30 0001287750 Systems Planning and Analysis, Inc., First lien senior secured revolving loan 1 2023-06-30 0001287750 Systems Planning and Analysis, Inc., First lien senior secured revolving loan 2 2023-06-30 0001287750 Systems Planning and Analysis, Inc., First lien senior secured loan 2023-06-30 0001287750 arcc:SystemsPlanningAndAnalysisIncMember 2023-06-30 0001287750 The NPD Group, L.P., IRI Group Holdings, Inc., Information Resources, Inc. and IRI-NPD Co-Invest Aggregator, L.P., First lien senior secured revolving loan 2023-06-30 0001287750 The NPD Group, L.P., IRI Group Holdings, Inc., Information Resources, Inc. and IRI-NPD Co-Invest Aggregator, L.P., First lien senior secured loan 2023-06-30 0001287750 The NPD Group, L.P., IRI Group Holdings, Inc., Information Resources, Inc. and IRI-NPD Co-Invest Aggregator, L.P., Class A units 2023-06-30 0001287750 arcc:TheNPDGroupLPIRIGroupHoldingsIncInformationResourcesIncAndIRINPDCoInvestAggregatorLPMember 2023-06-30 0001287750 Thermostat Purchaser III, Inc., Second lien senior secured loan 2023-06-30 0001287750 Visual Edge Technology, Inc., First lien senior secured loan 2023-06-30 0001287750 Visual Edge Technology, Inc., Senior subordinated loan 2023-06-30 0001287750 Visual Edge Technology, Inc., Warrant to purchase shares of common stock 2023-06-30 0001287750 arcc:VisualEdgeTechnologyIncMember 2023-06-30 0001287750 VRC Companies, LLC, Senior subordinated loan 2023-06-30 0001287750 Wash Encore Holdings, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Wash Encore Holdings, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:WashEncoreHoldingsLLCMember 2023-06-30 0001287750 XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured revolving loan 3 2023-06-30 0001287750 XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured loan 1 2023-06-30 0001287750 XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured loan 2 2023-06-30 0001287750 XIFIN, Inc. and ACP Charger Co-Invest LLC, Class A units 2023-06-30 0001287750 XIFIN, Inc. and ACP Charger Co-Invest LLC, Class B units 2023-06-30 0001287750 arcc:XIFINIncAndACPChargerCoInvestLLCMember 2023-06-30 0001287750 arcc:CommercialAndProfessionalServicesMember 2023-06-30 0001287750 ACAS Equity Holdings Corporation, Common stock 2023-06-30 0001287750 ARES 2007-3R, Subordinated notes 2023-06-30 0001287750 Blue Wolf Capital Fund II, L.P., Limited partnership interest 2023-06-30 0001287750 CoLTs 2005-1 Ltd., Preferred shares 2023-06-30 0001287750 CREST Exeter Street Solar 2004-1, Preferred shares 2023-06-30 0001287750 European Capital UK SME Debt LP, Limited partnership interest 2023-06-30 0001287750 HCI Equity, LLC, Member interest 2023-06-30 0001287750 Partnership Capital Growth Investors III, L.P., Limited partnership interest 2023-06-30 0001287750 PCG-Ares Sidecar Investment II, L.P., Limited partnership interest 2023-06-30 0001287750 PCG-Ares Sidecar Investment, L.P., Limited partnership interest 2023-06-30 0001287750 Piper Jaffray Merchant Banking Fund I, L.P., Limited partnership interest 2023-06-30 0001287750 Senior Direct Lending Program, LLC, Subordinated certificates 2023-06-30 0001287750 Senior Direct Lending Program, LLC, Membership interest 2023-06-30 0001287750 arcc:SeniorDirectLendingProgramLLCMember 2023-06-30 0001287750 VSC Investors LLC, Membership interest 2023-06-30 0001287750 arcc:InvestmentFundsAndVehiclesMember 2023-06-30 0001287750 Apex Clean Energy TopCo, LLC, Class A common units 2023-06-30 0001287750 Ferrellgas, L.P. and Ferrellgas Partners, L.P., Senior preferred units 2023-06-30 0001287750 Ferrellgas, L.P. and Ferrellgas Partners, L.P., Class B units 2023-06-30 0001287750 arcc:FerrellgasLPAndFerrelgasPartnersLPMember 2023-06-30 0001287750 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC, First lien senior secured loan 2023-06-30 0001287750 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC, Class A1 units 2023-06-30 0001287750 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC, Class A2 units 2023-06-30 0001287750 arcc:HeelstoneRenewableEnergyLLCMember 2023-06-30 0001287750 Opal Fuels LLC and Opal Fuels Inc., Senior subordinated loan 2023-06-30 0001287750 Opal Fuels LLC and Opal Fuels Inc., Class A common stock 2023-06-30 0001287750 arcc:OpalFuelsLLCAndOpalFuelsIncMember 2023-06-30 0001287750 PosiGen, Inc., Warrant to purchase shares of series D-1 preferred stock 2023-06-30 0001287750 PosiGen, Inc., Warrant to purchase shares of common stock 2023-06-30 0001287750 arcc:PosiGenIncMember 2023-06-30 0001287750 Potomac Intermediate Holdings II LLC, Series A units 2023-06-30 0001287750 Riverview Power LLC, First lien senior secured loan 2023-06-30 0001287750 SE1 Generation, LLC, Senior subordinated loan 2023-06-30 0001287750 Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC, First lien senior secured loan 2023-06-30 0001287750 Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC, Senior subordinated loan 2023-06-30 0001287750 arcc:SunrunAtlasDepositor20192LLCAndSunrunAtlasHoldings20192LLCMember 2023-06-30 0001287750 Sunrun Luna Holdco 2021, LLC, Senior subordinated revolving loan 1 2023-06-30 0001287750 Sunrun Luna Holdco 2021, LLC, Senior subordinated revolving loan 2 2023-06-30 0001287750 arcc:SunrunLunaHoldco2021LLCMember 2023-06-30 0001287750 Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC, First lien senior secured loan 2023-06-30 0001287750 Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC, Senior subordinated loan 2023-06-30 0001287750 arcc:SunrunXanaduIssuer20191LLCAndSunrunXanaduHoldings20191LLCMember 2023-06-30 0001287750 arcc:PowerGenerationMember 2023-06-30 0001287750 Acrisure, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Acrisure, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:AcrisureLLCMember 2023-06-30 0001287750 Alera Group, Inc., First lien senior secured loan 2023-06-30 0001287750 Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc., First lien senior secured loan 2023-06-30 0001287750 AQ Sunshine, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 AQ Sunshine, Inc., First lien senior secured loan 1 2023-06-30 0001287750 AQ Sunshine, Inc., First lien senior secured loan 2 2023-06-30 0001287750 AQ Sunshine, Inc., First lien senior secured loan 3 2023-06-30 0001287750 AQ Sunshine, Inc., First lien senior secured loan 4 2023-06-30 0001287750 AQ Sunshine, Inc., First lien senior secured loan 5 2023-06-30 0001287750 arcc:AQSunshineIncMember 2023-06-30 0001287750 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 1 2023-06-30 0001287750 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 2 2023-06-30 0001287750 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 3 2023-06-30 0001287750 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 4 2023-06-30 0001287750 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 5 2023-06-30 0001287750 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, Senior subordinated loan 2023-06-30 0001287750 arcc:ArdonaghMidco2PlcAndArdonaghMidco3PlcMember 2023-06-30 0001287750 Benecon Midco II LLC and Locutus Holdco LLC, Common units 2023-06-30 0001287750 Benefytt Technologies, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Benefytt Technologies, Inc., First lien senior secured loan 2 2023-06-30 0001287750 arcc:BenefyttTechnologiesIncMember 2023-06-30 0001287750 Captive Resources Midco, LLC, First lien senior secured loan 2023-06-30 0001287750 Foundation Risk Partners, Corp., First lien senior secured loan 1 2023-06-30 0001287750 Foundation Risk Partners, Corp., First lien senior secured loan 2 2023-06-30 0001287750 arcc:FoundationRiskPartnersCorpMember 2023-06-30 0001287750 Galway Borrower LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Galway Borrower LLC, First lien senior secured loan 2023-06-30 0001287750 High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 1 2023-06-30 0001287750 High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 2 2023-06-30 0001287750 High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 3 2023-06-30 0001287750 High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 4 2023-06-30 0001287750 High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 5 2023-06-30 0001287750 High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 2023-06-30 0001287750 High Street Buyer, Inc. and High Street Holdco LLC, Series A common units 2023-06-30 0001287750 High Street Buyer, Inc. and High Street Holdco LLC, Series C common units 2023-06-30 0001287750 arcc:HighStreetBuyerIncAndHighStreetHoldcoLLCMember 2023-06-30 0001287750 Inszone Mid, LLC and INSZ Holdings, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Inszone Mid, LLC and INSZ Holdings, LLC, First lien senior secured loan 2023-06-30 0001287750 Inszone Mid, LLC and INSZ Holdings, LLC, Limited partnership interests 2023-06-30 0001287750 arcc:InszoneMidLLCAndINSZHoldingsLLCMember 2023-06-30 0001287750 OneDigital Borrower LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Patriot Growth Insurance Services, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Patriot Growth Insurance Services, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:PatriotGrowthInsuranceServicesLLCMember 2023-06-30 0001287750 People Corporation, First lien senior secured revolving loan 2023-06-30 0001287750 People Corporation, First lien senior secured loan 1 2023-06-30 0001287750 People Corporation, First lien senior secured loan 2 2023-06-30 0001287750 People Corporation, First lien senior secured loan 3 2023-06-30 0001287750 arcc:PeopleCorporationMember 2023-06-30 0001287750 Riser Merger Sub, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Riser Merger Sub, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Riser Merger Sub, Inc., First lien senior secured loan 2 2023-06-30 0001287750 Riser Merger Sub, Inc., First lien senior secured loan 3 2023-06-30 0001287750 arcc:RiserMergerSubIncMember 2023-06-30 0001287750 RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 1 2023-06-30 0001287750 RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 2 2023-06-30 0001287750 RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 3 2023-06-30 0001287750 arcc:RSCAcquisitionIncAndRSCInsuranceBrokerageIncMember 2023-06-30 0001287750 SageSure Holdings, LLC and SageSure LLC, Second lien senior secured loan 2023-06-30 0001287750 SageSure Holdings, LLC and SageSure LLC, Series A units 2023-06-30 0001287750 arcc:SageSureHoldingsLLCInsightCatastropheGroupLLCMember 2023-06-30 0001287750 SCM Insurance Services Inc., First lien senior secured loan 2023-06-30 0001287750 SelectQuote, Inc., First lien senior secured loan 2023-06-30 0001287750 SG Acquisition, Inc., First lien senior secured loan 2023-06-30 0001287750 Spring Insurance Solutions, LLC, First lien senior secured loan 2023-06-30 0001287750 THG Acquisition, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 THG Acquisition, LLC, First lien senior secured loan 1 2023-06-30 0001287750 THG Acquisition, LLC, First lien senior secured loan 2 2023-06-30 0001287750 THG Acquisition, LLC, First lien senior secured loan 3 2023-06-30 0001287750 arcc:THGAcquisitionLLCMember 2023-06-30 0001287750 us-gaap:InsuranceSectorMember 2023-06-30 0001287750 ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc., First lien senior secured loan 2023-06-30 0001287750 Aimbridge Acquisition Co., Inc., Second lien senior secured loan 2023-06-30 0001287750 American Residential Services L.L.C. and Aragorn Parent Holdings LP, First lien senior secured revolving loan 1 2023-06-30 0001287750 American Residential Services L.L.C. and Aragorn Parent Holdings LP, First lien senior secured revolving loan 2 2023-06-30 0001287750 American Residential Services L.L.C. and Aragorn Parent Holdings LP, Second lien senior secured loan 2023-06-30 0001287750 American Residential Services L.L.C. and Aragorn Parent Holdings LP, Series A preferred units 2023-06-30 0001287750 arcc:AmericanResidentialServicesLLCAndAragornParentHoldingsLPMember 2023-06-30 0001287750 Apex Service Partners, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Apex Service Partners, LLC, First lien senior secured loan 2 2023-06-30 0001287750 Apex Service Partners, LLC, First lien senior secured loan 3 2023-06-30 0001287750 Apex Service Partners, LLC, First lien senior secured loan 4 2023-06-30 0001287750 Apex Service Partners, LLC, First lien senior secured loan 5 2023-06-30 0001287750 Apex Service Partners, LLC, First lien senior secured loan 6 2023-06-30 0001287750 arcc:ApexServicePartnersLLCMember 2023-06-30 0001287750 ATI Restoration, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 ATI Restoration, LLC, First lien senior secured loan 1 2023-06-30 0001287750 ATI Restoration, LLC, First lien senior secured loan 2 2023-06-30 0001287750 ATI Restoration, LLC, First lien senior secured loan 3 2023-06-30 0001287750 ATI Restoration, LLC, First lien senior secured loan 4 2023-06-30 0001287750 arcc:ATIRestorationLLCMember 2023-06-30 0001287750 Belfor Holdings, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured revolving loan 3 2023-06-30 0001287750 Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured loan 1 2023-06-30 0001287750 Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured loan 2 2023-06-30 0001287750 Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured loan 3 2023-06-30 0001287750 Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, Class A units 2023-06-30 0001287750 arcc:ClarionHomeServicesGroupLLCAndLBCBreezeHoldingsLLCMember 2023-06-30 0001287750 CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured loan 1 2023-06-30 0001287750 CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured loan 2 2023-06-30 0001287750 CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured loan 3 2023-06-30 0001287750 CMG HoldCo, LLC and CMG Buyer Holdings, Inc., Common stock 2023-06-30 0001287750 arcc:CMGHoldCoLLCAndCMGBuyerHoldingsIncMember 2023-06-30 0001287750 CST Holding Company, First lien senior secured loan 2023-06-30 0001287750 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured loan 1 2023-06-30 0001287750 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured loan 2 2023-06-30 0001287750 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured loan 3 2023-06-30 0001287750 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, Class A units 2023-06-30 0001287750 arcc:EssentialServicesHoldingCorporationAndOMERSMahomesInvestmentHoldingsLLCMember 2023-06-30 0001287750 GroundWorks, LLC, First lien senior secured loan 2023-06-30 0001287750 GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, First lien senior secured loan 2023-06-30 0001287750 GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, Class A common units 2023-06-30 0001287750 arcc:GSSEERGroupBorrowerLLCAndGSSEERGroupHoldingsLLCMember 2023-06-30 0001287750 Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P., First lien senior secured revolving loan 2023-06-30 0001287750 Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P., First lien senior secured loan 1 2023-06-30 0001287750 Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P., First lien senior secured loan 2 2023-06-30 0001287750 Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P., Class A units 2023-06-30 0001287750 arcc:InfinityHomeServicesHoldCoIncAndIHSParentHoldingsLPMember 2023-06-30 0001287750 Jenny C Acquisition, Inc., Senior subordinated loan 2023-06-30 0001287750 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., First lien senior secured revolving loan 2023-06-30 0001287750 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., First lien senior secured loan 2023-06-30 0001287750 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., Limited partnership interests 2023-06-30 0001287750 arcc:LeviathanIntermediateHoldcoLLCAndLeviathanHoldingsLPMember 2023-06-30 0001287750 ME Equity LLC, Common stock 2023-06-30 0001287750 Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured loan 1 2023-06-30 0001287750 Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured loan 2 2023-06-30 0001287750 Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured loan 3 2023-06-30 0001287750 Modigent, LLC and OMERS PMC Investment Holdings LLC, Class A units 2023-06-30 0001287750 arcc:ModigentLLCAndOMERSPMCInvestmentHoldingsLLCMember 2023-06-30 0001287750 Movati Athletic (Group) Inc., First lien senior secured loan 2023-06-30 0001287750 Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured loan 1 2023-06-30 0001287750 Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured loan 2 2023-06-30 0001287750 Northwinds Holding, Inc. and Northwinds Services Group LLC, Common units 2023-06-30 0001287750 arcc:NorthwindsHoldingIncAndNorthwindsServicesGroupLLCMember 2023-06-30 0001287750 OTG Management, LLC, Class A preferred units 2023-06-30 0001287750 OTG Management, LLC, Common units 2023-06-30 0001287750 OTG Management, LLC, Warrant to purchase common units 2023-06-30 0001287750 arcc:OTGManagementLLCMember 2023-06-30 0001287750 PestCo Holdings, LLC and PestCo, LLC, First lien senior secured loan 2023-06-30 0001287750 PestCo Holdings, LLC and PestCo, LLC, Class A units 2023-06-30 0001287750 arcc:PestCoHoldingsLLCAndPestCoLLCMember 2023-06-30 0001287750 Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC, First lien senior secured loan 2023-06-30 0001287750 Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC, Preferred membership units 2023-06-30 0001287750 arcc:PyramidManagementAdvisorsLLCAndPyramidInvestorsLLCMember 2023-06-30 0001287750 Radiant Intermediate Holding, LLC, First lien senior secured loan 2023-06-30 0001287750 Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 2 2023-06-30 0001287750 Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 3 2023-06-30 0001287750 Redwood Services, LLC and Redwood Services Holdco, LLC, Series D units 2023-06-30 0001287750 arcc:RedwoodServicesLLCAndRedwoodServicesHoldcoLLCMember 2023-06-30 0001287750 Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc., First lien senior secured loan 2023-06-30 0001287750 Service Logic Acquisition, Inc. and MSHC, Inc., First lien senior secured loan 2023-06-30 0001287750 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 1 2023-06-30 0001287750 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 2 2023-06-30 0001287750 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured loan 1 2023-06-30 0001287750 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured loan 2 2023-06-30 0001287750 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., Class A units 2023-06-30 0001287750 arcc:TaymaxGroupLPTaymaxGroupGPLLCPFSalemCanadaULCAndTCPFitParentLPMember 2023-06-30 0001287750 The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc., First lien senior secured loan 2023-06-30 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured revolving loan 1 2023-06-30 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured revolving loan 2 2023-06-30 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured revolving loan 3 2023-06-30 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured revolving loan 4 2023-06-30 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured revolving loan 5 2023-06-30 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 1 2023-06-30 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 2 2023-06-30 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 3 2023-06-30 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 4 2023-06-30 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, Class A units 2023-06-30 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, Class C units 2023-06-30 0001287750 arcc:TheArcticomGroupLLCAndAMCPMechanicalHoldingsLPMember 2023-06-30 0001287750 Triwizard Holdings, Inc. and Triwizard Parent, LP, Class A-2 common units 2023-06-30 0001287750 YE Brands Holdings, LLC, First lien senior secured loan 1 2023-06-30 0001287750 YE Brands Holdings, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:YEBrandsHoldingsLLCMember 2023-06-30 0001287750 ZBS Mechanical Group Co-Invest Fund 2, LLC, Membership interest 2023-06-30 0001287750 arcc:ConsumerServicesMember 2023-06-30 0001287750 Badger Sportswear Acquisition, LLC, Second lien senior secured loan 1 2023-06-30 0001287750 Badger Sportswear Acquisition, LLC, Second lien senior secured loan 2 2023-06-30 0001287750 arcc:BadgerSportswearAcquisitionLLCMember 2023-06-30 0001287750 Bowhunter Holdings, LLC, Common units 2023-06-30 0001287750 Centric Brands LLC and Centric Brands GP LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 Centric Brands LLC and Centric Brands GP LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 Centric Brands LLC and Centric Brands GP LLC, First lien senior secured loan 2023-06-30 0001287750 Centric Brands LLC and Centric Brands GP LLC, Membership interests 2023-06-30 0001287750 arcc:CentricBrandsLLCAndCentricBrandsGPLLCMember 2023-06-30 0001287750 DRS Holdings III, Inc. and DRS Holdings I, Inc., First lien senior secured loan 1 2023-06-30 0001287750 DRS Holdings III, Inc. and DRS Holdings I, Inc., First lien senior secured loan 2 2023-06-30 0001287750 DRS Holdings III, Inc. and DRS Holdings I, Inc., First lien senior secured loan 3 2023-06-30 0001287750 DRS Holdings III, Inc. and DRS Holdings I, Inc., First lien senior secured loan 4 2023-06-30 0001287750 DRS Holdings III, Inc. and DRS Holdings I, Inc., Common stock 2023-06-30 0001287750 arcc:DRSHoldingsIIIIncAndDRSHoldingsIIncMember 2023-06-30 0001287750 Implus Footcare, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Implus Footcare, LLC, First lien senior secured loan 2 2023-06-30 0001287750 Implus Footcare, LLC, First lien senior secured loan 3 2023-06-30 0001287750 arcc:ImplusFootcareLLCMember 2023-06-30 0001287750 Johnnie-O Inc. and Johnnie-O Holdings Inc., First lien senior secured loan 1 2023-06-30 0001287750 Johnnie-O Inc. and Johnnie-O Holdings Inc., First lien senior secured loan 2 2023-06-30 0001287750 Johnnie-O Inc. and Johnnie-O Holdings Inc., Series A convertible preferred stock 2023-06-30 0001287750 Johnnie-O Inc. and Johnnie-O Holdings Inc., Warrant to purchase shares of common stock 2023-06-30 0001287750 arcc:JohnnieOIncAndJohnnieOHoldingsIncMember 2023-06-30 0001287750 Lew's Intermediate Holdings, LLC, First lien senior secured loan 2023-06-30 0001287750 New Era Cap, LLC, First lien senior secured loan 2023-06-30 0001287750 Pelican Products, Inc., Second lien senior secured loan 2023-06-30 0001287750 Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:RawlingsSportingGoodsCompanyIncAndEastonDiamondSportsLLCMember 2023-06-30 0001287750 Reef Lifestyle, LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 Reef Lifestyle, LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 Reef Lifestyle, LLC, First lien senior secured revolving loan 3 2023-06-30 0001287750 Reef Lifestyle, LLC, First lien senior secured revolving loan 4 2023-06-30 0001287750 Reef Lifestyle, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Reef Lifestyle, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:ReefLifestyleLLCMember 2023-06-30 0001287750 S Toys Holdings LLC (fka The Step2 Company, LLC), Common units 2023-06-30 0001287750 S Toys Holdings LLC (fka The Step2 Company, LLC), Class B common units 2023-06-30 0001287750 S Toys Holdings LLC (fka The Step2 Company, LLC), Warrant to purchase units 2023-06-30 0001287750 arcc:SToysHoldingsLLCFkaTheStep2CompanyLLCMember 2023-06-30 0001287750 SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc., First lien senior secured loan 2023-06-30 0001287750 SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc., Second lien senior secured loan 2023-06-30 0001287750 SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc., Series A preferred stock 2023-06-30 0001287750 SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc., Common stock 2023-06-30 0001287750 SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc., Warrant to purchase shares of common stock 2023-06-30 0001287750 arcc:SHOHoldingICorporationShoesForCrewsEuropeLimitedAndNeverSlipTopCoIncMember 2023-06-30 0001287750 Shock Doctor, Inc. and Shock Doctor Holdings, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Shock Doctor, Inc. and Shock Doctor Holdings, LLC, First lien senior secured loan 2023-06-30 0001287750 Shock Doctor, Inc. and Shock Doctor Holdings, LLC, Class A preferred units 2023-06-30 0001287750 Shock Doctor, Inc. and Shock Doctor Holdings, LLC, Class C preferred units 2023-06-30 0001287750 Shock Doctor, Inc. and Shock Doctor Holdings, LLC, Preferred units 2023-06-30 0001287750 arcc:ShockDoctorIncAndShockDoctorHoldingsLLCMember 2023-06-30 0001287750 SVP-Singer Holdings Inc. and SVP-Singer Holdings LP, First lien senior secured loan 2023-06-30 0001287750 SVP-Singer Holdings Inc. and SVP-Singer Holdings LP, Class A common units 2023-06-30 0001287750 arcc:SVPSingerHoldingsIncAndSVPSingerHoldingsLPMember 2023-06-30 0001287750 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc., First lien senior secured loan 2 2023-06-30 0001287750 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc., Common stock 2023-06-30 0001287750 arcc:TotesIsotonerCorporationAndTotesUltimateHoldcoIncMember 2023-06-30 0001287750 Varsity Brands Holding Co., Inc., Hercules Achievement, Inc. and BCPE Hercules Holdings, LP, First lien senior secured loan 2023-06-30 0001287750 Varsity Brands Holding Co., Inc., Hercules Achievement, Inc. and BCPE Hercules Holdings, LP, Second lien senior secured loan 2023-06-30 0001287750 Varsity Brands Holding Co., Inc., Hercules Achievement, Inc. and BCPE Hercules Holdings, LP, Class A units 2023-06-30 0001287750 arcc:VarsityBrandsHoldingCoIncAndBCPEHerculesHoldingsLPMember 2023-06-30 0001287750 arcc:ConsumerDurablesAndApparelMember 2023-06-30 0001287750 AI Aqua Merger Sub, Inc., First lien senior secured loan 2023-06-30 0001287750 AIM Acquisition, LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 AIM Acquisition, LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 arcc:AIMAcquisitionLLCMember 2023-06-30 0001287750 API Commercial Inc., API Military Inc., and API Space Intermediate, Inc., First lien senior secured loan 2023-06-30 0001287750 Arrowhead Holdco Company and Arrowhead GS Holdings, Inc., First lien senior secured loan 2023-06-30 0001287750 Arrowhead Holdco Company and Arrowhead GS Holdings, Inc., Common stock 2023-06-30 0001287750 arcc:ArrowheadHoldcoCompanyAndArrowheadGSHoldingsIncMember 2023-06-30 0001287750 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC, First lien senior secured loan 1 2023-06-30 0001287750 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:BlueHaloFinancingHoldingsLLCBlueHaloGlobalHoldingsLLCAndBlueHaloLLCMember 2023-06-30 0001287750 Burgess Point Purchaser Corporation, First lien senior secured loan 2023-06-30 0001287750 Cadence Aerospace, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Cadence Aerospace, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Cadence Aerospace, LLC, First lien senior secured loan 2 2023-06-30 0001287750 Cadence Aerospace, LLC, First lien senior secured loan 3 2023-06-30 0001287750 Cadence Aerospace, LLC, First lien senior secured loan 4 2023-06-30 0001287750 arcc:CadenceAerospaceLLCMember 2023-06-30 0001287750 CPIG Holdco Inc., First lien senior secured loan 2023-06-30 0001287750 DFS Holding Company, Inc., First lien senior secured loan 2023-06-30 0001287750 Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, First lien senior secured revolving loan 2023-06-30 0001287750 Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, First lien senior secured loan 2023-06-30 0001287750 Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, Common units 2023-06-30 0001287750 arcc:DynamicNCAerospaceHoldingsLLCAndDynamicNCInvestmentHoldingsLPMember 2023-06-30 0001287750 EPS NASS Parent, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 EPS NASS Parent, Inc., First lien senior secured loan 2023-06-30 0001287750 arcc:EPSNASSParentIncMember 2023-06-30 0001287750 ESCP PPG Holdings, LLC, Class A-1 units 2023-06-30 0001287750 ESCP PPG Holdings, LLC, Class A-2 units 2023-06-30 0001287750 arcc:ESCPPPGHoldingsLLCMember 2023-06-30 0001287750 Harvey Tool Company, LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 Harvey Tool Company, LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 Harvey Tool Company, LLC, First lien senior secured loan 2023-06-30 0001287750 arcc:HarveyToolCompanyLLCMember 2023-06-30 0001287750 Helix Acquisition Holdings, Inc., First lien senior secured loan 2023-06-30 0001287750 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Senior subordinated loan 2023-06-30 0001287750 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Class A common stock 2023-06-30 0001287750 arcc:ImagingBusinessMachinesLLCAndScannerHoldingsCorporationMember 2023-06-30 0001287750 Kene Acquisition, Inc. and Kene Holdings, L.P., First lien senior secured revolving loan 2023-06-30 0001287750 Kene Acquisition, Inc. and Kene Holdings, L.P., First lien senior secured loan 2023-06-30 0001287750 Kene Acquisition, Inc. and Kene Holdings, L.P., Class A units 2023-06-30 0001287750 arcc:KeneAcquisitionIncAndKeneHoldingsLPMember 2023-06-30 0001287750 Lower ACS, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Lower ACS, Inc., First lien senior secured loan 2023-06-30 0001287750 arcc:LowerACSIncMember 2023-06-30 0001287750 LTG Acquisition, Inc., Class A membership units 2023-06-30 0001287750 Maverick Acquisition, Inc., First lien senior secured loan 2023-06-30 0001287750 MB Aerospace Holdings II Corp., First lien senior secured loan 2023-06-30 0001287750 MB Aerospace Holdings II Corp., Second lien senior secured loan 1 2023-06-30 0001287750 MB Aerospace Holdings II Corp., Second lien senior secured loan 2 2023-06-30 0001287750 arcc:MBAerospaceHoldingsIICorpMember 2023-06-30 0001287750 NCWS Intermediate, Inc. and NCWS Holdings LP, First lien senior secured loan 1 2023-06-30 0001287750 NCWS Intermediate, Inc. and NCWS Holdings LP, First lien senior secured loan 2 2023-06-30 0001287750 NCWS Intermediate, Inc. and NCWS Holdings LP, First lien senior secured loan 3 2023-06-30 0001287750 NCWS Intermediate, Inc. and NCWS Holdings LP, Class A-2 common units 2023-06-30 0001287750 arcc:NCWSIntermediateIncAndNCWSHoldingsLPMember 2023-06-30 0001287750 Noble Aerospace, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC, Second lien senior secured loan 2023-06-30 0001287750 Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP., First lien senior secured loan 1 2023-06-30 0001287750 Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP., First lien senior secured loan 2 2023-06-30 0001287750 Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP., Class A units 2023-06-30 0001287750 arcc:PrecinmacUSHoldingsIncTrimasterManufacturingIncAndBladeGroupHoldingsLPMember 2023-06-30 0001287750 Prime Buyer, L.L.C., First lien senior secured revolving loan 2023-06-30 0001287750 Qnnect, LLC and Connector TopCo, LP, First lien senior secured loan 1 2023-06-30 0001287750 Qnnect, LLC and Connector TopCo, LP, First lien senior secured loan 2 2023-06-30 0001287750 Qnnect, LLC and Connector TopCo, LP, Limited partnership interests 2023-06-30 0001287750 arcc:QnnectLLCAndConnectorTopCoLPMember 2023-06-30 0001287750 Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured revolving loan 1 2023-06-30 0001287750 Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured revolving loan 2 2023-06-30 0001287750 arcc:RadiusAerospaceIncAndRadiusAerospaceEuropeLimitedMember 2023-06-30 0001287750 Radwell Parent, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Radwell Parent, LLC, First lien senior secured loan 2023-06-30 0001287750 arcc:RadwellParentLLCMember 2023-06-30 0001287750 Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon, First lien senior secured revolving loan 2023-06-30 0001287750 arcc:CapitalGoodsMember 2023-06-30 0001287750 Aventine Intermediate LLC & Aventine Holdings II LLC, First lien senior secured loan 2023-06-30 0001287750 Aventine Intermediate LLC & Aventine Holdings II LLC, Senior subordinated loan 2023-06-30 0001287750 arcc:AventineIntermediateLLCAventineHoldingsIILLCMember 2023-06-30 0001287750 Axiomatic, LLC, Class A-1 units 2023-06-30 0001287750 CMW Parent LLC (fka Black Arrow, Inc.), Series A units 2023-06-30 0001287750 Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 1 2023-06-30 0001287750 Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 2 2023-06-30 0001287750 Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 3 2023-06-30 0001287750 Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Warrant to purchase shares of ordinary shares 1 2023-06-30 0001287750 Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Warrant to purchase shares of ordinary shares 2 2023-06-30 0001287750 Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Warrant to purchase shares of ordinary shares 3 2023-06-30 0001287750 arcc:EagleFootballHoldingsBidCoLimitedMember 2023-06-30 0001287750 Global Music Rights, LLC, First lien senior secured loan 2023-06-30 0001287750 MailSouth, Inc., First lien senior secured loan 2023-06-30 0001287750 Miami Beckham United LLC, Class A preferred units 2023-06-30 0001287750 Miami Beckham United LLC, Class B preferred units 2023-06-30 0001287750 arcc:MiamiBeckhamUnitedLLCMember 2023-06-30 0001287750 OUTFRONT Media Inc., Series A convertible perpetual preferred stock 2023-06-30 0001287750 Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 2 2023-06-30 0001287750 Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 3 2023-06-30 0001287750 Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 4 2023-06-30 0001287750 Production Resource Group, L.L.C. and PRG III, LLC, Class A units 2023-06-30 0001287750 arcc:ProductionResourceGroupLLCAndPRGIIILLCMember 2023-06-30 0001287750 Professional Fighters League, LLC and PFL MMA, Inc., First lien senior secured loan 2023-06-30 0001287750 Professional Fighters League, LLC and PFL MMA, Inc., Second lien senior secured loan 2023-06-30 0001287750 Professional Fighters League, LLC and PFL MMA, Inc., Series E preferred stock 2023-06-30 0001287750 Professional Fighters League, LLC and PFL MMA, Inc., Warrant to purchase shares of common stock 1 2023-06-30 0001287750 Professional Fighters League, LLC and PFL MMA, Inc., Warrant to purchase shares of common stock 2 2023-06-30 0001287750 arcc:ProfessionalFightersLeagueLLCAndPFLMMAIncMember 2023-06-30 0001287750 Storm Investment S.a.r.l., First lien senior secured loan 2023-06-30 0001287750 Storm Investment S.a.r.l., Class A redeemable shares 2023-06-30 0001287750 Storm Investment S.a.r.l., Class B redeemable shares 2023-06-30 0001287750 Storm Investment S.a.r.l., Class C redeemable shares 2023-06-30 0001287750 Storm Investment S.a.r.l., Class D redeemable shares 2023-06-30 0001287750 Storm Investment S.a.r.l., Class E redeemable shares 2023-06-30 0001287750 Storm Investment S.a.r.l., Class F redeemable shares 2023-06-30 0001287750 Storm Investment S.a.r.l., Class G redeemable shares 2023-06-30 0001287750 Storm Investment S.a.r.l., Class H redeemable shares 2023-06-30 0001287750 Storm Investment S.a.r.l., Class I redeemable shares 2023-06-30 0001287750 Storm Investment S.a.r.l., Ordinary shares 2023-06-30 0001287750 arcc:StormInvestmentSarlMember 2023-06-30 0001287750 The Teaching Company Holdings, Inc., Preferred stock 2023-06-30 0001287750 The Teaching Company Holdings, Inc., Common stock 2023-06-30 0001287750 arcc:TheTeachingCompanyHoldingsIncMember 2023-06-30 0001287750 arcc:MediaAndEntertainmentMember 2023-06-30 0001287750 Atlas Intermediate III, L.L.C., First lien senior secured revolving loan 2023-06-30 0001287750 Atlas Intermediate III, L.L.C., First lien senior secured loan 1 2023-06-30 0001287750 Atlas Intermediate III, L.L.C., First lien senior secured loan 2 2023-06-30 0001287750 Atlas Intermediate III, L.L.C., First lien senior secured loan 3 2023-06-30 0001287750 Atlas Intermediate III, L.L.C., First lien senior secured loan 4 2023-06-30 0001287750 arcc:AtlasIntermediateIIILLCMember 2023-06-30 0001287750 Bamboo Purchaser, Inc., First lien senior secured loan 2023-06-30 0001287750 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 1 2023-06-30 0001287750 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 2 2023-06-30 0001287750 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 3 2023-06-30 0001287750 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., Common units 2023-06-30 0001287750 arcc:DisplayHoldingCompanyIncSaldonHoldingsIncAndFastsignsHoldingsIncMember 2023-06-30 0001287750 GPM Investments, LLC and ARKO Corp., Common stock 2023-06-30 0001287750 GPM Investments, LLC and ARKO Corp., Warrant to purchase common stock 2023-06-30 0001287750 arcc:GPMInvestmentsLLCAndARKOCorpMember 2023-06-30 0001287750 Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 2 2023-06-30 0001287750 Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, Class A common units 2023-06-30 0001287750 arcc:MarconeYellowstoneBuyerIncAndMarconeYellowstoneHoldingsLLCMember 2023-06-30 0001287750 Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP, First lien senior secured revolving loan 2023-06-30 0001287750 Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP, Series A preferred stock 2023-06-30 0001287750 Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP, Class A-1 units 2023-06-30 0001287750 arcc:MavisTireExpressServicesTopcoCorpMetisHoldCoIncAndMetisTopCoLPMember 2023-06-30 0001287750 McKenzie Creative Brands, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 McKenzie Creative Brands, LLC, First lien senior secured loan 1 2023-06-30 0001287750 McKenzie Creative Brands, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:McKenzieCreativeBrandsLLCMember 2023-06-30 0001287750 Monolith Brands Group, Inc., Series A-1 preferred stock 2023-06-30 0001287750 Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP, Limited partnership interests 2023-06-30 0001287750 North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC, First lien senior secured loan 1 2023-06-30 0001287750 North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC, First lien senior secured loan 2 2023-06-30 0001287750 North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC, Class A units 2023-06-30 0001287750 arcc:NorthHavenFalconBuyerLLCAndNorthHavenFalconHoldingCompanyLLCMember 2023-06-30 0001287750 Reddy Ice LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Reddy Ice LLC, First lien senior secured loan 1 2023-06-30 0001287750 Reddy Ice LLC, First lien senior secured loan 2 2023-06-30 0001287750 Reddy Ice LLC, First lien senior secured loan 3 2023-06-30 0001287750 arcc:ReddyIceLLCMember 2023-06-30 0001287750 Trader Corporation and Project Auto Finco Corp., First lien senior secured loan 2023-06-30 0001287750 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P., First lien senior secured loan 2023-06-30 0001287750 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P., Limited partner interests 2023-06-30 0001287750 arcc:USSaltInvestorsLLCAndEmeraldLakePearlAcquisitionALPMember 2023-06-30 0001287750 arcc:RetailingAndDistributionMember 2023-06-30 0001287750 American Seafoods Group LLC and American Seafoods Partners LLC, Class A units 2023-06-30 0001287750 American Seafoods Group LLC and American Seafoods Partners LLC, Warrant to purchase units of Class A units 2023-06-30 0001287750 arcc:AmericanSeafoodsGroupLLCAndAmericanSeafoodsPartnersLLCMember 2023-06-30 0001287750 Berner Food & Beverage, LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 Berner Food & Beverage, LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 arcc:BernerFoodBeverageLLCMember 2023-06-30 0001287750 Bragg Live Food Products, LLC and SPC Investment Co., L.P., First lien senior secured loan 2023-06-30 0001287750 Bragg Live Food Products, LLC and SPC Investment Co., L.P., Common units 2023-06-30 0001287750 arcc:BraggLiveFoodProductsLLCAndSPCInvestmentCoLPMember 2023-06-30 0001287750 CHG PPC Parent LLC & PPC CHG Blocker LLC, Second lien senior secured loan 2023-06-30 0001287750 CHG PPC Parent LLC & PPC CHG Blocker LLC, Common units 2023-06-30 0001287750 arcc:CHGPPCParentLLCPPCCHGBlockerLLCMember 2023-06-30 0001287750 Florida Food Products, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Florida Food Products, LLC, First lien senior secured loan 2 2023-06-30 0001287750 Florida Food Products, LLC, Second lien senior secured loan 2023-06-30 0001287750 arcc:FloridaFoodProductsLLCMember 2023-06-30 0001287750 GF Parent LLC, Class A preferred units 2023-06-30 0001287750 GF Parent LLC, Class A common units 2023-06-30 0001287750 arcc:GFParentLLCMember 2023-06-30 0001287750 Gotham Greens Holdings, PBC, First lien senior secured loan 2023-06-30 0001287750 Gotham Greens Holdings, PBC, Series E-1 preferred stock 2023-06-30 0001287750 Gotham Greens Holdings, PBC, Warrant to purchase shares of Series E-1 preferred stock 2023-06-30 0001287750 arcc:GothamGreensHoldingsPBCMember 2023-06-30 0001287750 KNPC HoldCo, LLC, First lien senior secured loan 1 2023-06-30 0001287750 KNPC HoldCo, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:KNPCHoldCoLLCMember 2023-06-30 0001287750 Manna Pro Products, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 RB Holdings InterCo, LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 RB Holdings InterCo, LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 RB Holdings InterCo, LLC, First lien senior secured revolving loan 3 2023-06-30 0001287750 RB Holdings InterCo, LLC, First lien senior secured loan 2023-06-30 0001287750 arcc:RBHoldingsInterCoLLCMember 2023-06-30 0001287750 RF HP SCF Investor, LLC, Membership interest 2023-06-30 0001287750 Teasdale Foods, Inc. and Familia Group Holdings Inc., First lien senior secured loan 2023-06-30 0001287750 Teasdale Foods, Inc. and Familia Group Holdings Inc., Warrant to purchase shares of common stock 2023-06-30 0001287750 arcc:TeasdaleFoodsIncAndFamiliaGroupHoldingsIncMember 2023-06-30 0001287750 Triton Water Holdings, Inc., First lien senior secured loan 2023-06-30 0001287750 Triton Water Holdings, Inc., Senior subordinated loan 2023-06-30 0001287750 arcc:TritonWaterHoldingsIncMember 2023-06-30 0001287750 Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 2023-06-30 0001287750 Watermill Express, LLC and Watermill Express Holdings, LLC, Class A units 2023-06-30 0001287750 arcc:WatermillExpressLLCAndWatermillExpressHoldingsLLCMember 2023-06-30 0001287750 Winebow Holdings, Inc. and The Vintner Group, Inc., First lien senior secured loan 2023-06-30 0001287750 us-gaap:FoodAndBeverageSectorMember 2023-06-30 0001287750 Calyx Energy III, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Calyx Energy III, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:CalyxEnergyIIILLCMember 2023-06-30 0001287750 Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC, First lien senior secured loan 2023-06-30 0001287750 GNZ Energy Bidco Limited and Galileo Co-investment Trust I, First lien senior secured loan 2023-06-30 0001287750 GNZ Energy Bidco Limited and Galileo Co-investment Trust I, Common units 2023-06-30 0001287750 arcc:GNZEnergyBidcoLimitedAndGalileoCoInvestmentTrustIMember 2023-06-30 0001287750 Halcon Holdings, LLC, First lien senior secured loan 2023-06-30 0001287750 Murchison Oil and Gas, LLC and Murchison Holdings, LLC, First lien senior secured loan 2023-06-30 0001287750 Murchison Oil and Gas, LLC and Murchison Holdings, LLC, Preferred units 2023-06-30 0001287750 arcc:MurchisonOilAndGasLLCAndMurchisonHoldingsLLCMember 2023-06-30 0001287750 Offen, Inc., First lien senior secured loan 2023-06-30 0001287750 SilverBow Resources, Inc., Common stock 2023-06-30 0001287750 VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 1 2023-06-30 0001287750 VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 2 2023-06-30 0001287750 VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 3 2023-06-30 0001287750 VPROP Operating, LLC and V SandCo, LLC, Class A units 2023-06-30 0001287750 arcc:VPROPOperatingLLCAndVSandCoLLCMember 2023-06-30 0001287750 us-gaap:EnergySectorMember 2023-06-30 0001287750 Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 2 2023-06-30 0001287750 Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Preferred units 1 2023-06-30 0001287750 Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Preferred units 2 2023-06-30 0001287750 Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Class A common units 2023-06-30 0001287750 arcc:AutomotiveKeysGroupLLCAndAutomotiveKeysInvestorLLCMember 2023-06-30 0001287750 Continental Acquisition Holdings, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Continental Acquisition Holdings, Inc., First lien senior secured loan 2 2023-06-30 0001287750 arcc:ContinentalAcquisitionHoldingsIncMember 2023-06-30 0001287750 Eckler Purchaser LLC, Class A common units 2023-06-30 0001287750 Faraday Buyer, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Faraday Buyer, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:FaradayBuyerLLCMember 2023-06-30 0001287750 Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc., Warrant to purchase shares of Class A common stock 2023-06-30 0001287750 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, First lien senior secured loan 2023-06-30 0001287750 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, Second lien senior secured loan 2023-06-30 0001287750 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, Co-invest units 2023-06-30 0001287750 arcc:HighlineAftermarketAcquisitionLLCHighlineAftermarketSCAcquisitionIncAndHighlinePPCBlockerLLCMember 2023-06-30 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured revolving loan 2023-06-30 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 1 2023-06-30 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 2 2023-06-30 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, Class A units 2023-06-30 0001287750 arcc:SunAcquirerCorpAndSunTopCoLPMember 2023-06-30 0001287750 Wand Newco 3, Inc., Second lien senior secured loan 2023-06-30 0001287750 arcc:AutomobilesAndComponentsSectorMember 2023-06-30 0001287750 Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Second lien senior secured loan 2023-06-30 0001287750 Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Class A preferred units 2023-06-30 0001287750 Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Series A preferred shares 2023-06-30 0001287750 arcc:BalrogAcquisitionIncBalrogTopcoIncAndBalrogParentLPMember 2023-06-30 0001287750 Continental Café, LLC and Infinity Ovation Yacht Charters, LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 Continental Café, LLC and Infinity Ovation Yacht Charters, LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 Continental Café, LLC and Infinity Ovation Yacht Charters, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Continental Café, LLC and Infinity Ovation Yacht Charters, LLC, First lien senior secured loan 2 2023-06-30 0001287750 Continental Café, LLC and Infinity Ovation Yacht Charters, LLC, First lien senior secured loan 3 2023-06-30 0001287750 arcc:ContinentalCafeLLCAndInfinityOvationYachtChartersLLCMember 2023-06-30 0001287750 DecoPac, Inc. and KCAKE Holdings Inc., First lien senior secured revolving loan 2023-06-30 0001287750 DecoPac, Inc. and KCAKE Holdings Inc., First lien senior secured loan 2023-06-30 0001287750 DecoPac, Inc. and KCAKE Holdings Inc., Common stock 2023-06-30 0001287750 arcc:DecoPacIncAndKCAKEHoldingsIncMember 2023-06-30 0001287750 FS Squared Holding Corp. and FS Squared, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 FS Squared Holding Corp. and FS Squared, LLC, First lien senior secured loan 2023-06-30 0001287750 FS Squared Holding Corp. and FS Squared, LLC, Class A units 2023-06-30 0001287750 arcc:FSSquaredHoldingCorpAndFSSquaredLLCMember 2023-06-30 0001287750 JWC/KI Holdings, LLC, Membership units 2023-06-30 0001287750 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P., First lien senior secured loan 1 2023-06-30 0001287750 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P., First lien senior secured loan 2 2023-06-30 0001287750 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P., Limited partnership interests 2023-06-30 0001287750 arcc:LJPerimeterBuyerIncAndLJPerimeterCoInvestLPMember 2023-06-30 0001287750 Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured loan 2023-06-30 0001287750 Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, Class B limited liability company interest 2023-06-30 0001287750 arcc:MrGreensIntermediateLLCFloridaVegInvestmentsLLCMRGTexasLLCAndRestaurantProduceAndServicesBlockerLLCMember 2023-06-30 0001287750 SFE Intermediate Holdco LLC, First lien senior secured loan 1 2023-06-30 0001287750 SFE Intermediate Holdco LLC, First lien senior secured loan 2 2023-06-30 0001287750 SFE Intermediate Holdco LLC, First lien senior secured loan 3 2023-06-30 0001287750 arcc:SFEIntermediateHoldcoLLCMember 2023-06-30 0001287750 VCP-EDC Co-Invest, LLC, Membership units 2023-06-30 0001287750 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured revolving loan 1 2023-06-30 0001287750 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured revolving loan 2 2023-06-30 0001287750 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured loan 1 2023-06-30 0001287750 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured loan 2 2023-06-30 0001287750 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., Common units 2023-06-30 0001287750 arcc:WorldwideProduceAcquisitionLLCAndREPWWPCoinvestIVLPMember 2023-06-30 0001287750 ZB Holdco LLC and ZB TopCo LLC, First lien senior secured revolving loan 2023-06-30 0001287750 ZB Holdco LLC and ZB TopCo LLC, First lien senior secured loan 2023-06-30 0001287750 ZB Holdco LLC and ZB TopCo LLC, Series A units 2023-06-30 0001287750 arcc:ZBHoldcoLLCZBParentLLCMember 2023-06-30 0001287750 arcc:ConsumerStaplesDistributionAndRetailMember 2023-06-30 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured loan 2023-06-30 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, Class A units 2023-06-30 0001287750 arcc:ASPRPacAcquisitionCoLLCAndASPRPacHoldingsLPMember 2023-06-30 0001287750 Coyote Buyer, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Halex Holdings, Inc., Common stock 2023-06-30 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 1 2023-06-30 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 2 2023-06-30 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 3 2023-06-30 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, Second lien senior secured loan 2023-06-30 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, Common units 2023-06-30 0001287750 arcc:HFoodHoldingsLLCAndMatterhornParentLLCMember 2023-06-30 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured revolving loan 2023-06-30 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 1 2023-06-30 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 2 2023-06-30 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 3 2023-06-30 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., Class A units 2023-06-30 0001287750 arcc:NelipakHoldingCompanyNelipakEuropeanHoldingsCooperatiefUAKNPAKHoldingsLPAndPAKNKNetherlandsTreasuryBVMember 2023-06-30 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 1 2023-06-30 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 2 2023-06-30 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class A preferred units 2023-06-30 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class C units 2023-06-30 0001287750 arcc:NovipaxBuyerLLCAndNovipaxParentHoldingCompanyLLCMember 2023-06-30 0001287750 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, First lien senior secured loan 2023-06-30 0001287750 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Second lien senior secured loan 2023-06-30 0001287750 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Co-Invest units 2023-06-30 0001287750 arcc:PlaskolitePPCIntermediateIILLCAndPlaskolitePPCBlockerLLCMember 2023-06-30 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured revolving loan 2023-06-30 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 1 2023-06-30 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 2 2023-06-30 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 3 2023-06-30 0001287750 arcc:PrecisionConceptsInternationalLLCAndPrecisionConceptsCanadaCorporationMember 2023-06-30 0001287750 SCI PH Parent, Inc., Series B shares 2023-06-30 0001287750 Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 2023-06-30 0001287750 Vobev, LLC and Vobev Holdings, LLC, Warrant to purchase shares of ordinary shares 2023-06-30 0001287750 arcc:VobevLLCAndVobevHoldingsLLCMember 2023-06-30 0001287750 arcc:MaterialsSectorMember 2023-06-30 0001287750 Abzena Holdings, Inc. and Astro Group Holdings Ltd., Ordinary A Shares 2023-06-30 0001287750 Alcami Corporation and ACM Note Holdings, LLC, First lien senior secured loan 2023-06-30 0001287750 Alcami Corporation and ACM Note Holdings, LLC, Senior subordinated loan 2023-06-30 0001287750 arcc:AlcamiCorporationAndACMHoldingsILLCMember 2023-06-30 0001287750 Athyrium Buffalo LP, Limited partnership interests 2023-06-30 0001287750 Caerus Midco 3 S.à r.l., First lien senior secured revolving loan 2023-06-30 0001287750 Caerus Midco 3 S.à r.l., First lien senior secured loan 2023-06-30 0001287750 arcc:CaerusMidco3SaRlMember 2023-06-30 0001287750 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 2 2023-06-30 0001287750 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 3 2023-06-30 0001287750 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Series A preferred shares 2023-06-30 0001287750 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Preferred units 2023-06-30 0001287750 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Class A common units 2023-06-30 0001287750 arcc:CobaltBuyerSubIncCobaltHoldingsILPAndCobaltIntermediateIIncMember 2023-06-30 0001287750 Covaris Intermediate 3, LLC & Covaris Parent, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Covaris Intermediate 3, LLC & Covaris Parent, LLC, First lien senior secured loan 2023-06-30 0001287750 Covaris Intermediate 3, LLC & Covaris Parent, LLC, Class A-2 units 2023-06-30 0001287750 arcc:CovarisIntermediate3LLCCovarisParentLLCMember 2023-06-30 0001287750 NMC Skincare Intermediate Holdings II, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 NMC Skincare Intermediate Holdings II, LLC, First lien senior secured loan 1 2023-06-30 0001287750 NMC Skincare Intermediate Holdings II, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:NMCSkincareIntermediateHoldingsIILLCMember 2023-06-30 0001287750 North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 1 2023-06-30 0001287750 North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 2 2023-06-30 0001287750 North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 3 2023-06-30 0001287750 North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 4 2023-06-30 0001287750 North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., Senior subordinated loan 2023-06-30 0001287750 North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., Class A preferred units 2023-06-30 0001287750 arcc:NorthAmericanScienceAssociatesLLCCardinalPurchaserLLCAndCardinalTopcoHoldingsLPMember 2023-06-30 0001287750 Verista, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Verista, Inc., First lien senior secured loan 2023-06-30 0001287750 arcc:VeristaIncMember 2023-06-30 0001287750 Vertice Pharma UK Parent Limited, Preferred shares 2023-06-30 0001287750 arcc:PharmaceuticalsBiotechnologyAndLifeSciencesMember 2023-06-30 0001287750 Chariot Buyer LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Chariot Buyer LLC, Second lien senior secured loan 2023-06-30 0001287750 arcc:ChariotBuyerLLCMember 2023-06-30 0001287750 Everspin Technologies, Inc., Warrant to purchase shares of common stock 2023-06-30 0001287750 ITI Holdings, Inc., First lien senior secured revolving loan 1 2023-06-30 0001287750 ITI Holdings, Inc., First lien senior secured revolving loan 2 2023-06-30 0001287750 ITI Holdings, Inc., First lien senior secured loan 2023-06-30 0001287750 arcc:ITIHoldingsIncMember 2023-06-30 0001287750 Micromeritics Instrument Corp., First lien senior secured loan 2023-06-30 0001287750 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 2023-06-30 0001287750 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., Limited partnership interests 2023-06-30 0001287750 arcc:PerkinElmerUSLLCAndNMPolarisCoInvestLPMember 2023-06-30 0001287750 Repairify, Inc. and Repairify Holdings, LLC, First lien senior secured revolving loan 1 2023-06-30 0001287750 Repairify, Inc. and Repairify Holdings, LLC, First lien senior secured revolving loan 2 2023-06-30 0001287750 Repairify, Inc. and Repairify Holdings, LLC, Class A common units 2023-06-30 0001287750 arcc:RepairifyIncAndRepairifyHoldingsLLCMember 2023-06-30 0001287750 Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured loan 1 2023-06-30 0001287750 Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured loan 2 2023-06-30 0001287750 Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured loan 3 2023-06-30 0001287750 Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured loan 4 2023-06-30 0001287750 Wildcat BuyerCo, Inc. and Wildcat Parent, LP, Limited partnership interests 2023-06-30 0001287750 arcc:WildcatBuyerCoIncAndWildcatParentLPMember 2023-06-30 0001287750 arcc:TechnologyHardwareAndEquipmentMember 2023-06-30 0001287750 Beacon Wellness Brands, Inc. and CDI Holdings I Corp., First lien senior secured loan 2023-06-30 0001287750 Beacon Wellness Brands, Inc. and CDI Holdings I Corp., Common stock 2023-06-30 0001287750 arcc:BeaconWellnessBrandsIncAndCDIHoldingsICorpMember 2023-06-30 0001287750 Foundation Consumer Brands, LLC, First lien senior secured loan 1 2023-06-30 0001287750 Foundation Consumer Brands, LLC, First lien senior secured loan 2 2023-06-30 0001287750 arcc:FoundationConsumerBrandsLLCMember 2023-06-30 0001287750 LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P., First lien senior secured loan 2023-06-30 0001287750 LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P., Preferred units 2023-06-30 0001287750 LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P., Class B common units 2023-06-30 0001287750 arcc:LifeStylesBidcoLtdLifestylesIntermediateHoldcoLtdAndLifeStylesParentLPMember 2023-06-30 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured revolving loan 2023-06-30 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured loan 2023-06-30 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., Limited partner interests 2023-06-30 0001287750 arcc:PremierSpecialtiesIncAndRMCFVCIVXLIVLPMember 2023-06-30 0001287750 RD Holdco Inc., Second lien senior secured loan 1 2023-06-30 0001287750 RD Holdco Inc., Second lien senior secured loan 2 2023-06-30 0001287750 RD Holdco Inc., Common stock 2023-06-30 0001287750 RD Holdco Inc., Warrant to purchase shares of common stock 2023-06-30 0001287750 arcc:RDHoldcoIncMember 2023-06-30 0001287750 Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured revolving loan 2023-06-30 0001287750 Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured loan 2023-06-30 0001287750 Silk Holdings III Corp. and Silk Holdings I Corp., Common stock 2023-06-30 0001287750 arcc:SilkHoldingsIIICorpAndSilkHoldingsICorpMember 2023-06-30 0001287750 Walnut Parent, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Walnut Parent, Inc., First lien senior secured loan 2 2023-06-30 0001287750 arcc:WalnutParentIncMember 2023-06-30 0001287750 arcc:HouseholdAndPersonalProductsMember 2023-06-30 0001287750 Commercial Trailer Leasing, Inc., First lien senior secured revolving loan 2023-06-30 0001287750 Commercial Trailer Leasing, Inc., First lien senior secured loan 2023-06-30 0001287750 Commercial Trailer Leasing, Inc., Second lien senior secured loan 2023-06-30 0001287750 arcc:CommercialTrailerLeasingIncMember 2023-06-30 0001287750 Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 2 2023-06-30 0001287750 Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 3 2023-06-30 0001287750 Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., Common stock 2023-06-30 0001287750 arcc:ShurCoAcquisitionIncAndShurCoHoldCoIncMember 2023-06-30 0001287750 arcc:TransportationMember 2023-06-30 0001287750 Aventiv Technologies, LLC and Securus Technologies Holdings, Inc., First lien senior secured loan 2023-06-30 0001287750 Aventiv Technologies, LLC and Securus Technologies Holdings, Inc., Second lien senior secured loan 1 2023-06-30 0001287750 Aventiv Technologies, LLC and Securus Technologies Holdings, Inc., Second lien senior secured loan 2 2023-06-30 0001287750 arcc:AventivTechnologiesLLCAndSecurusTechnologiesHoldingsIncMember 2023-06-30 0001287750 Emergency Communications Network, LLC, First lien senior secured revolving loan 2023-06-30 0001287750 Emergency Communications Network, LLC, First lien senior secured loan 2023-06-30 0001287750 arcc:EmergencyCommunicationsNetworkLLCMember 2023-06-30 0001287750 arcc:TelecommunicationServicesMember 2023-06-30 0001287750 Excelligence Holdings Corp., First lien senior secured loan 2023-06-30 0001287750 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured revolving loan 1 2023-06-30 0001287750 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured revolving loan 2 2023-06-30 0001287750 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 1 2023-06-30 0001287750 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 2 2023-06-30 0001287750 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., Series A preferred stock 2023-06-30 0001287750 arcc:FlinnScientificIncAndWCIQuantumHoldingsIncMember 2023-06-30 0001287750 arcc:EducationMember 2023-06-30 0001287750 GBP, Royal Bank of Canada, Company Settlement Date July 28, 2023 2023-06-30 iso4217:GBP 0001287750 EUR, Royal Bank of Canada, Company Settlement Date July 28, 2023 2023-06-30 iso4217:EUR 0001287750 CAD, Royal Bank of Canada, Company Settlement Date July 19, 2023 2023-06-30 iso4217:CAD 0001287750 CAD, Canadian Imperial Bank of Commerce, Company Settlement Date July 28, 2023 2023-06-30 0001287750 CAD, Royal Bank of Canada, Company Settlement Date July 28, 2023 2023-06-30 0001287750 NZD, Royal Bank of Canada, Company Settlement Date July 28, 2023 2023-06-30 iso4217:NZD 0001287750 CAD, Royal Bank of Canada, Company Settlement Date July 17, 2023 2023-06-30 0001287750 CAD, Royal Bank of Canada, Company Settlement Date July 10, 2023 2023-06-30 0001287750 USD, Royal Bank of Canada, Company Settlement Date July 28, 2023 2023-06-30 0001287750 Apex Clean Energy TopCo, LLC 2023-01-01 2023-06-30 0001287750 Apex Clean Energy TopCo, LLC 2023-06-30 0001287750 APG Intermediate Holdings Corporation and APG Holdings, LLC 2023-01-01 2023-06-30 0001287750 APG Intermediate Holdings Corporation and APG Holdings, LLC 2023-06-30 0001287750 Blue Wolf Capital Fund II, L.P.2023-01-01 2023-06-30 0001287750 Blue Wolf Capital Fund II, L.P.2023-06-30 0001287750 Bragg Live Food Products, LLC and SPC Investment Co., L.P.2023-01-01 2023-06-30 0001287750 Bragg Live Food Products, LLC and SPC Investment Co., L.P.2023-06-30 0001287750 ESCP PPG Holdings, LLC 2023-01-01 2023-06-30 0001287750 ESCP PPG Holdings, LLC 2023-06-30 0001287750 European Capital UK SME Debt LP 2023-01-01 2023-06-30 0001287750 European Capital UK SME Debt LP 2023-06-30 0001287750 PCG-Ares Sidecar Investment, L.P.2023-01-01 2023-06-30 0001287750 PCG-Ares Sidecar Investment, L.P.2023-06-30 0001287750 PCG-Ares Sidecar Investment II, L.P.2023-01-01 2023-06-30 0001287750 PCG-Ares Sidecar Investment II, L.P.2023-06-30 0001287750 Production Resource Group, L.L.C. and PRG III, LLC 2023-01-01 2023-06-30 0001287750 Production Resource Group, L.L.C. and PRG III, LLC 2023-06-30 0001287750 Shock Doctor, Inc. and Shock Doctor Holdings, LLC 2023-01-01 2023-06-30 0001287750 Shock Doctor, Inc. and Shock Doctor Holdings, LLC 2023-06-30 0001287750 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.2023-01-01 2023-06-30 0001287750 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.2023-06-30 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC 2023-01-01 2023-06-30 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC 2023-06-30 0001287750 ACAS Equity Holdings Corporation 2023-01-01 2023-06-30 0001287750 ACAS Equity Holdings Corporation 2023-06-30 0001287750 ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.2023-01-01 2023-06-30 0001287750 ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.2023-06-30 0001287750 ADG, LLC, RC IV GEDC Investor LLC, and GEDC Equity, LLC 2023-01-01 2023-06-30 0001287750 ADG, LLC, RC IV GEDC Investor LLC, and GEDC Equity, LLC 2023-06-30 0001287750 CoLTs 2005-1 Ltd.2023-01-01 2023-06-30 0001287750 CoLTs 2005-1 Ltd.2023-06-30 0001287750 Eckler Industries, Inc. and Eckler Purchaser LLC 2023-01-01 2023-06-30 0001287750 Eckler Industries, Inc. and Eckler Purchaser LLC 2023-06-30 0001287750 Halex Holdings, Inc.2023-01-01 2023-06-30 0001287750 Halex Holdings, Inc.2023-06-30 0001287750 HCI Equity, LLC 2023-01-01 2023-06-30 0001287750 HCI Equity, LLC 2023-06-30 0001287750 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC 2023-01-01 2023-06-30 0001287750 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC 2023-06-30 0001287750 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation 2023-01-01 2023-06-30 0001287750 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation 2023-06-30 0001287750 Ivy Hill Asset Management, L.P.2023-01-01 2023-06-30 0001287750 Ivy Hill Asset Management, L.P.2023-06-30 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC 2023-01-01 2023-06-30 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC 2023-06-30 0001287750 Potomac Intermediate Holdings II LLC 2023-01-01 2023-06-30 0001287750 Potomac Intermediate Holdings II LLC 2023-06-30 0001287750 PS Operating Company LLC and PS Op Holdings LLC 2023-01-01 2023-06-30 0001287750 PS Operating Company LLC and PS Op Holdings LLC 2023-06-30 0001287750 RD Holdco Inc.2023-01-01 2023-06-30 0001287750 RD Holdco Inc.2023-06-30 0001287750 S Toys Holdings LLC (fka The Step2 Company, LLC)2023-01-01 2023-06-30 0001287750 S Toys Holdings LLC (fka The Step2 Company, LLC)2023-06-30 0001287750 Senior Direct Lending Program, LLC 2023-01-01 2023-06-30 0001287750 Senior Direct Lending Program, LLC 2023-06-30 0001287750 SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc.2023-01-01 2023-06-30 0001287750 SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc.2023-06-30 0001287750 Startec Equity, LLC 2023-01-01 2023-06-30 0001287750 Startec Equity, LLC 2023-06-30 0001287750 VPROP Operating, LLC and V SandCo, LLC 2023-01-01 2023-06-30 0001287750 VPROP Operating, LLC and V SandCo, LLC 2023-06-30 0001287750 arcc:SubordinatedCertificatesOfTheSDLPMember arcc:AresCapitalCorporationMember srt:MinimumMember 2023-06-30 0001287750 arcc:NonQualifyingAssetsMember arcc:InvestmentsAtFairValueAndOtherNonQualifyingAssetsMember us-gaap:CustomerConcentrationRiskMember 2023-01-01 2023-06-30 0001287750 McKenzie Creative Brands, LLC, First lien senior secured loan, First Out Tranche 2023-06-30 0001287750 DFC Global Facility Borrower III LLC, First lien senior secured revolving loan, Secured borrowing 2023-06-30 0001287750 Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC 2023-06-30 0001287750 Advarra Holdings, Inc.2023-06-30 0001287750 AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC 2023-06-30 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC 2023-06-30 0001287750 AIM Acquisition, LLC 2023-06-30 0001287750 Alcami Corporation and ACM Note Holdings, LLC 2023-06-30 0001287750 American Residential Services L.L.C. and Aragorn Parent Holdings LP 2023-06-30 0001287750 Anaplan, Inc.2023-06-30 0001287750 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua 2023-06-30 0001287750 Apex Service Partners, LLC 2023-06-30 0001287750 Applied Technical Services, LLC 2023-06-30 0001287750 Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.2023-06-30 0001287750 Apptio, Inc.2023-06-30 0001287750 AQ Sage Buyer, LLC 2023-06-30 0001287750 AQ Sunshine, Inc.2023-06-30 0001287750 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc 2023-06-30 0001287750 Argenbright Holdings V, LLC and Amberstone Security Group Limited 2023-06-30 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP 2023-06-30 0001287750 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP 2023-06-30 0001287750 ATI Restoration, LLC 2023-06-30 0001287750 Atlas Intermediate III, L.L.C.2023-06-30 0001287750 Avalara, Inc.2023-06-30 0001287750 Avetta, LLC 2023-06-30 0001287750 AxiomSL Group, Inc. and Calypso Group, Inc.2023-06-30 0001287750 Banyan Software Holdings, LLC and Banyan Software, LP 2023-06-30 0001287750 Beacon Pointe Harmony, LLC 2023-06-30 0001287750 Beacon Wellness Brands, Inc. and CDI Holdings I Corp.2023-06-30 0001287750 Belfor Holdings, Inc.2023-06-30 0001287750 Benecon Midco II LLC and Locutus Holdco LLC 2023-06-30 0001287750 Benefytt Technologies, Inc.2023-06-30 0001287750 Berner Food & Beverage, LLC 2023-06-30 0001287750 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC 2023-06-30 0001287750 Bobcat Purchaser, LLC and Bobcat Topco, L.P.2023-06-30 0001287750 Borrower R365 Holdings LLC 2023-06-30 0001287750 Bottomline Technologies, Inc. and Legal Spend Holdings, LLC 2023-06-30 0001287750 Businessolver.com, Inc.2023-06-30 0001287750 Cadence Aerospace, LLC 2023-06-30 0001287750 Caerus Midco 3 S.Ã r.l.2023-06-30 0001287750 Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP 2023-06-30 0001287750 Captive Resources Midco, LLC 2023-06-30 0001287750 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.2023-06-30 0001287750 Center for Autism and Related Disorders, LLC 2023-06-30 0001287750 Centric Brands LLC and Centric Brands GP LLC 2023-06-30 0001287750 Chariot Buyer LLC 2023-06-30 0001287750 Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC 2023-06-30 0001287750 Clarion Home Services Group, LLC and LBC Breeze Holdings LLC 2023-06-30 0001287750 Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P.2023-06-30 0001287750 CMG HoldCo, LLC and CMG Buyer Holdings, Inc.2023-06-30 0001287750 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.2023-06-30 0001287750 Commercial Trailer Leasing, Inc.2023-06-30 0001287750 Community Brands ParentCo, LLC 2023-06-30 0001287750 Compex Legal Services, Inc.2023-06-30 0001287750 Comprehensive EyeCare Partners, LLC 2023-06-30 0001287750 Concert Golf Partners Holdco LLC 2023-06-30 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P.2023-06-30 0001287750 Continental Café, LLC and Infinity Ovation Yacht Charters, LLC 2023-06-30 0001287750 Convera International Holdings Limited and Convera International Financial S.A R.L.2023-06-30 0001287750 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP 2023-06-30 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc.2023-06-30 0001287750 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.2023-06-30 0001287750 Coupa Holdings, LLC and Coupa Software Incorporated 2023-06-30 0001287750 Covaris Intermediate 3, LLC & Covaris Parent, LLC 2023-06-30 0001287750 Coyote Buyer, LLC 2023-06-30 0001287750 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC 2023-06-30 0001287750 CST Holding Company 2023-06-30 0001287750 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC 2023-06-30 0001287750 DecoPac, Inc. and KCAKE Holdings Inc.2023-06-30 0001287750 Denali Holdco LLC and Denali Apexco LP 2023-06-30 0001287750 DFC Global Facility Borrower III LLC 2023-06-30 0001287750 DFS Holding Company, Inc.2023-06-30 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc.2023-06-30 0001287750 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc.2023-06-30 0001287750 DRS Holdings III, Inc. and DRS Holdings I, Inc.2023-06-30 0001287750 DS Admiral Bidco, LLC 2023-06-30 0001287750 Dye & Durham Corporation 2023-06-30 0001287750 Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP 2023-06-30 0001287750 Elemica Parent, Inc. & EZ Elemica Holdings, Inc.2023-06-30 0001287750 Elevation Services Parent Holdings, LLC 2023-06-30 0001287750 Emergency Communications Network, LLC 2023-06-30 0001287750 EP Wealth Advisors, LLC 2023-06-30 0001287750 EpiServer Inc. and Episerver Sweden Holdings AB 2023-06-30 0001287750 EPS NASS Parent, Inc.2023-06-30 0001287750 eResearch Technology, Inc. and Astorg VII Co-Invest ERT 2023-06-30 0001287750 ESHA Research, LLC and RMCF VI CIV XLVIII, L.P.2023-06-30 0001287750 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC 2023-06-30 0001287750 Extrahop Networks, Inc.2023-06-30 0001287750 Faraday Buyer, LLC 2023-06-30 0001287750 FL Hawk Intermediate Holdings, Inc.2023-06-30 0001287750 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc.2023-06-30 0001287750 FlyWheel Acquireco, Inc.2023-06-30 0001287750 FM:Systems Group, LLC 2023-06-30 0001287750 Forescout Technologies, Inc.2023-06-30 0001287750 Foundation Risk Partners, Corp.2023-06-30 0001287750 FS Squared Holding Corp. and FS Squared, LLC 2023-06-30 0001287750 Galway Borrower LLC 2023-06-30 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co.2023-06-30 0001287750 GI Ranger Intermediate LLC 2023-06-30 0001287750 Global Music Rights, LLC 2023-06-30 0001287750 GNZ Energy Bidco Limited and Galileo Co-investment Trust I 2023-06-30 0001287750 Gotham Greens Holdings, PBC 2023-06-30 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC 2023-06-30 0001287750 GroundWorks, LLC 2023-06-30 0001287750 GS SEER Group Borrower LLC and GS SEER Group Holdings LLC 2023-06-30 0001287750 Harvey Tool Company, LLC 2023-06-30 0001287750 HealthEdge Software, Inc.2023-06-30 0001287750 Heavy Construction Systems Specialists, LLC 2023-06-30 0001287750 Help/Systems Holdings, Inc.2023-06-30 0001287750 HGC Holdings, LLC 2023-06-30 0001287750 HH-Stella, Inc. and Bedrock Parent Holdings, LP 2023-06-30 0001287750 High Street Buyer, Inc. and High Street Holdco LLC 2023-06-30 0001287750 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC 2023-06-30 0001287750 Hometown Food Company 2023-06-30 0001287750 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP 2023-06-30 0001287750 Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P.2023-06-30 0001287750 Inszone Mid, LLC and INSZ Holdings, LLC 2023-06-30 0001287750 IQN Holding Corp.2023-06-30 0001287750 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P.2023-06-30 0001287750 ITI Holdings, Inc.2023-06-30 0001287750 JDC Healthcare Management, LLC 2023-06-30 0001287750 Kaseya Inc. and Knockout Intermediate Holdings I Inc.2023-06-30 0001287750 KBHS Acquisition, LLC (d/b/a Alita Care, LLC)2023-06-30 0001287750 Kene Acquisition, Inc. and Kene Holdings, L.P.2023-06-30 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC 2023-06-30 0001287750 LeanTaaS Holdings, Inc.2023-06-30 0001287750 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.2023-06-30 0001287750 Lew's Intermediate Holdings, LLC 2023-06-30 0001287750 Lido Advisors, LLC 2023-06-30 0001287750 Lightbeam Bidco, Inc.2023-06-30 0001287750 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P.2023-06-30 0001287750 LJP Purchaser, Inc. and LJP Topco, LP 2023-06-30 0001287750 Lower ACS, Inc.2023-06-30 0001287750 Majesco and Magic Topco, L.P.2023-06-30 0001287750 Manna Pro Products, LLC 2023-06-30 0001287750 Marmic Purchaser, LLC and Marmic Topco, L.P.2023-06-30 0001287750 Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP 2023-06-30 0001287750 McKenzie Creative Brands, LLC 2023-06-30 0001287750 Medline Borrower, LP 2023-06-30 0001287750 Micromeritics Instrument Corp.2023-06-30 0001287750 Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp 2023-06-30 0001287750 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P.2023-06-30 0001287750 Modigent, LLC and OMERS PMC Investment Holdings LLC 2023-06-30 0001287750 Monica Holdco (US) Inc.2023-06-30 0001287750 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC 2023-06-30 0001287750 Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC 2023-06-30 0001287750 MRI Software LLC 2023-06-30 0001287750 Murchison Oil and Gas, LLC and Murchison Holdings, LLC 2023-06-30 0001287750 NAS, LLC and Nationwide Marketing Group, LLC 2023-06-30 0001287750 National Intergovernmental Purchasing Alliance Company 2023-06-30 0001287750 NCWS Intermediate, Inc. and NCWS Holdings LP 2023-06-30 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.2023-06-30 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P.2023-06-30 0001287750 NMC Skincare Intermediate Holdings II, LLC 2023-06-30 0001287750 NMN Holdings III Corp. and NMN Holdings LP 2023-06-30 0001287750 Noble Aerospace, LLC 2023-06-30 0001287750 North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC 2023-06-30 0001287750 North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC 2023-06-30 0001287750 North Haven Stack Buyer, LLC 2023-06-30 0001287750 Northwinds Holding, Inc. and Northwinds Services Group LLC 2023-06-30 0001287750 OneDigital Borrower LLC 2023-06-30 0001287750 Pathstone Family Office LLC 2023-06-30 0001287750 Pathway Vet Alliance LLC and Jedi Group Holdings LLC 2023-06-30 0001287750 Patriot Growth Insurance Services, LLC 2023-06-30 0001287750 PDDS HoldCo, Inc.2023-06-30 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC 2023-06-30 0001287750 Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC 2023-06-30 0001287750 Pelican Products, Inc.2023-06-30 0001287750 People Corporation 2023-06-30 0001287750 Perforce Software, Inc.2023-06-30 0001287750 PestCo Holdings, LLC and PestCo, LLC 2023-06-30 0001287750 Petroleum Service Group LLC 2023-06-30 0001287750 Petrus Buyer, Inc.2023-06-30 0001287750 Petvisor Holdings, LLC 2023-06-30 0001287750 Ping Identity Holding Corp.2023-06-30 0001287750 Pluralsight, Inc.2023-06-30 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation 2023-06-30 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.2023-06-30 0001287750 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP 2023-06-30 0001287750 Prime Buyer, L.L.C.2023-06-30 0001287750 ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P.2023-06-30 0001287750 Project Essential Bidco, Inc. and Project Essential Super Parent, Inc.2023-06-30 0001287750 Project Potter Buyer, LLC and Project Potter Parent, L.P.2023-06-30 0001287750 Proofpoint, Inc.2023-06-30 0001287750 PushPay USA Inc.2023-06-30 0001287750 Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC 2023-06-30 0001287750 QF Holdings, Inc.2023-06-30 0001287750 Qnnect, LLC and Connector TopCo, LP 2023-06-30 0001287750 Radius Aerospace, Inc. and Radius Aerospace Europe Limited 2023-06-30 0001287750 Radwell Parent, LLC 2023-06-30 0001287750 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC 2023-06-30 0001287750 RB Holdings InterCo, LLC 2023-06-30 0001287750 Reddy Ice LLC 2023-06-30 0001287750 Redwood Services, LLC and Redwood Services Holdco, LLC 2023-06-30 0001287750 Reef Lifestyle, LLC 2023-06-30 0001287750 Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.2023-06-30 0001287750 Relativity ODA LLC 2023-06-30 0001287750 Repairify, Inc. and Repairify Holdings, LLC 2023-06-30 0001287750 Revalize, Inc.2023-06-30 0001287750 Rialto Management Group, LLC 2023-06-30 0001287750 Riser Merger Sub, Inc.2023-06-30 0001287750 RMS HoldCo II, LLC & RMS Group Holdings, Inc.2023-06-30 0001287750 Rodeo AcquisitionCo LLC 2023-06-30 0001287750 RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc.2023-06-30 0001287750 RTI Surgical, Inc. and Pioneer Surgical Technology, Inc.2023-06-30 0001287750 SageSure Holdings, LLC and SageSure LLC 2023-06-30 0001287750 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P.2023-06-30 0001287750 SCIH Salt Holdings Inc.2023-06-30 0001287750 SCM Insurance Services Inc.2023-06-30 0001287750 SFE Intermediate Holdco LLC 2023-06-30 0001287750 Shermco Intermediate Holdings, Inc.2023-06-30 0001287750 Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc.2023-06-30 0001287750 Silk Holdings III Corp. and Silk Holdings I Corp.2023-06-30 0001287750 SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC 2023-06-30 0001287750 SM Wellness Holdings, Inc. and SM Holdco, LLC 2023-06-30 0001287750 Smarsh Inc. and Skywalker TopCo, LLC 2023-06-30 0001287750 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp 2023-06-30 0001287750 Star US Bidco LLC 2023-06-30 0001287750 Stealth Holding LLC and UCIT Online Security Inc.2023-06-30 0001287750 Sun Acquirer Corp. and Sun TopCo, LP 2023-06-30 0001287750 Sundance Group Holdings, Inc.2023-06-30 0001287750 Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon 2023-06-30 0001287750 Sunrun Luna Holdco 2021, LLC 2023-06-30 0001287750 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.2023-06-30 0001287750 Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC 2023-06-30 0001287750 Systems Planning and Analysis, Inc.2023-06-30 0001287750 TA/WEG Holdings, LLC 2023-06-30 0001287750 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C.2023-06-30 0001287750 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P.2023-06-30 0001287750 TCP Hawker Intermediate LLC 2023-06-30 0001287750 The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc.2023-06-30 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP 2023-06-30 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC 2023-06-30 0001287750 The NPD Group, L.P., IRI Group Holdings, Inc., Information Resources, Inc. and IRI-NPD Co-Invest Aggregator, L.P.2023-06-30 0001287750 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP 2023-06-30 0001287750 Thermostat Purchaser III, Inc.2023-06-30 0001287750 THG Acquisition, LLC 2023-06-30 0001287750 Trader Corporation and Project Auto Finco Corp.2023-06-30 0001287750 Triwizard Holdings, Inc. and Triwizard Parent, LP 2023-06-30 0001287750 Two Six Labs, LLC 2023-06-30 0001287750 UKG Inc. and H&F Unite Partners, L.P.2023-06-30 0001287750 United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP 2023-06-30 0001287750 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P.2023-06-30 0001287750 Verista, Inc.2023-06-30 0001287750 Verscend Holding Corp.2023-06-30 0001287750 Vobev, LLC and Vobev Holdings, LLC 2023-06-30 0001287750 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.2023-06-30 0001287750 VRC Companies, LLC 2023-06-30 0001287750 VS Buyer, LLC 2023-06-30 0001287750 Waverly Advisors, LLC and WAAM Topco, LLC 2023-06-30 0001287750 WebPT, Inc.2023-06-30 0001287750 Wellness AcquisitionCo, Inc.2023-06-30 0001287750 Wellpath Holdings, Inc.2023-06-30 0001287750 Wildcat BuyerCo, Inc. and Wildcat Parent, LP 2023-06-30 0001287750 WorkWave Intermediate II, LLC 2023-06-30 0001287750 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.2023-06-30 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC 2023-06-30 0001287750 XIFIN, Inc. and ACP Charger Co-Invest LLC 2023-06-30 0001287750 YE Brands Holdings, LLC 2023-06-30 0001287750 ZB Holdco LLC and ZB TopCo LLC 2023-06-30 0001287750 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP 2023-06-30 0001287750 arcc:RevolvingAndDelayedDrawLoanCommitmentsMember 2023-06-30 0001287750 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP 1 2023-06-30 0001287750 Athyrium Buffalo LP 2023-06-30 0001287750 High Street Buyer, Inc. and High Street Holdco LLC 1 2023-06-30 0001287750 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. 1 2023-06-30 0001287750 Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp 1 2023-06-30 0001287750 PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar Investment II, L.P.2023-06-30 0001287750 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 1 2023-06-30 0001287750 arcc:EquityInvestmentCommitmentsMember 2023-06-30 0001287750 arcc:SeniorDirectLendingProgramMember arcc:AresCapitalCorporationMember 2023-06-30 0001287750 2U, Inc., First lien senior secured loan 2022-12-31 0001287750 AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC, First lien senior secured loan 1 2022-12-31 0001287750 AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC, First lien senior secured loan 2 2022-12-31 0001287750 AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC, Senior subordinated loan 2022-12-31 0001287750 arcc:AffiniPayMidcoLLCAndAffiniPayIntermediateHoldingsLLCMember 2022-12-31 0001287750 Anaplan, Inc., First lien senior secured loan 2022-12-31 0001287750 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, First lien senior secured loan 1 2022-12-31 0001287750 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, First lien senior secured loan 2 2022-12-31 0001287750 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, Limited partnership units 2022-12-31 0001287750 arcc:AnaquaParentHoldingsIncAstorgVIICoInvestAnaquaMember 2022-12-31 0001287750 APG Intermediate Holdings Corporation and APG Holdings, LLC, First lien senior secured loan 2022-12-31 0001287750 APG Intermediate Holdings Corporation and APG Holdings, LLC, Class A membership Units 2022-12-31 0001287750 arcc:APGIntermediateHoldingsCorporationAndAPGHoldingsLLCMember 2022-12-31 0001287750 Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc., First lien senior secured loan 2022-12-31 0001287750 Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc., Series A preferred shares 2022-12-31 0001287750 arcc:ApprissHealthLLCAndApprissHealthIntermediateHoldingsIncMember 2022-12-31 0001287750 Apptio, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 Apptio, Inc., First lien senior secured loan 2022-12-31 0001287750 arcc:ApptioIncMember 2022-12-31 0001287750 Avalara, Inc., First lien senior secured loan 2022-12-31 0001287750 Avetta, LLC, First lien senior secured loan 2022-12-31 0001287750 AxiomSL Group, Inc. and Calypso Group, Inc., First lien senior secured loan 2022-12-31 0001287750 Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured revolving loan 2022-12-31 0001287750 Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured loan 1 2022-12-31 0001287750 Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured loan 2 2022-12-31 0001287750 Banyan Software Holdings, LLC and Banyan Software, LP, Preferred units 2022-12-31 0001287750 arcc:BanyanSoftwareHoldingsLLCAndBanyanSoftwareLPMember 2022-12-31 0001287750 Borrower R365 Holdings LLC, First lien senior secured loan 1 2022-12-31 0001287750 Borrower R365 Holdings LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:BorrowerR365HoldingsLLCMember 2022-12-31 0001287750 Bottomline Technologies, Inc., First lien senior secured loan 2022-12-31 0001287750 Businessolver.com, Inc., First lien senior secured loan 2022-12-31 0001287750 CallMiner, Inc., Warrant to purchase shares of Series 1 preferred stock 2022-12-31 0001287750 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Second lien senior secured loan 2022-12-31 0001287750 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A preferred shares 2022-12-31 0001287750 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A-2 preferred shares 2022-12-31 0001287750 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A-3 preferred shares 2022-12-31 0001287750 arcc:CardinalParentIncAndPackersSoftwareIntermediateHoldingsIncMember 2022-12-31 0001287750 Community Brands ParentCo, LLC, First lien senior secured loan 2022-12-31 0001287750 Community Brands ParentCo, LLC, Class A units 2022-12-31 0001287750 arcc:CommunityBrandsParentCoLLCMember 2022-12-31 0001287750 Computer Services, Inc., First lien senior secured loan 2022-12-31 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured revolving loan 2022-12-31 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 1 2022-12-31 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 2 2022-12-31 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 3 2022-12-31 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., Common units 2022-12-31 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., Series A common units 2022-12-31 0001287750 arcc:ConsilioMidcoLimitedCompusoftUSLLCAndConsilioInvestmentHoldingsLPMember 2022-12-31 0001287750 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, Second lien senior secured loan 2022-12-31 0001287750 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, Limited partnership units 2022-12-31 0001287750 arcc:CoreLogicIncAndTVIIICelestialCoInvestLPMember 2022-12-31 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 1 2022-12-31 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 2 2022-12-31 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 3 2022-12-31 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 4 2022-12-31 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., Preferred equity 2022-12-31 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., Common equity 2022-12-31 0001287750 arcc:CoritySoftwareIncCoritySoftwareUSAIncAndCorityParentIncMember 2022-12-31 0001287750 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Second lien senior secured loan 2022-12-31 0001287750 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Series A preferred shares 2022-12-31 0001287750 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Class A-1 common stock 2022-12-31 0001287750 arcc:CornerstoneOnDemandIncAndSunshineSoftwareHoldingsIncMember 2022-12-31 0001287750 Datix Bidco Limited, First lien senior secured loan 2022-12-31 0001287750 Datix Bidco Limited, Second lien senior secured loan 2022-12-31 0001287750 arcc:DatixBidcoLimitedMember 2022-12-31 0001287750 Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., First lien senior secured loan 2022-12-31 0001287750 Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Second lien senior secured loan 2022-12-31 0001287750 Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Series A preferred shares 2022-12-31 0001287750 Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Series A units 2022-12-31 0001287750 arcc:DcertBuyerIncDCertPreferredHoldingsIncAndDestinyDigitalHoldingsLPMember 2022-12-31 0001287750 Denali Holdco LLC and Denali Apexco LP, First lien senior secured loan 1 2022-12-31 0001287750 Denali Holdco LLC and Denali Apexco LP, First lien senior secured loan 2 2022-12-31 0001287750 Denali Holdco LLC and Denali Apexco LP, Class A units 2022-12-31 0001287750 arcc:DenaliHoldcoLLCAndDenaliApexcoLPMember 2022-12-31 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan 1 2022-12-31 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan 2 2022-12-31 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan 3 2022-12-31 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan 4 2022-12-31 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc., Preferred stock 2022-12-31 0001287750 arcc:DiligentCorporationAndDiligentPreferredIssuerIncMember 2022-12-31 0001287750 Drilling Info Holdings, Inc. and Titan DI Preferred Holdings, Inc., Second lien senior secured loan 2022-12-31 0001287750 Drilling Info Holdings, Inc. and Titan DI Preferred Holdings, Inc., Preferred stock 2022-12-31 0001287750 arcc:DrillingInfoHoldingsIncAndTitanDIPreferredHoldingsIncMember 2022-12-31 0001287750 DS Admiral Bidco, LLC, First lien senior secured loan 2022-12-31 0001287750 Dye & Durham Corporation, First lien senior secured revolving loan 2022-12-31 0001287750 Dye & Durham Corporation, First lien senior secured loan 2022-12-31 0001287750 arcc:DyeDurhamCorporationMember 2022-12-31 0001287750 Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 1 2022-12-31 0001287750 Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 2 2022-12-31 0001287750 Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 3 2022-12-31 0001287750 Elemica Parent, Inc. & EZ Elemica Holdings, Inc., Preferred equity 2022-12-31 0001287750 arcc:ElemicaParentIncEZElemicaHoldingsIncMember 2022-12-31 0001287750 EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., Second lien senior secured loan 2022-12-31 0001287750 EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., Partnership units 2022-12-31 0001287750 arcc:EPPurchaserLLCAndTPGVIIIEPCoInvestIILPMember 2022-12-31 0001287750 EpiServer Inc. and Episerver Sweden Holdings AB, First lien senior secured loan 1 2022-12-31 0001287750 EpiServer Inc. and Episerver Sweden Holdings AB, First lien senior secured loan 2 2022-12-31 0001287750 EpiServer Inc. and Episerver Sweden Holdings AB, First lien senior secured loan 3 2022-12-31 0001287750 arcc:EpiServerIncAndEpiserverSwedenHoldingsABMember 2022-12-31 0001287750 eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Second lien senior secured loan 1 2022-12-31 0001287750 eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Second lien senior secured loan 2 2022-12-31 0001287750 eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Limited partnership interest 2022-12-31 0001287750 arcc:EResearchTechnologyIncAndAstorgVIICoInvestERTMember 2022-12-31 0001287750 ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., First lien senior secured loan 2022-12-31 0001287750 ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., Limited partner interests 2022-12-31 0001287750 arcc:ESHAResearchLLCAndRMCFVICIVXLVIIILPMember 2022-12-31 0001287750 Extrahop Networks, Inc., First lien senior secured loan 2022-12-31 0001287750 First Insight, Inc., Warrant to purchase units of Series C preferred stock 2022-12-31 0001287750 FM:Systems Group, LLC, First lien senior secured loan 1 2022-12-31 0001287750 FM:Systems Group, LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:FMSystemsGroupLLCMember 2022-12-31 0001287750 Forescout Technologies, Inc., First lien senior secured loan 1 2022-12-31 0001287750 Forescout Technologies, Inc., First lien senior secured loan 2 2022-12-31 0001287750 arcc:ForescoutTechnologiesIncMember 2022-12-31 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co., First lien senior secured revolving loan 2022-12-31 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co., First lien senior secured loan 1 2022-12-31 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co., First lien senior secured loan 2 2022-12-31 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co., Second lien senior secured loan 1 2022-12-31 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co., Second lien senior secured loan 2 2022-12-31 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co., Second lien senior secured loan 3 2022-12-31 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co., Class A common stock 2022-12-31 0001287750 arcc:GenesisAcquisitionCoAndGenesisUltimateHoldingCoMember 2022-12-31 0001287750 GI Ranger Intermediate LLC, First lien senior secured revolving loan 2022-12-31 0001287750 GI Ranger Intermediate LLC, First lien senior secured loan 1 2022-12-31 0001287750 GI Ranger Intermediate LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:GIRangerIntermediateLLCMember 2022-12-31 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, First lien senior secured loan 1 2022-12-31 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, First lien senior secured loan 2 2022-12-31 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, First lien senior secured loan 3 2022-12-31 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, First lien senior secured loan 4 2022-12-31 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, Senior subordinated loan 2022-12-31 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, Preferred units 2022-12-31 0001287750 arcc:GraphPADSoftwareLLCInsightfulScienceIntermediateILLCAndInsightfulScienceHoldingsLLCMember 2022-12-31 0001287750 GSV PracticeTek Holdings, LLC, Class A units 2022-12-31 0001287750 Heavy Construction Systems Specialists, LLC, First lien senior secured loan 2022-12-31 0001287750 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured revolving loan 2022-12-31 0001287750 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured loan 2022-12-31 0001287750 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, Senior subordinated loan 2022-12-31 0001287750 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, Common units 2022-12-31 0001287750 arcc:HuskiesParentIncGIInsurityParentLLCAndGIInsurityTopcoLPMember 2022-12-31 0001287750 Imprivata, Inc., Second lien senior secured loan 2022-12-31 0001287750 Inmar, Inc., Second lien senior secured loan 2022-12-31 0001287750 IQN Holding Corp., First lien senior secured loan 1 2022-12-31 0001287750 IQN Holding Corp., First lien senior secured loan 2 2022-12-31 0001287750 arcc:IONHoldingCorpMember 2022-12-31 0001287750 IV Rollover Holdings, LLC, Class B units 2022-12-31 0001287750 IV Rollover Holdings, LLC, Class X units 2022-12-31 0001287750 arcc:IVRolloverHoldingsLLCMember 2022-12-31 0001287750 Kaseya Inc. and Knockout Intermediate Holdings I Inc., First lien senior secured loan 2022-12-31 0001287750 Kaseya Inc. and Knockout Intermediate Holdings I Inc., Preferred stock 2022-12-31 0001287750 arcc:KaseyaIncAndKnockoutIntermediateHoldingsIIncMember 2022-12-31 0001287750 LeanTaaS Holdings, Inc., First lien senior secured loan 2022-12-31 0001287750 Majesco and Magic Topco, L.P., First lien senior secured loan 2022-12-31 0001287750 Majesco and Magic Topco, L.P., Class A units 2022-12-31 0001287750 Majesco and Magic Topco, L.P., Class B units 2022-12-31 0001287750 arcc:MajescoAndMagicTopcoLPMember 2022-12-31 0001287750 Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 1 2022-12-31 0001287750 Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 2 2022-12-31 0001287750 Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, Limited partnership interest 2022-12-31 0001287750 arcc:MimecastBorrowercoIncAndMagnesiumCoInvestSCSpMember 2022-12-31 0001287750 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., First lien senior secured revolving loan 2022-12-31 0001287750 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., First lien senior secured loan 2022-12-31 0001287750 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., Limited partner interests 2022-12-31 0001287750 arcc:MinistryBrandsHoldingsLLCAndRCPMBInvestmentsBLPMember 2022-12-31 0001287750 Mitchell International, Inc., Second lien senior secured loan 2022-12-31 0001287750 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, First lien senior secured loan 2022-12-31 0001287750 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, Class A units 2022-12-31 0001287750 arcc:MoonrakerAcquisitionCoLLCAndMoonrakerHoldCoLLCMember 2022-12-31 0001287750 MRI Software LLC, First lien senior secured loan 1 2022-12-31 0001287750 MRI Software LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:MRISoftwareLLCMember 2022-12-31 0001287750 OpenMarket Inc., First lien senior secured loan 2022-12-31 0001287750 Paya, Inc and GTCR-Ultra Holdings LLC, Class B units 2022-12-31 0001287750 PayNearMe, Inc., Warrant to purchase shares of Series E preferred stock 2022-12-31 0001287750 PDDS HoldCo, Inc., First lien senior secured loan 2022-12-31 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, First lien senior secured loan 2022-12-31 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Second lien senior secured loan 1 2022-12-31 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Second lien senior secured loan 2 2022-12-31 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Second lien senior secured loan 3 2022-12-31 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Second lien senior secured loan 4 2022-12-31 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Series A preferred stock 2022-12-31 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Class A units 2022-12-31 0001287750 arcc:PDITAHoldingsIncPeachtreeParentIncAndInsightPDIHoldingsLLCMember 2022-12-31 0001287750 Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC, First lien senior secured loan 1 2022-12-31 0001287750 Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC, First lien senior secured loan 2 2022-12-31 0001287750 Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC, First lien senior secured loan 3 2022-12-31 0001287750 Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC, Class A units 2022-12-31 0001287750 arcc:PegasusGlobalEnterpriseHoldingsLLCMekoneBlockerAcquisitionIncAndMekoneParentLLCMember 2022-12-31 0001287750 Petvisor Holdings, LLC, First lien senior secured loan 2022-12-31 0001287750 Ping Identity Holding Corp., First lien senior secured loan 2022-12-31 0001287750 Pluralsight, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 Pluralsight, Inc., First lien senior secured loan 2022-12-31 0001287750 arcc:PluralsightIncMember 2022-12-31 0001287750 Poplicus Incorporated, Warrant to purchase shares of Series C preferred stock 2022-12-31 0001287750 ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P., First lien senior secured loan 2022-12-31 0001287750 ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P., Limited partnership units 2022-12-31 0001287750 arcc:ProfitSolvPurchaserIncAndPSCoInvestLPMember 2022-12-31 0001287750 Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc., First lien senior secured loan 2022-12-31 0001287750 Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc., Class A common stock 2022-12-31 0001287750 Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc., Class B common stock 2022-12-31 0001287750 arcc:ProjectAlphaIntermediateHoldingIncAndQlikParentIncMember 2022-12-31 0001287750 Project Essential Bidco, Inc. and Project Essential Super Parent, Inc., First lien senior secured loan 2022-12-31 0001287750 Project Essential Bidco, Inc. and Project Essential Super Parent, Inc., Preferred shares 2022-12-31 0001287750 arcc:ProjectEssentialBidcoIncAndProjectEssentialSuperParentIncMember 2022-12-31 0001287750 Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured revolving loan 2022-12-31 0001287750 Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 1 2022-12-31 0001287750 Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 2 2022-12-31 0001287750 Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 3 2022-12-31 0001287750 Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 4 2022-12-31 0001287750 Project Potter Buyer, LLC and Project Potter Parent, L.P., Class B units 2022-12-31 0001287750 arcc:ProjectPotterBuyerLLCAndProjectPotterParentLPMember 2022-12-31 0001287750 Proofpoint, Inc., First lien senior secured loan 2022-12-31 0001287750 Proofpoint, Inc., Second lien senior secured loan 2022-12-31 0001287750 arcc:ProofpointIncMember 2022-12-31 0001287750 QF Holdings, Inc., First lien senior secured loan 1 2022-12-31 0001287750 QF Holdings, Inc., First lien senior secured loan 2 2022-12-31 0001287750 QF Holdings, Inc., First lien senior secured loan 3 2022-12-31 0001287750 arcc:QFHoldingsIncMember 2022-12-31 0001287750 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 2022-12-31 0001287750 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, Class A common units 2022-12-31 0001287750 arcc:RaptorTechnologiesLLCSycamoreBidcoLTDAndRocketParentLLCMember 2022-12-31 0001287750 RealPage, Inc., Second lien senior secured loan 2022-12-31 0001287750 Regent Education, Inc., Warrant to purchase shares of common stock 1 2022-12-31 0001287750 Regent Education, Inc., Warrant to purchase shares of common stock 2 2022-12-31 0001287750 arcc:RegentEducationIncMember 2022-12-31 0001287750 Relativity ODA LLC, First lien senior secured loan 2022-12-31 0001287750 Revalize, Inc., First lien senior secured loan 1 2022-12-31 0001287750 Revalize, Inc., First lien senior secured loan 2 2022-12-31 0001287750 arcc:RevalizeIncMember 2022-12-31 0001287750 RMS HoldCo II, LLC & RMS Group Holdings, Inc., First lien senior secured loan 1 2022-12-31 0001287750 RMS HoldCo II, LLC & RMS Group Holdings, Inc., First lien senior secured loan 2 2022-12-31 0001287750 RMS HoldCo II, LLC & RMS Group Holdings, Inc., Class A common stock 2022-12-31 0001287750 arcc:RMSHoldcoIILLCRMSGroupHoldingsIncMember 2022-12-31 0001287750 Smarsh Inc. and Skywalker TopCo, LLC, First lien senior secured loan 2022-12-31 0001287750 Smarsh Inc. and Skywalker TopCo, LLC, Common units 2022-12-31 0001287750 arcc:SmarshIncAndSkywalkerTopCoLLCMember 2022-12-31 0001287750 SocialFlow, Inc., Warrant to purchase shares of Series C preferred stock 2022-12-31 0001287750 Sophia, L.P., Second lien senior secured loan 2022-12-31 0001287750 SoundCloud Limited, Common stock 2022-12-31 0001287750 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured loan 2022-12-31 0001287750 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, Limited partner interests 2022-12-31 0001287750 arcc:SpiritRRHoldingsIncAndWinterfellCoInvestSCSpMember 2022-12-31 0001287750 Stamps.com Inc., First lien senior secured loan 2022-12-31 0001287750 Storable, Inc. and EQT IX Co-Investment (E) SCSP, Second lien senior secured loan 1 2022-12-31 0001287750 Storable, Inc. and EQT IX Co-Investment (E) SCSP, Second lien senior secured loan 2 2022-12-31 0001287750 Storable, Inc. and EQT IX Co-Investment (E) SCSP, Limited partnership interests 2022-12-31 0001287750 arcc:StorableIncAndEQTIXCoInvestmentESCSPMember 2022-12-31 0001287750 Sundance Group Holdings, Inc., First lien senior secured loan 1 2022-12-31 0001287750 Sundance Group Holdings, Inc., First lien senior secured loan 2 2022-12-31 0001287750 arcc:SundanceGroupHoldingsIncMember 2022-12-31 0001287750 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured revolving loan 2022-12-31 0001287750 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 2022-12-31 0001287750 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., Class A-2 units 2022-12-31 0001287750 arcc:TamarackIntermediateLLCAndTamarackParentLLCMember 2022-12-31 0001287750 TCP Hawker Intermediate LLC, First lien senior secured revolving loan 2022-12-31 0001287750 TCP Hawker Intermediate LLC, First lien senior secured loan 1 2022-12-31 0001287750 TCP Hawker Intermediate LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:TCPHawkerIntermediateLLCMember 2022-12-31 0001287750 TibCo Software Inc., Picard Parent, Inc., Picard MidCo, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., First lien senior secured notes 2022-12-31 0001287750 TibCo Software Inc., Picard Parent, Inc., Picard MidCo, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., First lien senior secured loan 2022-12-31 0001287750 TibCo Software Inc., Picard Parent, Inc., Picard MidCo, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., Second lien senior secured loan 2022-12-31 0001287750 TibCo Software Inc., Picard Parent, Inc., Picard MidCo, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., Series A preferred stock 2022-12-31 0001287750 TibCo Software Inc., Picard Parent, Inc., Picard MidCo, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., Limited partnership interests 2022-12-31 0001287750 arcc:TibCoSoftwareIncPicardParentIncPicardMidCoIncPicardHoldCoLLCAndElliottAltoCoInvestorAggregatorLPMember 2022-12-31 0001287750 UKG Inc. and H&F Unite Partners, L.P., First lien senior secured revolving loan 2022-12-31 0001287750 UKG Inc. and H&F Unite Partners, L.P., Limited partnership interests 2022-12-31 0001287750 arcc:UKGIncAndHFUnitePartnersLPMember 2022-12-31 0001287750 WebPT, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 WebPT, Inc., First lien senior secured loan 2022-12-31 0001287750 arcc:WebPTIncMember 2022-12-31 0001287750 Wellness AcquisitionCo, Inc., First lien senior secured loan 2022-12-31 0001287750 WorkWave Intermediate II, LLC, First lien senior secured loan 1 2022-12-31 0001287750 WorkWave Intermediate II, LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:WorkWaveIntermediateIILLCMember 2022-12-31 0001287750 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, First lien senior secured loan 2022-12-31 0001287750 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, Series A preferred stock 2022-12-31 0001287750 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, Class A common units 2022-12-31 0001287750 arcc:ZenDeskIncZoroTopCoIncAndZoroTopCoLPMember 2022-12-31 0001287750 arcc:SoftwareAndServicesMember 2022-12-31 0001287750 AQ Sage Buyer, LLC, First lien senior secured loan 2022-12-31 0001287750 BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, First lien senior secured loan 2022-12-31 0001287750 BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, Senior subordinated loan 2022-12-31 0001287750 BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, Common units 2022-12-31 0001287750 arcc:BCCBlueprintHoldingsILLCAndBCCBlueprintInvestmentsLLCMember 2022-12-31 0001287750 Beacon Pointe Harmony, LLC, First lien senior secured loan 2022-12-31 0001287750 Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 2022-12-31 0001287750 CrossCountry Mortgage, LLC, First lien senior secured loan 2022-12-31 0001287750 DFC Global Facility Borrower III LLC, First lien senior secured revolving loan 2022-12-31 0001287750 eCapital Finance Corp., Senior subordinated loan 1 2022-12-31 0001287750 eCapital Finance Corp., Senior subordinated loan 2 2022-12-31 0001287750 eCapital Finance Corp., Senior subordinated loan 3 2022-12-31 0001287750 eCapital Finance Corp., Senior subordinated loan 4 2022-12-31 0001287750 arcc:ECapitalFinanceCorpMember 2022-12-31 0001287750 EP Wealth Advisors, LLC, First lien senior secured loan 1 2022-12-31 0001287750 EP Wealth Advisors, LLC, First lien senior secured loan 2 2022-12-31 0001287750 EP Wealth Advisors, LLC, First lien senior secured loan 3 2022-12-31 0001287750 EP Wealth Advisors, LLC, First lien senior secured loan 4 2022-12-31 0001287750 arcc:EPWealthAdvisorsLLCMember 2022-12-31 0001287750 HighTower Holding, LLC, Senior subordinated loan 2022-12-31 0001287750 Ivy Hill Asset Management, L.P., Subordinated revolving loan 2022-12-31 0001287750 Ivy Hill Asset Management, L.P., Member interest 2022-12-31 0001287750 arcc:IvyHillAssetManagementLPMember 2022-12-31 0001287750 Lido Advisors, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 LS DE LLC and LM LSQ Investors LLC, Senior subordinated loan 1 2022-12-31 0001287750 LS DE LLC and LM LSQ Investors LLC, Senior subordinated loan 2 2022-12-31 0001287750 LS DE LLC and LM LSQ Investors LLC, Membership units 2022-12-31 0001287750 arcc:LSDELLCAndLMLSQInvestorsLLCMember 2022-12-31 0001287750 Monica Holdco (US) Inc., First lien senior secured revolving loan 2022-12-31 0001287750 Monica Holdco (US) Inc., First lien senior secured loan 2022-12-31 0001287750 arcc:MonicaHoldcoUSIncMember 2022-12-31 0001287750 Petrus Buyer, Inc., First lien senior secured loan 2022-12-31 0001287750 Priority Holdings, LLC and Priority Technology Holdings, Inc., First lien senior secured loan 2022-12-31 0001287750 Priority Holdings, LLC and Priority Technology Holdings, Inc., Senior preferred stock 2022-12-31 0001287750 Priority Holdings, LLC and Priority Technology Holdings, Inc., Warrant to purchase shares of common stock 2022-12-31 0001287750 arcc:PriorityHoldingsLLCAndPriorityTechnologyHoldingsIncMember 2022-12-31 0001287750 Rialto Management Group, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Rialto Management Group, LLC, First lien senior secured loan 1 2022-12-31 0001287750 Rialto Management Group, LLC, First lien senior secured loan 2 2022-12-31 0001287750 Rialto Management Group, LLC, First lien senior secured loan 3 2022-12-31 0001287750 arcc:RialtoManagementGroupLLCMember 2022-12-31 0001287750 TA/WEG Holdings, LLC, First lien senior secured loan 1 2022-12-31 0001287750 TA/WEG Holdings, LLC, First lien senior secured loan 2 2022-12-31 0001287750 TA/WEG Holdings, LLC, First lien senior secured loan 3 2022-12-31 0001287750 TA/WEG Holdings, LLC, First lien senior secured loan 4 2022-12-31 0001287750 arcc:TAWEGHoldingsLLCMember 2022-12-31 0001287750 The Edelman Financial Center, LLC, Second lien senior secured loan 2022-12-31 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured loan 2022-12-31 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Senior subordinated loan 2022-12-31 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Series A preferred units 2022-12-31 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Common units 2022-12-31 0001287750 arcc:TheMatherGroupLLCTVGTMGTopcoIncAndTVGTMGHoldingsLLCMember 2022-12-31 0001287750 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, First lien senior secured loan 2022-12-31 0001287750 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class A units 1 2022-12-31 0001287750 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class A units 2 2022-12-31 0001287750 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class B units 1 2022-12-31 0001287750 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class B units 2 2022-12-31 0001287750 arcc:TheUltimusGroupMidcoLLCTheUltimusGroupLLCAndTheUltimusGroupAggregatorLPMember 2022-12-31 0001287750 Waverly Advisors, LLC, First lien senior secured loan 2022-12-31 0001287750 us-gaap:FinancialServicesSectorMember 2022-12-31 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured revolving loan 1 2022-12-31 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured revolving loan 2 2022-12-31 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured loan 2022-12-31 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC, Class A common units 2022-12-31 0001287750 arcc:AbsoluteDentalGroupLLCAndAbsoluteDentalEquityLLCMember 2022-12-31 0001287750 ADG, LLC and RC IV GEDC Investor LLC, First lien senior secured revolving loan 1 2022-12-31 0001287750 ADG, LLC and RC IV GEDC Investor LLC, First lien senior secured revolving loan 2 2022-12-31 0001287750 ADG, LLC and RC IV GEDC Investor LLC, Second lien senior secured loan 2022-12-31 0001287750 ADG, LLC and RC IV GEDC Investor LLC, Membership units 2022-12-31 0001287750 arcc:ADGLLCAndRCIVGEDCInvestorLLCMember 2022-12-31 0001287750 Advarra Holdings, Inc., First lien senior secured loan 2022-12-31 0001287750 AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Series A preferred shares 2022-12-31 0001287750 AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Preferred units 2022-12-31 0001287750 AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Class B common units 2022-12-31 0001287750 arcc:AHRFundingHoldingsIncAndAHRParentHoldingsLPMember 2022-12-31 0001287750 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Series A preferred stock 2022-12-31 0001287750 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Class A units 2022-12-31 0001287750 arcc:AthenaHealthGroupIncMinervaHoldcoIncAndBCPECoInvestALPMember 2022-12-31 0001287750 BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP, First lien senior secured loan 2022-12-31 0001287750 Bambino Group Holdings, LLC, Class A preferred units 2022-12-31 0001287750 CCS-CMGC Holdings, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 CCS-CMGC Holdings, Inc., First lien senior secured loan 2022-12-31 0001287750 arcc:CCSCMGCHoldingsIncMember 2022-12-31 0001287750 Center for Autism and Related Disorders, LLC, First lien senior secured revolving loan 1 2022-12-31 0001287750 Center for Autism and Related Disorders, LLC, First lien senior secured revolving loan 2 2022-12-31 0001287750 Center for Autism and Related Disorders, LLC, First lien senior secured loan 1 2022-12-31 0001287750 Center for Autism and Related Disorders, LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:CenterForAutismAndRelatedDisordersLLCMember 2022-12-31 0001287750 Color Intermediate, LLC, First lien senior secured loan 2022-12-31 0001287750 Comprehensive EyeCare Partners, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Comprehensive EyeCare Partners, LLC, First lien senior secured loan 2022-12-31 0001287750 arcc:ComprehensiveEyeCarePartnersLLCMember 2022-12-31 0001287750 Convey Health Solutions, Inc., First lien senior secured loan 1 2022-12-31 0001287750 Convey Health Solutions, Inc., First lien senior secured loan 2 2022-12-31 0001287750 Convey Health Solutions, Inc., First lien senior secured loan 3 2022-12-31 0001287750 arcc:ConveyHealthSolutionsIncMember 2022-12-31 0001287750 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, First lien senior secured loan 2022-12-31 0001287750 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, Class A shares 2022-12-31 0001287750 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, Common units 2022-12-31 0001287750 arcc:CrownCTParentIncCrownCTHoldCoIncAndCrownCTManagementLLCMember 2022-12-31 0001287750 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan 1 2022-12-31 0001287750 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan 2 2022-12-31 0001287750 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan 3 2022-12-31 0001287750 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan 4 2022-12-31 0001287750 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, Common stock 2022-12-31 0001287750 arcc:CVPHoldcoIncAndOMERSWildcatsInvestmentHoldingsLLCMember 2022-12-31 0001287750 Ensemble RCM, LLC, First lien senior secured loan 2022-12-31 0001287750 Evolent Health LLC, First lien senior secured loan 2022-12-31 0001287750 Explorer Investor, Inc, First lien senior secured loan 2022-12-31 0001287750 GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC, Second lien senior secured loan 2022-12-31 0001287750 GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC, Class A units 2022-12-31 0001287750 arcc:GHXUltimateParentCorporationCommerceParentIncAndCommerceTopcoLLCMember 2022-12-31 0001287750 Global Medical Response, Inc. and GMR Buyer Corp., First lien senior secured loan 1 2022-12-31 0001287750 Global Medical Response, Inc. and GMR Buyer Corp., First lien senior secured loan 2 2022-12-31 0001287750 Global Medical Response, Inc. and GMR Buyer Corp., Second lien senior secured loan 2022-12-31 0001287750 Global Medical Response, Inc. and GMR Buyer Corp., Warrant to purchase units of common stock 1 2022-12-31 0001287750 Global Medical Response, Inc. and GMR Buyer Corp., Warrant to purchase units of common stock 2 2022-12-31 0001287750 arcc:GlobalMedicalResponseIncAndGMRBuyerCorpMember 2022-12-31 0001287750 Hanger, Inc., First lien senior secured loan 2022-12-31 0001287750 Hanger, Inc., Second lien senior secured loan 2022-12-31 0001287750 arcc:HangerIncMember 2022-12-31 0001287750 HealthEdge Software, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 HealthEdge Software, Inc., First lien senior secured loan 2022-12-31 0001287750 arcc:HealthEdgeSoftwareIncMember 2022-12-31 0001287750 Honor Technology, Inc., First lien senior secured loan 2022-12-31 0001287750 Honor Technology, Inc., Warrant to purchase shares of series D-2 preferred stock 2022-12-31 0001287750 arcc:HonorTechnologyIncMember 2022-12-31 0001287750 JDC Healthcare Management, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 JDC Healthcare Management, LLC, First lien senior secured loan 2022-12-31 0001287750 arcc:JDCHealthcareManagementLLCMember 2022-12-31 0001287750 KBHS Acquisition, LLC (d/b/a Alita Care, LLC), First lien senior secured revolving loan 2022-12-31 0001287750 Lifescan Global Corporation, First lien senior secured loan 2022-12-31 0001287750 Lifescan Global Corporation, Second lien senior secured loan 2022-12-31 0001287750 arcc:LifescanGlobalCorporationMember 2022-12-31 0001287750 Medline Borrower, LP, First lien senior secured revolving loan 2022-12-31 0001287750 Napa Management Services Corporation and ASP NAPA Holdings, LLC, Senior preferred units 2022-12-31 0001287750 Napa Management Services Corporation and ASP NAPA Holdings, LLC, Preferred units 2022-12-31 0001287750 Napa Management Services Corporation and ASP NAPA Holdings, LLC, Class A units 2022-12-31 0001287750 arcc:NapaManagementServicesCorporationAndASPNAPAHoldingsLLCMember 2022-12-31 0001287750 NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured revolving loan 2022-12-31 0001287750 NMN Holdings III Corp. and NMN Holdings LP, Partnership units 2022-12-31 0001287750 arcc:NMNHoldingsIIICorpAndNMNHoldingsLPMember 2022-12-31 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 1 2022-12-31 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 2 2022-12-31 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Preferred stock 2022-12-31 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Preferred units 2022-12-31 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Common units 2022-12-31 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Class A common units 2022-12-31 0001287750 arcc:OlympiaAcquisitionIncAndOlympiaTopCoLPMember 2022-12-31 0001287750 OMH-HealthEdge Holdings, LLC, First lien senior secured loan 1 2022-12-31 0001287750 OMH-HealthEdge Holdings, LLC, First lien senior secured loan 2 2022-12-31 0001287750 OMH-HealthEdge Holdings, LLC, First lien senior secured loan 3 2022-12-31 0001287750 arcc:OMHHealthEdgeHoldingsLLCMember 2022-12-31 0001287750 Pathway Vet Alliance LLC and Jedi Group Holdings LLC, Second lien senior secured loan 2022-12-31 0001287750 Pathway Vet Alliance LLC and Jedi Group Holdings LLC, Class R common units 2022-12-31 0001287750 arcc:PathwayVetAllianceLLCAndJediGroupHoldingsLLCMember 2022-12-31 0001287750 PetVet Care Centers, LLC, First lien senior secured loan 2022-12-31 0001287750 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, First lien senior secured revolving loan 2022-12-31 0001287750 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, First lien senior secured loan 2022-12-31 0001287750 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, Second lien senior secured loan 2022-12-31 0001287750 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, Class A units 2022-12-31 0001287750 arcc:PremiseHealthHoldingCorpAndOMERSBluejayInvestmentHoldingsLPMember 2022-12-31 0001287750 Project Ruby Ultimate Parent Corp., Second lien senior secured loan 2022-12-31 0001287750 RTI Surgical, Inc. and Pioneer Surgical Technology, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 RTI Surgical, Inc. and Pioneer Surgical Technology, Inc., First lien senior secured loan 2022-12-31 0001287750 arcc:RTISurgicalIncAndPioneerSurgicalTechnologyIncMember 2022-12-31 0001287750 SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC, First lien senior secured loan 2022-12-31 0001287750 SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC, Common units 2022-12-31 0001287750 arcc:SiroMedPhysicianServicesIncAndSiroMedEquityHoldingsLLCMember 2022-12-31 0001287750 SM Wellness Holdings, Inc. and SM Holdco, Inc., Series A units 2022-12-31 0001287750 SM Wellness Holdings, Inc. and SM Holdco, Inc., Series B units 2022-12-31 0001287750 arcc:SMWellnessHoldingsIncAndSMHoldcoIncMember 2022-12-31 0001287750 SOC Telemed, Inc. and PSC Spark Holdings, LP, First lien senior secured loan 1 2022-12-31 0001287750 SOC Telemed, Inc. and PSC Spark Holdings, LP, First lien senior secured loan 2 2022-12-31 0001287750 SOC Telemed, Inc. and PSC Spark Holdings, LP, Class A-2 units 2022-12-31 0001287750 SOC Telemed, Inc. and PSC Spark Holdings, LP, Warrant to purchase Class A-2 units 2022-12-31 0001287750 arcc:SOCTelemedIncAndPSCSparkHoldingsLPMember 2022-12-31 0001287750 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured loan 2022-12-31 0001287750 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Second lien senior secured loan 2022-12-31 0001287750 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-1 preferred shares 2022-12-31 0001287750 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-2 preferred shares 2022-12-31 0001287750 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-3 preferred shares 2022-12-31 0001287750 arcc:SymplrSoftwareIncAndSymplrSoftwareIntermediateHoldingsIncMember 2022-12-31 0001287750 Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC, First lien senior secured loan 2022-12-31 0001287750 Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC, Common units 2022-12-31 0001287750 arcc:SynergyHomeCareFranchisingLLCAndNPSynergyHoldingsLLCMember 2022-12-31 0001287750 Tempus Labs, Inc., First lien senior secured loan 2022-12-31 0001287750 Therapy Brands Holdings LLC, Second lien senior secured loan 2022-12-31 0001287750 Touchstone Acquisition, Inc. and Touchstone Holding, L.P., Class A preferred units 2022-12-31 0001287750 U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc., Second lien senior secured loan 2022-12-31 0001287750 U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc., Common stock 2022-12-31 0001287750 arcc:USAnesthesiaPartnersIncUSAnesthesiaPartnersHoldingsIncMember 2022-12-31 0001287750 United Digestive MSO Parent, LLC, First lien senior secured loan 2022-12-31 0001287750 Viant Medical Holdings, Inc., First lien senior secured loan 2022-12-31 0001287750 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 1 2022-12-31 0001287750 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 2 2022-12-31 0001287750 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., Class A-2 units 2022-12-31 0001287750 arcc:VPPIntermediateHoldingsLLCAndVPPGroupHoldingsLPMember 2022-12-31 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured revolving loan 2022-12-31 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 1 2022-12-31 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 2 2022-12-31 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 3 2022-12-31 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 4 2022-12-31 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 5 2022-12-31 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 6 2022-12-31 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 7 2022-12-31 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC, Common units 2022-12-31 0001287750 arcc:WSHPFCAcquisitionLLCMember 2022-12-31 0001287750 us-gaap:HealthcareSectorMember 2022-12-31 0001287750 Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC, Class A common units 2022-12-31 0001287750 arcc:AccommodationsPlusTechnologiesLLCAndAccommodationsPlusTechnologiesHoldingsLLCMember 2022-12-31 0001287750 Aero Operating LLC, First lien senior secured loan 1 2022-12-31 0001287750 Aero Operating LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:AeroOperatingLLCMember 2022-12-31 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured revolving loan 2022-12-31 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 2022-12-31 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, Second lien senior secured loan 1 2022-12-31 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, Second lien senior secured loan 2 2022-12-31 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, Second lien senior secured loan 3 2022-12-31 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC, Common units 2022-12-31 0001287750 arcc:AIFireBuyerIncAndAIFireParentLLCMember 2022-12-31 0001287750 Applied Technical Services, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Applied Technical Services, LLC, First lien senior secured loan 2022-12-31 0001287750 arcc:AppliedTechnicalServicesLLCMember 2022-12-31 0001287750 Argenbright Holdings V, LLC and Amberstone Security Group Limited, First lien senior secured loan 1 2022-12-31 0001287750 Argenbright Holdings V, LLC and Amberstone Security Group Limited, First lien senior secured loan 2 2022-12-31 0001287750 arcc:ArgenbrightHoldingsVLLCAndAmberstoneSecurityGroupLimitedMember 2022-12-31 0001287750 BH-Sharp Holdings LP, Common units 2022-12-31 0001287750 Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, First lien senior secured revolving loan 2022-12-31 0001287750 Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, First lien senior secured loan 2022-12-31 0001287750 Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, Second lien senior secured loan 2022-12-31 0001287750 Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, Class A units 2022-12-31 0001287750 arcc:CapstoneAcquisitionHoldingsIncAndCapstoneParentHoldingsLPMember 2022-12-31 0001287750 Compex Legal Services, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 DTI Holdco, Inc. and OPE DTI Holdings, Inc., Class A common stock 2022-12-31 0001287750 DTI Holdco, Inc. and OPE DTI Holdings, Inc., Class B common stock 2022-12-31 0001287750 arcc:DTIHoldcoIncAndOPEDTIHoldingsIncMember 2022-12-31 0001287750 Elevation Services Parent Holdings, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Elevation Services Parent Holdings, LLC, First lien senior secured loan 1 2022-12-31 0001287750 Elevation Services Parent Holdings, LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:ElevationServicesParentHoldingsLLCMember 2022-12-31 0001287750 HAI Acquisition Corporation and Aloha Topco, LLC, First lien senior secured loan 1 2022-12-31 0001287750 HAI Acquisition Corporation and Aloha Topco, LLC, First lien senior secured loan 2 2022-12-31 0001287750 HAI Acquisition Corporation and Aloha Topco, LLC, First lien senior secured loan 3 2022-12-31 0001287750 HAI Acquisition Corporation and Aloha Topco, LLC, Class A units 2022-12-31 0001287750 arcc:HAIAcquisitionCorporationAndAlohaTopcoLLCMember 2022-12-31 0001287750 HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured revolving loan 2022-12-31 0001287750 HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured loan 2022-12-31 0001287750 HH-Stella, Inc. and Bedrock Parent Holdings, LP, Class A units 2022-12-31 0001287750 arcc:HHStellaIncAndBedrockParentHoldingsLPMember 2022-12-31 0001287750 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured revolving loan 2022-12-31 0001287750 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured loan 2022-12-31 0001287750 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., Class A units 2022-12-31 0001287750 arcc:ISQHawkeyeHoldcoIncAndISQHawkeyeHoldingsLLCMember 2022-12-31 0001287750 Kellermeyer Bergensons Services, LLC, First lien senior secured loan 1 2022-12-31 0001287750 Kellermeyer Bergensons Services, LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:KellermeyerBergensonsServicesLLCMember 2022-12-31 0001287750 KPS Global LLC and Cool Group LLC, First lien senior secured loan 1 2022-12-31 0001287750 KPS Global LLC and Cool Group LLC, First lien senior secured loan 2 2022-12-31 0001287750 KPS Global LLC and Cool Group LLC, Class A units 2022-12-31 0001287750 arcc:KPSGlobalLLCAndCoolGroupLLCMember 2022-12-31 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 1 2022-12-31 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 2 2022-12-31 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 3 2022-12-31 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 4 2022-12-31 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC, Class A units 2022-12-31 0001287750 arcc:LaboratoriesBidcoLLCAndLaboratoriesTopcoLLCMember 2022-12-31 0001287750 LJP Purchaser, Inc. and LJP Topco, LP, First lien senior secured loan 2022-12-31 0001287750 LJP Purchaser, Inc. and LJP Topco, LP, Class A units 2022-12-31 0001287750 arcc:LJPPurchaserIncAndLJPTopcoLPMember 2022-12-31 0001287750 Management Consulting & Research LLC, First lien senior secured loan 2022-12-31 0001287750 Marmic Purchaser, LLC and Marmic Topco, L.P., First lien senior secured loan 1 2022-12-31 0001287750 Marmic Purchaser, LLC and Marmic Topco, L.P., First lien senior secured loan 2 2022-12-31 0001287750 Marmic Purchaser, LLC and Marmic Topco, L.P., Limited partnership units 2022-12-31 0001287750 arcc:MarmicPurchaserLLCAndMarmicTopcoLPMember 2022-12-31 0001287750 Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Second lien senior secured loan 2022-12-31 0001287750 Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Series A preferred stock 2022-12-31 0001287750 Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Common stock 2022-12-31 0001287750 arcc:MicrostarLogisticsLLCMicrostarGlobalAssetManagementLLCMStarHoldingCorporationAndKegstarUSAIncMember 2022-12-31 0001287750 NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 1 2022-12-31 0001287750 NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 2 2022-12-31 0001287750 NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 3 2022-12-31 0001287750 arcc:NASLLCAndNationwideMarketingGroupLLCMember 2022-12-31 0001287750 National Intergovernmental Purchasing Alliance Company, First lien senior secured revolving loan 2022-12-31 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 1 2022-12-31 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 2 2022-12-31 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured notes 2022-12-31 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 3 2022-12-31 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., Second lien senior secured loan 2022-12-31 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., Limited partnership interests 2022-12-31 0001287750 arcc:NeptuneBidcoUSIncAndElliottMetronCoInvestorAggregatorLPMember 2022-12-31 0001287750 Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1, Senior subordinated loan 2022-12-31 0001287750 Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1, Limited partner interest 2022-12-31 0001287750 arcc:NestTopcoBorrowerIncKKRNestCoInvestLPAndNBLY20211Member 2022-12-31 0001287750 North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC, First lien senior secured loan 1 2022-12-31 0001287750 North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC, First lien senior secured loan 2 2022-12-31 0001287750 North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC, Common units 2022-12-31 0001287750 arcc:NorthAmericanFireHoldingsLLCAndNorthAmericanFireUltimateHoldingsLLCMember 2022-12-31 0001287750 North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC, First lien senior secured loan 2022-12-31 0001287750 North Haven Stack Buyer, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 North Haven Stack Buyer, LLC, First lien senior secured loan 2022-12-31 0001287750 arcc:NorthHavenStackBuyerLLCMember 2022-12-31 0001287750 Petroleum Service Group LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Petroleum Service Group LLC, First lien senior secured loan 1 2022-12-31 0001287750 Petroleum Service Group LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:PetroleumServiceGroupLLCMember 2022-12-31 0001287750 Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, First lien senior secured loan 2022-12-31 0001287750 Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, Class A units 2022-12-31 0001287750 arcc:PritchardIndustriesLLCAndLJPritchardTopCoHoldingsLLCMember 2022-12-31 0001287750 PS Operating Company LLC and PS Op Holdings LLC, First lien senior secured revolving loan 2022-12-31 0001287750 PS Operating Company LLC and PS Op Holdings LLC, First lien senior secured loan 2022-12-31 0001287750 PS Operating Company LLC and PS Op Holdings LLC, Common unit 2022-12-31 0001287750 arcc:PSOperatingCompanyLLCAndPSOPHoldingsLLCFkaQCSupplyLLCMember 2022-12-31 0001287750 R2 Acquisition Corp., Common stock 2022-12-31 0001287750 RC V Tecmo Investor LLC, Common member units 2022-12-31 0001287750 RE Community Holdings GP, LLC and RE Community Holdings, LP, Limited partnership interest 1 2022-12-31 0001287750 RE Community Holdings GP, LLC and RE Community Holdings, LP, Limited partnership interest 2 2022-12-31 0001287750 arcc:RECommunityHoldingsGPLLCAndRECommunityHoldingsLPMember 2022-12-31 0001287750 Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., First lien senior secured loan 2022-12-31 0001287750 Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., Limited partner interests 2022-12-31 0001287750 arcc:RegistrarIntermediateLLCAndPSPRegistrarCoInvestmentFundLPMember 2022-12-31 0001287750 Rodeo AcquisitionCo LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Rodeo AcquisitionCo LLC, First lien senior secured loan 2022-12-31 0001287750 arcc:RodeoAcquisitionCoLLCMember 2022-12-31 0001287750 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., First lien senior secured revolving loan 2022-12-31 0001287750 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., First lien senior secured loan 2022-12-31 0001287750 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., Class A units 2022-12-31 0001287750 arcc:SchillLandscapingAndLawnCareServicesLLCTenderLawnCareULCAndLandscapeParallelPartnersLPMember 2022-12-31 0001287750 Shermco Intermediate Holdings, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP, Second lien senior secured loan 2022-12-31 0001287750 SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP, Limited partnership class A-1 units 2022-12-31 0001287750 SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP, Limited partnership class A-2 units 2022-12-31 0001287750 arcc:SSEBuyerIncSupplySourceEnterprisesIncImpactProductsLLCTheSafetyZoneLLCAndSSEParentLPMember 2022-12-31 0001287750 Startec Equity, LLC, Member interest 2022-12-31 0001287750 Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 1 2022-12-31 0001287750 Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 2 2022-12-31 0001287750 Stealth Holding LLC and UCIT Online Security Inc., First lien senior secured loan 3 2022-12-31 0001287750 arcc:StealthHoldingLLCAndUCITOnlineSecurityIncMember 2022-12-31 0001287750 The NPD Group, L.P., IRI Group Holdings, Inc., Information Resources, Inc. and IRI-NPD Co-Invest Aggregator, L.P., First lien senior secured revolving loan 2022-12-31 0001287750 The NPD Group, L.P., IRI Group Holdings, Inc., Information Resources, Inc. and IRI-NPD Co-Invest Aggregator, L.P., First lien senior secured loan 2022-12-31 0001287750 The NPD Group, L.P., IRI Group Holdings, Inc., Information Resources, Inc. and IRI-NPD Co-Invest Aggregator, L.P., Class A units 2022-12-31 0001287750 arcc:TheNPDGroupLPIRIGroupHoldingsIncInformationResourcesIncAndIRINPDCoInvestAggregatorLPMember 2022-12-31 0001287750 Thermostat Purchaser III, Inc., Second lien senior secured loan 2022-12-31 0001287750 Visual Edge Technology, Inc., First lien senior secured loan 2022-12-31 0001287750 Visual Edge Technology, Inc., Senior subordinated loan 2022-12-31 0001287750 Visual Edge Technology, Inc., Warrant to purchase shares of common stock 2022-12-31 0001287750 arcc:VisualEdgeTechnologyIncMember 2022-12-31 0001287750 VRC Companies, LLC, First lien senior secured loan 2022-12-31 0001287750 VRC Companies, LLC, Senior subordinated loan 2022-12-31 0001287750 arcc:VRCCompaniesLLCMember 2022-12-31 0001287750 Wash Encore Holdings, LLC, First lien senior secured loan 2022-12-31 0001287750 XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured revolving loan 2022-12-31 0001287750 XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured loan 1 2022-12-31 0001287750 XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured loan 2 2022-12-31 0001287750 XIFIN, Inc. and ACP Charger Co-Invest LLC, Class A units 2022-12-31 0001287750 XIFIN, Inc. and ACP Charger Co-Invest LLC, Class B units 2022-12-31 0001287750 arcc:XIFINIncAndACPChargerCoInvestLLCMember 2022-12-31 0001287750 arcc:CommercialAndProfessionalServicesMember 2022-12-31 0001287750 ACAS Equity Holdings Corporation, Common stock 2022-12-31 0001287750 ARES 2007-3R, Subordinated notes 2022-12-31 0001287750 Blue Wolf Capital Fund II, L.P., Limited partnership interest 2022-12-31 0001287750 CoLTs 2005-1 Ltd., Preferred shares 2022-12-31 0001287750 CREST Exeter Street Solar 2004-1, Preferred shares 2022-12-31 0001287750 European Capital UK SME Debt LP, Limited partnership interest 2022-12-31 0001287750 HCI Equity, LLC, Member interest 2022-12-31 0001287750 Partnership Capital Growth Investors III, L.P., Limited partnership interest 2022-12-31 0001287750 PCG-Ares Sidecar Investment II, L.P., Limited partnership interest 2022-12-31 0001287750 PCG-Ares Sidecar Investment, L.P., Limited partnership interest 2022-12-31 0001287750 Piper Jaffray Merchant Banking Fund I, L.P., Limited partnership interest 2022-12-31 0001287750 Senior Direct Lending Program, LLC, Subordinated certificates 2022-12-31 0001287750 Senior Direct Lending Program, LLC, Membership interest 2022-12-31 0001287750 arcc:SeniorDirectLendingProgramLLCMember 2022-12-31 0001287750 VSC Investors LLC, Membership interest 2022-12-31 0001287750 arcc:InvestmentFundsAndVehiclesMember 2022-12-31 0001287750 Acrisure, LLC and Acrisure Finance, Inc., Senior subordinated loan 2022-12-31 0001287750 Alera Group, Inc., First lien senior secured loan 2022-12-31 0001287750 Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc., First lien senior secured loan 1 2022-12-31 0001287750 Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc., First lien senior secured loan 2 2022-12-31 0001287750 arcc:AmyntaAgencyBorrowerIncAndAmyntaWarrantyBorrowerIncMember 2022-12-31 0001287750 AQ Sunshine, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 AQ Sunshine, Inc., First lien senior secured loan 1 2022-12-31 0001287750 AQ Sunshine, Inc., First lien senior secured loan 2 2022-12-31 0001287750 AQ Sunshine, Inc., First lien senior secured loan 3 2022-12-31 0001287750 AQ Sunshine, Inc., First lien senior secured loan 4 2022-12-31 0001287750 AQ Sunshine, Inc., First lien senior secured loan 5 2022-12-31 0001287750 arcc:AQSunshineIncMember 2022-12-31 0001287750 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 1 2022-12-31 0001287750 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 2 2022-12-31 0001287750 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 3 2022-12-31 0001287750 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 4 2022-12-31 0001287750 Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, Senior subordinated loan 2022-12-31 0001287750 arcc:ArdonaghMidco2PlcAndArdonaghMidco3PlcMember 2022-12-31 0001287750 Benecon Midco II LLC and Locutus Holdco LLC, Common units 2022-12-31 0001287750 Benefytt Technologies, Inc., First lien senior secured loan 2022-12-31 0001287750 Captive Resources Midco, LLC, First lien senior secured loan 2022-12-31 0001287750 Foundation Risk Partners, Corp., First lien senior secured revolving loan 2022-12-31 0001287750 Foundation Risk Partners, Corp., First lien senior secured loan 1 2022-12-31 0001287750 Foundation Risk Partners, Corp., First lien senior secured loan 2 2022-12-31 0001287750 Foundation Risk Partners, Corp., First lien senior secured loan 3 2022-12-31 0001287750 arcc:FoundationRiskPartnersCorpMember 2022-12-31 0001287750 Galway Borrower LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Galway Borrower LLC, First lien senior secured loan 2022-12-31 0001287750 arcc:GalwayBorrowerLLCMember 2022-12-31 0001287750 High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 1 2022-12-31 0001287750 High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 2 2022-12-31 0001287750 High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 3 2022-12-31 0001287750 High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 2022-12-31 0001287750 High Street Buyer, Inc. and High Street Holdco LLC, Series A common units 2022-12-31 0001287750 High Street Buyer, Inc. and High Street Holdco LLC, Series C common units 2022-12-31 0001287750 arcc:HighStreetBuyerIncAndHighStreetHoldcoLLCMember 2022-12-31 0001287750 Inszone Mid, LLC and INSZ Holdings, LLC, First lien senior secured loan 2022-12-31 0001287750 Inszone Mid, LLC and INSZ Holdings, LLC, Limited partnership interests 2022-12-31 0001287750 arcc:InszoneMidLLCAndINSZHoldingsLLCMember 2022-12-31 0001287750 K2 Insurance Services, LLC and K2 Holdco LP, First lien senior secured loan 1 2022-12-31 0001287750 K2 Insurance Services, LLC and K2 Holdco LP, First lien senior secured loan 2 2022-12-31 0001287750 K2 Insurance Services, LLC and K2 Holdco LP, First lien senior secured loan 3 2022-12-31 0001287750 K2 Insurance Services, LLC and K2 Holdco LP, Common units 2022-12-31 0001287750 arcc:K2InsuranceServicesLLCAndK2HoldcoLPMember 2022-12-31 0001287750 OneDigital Borrower LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Patriot Growth Insurance Services, LLC, First lien senior secured loan 2022-12-31 0001287750 People Corporation, First lien senior secured revolving loan 2022-12-31 0001287750 People Corporation, First lien senior secured loan 1 2022-12-31 0001287750 People Corporation, First lien senior secured loan 2 2022-12-31 0001287750 People Corporation, First lien senior secured loan 3 2022-12-31 0001287750 arcc:PeopleCorporationMember 2022-12-31 0001287750 Riser Merger Sub, Inc., First lien senior secured loan 2022-12-31 0001287750 RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 2022-12-31 0001287750 SageSure Holdings, LLC & Insight Catastrophe Group, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 SageSure Holdings, LLC & Insight Catastrophe Group, LLC, First lien senior secured loan 2022-12-31 0001287750 SageSure Holdings, LLC & Insight Catastrophe Group, LLC, Series A units 2022-12-31 0001287750 arcc:SageSureHoldingsLLCInsightCatastropheGroupLLCMember 2022-12-31 0001287750 SCM Insurance Services Inc., First lien senior secured loan 2022-12-31 0001287750 SelectQuote, Inc., First lien senior secured loan 2022-12-31 0001287750 SG Acquisition, Inc., First lien senior secured loan 2022-12-31 0001287750 Spring Insurance Solutions, LLC, First lien senior secured loan 2022-12-31 0001287750 THG Acquisition, LLC, First lien senior secured loan 1 2022-12-31 0001287750 THG Acquisition, LLC, First lien senior secured loan 2 2022-12-31 0001287750 THG Acquisition, LLC, First lien senior secured loan 3 2022-12-31 0001287750 arcc:THGAcquisitionLLCMember 2022-12-31 0001287750 us-gaap:InsuranceSectorMember 2022-12-31 0001287750 Apex Clean Energy TopCo, LLC, Class A common units 2022-12-31 0001287750 Ferrellgas, L.P. and Ferrellgas Partners, L.P., Senior preferred units 2022-12-31 0001287750 Ferrellgas, L.P. and Ferrellgas Partners, L.P., Class B units 2022-12-31 0001287750 arcc:FerrellgasLPAndFerrelgasPartnersLPMember 2022-12-31 0001287750 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC, First lien senior secured loan 2022-12-31 0001287750 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC, Class A1 units 2022-12-31 0001287750 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC, Class A2 units 2022-12-31 0001287750 arcc:HeelstoneRenewableEnergyLLCMember 2022-12-31 0001287750 Opal Fuels LLC and Opal Fuels Inc., Senior subordinated loan 2022-12-31 0001287750 Opal Fuels LLC and Opal Fuels Inc., Class A common stock 2022-12-31 0001287750 arcc:OpalFuelsLLCAndOpalFuelsIncMember 2022-12-31 0001287750 PosiGen, Inc., Warrant to purchase shares of series D-1 preferred stock 2022-12-31 0001287750 PosiGen, Inc., Warrant to purchase shares of common stock 2022-12-31 0001287750 arcc:PosiGenIncMember 2022-12-31 0001287750 Potomac Intermediate Holdings II LLC, Series A units 2022-12-31 0001287750 Riverview Power LLC, First lien senior secured loan 2022-12-31 0001287750 SE1 Generation, LLC, Senior subordinated loan 2022-12-31 0001287750 Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC, First lien senior secured loan 2022-12-31 0001287750 Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC, Senior subordinated loan 2022-12-31 0001287750 arcc:SunrunAtlasDepositor20192LLCAndSunrunAtlasHoldings20192LLCMember 2022-12-31 0001287750 Sunrun Luna Holdco 2021, LLC, Senior subordinated revolving loan 1 2022-12-31 0001287750 Sunrun Luna Holdco 2021, LLC, Senior subordinated revolving loan 2 2022-12-31 0001287750 arcc:SunrunLunaHoldco2021LLCMember 2022-12-31 0001287750 Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC, First lien senior secured loan 2022-12-31 0001287750 Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC, Senior subordinated loan 2022-12-31 0001287750 arcc:SunrunXanaduIssuer20191LLCAndSunrunXanaduHoldings20191LLCMember 2022-12-31 0001287750 arcc:PowerGenerationMember 2022-12-31 0001287750 ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc., First lien senior secured loan 2022-12-31 0001287750 Aimbridge Acquisition Co., Inc., Second lien senior secured loan 2022-12-31 0001287750 American Residential Services L.L.C. and Aragorn Parent Holdings LP, First lien senior secured revolving loan 1 2022-12-31 0001287750 American Residential Services L.L.C. and Aragorn Parent Holdings LP, First lien senior secured revolving loan 2 2022-12-31 0001287750 American Residential Services L.L.C. and Aragorn Parent Holdings LP, Second lien senior secured loan 2022-12-31 0001287750 American Residential Services L.L.C. and Aragorn Parent Holdings LP, Series A preferred units 2022-12-31 0001287750 arcc:AmericanResidentialServicesLLCAndAragornParentHoldingsLPMember 2022-12-31 0001287750 ATI Restoration, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 ATI Restoration, LLC, First lien senior secured loan 1 2022-12-31 0001287750 ATI Restoration, LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:ATIRestorationLLCMember 2022-12-31 0001287750 Belfor Holdings, Inc., First lien senior secured revolving loan 1 2022-12-31 0001287750 Belfor Holdings, Inc., First lien senior secured revolving loan 2 2022-12-31 0001287750 arcc:BelforHoldingsIncMember 2022-12-31 0001287750 Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L., First lien senior secured loan 1 2022-12-31 0001287750 Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L., First lien senior secured loan 2 2022-12-31 0001287750 Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L., First lien senior secured loan 3 2022-12-31 0001287750 Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L., First lien senior secured loan 4 2022-12-31 0001287750 Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L., First lien senior secured loan 5 2022-12-31 0001287750 Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L., First lien senior secured loan 6 2022-12-31 0001287750 Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L., First lien senior secured loan 7 2022-12-31 0001287750 Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L., First lien senior secured loan 8 2022-12-31 0001287750 Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L., Warrant to purchase units of shares 2022-12-31 0001287750 arcc:CiprianiUSAIncAndCiprianiGroupHoldingSARLMember 2022-12-31 0001287750 CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured loan 1 2022-12-31 0001287750 CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured loan 2 2022-12-31 0001287750 CMG HoldCo, LLC and CMG Buyer Holdings, Inc., Common stock 2022-12-31 0001287750 arcc:CMGHoldCoLLCAndCMGBuyerHoldingsIncMember 2022-12-31 0001287750 CST Holding Company, First lien senior secured revolving loan 2022-12-31 0001287750 CST Holding Company, First lien senior secured loan 2022-12-31 0001287750 arcc:CSTHoldingCompanyMember 2022-12-31 0001287750 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured loan 1 2022-12-31 0001287750 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured loan 2 2022-12-31 0001287750 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured loan 3 2022-12-31 0001287750 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured loan 4 2022-12-31 0001287750 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, Class A units 2022-12-31 0001287750 arcc:EssentialServicesHoldingCorporationAndOMERSMahomesInvestmentHoldingsLLCMember 2022-12-31 0001287750 Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P., First lien senior secured loan 2022-12-31 0001287750 Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P., Class A units 2022-12-31 0001287750 arcc:InfinityHomeServicesHoldCoIncAndIHSParentHoldingsLPMember 2022-12-31 0001287750 Jenny C Acquisition, Inc., Senior subordinated loan 2022-12-31 0001287750 KeyStone Sub-debt HoldCo, LLC, Senior subordinated loan 1 2022-12-31 0001287750 KeyStone Sub-debt HoldCo, LLC, Senior subordinated loan 2 2022-12-31 0001287750 KeyStone Sub-debt HoldCo, LLC, Warrant to purchase Class C interests 2022-12-31 0001287750 arcc:KeyStoneSubDebtHoldCoLLCMember 2022-12-31 0001287750 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., First lien senior secured revolving loan 2022-12-31 0001287750 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., First lien senior secured loan 2022-12-31 0001287750 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., Limited partnership interests 2022-12-31 0001287750 arcc:LeviathanIntermediateHoldcoLLCAndLeviathanHoldingsLPMember 2022-12-31 0001287750 LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC, First lien senior secured loan 1 2022-12-31 0001287750 LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC, First lien senior secured loan 2 2022-12-31 0001287750 LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC, First lien senior secured loan 3 2022-12-31 0001287750 LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC, Membership interest 2022-12-31 0001287750 arcc:LSPHoldcoLLCAndZBSMechanicalGroupCoInvestFund2LLCMember 2022-12-31 0001287750 ME Equity LLC, Common stock 2022-12-31 0001287750 Movati Athletic (Group) Inc., First lien senior secured loan 2022-12-31 0001287750 OTG Management, LLC, Class A preferred units 2022-12-31 0001287750 OTG Management, LLC, Common units 2022-12-31 0001287750 OTG Management, LLC, Warrant to purchase of common units 2022-12-31 0001287750 arcc:OTGManagementLLCMember 2022-12-31 0001287750 Pueblo Mechanical and Controls, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured loan 2022-12-31 0001287750 Pueblo Mechanical and Controls, LLC and OMERS PMC Investment Holdings LLC, Class A units 2022-12-31 0001287750 arcc:PuebloMechanicalAndControlsLLCAndOMERSPMCInvestmentHoldingsLLCMember 2022-12-31 0001287750 Pyramid Management Advisors, LLC and Pyramid Investors, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Pyramid Management Advisors, LLC and Pyramid Investors, LLC, First lien senior secured loan 1 2022-12-31 0001287750 Pyramid Management Advisors, LLC and Pyramid Investors, LLC, First lien senior secured loan 2 2022-12-31 0001287750 Pyramid Management Advisors, LLC and Pyramid Investors, LLC, Preferred membership units 2022-12-31 0001287750 arcc:PyramidManagementAdvisorsLLCAndPyramidInvestorsLLCMember 2022-12-31 0001287750 Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 1 2022-12-31 0001287750 Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 2 2022-12-31 0001287750 Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 3 2022-12-31 0001287750 Redwood Services, LLC and Redwood Services Holdco, LLC, Series D units 2022-12-31 0001287750 arcc:RedwoodServicesLLCAndRedwoodServicesHoldcoLLCMember 2022-12-31 0001287750 Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc., First lien senior secured loan 2022-12-31 0001287750 Service Logic Acquisition, Inc. and MSHC, Inc., First lien senior secured loan 2022-12-31 0001287750 SV-Burton Holdings, LLC and LBC Breeze Holdings LLC, First lien senior secured loan 2022-12-31 0001287750 SV-Burton Holdings, LLC and LBC Breeze Holdings LLC, Class A units 2022-12-31 0001287750 arcc:SVBurtonHoldingsLLCLBCBreezeHoldingsLLCMember 2022-12-31 0001287750 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 1 2022-12-31 0001287750 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 2 2022-12-31 0001287750 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured loan 2022-12-31 0001287750 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., Class A units 2022-12-31 0001287750 arcc:TaymaxGroupLPTaymaxGroupGPLLCPFSalemCanadaULCAndTCPFitParentLPMember 2022-12-31 0001287750 The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc., First lien senior secured loan 2022-12-31 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured revolving loan 1 2022-12-31 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured revolving loan 2 2022-12-31 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 1 2022-12-31 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 2 2022-12-31 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, Class A units 2022-12-31 0001287750 arcc:TheArcticomGroupLLCAndAMCPMechanicalHoldingsLPMember 2022-12-31 0001287750 YE Brands Holdings, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 YE Brands Holdings, LLC, First lien senior secured loan 1 2022-12-31 0001287750 YE Brands Holdings, LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:YEBrandsHoldingsLLCMember 2022-12-31 0001287750 arcc:ConsumerServicesMember 2022-12-31 0001287750 Badger Sportswear Acquisition, Inc., Second lien senior secured loan 2022-12-31 0001287750 Bowhunter Holdings, LLC, Common units 2022-12-31 0001287750 Centric Brands LLC and Centric Brands GP LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Centric Brands LLC and Centric Brands GP LLC, First lien senior secured loan 2022-12-31 0001287750 Centric Brands LLC and Centric Brands GP LLC, Membership interests 2022-12-31 0001287750 arcc:CentricBrandsLLCAndCentricBrandsGPLLCMember 2022-12-31 0001287750 DRS Holdings III, Inc. and DRS Holdings I, Inc., First lien senior secured loan 1 2022-12-31 0001287750 DRS Holdings III, Inc. and DRS Holdings I, Inc., First lien senior secured loan 2 2022-12-31 0001287750 DRS Holdings III, Inc. and DRS Holdings I, Inc., Common stock 2022-12-31 0001287750 arcc:DRSHoldingsIIIIncAndDRSHoldingsIIncMember 2022-12-31 0001287750 Implus Footcare, LLC, First lien senior secured loan 1 2022-12-31 0001287750 Implus Footcare, LLC, First lien senior secured loan 2 2022-12-31 0001287750 Implus Footcare, LLC, First lien senior secured loan 3 2022-12-31 0001287750 Implus Footcare, LLC, First lien senior secured loan 4 2022-12-31 0001287750 arcc:ImplusFootcareLLCMember 2022-12-31 0001287750 Johnnie-O Inc. and Johnnie-O Holdings Inc., First lien senior secured loan 2022-12-31 0001287750 Johnnie-O Inc. and Johnnie-O Holdings Inc., Series A convertible preferred stock 2022-12-31 0001287750 Johnnie-O Inc. and Johnnie-O Holdings Inc., Warrant to purchase shares of common stock 2022-12-31 0001287750 arcc:JohnnieOIncAndJohnnieOHoldingsIncMember 2022-12-31 0001287750 Lew's Intermediate Holdings, LLC, First lien senior secured loan 2022-12-31 0001287750 New Era Cap, LLC, First lien senior secured loan 2022-12-31 0001287750 Pelican Products, Inc., Second lien senior secured loan 2022-12-31 0001287750 Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC, First lien senior secured loan 1 2022-12-31 0001287750 Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:RawlingsSportingGoodsCompanyIncAndEastonDiamondSportsLLCMember 2022-12-31 0001287750 Reef Lifestyle, LLC, First lien senior secured revolving loan 1 2022-12-31 0001287750 Reef Lifestyle, LLC, First lien senior secured revolving loan 2 2022-12-31 0001287750 Reef Lifestyle, LLC, First lien senior secured loan 1 2022-12-31 0001287750 Reef Lifestyle, LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:ReefLifestyleLLCMember 2022-12-31 0001287750 S Toys Holdings LLC (fka The Step2 Company, LLC), Class B common units 2022-12-31 0001287750 S Toys Holdings LLC (fka The Step2 Company, LLC), Common units 2022-12-31 0001287750 S Toys Holdings LLC (fka The Step2 Company, LLC), Warrant to purchase units 2022-12-31 0001287750 arcc:SToysHoldingsLLCFkaTheStep2CompanyLLCMember 2022-12-31 0001287750 SHO Holding I Corporation, Second lien senior secured loan 2022-12-31 0001287750 Shock Doctor, Inc. and Shock Doctor Holdings, LLC, First lien senior secured loan 2022-12-31 0001287750 Shock Doctor, Inc. and Shock Doctor Holdings, LLC, Class A preferred units 2022-12-31 0001287750 Shock Doctor, Inc. and Shock Doctor Holdings, LLC, Class C preferred units 2022-12-31 0001287750 Shock Doctor, Inc. and Shock Doctor Holdings, LLC, Preferred units 2022-12-31 0001287750 arcc:ShockDoctorIncAndShockDoctorHoldingsLLCMember 2022-12-31 0001287750 SVP-Singer Holdings Inc. and SVP-Singer Holdings LP, First lien senior secured loan 2022-12-31 0001287750 SVP-Singer Holdings Inc. and SVP-Singer Holdings LP, Class A common units 2022-12-31 0001287750 arcc:SVPSingerHoldingsIncAndSVPSingerHoldingsLPMember 2022-12-31 0001287750 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc., First lien senior secured loan 1 2022-12-31 0001287750 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc., First lien senior secured loan 2 2022-12-31 0001287750 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc., Common stock 2022-12-31 0001287750 arcc:TotesIsotonerCorporationAndTotesUltimateHoldcoIncMember 2022-12-31 0001287750 Varsity Brands Holding Co., Inc. and BCPE Hercules Holdings, LP, First lien senior secured loan 2022-12-31 0001287750 Varsity Brands Holding Co., Inc. and BCPE Hercules Holdings, LP, Second lien senior secured loan 1 2022-12-31 0001287750 Varsity Brands Holding Co., Inc. and BCPE Hercules Holdings, LP, Second lien senior secured loan 2 2022-12-31 0001287750 Varsity Brands Holding Co., Inc. and BCPE Hercules Holdings, LP, Class A Units 2022-12-31 0001287750 arcc:VarsityBrandsHoldingCoIncAndBCPEHerculesHoldingsLPMember 2022-12-31 0001287750 arcc:ConsumerDurablesAndApparelMember 2022-12-31 0001287750 AI Aqua Merger Sub, Inc., First lien senior secured loan 2022-12-31 0001287750 API Commercial Inc., API Military Inc., and API Space Intermediate, Inc., First lien senior secured loan 2022-12-31 0001287750 Arrowhead Holdco Company and Arrowhead GS Holdings, Inc., First lien senior secured loan 2022-12-31 0001287750 Arrowhead Holdco Company and Arrowhead GS Holdings, Inc., Common stock 2022-12-31 0001287750 arcc:ArrowheadHoldcoCompanyAndArrowheadGSHoldingsIncMember 2022-12-31 0001287750 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC, First lien senior secured loan 2022-12-31 0001287750 arcc:BlueHaloFinancingHoldingsLLCBlueHaloGlobalHoldingsLLCAndBlueHaloLLCMember 2022-12-31 0001287750 Burgess Point Purchaser Corporation, First lien senior secured loan 2022-12-31 0001287750 Cadence Aerospace, LLC, First lien senior secured revolving loan 1 2022-12-31 0001287750 Cadence Aerospace, LLC, First lien senior secured revolving loan 2 2022-12-31 0001287750 Cadence Aerospace, LLC, First lien senior secured loan 1 2022-12-31 0001287750 Cadence Aerospace, LLC, First lien senior secured loan 2 2022-12-31 0001287750 Cadence Aerospace, LLC, First lien senior secured loan 3 2022-12-31 0001287750 Cadence Aerospace, LLC, First lien senior secured loan 4 2022-12-31 0001287750 Cadence Aerospace, LLC, First lien senior secured loan 5 2022-12-31 0001287750 arcc:CadenceAerospaceLLCMember 2022-12-31 0001287750 DFS Holding Company, Inc., First lien senior secured loan 1 2022-12-31 0001287750 DFS Holding Company, Inc., First lien senior secured loan 2 2022-12-31 0001287750 DFS Holding Company, Inc., First lien senior secured loan 3 2022-12-31 0001287750 arcc:DFSHoldingCompanyIncMember 2022-12-31 0001287750 Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, First lien senior secured loan 2022-12-31 0001287750 Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, Common units 2022-12-31 0001287750 arcc:DynamicNCAerospaceHoldingsLLCAndDynamicNCInvestmentHoldingsLPMember 2022-12-31 0001287750 EPS NASS Parent, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 EPS NASS Parent, Inc., First lien senior secured loan 2022-12-31 0001287750 arcc:EPSNASSParentIncMember 2022-12-31 0001287750 ESCP PPG Holdings, LLC, Class A-1 units 2022-12-31 0001287750 ESCP PPG Holdings, LLC, Class A-2 units 2022-12-31 0001287750 arcc:ESCPPPGHoldingsLLCMember 2022-12-31 0001287750 Harvey Tool Company, LLC, First lien senior secured loan 2022-12-31 0001287750 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Senior subordinated loan 2022-12-31 0001287750 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Series A preferred stock 2022-12-31 0001287750 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Class A common stock 2022-12-31 0001287750 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Class B common stock 2022-12-31 0001287750 arcc:ImagingBusinessMachinesLLCAndScannerHoldingsCorporationMember 2022-12-31 0001287750 Kene Acquisition, Inc. and Kene Holdings, L.P., First lien senior secured revolving loan 2022-12-31 0001287750 Kene Acquisition, Inc. and Kene Holdings, L.P., First lien senior secured loan 2022-12-31 0001287750 Kene Acquisition, Inc. and Kene Holdings, L.P., Class A units 2022-12-31 0001287750 arcc:KeneAcquisitionIncAndKeneHoldingsLPMember 2022-12-31 0001287750 Lower ACS, Inc., First lien senior secured loan 2022-12-31 0001287750 LTG Acquisition, Inc., Class A membership units 2022-12-31 0001287750 Maverick Acquisition, Inc., First lien senior secured loan 2022-12-31 0001287750 MB Aerospace Holdings II Corp., First lien senior secured loan 2022-12-31 0001287750 MB Aerospace Holdings II Corp., Second lien senior secured loan 1 2022-12-31 0001287750 MB Aerospace Holdings II Corp., Second lien senior secured loan 2 2022-12-31 0001287750 arcc:MBAerospaceHoldingsIICorpMember 2022-12-31 0001287750 NCWS Intermediate, Inc. and NCWS Holdings LP, First lien senior secured loan 1 2022-12-31 0001287750 NCWS Intermediate, Inc. and NCWS Holdings LP, First lien senior secured loan 2 2022-12-31 0001287750 NCWS Intermediate, Inc. and NCWS Holdings LP, Class A-2 common units 2022-12-31 0001287750 arcc:NCWSIntermediateIncAndNCWSHoldingsLPMember 2022-12-31 0001287750 Noble Aerospace, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC, Second lien senior secured loan 2022-12-31 0001287750 Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP., First lien senior secured loan 1 2022-12-31 0001287750 Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP., First lien senior secured loan 2 2022-12-31 0001287750 Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP., Class A units 2022-12-31 0001287750 arcc:PrecinmacUSHoldingsIncTrimasterManufacturingIncAndBladeGroupHoldingsLPMember 2022-12-31 0001287750 Prime Buyer, L.L.C., First lien senior secured revolving loan 2022-12-31 0001287750 Qnnect, LLC and Connector TopCo, LP, First lien senior secured loan 2022-12-31 0001287750 Qnnect, LLC and Connector TopCo, LP, Limited partnership interests 2022-12-31 0001287750 arcc:QnnectLLCAndConnectorTopCoLPMember 2022-12-31 0001287750 Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured revolving loan 1 2022-12-31 0001287750 Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured revolving loan 2 2022-12-31 0001287750 arcc:RadiusAerospaceIncAndRadiusAerospaceEuropeLimitedMember 2022-12-31 0001287750 Radwell Parent, LLC, First lien senior secured loan 2022-12-31 0001287750 Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon, First lien senior secured revolving loan 2022-12-31 0001287750 arcc:CapitalGoodsMember 2022-12-31 0001287750 Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 1 2022-12-31 0001287750 Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 2 2022-12-31 0001287750 Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Preferred units 2022-12-31 0001287750 Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Class A common units 2022-12-31 0001287750 arcc:AutomotiveKeysGroupLLCAndAutomotiveKeysInvestorLLCMember 2022-12-31 0001287750 Continental Acquisition Holdings, Inc., First lien senior secured loan 1 2022-12-31 0001287750 Continental Acquisition Holdings, Inc., First lien senior secured loan 2 2022-12-31 0001287750 arcc:ContinentalAcquisitionHoldingsIncMember 2022-12-31 0001287750 Eckler Purchaser LLC, Class A common units 2022-12-31 0001287750 Faraday Buyer, LLC, First lien senior secured loan 2022-12-31 0001287750 Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc., Warrant to purchase shares of Class A common stock 2022-12-31 0001287750 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, First lien senior secured loan 2022-12-31 0001287750 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, Second lien senior secured loan 2022-12-31 0001287750 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, Co-invest units 2022-12-31 0001287750 arcc:HighlineAftermarketAcquisitionLLCHighlineAftermarketSCAcquisitionIncAndHighlinePPCBlockerLLCMember 2022-12-31 0001287750 McLaren Group Limited, Senior preference shares 2022-12-31 0001287750 McLaren Group Limited, Warrant to purchase units of ordinary shares 2022-12-31 0001287750 McLaren Group Limited, Warrant to purchase units of ordinary shares 2022-12-31 0001287750 arcc:McLarenGroupLimitedMember 2022-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured revolving loan 2022-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 1 2022-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 2 2022-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, Class A units 2022-12-31 0001287750 arcc:SunAcquirerCorpAndSunTopCoLPMember 2022-12-31 0001287750 Wand Newco 3, Inc., Second lien senior secured loan 2022-12-31 0001287750 arcc:AutomobilesAndComponentsSectorMember 2022-12-31 0001287750 Aventine Intermediate LLC & Aventine Holdings II LLC, First lien senior secured loan 2022-12-31 0001287750 Aventine Intermediate LLC & Aventine Holdings II LLC, Senior subordinated loan 2022-12-31 0001287750 arcc:AventineIntermediateLLCAventineHoldingsIILLCMember 2022-12-31 0001287750 Axiomatic, LLC, Class A-1 units 2022-12-31 0001287750 CMW Parent LLC (fka Black Arrow, Inc.), Series A units 2022-12-31 0001287750 Eagle Football Holdings BidCo Limited, Senior subordinated loan 1 2022-12-31 0001287750 Eagle Football Holdings BidCo Limited, Senior subordinated loan 2 2022-12-31 0001287750 arcc:EagleFootballHoldingsBidCoLimitedMember 2022-12-31 0001287750 Global Music Rights, LLC, First lien senior secured loan 2022-12-31 0001287750 MailSouth, Inc., First lien senior secured loan 2022-12-31 0001287750 Miami Beckham United LLC, Class A preferred units 2022-12-31 0001287750 OUTFRONT Media Inc., Series A convertible perpetual preferred stock 2022-12-31 0001287750 Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 1 2022-12-31 0001287750 Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 2 2022-12-31 0001287750 Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 3 2022-12-31 0001287750 Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 4 2022-12-31 0001287750 Production Resource Group, L.L.C. and PRG III, LLC, Class A units 2022-12-31 0001287750 arcc:ProductionResourceGroupLLCAndPRGIIILLCMember 2022-12-31 0001287750 Professional Fighters League, LLC and PFL MMA, Inc., First lien senior secured loan 2022-12-31 0001287750 Professional Fighters League, LLC and PFL MMA, Inc., Second lien senior secured loan 2022-12-31 0001287750 Professional Fighters League, LLC and PFL MMA, Inc., Series E preferred stock 2022-12-31 0001287750 Professional Fighters League, LLC and PFL MMA, Inc., Warrant to purchase shares of common stock 1 2022-12-31 0001287750 Professional Fighters League, LLC and PFL MMA, Inc., Warrant to purchase shares of common stock 2 2022-12-31 0001287750 arcc:ProfessionalFightersLeagueLLCAndPFLMMAIncMember 2022-12-31 0001287750 Storm Investment S.a.r.l., First lien senior secured loan 2022-12-31 0001287750 Storm Investment S.a.r.l., Class A redeemable shares 2022-12-31 0001287750 Storm Investment S.a.r.l., Class B redeemable shares 2022-12-31 0001287750 Storm Investment S.a.r.l., Class C redeemable shares 2022-12-31 0001287750 Storm Investment S.a.r.l., Class D redeemable shares 2022-12-31 0001287750 Storm Investment S.a.r.l., Class E redeemable shares 2022-12-31 0001287750 Storm Investment S.a.r.l., Class F redeemable shares 2022-12-31 0001287750 Storm Investment S.a.r.l., Class G redeemable shares 2022-12-31 0001287750 Storm Investment S.a.r.l., Class H redeemable shares 2022-12-31 0001287750 Storm Investment S.a.r.l., Class I redeemable shares 2022-12-31 0001287750 Storm Investment S.a.r.l., Ordinary shares 2022-12-31 0001287750 arcc:StormInvestmentSarlMember 2022-12-31 0001287750 The Teaching Company Holdings, Inc., Preferred stock 2022-12-31 0001287750 The Teaching Company Holdings, Inc., Common stock 2022-12-31 0001287750 arcc:TheTeachingCompanyHoldingsIncMember 2022-12-31 0001287750 arcc:MediaAndEntertainmentMember 2022-12-31 0001287750 American Seafoods Group LLC and American Seafoods Partners LLC, Class A units 2022-12-31 0001287750 American Seafoods Group LLC and American Seafoods Partners LLC, Warrant to purchase Class A units 2022-12-31 0001287750 arcc:AmericanSeafoodsGroupLLCAndAmericanSeafoodsPartnersLLCMember 2022-12-31 0001287750 Berner Food & Beverage, LLC, First lien senior secured revolving loan 1 2022-12-31 0001287750 Berner Food & Beverage, LLC, First lien senior secured revolving loan 2 2022-12-31 0001287750 arcc:BernerFoodBeverageLLCMember 2022-12-31 0001287750 Bragg Live Food Products, LLC and SPC Investment Co., L.P., First lien senior secured loan 2022-12-31 0001287750 Bragg Live Food Products, LLC and SPC Investment Co., L.P., Common units 2022-12-31 0001287750 arcc:BraggLiveFoodProductsLLCAndSPCInvestmentCoLPMember 2022-12-31 0001287750 CHG PPC Parent LLC & PPC CHG Blocker LLC, Second lien senior secured loan 2022-12-31 0001287750 CHG PPC Parent LLC & PPC CHG Blocker LLC, Common units 2022-12-31 0001287750 arcc:CHGPPCParentLLCPPCCHGBlockerLLCMember 2022-12-31 0001287750 Florida Food Products, LLC, First lien senior secured loan 1 2022-12-31 0001287750 Florida Food Products, LLC, First lien senior secured loan 2 2022-12-31 0001287750 Florida Food Products, LLC, Second lien senior secured loan 2022-12-31 0001287750 arcc:FloridaFoodProductsLLCMember 2022-12-31 0001287750 GF Parent LLC, Class A preferred units 2022-12-31 0001287750 GF Parent LLC, Class A common units 2022-12-31 0001287750 GF Parent LLC, Class B common units 2022-12-31 0001287750 arcc:GFParentLLCMember 2022-12-31 0001287750 Gotham Greens Holdings, PBC, First lien senior secured loan 2022-12-31 0001287750 Gotham Greens Holdings, PBC, Series E-1 preferred stock 2022-12-31 0001287750 Gotham Greens Holdings, PBC, Warrant to purchase shares of Series E-1 preferred stock 2022-12-31 0001287750 arcc:GothamGreensHoldingsPBCMember 2022-12-31 0001287750 Hometown Food Company, First lien senior secured revolving loan 2022-12-31 0001287750 KNPC HoldCo, LLC, First lien senior secured loan 1 2022-12-31 0001287750 KNPC HoldCo, LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:KNPCHoldCoLLCMember 2022-12-31 0001287750 Manna Pro Products, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 RB Holdings InterCo, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 RB Holdings InterCo, LLC, First lien senior secured loan 2022-12-31 0001287750 arcc:RBHoldingsInterCoLLCMember 2022-12-31 0001287750 RF HP SCF Investor, LLC, Membership interest 2022-12-31 0001287750 Teasdale Foods, Inc. and Familia Group Holdings Inc., First lien senior secured loan 2022-12-31 0001287750 Teasdale Foods, Inc. and Familia Group Holdings Inc., Warrant to purchase shares of common stock 2022-12-31 0001287750 arcc:TeasdaleFoodsIncAndFamiliaGroupHoldingsIncMember 2022-12-31 0001287750 Triton Water Holdings, Inc., First lien senior secured loan 2022-12-31 0001287750 Triton Water Holdings, Inc., Senior subordinated loan 2022-12-31 0001287750 arcc:TritonWaterHoldingsIncMember 2022-12-31 0001287750 Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 2022-12-31 0001287750 Watermill Express, LLC and Watermill Express Holdings, LLC, Class A units 2022-12-31 0001287750 arcc:WatermillExpressLLCAndWatermillExpressHoldingsLLCMember 2022-12-31 0001287750 Winebow Holdings, Inc. and The Vintner Group, Inc., First lien senior secured loan 2022-12-31 0001287750 us-gaap:FoodAndBeverageSectorMember 2022-12-31 0001287750 Calyx Energy III, LLC, First lien senior secured loan 2022-12-31 0001287750 Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC, First lien senior secured loan 2022-12-31 0001287750 GNZ Energy Bidco Limited and Galileo Co-investment Trust I, First lien senior secured loan 2022-12-31 0001287750 GNZ Energy Bidco Limited and Galileo Co-investment Trust I, Common units 2022-12-31 0001287750 arcc:GNZEnergyBidcoLimitedAndGalileoCoInvestmentTrustIMember 2022-12-31 0001287750 Halcon Holdings, LLC, First lien senior secured loan 2022-12-31 0001287750 Murchison Oil and Gas, LLC and Murchison Holdings, LLC, First lien senior secured loan 2022-12-31 0001287750 Murchison Oil and Gas, LLC and Murchison Holdings, LLC, Preferred units 2022-12-31 0001287750 arcc:MurchisonOilAndGasLLCAndMurchisonHoldingsLLCMember 2022-12-31 0001287750 Offen, Inc., First lien senior secured loan 2022-12-31 0001287750 SilverBow Resources, Inc., Common stock 2022-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 1 2022-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 2 2022-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 3 2022-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC, Class A units 2022-12-31 0001287750 arcc:VPROPOperatingLLCAndVSandCoLLCMember 2022-12-31 0001287750 us-gaap:EnergySectorMember 2022-12-31 0001287750 Abzena Holdings, Inc. and Astro Group Holdings Ltd., First lien senior secured loan 2022-12-31 0001287750 Abzena Holdings, Inc. and Astro Group Holdings Ltd., A ordinary shares 2022-12-31 0001287750 arcc:AbzenaHoldingsIncAndAstroGroupHoldingsLtdMember 2022-12-31 0001287750 Alcami Corporation and ACM Note Holdings, LLC, First lien senior secured loan 2022-12-31 0001287750 Alcami Corporation and ACM Note Holdings, LLC, Senior subordinated loan 2022-12-31 0001287750 arcc:AlcamiCorporationAndACMHoldingsILLCMember 2022-12-31 0001287750 Amryt Pharmaceuticals, Inc., First lien senior secured loan 2022-12-31 0001287750 Athyrium Buffalo LP, Limited partnership interests 2022-12-31 0001287750 Caerus Midco 3 S.à r.l., First lien senior secured loan 2022-12-31 0001287750 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 2022-12-31 0001287750 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Preferred units 2022-12-31 0001287750 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Series A preferred shares 2022-12-31 0001287750 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Class A common units 2022-12-31 0001287750 arcc:CobaltBuyerSubIncCobaltHoldingsILPAndCobaltIntermediateIIncMember 2022-12-31 0001287750 Covaris Intermediate 3, LLC & Covaris Parent, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Covaris Intermediate 3, LLC & Covaris Parent, LLC, First lien senior secured loan 2022-12-31 0001287750 Covaris Intermediate 3, LLC & Covaris Parent, LLC, Class A-2 units 2022-12-31 0001287750 arcc:CovarisIntermediate3LLCCovarisParentLLCMember 2022-12-31 0001287750 NMC Skincare Intermediate Holdings II, LLC, First lien senior secured loan 1 2022-12-31 0001287750 NMC Skincare Intermediate Holdings II, LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:NMCSkincareIntermediateHoldingsIILLCMember 2022-12-31 0001287750 North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 1 2022-12-31 0001287750 North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 2 2022-12-31 0001287750 North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 3 2022-12-31 0001287750 North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 4 2022-12-31 0001287750 North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., Class A preferred units 2022-12-31 0001287750 arcc:NorthAmericanScienceAssociatesLLCCardinalPurchaserLLCAndCardinalTopcoHoldingsLPMember 2022-12-31 0001287750 TerSera Therapeutics LLC, First lien senior secured loan 1 2022-12-31 0001287750 TerSera Therapeutics LLC, First lien senior secured loan 2 2022-12-31 0001287750 TerSera Therapeutics LLC, First lien senior secured loan 3 2022-12-31 0001287750 arcc:TerSeraTherapeuticsLLCMember 2022-12-31 0001287750 Verista, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 Verista, Inc., First lien senior secured loan 2022-12-31 0001287750 arcc:VeristaIncMember 2022-12-31 0001287750 Vertice Pharma UK Parent Limited, Preferred shares 2022-12-31 0001287750 arcc:PharmaceuticalsBiotechnologyAndLifeSciencesMember 2022-12-31 0001287750 Atlas Intermediate III, L.L.C., First lien senior secured revolving loan 2022-12-31 0001287750 Atlas Intermediate III, L.L.C., First lien senior secured loan 1 2022-12-31 0001287750 Atlas Intermediate III, L.L.C., First lien senior secured loan 2 2022-12-31 0001287750 Atlas Intermediate III, L.L.C., First lien senior secured loan 3 2022-12-31 0001287750 Atlas Intermediate III, L.L.C., First lien senior secured loan 4 2022-12-31 0001287750 arcc:AtlasIntermediateIIILLCMember 2022-12-31 0001287750 Bamboo Purchaser, Inc., First lien senior secured loan 2022-12-31 0001287750 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 1 2022-12-31 0001287750 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 2 2022-12-31 0001287750 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 3 2022-12-31 0001287750 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., Common units 2022-12-31 0001287750 arcc:DisplayHoldingCompanyIncSaldonHoldingsIncAndFastsignsHoldingsIncMember 2022-12-31 0001287750 GPM Investments, LLC and ARKO Corp., Common stock 2022-12-31 0001287750 GPM Investments, LLC and ARKO Corp., Warrant to purchase units of common stock 2022-12-31 0001287750 arcc:GPMInvestmentsLLCAndARKOCorpMember 2022-12-31 0001287750 Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 1 2022-12-31 0001287750 Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 2 2022-12-31 0001287750 Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 3 2022-12-31 0001287750 Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 4 2022-12-31 0001287750 Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, Class A common units 2022-12-31 0001287750 arcc:MarconeYellowstoneBuyerIncAndMarconeYellowstoneHoldingsLLCMember 2022-12-31 0001287750 Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP, First lien senior secured revolving loan 2022-12-31 0001287750 Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP, Series A preferred stock 2022-12-31 0001287750 Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP, Class A-1 units 2022-12-31 0001287750 arcc:MavisTireExpressServicesTopcoCorpMetisHoldCoIncAndMetisTopCoLPMember 2022-12-31 0001287750 McKenzie Creative Brands, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 McKenzie Creative Brands, LLC, First lien senior secured loan 1 2022-12-31 0001287750 McKenzie Creative Brands, LLC, First lien senior secured loan 2 2022-12-31 0001287750 arcc:McKenzieCreativeBrandsLLCMember 2022-12-31 0001287750 Monolith Brands Group, Inc., Series A-1 preferred stock 2022-12-31 0001287750 Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP, Limited partnership interests 2022-12-31 0001287750 North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC, First lien senior secured loan 2022-12-31 0001287750 North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC, Class A units 2022-12-31 0001287750 arcc:NorthHavenFalconBuyerLLCAndNorthHavenFalconHoldingCompanyLLCMember 2022-12-31 0001287750 Reddy Ice LLC, First lien senior secured loan 1 2022-12-31 0001287750 Reddy Ice LLC, First lien senior secured loan 2 2022-12-31 0001287750 Reddy Ice LLC, First lien senior secured loan 3 2022-12-31 0001287750 arcc:ReddyIceLLCMember 2022-12-31 0001287750 SCIH Salt Holdings Inc., First lien senior secured revolving loan 2022-12-31 0001287750 Trader Corporation and Project Auto Finco Corp., First lien senior secured loan 2022-12-31 0001287750 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P., First lien senior secured loan 2022-12-31 0001287750 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P., Limited partner interests 2022-12-31 0001287750 arcc:USSaltInvestorsLLCAndEmeraldLakePearlAcquisitionALPMember 2022-12-31 0001287750 arcc:RetailingAndDistributionMember 2022-12-31 0001287750 Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Second lien senior secured loan 2022-12-31 0001287750 Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Class A preferred units 2022-12-31 0001287750 Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Series A preferred shares 2022-12-31 0001287750 arcc:BalrogAcquisitionIncBalrogTopcoIncAndBalrogParentLPMember 2022-12-31 0001287750 Continental Café, LLC and Infinity Ovation Yacht Charters, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Continental Café, LLC and Infinity Ovation Yacht Charters, LLC, First lien senior secured loan 2022-12-31 0001287750 arcc:ContinentalCafeLLCAndInfinityOvationYachtChartersLLCMember 2022-12-31 0001287750 DecoPac, Inc. and KCAKE Holdings Inc., First lien senior secured revolving loan 2022-12-31 0001287750 DecoPac, Inc. and KCAKE Holdings Inc., First lien senior secured loan 2022-12-31 0001287750 DecoPac, Inc. and KCAKE Holdings Inc., Common stock 2022-12-31 0001287750 arcc:DecoPacIncAndKCAKEHoldingsIncMember 2022-12-31 0001287750 FS Squared Holding Corp. and FS Squared, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 FS Squared Holding Corp. and FS Squared, LLC, First lien senior secured loan 2022-12-31 0001287750 FS Squared Holding Corp. and FS Squared, LLC, Class A units 2022-12-31 0001287750 arcc:FSSquaredHoldingCorpAndFSSquaredLLCMember 2022-12-31 0001287750 JWC/KI Holdings, LLC, Membership units 2022-12-31 0001287750 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P., First lien senior secured loan 2022-12-31 0001287750 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P., Limited partnership interests 2022-12-31 0001287750 arcc:LJPerimeterBuyerIncAndLJPerimeterCoInvestLPMember 2022-12-31 0001287750 SFE Intermediate Holdco LLC, First lien senior secured revolving loan 2022-12-31 0001287750 SFE Intermediate Holdco LLC, First lien senior secured loan 1 2022-12-31 0001287750 SFE Intermediate Holdco LLC, First lien senior secured loan 2 2022-12-31 0001287750 SFE Intermediate Holdco LLC, First lien senior secured loan 3 2022-12-31 0001287750 arcc:SFEIntermediateHoldcoLLCMember 2022-12-31 0001287750 VCP-EDC Co-Invest, LLC, Membership units 2022-12-31 0001287750 ZB Holdco LLC & ZB Parent LLC, First lien senior secured revolving loan 2022-12-31 0001287750 ZB Holdco LLC & ZB Parent LLC, First lien senior secured loan 2022-12-31 0001287750 ZB Holdco LLC & ZB Parent LLC, Series A units 2022-12-31 0001287750 arcc:ZBHoldcoLLCZBParentLLCMember 2022-12-31 0001287750 arcc:ConsumerStaplesDistributionAndRetailMember 2022-12-31 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured loan 2022-12-31 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, Class A units 2022-12-31 0001287750 arcc:ASPRPacAcquisitionCoLLCAndASPRPacHoldingsLPMember 2022-12-31 0001287750 Genomatica, Inc., Warrant to purchase shares of Series D preferred stock 2022-12-31 0001287750 Halex Holdings, Inc., Common stock 2022-12-31 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 1 2022-12-31 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 2 2022-12-31 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 3 2022-12-31 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, Second lien senior secured loan 2022-12-31 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, Common units 2022-12-31 0001287750 arcc:HFoodHoldingsLLCAndMatterhornParentLLCMember 2022-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured revolving loan 2022-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 1 2022-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 2 2022-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 3 2022-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., Class A units 2022-12-31 0001287750 arcc:NelipakHoldingCompanyNelipakEuropeanHoldingsCooperatiefUAKNPAKHoldingsLPAndPAKNKNetherlandsTreasuryBVMember 2022-12-31 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 1 2022-12-31 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 2 2022-12-31 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class A preferred units 2022-12-31 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class C units 2022-12-31 0001287750 arcc:NovipaxBuyerLLCAndNovipaxParentHoldingCompanyLLCMember 2022-12-31 0001287750 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, First lien senior secured loan 2022-12-31 0001287750 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Second lien senior secured loan 2022-12-31 0001287750 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Co-Invest units 2022-12-31 0001287750 arcc:PlaskolitePPCIntermediateIILLCAndPlaskolitePPCBlockerLLCMember 2022-12-31 0001287750 Polymer Solutions Group, LLC, First lien senior secured loan 2022-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured revolving loan 2022-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 1 2022-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 2 2022-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 3 2022-12-31 0001287750 arcc:PrecisionConceptsInternationalLLCAndPrecisionConceptsCanadaCorporationMember 2022-12-31 0001287750 SCI PH Parent, Inc., Series B shares 2022-12-31 0001287750 arcc:MaterialsSectorMember 2022-12-31 0001287750 Chariot Buyer LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Chariot Buyer LLC, Second lien senior secured loan 2022-12-31 0001287750 arcc:ChariotBuyerLLCMember 2022-12-31 0001287750 Everspin Technologies, Inc., Warrant to purchase shares of common stock 2022-12-31 0001287750 ITI Holdings, Inc., First lien senior secured revolving loan 1 2022-12-31 0001287750 ITI Holdings, Inc., First lien senior secured revolving loan 2 2022-12-31 0001287750 ITI Holdings, Inc., First lien senior secured revolving loan 3 2022-12-31 0001287750 ITI Holdings, Inc., First lien senior secured loan 2022-12-31 0001287750 arcc:ITIHoldingsIncMember 2022-12-31 0001287750 Micromeritics Instrument Corp., First lien senior secured loan 2022-12-31 0001287750 Repairify, Inc. and Repairify Holdings, LLC, Class A common units 2022-12-31 0001287750 Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured revolving loan 2022-12-31 0001287750 Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured loan 1 2022-12-31 0001287750 Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured loan 2 2022-12-31 0001287750 Wildcat BuyerCo, Inc. and Wildcat Parent, LP, First lien senior secured loan 3 2022-12-31 0001287750 Wildcat BuyerCo, Inc. and Wildcat Parent, LP, Limited partnership interests 2022-12-31 0001287750 arcc:WildcatBuyerCoIncAndWildcatParentLPMember 2022-12-31 0001287750 arcc:TechnologyHardwareAndEquipmentMember 2022-12-31 0001287750 CDI Holdings III Corp. and CDI Holdings I Corp., First lien senior secured loan 2022-12-31 0001287750 CDI Holdings III Corp. and CDI Holdings I Corp., Common stock 2022-12-31 0001287750 arcc:CDIHoldingsIIICorpAndCDIHoldingsICorpMember 2022-12-31 0001287750 Foundation Consumer Brands, LLC, First lien senior secured loan 2022-12-31 0001287750 LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P., First lien senior secured loan 2022-12-31 0001287750 LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P., Preferred units 2022-12-31 0001287750 LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P., Class B common units 2022-12-31 0001287750 arcc:LifeStylesBidcoLtdLifestylesIntermediateHoldcoLtdAndLifeStylesParentLPMember 2022-12-31 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured revolving loan 2022-12-31 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured loan 2022-12-31 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., Limited partner interests 2022-12-31 0001287750 arcc:PremierSpecialtiesIncAndRMCFVCIVXLIVLPMember 2022-12-31 0001287750 RD Holdco Inc., Second lien senior secured loan 2022-12-31 0001287750 RD Holdco Inc., Common stock 2022-12-31 0001287750 RD Holdco Inc., Warrant to purchase shares of common stock 2022-12-31 0001287750 arcc:RDHoldcoIncMember 2022-12-31 0001287750 Walnut Parent, Inc., First lien senior secured loan 1 2022-12-31 0001287750 Walnut Parent, Inc., First lien senior secured loan 2 2022-12-31 0001287750 arcc:WalnutParentIncMember 2022-12-31 0001287750 arcc:HouseholdAndPersonalProductsMember 2022-12-31 0001287750 Commercial Trailer Leasing, Inc., First lien senior secured loan 2022-12-31 0001287750 Commercial Trailer Leasing, Inc., Second lien senior secured loan 2022-12-31 0001287750 arcc:CommercialTrailerLeasingIncMember 2022-12-31 0001287750 Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured revolving loan 2022-12-31 0001287750 Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 1 2022-12-31 0001287750 Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 2 2022-12-31 0001287750 Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., Common stock 2022-12-31 0001287750 arcc:ShurCoAcquisitionIncAndShurCoHoldCoIncMember 2022-12-31 0001287750 arcc:TransportationMember 2022-12-31 0001287750 Excelligence Holdings Corp., First lien senior secured loan 2022-12-31 0001287750 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured revolving loan 1 2022-12-31 0001287750 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured revolving loan 2 2022-12-31 0001287750 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 1 2022-12-31 0001287750 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 2 2022-12-31 0001287750 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., Series A preferred stock 2022-12-31 0001287750 arcc:FlinnScientificIncAndWCIQuantumHoldingsIncMember 2022-12-31 0001287750 National College of Business and Technology Inc. & Leeds IV Advisors, Inc., Senior preferred series A-1 shares 2022-12-31 0001287750 National College of Business and Technology Inc. & Leeds IV Advisors, Inc., Series B preferred stock 1 2022-12-31 0001287750 National College of Business and Technology Inc. & Leeds IV Advisors, Inc., Series B preferred stock 2 2022-12-31 0001287750 National College of Business and Technology Inc. & Leeds IV Advisors, Inc., Series C preferred stock 1 2022-12-31 0001287750 National College of Business and Technology Inc. & Leeds IV Advisors, Inc., Series C preferred stock 2 2022-12-31 0001287750 National College of Business and Technology Inc. & Leeds IV Advisors, Inc., Common stock 1 2022-12-31 0001287750 National College of Business and Technology Inc. & Leeds IV Advisors, Inc., Common stock 2 2022-12-31 0001287750 arcc:NationalCollegeOfBusinessAndTechnologyIncLeedsIVAdvisorsIncMember 2022-12-31 0001287750 arcc:EducationMember 2022-12-31 0001287750 Aventiv Technologies, LLC and Securus Technologies Holdings, Inc., First lien senior secured loan 2022-12-31 0001287750 Aventiv Technologies, LLC and Securus Technologies Holdings, Inc., Second lien senior secured loan 2022-12-31 0001287750 arcc:AventivTechnologiesLLCAndSecurusTechnologiesHoldingsIncMember 2022-12-31 0001287750 Emergency Communications Network, LLC, First lien senior secured revolving loan 2022-12-31 0001287750 Emergency Communications Network, LLC, First lien senior secured loan 2022-12-31 0001287750 arcc:EmergencyCommunicationsNetworkLLCMember 2022-12-31 0001287750 arcc:TelecommunicationServicesMember 2022-12-31 0001287750 CAD, Royal Bank of Canada, Company Settlement Date January 27, 2023, Contract One 2022-12-31 0001287750 CAD, Royal Bank of Canada, Company Settlement Date January 18, 2023 2022-12-31 0001287750 EUR, Royal Bank of Canada, Company Settlement Date January 27, 2023 2022-12-31 0001287750 GBP, Royal Bank of Canada, Company Settlement Date January 27, 2023 2022-12-31 0001287750 NZD, Royal Bank of Canada, Company Settlement Date January 27, 2023 2022-12-31 0001287750 CAD, Royal Bank of Canada, Company Settlement Date January 27, 2023, Contract Two 2022-12-31 0001287750 Apex Clean Energy TopCo, LLC 2022-01-01 2022-12-31 0001287750 Apex Clean Energy TopCo, LLC 2022-12-31 0001287750 APG Intermediate Holdings Corporation and APG Holdings, LLC 2022-01-01 2022-12-31 0001287750 APG Intermediate Holdings Corporation and APG Holdings, LLC 2022-12-31 0001287750 Blue Wolf Capital Fund II, L.P.2022-01-01 2022-12-31 0001287750 Blue Wolf Capital Fund II, L.P.2022-12-31 0001287750 Bragg Live Food Products, LLC and SPC Investment Co., L.P.2022-01-01 2022-12-31 0001287750 Bragg Live Food Products, LLC and SPC Investment Co., L.P.2022-12-31 0001287750 ESCP PPG Holdings, LLC 2022-01-01 2022-12-31 0001287750 ESCP PPG Holdings, LLC 2022-12-31 0001287750 European Capital UK SME Debt LP 2022-01-01 2022-12-31 0001287750 European Capital UK SME Debt LP 2022-12-31 0001287750 PCG-Ares Sidecar Investment, L.P.2022-01-01 2022-12-31 0001287750 PCG-Ares Sidecar Investment, L.P.2022-12-31 0001287750 PCG-Ares Sidecar Investment II, L.P.2022-01-01 2022-12-31 0001287750 PCG-Ares Sidecar Investment II, L.P.2022-12-31 0001287750 Primrose Holding Corporation 2022-01-01 2022-12-31 0001287750 Primrose Holding Corporation 2022-12-31 0001287750 Production Resource Group, L.L.C. and PRG III, LLC 2022-01-01 2022-12-31 0001287750 Production Resource Group, L.L.C. and PRG III, LLC 2022-12-31 0001287750 Shock Doctor, Inc. and Shock Doctor Holdings, LLC 2022-01-01 2022-12-31 0001287750 Shock Doctor, Inc. and Shock Doctor Holdings, LLC 2022-12-31 0001287750 Sundance Energy Inc.2022-01-01 2022-12-31 0001287750 Sundance Energy Inc.2022-12-31 0001287750 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.2022-01-01 2022-12-31 0001287750 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.2022-12-31 0001287750 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2022-01-01 2022-12-31 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC 2022-01-01 2022-12-31 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC 2022-12-31 0001287750 ACAS Equity Holdings Corporation 2022-01-01 2022-12-31 0001287750 ACAS Equity Holdings Corporation 2022-12-31 0001287750 ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.2022-01-01 2022-12-31 0001287750 ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.2022-12-31 0001287750 CoLTs 2005-1 Ltd.2022-01-01 2022-12-31 0001287750 CoLTs 2005-1 Ltd.2022-12-31 0001287750 Eckler Industries, Inc. and Eckler Purchaser LLC 2022-01-01 2022-12-31 0001287750 Eckler Industries, Inc. and Eckler Purchaser LLC 2022-12-31 0001287750 Halex Holdings, Inc.2022-01-01 2022-12-31 0001287750 Halex Holdings, Inc.2022-12-31 0001287750 HCI Equity, LLC 2022-01-01 2022-12-31 0001287750 HCI Equity, LLC 2022-12-31 0001287750 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC 2022-01-01 2022-12-31 0001287750 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC 2022-12-31 0001287750 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation 2022-01-01 2022-12-31 0001287750 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation 2022-12-31 0001287750 Ivy Hill Asset Management, L.P.2022-01-01 2022-12-31 0001287750 Ivy Hill Asset Management, L.P.2022-12-31 0001287750 Joyce Lane Capital LLC and Joyce Lane Financing SPV LLC (fka Ciena Capital LLC)2022-01-01 2022-12-31 0001287750 Joyce Lane Capital LLC and Joyce Lane Financing SPV LLC (fka Ciena Capital LLC)2022-12-31 0001287750 Navisun LLC and Navisun Holdings LLC 2022-01-01 2022-12-31 0001287750 Navisun LLC and Navisun Holdings LLC 2022-12-31 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC 2022-01-01 2022-12-31 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC 2022-12-31 0001287750 Potomac Intermediate Holdings II LLC 2022-01-01 2022-12-31 0001287750 Potomac Intermediate Holdings II LLC 2022-12-31 0001287750 PS Operating Company LLC and PS Op Holdings LLC 2022-01-01 2022-12-31 0001287750 PS Operating Company LLC and PS Op Holdings LLC 2022-12-31 0001287750 RD Holdco Inc.2022-01-01 2022-12-31 0001287750 RD Holdco Inc.2022-12-31 0001287750 S Toys Holdings LLC (fka The Step2 Company, LLC)2022-01-01 2022-12-31 0001287750 S Toys Holdings LLC (fka The Step2 Company, LLC)2022-12-31 0001287750 Senior Direct Lending Program, LLC 2022-01-01 2022-12-31 0001287750 Senior Direct Lending Program, LLC 2022-12-31 0001287750 Startec Equity, LLC 2022-01-01 2022-12-31 0001287750 Startec Equity, LLC 2022-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC 2022-01-01 2022-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC 2022-12-31 0001287750 us-gaap:InvestmentAffiliatedIssuerControlledMember 2022-01-01 2022-12-31 0001287750 arcc:SubordinatedCertificatesOfTheSDLPMember arcc:AresCapitalCorporationMember srt:MinimumMember 2022-12-31 0001287750 arcc:NonQualifyingAssetsMember arcc:InvestmentsAtFairValueAndOtherNonQualifyingAssetsMember us-gaap:CustomerConcentrationRiskMember 2022-01-01 2022-12-31 0001287750 McKenzie Creative Brands, LLC, First lien senior secured loan, First Out Tranche 2022-12-31 0001287750 DFC Global Facility Borrower III LLC, First lien senior secured revolving loan, Secured borrowing 2022-12-31 0001287750 Abzena Holdings, Inc. and Astro Group Holdings Ltd.2022-12-31 0001287750 Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC 2022-12-31 0001287750 ADG, LLC and RC IV GEDC Investor LLC 2022-12-31 0001287750 Advarra Holdings, Inc.2022-12-31 0001287750 AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC 2022-12-31 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC 2022-12-31 0001287750 AIM Acquisition, LLC 2022-12-31 0001287750 Alcami Corporation and ACM Note Holdings, LLC 2022-12-31 0001287750 American Residential Services L.L.C. and Aragorn Parent Holdings LP 2022-12-31 0001287750 Anaplan, Inc.2022-12-31 0001287750 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua 2022-12-31 0001287750 Applied Technical Services, LLC 2022-12-31 0001287750 Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.2022-12-31 0001287750 Apptio, Inc.2022-12-31 0001287750 AQ Sage Buyer, LLC 2022-12-31 0001287750 AQ Sunshine, Inc.2022-12-31 0001287750 Argenbright Holdings V, LLC and Amberstone Security Group Limited 2022-12-31 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP 2022-12-31 0001287750 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP 2022-12-31 0001287750 ATI Restoration, LLC 2022-12-31 0001287750 Atlas Intermediate III, L.L.C.2022-12-31 0001287750 Avalara, Inc.2022-12-31 0001287750 Aventine Intermediate LLC & Aventine Holdings II LLC 2022-12-31 0001287750 Avetta, LLC 2022-12-31 0001287750 AxiomSL Group, Inc. and Calypso Group, Inc.2022-12-31 0001287750 BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP 2022-12-31 0001287750 Banyan Software Holdings, LLC and Banyan Software, LP 2022-12-31 0001287750 Beacon Pointe Harmony, LLC 2022-12-31 0001287750 Belfor Holdings, Inc.2022-12-31 0001287750 Benecon Midco II LLC and Locutus Holdco LLC 2022-12-31 0001287750 Benefytt Technologies, Inc.2022-12-31 0001287750 Berner Food & Beverage, LLC 2022-12-31 0001287750 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC 2022-12-31 0001287750 Borrower R365 Holdings LLC 2022-12-31 0001287750 Bottomline Technologies, Inc.2022-12-31 0001287750 Businessolver.com, Inc.2022-12-31 0001287750 Cadence Aerospace, LLC 2022-12-31 0001287750 Caerus Midco 3 S.Ã r.l.2022-12-31 0001287750 Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP 2022-12-31 0001287750 Captive Resources Midco, LLC 2022-12-31 0001287750 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.2022-12-31 0001287750 CCS-CMGC Holdings, Inc.2022-12-31 0001287750 CDI Holdings III Corp. and CDI Holdings I Corp.2022-12-31 0001287750 Center for Autism and Related Disorders, LLC 2022-12-31 0001287750 Centric Brands LLC and Centric Brands GP LLC 2022-12-31 0001287750 Chariot Buyer LLC 2022-12-31 0001287750 Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC 2022-12-31 0001287750 CMG HoldCo, LLC and CMG Buyer Holdings, Inc.2022-12-31 0001287750 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.2022-12-31 0001287750 Commercial Trailer Leasing, Inc.2022-12-31 0001287750 Community Brands ParentCo, LLC 2022-12-31 0001287750 Compex Legal Services, Inc.2022-12-31 0001287750 Comprehensive EyeCare Partners, LLC 2022-12-31 0001287750 Concert Golf Partners Holdco LLC 2022-12-31 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P.2022-12-31 0001287750 Continental Café, LLC and Infinity Ovation Yacht Charters, LLC 2022-12-31 0001287750 Convera International Holdings Limited and Convera International Financial S.A R.L.2022-12-31 0001287750 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP 2022-12-31 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc.2022-12-31 0001287750 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.2022-12-31 0001287750 Covaris Intermediate 3, LLC & Covaris Parent, LLC 2022-12-31 0001287750 Coyote Buyer, LLC 2022-12-31 0001287750 CrossCountry Mortgage, LLC 2022-12-31 0001287750 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC 2022-12-31 0001287750 CST Holding Company 2022-12-31 0001287750 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC 2022-12-31 0001287750 DecoPac, Inc. and KCAKE Holdings Inc.2022-12-31 0001287750 Denali Holdco LLC and Denali Apexco LP 2022-12-31 0001287750 DFC Global Facility Borrower III LLC 2022-12-31 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc.2022-12-31 0001287750 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc.2022-12-31 0001287750 DRS Holdings III, Inc. and DRS Holdings I, Inc.2022-12-31 0001287750 DS Admiral Bidco, LLC 2022-12-31 0001287750 Dye & Durham Corporation 2022-12-31 0001287750 Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP 2022-12-31 0001287750 Elemica Parent, Inc. & EZ Elemica Holdings, Inc.2022-12-31 0001287750 Elevation Services Parent Holdings, LLC 2022-12-31 0001287750 Emergency Communications Network, LLC 2022-12-31 0001287750 EP Wealth Advisors, LLC 2022-12-31 0001287750 EpiServer Inc. and Episerver Sweden Holdings AB 2022-12-31 0001287750 EPS NASS Parent, Inc.2022-12-31 0001287750 eResearch Technology, Inc. and Astorg VII Co-Invest ERT 2022-12-31 0001287750 ESHA Research, LLC and RMCF VI CIV XLVIII, L.P.2022-12-31 0001287750 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC 2022-12-31 0001287750 Explorer Investor, Inc 2022-12-31 0001287750 Extrahop Networks, Inc.2022-12-31 0001287750 Faraday Buyer, LLC 2022-12-31 0001287750 FL Hawk Intermediate Holdings, Inc.2022-12-31 0001287750 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc.2022-12-31 0001287750 FM:Systems Group, LLC 2022-12-31 0001287750 Forescout Technologies, Inc.2022-12-31 0001287750 Foundation Risk Partners, Corp.2022-12-31 0001287750 FS Squared Holding Corp. and FS Squared, LLC 2022-12-31 0001287750 Galway Borrower LLC 2022-12-31 0001287750 Genesis Acquisition Co. and Genesis Ultimate Holding Co.2022-12-31 0001287750 GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC 2022-12-31 0001287750 GI Ranger Intermediate LLC 2022-12-31 0001287750 Global Music Rights, LLC 2022-12-31 0001287750 GNZ Energy Bidco Limited and Galileo Co-investment Trust I 2022-12-31 0001287750 Gotham Greens Holdings, PBC 2022-12-31 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC 2022-12-31 0001287750 HAI Acquisition Corporation and Aloha Topco, LLC 2022-12-31 0001287750 Harvey Tool Company, LLC 2022-12-31 0001287750 HealthEdge Software, Inc.2022-12-31 0001287750 Heavy Construction Systems Specialists, LLC 2022-12-31 0001287750 Help/Systems Holdings, Inc.2022-12-31 0001287750 HGC Holdings, LLC 2022-12-31 0001287750 HH-Stella, Inc. and Bedrock Parent Holdings, LP 2022-12-31 0001287750 High Street Buyer, Inc. and High Street Holdco LLC 2022-12-31 0001287750 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC 2022-12-31 0001287750 Hometown Food Company 2022-12-31 0001287750 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP 2022-12-31 0001287750 Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P.2022-12-31 0001287750 Inszone Mid, LLC and INSZ Holdings, LLC 2022-12-31 0001287750 IQN Holding Corp.2022-12-31 0001287750 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, LLC 2022-12-31 0001287750 ITI Holdings, Inc.2022-12-31 0001287750 JDC Healthcare Management, LLC 2022-12-31 0001287750 K2 Insurance Services, LLC and K2 Holdco LP 2022-12-31 0001287750 Kaseya Inc. and Knockout Intermediate Holdings I Inc.2022-12-31 0001287750 KBHS Acquisition, LLC (d/b/a Alita Care, LLC)2022-12-31 0001287750 Kene Acquisition, Inc. and Kene Holdings, L.P.2022-12-31 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC 2022-12-31 0001287750 LeanTaaS Holdings, Inc.2022-12-31 0001287750 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.2022-12-31 0001287750 Lew's Intermediate Holdings, LLC 2022-12-31 0001287750 Lido Advisors, LLC 2022-12-31 0001287750 LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P.2022-12-31 0001287750 LJP Purchaser, Inc. and LJP Topco, LP 2022-12-31 0001287750 Lower ACS, Inc.2022-12-31 0001287750 LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC 2022-12-31 0001287750 Majesco and Magic Topco, L.P.2022-12-31 0001287750 Management Consulting & Research LLC 2022-12-31 0001287750 Manna Pro Products, LLC 2022-12-31 0001287750 Marmic Purchaser, LLC and Marmic Topco, L.P.2022-12-31 0001287750 Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP 2022-12-31 0001287750 McKenzie Creative Brands, LLC 2022-12-31 0001287750 Medline Borrower, LP 2022-12-31 0001287750 Micromeritics Instrument Corp.2022-12-31 0001287750 Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp 2022-12-31 0001287750 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P.2022-12-31 0001287750 Monica Holdco (US) Inc.2022-12-31 0001287750 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC 2022-12-31 0001287750 MRI Software LLC 2022-12-31 0001287750 Murchison Oil and Gas, LLC and Murchison Holdings, LLC 2022-12-31 0001287750 n2y Holding, LLC 2022-12-31 0001287750 NAS, LLC and Nationwide Marketing Group, LLC 2022-12-31 0001287750 National Intergovernmental Purchasing Alliance Company 2022-12-31 0001287750 NCWS Intermediate, Inc. and NCWS Holdings LP 2022-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.2022-12-31 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P.2022-12-31 0001287750 Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1 2022-12-31 0001287750 NMC Skincare Intermediate Holdings II, LLC 2022-12-31 0001287750 NMN Holdings III Corp. and NMN Holdings LP 2022-12-31 0001287750 Noble Aerospace, LLC 2022-12-31 0001287750 North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC 2022-12-31 0001287750 North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC 2022-12-31 0001287750 North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC 2022-12-31 0001287750 North Haven Stack Buyer, LLC 2022-12-31 0001287750 Offen, Inc.2022-12-31 0001287750 OneDigital Borrower LLC 2022-12-31 0001287750 Pathway Vet Alliance LLC and Jedi Group Holdings LLC 2022-12-31 0001287750 Patriot Growth Insurance Services, LLC 2022-12-31 0001287750 Paya, Inc and GTCR-Ultra Holdings LLC 2022-12-31 0001287750 PDDS HoldCo, Inc.2022-12-31 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC 2022-12-31 0001287750 Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC 2022-12-31 0001287750 Pelican Products, Inc.2022-12-31 0001287750 People Corporation 2022-12-31 0001287750 Perforce Software, Inc.2022-12-31 0001287750 Petroleum Service Group LLC 2022-12-31 0001287750 Petrus Buyer, Inc.2022-12-31 0001287750 Petvisor Holdings, LLC 2022-12-31 0001287750 Ping Identity Holding Corp.2022-12-31 0001287750 Pluralsight, Inc.2022-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation 2022-12-31 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.2022-12-31 0001287750 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP 2022-12-31 0001287750 Prime Buyer, L.L.C.2022-12-31 0001287750 Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC 2022-12-31 0001287750 Professional Fighters League, LLC and PFL MMA, Inc.2022-12-31 0001287750 ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P.2022-12-31 0001287750 Project Essential Bidco, Inc. and Project Essential Super Parent, Inc.2022-12-31 0001287750 Project Potter Buyer, LLC and Project Potter Parent, L.P.2022-12-31 0001287750 Proofpoint, Inc.2022-12-31 0001287750 Pueblo Mechanical and Controls, LLC and OMERS PMC Investment Holdings LLC 2022-12-31 0001287750 Pyramid Management Advisors, LLC and Pyramid Investors, LLC 2022-12-31 0001287750 QF Holdings, Inc.2022-12-31 0001287750 Qnnect, LLC and Connector TopCo, LP 2022-12-31 0001287750 Radius Aerospace, Inc. and Radius Aerospace Europe Limited 2022-12-31 0001287750 Radwell Parent, LLC 2022-12-31 0001287750 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC 2022-12-31 0001287750 RB Holdings InterCo, LLC 2022-12-31 0001287750 Reddy Ice LLC 2022-12-31 0001287750 Redwood Services, LLC and Redwood Services Holdco, LLC 2022-12-31 0001287750 Reef Lifestyle, LLC 2022-12-31 0001287750 Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.2022-12-31 0001287750 Relativity ODA LLC 2022-12-31 0001287750 Repairify, Inc. and Repairify Holdings, LLC 2022-12-31 0001287750 Revalize, Inc.2022-12-31 0001287750 Rialto Management Group, LLC 2022-12-31 0001287750 Riser Merger Sub, Inc.2022-12-31 0001287750 Riverview Power LLC 2022-12-31 0001287750 RMS HoldCo II, LLC & RMS Group Holdings, Inc.2022-12-31 0001287750 Rodeo AcquisitionCo LLC 2022-12-31 0001287750 RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc.2022-12-31 0001287750 RTI Surgical, Inc. and Pioneer Surgical Technology, Inc.2022-12-31 0001287750 SageSure Holdings, LLC & Insight Catastrophe Group, LLC 2022-12-31 0001287750 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P.2022-12-31 0001287750 SCIH Salt Holdings Inc.2022-12-31 0001287750 SCM Insurance Services Inc.2022-12-31 0001287750 SFE Intermediate Holdco LLC 2022-12-31 0001287750 Shermco Intermediate Holdings, Inc.2022-12-31 0001287750 Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc.2022-12-31 0001287750 SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC 2022-12-31 0001287750 SM Wellness Holdings, Inc. and SM Holdco, Inc.2022-12-31 0001287750 Smarsh Inc. and Skywalker TopCo, LLC 2022-12-31 0001287750 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp 2022-12-31 0001287750 Star US Bidco LLC 2022-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP 2022-12-31 0001287750 Sundance Group Holdings, Inc.2022-12-31 0001287750 Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon 2022-12-31 0001287750 Sunrun Luna Holdco 2021, LLC 2022-12-31 0001287750 SV-Burton Holdings, LLC and LBC Breeze Holdings LLC 2022-12-31 0001287750 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.2022-12-31 0001287750 Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC 2022-12-31 0001287750 TA/WEG Holdings, LLC 2022-12-31 0001287750 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C.2022-12-31 0001287750 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P.2022-12-31 0001287750 TCP Hawker Intermediate LLC 2022-12-31 0001287750 TerSera Therapeutics LLC 2022-12-31 0001287750 The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc.2022-12-31 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP 2022-12-31 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC 2022-12-31 0001287750 The NPD Group, L.P., IRI Group Holdings, Inc., Information Resources, Inc. and IRI-NPD Co-Invest Aggregator, L.P.2022-12-31 0001287750 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP 2022-12-31 0001287750 Thermostat Purchaser III, Inc.2022-12-31 0001287750 THG Acquisition, LLC 2022-12-31 0001287750 TibCo Software Inc., Picard Parent, Inc., Picard MidCo, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P.2022-12-31 0001287750 Trader Corporation and Project Auto Finco Corp.2022-12-31 0001287750 Two Six Labs, LLC 2022-12-31 0001287750 UKG Inc. and H&F Unite Partners, L.P.2022-12-31 0001287750 United Digestive MSO Parent, LLC 2022-12-31 0001287750 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P.2022-12-31 0001287750 Verista, Inc.2022-12-31 0001287750 Verscend Holding Corp.2022-12-31 0001287750 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.2022-12-31 0001287750 VRC Companies, LLC 2022-12-31 0001287750 VS Buyer, LLC 2022-12-31 0001287750 Watermill Express, LLC and Watermill Express Holdings, LLC 2022-12-31 0001287750 Waverly Advisors, LLC 2022-12-31 0001287750 WebPT, Inc.2022-12-31 0001287750 Wellness AcquisitionCo, Inc.2022-12-31 0001287750 Wildcat BuyerCo, Inc. and Wildcat Parent, LP 2022-12-31 0001287750 WorkWave Intermediate II, LLC 2022-12-31 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC 2022-12-31 0001287750 XIFIN, Inc. and ACP Charger Co-Invest LLC 2022-12-31 0001287750 YE Brands Holdings, LLC 2022-12-31 0001287750 ZB Holdco LLC & ZB Parent LLC 2022-12-31 0001287750 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP 2022-12-31 0001287750 arcc:RevolvingAndDelayedDrawLoanCommitmentsMember 2022-12-31 0001287750 PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar Investment II, L.P.2022-12-31 0001287750 Athyrium Buffalo LP 2022-12-31 0001287750 arcc:EquityInvestmentCommitmentsMember 2022-12-31 0001287750 us-gaap:UnfundedLoanCommitmentMember arcc:SeniorDirectLendingProgramMember arcc:AresCapitalCorporationMember 2022-12-31 0001287750 us-gaap:CommonStockMember 2021-12-31 0001287750 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001287750 us-gaap:RetainedEarningsMember 2021-12-31 0001287750 2021-12-31 0001287750 us-gaap:CommonStockMember 2022-01-01 2022-03-31 0001287750 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-03-31 0001287750 2022-01-01 2022-03-31 0001287750 us-gaap:RetainedEarningsMember 2022-01-01 2022-03-31 0001287750 2021-01-01 2021-12-31 0001287750 us-gaap:AdditionalPaidInCapitalMember srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2021-12-31 0001287750 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember us-gaap:RetainedEarningsMember 2021-12-31 0001287750 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2021-12-31 0001287750 us-gaap:CommonStockMember 2022-03-31 0001287750 us-gaap:AdditionalPaidInCapitalMember 2022-03-31 0001287750 us-gaap:RetainedEarningsMember 2022-03-31 0001287750 2022-03-31 0001287750 us-gaap:CommonStockMember 2022-04-01 2022-06-30 0001287750 us-gaap:AdditionalPaidInCapitalMember 2022-04-01 2022-06-30 0001287750 us-gaap:RetainedEarningsMember 2022-04-01 2022-06-30 0001287750 us-gaap:CommonStockMember 2022-06-30 0001287750 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0001287750 us-gaap:RetainedEarningsMember 2022-06-30 0001287750 2022-06-30 0001287750 us-gaap:CommonStockMember 2022-07-01 2022-09-30 0001287750 us-gaap:AdditionalPaidInCapitalMember 2022-07-01 2022-09-30 0001287750 2022-07-01 2022-09-30 0001287750 us-gaap:RetainedEarningsMember 2022-07-01 2022-09-30 0001287750 us-gaap:CommonStockMember 2022-09-30 0001287750 us-gaap:AdditionalPaidInCapitalMember 2022-09-30 0001287750 us-gaap:RetainedEarningsMember 2022-09-30 0001287750 2022-09-30 0001287750 us-gaap:CommonStockMember 2022-10-01 2022-12-31 0001287750 us-gaap:AdditionalPaidInCapitalMember 2022-10-01 2022-12-31 0001287750 2022-10-01 2022-12-31 0001287750 us-gaap:RetainedEarningsMember 2022-10-01 2022-12-31 0001287750 us-gaap:CommonStockMember 2022-12-31 0001287750 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001287750 us-gaap:RetainedEarningsMember 2022-12-31 0001287750 us-gaap:CommonStockMember 2023-01-01 2023-03-31 0001287750 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-03-31 0001287750 2023-01-01 2023-03-31 0001287750 us-gaap:RetainedEarningsMember 2023-01-01 2023-03-31 0001287750 us-gaap:CommonStockMember 2023-03-31 0001287750 us-gaap:AdditionalPaidInCapitalMember 2023-03-31 0001287750 us-gaap:RetainedEarningsMember 2023-03-31 0001287750 2023-03-31 0001287750 us-gaap:CommonStockMember 2023-04-01 2023-06-30 0001287750 us-gaap:AdditionalPaidInCapitalMember 2023-04-01 2023-06-30 0001287750 us-gaap:RetainedEarningsMember 2023-04-01 2023-06-30 0001287750 us-gaap:CommonStockMember 2023-06-30 0001287750 us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0001287750 us-gaap:RetainedEarningsMember 2023-06-30 0001287750 srt:MinimumMember 2023-06-30 0001287750 srt:MaximumMember 2023-06-30 0001287750 arcc:InvestmentAdvisoryAndManagementAgreementMember srt:AffiliatedEntityMember 2023-01-01 2023-06-30 0001287750 arcc:InvestmentAdvisoryAndManagementAgreementMember srt:AffiliatedEntityMember 2019-06-20 0001287750 arcc:InvestmentAdvisoryAndManagementAgreementMember srt:AffiliatedEntityMember 2019-06-21 0001287750 arcc:InvestmentAdvisoryAndManagementAgreementMember srt:AffiliatedEntityMember srt:MinimumMember 2019-06-20 2019-06-20 0001287750 arcc:InvestmentAdvisoryAndManagementAgreementMember srt:AffiliatedEntityMember srt:MinimumMember 2019-06-21 2019-06-21 0001287750 arcc:InvestmentAdvisoryAndManagementAgreementMember srt:MaximumMember srt:AffiliatedEntityMember 2019-06-21 2019-06-21 utr:Q 0001287750 arcc:InvestmentAdvisoryAndManagementAgreementIncentiveRateQuarterlyHurdleRateMember srt:AffiliatedEntityMember 2023-01-01 2023-06-30 0001287750 arcc:InvestmentAdvisoryAndManagementAgreementIncentiveRatePreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMember srt:AffiliatedEntityMember 2023-01-01 2023-06-30 0001287750 arcc:InvestmentAdvisoryAndManagementAgreementIncentiveRateQuarterlyCatchUpThresholdMember srt:AffiliatedEntityMember 2023-01-01 2023-06-30 0001287750 arcc:InvestmentAdvisoryAndManagementAgreementIncentiveRatePreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember srt:AffiliatedEntityMember 2023-01-01 2023-06-30 0001287750 arcc:InvestmentAdvisoryAndManagementAgreementIncentiveRateRealizedCapitalGainsMember srt:AffiliatedEntityMember 2023-01-01 2023-06-30 0001287750 arcc:CapitalGainsIncentiveFeesMember srt:AffiliatedEntityMember 2023-04-01 2023-06-30 0001287750 arcc:CapitalGainsIncentiveFeesMember srt:AffiliatedEntityMember 2022-04-01 2022-06-30 0001287750 arcc:CapitalGainsIncentiveFeesMember srt:AffiliatedEntityMember 2023-01-01 2023-06-30 0001287750 arcc:CapitalGainsIncentiveFeesMember srt:AffiliatedEntityMember 2022-01-01 2022-06-30 0001287750 arcc:InvestmentAdvisoryAndManagementAgreementMember srt:AffiliatedEntityMember 2023-06-30 0001287750 arcc:InvestmentAdvisoryAndManagementAgreementIncentiveRateRealizedCapitalGainsMember srt:AffiliatedEntityMember 2019-06-21 2019-06-21 0001287750 arcc:InvestmentAdvisoryAndManagementAgreementMember srt:AffiliatedEntityMember 2004-10-08 2023-06-30 0001287750 arcc:InvestmentAdvisoryAndManagementAgreementIncentiveRateNetAssetsForDeferralOfCashPaymentsMember srt:AffiliatedEntityMember 2019-06-21 2019-06-21 0001287750 arcc:AdministrationAgreementMember srt:AffiliatedEntityMember 2019-06-21 2019-06-21 0001287750 arcc:AdministrationAgreementMember srt:AffiliatedEntityMember 2023-06-30 0001287750 arcc:AdministrationAgreementMember srt:AffiliatedEntityMember 2022-12-31 0001287750 arcc:DebtSecuritiesFirstLienSeniorSecuredLoansMember 2023-06-30 0001287750 arcc:DebtSecuritiesFirstLienSeniorSecuredLoansMember 2022-12-31 0001287750 arcc:DebtSecuritiesSecondLienSeniorSecuredLoansMember 2023-06-30 0001287750 arcc:DebtSecuritiesSecondLienSeniorSecuredLoansMember 2022-12-31 0001287750 arcc:SubordinatedCertificatesOfTheSDLPMember 2023-06-30 0001287750 arcc:SubordinatedCertificatesOfTheSDLPMember 2022-12-31 0001287750 us-gaap:SeniorSubordinatedLoansMember 2023-06-30 0001287750 us-gaap:SeniorSubordinatedLoansMember 2022-12-31 0001287750 us-gaap:PreferredStockMember 2023-06-30 0001287750 us-gaap:PreferredStockMember 2022-12-31 0001287750 arcc:IvyHillAssetManagementLPMember 2023-06-30 0001287750 arcc:IvyHillAssetManagementLPMember 2022-12-31 0001287750 us-gaap:OtherAggregatedInvestmentsMember 2023-06-30 0001287750 us-gaap:OtherAggregatedInvestmentsMember 2022-12-31 0001287750 arcc:DebtSecuritiesFirstLienSeniorSecuredLoansUnitrancheMember 2023-06-30 0001287750 arcc:DebtSecuritiesFirstLienSeniorSecuredLoansUnitrancheMember 2022-12-31 0001287750 arcc:SeniorDirectLendingProgramMember 2023-06-30 arcc:borrower 0001287750 arcc:SeniorDirectLendingProgramMember 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:SoftwareAndServicesMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:SoftwareAndServicesMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember us-gaap:FinancialServicesSectorMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember us-gaap:FinancialServicesSectorMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember us-gaap:HealthcareSectorMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember us-gaap:HealthcareSectorMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:CommercialAndProfessionalServicesMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:CommercialAndProfessionalServicesMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:InvestmentFundsAndVehiclesMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:InvestmentFundsAndVehiclesMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:PowerGenerationMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:PowerGenerationMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember us-gaap:InsuranceSectorMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember us-gaap:InsuranceSectorMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember us-gaap:ConsumerSectorMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember us-gaap:ConsumerSectorMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:ConsumerDurablesAndApparelMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:ConsumerDurablesAndApparelMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:CapitalGoodsMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:CapitalGoodsMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:MediaAndEntertainmentMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:MediaAndEntertainmentMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember us-gaap:FoodAndBeverageSectorMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember us-gaap:FoodAndBeverageSectorMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:RetailingAndDistributionMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:RetailingAndDistributionMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember us-gaap:EnergySectorMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember us-gaap:EnergySectorMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:AutomobilesAndComponentsSectorMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:AutomobilesAndComponentsSectorMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:OtherSectorMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember arcc:OtherSectorMember 2022-01-01 2022-12-31 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember 2023-01-01 2023-06-30 0001287750 arcc:IndustryConcentrationRiskMember arcc:InvestmentsAtFairValueMember 2022-01-01 2022-12-31 0001287750 arcc:InvestmentsAtFairValueMember us-gaap:WestRegionMember us-gaap:GeographicConcentrationRiskMember 2023-01-01 2023-06-30 0001287750 arcc:InvestmentsAtFairValueMember us-gaap:WestRegionMember us-gaap:GeographicConcentrationRiskMember 2022-01-01 2022-12-31 0001287750 arcc:InvestmentsAtFairValueMember us-gaap:MidwestRegionMember us-gaap:GeographicConcentrationRiskMember 2023-01-01 2023-06-30 0001287750 arcc:InvestmentsAtFairValueMember us-gaap:MidwestRegionMember us-gaap:GeographicConcentrationRiskMember 2022-01-01 2022-12-31 0001287750 us-gaap:SoutheastRegionMember arcc:InvestmentsAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2023-01-01 2023-06-30 0001287750 us-gaap:SoutheastRegionMember arcc:InvestmentsAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2022-01-01 2022-12-31 0001287750 arcc:InvestmentsAtFairValueMember us-gaap:NortheastRegionMember us-gaap:GeographicConcentrationRiskMember 2023-01-01 2023-06-30 0001287750 arcc:InvestmentsAtFairValueMember us-gaap:NortheastRegionMember us-gaap:GeographicConcentrationRiskMember 2022-01-01 2022-12-31 0001287750 arcc:USMidAtlanticRegionMember arcc:InvestmentsAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2023-01-01 2023-06-30 0001287750 arcc:USMidAtlanticRegionMember arcc:InvestmentsAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2022-01-01 2022-12-31 0001287750 us-gaap:NonUsMember arcc:InvestmentsAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2023-01-01 2023-06-30 0001287750 us-gaap:NonUsMember arcc:InvestmentsAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2022-01-01 2022-12-31 0001287750 arcc:InvestmentsAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2023-01-01 2023-06-30 0001287750 arcc:InvestmentsAtFairValueMember us-gaap:GeographicConcentrationRiskMember 2022-01-01 2022-12-31 0001287750 arcc:InvestmentsAtFairValueMember us-gaap:WestRegionMember us-gaap:CustomerConcentrationRiskMember arcc:SeniorDirectLendingProgramMember 2023-01-01 2023-06-30 0001287750 arcc:InvestmentsAtFairValueMember us-gaap:WestRegionMember us-gaap:CustomerConcentrationRiskMember arcc:SeniorDirectLendingProgramMember 2022-01-01 2022-12-31 0001287750 arcc:InvestmentsAtFairValueMember us-gaap:WestRegionMember us-gaap:CustomerConcentrationRiskMember arcc:IvyHillAssetManagementLPMember 2023-01-01 2023-06-30 0001287750 arcc:InvestmentsAtFairValueMember us-gaap:WestRegionMember us-gaap:CustomerConcentrationRiskMember arcc:IvyHillAssetManagementLPMember 2022-01-01 2022-12-31 0001287750 arcc:SubordinatedCertificatesOfTheSDLPMember arcc:AresCapitalCorporationMember 2022-12-31 0001287750 arcc:SubordinatedCertificatesOfTheSDLPMember arcc:AresCapitalCorporationMember 2023-06-30 0001287750 arcc:ClientOfVaragonMember arcc:SubordinatedCertificatesOfTheSDLPMember 2022-12-31 0001287750 arcc:ClientOfVaragonMember arcc:SubordinatedCertificatesOfTheSDLPMember 2023-06-30 0001287750 arcc:SeniorDirectLendingProgramMember arcc:AresCapitalCorporationMember 2022-12-31 0001287750 arcc:SecuredOvernightFinancingRateSOFRMember arcc:SubordinatedCertificatesOfTheSDLPMember 2023-06-30 0001287750 arcc:SubordinatedCertificatesOfTheSDLPMember 2023-04-01 2023-06-30 0001287750 arcc:SubordinatedCertificatesOfTheSDLPMember 2022-04-01 2022-06-30 0001287750 arcc:SubordinatedCertificatesOfTheSDLPMember 2023-01-01 2023-06-30 0001287750 arcc:SubordinatedCertificatesOfTheSDLPMember 2022-01-01 2022-06-30 arcc:loan 0001287750 arcc:SeniorDirectLendingProgramMember arcc:DebtSecuritiesFirstLienSeniorSecuredLoansMember 2023-06-30 0001287750 arcc:SeniorDirectLendingProgramMember arcc:DebtSecuritiesFirstLienSeniorSecuredLoansMember 2022-12-31 0001287750 arcc:SeniorDirectLendingProgramMember Largest Portfolio Company Investment 2023-06-30 0001287750 arcc:SeniorDirectLendingProgramMember Largest Portfolio Company Investment 2022-12-31 0001287750 arcc:SeniorDirectLendingProgramMember Top Five Largest Portfolio Company Investments 2023-06-30 0001287750 arcc:SeniorDirectLendingProgramMember Top Five Largest Portfolio Company Investments 2022-12-31 0001287750 arcc:SeniorDirectLendingProgramMember arcc:DebtSecuritiesFirstLienSeniorSecuredLoansUnitrancheMember 2023-06-30 0001287750 arcc:SeniorDirectLendingProgramMember arcc:DebtSecuritiesFirstLienSeniorSecuredLoansUnitrancheMember 2022-12-31 0001287750 arcc:SeniorDirectLendingProgramMember 2023-04-01 2023-06-30 0001287750 arcc:SeniorDirectLendingProgramMember 2022-04-01 2022-06-30 0001287750 arcc:SeniorDirectLendingProgramMember 2023-01-01 2023-06-30 0001287750 arcc:SeniorDirectLendingProgramMember 2022-01-01 2022-06-30 0001287750 arcc:IvyHillAssetManagementLPMember 2023-06-30 0001287750 arcc:IvyHillAssetManagementLPMember 2022-12-31 0001287750 arcc:IvyHillAssetManagementLPMember 2023-04-01 2023-06-30 0001287750 arcc:IvyHillAssetManagementLPMember 2023-01-01 2023-06-30 0001287750 arcc:IvyHillAssetManagementLPMember 2022-04-01 2022-06-30 0001287750 arcc:IvyHillAssetManagementLPMember 2022-01-01 2022-06-30 0001287750 arcc:IvyHillAssetManagementLPDebtInvestmentMember 2023-06-30 0001287750 arcc:IvyHillAssetManagementLPDebtInvestmentMember 2022-12-31 0001287750 arcc:IvyHillAssetManagementLPEquityInvestmentMember 2023-06-30 0001287750 arcc:IvyHillAssetManagementLPEquityInvestmentMember 2022-12-31 0001287750 arcc:IvyHillAssetManagementLPMember 2023-01-01 2023-06-30 0001287750 arcc:IvyHillAssetManagementLPMember 2022-01-01 2022-06-30 0001287750 arcc:IvyHillAssetManagementLPMember arcc:IvyHillAssetManagementLPMember us-gaap:OperatingSegmentsMember 2023-06-30 0001287750 arcc:IHAMVehiclesMember arcc:IvyHillAssetManagementLPMember us-gaap:OperatingSegmentsMember 2023-06-30 0001287750 us-gaap:IntersegmentEliminationMember arcc:IvyHillAssetManagementLPMember 2023-06-30 0001287750 arcc:IvyHillAssetManagementLPMember arcc:IvyHillAssetManagementLPMember us-gaap:OperatingSegmentsMember 2022-12-31 0001287750 arcc:IHAMVehiclesMember arcc:IvyHillAssetManagementLPMember us-gaap:OperatingSegmentsMember 2022-12-31 0001287750 us-gaap:IntersegmentEliminationMember arcc:IvyHillAssetManagementLPMember 2022-12-31 0001287750 arcc:IvyHillAssetManagementLPMember arcc:IvyHillAssetManagementLPMember us-gaap:OperatingSegmentsMember 2023-04-01 2023-06-30 0001287750 arcc:IHAMVehiclesMember arcc:IvyHillAssetManagementLPMember us-gaap:OperatingSegmentsMember 2023-04-01 2023-06-30 0001287750 us-gaap:IntersegmentEliminationMember arcc:IvyHillAssetManagementLPMember 2023-04-01 2023-06-30 0001287750 arcc:IvyHillAssetManagementLPMember arcc:IvyHillAssetManagementLPMember us-gaap:OperatingSegmentsMember 2023-01-01 2023-06-30 0001287750 arcc:IHAMVehiclesMember arcc:IvyHillAssetManagementLPMember us-gaap:OperatingSegmentsMember 2023-01-01 2023-06-30 0001287750 us-gaap:IntersegmentEliminationMember arcc:IvyHillAssetManagementLPMember 2023-01-01 2023-06-30 0001287750 arcc:IvyHillAssetManagementLPMember arcc:IvyHillAssetManagementLPMember us-gaap:OperatingSegmentsMember 2022-04-01 2022-06-30 0001287750 arcc:IHAMVehiclesMember arcc:IvyHillAssetManagementLPMember us-gaap:OperatingSegmentsMember 2022-04-01 2022-06-30 0001287750 us-gaap:IntersegmentEliminationMember arcc:IvyHillAssetManagementLPMember 2022-04-01 2022-06-30 0001287750 arcc:IvyHillAssetManagementLPMember arcc:IvyHillAssetManagementLPMember us-gaap:OperatingSegmentsMember 2022-01-01 2022-06-30 0001287750 arcc:IHAMVehiclesMember arcc:IvyHillAssetManagementLPMember us-gaap:OperatingSegmentsMember 2022-01-01 2022-06-30 0001287750 us-gaap:IntersegmentEliminationMember arcc:IvyHillAssetManagementLPMember 2022-01-01 2022-06-30 0001287750 2019-06-20 0001287750 2019-06-21 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2022-12-31 0001287750 us-gaap:LineOfCreditMember arcc:RevolvingFundingFacilityMember 2023-06-30 0001287750 us-gaap:LineOfCreditMember arcc:RevolvingFundingFacilityMember 2022-12-31 0001287750 arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember 2023-06-30 0001287750 arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember 2022-12-31 0001287750 us-gaap:LineOfCreditMember arcc:BNPFundingFacilityMember 2023-06-30 0001287750 us-gaap:LineOfCreditMember arcc:BNPFundingFacilityMember 2022-12-31 0001287750 us-gaap:ConvertibleDebtMember arcc:A2024ConvertibleNotesMember 2023-06-30 0001287750 us-gaap:ConvertibleDebtMember arcc:A2024ConvertibleNotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:A2023NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:A2023NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:A2024NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:A2024NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:March2025NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:March2025NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:July2025NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:July2025NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:January2026NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:January2026NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:July2026NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:July2026NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:A2027NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:A2027NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:A2028NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:A2028NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:A2031NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:A2031NotesMember 2022-12-31 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember 2022-12-31 0001287750 arcc:SMBCFundingFacilityMember 2023-06-30 0001287750 srt:WeightedAverageMember 2023-01-01 2023-06-30 0001287750 srt:WeightedAverageMember 2022-01-01 2022-12-31 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:SecuredDebtMember 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:DebtInstrumentRedemptionPeriodOneMember us-gaap:LineOfCreditMember us-gaap:SecuredDebtMember 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:DebtInstrumentRedemptionPeriodTwoMember us-gaap:SecuredDebtMember 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:DebtInstrumentRedemptionPeriodThreeMember us-gaap:SecuredDebtMember 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:SecuredDebtMember us-gaap:DebtInstrumentRedemptionPeriodFourMember 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:DebtInstrumentRedemptionPeriodOneMember us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember us-gaap:DebtInstrumentRedemptionPeriodTwoMember 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:DebtInstrumentRedemptionPeriodThreeMember us-gaap:RevolvingCreditFacilityMember 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember us-gaap:DebtInstrumentRedemptionPeriodFourMember 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:LetterOfCreditMember 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:LetterOfCreditMember 2022-12-31 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember arcc:SecuredOvernightFinancingRateSOFRCreditSpreadAdjustmentMember 2022-04-01 2023-06-30 0001287750 us-gaap:BaseRateMember arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember srt:MinimumMember 2022-04-01 2023-06-30 0001287750 us-gaap:BaseRateMember arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember srt:MaximumMember 2022-04-01 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember arcc:AlternateBaseRateMember srt:MinimumMember 2022-04-01 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember arcc:AlternateBaseRateMember srt:MaximumMember 2022-04-01 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember 2022-04-01 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember arcc:LondonInterbankOfferedRateLIBORSwapRate1Member srt:MinimumMember 2022-01-01 2022-03-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember arcc:LondonInterbankOfferedRateLIBORSwapRate1Member srt:MaximumMember 2022-01-01 2022-03-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember arcc:AlternateBaseRateMember srt:MinimumMember 2022-01-01 2022-03-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember arcc:AlternateBaseRateMember srt:MaximumMember 2022-01-01 2022-03-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember 2022-01-01 2022-03-30 0001287750 arcc:SecuredOvernightFinancingRateSOFRMember arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2023-06-30 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember 2023-01-01 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember srt:MinimumMember 2023-01-01 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember srt:MaximumMember 2023-01-01 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2023-04-01 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2022-04-01 2022-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2023-01-01 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2022-01-01 2022-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember 2023-04-01 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember 2022-04-01 2022-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember 2022-01-01 2022-06-30 0001287750 arcc:LetterOfCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:LetterOfCreditMember 2023-06-30 0001287750 us-gaap:LineOfCreditMember arcc:RevolvingFundingFacilityMember arcc:SecuredOvernightFinancingRateSOFRCreditSpreadAdjustmentMember 2022-07-01 2023-06-30 0001287750 us-gaap:BaseRateMember us-gaap:LineOfCreditMember arcc:RevolvingFundingFacilityMember 2022-07-01 2023-06-30 0001287750 arcc:LondonInterbankOfferedRateLIBOR1Member us-gaap:LineOfCreditMember arcc:RevolvingFundingFacilityMember 2021-12-29 2022-06-29 0001287750 us-gaap:BaseRateMember us-gaap:LineOfCreditMember arcc:RevolvingFundingFacilityMember 2021-12-29 2022-06-29 0001287750 us-gaap:LineOfCreditMember arcc:RevolvingFundingFacilityMember 2023-04-01 2023-06-30 0001287750 us-gaap:LineOfCreditMember arcc:RevolvingFundingFacilityMember 2022-04-01 2022-06-30 0001287750 us-gaap:LineOfCreditMember arcc:RevolvingFundingFacilityMember 2023-01-01 2023-06-30 0001287750 us-gaap:LineOfCreditMember arcc:RevolvingFundingFacilityMember 2022-01-01 2022-06-30 0001287750 arcc:RevolvingFundingFacilityMember 2023-04-01 2023-06-30 0001287750 arcc:RevolvingFundingFacilityMember 2022-04-01 2022-06-30 0001287750 arcc:RevolvingFundingFacilityMember 2023-01-01 2023-06-30 0001287750 arcc:RevolvingFundingFacilityMember 2022-01-01 2022-06-30 arcc:extensionOption 0001287750 arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember 2023-01-01 2023-06-30 0001287750 arcc:SecuredOvernightFinancingRateSOFRMember arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember srt:MinimumMember 2023-04-28 2023-06-30 0001287750 arcc:SecuredOvernightFinancingRateSOFRMember arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember srt:MaximumMember 2023-04-28 2023-06-30 0001287750 arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember arcc:SecuredOvernightFinancingRateSOFRCreditSpreadAdjustmentMember 2023-04-28 2023-06-30 0001287750 us-gaap:BaseRateMember arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember srt:MinimumMember 2023-04-28 2023-06-30 0001287750 us-gaap:BaseRateMember arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember srt:MaximumMember 2023-04-28 2023-06-30 0001287750 arcc:SMBCFundingFacilityMember arcc:LondonInterbankOfferedRateLIBOR1Member us-gaap:LineOfCreditMember srt:MinimumMember 2023-01-01 2023-04-27 0001287750 arcc:SMBCFundingFacilityMember arcc:LondonInterbankOfferedRateLIBOR1Member us-gaap:LineOfCreditMember srt:MaximumMember 2023-01-01 2023-04-27 0001287750 us-gaap:BaseRateMember arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember srt:MinimumMember 2023-01-01 2023-04-27 0001287750 us-gaap:BaseRateMember arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember srt:MaximumMember 2023-01-01 2023-04-27 0001287750 arcc:SecuredOvernightFinancingRateSOFRMember arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember 2023-06-30 2023-06-30 0001287750 arcc:SMBCFundingFacilityMember srt:MinimumMember 2023-01-01 2023-06-30 0001287750 arcc:SMBCFundingFacilityMember srt:MaximumMember 2023-01-01 2023-06-30 0001287750 arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember 2023-04-01 2023-06-30 0001287750 arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember 2022-04-01 2022-06-30 0001287750 arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember 2022-01-01 2022-06-30 0001287750 arcc:SMBCFundingFacilityMember 2023-04-01 2023-06-30 0001287750 arcc:SMBCFundingFacilityMember 2022-04-01 2022-06-30 0001287750 arcc:SMBCFundingFacilityMember 2023-01-01 2023-06-30 0001287750 arcc:SMBCFundingFacilityMember 2022-01-01 2022-06-30 0001287750 us-gaap:LineOfCreditMember arcc:BNPFundingFacilityMember 2023-01-01 2023-06-30 0001287750 us-gaap:LineOfCreditMember arcc:BaseRateDuringReinvestmentPeriodMember arcc:BNPFundingFacilityMember 2023-04-20 2023-06-30 0001287750 arcc:BaseRateAfterReinvestmentPeriodMember us-gaap:LineOfCreditMember arcc:BNPFundingFacilityMember 2023-04-20 2023-06-30 0001287750 us-gaap:LineOfCreditMember arcc:BaseRateDuringReinvestmentPeriodMember arcc:BNPFundingFacilityMember 2023-01-09 2023-04-19 0001287750 arcc:BaseRateAfterReinvestmentPeriodMember us-gaap:LineOfCreditMember arcc:BNPFundingFacilityMember 2023-01-09 2023-04-19 0001287750 us-gaap:LineOfCreditMember arcc:BaseRateDuringReinvestmentPeriodMember arcc:BNPFundingFacilityMember 2023-01-01 2023-01-08 0001287750 arcc:BaseRateAfterReinvestmentPeriodMember us-gaap:LineOfCreditMember arcc:BNPFundingFacilityMember 2023-01-01 2023-01-08 0001287750 arcc:SecuredOvernightFinancingRateSOFRMember us-gaap:LineOfCreditMember arcc:BNPFundingFacilityMember 2023-06-30 2023-06-30 0001287750 arcc:BNPFundingFacilityMember srt:MinimumMember 2023-01-01 2023-06-30 0001287750 arcc:BNPFundingFacilityMember srt:MaximumMember 2023-01-01 2023-06-30 0001287750 us-gaap:LineOfCreditMember arcc:BNPFundingFacilityMember 2023-04-01 2023-06-30 0001287750 us-gaap:LineOfCreditMember arcc:BNPFundingFacilityMember 2022-04-01 2022-06-30 0001287750 us-gaap:LineOfCreditMember arcc:BNPFundingFacilityMember 2022-01-01 2022-06-30 0001287750 arcc:BNPFundingFacilityMember 2023-04-01 2023-06-30 0001287750 arcc:BNPFundingFacilityMember 2022-04-01 2022-06-30 0001287750 arcc:BNPFundingFacilityMember 2023-01-01 2023-06-30 0001287750 arcc:BNPFundingFacilityMember 2022-01-01 2022-06-30 0001287750 us-gaap:ConvertibleDebtMember arcc:A2024ConvertibleNotesMember 2023-01-01 2023-06-30 0001287750 us-gaap:ConvertibleDebtMember 2023-04-01 2023-06-30 0001287750 us-gaap:ConvertibleDebtMember 2022-04-01 2022-06-30 0001287750 us-gaap:ConvertibleDebtMember 2023-01-01 2023-06-30 0001287750 us-gaap:ConvertibleDebtMember 2022-01-01 2022-06-30 0001287750 us-gaap:SeniorNotesMember arcc:A2023NotesMember 2023-02-28 0001287750 us-gaap:SeniorNotesMember 2023-04-01 2023-06-30 0001287750 us-gaap:SeniorNotesMember 2022-04-01 2022-06-30 0001287750 us-gaap:SeniorNotesMember 2023-01-01 2023-06-30 0001287750 us-gaap:SeniorNotesMember 2022-01-01 2022-06-30 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJul282023GBPMember 2023-06-30 0001287750 us-gaap:AccountsPayableAndAccruedLiabilitiesMember arcc:ForeignCurrencyForwardContractMaturityDateJul282023GBPMember 2023-06-30 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJul192023CADMember 2023-06-30 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJul192023CADMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2023-06-30 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJul282023EURMember 2023-06-30 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJul282023EURMember us-gaap:OtherAssetsMember 2023-06-30 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJul282023CADMember 2023-06-30 0001287750 us-gaap:AccountsPayableAndAccruedLiabilitiesMember arcc:ForeignCurrencyForwardContractMaturityDateJul282023CADMember 2023-06-30 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJul282023CADContractTwoMember 2023-06-30 0001287750 us-gaap:AccountsPayableAndAccruedLiabilitiesMember arcc:ForeignCurrencyForwardContractMaturityDateJul282023CADContractTwoMember 2023-06-30 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJul282023NZDMember 2023-06-30 0001287750 us-gaap:AccountsPayableAndAccruedLiabilitiesMember arcc:ForeignCurrencyForwardContractMaturityDateJul282023NZDMember 2023-06-30 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJul172023CADMember 2023-06-30 0001287750 us-gaap:AccountsPayableAndAccruedLiabilitiesMember arcc:ForeignCurrencyForwardContractMaturityDateJul172023CADMember 2023-06-30 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJul102023CADMember 2023-06-30 0001287750 us-gaap:AccountsPayableAndAccruedLiabilitiesMember arcc:ForeignCurrencyForwardContractMaturityDateJul102023CADMember 2023-06-30 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJul282023USDMember 2023-06-30 0001287750 us-gaap:AccountsPayableAndAccruedLiabilitiesMember arcc:ForeignCurrencyForwardContractMaturityDateJul282023USDMember 2023-06-30 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJan272023CADContractTwoMember 2022-12-31 0001287750 us-gaap:AccountsPayableAndAccruedLiabilitiesMember arcc:ForeignCurrencyForwardContractMaturityDateJan272023CADContractTwoMember 2022-12-31 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJan182023CADMember 2022-12-31 0001287750 us-gaap:AccountsPayableAndAccruedLiabilitiesMember arcc:ForeignCurrencyForwardContractMaturityDateJan182023CADMember 2022-12-31 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJan272023EURMember 2022-12-31 0001287750 us-gaap:AccountsPayableAndAccruedLiabilitiesMember arcc:ForeignCurrencyForwardContractMaturityDateJan272023EURMember 2022-12-31 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJan272023GBPMember 2022-12-31 0001287750 us-gaap:AccountsPayableAndAccruedLiabilitiesMember arcc:ForeignCurrencyForwardContractMaturityDateJan272023GBPMember 2022-12-31 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJan272023NZDMember 2022-12-31 0001287750 us-gaap:AccountsPayableAndAccruedLiabilitiesMember arcc:ForeignCurrencyForwardContractMaturityDateJan272023NZDMember 2022-12-31 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJan272023CADContractOneMember 2022-12-31 0001287750 arcc:ForeignCurrencyForwardContractMaturityDateJan272023CADContractOneMember us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2022-12-31 0001287750 us-gaap:ForeignExchangeForwardMember 2023-04-01 2023-06-30 0001287750 us-gaap:ForeignExchangeForwardMember 2022-04-01 2022-06-30 0001287750 us-gaap:ForeignExchangeForwardMember 2023-01-01 2023-06-30 0001287750 us-gaap:ForeignExchangeForwardMember 2022-01-01 2022-06-30 0001287750 arcc:DelayedDrawLoanCommitmentsMember 2023-06-30 0001287750 arcc:DelayedDrawLoanCommitmentsMember 2022-12-31 0001287750 us-gaap:LetterOfCreditMember 2023-06-30 0001287750 us-gaap:FairValueInputsLevel1Member 2023-06-30 0001287750 us-gaap:FairValueInputsLevel2Member 2023-06-30 0001287750 us-gaap:FairValueInputsLevel3Member 2023-06-30 0001287750 us-gaap:FairValueInputsLevel12And3Member 2023-06-30 0001287750 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2023-06-30 0001287750 us-gaap:FairValueInputsLevel1Member 2022-12-31 0001287750 us-gaap:FairValueInputsLevel2Member 2022-12-31 0001287750 us-gaap:FairValueInputsLevel3Member 2022-12-31 0001287750 us-gaap:FairValueInputsLevel12And3Member 2022-12-31 0001287750 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2022-12-31 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesFirstLienSeniorSecuredLoansMember us-gaap:FairValueInputsLevel3Member 2023-06-30 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesFirstLienSeniorSecuredLoansMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputCreditSpreadMember srt:MinimumMember 2023-06-30 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesFirstLienSeniorSecuredLoansMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputCreditSpreadMember 2023-06-30 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesFirstLienSeniorSecuredLoansMember us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember us-gaap:MeasurementInputCreditSpreadMember 2023-06-30 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesSecondLienSeniorSecuredLoansMember us-gaap:FairValueInputsLevel3Member 2023-06-30 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesSecondLienSeniorSecuredLoansMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputCreditSpreadMember srt:MinimumMember 2023-06-30 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesSecondLienSeniorSecuredLoansMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputCreditSpreadMember 2023-06-30 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesSecondLienSeniorSecuredLoansMember us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember us-gaap:MeasurementInputCreditSpreadMember 2023-06-30 0001287750 us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member arcc:SubordinatedCertificatesOfTheSDLPMember 2023-06-30 0001287750 us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member srt:MinimumMember arcc:SubordinatedCertificatesOfTheSDLPMember 2023-06-30 0001287750 us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member arcc:SubordinatedCertificatesOfTheSDLPMember 2023-06-30 0001287750 us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember arcc:SubordinatedCertificatesOfTheSDLPMember 2023-06-30 0001287750 arcc:ValuationTechniqueYieldAnalysisMember us-gaap:SeniorSubordinatedLoansMember us-gaap:FairValueInputsLevel3Member 2023-06-30 0001287750 arcc:ValuationTechniqueYieldAnalysisMember us-gaap:SeniorSubordinatedLoansMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputCreditSpreadMember srt:MinimumMember 2023-06-30 0001287750 arcc:ValuationTechniqueYieldAnalysisMember us-gaap:SeniorSubordinatedLoansMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputCreditSpreadMember 2023-06-30 0001287750 arcc:ValuationTechniqueYieldAnalysisMember us-gaap:SeniorSubordinatedLoansMember us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember us-gaap:MeasurementInputCreditSpreadMember 2023-06-30 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember 2023-06-30 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member srt:MinimumMember us-gaap:PreferredStockMember 2023-06-30 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:MeasurementInputEbitdaMultipleMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember 2023-06-30 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember us-gaap:PreferredStockMember 2023-06-30 0001287750 arcc:IvyHillAssetManagementLPMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2023-06-30 0001287750 arcc:IvyHillAssetManagementLPMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member srt:MinimumMember 2023-06-30 0001287750 arcc:IvyHillAssetManagementLPMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member 2023-06-30 0001287750 arcc:IvyHillAssetManagementLPMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember 2023-06-30 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:OtherAggregatedInvestmentsMember us-gaap:FairValueInputsLevel3Member 2023-06-30 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:OtherAggregatedInvestmentsMember us-gaap:FairValueInputsLevel3Member srt:MinimumMember 2023-06-30 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:OtherAggregatedInvestmentsMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member 2023-06-30 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:OtherAggregatedInvestmentsMember us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember 2023-06-30 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesFirstLienSeniorSecuredLoansMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesFirstLienSeniorSecuredLoansMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputCreditSpreadMember srt:MinimumMember 2022-12-31 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesFirstLienSeniorSecuredLoansMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputCreditSpreadMember 2022-12-31 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesFirstLienSeniorSecuredLoansMember us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember us-gaap:MeasurementInputCreditSpreadMember 2022-12-31 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesSecondLienSeniorSecuredLoansMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesSecondLienSeniorSecuredLoansMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputCreditSpreadMember srt:MinimumMember 2022-12-31 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesSecondLienSeniorSecuredLoansMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputCreditSpreadMember 2022-12-31 0001287750 arcc:ValuationTechniqueYieldAnalysisMember arcc:DebtSecuritiesSecondLienSeniorSecuredLoansMember us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember us-gaap:MeasurementInputCreditSpreadMember 2022-12-31 0001287750 us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member arcc:SubordinatedCertificatesOfTheSDLPMember 2022-12-31 0001287750 us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member srt:MinimumMember arcc:SubordinatedCertificatesOfTheSDLPMember 2022-12-31 0001287750 us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member arcc:SubordinatedCertificatesOfTheSDLPMember 2022-12-31 0001287750 us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember arcc:SubordinatedCertificatesOfTheSDLPMember 2022-12-31 0001287750 arcc:ValuationTechniqueYieldAnalysisMember us-gaap:SeniorSubordinatedLoansMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001287750 arcc:ValuationTechniqueYieldAnalysisMember us-gaap:SeniorSubordinatedLoansMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputCreditSpreadMember srt:MinimumMember 2022-12-31 0001287750 arcc:ValuationTechniqueYieldAnalysisMember us-gaap:SeniorSubordinatedLoansMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputCreditSpreadMember 2022-12-31 0001287750 arcc:ValuationTechniqueYieldAnalysisMember us-gaap:SeniorSubordinatedLoansMember us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember us-gaap:MeasurementInputCreditSpreadMember 2022-12-31 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember 2022-12-31 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member srt:MinimumMember us-gaap:PreferredStockMember 2022-12-31 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:MeasurementInputEbitdaMultipleMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:PreferredStockMember 2022-12-31 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember us-gaap:PreferredStockMember 2022-12-31 0001287750 arcc:IvyHillAssetManagementLPMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001287750 arcc:IvyHillAssetManagementLPMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member srt:MinimumMember 2022-12-31 0001287750 arcc:IvyHillAssetManagementLPMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001287750 arcc:IvyHillAssetManagementLPMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember 2022-12-31 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:OtherAggregatedInvestmentsMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:OtherAggregatedInvestmentsMember us-gaap:FairValueInputsLevel3Member srt:MinimumMember 2022-12-31 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:OtherAggregatedInvestmentsMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001287750 us-gaap:MarketApproachValuationTechniqueMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:OtherAggregatedInvestmentsMember us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember 2022-12-31 0001287750 arcc:DebtAndEquitySecuritiesRealizedGainLossMember 2023-04-01 2023-06-30 0001287750 arcc:DebtAndEquitySecuritiesUnrealizedGainLossMember 2023-04-01 2023-06-30 0001287750 arcc:DebtAndEquitySecuritiesRealizedGainLossMember 2023-01-01 2023-06-30 0001287750 arcc:DebtAndEquitySecuritiesUnrealizedGainLossMember 2023-01-01 2023-06-30 0001287750 us-gaap:FairValueInputsLevel3Member 2023-04-01 2023-06-30 0001287750 us-gaap:FairValueInputsLevel3Member 2023-01-01 2023-06-30 0001287750 arcc:DebtAndEquitySecuritiesRealizedGainLossMember 2022-04-01 2022-06-30 0001287750 arcc:DebtAndEquitySecuritiesUnrealizedGainLossMember 2022-04-01 2022-06-30 0001287750 arcc:DebtAndEquitySecuritiesRealizedGainLossMember 2022-01-01 2022-06-30 0001287750 arcc:DebtAndEquitySecuritiesUnrealizedGainLossMember 2022-01-01 2022-06-30 0001287750 us-gaap:FairValueInputsLevel3Member 2022-06-30 0001287750 us-gaap:FairValueInputsLevel3Member 2022-04-01 2022-06-30 0001287750 us-gaap:FairValueInputsLevel3Member 2022-01-01 2022-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:RevolvingCreditFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:RevolvingCreditFacilityMember 2023-06-30 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:RevolvingCreditFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001287750 arcc:RevolvingFundingFacilityMember us-gaap:RevolvingCreditFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember arcc:RevolvingFundingFacilityMember us-gaap:RevolvingCreditFacilityMember 2023-06-30 0001287750 arcc:RevolvingFundingFacilityMember us-gaap:RevolvingCreditFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember arcc:RevolvingFundingFacilityMember us-gaap:RevolvingCreditFacilityMember 2022-12-31 0001287750 arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:LineOfCreditMember us-gaap:EstimateOfFairValueFairValueDisclosureMember arcc:SMBCFundingFacilityMember 2023-06-30 0001287750 us-gaap:LineOfCreditMember arcc:SMBCFundingFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:LineOfCreditMember us-gaap:EstimateOfFairValueFairValueDisclosureMember arcc:SMBCFundingFacilityMember 2022-12-31 0001287750 us-gaap:LineOfCreditMember arcc:BNPFundingFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:LineOfCreditMember us-gaap:EstimateOfFairValueFairValueDisclosureMember arcc:BNPFundingFacilityMember 2023-06-30 0001287750 us-gaap:LineOfCreditMember arcc:BNPFundingFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:LineOfCreditMember us-gaap:EstimateOfFairValueFairValueDisclosureMember arcc:BNPFundingFacilityMember 2022-12-31 0001287750 us-gaap:ConvertibleDebtMember arcc:A2024ConvertibleNotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:ConvertibleDebtMember arcc:A2024ConvertibleNotesMember 2023-06-30 0001287750 us-gaap:ConvertibleDebtMember arcc:A2024ConvertibleNotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:ConvertibleDebtMember arcc:A2024ConvertibleNotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:A2023NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:A2023NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:A2023NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:A2023NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:A2024NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:A2024NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:A2024NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:A2024NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:March2025NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:March2025NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:March2025NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:March2025NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:July2025NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:July2025NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:July2025NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:July2025NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:January2026NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:January2026NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:January2026NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:January2026NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:July2026NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:July2026NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:July2026NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:July2026NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:A2027NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:A2027NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:A2027NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:A2027NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:A2028NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:A2028NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:A2028NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:A2028NotesMember 2022-12-31 0001287750 us-gaap:SeniorNotesMember arcc:A2031NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:A2031NotesMember 2023-06-30 0001287750 us-gaap:SeniorNotesMember arcc:A2031NotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember arcc:A2031NotesMember 2022-12-31 0001287750 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2023-06-30 0001287750 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2022-12-31 0001287750 arcc:PublicStockOfferingMember 2023-01-01 2023-06-30 0001287750 arcc:PublicStockOfferingMember 2023-06-30 0001287750 arcc:AtTheMarketOfferingsMember 2023-01-01 2023-06-30 0001287750 arcc:AtTheMarketOfferingsMember 2023-06-30 0001287750 arcc:OverAllotmentOptionOneMember 2023-01-01 2023-06-30 0001287750 arcc:OverAllotmentOptionOneMember 2023-06-30 0001287750 arcc:DividendDeclaredAprilTwentyFifthTwoThousandTwentyThreeMember 2023-06-30 2023-06-30 0001287750 arcc:DividendDeclaredFebruarySevenTwoThousandTwentyThreeMember 2023-03-31 2023-03-31 0001287750 arcc:DividendDeclaredAprilTwentySixTwoThousandTwentyTwoMember 2022-06-30 2022-06-30 0001287750 arcc:DividendDeclaredFebruaryNineTwoThousandTwentyTwoMember 2022-06-30 2022-06-30 0001287750 arcc:DividendDeclaredFebruaryNineTwoThousandTwentyTwoMember 2022-03-31 2022-03-31 0001287750 arcc:DividendDeclaredFebruaryNineTwoThousandTwentyTwoDividendTwoMember 2022-03-31 2022-03-31 0001287750 arcc:ExpenseReimbursementMember srt:AffiliatedEntityMember 2023-04-01 2023-06-30 0001287750 arcc:ExpenseReimbursementMember srt:AffiliatedEntityMember 2023-01-01 2023-06-30 0001287750 arcc:ExpenseReimbursementMember srt:AffiliatedEntityMember 2022-04-01 2022-06-30 0001287750 arcc:ExpenseReimbursementMember srt:AffiliatedEntityMember 2022-01-01 2022-06-30 0001287750 arcc:ProprietaryPortfolioManagementSoftwareAgreementMember srt:AffiliatedEntityMember 2023-04-01 2023-06-30 0001287750 arcc:ProprietaryPortfolioManagementSoftwareAgreementMember srt:AffiliatedEntityMember 2023-01-01 2023-06-30 0001287750 arcc:ProprietaryPortfolioManagementSoftwareAgreementMember srt:AffiliatedEntityMember 2022-04-01 2022-06-30 0001287750 arcc:ProprietaryPortfolioManagementSoftwareAgreementMember srt:AffiliatedEntityMember 2022-01-01 2022-06-30 0001287750 arcc:BaseManagementFeesMember 2023-01-01 2023-06-30 0001287750 arcc:BaseManagementFeesMember 2022-01-01 2022-06-30 0001287750 arcc:IncomeBasedFeesAndCapitalGainsIncentiveFeesNetOfFeeWaiverMember 2023-01-01 2023-06-30 0001287750 arcc:IncomeBasedFeesAndCapitalGainsIncentiveFeesNetOfFeeWaiverMember 2022-01-01 2022-06-30 0001287750 arcc:CostOfBorrowingMember 2023-01-01 2023-06-30 0001287750 arcc:CostOfBorrowingMember 2022-01-01 2022-06-30 0001287750 arcc:OtherOperatingExpensesMember 2023-01-01 2023-06-30 0001287750 arcc:OtherOperatingExpensesMember 2022-01-01 2022-06-30 0001287750 2021-01-01 2021-03-31 0001287750 2021-04-01 2021-06-30 0001287750 2021-07-01 2021-09-30 0001287750 2021-10-01 2021-12-31 0001287750 arcc:SeniorSecuredRevolvingCreditFacilityMember us-gaap:RevolvingCreditFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 arcc:RevolvingFundingFacilityMember us-gaap:RevolvingCreditFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 arcc:SMBCFundingFacilityMember us-gaap:LineOfCreditMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:LineOfCreditMember arcc:BNPFundingFacilityMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001287750 us-gaap:RevolvingCreditFacilityMember 2023-01-01 2023-06-30 0001287750 arcc:A2024ConvertibleNotesMember 2023-01-01 2023-06-30 0001287750 arcc:UnsecuredNotesMember 2023-01-01 2023-06-30 0001287750 arcc:BankRelationshipsAndRecentStrainOnBankingSystemMember 2023-01-01 2023-06-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File No. 814-00663
ARES CAPITAL CORPORATION
(Exact name of Registrant as specified in its charter)

Maryland |  | 33-1089684
(State or other jurisdiction of |  | (I.R.S. Employer
incorporation or organization) |  | Identification Number)

245 Park Avenue, 44 th Floor, New York, NY 10167
(Address of principal executive office) (Zip Code)
(212) 750-7300
(Registrant’s telephone number, including area code)
____________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading symbol | Name of each exchange on which registered
Common stock, par value $0.001 per share | ARCC | NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer x |  | Accelerated filer o
Non-accelerated filer o |  | Smaller reporting company o
|  | Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class |  | Outstanding at July 25, 2023
Common stock, $0.001 par value |  | 557,378,846

1

ARES CAPITAL CORPORATION
INDEX

Part I. | Financial Information |
Item 1. | Financial Statements |
| Consolidated Balance Sheet as of June 3 0, 2023 (unaudited) and December 31, 2022 | 3
| Consolidated Statement of Operations for the three and six months ended June 3 0, 2023 and 2022 (unaudited) | 4
| Consolidated Schedule of Investments as of June 3 0, 2023 (unaudited) and December 31, 2022 | 5
| Consolidated Statement of Stockholders’ Equity for the three and six months ended June 30, 2023 (unaudited) and the year ended December 31, 2022 | 124
| Consolidated Statement of Cash Flows for the si x months ended June 30, 2023 and 2022 (unaudited) | 125
| Notes to Consolidated Financial Statements (unaudited) | 126
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 167
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 199
Item 4. | Controls and Procedures | 201
Part II. | Other Information |
Item 1. | Legal Proceedings | 202
Item 1A. | Risk Factors | 202
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 202
Item 3. | Defaults Upon Senior Securities | 203
Item 4. | Mine Safety Disclosures | 203
Item 5. | Other Information | 203
Item 6. | Exhibits | 204
| Signatures | 205

2

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions, except per share data)

| As of
| June 30, 2023 |  | December 31, 2022
| (unaudited) |  |
ASSETS |  |  |
Investments at fair value |  |  |
Non-controlled/non-affiliate company investments | $ | 16,872 |  |  | $ | 17,296 |
Non-controlled affiliate company investments | 390 |  |  | 364 |
Controlled affiliate company investments | 4,234 |  |  | 4,120 |
Total investments at fair value (amortized cost of $21,686 and $22,043, respectively) | 21,496 |  |  | 21,780 |
Cash and cash equivalents | 411 |  |  | 303 |
Restricted cash | 42 |  |  | 34 |
Interest receivable | 181 |  |  | 176 |
Receivable for open trades | 5 |  |  | 4 |
Other assets | 81 |  |  | 81 |
Operating lease right-of-use asset | 15 |  |  | 20 |
Total assets | $ | 22,231 |  |  | $ | 22,398 |
LIABILITIES |  |  |
Debt | $ | 11,371 |  |  | $ | 12,210 |
Base management fees payable | 79 |  |  | 79 |
Income based fees payable | 79 |  |  | 81 |
Capital gains incentive fees payable | 33 |  |  | 35 |
Interest and facility fees payable | 87 |  |  | 105 |
Payable to participants | 42 |  |  | 34 |
Payable for open trades | 6 |  |  | 22 |
Accounts payable and other liabilities | 121 |  |  | 167 |
Secured borrowings | 35 |  |  | 79 |
Operating lease liabilities | 24 |  |  | 31 |
Total liabilities | 11,877 |  |  | 12,843 |
Commitments and contingencies (Note 7) |  |  |
STOCKHOLDERS’ EQUITY |  |  |
Common stock, par value $0.001 per share, 1,000 and 700 common shares authorized, respectively; 557 and 519 common shares issued and outstanding, respectively | 1 |  |  | 1 |
Capital in excess of par value | 10,273 |  |  | 9,556 |
Accumulated undistributed (overdistributed) earnings | 80 |  |  | (2) |
Total stockholders’ equity | 10,354 |  |  | 9,555 |
Total liabilities and stockholders’ equity | $ | 22,231 |  |  | $ | 22,398 |
NET ASSETS PER SHARE | $ | 18.58 |  |  | $ | 18.40 |

See accompanying notes to consolidated financial statements.
3

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(in millions, except per share data)
(unaudited)

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |
INVESTMENT INCOME: |  |  |  |  |  |  |  |
From non-controlled/non-affiliate company investments: |  |  |  |  |  |  |  |
Interest income (excluding payment-in-kind (“PIK”) interest income) | $ | 376 |  |  | $ | 244 |  |  | $ | 743 |  |  | $ | 486 |  |
PIK interest income | 35 |  |  | 29 |  |  | 72 |  |  | 56 |  |
Capital structuring service fees | 16 |  |  | 29 |  |  | 26 |  |  | 55 |  |
Dividend income | 57 |  |  | 47 |  |  | 114 |  |  | 88 |  |
Other income | 13 |  |  | 8 |  |  | 29 |  |  | 18 |  |
Total investment income from non-controlled/non-affiliate company investments | 497 |  |  | 357 |  |  | 984 |  |  | 703 |  |
From non-controlled affiliate company investments: |  |  |  |  |  |  |  |
Interest income (excluding PIK interest income) | 3 |  |  | 2 |  |  | 6 |  |  | 3 |  |
PIK interest income | 1 |  |  | 1 |  |  | 2 |  |  | 2 |  |
Dividend income | 6 |  |  | 1 |  |  | 6 |  |  | 1 |  |
Total investment income from non-controlled affiliate company investments | 10 |  |  | 4 |  |  | 14 |  |  | 6 |  |
From controlled affiliate company investments: |  |  |  |  |  |  |  |
Interest income (excluding PIK interest income) | 57 |  |  | 40 |  |  | 116 |  |  | 77 |  |
PIK interest income | 4 |  |  | 3 |  |  | 7 |  |  | 5 |  |
Capital structuring service fees | 5 |  |  | 3 |  |  | 5 |  |  | 7 |  |
Dividend income | 60 |  |  | 71 |  |  | 124 |  |  | 118 |  |
Other income | 1 |  |  | 1 |  |  | 2 |  |  | 3 |  |
Total investment income from controlled affiliate company investments | 127 |  |  | 118 |  |  | 254 |  |  | 210 |  |
Total investment income | 634 |  |  | 479 |  |  | 1,252 |  |  | 919 |  |
EXPENSES: |  |  |  |  |  |  |  |
Interest and credit facility fees | 141 |  |  | 101 |  |  | 280 |  |  | 194 |  |
Base management fees | 79 |  |  | 75 |  |  | 158 |  |  | 148 |  |
Income based fees | 79 |  |  | 57 |  |  | 155 |  |  | 108 |  |
Capital gains incentive fees | 4 |  |  | (29) |  |  | (2) |  |  | (27) |  |
Administrative and other fees | 3 |  |  | 2 |  |  | 6 |  |  | 6 |  |
Other general and administrative | 8 |  |  | 6 |  |  | 15 |  |  | 12 |  |
Total expenses | 314 |  |  | 212 |  |  | 612 |  |  | 441 |  |
NET INVESTMENT INCOME BEFORE INCOME TAXES | 320 |  |  | 267 |  |  | 640 |  |  | 478 |  |
Income tax expense, including excise tax | 6 |  |  | 10 |  |  | 8 |  |  | 23 |  |
NET INVESTMENT INCOME | 314 |  |  | 257 |  |  | 632 |  |  | 455 |  |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS: |  |  |  |  |  |  |  |
Net realized gains (losses): |  |  |  |  |  |  |  |
Non-controlled/non-affiliate company investments | (68) |  |  | (1) |  |  | (88) |  |  | 49 |  |
Non-controlled affiliate company investments | — |  |  | (23) |  |  | — |  |  | (23) |  |
Controlled affiliate company investments | — |  |  | — |  |  | — |  |  | 19 |  |
Foreign currency and other transactions | (13) |  |  | 21 |  |  | (43) |  |  | 10 |  |
Net realized (losses) gains | (81) |  |  | (3) |  |  | (131) |  |  | 55 |  |
Net unrealized gains (losses): |  |  |  |  |  |  |  |
Non-controlled/non-affiliate company investments | 66 |  |  | (194) |  |  | 69 |  |  | (201) |  |
Non-controlled affiliate company investments | — |  |  | 33 |  |  | 14 |  |  | 32 |  |
Controlled affiliate company investments | 31 |  |  | 10 |  |  | (1) |  |  | 8 |  |
Foreign currency and other transactions | 1 |  |  | 8 |  |  | 26 |  |  | 21 |  |
Net unrealized gains (losses) | 98 |  |  | (143) |  |  | 108 |  |  | (140) |  |
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions | 17 |  |  | (146) |  |  | (23) |  |  | (85) |  |
REALIZED LOSS ON EXTINGUISHMENT OF DEBT | — |  |  | — |  |  | — |  |  | (48) |  |
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS | $ | 331 |  |  | $ | 111 |  |  | $ | 609 |  |  | $ | 322 |  |
NET INCOME PER COMMON SHARE (see Note 10) |  |  |  |  |  |  |  |
Basic | $ | 0.61 |  |  | $ | 0.22 |  |  | $ | 1.13 |  |  | $ | 0.66 |  |
Diluted | $ | 0.59 |  |  | $ | 0.22 |  |  | $ | 1.10 |  |  | $ | 0.65 |  |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10) |  |  |  |  |  |  |  |
Basic | 547 |  |  | 494 |  |  | 541 |  |  | 487 |  |
Diluted | 567 |  |  | 514 |  |  | 561 |  |  | 507 |  |

See accompanying notes to consolidated financial statements.
4

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Software and Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2U, Inc. |  | Provider of course design and learning management system to educational institutions |  | First lien senior secured loan |  | 11.32% | SOFR (M) | 6.50% |  | 01/2023 |  | 12/2026 |  |  | $ | 4.7 |  |  | $ | 4.4 |  |  | $ | 4.5 |  | (2)(6)(11) |
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC (15) |  | Payment processing solution provider |  | First lien senior secured loan |  | 10.20% | SOFR (A) | 5.50% |  | 02/2020 |  | 06/2028 |  |  | 63.0 |  |  | 63.0 |  |  | 61.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.39% | SOFR (A) | 5.50% |  | 06/2022 |  | 06/2028 |  |  | 120.0 |  |  | 118.0 |  |  | 117.6 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 15.06% PIK | SOFR (Q) | 10.00% |  | 02/2020 |  | 06/2030 |  |  | 61.0 |  |  | 61.0 |  |  | 59.8 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 242.0 |  |  | 239.2 |  |  |
Anaplan, Inc. (15) |  | Provider of cloud-based connected planning platforms for business analytics |  | First lien senior secured loan |  | 11.60% | SOFR (M) | 6.50% |  | 06/2022 |  | 06/2029 |  |  | 1.8 |  |  | 1.8 |  |  | 1.8 |  | (2)(11) |
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (15) |  | Provider of intellectual property management lifecycle software |  | First lien senior secured loan |  | 8.86% | Euribor (S) | 5.50% |  | 04/2019 |  | 04/2026 |  |  | 4.1 |  |  | 4.2 |  |  | 4.1 |  | (2) |
|  |  |  | First lien senior secured loan |  | 9.10% | Euribor (Q) | 5.50% |  | 04/2019 |  | 04/2026 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2) |
|  |  |  | First lien senior secured loan |  | 10.60% | LIBOR (S) | 5.25% |  | 06/2021 |  | 04/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.22% | LIBOR (S) | 5.25% |  | 06/2021 |  | 04/2026 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.38% | LIBOR (Q) | 5.25% |  | 06/2021 |  | 04/2026 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.79% | SOFR (S) | 5.25% |  | 06/2021 |  | 04/2026 |  |  | 1.4 |  |  | 1.4 |  |  | 1.4 |  | (2)(11) |
|  |  |  | Limited partnership units |  |  |  |  |  | 06/2019 |  |  |  | 4,400,000 |  |  | 4.2 |  |  | 9.0 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11.1 |  |  | 15.8 |  |  |
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(15) |  | Aircraft performance software provider |  | First lien senior secured loan |  | 10.84% | SOFR (S) | 5.25% |  | 01/2020 |  | 01/2025 |  |  | 12.5 |  |  | 12.5 |  |  | 12.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.30% | LIBOR (Q) | 5.25% |  | 01/2020 |  | 01/2025 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.68% | LIBOR (Q) | 5.25% |  | 01/2020 |  | 01/2025 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | Class A membership units |  |  |  |  |  | 01/2020 |  |  |  | 9,750,000 |  |  | 9.8 |  |  | 10.7 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.1 |  |  | 24.0 |  |  |
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (15) |  | Software platform for identification, prevention and management of substance use disorder |  | First lien senior secured loan |  | 11.90% | LIBOR (M) | 6.75% |  | 05/2021 |  | 05/2027 |  |  | 5.6 |  |  | 5.6 |  |  | 5.6 |  | (2)(11) |
|  |  |  | Series A preferred shares |  | 11.00% PIK |  |  |  | 05/2021 |  |  |  | 32,236 |  |  | 40.8 |  |  | 37.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46.4 |  |  | 42.8 |  |  |
Apptio, Inc. (15) |  | Provider of cloud-based technology business management solutions |  | First lien senior secured revolving loan |  | 10.20% | LIBOR (Q) | 5.00% |  | 01/2019 |  | 01/2025 |  |  | 1.3 |  |  | 1.3 |  |  | 1.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.20% | LIBOR (Q) | 5.00% |  | 01/2019 |  | 01/2025 |  |  | 17.1 |  |  | 17.1 |  |  | 17.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18.4 |  |  | 18.4 |  |  |
Aptean, Inc. and Aptean Acquiror Inc. |  | Provider of CRM, ERP and supply chain software application |  | First lien senior secured loan |  | 9.45% | SOFR (M) | 4.25% |  | 05/2022 |  | 04/2026 |  |  | 7.1 |  |  | 7.0 |  |  | 7.0 |  | (2)(18) |
Auctane, Inc. |  | Provider of mailing and shipping solutions |  | First lien senior secured loan |  | 10.94% | LIBOR (M) | 5.75% |  | 10/2021 |  | 10/2028 |  |  | 146.0 |  |  | 146.0 |  |  | 140.2 |  | (2)(11) |

5

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Avalara, Inc. (15) |  | Provider of cloud-based solutions for transaction tax compliance worldwide |  | First lien senior secured loan |  | 12.49% | SOFR (Q) | 7.25% |  | 10/2022 |  | 10/2028 |  |  | 72.3 |  |  | 72.3 |  |  | 72.3 |  | (2)(11) |
Avetta, LLC (15) |  | Supply chain risk management SaaS platform for global enterprise clients |  | First lien senior secured loan |  | 11.02% | LIBOR (Q) | 5.75% |  | 07/2021 |  | 04/2024 |  |  | 0.2 |  |  | 0.2 |  |  | 0.1 |  | (2)(11) |
AxiomSL Group, Inc. and Calypso Group, Inc. (15) |  | Provider of risk data management and regulatory reporting software |  | First lien senior secured loan |  | 10.97% | SOFR (M) | 5.75% |  | 07/2021 |  | 12/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
Banyan Software Holdings, LLC and Banyan Software, LP (15) |  | Vertical software businesses holding company |  | First lien senior secured revolving loan |  | 10.70% | SOFR (M) | 5.50% |  | 01/2023 |  | 10/2025 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 12.20% | SOFR (M) | 7.00% |  | 10/2020 |  | 10/2026 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 12.20% | SOFR (M) | 7.00% |  | 12/2021 |  | 10/2026 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(6)(11) |
|  |  |  | Preferred units |  |  |  |  |  | 01/2022 |  |  |  | 120,999 |  |  | 4.1 |  |  | 7.9 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.3 |  |  | 10.1 |  |  |
BCTO Ignition Purchaser, Inc. |  | Enterprise software provider |  | First lien senior secured loan |  | 13.98% | SOFR (Q) | 9.00% |  | 04/2023 |  | 10/2030 |  |  | 3.4 |  |  | 3.4 |  |  | 3.3 |  | (2)(6)(11) |
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (15) |  | Healthcare software provider |  | First lien senior secured loan |  | 11.49% | SOFR (Q) | 6.25% |  | 06/2023 |  | 06/2030 |  |  | 11.8 |  |  | 11.8 |  |  | 11.5 |  | (2)(11) |
|  |  |  | Class A-1 units |  |  |  |  |  | 06/2023 |  |  |  | 1,523,000 |  |  | 1.5 |  |  | 1.5 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.3 |  |  | 13.0 |  |  |
Borrower R365 Holdings LLC (15) |  | Provider of restaurant enterprise resource planning systems |  | First lien senior secured loan |  | 8.89% (3.50% PIK) | SOFR (Q) | 3.50% |  | 06/2021 |  | 06/2027 |  |  | 16.1 |  |  | 15.9 |  |  | 16.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 8.78% (3.50% PIK) | SOFR (Q) | 3.50% |  | 01/2022 |  | 06/2027 |  |  | 2.0 |  |  | 1.9 |  |  | 2.0 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17.8 |  |  | 18.1 |  |  |
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC (15) |  | Provider of payment automation solutions |  | First lien senior secured loan |  | 10.33% | SOFR (M) | 5.25% |  | 05/2022 |  | 05/2029 |  |  | 17.9 |  |  | 17.9 |  |  | 17.7 |  | (2)(11) |
Businessolver.com, Inc. (15) |  | Provider of SaaS-based benefits solutions for employers and employees |  | First lien senior secured loan |  | 10.84% | SOFR (Q) | 5.50% |  | 12/2021 |  | 12/2027 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
CallMiner, Inc. |  | Provider of cloud-based conversational analytics solutions |  | Warrant to purchase shares of Series 1 preferred stock |  |  |  |  |  | 07/2014 |  | 07/2024 |  | 2,350,636 |  |  | — |  |  | — |  |  |
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (15) |  | Provider of software and technology-enabled content and analytical solutions to insurance brokers |  | First lien senior secured revolving loan |  | 11.75% | Base Rate (Q) | 3.50% |  | 11/2020 |  | 11/2025 |  |  | 4.9 |  |  | 4.9 |  |  | 4.7 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 12.96% | LIBOR (Q) | 7.75% |  | 11/2020 |  | 11/2028 |  |  | 1.7 |  |  | 1.7 |  |  | 1.6 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.14% | SOFR (Q) | 7.75% |  | 11/2020 |  | 11/2028 |  |  | 62.6 |  |  | 62.6 |  |  | 59.4 |  | (2)(11) |
|  |  |  | Series A preferred shares |  | 11.00% PIK |  |  |  | 11/2020 |  |  |  | 24,898 |  |  | 33.3 |  |  | 28.9 |  | (2) |
|  |  |  | Series A-2 preferred shares |  | 11.00% PIK |  |  |  | 12/2020 |  |  |  | 8,963 |  |  | 11.8 |  |  | 10.3 |  | (2) |
|  |  |  | Series A-3 preferred shares |  | 11.00% PIK |  |  |  | 11/2021 |  |  |  | 11,952 |  |  | 14.2 |  |  | 12.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 128.5 |  |  | 117.3 |  |  |

6

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. (15) |  | Provider of server, application and desktop virtualization, networking, software as a service, and cloud computing technologies |  | First lien senior secured notes |  | 6.50% |  |  |  | 09/2022 |  | 03/2029 |  |  | 88.9 |  |  | 86.7 |  |  | 79.1 |  | (2)(18) |
|  |  |  | First lien senior secured loan |  | 9.84% | SOFR (Q) | 4.50% |  | 09/2022 |  | 03/2029 |  |  | 10.8 |  |  | 10.4 |  |  | 10.1 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured notes |  | 9.00% |  |  |  | 04/2023 |  | 09/2029 |  | 120,963,000 |  |  | 112.0 |  |  | 105.2 |  | (2)(18) |
|  |  |  | Series A preferred stock |  | 17.37% PIK | SOFR (Q) | 12.00% |  | 09/2022 |  |  |  | 141,928 |  |  | 149.6 |  |  | 153.7 |  | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 09/2022 |  |  |  | 12,250,000 |  |  | 12.3 |  |  | 17.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 371.0 |  |  | 365.4 |  |  |
Community Brands ParentCo, LLC (15) |  | Software and payment services provider to non-profit institutions |  | First lien senior secured loan |  | 10.70% | SOFR (M) | 5.50% |  | 02/2022 |  | 02/2028 |  |  | 10.6 |  |  | 10.6 |  |  | 10.4 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 12/2016 |  |  |  | 500,000 |  |  | 5.0 |  |  | 6.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15.6 |  |  | 16.7 |  |  |
Computer Services, Inc. |  | Infrastructure software provider to community banks |  | First lien senior secured loan |  | 12.03% | SOFR (Q) | 6.75% |  | 11/2022 |  | 11/2029 |  |  | 34.0 |  |  | 34.0 |  |  | 34.0 |  | (2)(11) |
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. (15) |  | Provider of sales software for the interior design industry |  | First lien senior secured revolving loan |  | 9.81% | Euribor (Q) | 6.25% |  | 11/2021 |  | 05/2028 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(6)(11) |
|  |  |  | First lien senior secured revolving loan |  | 11.14% | SOFR (Q) | 5.75% |  | 11/2021 |  | 05/2028 |  |  | 1.1 |  |  | 1.1 |  |  | 1.0 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 05/2021 |  | 05/2028 |  |  | 74.5 |  |  | 74.5 |  |  | 72.3 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 9.81% | Euribor (Q) | 6.25% |  | 11/2021 |  | 05/2028 |  |  | 28.5 |  |  | 29.3 |  |  | 27.6 |  | (2)(6) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 06/2022 |  | 05/2028 |  |  | 11.7 |  |  | 11.7 |  |  | 11.3 |  | (2)(6)(11) |
|  |  |  | Common units |  |  |  |  |  | 05/2021 |  |  |  | 4,799,000 |  |  | 4.8 |  |  | 7.5 |  | (2)(6) |
|  |  |  | Series A common units |  |  |  |  |  | 09/2022 |  |  |  | 23,340 |  |  | 0.2 |  |  | — |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 121.8 |  |  | 119.9 |  |  |
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (15) |  | Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors |  | Second lien senior secured loan |  | 11.69% | LIBOR (M) | 6.50% |  | 06/2021 |  | 06/2029 |  |  | 155.7 |  |  | 155.7 |  |  | 138.5 |  | (2)(11) |
|  |  |  | Limited partnership units |  |  |  |  |  | 04/2021 |  |  |  | 59,665,989 |  |  | 59.7 |  |  | 42.7 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 215.4 |  |  | 181.2 |  |  |
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (15) |  | Provider of environmental, health and safety software to track compliance data |  | First lien senior secured loan |  | 9.89% | SOFR (Q) | 5.00% |  | 07/2019 |  | 07/2026 |  |  | 6.2 |  |  | 6.2 |  |  | 6.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 9.89% | SOFR (Q) | 5.00% |  | 10/2019 |  | 07/2026 |  |  | 4.3 |  |  | 4.3 |  |  | 4.3 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 11.89% | SOFR (Q) | 7.00% |  | 09/2020 |  | 07/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.89% | SOFR (Q) | 6.00% |  | 09/2022 |  | 07/2026 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 11.08% | SOFR (S) | 6.00% |  | 04/2023 |  | 07/2026 |  |  | 7.7 |  |  | 7.7 |  |  | 7.7 |  | (2)(6)(11) |
|  |  |  | Preferred equity |  | 9.00% PIK |  |  |  | 07/2019 |  |  |  | 198 |  |  | 0.3 |  |  | 0.7 |  | (2)(6) |

7

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | Common equity |  |  |  |  |  | 07/2019 |  |  |  | 190,143 |  |  | — |  |  | — |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18.8 |  |  | 19.1 |  |  |
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (15) |  | Provider of a cloud-based, SaaS platform for talent management |  | First lien senior secured revolving loan |  | 8.16% | LIBOR (M) | 3.00% |  | 10/2021 |  | 10/2026 |  |  | 30.9 |  |  | 30.9 |  |  | 28.5 |  | (2)(14) |
|  |  |  | Second lien senior secured loan |  | 12.00% | SOFR (Q) | 6.50% |  | 10/2021 |  | 10/2029 |  |  | 137.5 |  |  | 137.5 |  |  | 126.5 |  | (2)(11) |
|  |  |  | Series A preferred shares |  | 10.50% PIK |  |  |  | 10/2021 |  |  |  | 116,413 |  |  | 138.7 |  |  | 115.1 |  | (2) |
|  |  |  | Class A-1 common stock |  |  |  |  |  | 10/2021 |  |  |  | 1,360,100 |  |  | 13.6 |  |  | 17.7 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 320.7 |  |  | 287.8 |  |  |
Coupa Holdings, LLC and Coupa Software Incorporated (15) |  | Provider of Business Spend Management software |  | First lien senior secured loan |  | 12.60% | SOFR (M) | 7.50% |  | 03/2023 |  | 02/2030 |  |  | 9.0 |  |  | 9.0 |  |  | 8.8 |  | (2)(11) |
Datix Bidco Limited |  | Global healthcare software company that provides software solutions for patient safety and risk management |  | First lien senior secured loan |  | 9.53% | SOFR (S) | 4.50% |  | 11/2022 |  | 04/2025 |  |  | 4.3 |  |  | 4.2 |  |  | 4.2 |  | (2)(6) |
|  |  |  | Second lien senior secured loan |  | 12.78% | SOFR (S) | 7.75% |  | 11/2022 |  | 04/2026 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.9 |  |  | 4.9 |  |  |
Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. |  | Provider of internet security tools and solutions |  | Second lien senior secured loan |  | 12.26% | SOFR (Q) | 7.00% |  | 05/2022 |  | 02/2029 |  |  | 11.0 |  |  | 10.4 |  |  | 10.9 |  | (2) |
|  |  |  | Series A preferred shares |  | 10.50% PIK |  |  |  | 05/2021 |  |  |  | 129,822 |  |  | 161.0 |  |  | 143.3 |  | (2) |
|  |  |  | Series A units |  |  |  |  |  | 05/2021 |  |  |  | 817,194 |  |  | 13.3 |  |  | 10.8 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 184.7 |  |  | 165.0 |  |  |
Denali Holdco LLC and Denali Apexco LP (15) |  | Provider of cybersecurity audit and assessment services |  | First lien senior secured revolving loan |  | 11.51% | LIBOR (Q) | 6.00% |  | 09/2021 |  | 09/2027 |  |  | 1.8 |  |  | 1.8 |  |  | 1.8 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 13.25% | Base Rate (Q) | 5.00% |  | 09/2021 |  | 09/2027 |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.55% | LIBOR (Q) | 6.00% |  | 09/2021 |  | 09/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.55% | LIBOR (Q) | 6.00% |  | 07/2022 |  | 09/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 02/2022 |  |  |  | 2,549,000 |  |  | 2.5 |  |  | 2.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.6 |  |  | 5.2 |  |  |
Diligent Corporation and Diligent Preferred Issuer, Inc. (15) |  | Provider of secure SaaS solutions for board and leadership team documents |  | First lien senior secured revolving loan |  | 11.45% | SOFR (M) | 6.25% |  | 08/2020 |  | 08/2025 |  |  | 1.1 |  |  | 1.1 |  |  | 1.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.45% | SOFR (M) | 6.25% |  | 08/2020 |  | 08/2025 |  |  | 14.8 |  |  | 14.6 |  |  | 14.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.95% | SOFR (M) | 5.75% |  | 03/2021 |  | 08/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.95% | SOFR (M) | 5.75% |  | 04/2021 |  | 08/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.45% | SOFR (M) | 6.25% |  | 07/2021 |  | 08/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Preferred stock |  | 10.50% PIK |  |  |  | 04/2021 |  |  |  | 13,140 |  |  | 15.8 |  |  | 14.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31.8 |  |  | 30.3 |  |  |
Drilling Info Holdings, Inc. and Titan DI Preferred Holdings, Inc. |  | SaaS based business analytics company focused on oil and gas industry |  | Second lien senior secured loan |  | 13.45% | SOFR (M) | 8.25% |  | 02/2020 |  | 07/2026 |  |  | 25.0 |  |  | 25.0 |  |  | 25.0 |  | (2) |

8

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | Preferred stock |  | 13.50% PIK |  |  |  | 02/2020 |  |  |  | 30 |  |  | 45.4 |  |  | 43.9 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 70.4 |  |  | 68.9 |  |  |
DS Admiral Bidco, LLC (15) |  | Tax return software provider for government institutions |  | First lien senior secured loan |  | 11.74% | SOFR (Q) | 6.50% |  | 03/2021 |  | 03/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
Dye & Durham Corporation (15) |  | Provider of cloud-based software and technology solutions for the legal industry |  | First lien senior secured revolving loan |  | 11.15% | CDOR (Q) | 5.75% |  | 12/2021 |  | 12/2026 |  |  | 5.0 |  |  | 5.0 |  |  | 5.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.94% | CDOR (M) | 5.75% |  | 12/2021 |  | 12/2026 |  |  | 1.9 |  |  | 1.9 |  |  | 1.9 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.88% | CDOR (Q) | 5.75% |  | 12/2021 |  | 12/2027 |  |  | 5.8 |  |  | 5.7 |  |  | 5.8 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12.6 |  |  | 12.8 |  |  |
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (15) |  | SaaS based supply chain management software provider focused on chemical markets |  | First lien senior secured revolving loan |  | 10.84% | SOFR (Q) | 5.50% |  | 09/2019 |  | 09/2025 |  |  | 3.4 |  |  | 3.4 |  |  | 3.3 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.69% | SOFR (M) | 5.50% |  | 09/2019 |  | 09/2025 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.54% | SOFR (Q) | 6.00% |  | 09/2019 |  | 09/2025 |  |  | 61.0 |  |  | 61.0 |  |  | 59.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.54% | SOFR (Q) | 6.00% |  | 12/2020 |  | 09/2025 |  |  | 5.6 |  |  | 5.6 |  |  | 5.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.00% | SOFR (S) | 5.50% |  | 12/2020 |  | 09/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Preferred equity |  |  |  |  |  | 09/2019 |  |  |  | 4,599 |  |  | 4.6 |  |  | 6.0 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75.4 |  |  | 74.7 |  |  |
EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. |  | Provider of entertainment workforce and production management solutions |  | First lien senior secured loan |  | 10.00% | SOFR (Q) | 4.50% |  | 06/2023 |  | 11/2028 |  |  | 8.5 |  |  | 8.1 |  |  | 8.1 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 12.00% | SOFR (Q) | 6.50% |  | 11/2021 |  | 11/2028 |  |  | 177.9 |  |  | 177.9 |  |  | 172.6 |  | (2)(11) |
|  |  |  | Partnership units |  |  |  |  |  | 05/2019 |  |  |  | 5,034,483 |  |  | 3.2 |  |  | 12.1 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 189.2 |  |  | 192.8 |  |  |
EpiServer Inc. and Episerver Sweden Holdings AB (15) |  | Provider of web content management and digital commerce solutions |  | First lien senior secured loan |  | 10.89% | SOFR (Q) | 5.50% |  | 10/2018 |  | 04/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 9.30% | Euribor (Q) | 5.75% |  | 03/2019 |  | 04/2026 |  |  | 5.7 |  |  | 5.9 |  |  | 5.5 |  | (2)(6) |
|  |  |  | First lien senior secured loan |  | 10.89% | SOFR (Q) | 5.50% |  | 12/2021 |  | 04/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.1 |  |  | 5.7 |  |  |
eResearch Technology, Inc. and Astorg VII Co-Invest ERT (15) |  | Provider of mission-critical, software-enabled clinical research solutions |  | Second lien senior secured loan |  | 13.20% | SOFR (M) | 8.00% |  | 02/2020 |  | 02/2028 |  |  | 17.2 |  |  | 16.9 |  |  | 16.3 |  | (2) |
|  |  |  | Second lien senior secured loan |  | 13.20% | SOFR (M) | 8.00% |  | 04/2021 |  | 02/2028 |  |  | 30.6 |  |  | 29.8 |  |  | 29.1 |  | (2) |
|  |  |  | Limited partnership interest |  |  |  |  |  | 01/2020 |  |  |  | 3,988,000 |  |  | 4.5 |  |  | 5.1 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51.2 |  |  | 50.5 |  |  |
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. (15) |  | Provider of nutritional information and software as a services (SaaS) compliance solutions |  | First lien senior secured revolving loan |  | 11.59% | SOFR (Q) | 6.25% |  | 06/2022 |  | 06/2028 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |

9

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | First lien senior secured loan |  | 11.16% | SOFR (Q) | 6.25% |  | 06/2022 |  | 06/2028 |  |  | 6.8 |  |  | 6.8 |  |  | 6.7 |  | (2)(11) |
|  |  |  | Limited partner interests |  |  |  |  |  | 06/2022 |  |  |  | 6,246,801 |  |  | 6.2 |  |  | 7.5 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.2 |  |  | 14.4 |  |  |
Extrahop Networks, Inc. (15) |  | Provider of real-time wire data analytics solutions for application and infrastructure monitoring |  | First lien senior secured loan |  | 12.70% | SOFR (M) | 7.50% |  | 07/2021 |  | 07/2027 |  |  | 21.5 |  |  | 21.5 |  |  | 21.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.70% | SOFR (M) | 7.50% |  | 03/2023 |  | 07/2027 |  |  | 3.9 |  |  | 3.9 |  |  | 3.9 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25.4 |  |  | 25.4 |  |  |
First Insight, Inc. |  | Software company providing merchandising and pricing solutions to companies worldwide |  | Warrant to purchase shares of Series C preferred stock |  |  |  |  |  | 03/2014 |  | 03/2024 |  | 122,827 |  |  | — |  |  | — |  |  |
FM:Systems Group, LLC (15) |  | Provider of facilities and space management software solutions |  | First lien senior secured loan |  | 10.45% | SOFR (M) | 5.25% |  | 12/2019 |  | 12/2024 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.45% | SOFR (M) | 5.25% |  | 06/2021 |  | 12/2024 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.2 |  |  | 0.2 |  |  |
Forescout Technologies, Inc. (15) |  | Network access control solutions provider |  | First lien senior secured loan |  | 15.04% (9.50% PIK) | LIBOR (Q) | 9.50% |  | 08/2020 |  | 08/2026 |  |  | 24.5 |  |  | 24.3 |  |  | 24.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 15.04% (9.50% PIK) | LIBOR (Q) | 9.50% |  | 08/2020 |  | 08/2026 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 14.54% (9.00% PIK) | LIBOR (Q) | 9.00% |  | 07/2022 |  | 08/2026 |  |  | 13.2 |  |  | 13.2 |  |  | 13.2 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37.9 |  |  | 38.1 |  |  |
Genesis Acquisition Co. and Genesis Ultimate Holding Co. (15) |  | Child care management software and services provider |  | First lien senior secured revolving loan |  | 8.96% | LIBOR (S) | 3.75% |  | 07/2018 |  | 07/2025 |  |  | 1.5 |  |  | 1.5 |  |  | 1.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 8.99% | SOFR (Q) | 3.75% |  | 07/2018 |  | 07/2025 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.46% | SOFR (Q) | 4.25% |  | 11/2021 |  | 07/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 12.77% | LIBOR (S) | 7.50% |  | 07/2018 |  | 07/2026 |  |  | 32.4 |  |  | 32.4 |  |  | 32.4 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 12.77% | LIBOR (S) | 7.50% |  | 06/2021 |  | 07/2026 |  |  | 7.5 |  |  | 7.5 |  |  | 7.5 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 12.77% | LIBOR (S) | 7.50% |  | 11/2021 |  | 07/2026 |  |  | 21.1 |  |  | 21.1 |  |  | 21.1 |  | (2)(11) |
|  |  |  | Class A common stock |  |  |  |  |  | 07/2018 |  |  |  | 8 |  |  | 0.8 |  |  | 1.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63.6 |  |  | 64.1 |  |  |
GI Ranger Intermediate LLC (15) |  | Provider of payment processing services and software to healthcare providers |  | First lien senior secured revolving loan |  | 11.14% | SOFR (Q) | 5.75% |  | 10/2021 |  | 10/2027 |  |  | 1.4 |  |  | 1.4 |  |  | 1.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 10/2021 |  | 10/2028 |  |  | 10.1 |  |  | 10.1 |  |  | 9.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 03/2022 |  | 10/2028 |  |  | 1.8 |  |  | 1.8 |  |  | 1.7 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.3 |  |  | 13.0 |  |  |
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC (15) |  | Provider of data analysis, statistics, and visualization software solutions for scientific research applications |  | First lien senior secured loan |  | 11.21% | LIBOR (S) | 6.00% |  | 12/2017 |  | 04/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |

10

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | First lien senior secured loan |  | 10.82% | LIBOR (S) | 5.50% |  | 04/2021 |  | 04/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.71% | LIBOR (S) | 5.50% |  | 10/2021 |  | 04/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.71% | LIBOR (S) | 5.50% |  | 11/2021 |  | 04/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 10.50% PIK |  |  |  | 04/2021 |  | 04/2032 |  |  | 45.8 |  |  | 45.8 |  |  | 41.7 |  | (2) |
|  |  |  | Preferred units |  | 14.00% PIK |  |  |  | 04/2021 |  |  |  | 1,828,645 |  |  | 65.6 |  |  | 65.6 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 111.9 |  |  | 107.8 |  |  |
GSV PracticeTek Holdings, LLC |  | Software provider for medical practitioners |  | Class A units |  | 8.00% PIK |  |  |  | 03/2021 |  |  |  | 12,827,482 |  |  | 1.1 |  |  | 8.8 |  | (2) |
Heavy Construction Systems Specialists, LLC (15) |  | Provider of construction software |  | First lien senior secured loan |  | 10.60% | SOFR (M) | 5.50% |  | 11/2021 |  | 11/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
Help/Systems Holdings, Inc. (15) |  | Provider of IT operations management and cybersecurity software |  | First lien senior secured revolving loan |  | 9.17% | SOFR (S) | 4.00% |  | 11/2019 |  | 08/2026 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2) |
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (15) |  | Insurance software provider |  | First lien senior secured revolving loan |  | 11.04% | LIBOR (Q) | 5.50% |  | 11/2021 |  | 11/2027 |  |  | 11.7 |  |  | 11.7 |  |  | 11.0 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 12.75% | Base Rate (Q) | 4.50% |  | 11/2021 |  | 11/2027 |  |  | 1.3 |  |  | 1.3 |  |  | 1.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.04% | LIBOR (Q) | 5.50% |  | 11/2021 |  | 11/2028 |  |  | 60.0 |  |  | 60.0 |  |  | 56.4 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 10.00% PIK |  |  |  | 11/2021 |  | 11/2031 |  |  | 104.6 |  |  | 104.6 |  |  | 87.8 |  | (2) |
|  |  |  | Company units |  |  |  |  |  | 11/2021 |  |  |  | 4,246,457 |  |  | 8.8 |  |  | 7.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 186.4 |  |  | 163.5 |  |  |
Imprivata, Inc. |  | Provider of identity and access management solutions to the healthcare industry |  | Second lien senior secured loan |  | 11.35% | SOFR (M) | 6.25% |  | 04/2022 |  | 12/2028 |  |  | 16.1 |  |  | 16.0 |  |  | 15.0 |  | (2)(11) |
Inmar, Inc. |  | Technology-driven solutions provider for retailers, wholesalers and manufacturers |  | First lien senior secured loan |  | 10.58% | SOFR (S) | 5.50% |  | 06/2023 |  | 05/2026 |  |  | 20.1 |  |  | 19.1 |  |  | 19.4 |  | (2)(11) |
IQN Holding Corp. (15) |  | Provider of extended workforce management software |  | First lien senior secured revolving loan |  | 10.35% | SOFR (M) | 5.25% |  | 05/2022 |  | 05/2028 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.38% | SOFR (Q) | 5.25% |  | 05/2022 |  | 05/2029 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.9 |  |  | 0.9 |  |  |
IV Rollover Holdings, LLC |  | Provider of cloud based IT solutions, infrastructure and services |  | Class B units |  |  |  |  |  | 05/2017 |  |  |  | 170,490 |  |  | — |  |  | — |  | (2) |
|  |  |  | Class X units |  |  |  |  |  | 05/2017 |  |  |  | 5,000,000 |  |  | 2.0 |  |  | 2.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.0 |  |  | 2.1 |  |  |
Kaseya Inc. and Knockout Intermediate Holdings I Inc. (15) |  | Provider of cloud-based software and technology solutions for small and medium sized businesses |  | First lien senior secured revolving loan |  | 11.35% (2.50% PIK) | SOFR (M) | 6.25% |  | 06/2022 |  | 06/2029 |  |  | 4.8 |  |  | 4.8 |  |  | 4.7 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 11.35% (2.50% PIK) | SOFR (M) | 6.25% |  | 06/2022 |  | 06/2029 |  |  | 167.7 |  |  | 167.7 |  |  | 164.4 |  | (2)(11) |
|  |  |  | Perpetual preferred stock |  | 11.75% PIK |  |  |  | 06/2022 |  |  |  | 38,798 |  |  | 43.6 |  |  | 42.7 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 216.1 |  |  | 211.8 |  |  |
LeanTaaS Holdings, Inc. (15) |  | Provider of SaaS tools to optimize healthcare asset utilization |  | First lien senior secured loan |  | 12.74% | SOFR (Q) | 7.50% |  | 07/2022 |  | 07/2028 |  |  | 38.8 |  |  | 38.8 |  |  | 38.8 |  | (2)(11) |

11

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Majesco and Magic Topco, L.P. (15) |  | Insurance software provider |  | First lien senior secured loan |  | 12.62% | SOFR (Q) | 7.38% |  | 09/2020 |  | 09/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Class A units |  | 9.00% PIK |  |  |  | 09/2020 |  |  |  | 2,539 |  |  | 3.2 |  |  | 4.8 |  | (2) |
|  |  |  | Class B units |  |  |  |  |  | 09/2020 |  |  |  | 570,625 |  |  | — |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3.3 |  |  | 4.9 |  |  |
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp (15)(16) |  | Cybersecurity solutions provider |  | First lien senior secured loan |  | 10.95% | SOFR (M) | 5.75% |  | 05/2022 |  | 05/2029 |  |  | 101.6 |  |  | 101.6 |  |  | 100.6 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.68% | SONIA (Q) | 5.75% |  | 05/2022 |  | 05/2029 |  |  | 36.4 |  |  | 35.4 |  |  | 36.0 |  | (2)(6)(11) |
|  |  |  | Limited partnership interest |  |  |  |  |  | 05/2022 |  |  |  | 3,975 |  |  | 38.8 |  |  | 40.2 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 175.8 |  |  | 176.8 |  |  |
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. (15) |  | Software and payment services provider to faith-based institutions |  | First lien senior secured revolving loan |  | 10.70% | SOFR (M) | 5.50% |  | 12/2021 |  | 12/2027 |  |  | 2.9 |  |  | 2.9 |  |  | 2.8 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 10.70% | SOFR (M) | 5.50% |  | 12/2021 |  | 12/2028 |  |  | 35.3 |  |  | 35.3 |  |  | 33.1 |  | (2)(11) |
|  |  |  | Limited partner interests |  |  |  |  |  | 12/2021 |  |  |  | 9,574,000 |  |  | 9.6 |  |  | 7.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 47.8 |  |  | 43.4 |  |  |
Mitchell International, Inc. |  | Provider of technology, connectivity, and information solutions to the property and casualty insurance industry |  | First lien senior secured loan |  | 8.94% | LIBOR (M) | 3.75% |  | 06/2023 |  | 10/2028 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 11.69% | LIBOR (M) | 6.50% |  | 10/2021 |  | 10/2029 |  |  | 98.1 |  |  | 96.2 |  |  | 86.2 |  | (2)(11)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 96.9 |  |  | 86.9 |  |  |
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (15) |  | Leading technology solution provider for casing and auditioning to the entertainment industry |  | First lien senior secured loan |  | 11.08% | SOFR (S) | 5.75% |  | 08/2022 |  | 08/2028 |  |  | 25.0 |  |  | 25.0 |  |  | 25.0 |  | (2)(11) |
|  |  |  | Class A units |  | 8.00% PIK |  |  |  | 08/2022 |  |  |  | 45,320 |  |  | 4.5 |  |  | 4.5 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29.5 |  |  | 29.5 |  |  |
MRI Software LLC (15) |  | Provider of real estate and investment management software |  | First lien senior secured loan |  | 10.84% | SOFR (Q) | 5.50% |  | 02/2020 |  | 02/2026 |  |  | 46.8 |  |  | 46.8 |  |  | 45.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.83% | SOFR (Q) | 5.50% |  | 08/2020 |  | 02/2026 |  |  | 1.0 |  |  | 1.0 |  |  | 0.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.84% | SOFR (Q) | 5.50% |  | 08/2020 |  | 02/2026 |  |  | 20.5 |  |  | 20.5 |  |  | 19.9 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 68.3 |  |  | 66.2 |  |  |
OpenMarket Inc. |  | Provider of cloud-based mobile engagement platform |  | First lien senior secured loan |  | 11.79% | LIBOR (Q) | 6.25% |  | 09/2021 |  | 09/2026 |  |  | 14.9 |  |  | 14.9 |  |  | 14.9 |  | (2)(6)(11) |
PDDS HoldCo, Inc. (15) |  | Provider of cloud-based dental practice management software |  | First lien senior secured loan |  | 13.09% | SOFR (Q) | 7.50% |  | 07/2022 |  | 07/2028 |  |  | 10.1 |  |  | 10.1 |  |  | 10.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.62% | SOFR (Q) | 7.50% |  | 07/2022 |  | 07/2028 |  |  | 0.9 |  |  | 0.9 |  |  | 0.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 13.09% | SOFR (Q) | 7.50% |  | 07/2022 |  | 07/2028 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11.7 |  |  | 11.7 |  |  |

12

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (15) |  | Provider of enterprise management software for the convenience retail and petroleum wholesale market |  | First lien senior secured revolving loan |  | 9.75% | LIBOR (Q) | 4.50% |  | 03/2019 |  | 10/2024 |  |  | 3.8 |  |  | 3.8 |  |  | 3.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.75% | LIBOR (Q) | 4.50% |  | 03/2019 |  | 10/2024 |  |  | 52.6 |  |  | 52.6 |  |  | 52.1 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.88% | LIBOR (Q) | 8.50% |  | 03/2019 |  | 10/2025 |  |  | 70.1 |  |  | 70.1 |  |  | 69.4 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.88% | LIBOR (Q) | 8.50% |  | 12/2020 |  | 10/2025 |  |  | 8.3 |  |  | 8.3 |  |  | 8.2 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.88% | LIBOR (Q) | 8.50% |  | 04/2021 |  | 10/2025 |  |  | 8.7 |  |  | 8.7 |  |  | 8.7 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.88% | LIBOR (Q) | 8.50% |  | 12/2021 |  | 10/2025 |  |  | 7.2 |  |  | 7.2 |  |  | 7.1 |  | (2)(11) |
|  |  |  | Series A preferred stock |  | 13.25% PIK |  |  |  | 03/2019 |  |  |  | 13,656 |  |  | 23.8 |  |  | 22.6 |  | (2) |
|  |  |  | Class A units |  |  |  |  |  | 03/2019 |  |  |  | 2,062,493 |  |  | 2.1 |  |  | 3.0 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 176.6 |  |  | 174.9 |  |  |
Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC (15) |  | Provider of plant maintenance and scheduling software |  | First lien senior secured revolving loan |  | 10.64% | SOFR (Q) | 5.25% |  | 05/2019 |  | 05/2025 |  |  | 7.7 |  |  | 7.7 |  |  | 7.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.57% | SOFR (Q) | 5.25% |  | 05/2019 |  | 05/2025 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.25% | SOFR (Q) | 5.75% |  | 06/2020 |  | 05/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.05% | SOFR (Q) | 5.75% |  | 10/2020 |  | 05/2025 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 05/2019 |  |  |  | 5,000 |  |  | 5.0 |  |  | 12.6 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.3 |  |  | 20.8 |  |  |
Perforce Software, Inc. (15) |  | Developer of software used for application development |  | First lien senior secured revolving loan |  | 11.75% | Base Rate (Q) | 3.50% |  | 07/2019 |  | 07/2026 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(14) |
Petvisor Holdings, LLC (15) |  | Provider of veterinarian-focused SaaS solutions |  | First lien senior secured revolving loan |  | 12.75% | Base Rate (Q) | 4.50% |  | 06/2022 |  | 06/2028 |  |  | 0.9 |  |  | 0.9 |  |  | 0.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.70% | SOFR (Q) | 5.50% |  | 06/2022 |  | 06/2028 |  |  | 5.9 |  |  | 5.9 |  |  | 5.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.19% | SOFR (S) | 5.50% |  | 06/2022 |  | 06/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.9 |  |  | 6.9 |  |  |
Ping Identity Holding Corp. (15) |  | Provider of identity and access management solutions |  | First lien senior secured loan |  | 12.08% | SOFR (M) | 7.00% |  | 10/2022 |  | 10/2029 |  |  | 11.3 |  |  | 11.3 |  |  | 11.3 |  | (2)(11) |
Pluralsight, Inc. (15) |  | Online education learning platform |  | First lien senior secured revolving loan |  | 13.04% | SOFR (Q) | 8.00% |  | 04/2021 |  | 04/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 13.04% | SOFR (Q) | 8.00% |  | 04/2021 |  | 04/2027 |  |  | 106.2 |  |  | 106.2 |  |  | 103.0 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 106.4 |  |  | 103.1 |  |  |
Poplicus Incorporated |  | Business intelligence and market analytics platform for companies that sell to the public sector |  | Warrant to purchase shares of Series C preferred stock |  |  |  |  |  | 06/2015 |  | 06/2025 |  | 2,402,991 |  |  | 0.1 |  |  | — |  |  |
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (15) |  | Provider of practice management software to law firms |  | First lien senior secured loan |  | 10.70% | SOFR (M) | 5.50% |  | 03/2021 |  | 03/2027 |  |  | 9.9 |  |  | 9.9 |  |  | 9.7 |  | (2)(11) |
|  |  |  | Limited partnership units |  |  |  |  |  | 03/2021 |  |  |  | 1,624,000 |  |  | 1.6 |  |  | 1.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11.5 |  |  | 11.3 |  |  |

13

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc. |  | Provider of data visualization software for data analytics |  | First lien senior secured loan |  | 9.20% | LIBOR (M) | 4.00% |  | 06/2022 |  | 04/2024 |  |  | 2.8 |  |  | 2.8 |  |  | 2.8 |  | (2)(18) |
|  |  |  | Class A common stock |  |  |  |  |  | 08/2016 |  |  |  | 7,445 |  |  | 7.4 |  |  | 15.3 |  | (2) |
|  |  |  | Class B common stock |  |  |  |  |  | 08/2016 |  |  |  | 1,841,609 |  |  | 0.1 |  |  | 0.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10.3 |  |  | 18.3 |  |  |
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. (15) |  | Saas provider of automated crew callout and scheduling software for the utility industry |  | First lien senior secured loan |  | 11.43% | SOFR (M) | 6.25% |  | 04/2021 |  | 04/2028 |  |  | 36.1 |  |  | 36.1 |  |  | 35.0 |  | (2)(11) |
|  |  |  | Preferred shares |  | 14.77% PIK | SOFR (Q) | 9.50% |  | 04/2021 |  |  |  | 26,436 |  |  | 34.3 |  |  | 32.6 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 70.4 |  |  | 67.6 |  |  |
Project Potter Buyer, LLC and Project Potter Parent, L.P. (15) |  | Software solutions provider to the ready-mix concrete industry |  | First lien senior secured revolving loan |  | 12.35% | SOFR (M) | 7.25% |  | 04/2020 |  | 04/2026 |  |  | 2.1 |  |  | 2.0 |  |  | 2.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.35% | SOFR (M) | 7.25% |  | 04/2020 |  | 04/2027 |  |  | 43.4 |  |  | 43.4 |  |  | 43.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.35% | SOFR (M) | 7.25% |  | 10/2020 |  | 04/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.35% | SOFR (M) | 7.25% |  | 11/2020 |  | 04/2027 |  |  | 11.9 |  |  | 11.9 |  |  | 11.9 |  | (2)(11) |
|  |  |  | Class B units |  |  |  |  |  | 04/2020 |  |  |  | 588,636 |  |  | — |  |  | 5.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 57.4 |  |  | 62.6 |  |  |
Proofpoint, Inc. (15) |  | Cybersecurity solutions provider |  | First lien senior secured loan |  | 8.47% | SOFR (M) | 3.25% |  | 06/2021 |  | 08/2028 |  |  | 1.0 |  |  | 0.9 |  |  | 1.0 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 11.47% | SOFR (M) | 6.25% |  | 06/2021 |  | 08/2029 |  |  | 34.6 |  |  | 34.5 |  |  | 34.6 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35.4 |  |  | 35.6 |  |  |
PushPay USA Inc. (15) |  | Provider of software and integrated payment solutions |  | First lien senior secured loan |  | 11.97% | SOFR (Q) | 6.75% |  | 05/2023 |  | 05/2030 |  |  | 12.7 |  |  | 12.7 |  |  | 12.4 |  | (2)(11) |
QF Holdings, Inc. (15) |  | SaaS based electronic health record software provider |  | First lien senior secured revolving loan |  | 11.47% | SOFR (M) | 6.25% |  | 09/2019 |  | 12/2027 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.45% | SOFR (M) | 6.25% |  | 09/2019 |  | 12/2027 |  |  | 6.8 |  |  | 6.8 |  |  | 6.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.46% | SOFR (M) | 6.25% |  | 08/2020 |  | 12/2027 |  |  | 4.9 |  |  | 4.9 |  |  | 4.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.45% | SOFR (M) | 6.25% |  | 12/2021 |  | 12/2027 |  |  | 8.1 |  |  | 8.1 |  |  | 8.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20.1 |  |  | 20.1 |  |  |
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC (15) |  | Provider of SaaS-based safety and security software to the K-12 school market |  | First lien senior secured loan |  | 11.37% | SOFR (Q) | 6.13% |  | 10/2021 |  | 10/2028 |  |  | 8.5 |  |  | 8.5 |  |  | 8.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.37% | SOFR (Q) | 6.13% |  | 04/2023 |  | 10/2028 |  |  | 11.8 |  |  | 11.8 |  |  | 11.8 |  | (2)(11) |
|  |  |  | Class A common units |  |  |  |  |  | 12/2018 |  |  |  | 2,880,582 |  |  | 3.5 |  |  | 6.1 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.8 |  |  | 26.4 |  |  |
RealPage, Inc. |  | Provider of enterprise software solutions to the residential real estate industry |  | Second lien senior secured loan |  | 11.65% | LIBOR (M) | 6.50% |  | 04/2021 |  | 04/2029 |  |  | 84.1 |  |  | 83.2 |  |  | 82.4 |  | (2)(11) |
Regent Education, Inc. |  | Provider of software solutions designed to optimize the financial aid and enrollment processes |  | Warrant to purchase shares of common stock |  |  |  |  |  | 12/2016 |  | 12/2026 |  | 5,394,181 |  |  | — |  |  | — |  |  |

14

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Relativity ODA LLC (15) |  | Electronic discovery document review software platform for use in litigations and investigations |  | First lien senior secured loan |  | 11.70% PIK | SOFR (M) | 6.50% |  | 05/2021 |  | 05/2027 |  |  | 23.0 |  |  | 23.0 |  |  | 23.0 |  | (2)(11) |
Revalize, Inc. (15) |  | Developer and operator of software providing configuration, price and quote capabilities |  | First lien senior secured loan |  | 10.95% | SOFR (M) | 5.75% |  | 05/2022 |  | 04/2027 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
RMS HoldCo II, LLC & RMS Group Holdings, Inc. (15) |  | Developer of revenue cycle management solutions, process automation, analytics and integration for the healthcare industry |  | First lien senior secured loan |  | 11.49% | LIBOR (Q) | 6.25% |  | 12/2021 |  | 12/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 08/2022 |  | 12/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | Class A common stock |  |  |  |  |  | 12/2021 |  |  |  | 465 |  |  | 4.6 |  |  | 5.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.9 |  |  | 5.5 |  |  |
Smarsh Inc. and Skywalker TopCo, LLC (15) |  | SaaS based communication archival service provider |  | First lien senior secured loan |  | 11.84% | SOFR (S) | 6.50% |  | 02/2022 |  | 02/2029 |  |  | 11.9 |  |  | 11.9 |  |  | 11.9 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 11/2020 |  |  |  | 1,742,623 |  |  | 6.3 |  |  | 9.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18.2 |  |  | 21.1 |  |  |
SocialFlow, Inc. |  | Social media optimization platform provider |  | Warrant to purchase shares of Series C preferred stock |  |  |  |  |  | 01/2016 |  | 01/2026 |  | 215,331 |  |  | — |  |  | — |  |  |
Sophia, L.P. |  | Provider of ERP software and services for higher education institutions |  | Second lien senior secured loan |  | 13.20% | SOFR (M) | 8.00% |  | 10/2020 |  | 10/2028 |  |  | 105.9 |  |  | 105.9 |  |  | 102.7 |  | (2)(11) |
SoundCloud Limited |  | Platform for receiving, sending, and distributing music |  | Common stock |  |  |  |  |  | 08/2017 |  |  |  | 73,422 |  |  | 0.4 |  |  | 0.7 |  | (2)(6) |
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp (15) |  | Provider of data, analytics, news, and workflow tools to customers in the counter-cyclical distressed debt space |  | First lien senior secured revolving loan |  | 11.70% | SOFR (M) | 6.50% |  | 09/2022 |  | 09/2028 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.84% | SOFR (Q) | 6.50% |  | 09/2022 |  | 09/2028 |  |  | 2.6 |  |  | 2.6 |  |  | 2.6 |  | (2)(11) |
|  |  |  | Limited partner interests |  |  |  |  |  | 09/2022 |  |  |  | 1,010 |  |  | 10.2 |  |  | 10.7 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.1 |  |  | 13.6 |  |  |
Storable, Inc. and EQT IX Co-Investment (E) SCSP |  | Payment management system solutions and web services for the self-storage industry |  | Second lien senior secured loan |  | 12.09% | SOFR (Q) | 6.75% |  | 04/2021 |  | 04/2029 |  |  | 42.8 |  |  | 42.8 |  |  | 41.5 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 12.09% | SOFR (Q) | 6.75% |  | 03/2022 |  | 04/2029 |  |  | 10.3 |  |  | 10.3 |  |  | 10.0 |  | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 04/2021 |  |  |  | 614,950 |  |  | 6.2 |  |  | 8.5 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 59.3 |  |  | 60.0 |  |  |
Sundance Group Holdings, Inc. (15) |  | Provider of cloud-based document management and collaboration solutions |  | First lien senior secured revolving loan |  | 11.49% | SOFR (M) | 6.25% |  | 07/2021 |  | 07/2027 |  |  | 0.7 |  |  | 0.6 |  |  | 0.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.42% | SOFR (Q) | 6.25% |  | 07/2021 |  | 07/2027 |  |  | 20.1 |  |  | 19.8 |  |  | 20.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.61% | SOFR (Q) | 6.25% |  | 11/2022 |  | 07/2027 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(11) |

15

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21.2 |  |  | 21.6 |  |  |
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (15) |  | Provider of environment, health, safety, and sustainability software |  | First lien senior secured revolving loan |  | 10.64% | SOFR (Q) | 5.25% |  | 03/2022 |  | 03/2028 |  |  | 1.2 |  |  | 1.2 |  |  | 1.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.64% | SOFR (Q) | 5.25% |  | 03/2022 |  | 03/2028 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.64% | SOFR (Q) | 5.25% |  | 03/2022 |  | 03/2028 |  |  | 34.7 |  |  | 34.7 |  |  | 34.7 |  | (2)(11) |
|  |  |  | Class A-2 units |  |  |  |  |  | 03/2022 |  |  |  | 4,849 |  |  | 4.8 |  |  | 6.4 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41.0 |  |  | 42.6 |  |  |
TCP Hawker Intermediate LLC (15) |  | Workforce management solutions provider |  | First lien senior secured loan |  | 10.64% | SOFR (Q) | 5.25% |  | 08/2019 |  | 08/2026 |  |  | 34.3 |  |  | 34.3 |  |  | 34.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.64% | SOFR (Q) | 5.25% |  | 12/2020 |  | 08/2026 |  |  | 6.5 |  |  | 6.5 |  |  | 6.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.64% | SOFR (Q) | 5.25% |  | 10/2021 |  | 08/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40.9 |  |  | 40.9 |  |  |
UKG Inc. and H&F Unite Partners, L.P. (15) |  | Provider of cloud based HCM solutions for businesses |  | First lien senior secured revolving loan |  |  |  |  |  | 05/2019 |  | 02/2026 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 05/2019 |  |  |  | 12,583,556 |  |  | 12.6 |  |  | 17.8 |  | (2)(6) |
UserZoom Technologies, Inc. |  | User experience research automation software |  | First lien senior secured loan |  | 12.42% | SOFR (Q) | 7.50% |  | 02/2023 |  | 04/2029 |  |  | 5.8 |  |  | 5.7 |  |  | 5.7 |  | (2)(11) |
WebPT, Inc. (15) |  | Electronic medical record software provider |  | First lien senior secured revolving loan |  | 14.00% | Base Rate (Q) | 5.75% |  | 08/2019 |  | 01/2028 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.11% | SOFR (Q) | 6.75% |  | 08/2019 |  | 01/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.3 |  |  | 0.3 |  |  |
Wellness AcquisitionCo, Inc. (15) |  | Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry |  | First lien senior secured loan |  | 10.86% | SOFR (Q) | 5.50% |  | 01/2021 |  | 01/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
WorkWave Intermediate II, LLC (15) |  | Provider of cloud-based field services and fleet management solutions |  | First lien senior secured loan |  | 12.59% PIK | SOFR (Q) | 7.25% |  | 06/2021 |  | 06/2027 |  |  | 71.6 |  |  | 71.6 |  |  | 71.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.59% PIK | SOFR (Q) | 7.25% |  | 02/2022 |  | 06/2027 |  |  | 18.8 |  |  | 18.8 |  |  | 18.8 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 90.4 |  |  | 90.4 |  |  |
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (15) |  | Provider of cloud-based customer support solutions |  | First lien senior secured loan |  | 12.25% (7.25% PIK) | SOFR (Q) | 7.00% |  | 12/2022 |  | 11/2028 |  |  | 42.8 |  |  | 42.8 |  |  | 41.9 |  | (2)(11) |
|  |  |  | Series A preferred stock |  | 12.50% PIK |  |  |  | 11/2022 |  |  |  | 27,226 |  |  | 29.3 |  |  | 27.3 |  | (2) |
|  |  |  | Class A common units |  |  |  |  |  | 11/2022 |  |  |  | 269,100 |  |  | 2.7 |  |  | 2.8 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 74.8 |  |  | 72.0 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,846.2 |  |  | 4,721.4 |  |  | 45.60%
Financial Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AQ Sage Buyer, LLC (15) |  | Provider of actuarial consulting and comprehensive wealth management services |  | First lien senior secured loan |  | 11.16% | SOFR (Q) | 5.75% |  | 05/2022 |  | 01/2027 |  |  | 1.8 |  |  | 1.8 |  |  | 1.8 |  | (2)(6)(11) |

16

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC |  | Provider of comprehensive suite of investment management and wealth planning solutions |  | First lien senior secured loan |  | 11.80% | LIBOR (Q) | 6.25% |  | 09/2021 |  | 09/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 9.30% PIK |  |  |  | 09/2021 |  | 09/2026 |  |  | 5.3 |  |  | 5.3 |  |  | 5.3 |  | (2) |
|  |  |  | Common units |  |  |  |  |  | 09/2021 |  |  |  | 5,025,948 |  |  | 5.0 |  |  | 4.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10.5 |  |  | 9.8 |  |  |
Beacon Pointe Harmony, LLC (15) |  | Provider of comprehensive wealth management services |  | First lien senior secured loan |  | 10.85% | SOFR (M) | 5.75% |  | 12/2021 |  | 12/2028 |  |  | 20.1 |  |  | 20.1 |  |  | 19.9 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.85% | SOFR (M) | 5.75% |  | 12/2021 |  | 12/2028 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20.4 |  |  | 20.2 |  |  |
CI US Holdings Inc. |  | Global wealth management firm |  | Series A preferred stock |  |  |  |  |  | 05/2023 |  |  |  | 41,427 |  |  | 41.4 |  |  | 41.4 |  | (2) |
Convera International Holdings Limited and Convera International Financial S.A R.L. (15) |  | Provider of B2B international payment and FX risk management solutions |  | First lien senior secured loan |  | 11.24% | SOFR (Q) | 6.00% |  | 03/2022 |  | 03/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 11.39% | SOFR (Q) | 6.00% |  | 06/2023 |  | 03/2028 |  |  | 17.6 |  |  | 17.6 |  |  | 17.6 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17.7 |  |  | 17.7 |  |  |
CrossCountry Mortgage, LLC |  | Mortgage company originating loans in the retail and consumer direct channels |  | First lien senior secured loan |  | 12.48% | LIBOR (Q) | 7.00% |  | 11/2021 |  | 11/2027 |  |  | 93.8 |  |  | 93.8 |  |  | 93.8 |  | (2)(11) |
DFC Global Facility Borrower III LLC (15) |  | Non-bank provider of alternative financial services |  | First lien senior secured revolving loan |  | 12.76% | SOFR (M) | 7.50% |  | 04/2023 |  | 04/2028 |  |  | 99.2 |  |  | 98.3 |  |  | 97.8 |  | (2)(6)(9)(11) |
eCapital Finance Corp. |  | Consolidator of commercial finance businesses |  | Senior subordinated loan |  | 13.01% | SOFR (M) | 7.75% |  | 01/2020 |  | 12/2025 |  |  | 56.0 |  |  | 56.0 |  |  | 56.0 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 13.01% | SOFR (M) | 7.75% |  | 11/2020 |  | 12/2025 |  |  | 5.4 |  |  | 5.4 |  |  | 5.4 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 13.01% | SOFR (M) | 7.75% |  | 01/2022 |  | 12/2025 |  |  | 24.3 |  |  | 24.3 |  |  | 24.3 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 13.01% | SOFR (M) | 7.75% |  | 04/2022 |  | 12/2025 |  |  | 55.8 |  |  | 55.8 |  |  | 55.8 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 141.5 |  |  | 141.5 |  |  |
EP Wealth Advisors, LLC (15) |  | Wealth management and financial planning firm |  | First lien senior secured loan |  | 10.77% | SOFR (Q) | 5.38% |  | 09/2020 |  | 09/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.89% | SOFR (Q) | 5.50% |  | 09/2020 |  | 09/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.89% | SOFR (Q) | 5.50% |  | 11/2021 |  | 09/2026 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 11/2022 |  | 09/2026 |  |  | 4.2 |  |  | 4.2 |  |  | 4.2 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.8 |  |  | 4.8 |  |  |
HighTower Holding, LLC |  | Provider of investment, financial and retirement planning services |  | Senior subordinated loan |  | 6.75% |  |  |  | 06/2022 |  | 04/2029 |  |  | 8.1 |  |  | 6.8 |  |  | 7.0 |  | (2)(6)(18) |
Ivy Hill Asset Management, L.P. (5) |  | Asset management services |  | Subordinated revolving loan |  | 11.55% | SOFR (Q) | 6.50% |  | 02/2018 |  | 01/2030 |  |  | 267.0 |  |  | 267.0 |  |  | 267.0 |  | (2)(6)(11) |
|  |  |  | Member interest |  |  |  |  |  | 06/2009 |  |  |  | 100.00% |  |  | 1,700.5 |  |  | 1,884.0 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,967.5 |  |  | 2,151.0 |  |  |
Lido Advisors, LLC (15) |  | Wealth management and financial planning firm |  | First lien senior secured revolving loan |  | 11.63% | SOFR (M) | 6.25% |  | 06/2021 |  | 06/2027 |  |  | 0.4 |  |  | 0.4 |  |  | 0.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.39% | SOFR (Q) | 6.00% |  | 06/2023 |  | 06/2027 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(11) |

17

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.4 |  |  | 1.3 |  |  |
LS DE LLC and LM LSQ Investors LLC |  | Asset based lender |  | Senior subordinated loan |  | 11.00% (0.50% PIK) |  |  |  | 06/2015 |  | 03/2024 |  |  | 37.0 |  |  | 37.0 |  |  | 35.9 |  | (2)(6) |
|  |  |  | Senior subordinated loan |  | 10.50% |  |  |  | 06/2017 |  | 06/2021 |  |  | 3.0 |  |  | 3.0 |  |  | 2.9 |  | (2)(6) |
|  |  |  | Membership units |  |  |  |  |  | 06/2015 |  |  |  | 3,275,000 |  |  | 3.3 |  |  | 2.1 |  | (6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 43.3 |  |  | 40.9 |  |  |
Monica Holdco (US) Inc. (15) |  | Investment technology and advisory firm |  | First lien senior secured revolving loan |  | 12.26% | LIBOR (Q) | 6.75% |  | 01/2021 |  | 01/2026 |  |  | 3.6 |  |  | 3.6 |  |  | 3.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.14% | SOFR (Q) | 6.75% |  | 01/2021 |  | 01/2028 |  |  | 2.6 |  |  | 2.6 |  |  | 2.5 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.2 |  |  | 6.0 |  |  |
Pathstone Family Office LLC (15) |  | Provider of comprehensive wealth management services and registered investment advisor |  | First lien senior secured loan |  | 12.00% | SOFR (M) | 6.75% |  | 05/2023 |  | 05/2029 |  |  | 3.9 |  |  | 3.9 |  |  | 3.9 |  | (2)(6)(11) |
Petrus Buyer, Inc. (15) |  | Provider of REIT research data and analytics |  | First lien senior secured loan |  | 11.52% | SOFR (Q) | 6.50% |  | 11/2022 |  | 10/2029 |  |  | 5.0 |  |  | 5.0 |  |  | 5.0 |  | (2)(11) |
Priority Holdings, LLC and Priority Technology Holdings, Inc. |  | Provider of merchant acquiring and payment processing solutions |  | First lien senior secured loan |  | 11.23% | LIBOR (Q) | 5.75% |  | 04/2021 |  | 04/2027 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(6)(11) |
|  |  |  | Senior preferred stock |  | 17.55% (7.00% PIK) | LIBOR (Q) | 12.00% |  | 04/2021 |  |  |  | 65,761 |  |  | 71.8 |  |  | 75.8 |  | (2)(6)(11) |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 04/2021 |  | 04/2031 |  | 527,226 |  |  | 4.0 |  |  | 1.9 |  | (2)(6)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 76.5 |  |  | 78.4 |  |  |
Rialto Management Group, LLC (15) |  | Investment and asset management platform focused on real estate |  | First lien senior secured revolving loan |  |  |  |  |  | 11/2018 |  | 12/2025 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 10.70% | SOFR (M) | 5.50% |  | 11/2018 |  | 12/2025 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.70% | SOFR (M) | 5.50% |  | 04/2021 |  | 12/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.70% | SOFR (M) | 5.50% |  | 12/2021 |  | 12/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.5 |  |  | 0.5 |  |  |
TA/WEG Holdings, LLC (15) |  | Wealth management and financial planning firm |  | First lien senior secured loan |  | 11.00% | SOFR (A) | 6.25% |  | 10/2019 |  | 10/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.63% | SOFR (Q) | 6.25% |  | 11/2020 |  | 10/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.25% | SOFR (A) | 6.25% |  | 06/2021 |  | 10/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.3 |  |  | 0.3 |  |  |
The Edelman Financial Center, LLC |  | Provider of investment, financial and retirement planning services |  | Second lien senior secured loan |  | 11.94% | LIBOR (M) | 6.75% |  | 09/2022 |  | 07/2026 |  |  | 19.3 |  |  | 17.6 |  |  | 18.6 |  | (2)(6)(18) |
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (15) |  | Provider of comprehensive wealth management services |  | First lien senior secured revolving loan |  | 13.00% | Base Rate (Q) | 4.75% |  | 03/2022 |  | 03/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 11.34% | SOFR (Q) | 5.75% |  | 03/2022 |  | 03/2028 |  |  | 2.8 |  |  | 2.8 |  |  | 2.7 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 11.11% | SOFR (Q) | 5.75% |  | 03/2022 |  | 03/2028 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 11.00% | SOFR (Q) | 5.75% |  | 03/2022 |  | 03/2028 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.83% | SOFR (Q) | 5.75% |  | 03/2022 |  | 03/2028 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(6)(11) |

18

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | Senior subordinated loan |  | 12.00% PIK |  |  |  | 03/2022 |  | 03/2029 |  |  | 3.2 |  |  | 3.2 |  |  | 3.0 |  | (2)(6) |
|  |  |  | Series A preferred units |  |  |  |  |  | 03/2022 |  |  |  | 7,199 |  |  | 7.2 |  |  | 3.9 |  | (2)(6) |
|  |  |  | Common units |  |  |  |  |  | 03/2022 |  |  |  | 7,199 |  |  | — |  |  | — |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14.2 |  |  | 10.6 |  |  |
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (15) |  | Provider of asset-servicing capabilities for fund managers |  | First lien senior secured revolving loan |  | 10.13% | SOFR (Q) | 5.00% |  | 02/2019 |  | 02/2026 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.09% | SOFR (Q) | 4.75% |  | 02/2019 |  | 02/2026 |  |  | 37.2 |  |  | 37.2 |  |  | 36.1 |  | (2)(11) |
|  |  |  | Class A units |  | 8.00% PIK |  |  |  | 09/2019 |  |  |  | 1,443 |  |  | 2.0 |  |  | 2.7 |  |  |
|  |  |  | Class A units |  |  |  |  |  | 02/2019 |  |  |  | 245 |  |  | 0.2 |  |  | — |  |  |
|  |  |  | Class B units |  |  |  |  |  | 02/2019 |  |  |  | 2,167,424 |  |  | — |  |  | — |  |  |
|  |  |  | Class B units |  |  |  |  |  | 02/2019 |  |  |  | 245,194 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40.2 |  |  | 39.6 |  |  |
Waverly Advisors, LLC and WAAM Topco, LLC (15) |  | Wealth management and financial planning firm |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 03/2022 |  | 03/2028 |  |  | 0.6 |  |  | 0.6 |  |  | 0.6 |  | (2)(6)(11) |
|  |  |  | Class A units |  |  |  |  |  | 06/2023 |  |  |  | 1,432,867 |  |  | 1.7 |  |  | 1.7 |  | (6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.3 |  |  | 2.3 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,615.9 |  |  | 2,794.2 |  |  | 26.99%
Health Care Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(15) |  | Dental services provider |  | First lien senior secured revolving loan |  | 14.50% (5.00% PIK) | SOFR (Q) | 9.00% |  | 06/2021 |  | 06/2024 |  |  | 6.3 |  |  | 6.3 |  |  | 6.3 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 16.25% (5.00% PIK) | Base Rate (Q) | 8.00% |  | 06/2021 |  | 06/2024 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 14.50% (5.00% PIK) | SOFR (Q) | 9.00% |  | 06/2021 |  | 06/2024 |  |  | 53.4 |  |  | 53.4 |  |  | 53.4 |  | (2)(11) |
|  |  |  | Class A common units |  |  |  |  |  | 06/2021 |  |  |  | 7,617,280 |  |  | 4.7 |  |  | 13.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 64.9 |  |  | 73.8 |  |  |
ADG, LLC, RC IV GEDC Investor LLC, and GEDC Equity, LLC (5)(15) |  | Dental services provider |  | First lien senior secured revolving loan |  | 12.50% PIK | Base Rate (Q) | 4.25% |  | 09/2016 |  | 09/2026 |  |  | 14.8 |  |  | 14.8 |  |  | 14.8 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 10.00% |  |  |  | 06/2023 |  | 03/2027 |  |  | 30.4 |  |  | 30.4 |  |  | 30.4 |  | (2) |
|  |  |  | Class A common units |  |  |  |  |  | 06/2023 |  |  |  | 10,000,000 |  |  | 29.4 |  |  | 29.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 74.6 |  |  | 74.6 |  |  |
Advarra Holdings, Inc. (15) |  | Provider of central institutional review boards over clinical trials |  | First lien senior secured loan |  | 10.85% | SOFR (M) | 5.75% |  | 08/2022 |  | 08/2029 |  |  | 4.1 |  |  | 4.1 |  |  | 3.9 |  | (2)(11) |
AHR Funding Holdings, Inc. and AHR Parent Holdings, LP |  | Provider of revenue cycle management solutions to hospitals |  | Series A preferred shares |  | 12.75% PIK |  |  |  | 07/2022 |  | 07/2028 |  | 35,000 |  |  | 39.4 |  |  | 39.4 |  | (2) |
|  |  |  | Preferred units |  | 8.00% PIK |  |  |  | 07/2022 |  |  |  | 9,900 |  |  | 10.6 |  |  | 9.9 |  | (2) |
|  |  |  | Class B common units |  |  |  |  |  | 07/2022 |  |  |  | 100,000 |  |  | 0.1 |  |  | 0.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 50.1 |  |  | 49.4 |  |  |

19

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (15)(16) |  | Revenue cycle management provider to the physician practices and acute care hospitals |  | Series A preferred stock |  | 10.75% PIK |  |  |  | 02/2022 |  |  |  | 198,505 |  |  | 230.0 |  |  | 213.9 |  | (2) |
|  |  |  | Class A units |  |  |  |  |  | 02/2022 |  |  |  | 10,487,951 |  |  | 10.5 |  |  | 12.0 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 240.5 |  |  | 225.9 |  |  |
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP |  | Opiod treatment provider |  | First lien senior secured loan |  | 10.16% | SOFR (Q) | 5.00% |  | 05/2022 |  | 06/2027 |  |  | 3.2 |  |  | 3.3 |  |  | 3.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.50% | SOFR (Q) | 5.00% |  | 05/2022 |  | 06/2027 |  |  | 2.8 |  |  | 2.8 |  |  | 2.7 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.1 |  |  | 5.9 |  |  |
Bambino Group Holdings, LLC |  | Dental services provider |  | Class A preferred units |  |  |  |  |  | 12/2016 |  |  |  | 1,000,000 |  |  | 1.0 |  |  | 0.8 |  | (2) |
Center for Autism and Related Disorders, LLC (15) |  | Autism treatment and services provider specializing in applied behavior analysis therapy |  | First lien senior secured revolving loan |  |  |  |  |  | 11/2018 |  | 11/2023 |  |  | 6.8 |  |  | 6.8 |  |  | — |  | (2)(10)(14) |
|  |  |  | First lien senior secured revolving loan |  |  |  |  |  | 01/2022 |  | 11/2023 |  |  | 1.0 |  |  | 0.2 |  |  | — |  | (2)(10) |
|  |  |  | First lien senior secured loan |  |  |  |  |  | 10/2022 |  | 10/2023 |  |  | 8.0 |  |  | 7.8 |  |  | — |  | (2)(10) |
|  |  |  | First lien senior secured loan |  |  |  |  |  | 12/2022 |  | 10/2023 |  |  | 5.1 |  |  | 5.1 |  |  | — |  | (2)(10) |
|  |  |  | First lien senior secured loan |  |  |  |  |  | 12/2022 |  | 10/2023 |  |  | 5.8 |  |  | 5.9 |  |  | — |  | (2)(10) |
|  |  |  | First lien senior secured loan |  | 15.26% PIK | SOFR (M) | 10.00% |  | 06/2023 |  | 08/2023 |  |  | 10.9 |  |  | 10.8 |  |  | 5.5 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36.6 |  |  | 5.5 |  |  |
Color Intermediate, LLC |  | Provider of pre-payment integrity software solution |  | First lien senior secured loan |  | 10.84% | SOFR (M) | 5.50% |  | 10/2022 |  | 10/2029 |  |  | 20.3 |  |  | 20.3 |  |  | 20.1 |  | (2)(11) |
Comprehensive EyeCare Partners, LLC (15) |  | Vision care practice management company |  | First lien senior secured revolving loan |  | 12.00% | SOFR (Q) | 6.50% |  | 02/2018 |  | 02/2024 |  |  | 1.9 |  |  | 1.9 |  |  | 1.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.74% | SOFR (Q) | 6.50% |  | 02/2018 |  | 02/2024 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.2 |  |  | 2.1 |  |  |
Convey Health Solutions, Inc. |  | Healthcare workforce management software provider |  | First lien senior secured loan |  | 10.59% | SOFR (Q) | 5.25% |  | 09/2019 |  | 09/2026 |  |  | 2.7 |  |  | 2.7 |  |  | 2.5 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.59% | SOFR (Q) | 5.25% |  | 02/2022 |  | 09/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.59% | SOFR (Q) | 5.25% |  | 10/2022 |  | 09/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.9 |  |  | 2.7 |  |  |
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC (15) |  | Provider of medical devices and services for the treatment of positional plagiocephaly |  | First lien senior secured revolving loan |  | 10.89% | SOFR (Q) | 5.50% |  | 03/2022 |  | 03/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.89% | SOFR (Q) | 5.50% |  | 03/2022 |  | 03/2029 |  |  | 24.4 |  |  | 24.4 |  |  | 23.7 |  | (2)(11) |
|  |  |  | Class A shares |  |  |  |  |  | 03/2022 |  |  |  | 176 |  |  | 1.8 |  |  | 1.4 |  | (2) |
|  |  |  | Common units |  |  |  |  |  | 03/2022 |  |  |  | 28 |  |  | 0.3 |  |  | 0.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26.6 |  |  | 25.4 |  |  |
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (15) |  | Veterinary hospital operator |  | First lien senior secured loan |  | 11.60% | SOFR (M) | 6.40% |  | 10/2019 |  | 10/2025 |  |  | 38.7 |  |  | 38.7 |  |  | 38.3 |  | (2)(11) |

20

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | First lien senior secured loan |  | 11.60% | SOFR (M) | 6.40% |  | 04/2021 |  | 10/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.60% | SOFR (M) | 6.40% |  | 01/2022 |  | 10/2025 |  |  | 40.3 |  |  | 40.3 |  |  | 39.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.95% | SOFR (M) | 6.75% |  | 10/2022 |  | 10/2025 |  |  | 4.9 |  |  | 4.9 |  |  | 4.9 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 10/2019 |  |  |  | 41,443 |  |  | 14.5 |  |  | 23.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 98.5 |  |  | 106.4 |  |  |
Evolent Health LLC and Evolent Health, Inc. |  | Medical technology company focused on value based care services and payment solutions |  | First lien senior secured loan |  | 11.39% | SOFR (Q) | 6.00% |  | 08/2022 |  | 01/2029 |  |  | 7.8 |  |  | 7.8 |  |  | 7.8 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 11.39% | SOFR (Q) | 6.00% |  | 01/2023 |  | 01/2029 |  |  | 34.0 |  |  | 34.0 |  |  | 34.0 |  | (2)(6)(11) |
|  |  |  | Series A preferred shares |  | 11.42% | SOFR (Q) | 6.00% |  | 01/2023 |  | 01/2029 |  | 3,834 |  |  | 3.8 |  |  | 4.4 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45.6 |  |  | 46.2 |  |  |
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC |  | On-demand supply chain automation solutions provider to the healthcare industry |  | Second lien senior secured loan |  | 12.29% | LIBOR (Q) | 6.75% |  | 05/2021 |  | 05/2029 |  |  | 114.0 |  |  | 114.0 |  |  | 112.9 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 06/2017 |  |  |  | 15,706,534 |  |  | 17.4 |  |  | 30.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 131.4 |  |  | 143.2 |  |  |
Global Medical Response, Inc. and GMR Buyer Corp. |  | Emergency air medical services provider |  | First lien senior secured loan |  | 9.44% | LIBOR (M) | 4.25% |  | 06/2022 |  | 10/2025 |  |  | 28.9 |  |  | 26.3 |  |  | 16.1 |  | (2)(11)(18) |
|  |  |  | First lien senior secured loan |  | 9.47% | SOFR (M) | 4.25% |  | 06/2022 |  | 03/2025 |  |  | 12.4 |  |  | 11.7 |  |  | 6.9 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 11.85% | SOFR (M) | 6.75% |  | 12/2021 |  | 12/2029 |  |  | 95.4 |  |  | 95.4 |  |  | 54.4 |  | (2)(11) |
|  |  |  | Warrant to purchase units of common stock |  |  |  |  |  | 03/2018 |  | 03/2028 |  | 115,733 |  |  | 0.9 |  |  | 0.3 |  | (2) |
|  |  |  | Warrant to purchase units of common stock |  |  |  |  |  | 12/2021 |  | 12/2031 |  | 1,927 |  |  | 0.1 |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 134.4 |  |  | 77.7 |  |  |
Hanger, Inc. |  | Provider of orthotic and prosthetic equipment and services |  | First lien senior secured loan |  | 11.39% | SOFR (M) | 6.25% |  | 10/2022 |  | 10/2028 |  |  | 54.1 |  |  | 54.1 |  |  | 54.1 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 14.89% | SOFR (M) | 9.75% |  | 10/2022 |  | 10/2029 |  |  | 110.6 |  |  | 110.6 |  |  | 110.6 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 164.7 |  |  | 164.7 |  |  |
HealthEdge Software, Inc. (15) |  | Provider of financial, administrative and clinical software platforms to the healthcare industry |  | First lien senior secured revolving loan |  |  |  |  |  | 12/2021 |  | 04/2026 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 12.16% | LIBOR (M) | 7.00% |  | 12/2021 |  | 04/2026 |  |  | 87.2 |  |  | 87.2 |  |  | 87.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.16% | LIBOR (M) | 7.00% |  | 12/2022 |  | 04/2026 |  |  | 4.2 |  |  | 4.2 |  |  | 4.2 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 91.4 |  |  | 91.4 |  |  |
Honor Technology, Inc. |  | Nursing and home care provider |  | First lien senior secured loan |  | 15.28% | SOFR (M) | 10.00% |  | 08/2021 |  | 08/2026 |  |  | 2.5 |  |  | 2.4 |  |  | 2.3 |  | (2)(11) |
|  |  |  | Warrant to purchase shares of Series D-2 preferred stock |  |  |  |  |  | 08/2021 |  | 08/2031 |  | 133,333 |  |  | 0.1 |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.5 |  |  | 2.3 |  |  |
JDC Healthcare Management, LLC (15) |  | Dental services provider |  | First lien senior secured revolving loan |  |  |  |  |  | 04/2017 |  | 04/2024 |  |  | 4.9 |  |  | 3.7 |  |  | 2.3 |  | (2)(10) |

21

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | First lien senior secured loan |  |  |  |  |  | 04/2017 |  | 04/2024 |  |  | 41.5 |  |  | 31.4 |  |  | 19.9 |  | (2)(10) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35.1 |  |  | 22.2 |  |  |
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (15) |  | Provider of behavioral health services |  | First lien senior secured revolving loan |  | 10.24% (1.25% PIK) | SOFR (Q) | 5.00% |  | 03/2017 |  | 03/2026 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 12.25% (1.25% PIK) | Base Rate (Q) | 4.00% |  | 03/2017 |  | 03/2026 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.40% (1.25% PIK) | SOFR (Q) | 5.00% |  | 03/2017 |  | 03/2026 |  |  | 1.3 |  |  | 1.3 |  |  | 1.3 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.3 |  |  | 2.3 |  |  |
Lifescan Global Corporation |  | Provider of blood glucose monitoring systems for home and hospital use |  | First lien senior secured loan |  | 11.25% | SOFR (S) | 6.00% |  | 05/2022 |  | 12/2026 |  |  | 13.2 |  |  | 12.5 |  |  | 10.6 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 14.67% | SOFR (S) | 9.50% |  | 05/2022 |  | 03/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.1 |  | (2)(11)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12.7 |  |  | 10.7 |  |  |
Medline Borrower, LP (15) |  | Manufacturer and distributor of medical supplies |  | First lien senior secured revolving loan |  |  |  |  |  | 10/2021 |  | 10/2026 |  |  | — |  |  | — |  |  | — |  | (13) |
Napa Management Services Corporation and ASP NAPA Holdings, LLC |  | Anesthesia management services provider |  | Preferred units |  | 15.00% PIK |  |  |  | 06/2020 |  |  |  | 1,842 |  |  | 0.2 |  |  | 0.2 |  | (2) |
|  |  |  | Senior preferred units |  | 8.00% PIK |  |  |  | 06/2020 |  |  |  | 5,320 |  |  | 0.3 |  |  | 0.3 |  | (2) |
|  |  |  | Class A units |  |  |  |  |  | 04/2016 |  |  |  | 25,277 |  |  | 2.5 |  |  | 3.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3.0 |  |  | 4.0 |  |  |
NMN Holdings III Corp. and NMN Holdings LP (15) |  | Provider of complex rehabilitation technology solutions for patients with mobility loss |  | First lien senior secured revolving loan |  | 8.97% | SOFR (M) | 3.75% |  | 11/2018 |  | 08/2025 |  |  | 6.8 |  |  | 6.8 |  |  | 6.4 |  | (2)(14) |
|  |  |  | First lien senior secured revolving loan |  | 11.00% | Base Rate (Q) | 2.75% |  | 11/2018 |  | 08/2025 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  | (2) |
|  |  |  | Partnership units |  |  |  |  |  | 11/2018 |  |  |  | 30,000 |  |  | 3.0 |  |  | 2.7 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10.3 |  |  | 9.6 |  |  |
NSPC Intermediate Corp. and NSPC Holdings, LLC |  | Acute and chronic pain treatment provider |  | Common units |  |  |  |  |  | 02/2023 |  |  |  | 1,182 |  |  | — |  |  | — |  | (2) |
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5) |  | Behavioral health and special education platform provider |  | First lien senior secured loan |  |  |  |  |  | 09/2019 |  | 02/2027 |  |  | 53.3 |  |  | 49.3 |  |  | 32.0 |  | (2)(10) |
|  |  |  | First lien senior secured loan |  |  |  |  |  | 02/2022 |  | 02/2027 |  |  | 7.2 |  |  | 6.7 |  |  | 4.3 |  | (2)(10) |
|  |  |  | First lien senior secured loan |  |  |  |  |  | 02/2022 |  | 02/2027 |  |  | 3.2 |  |  | 3.0 |  |  | 1.9 |  | (2)(10) |
|  |  |  | Preferred stock |  |  |  |  |  | 02/2022 |  |  |  | 7,983 |  |  | 3.1 |  |  | — |  | (2) |
|  |  |  | Preferred units |  |  |  |  |  | 07/2021 |  | 04/2024 |  | 417,189 |  |  | 0.3 |  |  | — |  | (2) |
|  |  |  | Class A common units |  |  |  |  |  | 09/2019 |  |  |  | 9,549,000 |  |  | 9.5 |  |  | — |  | (2) |
|  |  |  | Common units |  |  |  |  |  | 02/2022 |  |  |  | 7,584 |  |  | — |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 71.9 |  |  | 38.2 |  |  |
OMH-HealthEdge Holdings, LLC |  | Revenue cycle management provider to the healthcare industry |  | First lien senior secured loan |  | 10.03% | LIBOR (Q) | 5.25% |  | 10/2019 |  | 10/2025 |  |  | 25.7 |  |  | 25.7 |  |  | 25.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.03% | LIBOR (Q) | 5.25% |  | 03/2021 |  | 10/2025 |  |  | 15.2 |  |  | 15.2 |  |  | 15.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.03% | LIBOR (Q) | 5.25% |  | 03/2022 |  | 10/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41.0 |  |  | 41.0 |  |  |

22

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (15) |  | Veterinary hospital operator |  | Second lien senior secured loan |  | 12.97% | SOFR (M) | 7.75% |  | 03/2020 |  | 03/2028 |  |  | 76.3 |  |  | 76.3 |  |  | 64.9 |  | (2)(11) |
|  |  |  | Class R common units |  |  |  |  |  | 03/2020 |  |  |  | 6,004,768 |  |  | 6.0 |  |  | 3.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 82.3 |  |  | 68.2 |  |  |
PetVet Care Centers, LLC |  | Veterinary hospital operator |  | First lien senior secured loan |  | 10.10% | SOFR (M) | 5.00% |  | 06/2022 |  | 02/2025 |  |  | 5.3 |  |  | 5.2 |  |  | 5.2 |  | (2)(11) |
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (15) |  | Provider of employer-sponsored onsite health and wellness clinics and pharmacies |  | First lien senior secured revolving loan |  |  |  |  |  | 07/2018 |  | 04/2025 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 9.34% | SOFR (S) | 3.75% |  | 07/2018 |  | 07/2025 |  |  | 8.5 |  |  | 8.5 |  |  | 8.1 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.09% | SOFR (S) | 7.50% |  | 07/2018 |  | 07/2026 |  |  | 67.1 |  |  | 66.8 |  |  | 63.1 |  | (2) |
|  |  |  | Class A units |  |  |  |  |  | 07/2018 |  |  |  | 9,775 |  |  | 9.8 |  |  | 11.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 85.1 |  |  | 82.3 |  |  |
Project Ruby Ultimate Parent Corp. |  | Provider of care coordination and transition management software solutions |  | Second lien senior secured loan |  | 11.72% | SOFR (M) | 6.50% |  | 03/2021 |  | 03/2029 |  |  | 193.1 |  |  | 193.1 |  |  | 183.4 |  | (2)(11) |
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (15) |  | Manufacturer of biologic, metal and synthetic implants/devices |  | First lien senior secured revolving loan |  | 11.93% | SOFR (M) | 6.75% |  | 07/2020 |  | 07/2026 |  |  | 7.3 |  |  | 7.3 |  |  | 7.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.86% | LIBOR (S) | 6.75% |  | 07/2020 |  | 07/2026 |  |  | 22.4 |  |  | 22.4 |  |  | 22.4 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29.7 |  |  | 29.7 |  |  |
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (15) |  | Outsourced anesthesia provider |  | First lien senior secured loan |  | 9.95% | LIBOR (M) | 4.75% |  | 03/2018 |  | 03/2024 |  |  | 9.2 |  |  | 9.2 |  |  | 9.2 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 03/2018 |  |  |  | 684,854 |  |  | 4.8 |  |  | 1.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14.0 |  |  | 10.4 |  |  |
SM Wellness Holdings, Inc. and SM Holdco, LLC (15) |  | Breast cancer screening provider |  | Series D units |  | 8.00% PIK |  |  |  | 03/2023 |  |  |  | 565 |  |  | 0.6 |  |  | 0.7 |  | (2) |
|  |  |  | Series A units |  |  |  |  |  | 08/2018 |  |  |  | 8,041 |  |  | 8.0 |  |  | 10.5 |  | (2) |
|  |  |  | Series B units |  |  |  |  |  | 08/2018 |  |  |  | 860,643 |  |  | — |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8.6 |  |  | 11.2 |  |  |
SOC Telemed, Inc. and PSC Spark Holdings, LP |  | Provider of acute care telemedicine |  | First lien senior secured loan |  | 13.74% PIK | SOFR (Q) | 8.50% |  | 08/2022 |  | 08/2027 |  |  | 89.6 |  |  | 85.7 |  |  | 86.0 |  | (2)(11) |
|  |  |  | Class A-2 units |  |  |  |  |  | 08/2022 |  |  |  | 4,812 |  |  | 4.9 |  |  | 4.8 |  | (2) |
|  |  |  | Warrant to purchase units of common stock |  |  |  |  |  | 08/2022 |  | 08/2029 |  | 6,118 |  |  | 4.7 |  |  | 3.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 95.3 |  |  | 94.4 |  |  |
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (15) |  | SaaS based healthcare compliance platform provider |  | First lien senior secured loan |  | 9.65% | SOFR (Q) | 4.50% |  | 02/2022 |  | 12/2027 |  |  | 12.3 |  |  | 12.3 |  |  | 11.0 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 13.02% | SOFR (Q) | 7.88% |  | 12/2020 |  | 12/2028 |  |  | 76.2 |  |  | 76.2 |  |  | 69.4 |  | (2)(11) |
|  |  |  | Series C-1 preferred shares |  | 11.00% PIK |  |  |  | 06/2021 |  |  |  | 75,939 |  |  | 100.2 |  |  | 82.2 |  | (2) |
|  |  |  | Series C-2 preferred shares |  | 11.00% PIK |  |  |  | 06/2021 |  |  |  | 40,115 |  |  | 50.2 |  |  | 41.1 |  | (2) |
|  |  |  | Series C-3 preferred shares |  | 11.00% PIK |  |  |  | 10/2021 |  |  |  | 16,201 |  |  | 19.6 |  |  | 16.0 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 258.5 |  |  | 219.7 |  |  |

23

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (15) |  | Franchisor of private-pay home care for the elderly |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 04/2018 |  | 04/2026 |  |  | 13.1 |  |  | 13.1 |  |  | 13.1 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 04/2018 |  |  |  | 550 |  |  | 0.5 |  |  | 1.1 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.6 |  |  | 14.2 |  |  |
Tempus Labs, Inc. |  | Provider of technology enabled precision medicine solutions |  | First lien senior secured loan |  | 13.14% (3.25% PIK) | SOFR (Q) | 8.25% |  | 09/2022 |  | 09/2027 |  |  | 71.4 |  |  | 71.4 |  |  | 71.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 13.49% (3.25% PIK) | SOFR (Q) | 8.25% |  | 04/2023 |  | 09/2027 |  |  | 20.9 |  |  | 20.9 |  |  | 20.9 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 92.3 |  |  | 92.3 |  |  |
Therapy Brands Holdings LLC |  | Provider of software solutions for the mental and behavioral health market segments |  | Second lien senior secured loan |  | 11.90% | LIBOR (M) | 6.75% |  | 06/2021 |  | 05/2029 |  |  | 29.1 |  |  | 28.9 |  |  | 27.3 |  | (2)(11) |
Touchstone Acquisition, Inc. and Touchstone Holding, L.P. |  | Manufacturer of consumable products in the dental, medical, cosmetic and consumer/industrial end-markets |  | Class A preferred units |  |  |  |  |  | 11/2018 |  |  |  | 2,149 |  |  | 3.1 |  |  | 4.4 |  | (2) |
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc. |  | Anesthesiology service provider |  | Second lien senior secured loan |  | 12.67% | LIBOR (M) | 7.50% |  | 10/2021 |  | 10/2029 |  |  | 147.8 |  |  | 147.8 |  |  | 138.9 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 12/2021 |  |  |  | 3,671,429 |  |  | 12.9 |  |  | 10.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 160.7 |  |  | 149.2 |  |  |
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (15) |  | Gastroenterology physician group |  | First lien senior secured loan |  | 11.99% | SOFR (Q) | 6.75% |  | 03/2023 |  | 03/2029 |  |  | 10.4 |  |  | 10.4 |  |  | 10.1 |  | (2)(11) |
|  |  |  | Class A interests |  |  |  |  |  | 03/2023 |  |  |  | 4,623 |  |  | 4.6 |  |  | 4.5 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15.0 |  |  | 14.6 |  |  |
Viant Medical Holdings, Inc. |  | Manufacturer of plastic and rubber components for health care equipment |  | First lien senior secured loan |  | 8.94% | LIBOR (M) | 3.75% |  | 05/2022 |  | 07/2025 |  |  | 7.6 |  |  | 7.0 |  |  | 7.3 |  | (2)(18) |
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (15) |  | Veterinary hospital operator |  | First lien senior secured revolving loan |  | 13.50% | Base Rate (Q) | 5.25% |  | 12/2021 |  | 12/2027 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.45% | SOFR (M) | 6.25% |  | 12/2021 |  | 12/2027 |  |  | 6.2 |  |  | 6.2 |  |  | 6.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.72% | SOFR (M) | 6.50% |  | 08/2022 |  | 12/2027 |  |  | 8.2 |  |  | 8.2 |  |  | 8.2 |  | (2)(11) |
|  |  |  | Class A-2 units |  |  |  |  |  | 12/2021 |  |  |  | 7,524 |  |  | 7.5 |  |  | 10.0 |  | (2) |
|  |  |  | Class A-2 units |  |  |  |  |  | 03/2023 |  |  |  | 45 |  |  | 0.1 |  |  | 0.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22.3 |  |  | 24.7 |  |  |
Wellpath Holdings, Inc. (15) |  | Correctional facility healthcare operator |  | First lien senior secured revolving loan |  | 10.66% | LIBOR (M) | 5.50% |  | 10/2018 |  | 10/2023 |  |  | 4.1 |  |  | 4.1 |  |  | 3.0 |  | (2)(14) |
|  |  |  | First lien senior secured loan |  | 10.98% | LIBOR (Q) | 5.50% |  | 09/2018 |  | 10/2025 |  |  | 33.4 |  |  | 33.3 |  |  | 24.6 |  | (2)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37.4 |  |  | 27.6 |  |  |
WSHP FC Acquisition LLC and WSHP FC Holdings LLC (15) |  | Provider of biospecimen products for pharma research |  | First lien senior secured revolving loan |  | 11.64% | SOFR (Q) | 6.25% |  | 03/2018 |  | 03/2028 |  |  | 15.3 |  |  | 15.3 |  |  | 14.8 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 03/2018 |  | 03/2028 |  |  | 32.9 |  |  | 32.9 |  |  | 31.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 02/2019 |  | 03/2028 |  |  | 4.5 |  |  | 4.5 |  |  | 4.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.58% | SOFR (Q) | 6.25% |  | 08/2019 |  | 03/2028 |  |  | 13.8 |  |  | 13.8 |  |  | 13.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 10/2019 |  | 03/2028 |  |  | 10.7 |  |  | 10.7 |  |  | 10.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 10/2021 |  | 03/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |

24

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 11/2021 |  | 03/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 07/2022 |  | 03/2028 |  |  | 30.9 |  |  | 30.9 |  |  | 30.0 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 07/2022 |  |  |  | 33,293 |  |  | 4.7 |  |  | 4.2 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 113.0 |  |  | 109.1 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,639.8 |  |  | 2,425.2 |  |  | 23.42%
Commercial and Professional Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC (15) |  | Provider of outsourced crew accommodations and logistics management solutions to the airline industry |  | First lien senior secured revolving loan |  | 12.14% | SOFR (Q) | 6.75% |  | 05/2018 |  | 05/2025 |  |  | 4.1 |  |  | 4.1 |  |  | 4.1 |  | (2)(11) |
|  |  |  | Class A common units |  |  |  |  |  | 05/2018 |  |  |  | 236,358 |  |  | 4.3 |  |  | 7.4 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8.4 |  |  | 11.5 |  |  |
Aero Operating LLC |  | Provider of snow removal and melting service for airports and marine terminals |  | First lien senior secured loan |  | 14.04% | SOFR (Q) | 9.00% |  | 02/2020 |  | 02/2026 |  |  | 36.0 |  |  | 36.0 |  |  | 31.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 14.04% | SOFR (Q) | 9.00% |  | 12/2021 |  | 02/2026 |  |  | 1.1 |  |  | 1.1 |  |  | 1.0 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37.1 |  |  | 32.3 |  |  |
AI Fire Buyer, Inc. and AI Fire Parent LLC (15) |  | Provider of fire safety and life safety services |  | First lien senior secured revolving loan |  | 11.21% | SOFR (Q) | 6.00% |  | 03/2021 |  | 03/2027 |  |  | 1.5 |  |  | 1.5 |  |  | 1.5 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 11.45% | SOFR (Q) | 6.00% |  | 03/2021 |  | 03/2027 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.35% | SOFR (Q) | 6.00% |  | 03/2021 |  | 03/2027 |  |  | 7.2 |  |  | 7.2 |  |  | 7.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.06% | SOFR (S) | 6.00% |  | 03/2021 |  | 03/2027 |  |  | 9.4 |  |  | 9.4 |  |  | 9.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.38% | SOFR (S) | 6.00% |  | 03/2021 |  | 03/2027 |  |  | 6.9 |  |  | 6.9 |  |  | 6.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.17% | SOFR (Q) | 6.00% |  | 03/2021 |  | 03/2027 |  |  | 7.1 |  |  | 7.1 |  |  | 7.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.57% | SOFR (Q) | 6.00% |  | 06/2022 |  | 03/2027 |  |  | 3.4 |  |  | 3.4 |  |  | 3.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.12% | SOFR (Q) | 6.00% |  | 06/2022 |  | 03/2027 |  |  | 7.0 |  |  | 7.0 |  |  | 7.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.49% | SOFR (Q) | 6.00% |  | 06/2022 |  | 03/2027 |  |  | 2.7 |  |  | 2.7 |  |  | 2.7 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 16.11% PIK | SOFR (Q) | 11.00% |  | 03/2021 |  | 09/2027 |  |  | 49.4 |  |  | 49.4 |  |  | 49.4 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 16.11% PIK | SOFR (Q) | 11.00% |  | 05/2022 |  | 09/2027 |  |  | 11.1 |  |  | 11.1 |  |  | 11.1 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 16.11% PIK | SOFR (Q) | 11.00% |  | 06/2022 |  | 09/2027 |  |  | 10.8 |  |  | 10.8 |  |  | 10.8 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 03/2021 |  |  |  | 46,990 |  |  | 4.7 |  |  | 6.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 121.6 |  |  | 123.4 |  |  |
Applied Technical Services, LLC (15) |  | Provider engineering, testing, and inspection services to various industrial, commercial and consumer customers |  | First lien senior secured revolving loan |  | 13.00% | Base Rate (Q) | 4.75% |  | 05/2022 |  | 12/2026 |  |  | 3.1 |  |  | 3.0 |  |  | 3.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 05/2022 |  | 12/2026 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.0 |  |  | 4.1 |  |  |

25

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Argenbright Holdings V, LLC and Amberstone Security Group Limited (15) |  | Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services |  | First lien senior secured loan |  | 12.45% | SOFR (Q) | 7.25% |  | 11/2021 |  | 11/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 12.49% | SOFR (Q) | 7.25% |  | 08/2022 |  | 11/2026 |  |  | 1.2 |  |  | 1.2 |  |  | 1.5 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 12.45% | SOFR (Q) | 7.25% |  | 08/2022 |  | 11/2026 |  |  | 4.9 |  |  | 4.8 |  |  | 4.9 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.1 |  |  | 6.5 |  |  |
BH-Sharp Holdings LP |  | Provider of commercial knife sharpening and cutlery services in the restaurant industry |  | Common units |  |  |  |  |  | 03/2017 |  |  |  | 2,950,000 |  |  | 3.0 |  |  | 2.7 |  | (2) |
Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP (15) |  | Outsourced supply chain solutions provider to operators of distribution centers |  | First lien senior secured revolving loan |  |  |  |  |  | 11/2020 |  | 11/2025 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 9.95% | SOFR (M) | 4.75% |  | 11/2020 |  | 11/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.95% | SOFR (M) | 8.75% |  | 11/2020 |  | 11/2028 |  |  | 68.3 |  |  | 68.3 |  |  | 68.3 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 11/2020 |  |  |  | 10,581 |  |  | 10.6 |  |  | 18.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 79.1 |  |  | 87.0 |  |  |
Compex Legal Services, Inc. (15) |  | Provider of outsourced litgated and non-litigated medical records retrieval services |  | First lien senior secured revolving loan |  | 10.79% | SOFR (Q) | 5.45% |  | 05/2022 |  | 02/2025 |  |  | 2.5 |  |  | 2.4 |  |  | 2.5 |  | (2)(11) |
DTI Holdco, Inc. and OPE DTI Holdings, Inc. |  | Provider of legal process outsourcing and managed services |  | Class A common stock |  |  |  |  |  | 08/2014 |  |  |  | 7,500 |  |  | 7.5 |  |  | 6.4 |  | (2) |
|  |  |  | Class B common stock |  |  |  |  |  | 08/2014 |  |  |  | 7,500 |  |  | — |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.5 |  |  | 6.4 |  |  |
Elevation Services Parent Holdings, LLC (15) |  | Elevator service platform |  | First lien senior secured revolving loan |  | 11.62% | SOFR (Q) | 6.25% |  | 12/2020 |  | 12/2026 |  |  | 1.2 |  |  | 1.2 |  |  | 1.1 |  | (2)(11)(14) |
|  |  |  | First lien senior secured revolving loan |  | 11.40% | LIBOR (Q) | 6.25% |  | 12/2020 |  | 12/2026 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 11.61% | SOFR (Q) | 6.25% |  | 12/2020 |  | 12/2026 |  |  | 8.6 |  |  | 8.6 |  |  | 8.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.35% | LIBOR (Q) | 6.25% |  | 12/2020 |  | 12/2026 |  |  | 1.5 |  |  | 1.5 |  |  | 1.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.35% | LIBOR (Q) | 6.25% |  | 12/2020 |  | 12/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.39% | LIBOR (Q) | 6.25% |  | 05/2022 |  | 12/2026 |  |  | 8.8 |  |  | 8.8 |  |  | 8.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.52% | SOFR (M) | 6.25% |  | 05/2022 |  | 12/2026 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21.2 |  |  | 20.4 |  |  |
FlyWheel Acquireco, Inc. (15) |  | Professional employer organization offering human resources, compliance and risk management services |  | First lien senior secured revolving loan |  | 11.60% | SOFR (Q) | 6.50% |  | 05/2023 |  | 05/2028 |  |  | 5.5 |  |  | 5.5 |  |  | 5.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.60% | SOFR (S) | 6.50% |  | 05/2023 |  | 05/2030 |  |  | 52.6 |  |  | 52.6 |  |  | 51.6 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 58.1 |  |  | 57.0 |  |  |

26

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
HH-Stella, Inc. and Bedrock Parent Holdings, LP (15) |  | Provider of municipal solid waste transfer management services |  | First lien senior secured revolving loan |  | 10.70% | SOFR (M) | 5.50% |  | 04/2021 |  | 04/2027 |  |  | 2.8 |  |  | 2.8 |  |  | 2.7 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 10.89% | SOFR (Q) | 5.50% |  | 04/2021 |  | 04/2028 |  |  | 7.8 |  |  | 7.8 |  |  | 7.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.88% | LIBOR (Q) | 5.50% |  | 04/2021 |  | 04/2028 |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 04/2021 |  |  |  | 25,490 |  |  | 2.5 |  |  | 2.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14.2 |  |  | 13.7 |  |  |
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. (15) |  | Provider of commercial and industrial waste processing and disposal services |  | First lien senior secured revolving loan |  |  |  |  |  | 08/2022 |  | 08/2028 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 11.38% | SOFR (M) | 6.25% |  | 08/2022 |  | 08/2029 |  |  | 4.2 |  |  | 4.2 |  |  | 4.2 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 09/2022 |  |  |  | 12,501 |  |  | 12.5 |  |  | 16.0 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16.7 |  |  | 20.2 |  |  |
Kellermeyer Bergensons Services, LLC |  | Provider of janitorial and facilities management services |  | First lien senior secured loan |  | 11.27% | LIBOR (Q) | 6.00% |  | 11/2019 |  | 11/2026 |  |  | 56.5 |  |  | 56.3 |  |  | 49.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.27% | LIBOR (Q) | 6.00% |  | 07/2021 |  | 11/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56.4 |  |  | 49.2 |  |  |
KPS Global LLC and Cool Group LLC |  | Manufacturer of walk-in cooler and freezer systems |  | First lien senior secured loan |  | 10.70% | SOFR (M) | 5.50% |  | 04/2017 |  | 04/2024 |  |  | 11.7 |  |  | 11.7 |  |  | 11.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.70% | SOFR (M) | 5.50% |  | 11/2018 |  | 04/2024 |  |  | 3.1 |  |  | 3.1 |  |  | 3.1 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 09/2018 |  |  |  | 13,292 |  |  | 1.1 |  |  | 4.6 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15.9 |  |  | 19.4 |  |  |
Laboratories Bidco LLC and Laboratories Topco LLC (15) |  | Lab testing services for nicotine containing products |  | First lien senior secured revolving loan |  | 11.16% | SOFR (Q) | 5.75% |  | 07/2021 |  | 07/2027 |  |  | 13.4 |  |  | 13.4 |  |  | 12.2 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 13.00% | Base Rate (Q) | 4.75% |  | 07/2021 |  | 07/2027 |  |  | 4.6 |  |  | 4.6 |  |  | 4.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.07% | SOFR (Q) | 5.75% |  | 10/2019 |  | 07/2027 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.82% | LIBOR (Q) | 5.75% |  | 10/2019 |  | 07/2027 |  |  | 40.0 |  |  | 40.0 |  |  | 36.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.89% | SOFR (Q) | 5.75% |  | 10/2020 |  | 07/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.99% | LIBOR (Q) | 5.75% |  | 07/2021 |  | 07/2027 |  |  | 1.5 |  |  | 1.5 |  |  | 1.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.83% | LIBOR (Q) | 5.75% |  | 07/2021 |  | 07/2027 |  |  | 2.9 |  |  | 2.9 |  |  | 2.6 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 07/2021 |  |  |  | 3,099,335 |  |  | 4.6 |  |  | 2.9 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 67.6 |  |  | 60.2 |  |  |
Lightbeam Bidco, Inc. (15) |  | Provider of yard management services |  | First lien senior secured revolving loan |  |  |  |  |  | 05/2023 |  | 05/2029 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 11.43% | SOFR (Q) | 6.25% |  | 05/2023 |  | 05/2030 |  |  | 4.6 |  |  | 4.6 |  |  | 4.5 |  | (2)(11) |
LJP Purchaser, Inc. and LJP Topco, LP (15) |  | Provider of non-hazardous solid waste and recycling services |  | First lien senior secured loan |  | 11.59% | SOFR (Q) | 6.25% |  | 09/2022 |  | 09/2028 |  |  | 8.5 |  |  | 8.5 |  |  | 8.4 |  | (2)(11) |
|  |  |  | Class A units |  | 8.00% PIK |  |  |  | 09/2022 |  |  |  | 5,098,000 |  |  | 5.4 |  |  | 5.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.9 |  |  | 13.6 |  |  |
Marmic Purchaser, LLC and Marmic Topco, L.P. (15) |  | Provider of recurring fire protection services |  | First lien senior secured loan |  | 11.39% | SOFR (Q) | 6.00% |  | 03/2021 |  | 03/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |

27

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | First lien senior secured loan |  | 11.31% | SOFR (Q) | 6.00% |  | 02/2022 |  | 03/2027 |  |  | 1.5 |  |  | 1.5 |  |  | 1.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.54% | SOFR (Q) | 6.00% |  | 02/2022 |  | 03/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | Limited partnership units |  | 8.00% PIK |  |  |  | 03/2021 |  |  |  | 1,929,237 |  |  | 2.4 |  |  | 3.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.3 |  |  | 5.3 |  |  |
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc. |  | Keg management solutions provider |  | Second lien senior secured loan |  | 15.86% (11.20% PIK) | SOFR (Q) | 11.00% |  | 08/2020 |  | 07/2025 |  |  | 168.3 |  |  | 168.3 |  |  | 168.3 |  | (2)(11) |
|  |  |  | Series A preferred stock |  |  |  |  |  | 08/2020 |  |  |  | 1,507 |  |  | 1.5 |  |  | 2.9 |  | (2) |
|  |  |  | Common stock |  |  |  |  |  | 12/2012 |  |  |  | 54,710 |  |  | 4.9 |  |  | 7.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 174.7 |  |  | 178.6 |  |  |
NAS, LLC and Nationwide Marketing Group, LLC (15) |  | Buying and marketing services organization for appliance, furniture and consumer electronics dealers |  | First lien senior secured revolving loan |  | 11.89% | SOFR (Q) | 6.50% |  | 11/2020 |  | 06/2024 |  |  | 0.6 |  |  | 0.6 |  |  | 0.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.89% | SOFR (Q) | 6.50% |  | 11/2020 |  | 06/2024 |  |  | 6.2 |  |  | 6.2 |  |  | 6.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.89% | SOFR (Q) | 6.50% |  | 12/2021 |  | 06/2024 |  |  | 2.3 |  |  | 2.3 |  |  | 2.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.89% | SOFR (Q) | 6.50% |  | 05/2022 |  | 06/2024 |  |  | 1.3 |  |  | 1.3 |  |  | 1.3 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10.4 |  |  | 10.4 |  |  |
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. (15) |  | Provider of audience insights, data and analytics to entertainment industry |  | First lien senior secured loan |  | 10.00% | SOFR (Q) | 5.00% |  | 10/2022 |  | 04/2029 |  |  | 99.3 |  |  | 91.1 |  |  | 87.2 |  | (2)(11)(18) |
|  |  |  | First lien senior secured loan |  | 8.06% | EURIBOR (Q) | 5.00% |  | 10/2022 |  | 04/2029 |  |  | 16.5 |  |  | 13.6 |  |  | 15.1 |  | (2)(18) |
|  |  |  | First lien senior secured loan |  | 9.75% | SOFR (Q) | 4.75% |  | 10/2022 |  | 10/2028 |  |  | 81.9 |  |  | 75.8 |  |  | 70.5 |  | (2)(11) |
|  |  |  | First lien senior secured note |  | 9.29% |  |  |  | 11/2022 |  | 04/2029 |  |  | 52.8 |  |  | 51.5 |  |  | 48.5 |  | (2)(18) |
|  |  |  | Second lien senior secured loan |  | 14.75% | SOFR (Q) | 9.75% |  | 10/2022 |  | 10/2029 |  |  | 221.3 |  |  | 221.3 |  |  | 201.4 |  | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 10/2022 |  |  |  | 4,040,000 |  |  | 4.1 |  |  | 4.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 457.4 |  |  | 427.3 |  |  |
Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1 |  | Operator of multiple franchise concepts primarily related to home maintenance or repairs |  | Senior subordinated loan |  | 14.00% | LIBOR (Q) | 8.50% |  | 09/2021 |  | 08/2029 |  |  | 119.1 |  |  | 119.1 |  |  | 116.8 |  | (2)(11) |
|  |  |  | Limited partner interest |  |  |  |  |  | 09/2021 |  |  |  | 9,725,000 |  |  | 9.7 |  |  | 9.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 128.8 |  |  | 126.0 |  |  |
North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC (15) |  | Provider of fire safety and life safety services |  | First lien senior secured revolving loan |  | 10.63% | SOFR (Q) | 5.50% |  | 05/2021 |  | 05/2027 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 05/2021 |  | 05/2027 |  |  | 19.9 |  |  | 19.9 |  |  | 19.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 03/2022 |  | 05/2027 |  |  | 2.8 |  |  | 2.8 |  |  | 2.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.06% | SOFR (Q) | 5.75% |  | 03/2022 |  | 05/2027 |  |  | 4.0 |  |  | 4.0 |  |  | 4.0 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 05/2021 |  |  |  | 884,916 |  |  | 0.9 |  |  | 2.9 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28.1 |  |  | 29.9 |  |  |

28

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC (15) |  | Provider of lawncare services |  | First lien senior secured loan |  | 11.74% | SOFR (Q) | 6.50% |  | 12/2022 |  | 05/2028 |  |  | 7.6 |  |  | 7.6 |  |  | 7.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.62% | SOFR (Q) | 6.50% |  | 12/2022 |  | 05/2028 |  |  | 5.4 |  |  | 5.4 |  |  | 5.4 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.0 |  |  | 13.0 |  |  |
North Haven Stack Buyer, LLC (15) |  | Provider of environmental testing services |  | First lien senior secured revolving loan |  | 10.70% | SOFR (Q) | 5.50% |  | 07/2021 |  | 07/2027 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.70% | SOFR (Q) | 5.50% |  | 07/2021 |  | 07/2027 |  |  | 7.7 |  |  | 7.7 |  |  | 7.5 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8.4 |  |  | 8.2 |  |  |
Petroleum Service Group LLC (15) |  | Provider of operational services for US petrochemical and refining companies |  | First lien senior secured revolving loan |  | 11.54% | LIBOR (Q) | 6.00% |  | 07/2019 |  | 07/2025 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 11.27% | LIBOR (Q) | 6.00% |  | 07/2019 |  | 07/2025 |  |  | 33.7 |  |  | 33.7 |  |  | 33.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.24% | SOFR (Q) | 6.00% |  | 07/2019 |  | 07/2025 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.52% | LIBOR (Q) | 6.00% |  | 12/2021 |  | 07/2025 |  |  | 11.2 |  |  | 11.2 |  |  | 11.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.23% | LIBOR (Q) | 6.00% |  | 12/2021 |  | 07/2025 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.34% | LIBOR (Q) | 6.00% |  | 04/2022 |  | 07/2025 |  |  | 2.4 |  |  | 2.4 |  |  | 2.4 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48.6 |  |  | 48.6 |  |  |
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC |  | Provider of janitorial and facilities management services |  | First lien senior secured loan |  | 11.09% | SOFR (S) | 5.50% |  | 10/2021 |  | 10/2027 |  |  | 57.5 |  |  | 57.5 |  |  | 55.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.70% | SOFR (Q) | 5.50% |  | 10/2021 |  | 10/2027 |  |  | 7.2 |  |  | 7.2 |  |  | 6.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.05% | SOFR (Q) | 5.50% |  | 10/2021 |  | 10/2027 |  |  | 3.3 |  |  | 3.3 |  |  | 3.2 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 10/2021 |  |  |  | 7,900,000 |  |  | 7.9 |  |  | 6.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75.9 |  |  | 72.4 |  |  |
PS Operating Company LLC and PS Op Holdings LLC (5)(15) |  | Specialty distributor and solutions provider to the swine and poultry markets |  | First lien senior secured revolving loan |  | 11.50% | SOFR (Q) | 6.00% |  | 12/2021 |  | 12/2024 |  |  | 4.3 |  |  | 4.3 |  |  | 4.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.50% | SOFR (Q) | 6.00% |  | 12/2021 |  | 12/2024 |  |  | 14.9 |  |  | 14.9 |  |  | 14.9 |  | (2)(11) |
|  |  |  | Common unit |  |  |  |  |  | 12/2021 |  |  |  | 279,200 |  |  | 7.4 |  |  | 6.9 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26.6 |  |  | 26.1 |  |  |
R2 Acquisition Corp. |  | Marketing services |  | Common stock |  |  |  |  |  | 05/2007 |  |  |  | 250,000 |  |  | 0.2 |  |  | 0.2 |  | (2) |
RC V Tecmo Investor LLC |  | Technology based aggregator for facility maintenance services |  | Common member units |  |  |  |  |  | 08/2020 |  |  |  | 9,624,000 |  |  | 8.3 |  |  | 23.0 |  | (2) |
RE Community Holdings GP, LLC and RE Community Holdings, LP |  | Operator of municipal recycling facilities |  | Limited partnership interest |  |  |  |  |  | 03/2011 |  |  |  | 2.86% |  |  | — |  |  | — |  | (2) |
|  |  |  | Limited partnership interest |  |  |  |  |  | 03/2011 |  |  |  | 2.49% |  |  | — |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. (15) |  | Provider of FDA registration and consulting services |  | First lien senior secured loan |  | 10.55% | SOFR (S) | 5.00% |  | 08/2021 |  | 08/2027 |  |  | 2.7 |  |  | 2.7 |  |  | 2.7 |  | (2)(11) |
|  |  |  | Limited partner interests |  |  |  |  |  | 08/2021 |  |  |  | 1.13% |  |  | 2.7 |  |  | 2.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.4 |  |  | 5.3 |  |  |

29

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Rodeo AcquisitionCo LLC (15) |  | Provider of food inspection and recovery services |  | First lien senior secured revolving loan |  | 11.44% | LIBOR (Q) | 6.00% |  | 07/2021 |  | 07/2027 |  |  | 1.7 |  |  | 1.7 |  |  | 1.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.48% | LIBOR (Q) | 6.00% |  | 07/2021 |  | 07/2027 |  |  | 16.8 |  |  | 16.8 |  |  | 16.0 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18.5 |  |  | 17.6 |  |  |
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. (15) |  | Provider of landscape design and planning, and snow removal services |  | First lien senior secured revolving loan |  | 10.95% | SOFR (M) | 5.75% |  | 12/2021 |  | 12/2027 |  |  | 0.6 |  |  | 0.6 |  |  | 0.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.95% | SOFR (M) | 5.75% |  | 12/2021 |  | 12/2027 |  |  | 1.9 |  |  | 1.9 |  |  | 1.9 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 12/2021 |  |  |  | 5,154 |  |  | 12.9 |  |  | 15.8 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15.4 |  |  | 18.3 |  |  |
Shermco Intermediate Holdings, Inc. (15) |  | Provider of electrician services |  | First lien senior secured revolving loan |  | 9.60% | SOFR (M) | 4.50% |  | 05/2022 |  | 06/2024 |  |  | 0.6 |  |  | 0.5 |  |  | 0.6 |  | (2) |
SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP |  | Manufacturer and distributor of personal protection equipment, commercial cleaning, maintenance and safety products |  | Second lien senior secured loan |  |  |  |  |  | 06/2020 |  | 06/2026 |  |  | 23.4 |  |  | 21.0 |  |  | 8.2 |  | (2)(10) |
|  |  |  | Limited partnership class A-1 units |  |  |  |  |  | 06/2020 |  |  |  | 2,173 |  |  | 1.1 |  |  | — |  | (2) |
|  |  |  | Limited partnership class A-2 units |  |  |  |  |  | 06/2020 |  |  |  | 2,173 |  |  | 1.1 |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.2 |  |  | 8.2 |  |  |
Startec Equity, LLC (5) |  | Communication services |  | Member interest |  |  |  |  |  | 04/2010 |  |  |  | 190,581 |  |  | — |  |  | — |  |  |
Stealth Holding LLC and UCIT Online Security Inc. (15) |  | Live video monitoring solutions provider |  | First lien senior secured loan |  | 11.79% | SOFR (Q) | 6.75% |  | 03/2021 |  | 03/2026 |  |  | 46.3 |  |  | 46.3 |  |  | 46.3 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 12.16% | SOFR (Q) | 6.75% |  | 03/2021 |  | 03/2026 |  |  | 3.3 |  |  | 3.3 |  |  | 3.3 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 14.00% | Base Rate (Q) | 5.75% |  | 03/2021 |  | 03/2026 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 12.15% | SOFR (Q) | 6.75% |  | 03/2021 |  | 03/2026 |  |  | 3.1 |  |  | 3.1 |  |  | 3.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 12.12% | SOFR (Q) | 6.75% |  | 03/2022 |  | 03/2026 |  |  | 1.4 |  |  | 1.4 |  |  | 1.4 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 11.85% | SOFR (Q) | 6.75% |  | 03/2022 |  | 03/2026 |  |  | 3.4 |  |  | 3.4 |  |  | 3.4 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 12.15% | SOFR (Q) | 6.75% |  | 03/2022 |  | 03/2026 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 58.7 |  |  | 58.7 |  |  |
Systems Planning and Analysis, Inc. (15) |  | Provider of systems engineering and technical assistance to the US DoD |  | First lien senior secured revolving loan |  | 11.10% | SOFR (Q) | 5.75% |  | 05/2022 |  | 08/2027 |  |  | 1.1 |  |  | 1.0 |  |  | 1.1 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.93% | SOFR (M) | 5.75% |  | 05/2022 |  | 08/2027 |  |  | 0.6 |  |  | 0.5 |  |  | 0.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.24% | SOFR (S) | 5.75% |  | 05/2022 |  | 08/2027 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.5 |  |  | 2.7 |  |  |
The NPD Group, L.P., IRI Group Holdings, Inc., Information Resources, Inc. and IRI-NPD Co-Invest Aggregator, L.P. (15) |  | Market research company focused on the consumer packaged goods industry |  | First lien senior secured revolving loan |  | 10.92% | SOFR (M) | 5.75% |  | 08/2022 |  | 12/2027 |  |  | 1.2 |  |  | 1.2 |  |  | 1.1 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 11.39% (2.75% PIK) | SOFR (M) | 6.25% |  | 08/2022 |  | 12/2028 |  |  | 215.5 |  |  | 215.5 |  |  | 213.4 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 08/2022 |  |  |  | 11,242 |  |  | 11.6 |  |  | 16.9 |  | (2) |

30

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 228.3 |  |  | 231.4 |  |  |
Thermostat Purchaser III, Inc. (15) |  | Provider of commercial HVAC equipment maintenance and repair services |  | Second lien senior secured loan |  | 12.66% | SOFR (Q) | 7.25% |  | 08/2021 |  | 08/2029 |  |  | 23.0 |  |  | 23.0 |  |  | 22.1 |  | (2)(11)(13) |
Visual Edge Technology, Inc. |  | Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies |  | First lien senior secured loan |  | 12.48% (1.25% PIK) | LIBOR (Q) | 7.00% |  | 08/2017 |  | 08/2022 |  |  | 32.6 |  |  | 32.6 |  |  | 32.6 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  |  |  |  |  | 08/2017 |  | 09/2024 |  |  | 112.4 |  |  | 87.5 |  |  | 45.5 |  | (2)(10) |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 08/2017 |  | 08/2027 |  | 10,358,572 |  |  | 3.9 |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 124.0 |  |  | 78.1 |  |  |
VRC Companies, LLC (15) |  | Provider of records and information management services |  | Senior subordinated loan |  | 12.00% (2.00% PIK) |  |  |  | 05/2022 |  | 06/2028 |  |  | 5.1 |  |  | 5.1 |  |  | 4.8 |  | (2) |
Wash Encore Holdings, LLC |  | Provider of outsourced healthcare linen management solutions |  | First lien senior secured loan |  | 10.85% | LIBOR (Q) | 5.75% |  | 07/2021 |  | 07/2027 |  |  | 97.9 |  |  | 97.9 |  |  | 96.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.25% | SOFR (Q) | 5.75% |  | 07/2021 |  | 07/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 98.0 |  |  | 96.1 |  |  |
XIFIN, Inc. and ACP Charger Co-Invest LLC (15) |  | Revenue cycle management provider to labs |  | First lien senior secured revolving loan |  | 11.17% | SOFR (Q) | 5.75% |  | 02/2020 |  | 02/2026 |  |  | 3.1 |  |  | 3.1 |  |  | 3.0 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 13.00% | Base Rate (Q) | 4.75% |  | 02/2020 |  | 02/2026 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 13.00% | Base Rate (Q) | 4.75% |  | 02/2020 |  | 02/2026 |  |  | 0.7 |  |  | 0.7 |  |  | 0.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 07/2021 |  | 02/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 12/2021 |  | 02/2026 |  |  | 36.7 |  |  | 36.7 |  |  | 35.3 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 02/2020 |  |  |  | 180,000 |  |  | 1.8 |  |  | 2.8 |  | (2) |
|  |  |  | Class B units |  |  |  |  |  | 12/2021 |  |  |  | 46,363 |  |  | 0.9 |  |  | 0.7 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 43.7 |  |  | 42.9 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,168.8 |  |  | 2,090.4 |  |  | 20.19%
Investment Funds and Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACAS Equity Holdings Corporation (5) |  | Investment company |  | Common stock |  |  |  |  |  | 01/2017 |  |  |  | 589 |  |  | 0.4 |  |  | 0.4 |  | (6) |
ARES 2007-3R |  | Investment vehicle |  | Subordinated notes |  |  |  |  |  | 01/2017 |  | 04/2021 |  | 20,000,000 |  |  | — |  |  | 0.1 |  | (6) |
Blue Wolf Capital Fund II, L.P. (4) |  | Investment partnership |  | Limited partnership interest |  |  |  |  |  | 01/2017 |  |  |  | 8.50% |  |  | — |  |  | 0.1 |  | (6)(18) |
CoLTs 2005-1 Ltd. (5) |  | Investment vehicle |  | Preferred shares |  |  |  |  |  | 01/2017 |  | 03/2015 |  | 360 |  |  | — |  |  | — |  | (6) |
CREST Exeter Street Solar 2004-1 |  | Investment vehicle |  | Preferred shares |  |  |  |  |  | 01/2017 |  | 06/2039 |  | 3,500,000 |  |  | — |  |  | — |  | (6) |
European Capital UK SME Debt LP (4)(16) |  | Investment partnership |  | Limited partnership interest |  |  |  |  |  | 01/2017 |  |  |  | 45.00% |  |  | 8.2 |  |  | 16.1 |  | (6) |
HCI Equity, LLC (5) |  | Investment company |  | Member interest |  |  |  |  |  | 04/2010 |  |  |  | 100.00% |  |  | — |  |  | — |  | (6)(18) |
Partnership Capital Growth Investors III, L.P. |  | Investment partnership |  | Limited partnership interest |  |  |  |  |  | 10/2011 |  |  |  | 2.50% |  |  | 1.8 |  |  | 4.1 |  | (2)(6)(18) |

31

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
PCG-Ares Sidecar Investment II, L.P. (4)(16) |  | Investment partnership |  | Limited partnership interest |  |  |  |  |  | 10/2014 |  |  |  | 100.00% |  |  | 7.2 |  |  | 16.9 |  | (2)(6) |
PCG-Ares Sidecar Investment, L.P. (4)(16) |  | Investment partnership |  | Limited partnership interest |  |  |  |  |  | 05/2014 |  |  |  | 100.00% |  |  | 4.3 |  |  | 0.6 |  | (6) |
Piper Jaffray Merchant Banking Fund I, L.P. |  | Investment partnership |  | Limited partnership interest |  |  |  |  |  | 08/2012 |  |  |  | 2.00% |  |  | 0.1 |  |  | 0.5 |  | (6)(18) |
Senior Direct Lending Program, LLC (5)(17) |  | Co-investment vehicle |  | Subordinated certificates |  | 13.27% | SOFR (Q) | 8.00% |  | 07/2016 |  | 12/2036 |  | 1,289 |  |  | 1,288.8 |  |  | 1,237.1 |  | (6)(12) |
|  |  |  | Membership interest |  |  |  |  |  |  |  |  |  | 87.50% |  |  | — |  |  | — |  | (6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,288.8 |  |  | 1,237.1 |  |  |
VSC Investors LLC |  | Investment company |  | Membership interest |  |  |  |  |  | 01/2008 |  |  |  | 1.95% |  |  | — |  |  | — |  | (2)(6)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,310.8 |  |  | 1,275.9 |  |  | 12.32%
Power Generation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apex Clean Energy TopCo, LLC (4)(16) |  | Developer, builder and owner of utility-scale wind and solar power facilities |  | Class A common units |  |  |  |  |  | 11/2021 |  |  |  | 1,335,610 |  |  | 116.8 |  |  | 168.8 |  |  |
Ferrellgas, L.P. and Ferrellgas Partners, L.P. |  | Distributor of propane and related accessories |  | Senior preferred units |  | 8.96% |  |  |  | 03/2021 |  |  |  | 59,422 |  |  | 59.5 |  |  | 60.0 |  |  |
|  |  |  | Class B units |  |  |  |  |  | 09/2022 |  |  |  | 59,428 |  |  | 12.6 |  |  | 12.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 72.1 |  |  | 72.6 |  |  |
Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC (5) |  | Developer of utility scale solar systems |  | First lien senior secured loan |  | 11.00% PIK |  |  |  | 04/2021 |  | 04/2024 |  |  | 83.8 |  |  | 83.8 |  |  | 83.8 |  | (2) |
|  |  |  | Class A1 units |  |  |  |  |  | 04/2021 |  |  |  | 76,446,352 |  |  | 77.1 |  |  | 155.3 |  |  |
|  |  |  | Class A2 units |  |  |  |  |  | 03/2022 |  |  |  | 4,072,278 |  |  | 3.8 |  |  | 8.3 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 164.7 |  |  | 247.4 |  |  |
Opal Fuels LLC and Opal Fuels Inc. |  | Owner of natural gas facilities |  | Senior subordinated loan |  | 8.00% PIK |  |  |  | 07/2022 |  | 12/2026 |  |  | 29.7 |  |  | 26.3 |  |  | 29.7 |  | (6) |
|  |  |  | Class A common stock |  |  |  |  |  | 07/2022 |  |  |  | 3,059,533 |  |  | 23.3 |  |  | 22.8 |  | (6)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 49.6 |  |  | 52.5 |  |  |
PosiGen, Inc. |  | Seller and leaser of solar power systems for residential and commercial customers |  | Warrant to purchase shares of series D-1 preferred stock |  |  |  |  |  | 06/2021 |  | 06/2028 |  | 101,555 |  |  | — |  |  | — |  | (2) |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 01/2020 |  | 01/2027 |  | 1,112,022 |  |  | — |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |
Potomac Intermediate Holdings II LLC (5) |  | Gas turbine power generation facilities operator |  | Series A units |  |  |  |  |  | 11/2021 |  |  |  | 226,884,442 |  |  | 185.7 |  |  | 126.6 |  |  |
Riverview Power LLC |  | Operator of natural gas and oil fired power generation facilities |  | First lien senior secured loan |  | 14.39% | SOFR (Q) | 9.00% |  | 08/2021 |  | 06/2024 |  |  | 40.9 |  |  | 40.4 |  |  | 40.9 |  | (2)(11) |
SE1 Generation, LLC |  | Solar power developer |  | Senior subordinated loan |  | 14.25% (8.55% PIK) |  |  |  | 12/2019 |  | 09/2023 |  |  | 44.9 |  |  | 44.5 |  |  | 44.9 |  | (2) |
Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC |  | Residential solar energy provider |  | First lien senior secured loan |  | 3.61% |  |  |  | 10/2019 |  | 02/2055 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2) |
|  |  |  | Senior subordinated loan |  | 12.05% (7.36% PIK) | LIBOR (Q) | 6.75% |  | 11/2019 |  | 11/2025 |  |  | 153.1 |  |  | 153.1 |  |  | 140.9 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 153.2 |  |  | 141.0 |  |  |

32

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Sunrun Luna Holdco 2021, LLC (15) |  | Residential solar energy provider |  | Senior subordinated revolving loan |  | 8.44% | SOFR (S) | 3.50% |  | 03/2022 |  | 04/2024 |  |  | 45.0 |  |  | 45.0 |  |  | 44.1 |  | (2)(6) |
|  |  |  | Senior subordinated revolving loan |  | 12.81% | SOFR (Q) | 7.88% |  | 03/2022 |  | 04/2024 |  |  | 30.0 |  |  | 30.0 |  |  | 29.4 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75.0 |  |  | 73.5 |  |  |
Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC |  | Residential solar energy provider |  | First lien senior secured loan |  | 3.98% |  |  |  | 06/2019 |  | 06/2054 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2) |
|  |  |  | Senior subordinated loan |  | 10.00% (5.00% PIK) | SOFR (Q) | 6.75% |  | 06/2019 |  | 07/2030 |  |  | 74.3 |  |  | 74.3 |  |  | 69.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 74.6 |  |  | 69.4 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 976.6 |  |  | 1,037.6 |  |  | 10.02%
Insurance Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acrisure, LLC |  | Independent property and casualty insurance brokerage |  | First lien senior secured loan |  | 10.82% | SOFR (Q) | 5.75% |  | 05/2023 |  | 02/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11)(18) |
|  |  |  | First lien senior secured loan |  | 8.69% | LIBOR (M) | 3.50% |  | 06/2023 |  | 02/2027 |  |  | 0.8 |  |  | 0.7 |  |  | 0.8 |  | (2)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.9 |  |  | 1.0 |  |  |
Alera Group, Inc. |  | Insurance service provider |  | First lien senior secured loan |  | 11.20% | SOFR (M) | 6.00% |  | 09/2021 |  | 10/2028 |  |  | 60.3 |  |  | 60.3 |  |  | 59.7 |  | (2)(11) |
Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc. |  | Insurance service provider |  | First lien senior secured loan |  | 10.18% | SOFR (M) | 5.00% |  | 02/2023 |  | 02/2028 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(18) |
AQ Sunshine, Inc. (15) |  | Specialized insurance broker |  | First lien senior secured revolving loan |  | 11.65% | SOFR (Q) | 6.25% |  | 04/2019 |  | 04/2024 |  |  | 3.2 |  |  | 3.2 |  |  | 3.0 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 04/2019 |  | 04/2025 |  |  | 8.5 |  |  | 8.5 |  |  | 7.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 10/2020 |  | 04/2025 |  |  | 5.5 |  |  | 5.5 |  |  | 5.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 06/2021 |  | 04/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 01/2022 |  | 04/2025 |  |  | 8.9 |  |  | 8.9 |  |  | 8.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 05/2022 |  | 04/2025 |  |  | 1.0 |  |  | 1.0 |  |  | 0.9 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27.2 |  |  | 25.5 |  |  |
Ardonagh Midco 2 plc and Ardonagh Midco 3 plc (15) |  | Insurance broker and underwriting servicer |  | First lien senior secured loan |  | 12.54% | SONIA (S) | 7.25% |  | 06/2020 |  | 07/2026 |  |  | 78.9 |  |  | 79.4 |  |  | 78.9 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.07% | Euribor (S) | 7.25% |  | 06/2020 |  | 07/2026 |  |  | 7.1 |  |  | 7.5 |  |  | 7.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 11.25% | SOFR (S) | 6.00% |  | 08/2021 |  | 07/2026 |  |  | 90.0 |  |  | 90.0 |  |  | 89.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 9.57% | Euribor (S) | 6.75% |  | 08/2022 |  | 07/2026 |  |  | 68.1 |  |  | 64.6 |  |  | 68.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 12.22% | SOFR (S) | 7.00% |  | 08/2022 |  | 07/2026 |  |  | 15.6 |  |  | 15.6 |  |  | 15.6 |  | (2)(6)(11) |
|  |  |  | Senior subordinated loan |  | 11.50% PIK |  |  |  | 06/2020 |  | 01/2027 |  |  | 1.4 |  |  | 1.4 |  |  | 1.3 |  | (2)(6)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 258.5 |  |  | 260.1 |  |  |
Benecon Midco II LLC and Locutus Holdco LLC (15) |  | Employee benefits provider for small and mid-size employers |  | Common units |  |  |  |  |  | 12/2020 |  |  |  | 9,803,682 |  |  | 10.0 |  |  | 28.5 |  |  |
Benefytt Technologies, Inc. (15) |  | Health insurance sales platform provider |  | First lien senior secured loan |  |  |  |  |  | 08/2021 |  | 08/2027 |  |  | 25.0 |  |  | 24.0 |  |  | 10.0 |  | (2)(10) |
|  |  |  | First lien senior secured loan |  |  |  |  |  | 08/2021 |  | 08/2027 |  |  | 5.3 |  |  | 5.1 |  |  | 2.1 |  | (2)(10) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29.1 |  |  | 12.1 |  |  |

33

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Captive Resources Midco, LLC (15) |  | Provider of independent consulting services to member-owned group captives |  | First lien senior secured loan |  | 7.73% | SOFR (M) | 2.63% |  | 07/2022 |  | 07/2029 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
Foundation Risk Partners, Corp. (15) |  | Full service independent insurance agency |  | First lien senior secured loan |  | 11.59% | SOFR (Q) | 6.25% |  | 10/2021 |  | 10/2028 |  |  | 104.1 |  |  | 104.1 |  |  | 104.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.59% | SOFR (Q) | 6.25% |  | 04/2022 |  | 10/2028 |  |  | 30.2 |  |  | 30.2 |  |  | 30.2 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 134.3 |  |  | 134.3 |  |  |
Galway Borrower LLC (15) |  | Insurance service provider |  | First lien senior secured revolving loan |  |  |  |  |  | 09/2021 |  | 09/2027 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 10.59% | SOFR (Q) | 5.25% |  | 09/2021 |  | 09/2028 |  |  | 34.0 |  |  | 34.0 |  |  | 33.0 |  | (2)(11) |
High Street Buyer, Inc. and High Street Holdco LLC (15)(16) |  | Insurance brokerage platform |  | First lien senior secured loan |  | 11.39% | SOFR (Q) | 6.00% |  | 04/2021 |  | 04/2028 |  |  | 22.7 |  |  | 22.7 |  |  | 22.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.39% | SOFR (Q) | 6.00% |  | 08/2021 |  | 04/2028 |  |  | 12.2 |  |  | 12.2 |  |  | 12.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.79% | SOFR (Q) | 5.75% |  | 02/2022 |  | 04/2028 |  |  | 2.4 |  |  | 2.4 |  |  | 2.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 02/2022 |  | 04/2028 |  |  | 14.6 |  |  | 14.6 |  |  | 14.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.98% | SOFR (Q) | 5.75% |  | 02/2022 |  | 04/2028 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | Series A preferred units |  | 10.00% PIK |  |  |  | 04/2021 |  |  |  | 122,142,975 |  |  | 143.9 |  |  | 130.9 |  | (2) |
|  |  |  | Series A common units |  | 10.00% PIK |  |  |  | 04/2021 |  |  |  | 4,649,000 |  |  | 5.5 |  |  | 10.3 |  | (2) |
|  |  |  | Series C common units |  | 10.00% PIK |  |  |  | 04/2021 |  |  |  | 6,242,415 |  |  | 0.8 |  |  | 13.8 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 202.4 |  |  | 206.6 |  |  |
Inszone Mid, LLC and INSZ Holdings, LLC (15) |  | Insurance brokerage firm |  | First lien senior secured revolving loan |  | 11.96% | SOFR (S) | 6.75% |  | 11/2022 |  | 11/2028 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.95% | SOFR (M) | 6.75% |  | 11/2022 |  | 11/2028 |  |  | 20.9 |  |  | 20.9 |  |  | 20.9 |  | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 11/2022 |  |  |  | 265,285 |  |  | 1.7 |  |  | 1.8 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.0 |  |  | 23.1 |  |  |
OneDigital Borrower LLC (15) |  | Benefits broker and outsourced workflow automation platform provider for brokers |  | First lien senior secured revolving loan |  | 11.00% | Base Rate (Q) | 2.75% |  | 11/2020 |  | 11/2025 |  |  | 2.4 |  |  | 2.4 |  |  | 2.3 |  | (2)(14) |
Patriot Growth Insurance Services, LLC (15) |  | National retail insurance agency |  | First lien senior secured loan |  | 10.99% | SOFR (M) | 5.75% |  | 10/2021 |  | 10/2028 |  |  | 14.3 |  |  | 14.2 |  |  | 13.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 10/2021 |  | 10/2028 |  |  | 1.6 |  |  | 1.5 |  |  | 1.5 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15.7 |  |  | 15.3 |  |  |
People Corporation (15) |  | Provider of group benefits, group retirement and human resources services |  | First lien senior secured revolving loan |  | 11.27% | CDOR (Q) | 6.25% |  | 02/2021 |  | 02/2027 |  |  | 2.0 |  |  | 2.0 |  |  | 2.0 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 11.28% | CDOR (Q) | 6.25% |  | 02/2021 |  | 02/2028 |  |  | 39.6 |  |  | 41.7 |  |  | 39.6 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.54% | CDOR (Q) | 5.50% |  | 09/2021 |  | 02/2028 |  |  | 12.1 |  |  | 12.2 |  |  | 12.0 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.81% | CDOR (M) | 5.50% |  | 09/2021 |  | 02/2028 |  |  | 2.5 |  |  | 2.5 |  |  | 2.4 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 58.4 |  |  | 56.0 |  |  |
Riser Merger Sub, Inc. (15) |  | Insurance program administrator |  | First lien senior secured revolving loan |  | 13.13% | Base Rate (Q) | 4.88% |  | 08/2022 |  | 08/2028 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.12% | SOFR (Q) | 5.88% |  | 08/2022 |  | 08/2028 |  |  | 1.7 |  |  | 1.7 |  |  | 1.7 |  | (2)(11) |

34

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | First lien senior secured loan |  | 10.68% | SONIA (Q) | 5.75% |  | 08/2022 |  | 08/2028 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.58% | SOFR (Q) | 6.50% |  | 05/2023 |  | 08/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.8 |  |  | 2.8 |  |  |
RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc. (15) |  | Insurance broker |  | First lien senior secured loan |  | 10.91% | SOFR (Q) | 5.50% |  | 11/2019 |  | 10/2026 |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.70% | SOFR (Q) | 5.50% |  | 11/2019 |  | 10/2026 |  |  | 29.2 |  |  | 29.2 |  |  | 28.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.89% | SOFR (Q) | 5.50% |  | 11/2019 |  | 10/2026 |  |  | 2.3 |  |  | 2.3 |  |  | 2.2 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32.6 |  |  | 31.6 |  |  |
SageSure Holdings, LLC and SageSure LLC (15) |  | Insurance service provider |  | Second lien senior secured loan |  | 10.97% | SOFR (M) | 5.75% |  | 01/2022 |  | 01/2028 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
|  |  |  | Series A units |  |  |  |  |  | 02/2022 |  |  |  | 886 |  |  | 19.6 |  |  | 22.6 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20.3 |  |  | 23.3 |  |  |
SCM Insurance Services Inc. (15) |  | Provider of claims management, claims investigation & support and risk management solutions for the Canadian property and casualty insurance industry |  | First lien senior secured loan |  | 11.64% | CDOR (Q) | 6.25% |  | 06/2022 |  | 08/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
SelectQuote, Inc. |  | Direct to consumer insurance distribution platform |  | First lien senior secured loan |  | 13.20% (2.00% PIK) | SOFR (M) | 8.00% |  | 11/2019 |  | 11/2024 |  |  | 22.3 |  |  | 22.3 |  |  | 19.6 |  | (2)(11) |
SG Acquisition, Inc. |  | Provider of insurance solutions for car sales |  | First lien senior secured loan |  | 10.70% | SOFR (M) | 5.50% |  | 01/2020 |  | 01/2027 |  |  | 33.8 |  |  | 33.8 |  |  | 33.1 |  | (2)(11) |
Spring Insurance Solutions, LLC |  | Technology-based direct to consumer sales and marketing platform for insurance products |  | First lien senior secured loan |  | 11.89% | SOFR (Q) | 6.50% |  | 11/2020 |  | 11/2025 |  |  | 21.9 |  |  | 21.9 |  |  | 19.3 |  | (2)(11) |
THG Acquisition, LLC (15) |  | Multi-line insurance broker |  | First lien senior secured revolving loan |  | 10.95% | SOFR (M) | 5.75% |  | 12/2019 |  | 12/2025 |  |  | 1.3 |  |  | 1.3 |  |  | 1.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.95% | SOFR (M) | 5.75% |  | 12/2019 |  | 12/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.95% | SOFR (M) | 5.75% |  | 12/2020 |  | 12/2026 |  |  | 14.8 |  |  | 14.8 |  |  | 14.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.70% | SOFR (M) | 5.50% |  | 12/2021 |  | 12/2026 |  |  | 20.4 |  |  | 20.4 |  |  | 19.9 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36.6 |  |  | 35.9 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,027.7 |  |  | 1,024.3 |  |  | 9.89%
Consumer Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. (5) |  | Restaurant owner and operator |  | First lien senior secured loan |  |  |  |  |  | 12/2016 |  | 08/2022 |  |  | 9.2 |  |  | — |  |  | — |  | (2)(10) |
Aimbridge Acquisition Co., Inc. |  | Hotel operator |  | Second lien senior secured loan |  | 12.67% | LIBOR (M) | 7.50% |  | 02/2019 |  | 02/2027 |  |  | 22.5 |  |  | 22.3 |  |  | 21.8 |  | (2) |
American Residential Services L.L.C. and Aragorn Parent Holdings LP (15) |  | Heating, ventilation and air conditioning services provider |  | First lien senior secured revolving loan |  | 11.25% | Base Rate (Q) | 3.00% |  | 10/2020 |  | 10/2025 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2) |
|  |  |  | First lien senior secured revolving loan |  | 11.25% | Base Rate (Q) | 3.00% |  | 10/2020 |  | 10/2025 |  |  | 0.6 |  |  | 0.6 |  |  | 0.6 |  | (2) |
|  |  |  | Second lien senior secured loan |  | 14.00% | SOFR (Q) | 8.50% |  | 10/2020 |  | 10/2028 |  |  | 56.4 |  |  | 56.4 |  |  | 56.4 |  | (2)(11) |
|  |  |  | Series A preferred units |  | 10.00% PIK |  |  |  | 10/2020 |  |  |  | 2,531,500 |  |  | 3.1 |  |  | 6.7 |  | (2) |

35

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 60.9 |  |  | 64.5 |  |  |
Apex Service Partners, LLC (15) |  | Provider of residential HVAC, plumbing, and electrical maintenance and repair services |  | First lien senior secured loan |  | 10.70% | SOFR (Q) | 5.50% |  | 01/2023 |  | 07/2025 |  |  | 20.1 |  |  | 19.1 |  |  | 18.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.39% | SOFR (Q) | 5.50% |  | 01/2023 |  | 07/2025 |  |  | 8.5 |  |  | 8.1 |  |  | 8.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.63% | SOFR (Q) | 5.50% |  | 01/2023 |  | 07/2025 |  |  | 4.5 |  |  | 4.3 |  |  | 4.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.54% | SOFR (S) | 5.50% |  | 04/2023 |  | 07/2025 |  |  | 16.8 |  |  | 16.8 |  |  | 15.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.76% | SOFR (Q) | 5.50% |  | 04/2023 |  | 07/2025 |  |  | 0.6 |  |  | 0.6 |  |  | 0.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.73% | SOFR (Q) | 5.50% |  | 04/2023 |  | 07/2025 |  |  | 7.1 |  |  | 7.1 |  |  | 6.7 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56.0 |  |  | 54.1 |  |  |
ATI Restoration, LLC (15) |  | Provider of disaster recovery services |  | First lien senior secured revolving loan |  | 12.25% | Base Rate (Q) | 4.00% |  | 07/2020 |  | 07/2026 |  |  | 2.2 |  |  | 2.2 |  |  | 2.2 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 10.22% | SOFR (Q) | 5.00% |  | 07/2020 |  | 07/2026 |  |  | 32.8 |  |  | 32.8 |  |  | 32.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.39% | SOFR (Q) | 5.00% |  | 05/2022 |  | 07/2026 |  |  | 34.8 |  |  | 34.8 |  |  | 34.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.40% | SOFR (Q) | 5.00% |  | 05/2022 |  | 07/2026 |  |  | 22.6 |  |  | 22.6 |  |  | 22.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.19% | SOFR (M) | 5.00% |  | 05/2022 |  | 07/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 92.5 |  |  | 92.5 |  |  |
Belfor Holdings, Inc. (15) |  | Disaster recovery services provider |  | First lien senior secured revolving loan |  | 7.07% | Euribor (M) | 3.75% |  | 04/2019 |  | 01/2026 |  |  | 2.6 |  |  | 2.6 |  |  | 2.4 |  | (2)(14) |
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC (15) |  | Provider of HVAC and plumbing services to residential and commercial customers |  | First lien senior secured revolving loan |  | 10.64% | SOFR (Q) | 5.50% |  | 12/2021 |  | 12/2027 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.68% | SOFR (Q) | 5.50% |  | 12/2021 |  | 12/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.85% | SOFR (Q) | 5.50% |  | 12/2021 |  | 12/2027 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.60% | SOFR (Q) | 6.50% |  | 12/2021 |  | 12/2027 |  |  | 3.2 |  |  | 3.2 |  |  | 3.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.08% | SOFR (Q) | 6.75% |  | 03/2023 |  | 12/2027 |  |  | 5.9 |  |  | 5.9 |  |  | 5.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.91% | SOFR (Q) | 6.75% |  | 03/2023 |  | 12/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 12/2021 |  |  |  | 4,296 |  |  | 4.3 |  |  | 6.7 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14.3 |  |  | 16.7 |  |  |
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (15) |  | Provider of commercial HVAC equipment maintenance and repair services |  | First lien senior secured loan |  | 10.12% | SOFR (Q) | 5.00% |  | 05/2022 |  | 05/2028 |  |  | 21.7 |  |  | 21.7 |  |  | 21.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.28% | SOFR (Q) | 5.00% |  | 05/2022 |  | 05/2028 |  |  | 3.2 |  |  | 3.2 |  |  | 3.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.89% | SOFR (Q) | 5.00% |  | 05/2022 |  | 05/2028 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 05/2022 |  |  |  | 290 |  |  | 2.9 |  |  | 6.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28.3 |  |  | 31.6 |  |  |
CST Holding Company (15) |  | Provider of ignition interlock devices |  | First lien senior secured loan |  | 11.95% | SOFR (M) | 6.75% |  | 11/2022 |  | 11/2028 |  |  | 11.7 |  |  | 11.7 |  |  | 11.7 |  | (2)(11) |
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (15) |  | Provider of plumbing and HVAC services |  | First lien senior secured revolving loan |  | 10.95% | SOFR (M) | 5.75% |  | 11/2020 |  | 11/2025 |  |  | 11.2 |  |  | 11.2 |  |  | 11.0 |  | (2)(11)(14) |

36

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | First lien senior secured loan |  | 10.93% | LIBOR (Q) | 5.75% |  | 11/2020 |  | 11/2026 |  |  | 48.0 |  |  | 48.0 |  |  | 47.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.93% | LIBOR (Q) | 5.75% |  | 04/2021 |  | 11/2026 |  |  | 77.7 |  |  | 77.7 |  |  | 76.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.93% | LIBOR (Q) | 5.75% |  | 11/2021 |  | 11/2026 |  |  | 25.1 |  |  | 25.1 |  |  | 24.6 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 11/2020 |  |  |  | 6,447 |  |  | 22.9 |  |  | 42.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 184.9 |  |  | 200.9 |  |  |
GroundWorks, LLC (15) |  | Provider of residential foundation repair and water management services |  | First lien senior secured loan |  | 11.65% | SOFR (M) | 6.50% |  | 03/2023 |  | 03/2030 |  |  | 10.0 |  |  | 9.7 |  |  | 9.7 |  | (2)(11) |
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (15) |  | Provider of commercial and residential HVAC, electrical, and plumbing services |  | First lien senior secured loan |  | 11.80% | SOFR (S) | 6.75% |  | 04/2023 |  | 04/2030 |  |  | 18.2 |  |  | 18.2 |  |  | 17.7 |  | (2)(11) |
|  |  |  | Class A common units |  |  |  |  |  | 04/2023 |  |  |  | 4,424 |  |  | 4.4 |  |  | 4.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22.6 |  |  | 22.1 |  |  |
Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P. (15) |  | Provider of residential roofing and exterior repair and replacement services |  | First lien senior secured revolving loan |  | 14.00% | Base Rate (Q) | 5.75% |  | 12/2022 |  | 12/2028 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.09% | SOFR (Q) | 6.75% |  | 12/2022 |  | 12/2028 |  |  | 12.7 |  |  | 12.7 |  |  | 12.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.79% | SOFR (Q) | 6.75% |  | 12/2022 |  | 12/2028 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 12/2022 |  |  |  | 9,524,000 |  |  | 9.5 |  |  | 10.8 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.2 |  |  | 24.5 |  |  |
Jenny C Acquisition, Inc. |  | Health club franchisor |  | Senior subordinated loan |  | 8.00% PIK |  |  |  | 04/2019 |  | 04/2025 |  |  | 1.6 |  |  | 1.6 |  |  | 1.6 |  | (2) |
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (15) |  | Franchising platform offering adolescent development programs |  | First lien senior secured revolving loan |  | 12.89% | SOFR (Q) | 7.50% |  | 12/2022 |  | 12/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.89% | SOFR (Q) | 7.50% |  | 12/2022 |  | 12/2027 |  |  | 16.1 |  |  | 16.1 |  |  | 16.1 |  | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 12/2022 |  |  |  | 1,972,732 |  |  | 2.0 |  |  | 1.7 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18.3 |  |  | 18.0 |  |  |
ME Equity LLC |  | Franchisor in the massage industry |  | Common stock |  |  |  |  |  | 09/2012 |  |  |  | 3,000,000 |  |  | 3.0 |  |  | 4.5 |  | (2) |
Modigent, LLC and OMERS PMC Investment Holdings LLC (15) |  | Provider of commercial HVAC services |  | First lien senior secured revolving loan |  | 13.25% | Base Rate (Q) | 5.00% |  | 08/2022 |  | 08/2027 |  |  | 0.6 |  |  | 0.6 |  |  | 0.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.25% | SOFR (Q) | 6.00% |  | 08/2022 |  | 08/2028 |  |  | 0.9 |  |  | 0.9 |  |  | 0.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.24% | SOFR (Q) | 6.00% |  | 08/2022 |  | 08/2027 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.05% | SOFR (Q) | 6.00% |  | 08/2022 |  | 08/2028 |  |  | 1.4 |  |  | 1.4 |  |  | 1.4 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 08/2022 |  |  |  | 1,001 |  |  | 9.7 |  |  | 12.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.1 |  |  | 15.5 |  |  |
Movati Athletic (Group) Inc. |  | Premier health club operator |  | First lien senior secured loan |  | 11.39% (0.50% PIK) | CDOR (Q) | 6.00% |  | 10/2017 |  | 10/2024 |  |  | 4.8 |  |  | 4.9 |  |  | 4.8 |  | (2)(6)(11) |
Northwinds Holding, Inc. and Northwinds Services Group LLC (15) |  | Provider of HVAC and plumbing services |  | First lien senior secured loan |  | 11.77% | SOFR (Q) | 6.50% |  | 05/2023 |  | 05/2029 |  |  | 16.4 |  |  | 16.4 |  |  | 15.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.80% | SOFR (Q) | 6.50% |  | 05/2023 |  | 05/2029 |  |  | 2.8 |  |  | 2.8 |  |  | 2.7 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 05/2023 |  |  |  | 1,845,385 |  |  | 2.4 |  |  | 2.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21.6 |  |  | 21.1 |  |  |
OTG Management, LLC |  | Airport restaurant operator |  | Class A preferred units |  |  |  |  |  | 08/2016 |  |  |  | 3,000,000 |  |  | 25.3 |  |  | 12.5 |  | (2) |

37

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | Common units |  |  |  |  |  | 01/2011 |  |  |  | 3,000,000 |  |  | 3.0 |  |  | — |  | (2) |
|  |  |  | Warrant to purchase common units |  |  |  |  |  | 06/2008 |  | 06/2028 |  | 7.73% |  |  | 0.1 |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28.4 |  |  | 12.5 |  |  |
PestCo Holdings, LLC and PestCo, LLC (15) |  | Provider of pest control services to the residential and commercial markets |  | First lien senior secured loan |  | 11.87% | SOFR (Q) | 6.75% |  | 02/2023 |  | 02/2028 |  |  | 1.7 |  |  | 1.7 |  |  | 1.6 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 01/2023 |  |  |  | 134 |  |  | 1.7 |  |  | 1.8 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3.4 |  |  | 3.4 |  |  |
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC (15) |  | Hotel operator |  | First lien senior secured loan |  | 13.08% | SOFR (M) | 8.00% |  | 01/2023 |  | 01/2027 |  |  | 7.7 |  |  | 7.7 |  |  | 7.7 |  | (2)(11) |
|  |  |  | Preferred membership units |  |  |  |  |  | 07/2016 |  |  |  | 996,833 |  |  | 1.0 |  |  | 1.0 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8.7 |  |  | 8.7 |  |  |
Radiant Intermediate Holding, LLC |  | Provider of HVAC, plumbing and electrical services |  | First lien senior secured loan |  | 11.11% | SOFR (Q) | 5.75% |  | 04/2023 |  | 11/2026 |  |  | 2.1 |  |  | 2.0 |  |  | 2.0 |  | (2)(11) |
Redwood Services, LLC and Redwood Services Holdco, LLC (15) |  | Provider of residential HVAC and plumbing services |  | First lien senior secured loan |  | 11.70% | SOFR (Q) | 6.50% |  | 12/2020 |  | 12/2025 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.70% | SOFR (Q) | 6.50% |  | 12/2021 |  | 12/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.70% | SOFR (Q) | 6.50% |  | 09/2022 |  | 12/2025 |  |  | 1.4 |  |  | 1.4 |  |  | 1.4 |  | (2)(11) |
|  |  |  | Series D units |  | 8.00% PIK |  |  |  | 12/2020 |  |  |  | 19,592,999 |  |  | 20.8 |  |  | 42.0 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22.5 |  |  | 43.7 |  |  |
Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc. |  | Provider of safety systems for business and residential customers |  | First lien senior secured loan |  | 12.47% | SOFR (M) | 7.25% |  | 08/2020 |  | 08/2024 |  |  | 47.6 |  |  | 47.6 |  |  | 47.6 |  | (2)(11) |
Service Logic Acquisition, Inc. and MSHC, Inc. |  | Provider of aftermarket maintenance, repair, and replacement services for commercial HVAC equipments |  | First lien senior secured loan |  | 10.55% | SOFR (Q) | 5.50% |  | 10/2022 |  | 10/2027 |  |  | 3.4 |  |  | 3.4 |  |  | 3.4 |  | (2)(11) |
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. (15) |  | Planet Fitness franchisee |  | First lien senior secured revolving loan |  | 10.40% | SOFR (M) | 5.38% |  | 07/2018 |  | 07/2025 |  |  | 0.6 |  |  | 0.6 |  |  | 0.5 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.96% | SOFR (Q) | 5.38% |  | 07/2018 |  | 07/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.92% | SOFR (Q) | 5.33% |  | 03/2020 |  | 07/2025 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.96% | SOFR (Q) | 5.38% |  | 03/2020 |  | 07/2025 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 07/2018 |  |  |  | 37,020 |  |  | 3.8 |  |  | 7.2 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.9 |  |  | 9.2 |  |  |
The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc. (15) |  | Premier health club operator |  | First lien senior secured loan |  | 11.98% (2.63% PIK) | SOFR (Q) | 6.50% |  | 12/2019 |  | 12/2024 |  |  | 12.4 |  |  | 12.4 |  |  | 12.4 |  | (2)(11) |
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP (15) |  | Refrigeration, heating, ventilation and air conditioning services provider |  | First lien senior secured revolving loan |  | 11.80% | SOFR (Q) | 6.25% |  | 12/2021 |  | 12/2027 |  |  | 3.3 |  |  | 3.3 |  |  | 3.2 |  | (2)(11) |

38

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | First lien senior secured revolving loan |  | 11.14% | LIBOR (Q) | 6.00% |  | 12/2021 |  | 12/2027 |  |  | 2.3 |  |  | 2.3 |  |  | 2.2 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 11.79% | SOFR (S) | 6.25% |  | 12/2021 |  | 12/2027 |  |  | 1.3 |  |  | 1.3 |  |  | 1.3 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 11.36% | LIBOR (Q) | 6.25% |  | 12/2021 |  | 12/2027 |  |  | 3.0 |  |  | 3.0 |  |  | 2.9 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 13.50% | Base Rate (Q) | 5.25% |  | 12/2021 |  | 12/2027 |  |  | 2.9 |  |  | 2.9 |  |  | 2.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.81% | SOFR (Q) | 6.25% |  | 12/2021 |  | 12/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.80% | LIBOR (S) | 6.25% |  | 12/2021 |  | 12/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.15% | LIBOR (Q) | 6.00% |  | 08/2022 |  | 12/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.26% | SOFR (Q) | 6.75% |  | 04/2023 |  | 12/2027 |  |  | 1.6 |  |  | 1.6 |  |  | 1.6 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 12/2021 |  |  |  | 6,308,866 |  |  | 6.3 |  |  | 8.1 |  |  |
|  |  |  | Class C units |  |  |  |  |  | 03/2023 |  |  |  | 333,510 |  |  | — |  |  | 0.4 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21.1 |  |  | 22.9 |  |  |
Triwizard Holdings, Inc. and Triwizard Parent, LP (15) |  | Parking management and hospitality services provider |  | Class A-2 common units |  |  |  |  |  | 06/2023 |  |  |  | 30,000 |  |  | 3.0 |  |  | 3.0 |  | (2) |
YE Brands Holdings, LLC (15) |  | Sports camp operator |  | First lien senior secured loan |  | 10.34% | SOFR (Q) | 5.00% |  | 10/2021 |  | 10/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.59% | SOFR (Q) | 5.25% |  | 06/2022 |  | 10/2027 |  |  | 8.1 |  |  | 8.1 |  |  | 8.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8.2 |  |  | 8.2 |  |  |
ZBS Mechanical Group Co-Invest Fund 2, LLC |  | Provider of residential HVAC and plumbing services |  | Membership interest |  |  |  |  |  | 10/2021 |  |  |  | 2,771,000 |  |  | 1.4 |  |  | 9.8 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 759.5 |  |  | 804.8 |  |  | 7.77%
Consumer Durables and Apparel |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Badger Sportswear Acquisition, LLC |  | Provider of team uniforms and athletic wear |  | Second lien senior secured loan |  | 14.48% | LIBOR (Q) | 9.00% |  | 09/2016 |  | 06/2024 |  |  | 28.4 |  |  | 28.4 |  |  | 28.4 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 14.27% | LIBOR (Q) | 9.00% |  | 09/2016 |  | 06/2024 |  |  | 28.4 |  |  | 28.4 |  |  | 28.4 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56.8 |  |  | 56.8 |  |  |
Bowhunter Holdings, LLC |  | Provider of branded archery and bowhunting accessories |  | Common units |  |  |  |  |  | 04/2014 |  |  |  | 421 |  |  | 4.2 |  |  | — |  |  |
Centric Brands LLC and Centric Brands GP LLC (15) |  | Designer, marketer and distributor of licensed and owned apparel |  | First lien senior secured revolving loan |  | 10.69% | SOFR (Q) | 5.75% |  | 05/2020 |  | 10/2024 |  |  | 3.2 |  |  | 3.2 |  |  | 3.0 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.83% | SOFR (Q) | 5.75% |  | 05/2020 |  | 10/2025 |  |  | 2.3 |  |  | 2.3 |  |  | 2.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 7.63% | SOFR (Q) | 2.50% |  | 10/2018 |  | 10/2025 |  |  | 77.9 |  |  | 76.6 |  |  | 63.9 |  | (2)(11) |
|  |  |  | Membership interests |  |  |  |  |  | 10/2018 |  |  |  | 279,392 |  |  | 2.9 |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 85.0 |  |  | 69.1 |  |  |
DRS Holdings III, Inc. and DRS Holdings I, Inc. (15) |  | Footwear and orthopedic foot-care brand |  | First lien senior secured loan |  | 11.45% | SOFR (M) | 6.25% |  | 11/2019 |  | 11/2025 |  |  | 1.1 |  |  | 1.1 |  |  | 1.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 11/2019 |  | 11/2025 |  |  | 26.7 |  |  | 26.7 |  |  | 25.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.45% | SOFR (M) | 6.25% |  | 06/2021 |  | 11/2025 |  |  | 1.1 |  |  | 1.1 |  |  | 1.0 |  | (2)(11) |

39

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 06/2021 |  | 11/2025 |  |  | 24.6 |  |  | 24.6 |  |  | 23.1 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 11/2019 |  |  |  | 8,549 |  |  | 8.6 |  |  | 6.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 62.1 |  |  | 56.3 |  |  |
Implus Footcare, LLC |  | Provider of footwear and other accessories |  | First lien senior secured loan |  | 12.99% | SOFR (Q) | 7.75% |  | 06/2016 |  | 07/2024 |  |  | 1.3 |  |  | 1.3 |  |  | 1.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.99% | SOFR (Q) | 7.75% |  | 06/2017 |  | 07/2024 |  |  | 117.1 |  |  | 116.6 |  |  | 99.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.99% | SOFR (Q) | 7.75% |  | 07/2018 |  | 07/2024 |  |  | 5.0 |  |  | 5.0 |  |  | 4.3 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 122.9 |  |  | 104.9 |  |  |
Johnnie-O Inc. and Johnnie-O Holdings Inc. |  | Apparel retailer |  | First lien senior secured loan |  | 11.62% | SOFR (Q) | 6.25% |  | 03/2022 |  | 03/2027 |  |  | 19.1 |  |  | 18.4 |  |  | 19.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.62% | SOFR (Q) | 6.25% |  | 02/2023 |  | 03/2027 |  |  | 4.0 |  |  | 3.6 |  |  | 4.0 |  | (2)(11) |
|  |  |  | Series A convertible preferred stock |  |  |  |  |  | 03/2022 |  |  |  | 144,210 |  |  | 4.2 |  |  | 4.0 |  | (2) |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 03/2022 |  | 03/2032 |  | 93,577 |  |  | 1.5 |  |  | 2.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27.7 |  |  | 29.7 |  |  |
Lew's Intermediate Holdings, LLC (15) |  | Outdoor brand holding company |  | First lien senior secured loan |  | 10.26% | SOFR (Q) | 5.00% |  | 02/2021 |  | 02/2028 |  |  | 1.0 |  |  | 1.0 |  |  | 0.9 |  | (2)(11) |
New Era Cap, LLC |  | Sports apparel manufacturing company |  | First lien senior secured loan |  | 11.19% | LIBOR (M) | 6.00% |  | 01/2022 |  | 07/2027 |  |  | 27.0 |  |  | 27.0 |  |  | 27.0 |  | (2)(11) |
Pelican Products, Inc. (15) |  | Flashlights manufacturer |  | Second lien senior secured loan |  | 12.91% | SOFR (Q) | 7.75% |  | 12/2021 |  | 12/2029 |  |  | 60.0 |  |  | 60.0 |  |  | 55.2 |  | (2)(11) |
Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC |  | Sports equipment manufacturing company |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 12/2020 |  | 12/2026 |  |  | 49.5 |  |  | 49.5 |  |  | 49.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.41% | SOFR (Q) | 6.25% |  | 11/2021 |  | 12/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 49.6 |  |  | 49.6 |  |  |
Reef Lifestyle, LLC (15) |  | Apparel retailer |  | First lien senior secured revolving loan |  | 15.23% (2.00% PIK) | SOFR (Q) | 10.00% |  | 10/2018 |  | 02/2025 |  |  | 26.7 |  |  | 26.7 |  |  | 24.0 |  | (2)(11)(14) |
|  |  |  | First lien senior secured revolving loan |  | 10.83% (2.00% PIK) | SOFR (M) | 5.75% |  | 10/2018 |  | 02/2025 |  |  | 2.2 |  |  | 2.2 |  |  | 2.0 |  | (2)(11)(14) |
|  |  |  | First lien senior secured revolving loan |  | 10.99% (2.00% PIK) | SOFR (Q) | 5.75% |  | 10/2018 |  | 02/2025 |  |  | 16.3 |  |  | 16.3 |  |  | 14.7 |  | (2)(11)(14) |
|  |  |  | First lien senior secured revolving loan |  | 15.26% (4.25% PIK) | SOFR (Q) | 10.00% |  | 07/2020 |  | 02/2025 |  |  | 2.0 |  |  | 1.9 |  |  | 1.8 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 15.26% | SOFR (Q) | 10.00% |  | 10/2018 |  | 10/2024 |  |  | 23.0 |  |  | 23.0 |  |  | 20.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 15.26% (4.25% PIK) | SOFR (Q) | 10.00% |  | 07/2020 |  | 10/2024 |  |  | 1.8 |  |  | 1.8 |  |  | 1.6 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 71.9 |  |  | 64.8 |  |  |
S Toys Holdings LLC (fka The Step2 Company, LLC) (5) |  | Toy manufacturer |  | Common units |  |  |  |  |  | 04/2011 |  |  |  | 1,116,879 |  |  | — |  |  | — |  |  |
|  |  |  | Class B common units |  |  |  |  |  | 10/2014 |  |  |  | 126,278,000 |  |  | — |  |  | 0.2 |  |  |
|  |  |  | Warrant to purchase units |  |  |  |  |  | 04/2010 |  | 12/2050 |  | 3,157,895 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | 0.2 |  |  |
SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc. (5) |  | Manufacturer and distributor of slip resistant footwear |  | First lien senior secured loan |  | 10.62% PIK | SOFR (Q) | 5.25% |  | 05/2023 |  | 04/2024 |  |  | 18.2 |  |  | 18.2 |  |  | 16.0 |  | (2)(6)(11) |
|  |  |  | Second lien senior secured loan |  |  |  |  |  | 10/2015 |  | 10/2024 |  |  | 124.9 |  |  | 112.5 |  |  | 62.4 |  | (2)(10) |

40

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | Series A preferred stock |  |  |  |  |  | 05/2023 |  |  |  | 9,800 |  |  | — |  |  | — |  | (2) |
|  |  |  | Common stock |  |  |  |  |  | 05/2023 |  |  |  | 481,918 |  |  | — |  |  | — |  | (2) |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 05/2023 |  | 04/2024 |  | 9,800 |  |  | — |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 130.7 |  |  | 78.4 |  |  |
Shock Doctor, Inc. and Shock Doctor Holdings, LLC (4)(15) |  | Developer, marketer and distributor of sports protection equipment and accessories |  | First lien senior secured revolving loan |  | 12.50% | Base Rate (Q) | 4.25% |  | 05/2019 |  | 05/2024 |  |  | 2.3 |  |  | 2.3 |  |  | 2.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.74% | SOFR (Q) | 5.50% |  | 05/2019 |  | 05/2024 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Class A preferred units |  |  |  |  |  | 03/2014 |  |  |  | 50,000 |  |  | 5.0 |  |  | — |  | (2) |
|  |  |  | Class C preferred units |  |  |  |  |  | 04/2015 |  |  |  | 50,000 |  |  | 5.0 |  |  | — |  | (2) |
|  |  |  | Preferred units |  |  |  |  |  | 05/2019 |  |  |  | 14,591 |  |  | 1.6 |  |  | 2.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14.0 |  |  | 4.5 |  |  |
SVP-Singer Holdings Inc. and SVP-Singer Holdings LP |  | Manufacturer of consumer sewing machines |  | First lien senior secured loan |  |  |  |  |  | 07/2021 |  | 07/2028 |  |  | 44.2 |  |  | 41.9 |  |  | 33.2 |  | (2)(10) |
|  |  |  | Class A common units |  |  |  |  |  | 07/2021 |  |  |  | 6,264,706 |  |  | 26.1 |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 68.0 |  |  | 33.2 |  |  |
Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. (4) |  | Designer, marketer, and distributor of rain and cold weather products |  | First lien senior secured loan |  | 11.22% | SOFR (M) | 6.00% |  | 12/2019 |  | 12/2024 |  |  | 2.2 |  |  | 2.2 |  |  | 1.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.22% | SOFR (M) | 4.00% |  | 12/2019 |  | 06/2024 |  |  | 1.6 |  |  | 1.6 |  |  | 1.6 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 12/2019 |  |  |  | 861,000 |  |  | 6.0 |  |  | 0.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9.8 |  |  | 3.9 |  |  |
Varsity Brands Holding Co., Inc., Hercules Achievement, Inc. and BCPE Hercules Holdings, LP |  | Leading manufacturer and distributor of textiles, apparel & luxury goods |  | First lien senior secured loan |  | 10.22% | SOFR (M) | 5.00% |  | 12/2017 |  | 04/2027 |  |  | 14.7 |  |  | 14.1 |  |  | 14.1 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 15.47% (2.00% PIK) | SOFR (M) | 10.25% |  | 07/2018 |  | 04/2027 |  |  | 144.9 |  |  | 144.9 |  |  | 143.4 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 07/2018 |  |  |  | 1,400 |  |  | 1.4 |  |  | 1.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 160.4 |  |  | 158.6 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 951.1 |  |  | 793.1 |  |  | 7.66%
Capital Goods |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AI Aqua Merger Sub, Inc. |  | End to end provider of water solutions to a wide range of customer bases |  | First lien senior secured loan |  | 8.90% | SOFR (M) | 3.75% |  | 06/2021 |  | 07/2028 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(11)(18) |
AIM Acquisition, LLC (15) |  | Manufacturer of component repair materials, consumables and engine components for the aerospace sector |  | First lien senior secured revolving loan |  | 10.26% | LIBOR (Q) | 5.00% |  | 05/2022 |  | 12/2025 |  |  | 0.4 |  |  | 0.3 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.36% | SOFR (Q) | 5.00% |  | 05/2022 |  | 12/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.4 |  |  | 0.5 |  |  |
API Commercial Inc., API Military Inc., and API Space Intermediate, Inc. |  | Provider of military aircraft aftermarket parts and distribution, repair and logistics services |  | First lien senior secured loan |  |  |  |  |  | 05/2022 |  | 08/2025 |  |  | 7.0 |  |  | 3.0 |  |  | 3.5 |  | (2)(10) |

41

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Arrowhead Holdco Company and Arrowhead GS Holdings, Inc. |  | Distributor of non-discretionary, mission-critical aftermarket replacement parts |  | First lien senior secured loan |  | 9.77% | SOFR (Q) | 4.50% |  | 08/2021 |  | 08/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 08/2021 |  |  |  | 5,054 |  |  | 5.1 |  |  | 2.7 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.2 |  |  | 2.8 |  |  |
BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC (15) |  | Provides products and services to the Department of Defense and Intelligence Community |  | First lien senior secured revolving loan |  | 11.76% | SOFR (Q) | 6.50% |  | 05/2022 |  | 10/2025 |  |  | 0.5 |  |  | 0.4 |  |  | 0.5 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 11.62% | SOFR (Q) | 6.50% |  | 05/2022 |  | 10/2025 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.89% | SOFR (Q) | 6.50% |  | 05/2022 |  | 10/2025 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.61% | SOFR (Q) | 6.50% |  | 05/2022 |  | 10/2025 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.8 |  |  | 1.9 |  |  |
Burgess Point Purchaser Corporation |  | Remanufacturer of mission-critical and non-discretionary aftermarket vehicle, industrial, energy storage, and solar replacement parts |  | First lien senior secured loan |  | 10.45% | SOFR (M) | 5.25% |  | 07/2022 |  | 07/2029 |  |  | 22.2 |  |  | 20.7 |  |  | 21.0 |  | (2)(11)(18) |
Cadence Aerospace, LLC (15) |  | Aerospace precision components manufacturer |  | First lien senior secured revolving loan |  |  |  |  |  | 11/2017 |  | 08/2024 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 13.91% (2.00% PIK) | SOFR (Q) | 8.50% |  | 11/2017 |  | 11/2024 |  |  | 10.8 |  |  | 10.8 |  |  | 10.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 13.91% (2.00% PIK) | SOFR (Q) | 8.50% |  | 07/2018 |  | 11/2024 |  |  | 3.4 |  |  | 3.4 |  |  | 3.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 13.91% (2.00% PIK) | SOFR (Q) | 8.50% |  | 10/2019 |  | 11/2024 |  |  | 4.1 |  |  | 4.1 |  |  | 4.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 13.91% (2.00% PIK) | SOFR (Q) | 8.50% |  | 02/2020 |  | 11/2024 |  |  | 2.7 |  |  | 2.7 |  |  | 2.7 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21.0 |  |  | 21.0 |  |  |
CPIG Holdco Inc. |  | Distributor of engineered fluid power and complex machined solutions |  | First lien senior secured loan |  | 12.15% | SOFR (S) | 7.00% |  | 04/2023 |  | 04/2028 |  |  | 14.8 |  |  | 14.8 |  |  | 14.3 |  | (2)(11) |
DFS Holding Company, Inc. (15) |  | Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry |  | First lien senior secured loan |  | 12.20% | SOFR (M) | 7.00% |  | 01/2023 |  | 01/2029 |  |  | 2.0 |  |  | 1.9 |  |  | 1.9 |  | (2)(11) |
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP (15) |  | Provider of aerospace technology and equipment |  | First lien senior secured revolving loan |  | 12.40% | SOFR (Q) | 7.00% |  | 12/2020 |  | 12/2025 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.04% | SOFR (Q) | 7.00% |  | 12/2020 |  | 12/2026 |  |  | 21.9 |  |  | 21.9 |  |  | 21.9 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 12/2020 |  |  |  | 9,773,000 |  |  | 9.8 |  |  | 8.6 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32.0 |  |  | 30.8 |  |  |
EPS NASS Parent, Inc. (15) |  | Provider of maintenance and engineering services for electrical infrastructure |  | First lien senior secured revolving loan |  | 11.14% | SOFR (Q) | 5.75% |  | 04/2021 |  | 04/2026 |  |  | 1.2 |  |  | 1.2 |  |  | 1.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 04/2021 |  | 04/2028 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.4 |  |  | 1.4 |  |  |

42

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
ESCP PPG Holdings, LLC (4) |  | Distributor of new equipment and aftermarket parts to the heavy-duty truck industry |  | Class A-1 units |  |  |  |  |  | 08/2022 |  |  |  | 96,897 |  |  | 2.3 |  |  | 5.5 |  | (2) |
|  |  |  | Class A-2 units |  |  |  |  |  | 12/2016 |  |  |  | 3,500 |  |  | 3.5 |  |  | 0.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.8 |  |  | 5.7 |  |  |
Harvey Tool Company, LLC (15) |  | Manufacturer of cutting tools used in the metalworking industry |  | First lien senior secured revolving loan |  | 10.72% | SOFR (Q) | 5.50% |  | 10/2021 |  | 10/2027 |  |  | 2.7 |  |  | 2.7 |  |  | 2.6 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.89% | SOFR (Q) | 5.50% |  | 10/2021 |  | 10/2027 |  |  | 2.5 |  |  | 2.5 |  |  | 2.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.89% | SOFR (Q) | 5.50% |  | 10/2021 |  | 10/2027 |  |  | 1.8 |  |  | 1.8 |  |  | 1.8 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.0 |  |  | 6.8 |  |  |
Helix Acquisition Holdings, Inc. |  | Manufacturer of springs, fasteners and custom components |  | First lien senior secured loan |  | 12.34% | SOFR (Q) | 7.00% |  | 03/2023 |  | 03/2030 |  |  | 12.6 |  |  | 12.6 |  |  | 12.2 |  | (2)(11) |
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation (5) |  | Provider of high-speed intelligent document scanning hardware and software |  | Senior subordinated loan |  | 14.00% |  |  |  | 01/2017 |  | 12/2028 |  |  | 16.6 |  |  | 16.6 |  |  | 16.6 |  | (2) |
|  |  |  | Class A common stock |  |  |  |  |  | 01/2017 |  |  |  | 48,544 |  |  | 13.5 |  |  | 47.4 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30.1 |  |  | 64.0 |  |  |
Kene Acquisition, Inc. and Kene Holdings, L.P. (15) |  | National utility services firm providing engineering and consulting services to natural gas, electric power and other energy and industrial end markets |  | First lien senior secured revolving loan |  |  |  |  |  | 08/2019 |  | 08/2024 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 9.64% | SOFR (Q) | 4.25% |  | 08/2019 |  | 08/2026 |  |  | 40.4 |  |  | 40.4 |  |  | 40.4 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 08/2019 |  |  |  | 4,549,000 |  |  | 4.6 |  |  | 8.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45.0 |  |  | 48.8 |  |  |
Lower ACS, Inc. (15) |  | Provider of commercial HVAC equipment and services |  | First lien senior secured revolving loan |  | 10.70% | SOFR (M) | 5.50% |  | 01/2022 |  | 01/2028 |  |  | 1.5 |  |  | 1.5 |  |  | 1.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.70% | SOFR (M) | 5.50% |  | 01/2022 |  | 01/2028 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.3 |  |  | 2.3 |  |  |
LTG Acquisition, Inc. |  | Designer and manufacturer of display, lighting and passenger communication systems for mass transportation markets |  | Class A membership units |  |  |  |  |  | 01/2017 |  |  |  | 5,000 |  |  | 5.1 |  |  | — |  |  |
Maverick Acquisition, Inc. |  | Manufacturer of precision machined components for defense and high-tech industrial platforms |  | First lien senior secured loan |  | 11.44% | LIBOR (M) | 6.25% |  | 06/2021 |  | 06/2027 |  |  | 27.5 |  |  | 27.5 |  |  | 23.3 |  | (2)(11) |
MB Aerospace Holdings II Corp. |  | Aerospace engine components manufacturer |  | First lien senior secured loan |  | 8.70% | SOFR (M) | 3.50% |  | 06/2021 |  | 01/2025 |  |  | 15.2 |  |  | 14.5 |  |  | 15.2 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 13.66% | SOFR (Q) | 8.50% |  | 01/2018 |  | 01/2026 |  |  | 68.4 |  |  | 68.4 |  |  | 68.4 |  | (2)(11) |

43

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | Second lien senior secured loan |  | 13.66% | SOFR (Q) | 8.50% |  | 05/2019 |  | 01/2026 |  |  | 23.6 |  |  | 23.6 |  |  | 23.6 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 106.5 |  |  | 107.2 |  |  |
NCWS Intermediate, Inc. and NCWS Holdings LP (15) |  | Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market |  | First lien senior secured loan |  | 11.20% | SOFR (Q) | 6.00% |  | 12/2020 |  | 12/2026 |  |  | 0.2 |  |  | 0.2 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.20% | SOFR (Q) | 6.00% |  | 11/2021 |  | 12/2026 |  |  | 96.5 |  |  | 96.5 |  |  | 94.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.71% | SOFR (M) | 6.50% |  | 12/2021 |  | 12/2026 |  |  | 8.3 |  |  | 8.3 |  |  | 8.1 |  | (2)(11) |
|  |  |  | Class A-2 common units |  |  |  |  |  | 12/2020 |  |  |  | 12,296,000 |  |  | 12.9 |  |  | 25.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 117.9 |  |  | 128.3 |  |  |
Noble Aerospace, LLC (15) |  | Provider of metal finishing services to the aerospace, military and defense sectors |  | First lien senior secured revolving loan |  |  |  |  |  | 05/2022 |  | 09/2023 |  |  | — |  |  | — |  |  | — |  | (13) |
Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC |  | Provider of structural integrity management services to transmission and distribution infrastructure |  | Second lien senior secured loan |  | 11.97% | SOFR (M) | 6.75% |  | 06/2021 |  | 06/2029 |  |  | 55.3 |  |  | 55.3 |  |  | 53.0 |  | (2)(11) |
Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP. |  | Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry |  | First lien senior secured loan |  | 11.20% | SOFR (M) | 6.00% |  | 08/2021 |  | 08/2027 |  |  | 11.6 |  |  | 11.6 |  |  | 11.4 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 11.20% | SOFR (M) | 6.00% |  | 04/2022 |  | 08/2027 |  |  | 4.0 |  |  | 4.0 |  |  | 3.9 |  | (2)(6)(11) |
|  |  |  | Class A units |  |  |  |  |  | 08/2021 |  |  |  | 88,420 |  |  | 13.4 |  |  | 26.0 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29.0 |  |  | 41.3 |  |  |
Prime Buyer, L.L.C. (15) |  | Provider of track systems, cabs, hulls, doors, and various armored components for defense/military vehicle applications |  | First lien senior secured revolving loan |  | 10.45% | SOFR (M) | 5.25% |  | 05/2022 |  | 12/2026 |  |  | 0.7 |  |  | 0.2 |  |  | 0.6 |  | (2)(11) |
Qnnect, LLC and Connector TopCo, LP (15) |  | Manufacturer of highly engineered hermetic packaging products |  | First lien senior secured loan |  | 12.08% | SOFR (Q) | 7.00% |  | 11/2022 |  | 11/2029 |  |  | 10.6 |  |  | 10.6 |  |  | 10.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.13% | SOFR (Q) | 7.00% |  | 11/2022 |  | 11/2029 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 11/2022 |  |  |  | 992,500 |  |  | 9.9 |  |  | 11.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20.6 |  |  | 22.2 |  |  |
Radius Aerospace, Inc. and Radius Aerospace Europe Limited (15) |  | Metal fabricator in the aerospace industry |  | First lien senior secured revolving loan |  | 11.00% | SOFR (M) | 5.75% |  | 03/2019 |  | 03/2025 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(6)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.68% | SONIA (M) | 5.75% |  | 11/2019 |  | 03/2025 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.5 |  |  | 0.5 |  |  |
Radwell Parent, LLC (15) |  | Distributor of maintenance, repair, and operations parts |  | First lien senior secured revolving loan |  | 11.99% | SOFR (Q) | 6.75% |  | 12/2022 |  | 04/2028 |  |  | 0.9 |  |  | 0.8 |  |  | 0.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.99% | SOFR (Q) | 6.75% |  | 12/2022 |  | 04/2029 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.9 |  |  | 1.0 |  |  |

44

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon (15) |  | Manufacturer of metal castings, precision machined components and sub-assemblies in the electrical products, power transmission and distribution and general industrial markets |  | First lien senior secured revolving loan |  |  |  |  |  | 10/1/2017 |  | 10/2024 |  |  |  |  | — |  |  | — |  | (2)(13) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 569.5 |  |  | 617.3 |  |  | 5.96%
Media and Entertainment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aventine Intermediate LLC & Aventine Holdings II LLC |  | Media and production company |  | First lien senior secured loan |  | 11.34% (4.00% PIK) | SOFR (Q) | 6.00% |  | 12/2021 |  | 06/2027 |  |  | 9.8 |  |  | 9.8 |  |  | 9.6 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 10.25% PIK |  |  |  | 12/2021 |  | 12/2030 |  |  | 41.4 |  |  | 41.4 |  |  | 33.9 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51.2 |  |  | 43.5 |  |  |
Axiomatic, LLC |  | Premiere e-sports and video game investment platform |  | Class A-1 units |  |  |  |  |  | 05/2022 |  |  |  | 500,000 |  |  | 5.0 |  |  | 5.5 |  |  |
CMW Parent LLC (fka Black Arrow, Inc.) |  | Multiplatform media firm |  | Series A units |  |  |  |  |  | 09/2015 |  |  |  | 32 |  |  | — |  |  | — |  |  |
Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited |  | Multi-club sports platform |  | Senior subordinated loan |  | 13.27% | SOFR (Q) | 8.00% |  | 12/2022 |  | 12/2028 |  |  | 44.4 |  |  | 44.4 |  |  | 41.8 |  | (2)(6)(11) |
|  |  |  | Senior subordinated loan |  | 15.00% PIK |  |  |  | 12/2022 |  | 12/2028 |  |  | 22.5 |  |  | 22.5 |  |  | 22.3 |  | (2)(6) |
|  |  |  | Senior subordinated loan |  | 15.00% PIK |  |  |  | 12/2022 |  | 12/2028 |  |  | 4.7 |  |  | 4.7 |  |  | 4.7 |  | (2)(6) |
|  |  |  | Warrant to purchase shares of ordinary shares |  |  |  |  |  | 12/2022 |  | 11/2028 |  | 180 |  |  | — |  |  | 3.5 |  | (2)(6) |
|  |  |  | Warrant to purchase shares of ordinary shares |  |  |  |  |  | 12/2022 |  | 11/2028 |  | 199 |  |  | — |  |  | 0.6 |  | (2)(6) |
|  |  |  | Warrant to purchase shares of ordinary shares |  |  |  |  |  | 12/2022 |  | 11/2028 |  | 494 |  |  | — |  |  | — |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 71.6 |  |  | 72.9 |  |  |
Global Music Rights, LLC (15) |  | Music right management company |  | First lien senior secured loan |  | 10.66% | LIBOR (Q) | 5.50% |  | 08/2021 |  | 08/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
MailSouth, Inc. |  | Provider of shared mail marketing services |  | First lien senior secured loan |  |  |  |  |  | 05/2022 |  | 04/2024 |  |  | 8.7 |  |  | 5.8 |  |  | 1.7 |  | (2)(10) |
Miami Beckham United LLC |  | American professional soccer club |  | Class A preferred units |  | 8.50% PIK |  |  |  | 09/2021 |  |  |  | 85,000 |  |  | 98.8 |  |  | 98.8 |  |  |
|  |  |  | Class B preferred units |  | 9.50% PIK |  |  |  | 06/2023 |  |  |  | 42,500 |  |  | 42.5 |  |  | 42.5 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 141.3 |  |  | 141.3 |  |  |
OUTFRONT Media Inc. |  | Provider of out-of-home advertising |  | Series A convertible perpetual preferred stock |  | 7.00% |  |  |  | 04/2020 |  |  |  | 25,000 |  |  | 25.0 |  |  | 31.5 |  | (2)(6) |
Production Resource Group, L.L.C. and PRG III, LLC (4) |  | Provider of rental equipment, labor, production management, scenery, and other products to various entertainment end-markets |  | First lien senior secured loan |  | 13.69% (5.50% PIK) | SOFR (M) | 8.50% |  | 08/2018 |  | 08/2024 |  |  | 41.1 |  |  | 41.1 |  |  | 41.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.19% (2.50% PIK) | SOFR (M) | 5.00% |  | 07/2020 |  | 08/2024 |  |  | 15.3 |  |  | 15.2 |  |  | 15.3 |  | (2)(11) |

45

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | First lien senior secured loan |  | 12.70% (2.50% PIK) | SOFR (M) | 7.50% |  | 06/2021 |  | 08/2024 |  |  | 0.9 |  |  | 0.9 |  |  | 0.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.70% (2.50% PIK) | SOFR (M) | 7.50% |  | 08/2021 |  | 08/2024 |  |  | 7.5 |  |  | 7.5 |  |  | 7.5 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 10/2020 |  |  |  | 113,617 |  |  | 4.9 |  |  | 46.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 69.6 |  |  | 111.1 |  |  |
Professional Fighters League, LLC and PFL MMA, Inc. |  | Mixed martial arts league |  | First lien senior secured loan |  | 12.00% PIK |  |  |  | 01/2021 |  | 01/2026 |  |  | 18.2 |  |  | 17.3 |  |  | 18.2 |  | (2) |
|  |  |  | Second lien senior secured loan |  | 14.00% PIK |  |  |  | 11/2022 |  | 01/2026 |  |  | 0.2 |  |  | 0.1 |  |  | 0.2 |  | (2) |
|  |  |  | Series E preferred stock |  |  |  |  |  | 04/2022 |  |  |  | 219,035 |  |  | 0.7 |  |  | 0.7 |  | (2) |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 01/2021 |  | 01/2027 |  | 3,223,122 |  |  | 1.7 |  |  | 1.4 |  | (2) |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 11/2022 |  | 11/2029 |  | 68,787 |  |  | 0.2 |  |  | 0.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20.0 |  |  | 20.7 |  |  |
Storm Investment S.a.r.l. |  | Spanish futbol club |  | First lien senior secured loan |  | 3.75% |  |  |  | 06/2021 |  | 06/2029 |  |  | 67.3 |  |  | 73.6 |  |  | 67.3 |  | (2)(6) |
|  |  |  | Class A redeemable shares |  |  |  |  |  | 06/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.7 |  | (2)(6) |
|  |  |  | Class B redeemable shares |  |  |  |  |  | 06/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.7 |  | (2)(6) |
|  |  |  | Class C redeemable shares |  |  |  |  |  | 06/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.7 |  | (2)(6) |
|  |  |  | Class D redeemable shares |  |  |  |  |  | 06/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.7 |  | (2)(6) |
|  |  |  | Class E redeemable shares |  |  |  |  |  | 06/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.7 |  | (2)(6) |
|  |  |  | Class F redeemable shares |  |  |  |  |  | 06/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.7 |  | (2)(6) |
|  |  |  | Class G redeemable shares |  |  |  |  |  | 06/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.7 |  | (2)(6) |
|  |  |  | Class H redeemable shares |  |  |  |  |  | 06/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.7 |  | (2)(6) |
|  |  |  | Class I redeemable shares |  |  |  |  |  | 06/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.7 |  | (2)(6) |
|  |  |  | Ordinary shares |  |  |  |  |  | 06/2021 |  |  |  | 3,958 |  |  | — |  |  | 0.2 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 88.0 |  |  | 91.8 |  |  |
The Teaching Company Holdings, Inc. |  | Education publications provider |  | Preferred stock |  |  |  |  |  | 09/2006 |  |  |  | 10,663 |  |  | 1.1 |  |  | 1.3 |  | (2) |
|  |  |  | Common stock |  |  |  |  |  | 09/2006 |  |  |  | 15,393 |  |  | — |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.1 |  |  | 1.3 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 478.7 |  |  | 521.4 |  |  | 5.04%
Retailing and Distribution |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlas Intermediate III, L.L.C. (15) |  | Specialty chemicals distributor |  | First lien senior secured revolving loan |  | 10.94% | SOFR (M) | 5.75% |  | 04/2019 |  | 04/2025 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.11% | SOFR (Q) | 5.75% |  | 03/2021 |  | 04/2025 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.11% | SOFR (Q) | 5.75% |  | 11/2021 |  | 04/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.11% | SOFR (Q) | 5.75% |  | 03/2022 |  | 04/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |

46

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | First lien senior secured loan |  | 11.11% | SOFR (Q) | 5.75% |  | 10/2022 |  | 04/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.0 |  |  | 1.0 |  |  |
Bamboo Purchaser, Inc. |  | Provider of nursery, garden, and greenhouse products |  | First lien senior secured loan |  | 12.39% | SOFR (Q) | 7.00% |  | 11/2021 |  | 11/2027 |  |  | 17.9 |  |  | 17.9 |  |  | 17.0 |  | (2)(11) |
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (15) |  | Provider of visual communications solutions |  | First lien senior secured loan |  | 10.85% | SOFR (M) | 5.65% |  | 03/2019 |  | 03/2025 |  |  | 15.6 |  |  | 15.6 |  |  | 15.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.85% | SOFR (M) | 5.65% |  | 08/2019 |  | 03/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.85% | SOFR (M) | 5.65% |  | 06/2021 |  | 03/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 03/2019 |  |  |  | 600 |  |  | 0.6 |  |  | 1.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16.4 |  |  | 17.2 |  |  |
GPM Investments, LLC and ARKO Corp. |  | Convenience store operator |  | Common stock |  |  |  |  |  | 12/2020 |  |  |  | 2,088,478 |  |  | 19.8 |  |  | 16.6 |  | (18) |
|  |  |  | Warrant to purchase common stock |  |  |  |  |  | 12/2020 |  | 12/2025 |  | 1,088,780 |  |  | 1.6 |  |  | 1.6 |  | (2)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21.4 |  |  | 18.2 |  |  |
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC |  | Distributor of OEM appliance aftermarket parts |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 06/2021 |  | 06/2028 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 12/2021 |  | 06/2028 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | Class A common units |  |  |  |  |  | 06/2021 |  |  |  | 5,796 |  |  | 6.1 |  |  | 9.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.7 |  |  | 9.7 |  |  |
Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP (15) |  | Auto parts retailer |  | First lien senior secured revolving loan |  |  |  |  |  | 05/2021 |  | 05/2026 |  |  |  |  | — |  |  | — |  | (13) |
|  |  |  | Series A preferred stock |  | 7.00% PIK |  |  |  | 05/2021 |  |  |  | 68,601 |  |  | 79.7 |  |  | 79.7 |  | (2) |
|  |  |  | Class A-1 units |  |  |  |  |  | 05/2021 |  |  |  | 24,586 |  |  | 24.6 |  |  | 35.0 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 104.3 |  |  | 114.7 |  |  |
McKenzie Creative Brands, LLC (15) |  | Designer, manufacturer and distributor of hunting-related supplies |  | First lien senior secured revolving loan |  | 11.93% | SOFR (M) | 6.75% |  | 09/2014 |  | 09/2025 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.95% | SOFR (M) | 6.75% |  | 09/2014 |  | 09/2025 |  |  | 5.5 |  |  | 5.5 |  |  | 5.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.95% | SOFR (M) | 6.75% |  | 09/2014 |  | 09/2025 |  |  | 84.5 |  |  | 84.5 |  |  | 84.5 |  | (2)(8)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 90.7 |  |  | 90.7 |  |  |
Monolith Brands Group, Inc. |  | E-commerce platform focused on consolidating DTC branded businesses |  | Series A-1 preferred stock |  |  |  |  |  | 04/2022 |  |  |  | 701,255 |  |  | 15.5 |  |  | 15.5 |  | (2) |
Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP |  | Operator of retail and wholesale tree and plant nurseries |  | Limited partnership interests |  |  |  |  |  | 10/2021 |  |  |  | 21,939,152 |  |  | 20.8 |  |  | 34.7 |  |  |
North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC |  | Manufacturer of aftermarket golf cart parts and accessories |  | First lien senior secured loan |  | 13.19% (3.75% PIK) | LIBOR (Q) | 8.00% |  | 05/2021 |  | 05/2027 |  |  | 25.4 |  |  | 25.4 |  |  | 22.3 |  | (2)(11) |

47

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | First lien senior secured loan |  | 13.39% (3.75% PIK) | SOFR (Q) | 8.00% |  | 05/2021 |  | 05/2027 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 05/2021 |  |  |  | 50,000 |  |  | 5.0 |  |  | 0.4 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30.8 |  |  | 23.1 |  |  |
Reddy Ice LLC (15) |  | Packaged ice manufacturer and distributor |  | First lien senior secured revolving loan |  | 13.25% | Base Rate (Q) | 5.00% |  | 07/2019 |  | 07/2024 |  |  | 1.3 |  |  | 1.2 |  |  | 1.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.72% | LIBOR (Q) | 6.50% |  | 07/2019 |  | 07/2025 |  |  | 60.9 |  |  | 60.9 |  |  | 60.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.22% | LIBOR (Q) | 6.00% |  | 11/2020 |  | 07/2025 |  |  | 4.2 |  |  | 4.2 |  |  | 4.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.22% | LIBOR (S) | 6.00% |  | 10/2021 |  | 07/2025 |  |  | 0.9 |  |  | 0.9 |  |  | 0.9 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 67.2 |  |  | 66.6 |  |  |
Trader Corporation and Project Auto Finco Corp. (15) |  | Digital Automotive marketplace and software solution provider to automotive industry |  | First lien senior secured loan |  | 11.96% | CDOR (M) | 6.75% |  | 12/2022 |  | 12/2029 |  |  | 12.5 |  |  | 12.1 |  |  | 12.5 |  | (2)(6)(11) |
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. (15) |  | Producer and packager of compressed, household, and packaged salt |  | First lien senior secured loan |  | 10.89% | SOFR (Q) | 5.50% |  | 07/2021 |  | 07/2028 |  |  | 26.3 |  |  | 26.3 |  |  | 25.5 |  | (2)(11) |
|  |  |  | Limited partner interests |  |  |  |  |  | 07/2021 |  |  |  | 0.40% |  |  | 0.8 |  |  | 0.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27.1 |  |  | 26.1 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 431.9 |  |  | 447.0 |  |  | 4.32%
Food and Beverage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Seafoods Group LLC and American Seafoods Partners LLC |  | Harvester and processor of seafood |  | Class A units |  |  |  |  |  | 08/2015 |  |  |  | 77,922 |  |  | 0.1 |  |  | 0.2 |  | (2) |
|  |  |  | Warrant to purchase units of Class A units |  |  |  |  |  | 08/2015 |  | 08/2035 |  | 7,422,078 |  |  | 7.4 |  |  | 23.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.5 |  |  | 23.3 |  |  |
Berner Food & Beverage, LLC (15) |  | Supplier of dairy-based food and beverage products |  | First lien senior secured revolving loan |  | 12.75% | Base Rate (Q) | 4.50% |  | 07/2021 |  | 07/2026 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.70% | SOFR (Q) | 5.50% |  | 07/2021 |  | 07/2026 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.1 |  |  | 1.1 |  |  |
Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4)(15) |  | Health food company |  | First lien senior secured loan |  | 12.34% | SOFR (Q) | 7.00% |  | 12/2020 |  | 12/2025 |  |  | 28.1 |  |  | 28.1 |  |  | 27.8 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 03/2019 |  |  |  | 14,850 |  |  | 11.5 |  |  | 10.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39.6 |  |  | 38.4 |  |  |
CHG PPC Parent LLC & PPC CHG Blocker LLC |  | Diversified food products manufacturer |  | Second lien senior secured loan |  | 11.97% | SOFR (M) | 6.75% |  | 12/2021 |  | 12/2029 |  |  | 94.6 |  |  | 94.6 |  |  | 92.7 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 12/2021 |  |  |  | 59 |  |  | 3.0 |  |  | 3.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 97.6 |  |  | 95.8 |  |  |
Florida Food Products, LLC |  | Provider of plant extracts and juices |  | First lien senior secured loan |  | 10.19% | LIBOR (M) | 5.00% |  | 10/2021 |  | 10/2028 |  |  | 0.5 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.10% | SOFR (M) | 5.00% |  | 06/2022 |  | 10/2028 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.19% | LIBOR (M) | 8.00% |  | 10/2021 |  | 10/2029 |  |  | 71.8 |  |  | 71.8 |  |  | 66.8 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 72.6 |  |  | 67.6 |  |  |
GF Parent LLC |  | Producer of low-acid, aseptic food and beverage products |  | Class A preferred units |  |  |  |  |  | 05/2015 |  |  |  | 2,940 |  |  | 2.9 |  |  | — |  | (2) |
|  |  |  | Class A common units |  |  |  |  |  | 05/2015 |  |  |  | 60,000 |  |  | 0.1 |  |  | — |  | (2) |

48

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3.0 |  |  | — |  |  |
Gotham Greens Holdings, PBC (15) |  | Producer of vegetables and culinary herbs for restaurants and retailers |  | First lien senior secured loan |  | 12.58% | SOFR (M) | 7.38% |  | 06/2022 |  | 12/2026 |  |  | 33.3 |  |  | 33.3 |  |  | 32.8 |  | (2)(11) |
|  |  |  | Series E-1 preferred stock |  | 6.00% PIK |  |  |  | 06/2022 |  |  |  | 166,059 |  |  | 14.2 |  |  | 14.2 |  | (2) |
|  |  |  | Warrant to purchase shares of Series E-1 preferred stock |  |  |  |  |  | 06/2022 |  | 06/2032 |  | 71,607 |  |  | — |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 47.5 |  |  | 47.0 |  |  |
KNPC HoldCo, LLC |  | Producer of trail mix and mixed nut snack products |  | First lien senior secured loan |  | 10.70% | SOFR (S) | 5.50% |  | 04/2022 |  | 10/2028 |  |  | 5.6 |  |  | 5.6 |  |  | 5.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.74% | SOFR (S) | 6.75% |  | 12/2022 |  | 10/2028 |  |  | 1.3 |  |  | 1.3 |  |  | 1.3 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.9 |  |  | 6.8 |  |  |
Manna Pro Products, LLC (15) |  | Manufacturer and supplier of specialty nutrition and care products for animals |  | First lien senior secured revolving loan |  | 11.20% | SOFR (M) | 6.00% |  | 12/2020 |  | 12/2026 |  |  | 5.1 |  |  | 5.1 |  |  | 4.6 |  | (2)(11) |
RB Holdings InterCo, LLC (15) |  | Manufacturer of pet food and treats |  | First lien senior secured revolving loan |  | 10.38% | SOFR (Q) | 5.00% |  | 05/2022 |  | 05/2028 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.23% | SOFR (Q) | 5.00% |  | 05/2022 |  | 05/2028 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.14% | SOFR (Q) | 5.00% |  | 05/2022 |  | 05/2028 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.22% | SOFR (Q) | 5.00% |  | 05/2022 |  | 05/2028 |  |  | 11.4 |  |  | 11.4 |  |  | 11.4 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.2 |  |  | 13.2 |  |  |
RF HP SCF Investor, LLC |  | Branded specialty food company |  | Membership interest |  |  |  |  |  | 12/2016 |  |  |  | 10.08% |  |  | 12.5 |  |  | 27.5 |  | (2)(6) |
Teasdale Foods, Inc. and Familia Group Holdings Inc. |  | Provider of beans, sauces and hominy to the retail, foodservice and wholesale channels |  | First lien senior secured loan |  | 12.84% (1.00% PIK) | SOFR (Q) | 7.25% |  | 12/2020 |  | 12/2025 |  |  | 76.1 |  |  | 76.1 |  |  | 68.5 |  | (2)(11) |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 02/2019 |  | 02/2034 |  | 57,827 |  |  | — |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 76.1 |  |  | 68.5 |  |  |
Triton Water Holdings, Inc. |  | Producer and provider of bottled water brands |  | First lien senior secured loan |  | 8.74% | SOFR (Q) | 3.50% |  | 03/2021 |  | 03/2028 |  |  | 1.0 |  |  | 1.0 |  |  | 0.9 |  | (2)(11)(18) |
|  |  |  | Senior subordinated loan |  | 6.25% |  |  |  | 03/2021 |  | 04/2029 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.1 |  |  | 1.0 |  |  |
Watermill Express, LLC and Watermill Express Holdings, LLC |  | Owner and operator of self-service water and ice stations |  | First lien senior secured loan |  | 10.18% | SOFR (Q) | 5.00% |  | 04/2021 |  | 04/2027 |  |  | 21.0 |  |  | 21.0 |  |  | 21.0 |  | (2)(11) |
|  |  |  | Class A units |  | 8.00% PIK |  |  |  | 04/2021 |  |  |  | 282,200 |  |  | 3.4 |  |  | 3.8 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24.4 |  |  | 24.8 |  |  |
Winebow Holdings, Inc. and The Vintner Group, Inc. |  | Importer and distributor of wine |  | First lien senior secured loan |  | 11.45% | SOFR (M) | 6.25% |  | 04/2021 |  | 07/2025 |  |  | 27.9 |  |  | 27.9 |  |  | 27.0 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 436.1 |  |  | 446.6 |  |  | 4.31%
Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Calyx Energy III, LLC |  | Oil and gas exploration company |  | First lien senior secured loan |  | 13.22% | SOFR (M) | 8.00% |  | 08/2022 |  | 01/2027 |  |  | 50.5 |  |  | 50.5 |  |  | 50.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 16.22% | SOFR (M) | 11.00% |  | 06/2023 |  | 01/2027 |  |  | 5.0 |  |  | 4.9 |  |  | 5.0 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 55.4 |  |  | 55.5 |  |  |

49

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC (15) |  | Private oil exploration and production company |  | First lien senior secured loan |  | 14.34% | SOFR (Q) | 9.00% |  | 11/2022 |  | 11/2026 |  |  | 49.3 |  |  | 49.3 |  |  | 49.3 |  | (2)(11) |
GNZ Energy Bidco Limited and Galileo Co-investment Trust I (15) |  | Independent fuel provider in New Zealand |  | First lien senior secured loan |  | 12.40% | BKBM (Q) | 6.75% |  | 05/2022 |  | 07/2027 |  |  | 29.8 |  |  | 30.5 |  |  | 29.8 |  | (2)(6)(11) |
|  |  |  | Common units |  |  |  |  |  | 07/2022 |  |  |  | 13,736,365 |  |  | 8.3 |  |  | 11.6 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 38.8 |  |  | 41.4 |  |  |
Halcon Holdings, LLC |  | Operator of development, exploration, and production oil company |  | First lien senior secured loan |  | 12.89% | SOFR (Q) | 7.50% |  | 11/2021 |  | 11/2025 |  |  | 12.5 |  |  | 12.4 |  |  | 12.5 |  | (2) |
Murchison Oil and Gas, LLC and Murchison Holdings, LLC (15) |  | Exploration and production company |  | First lien senior secured loan |  | 13.90% | SOFR (Q) | 8.50% |  | 06/2022 |  | 06/2026 |  |  | 93.8 |  |  | 93.8 |  |  | 93.8 |  | (2)(11) |
|  |  |  | Preferred units |  | 8.00% |  |  |  | 06/2022 |  |  |  | 41,000 |  |  | 41.0 |  |  | 45.1 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 134.8 |  |  | 138.9 |  |  |
Offen, Inc. |  | Distributor of fuel, lubricants, diesel exhaust fluid, and premium additives |  | First lien senior secured loan |  | 10.46% | SOFR (Q) | 5.00% |  | 05/2022 |  | 06/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2) |
SilverBow Resources, Inc. |  | Oil and gas producer |  | Common stock |  |  |  |  |  | 06/2022 |  |  |  | 1,015,215 |  |  | 27.6 |  |  | 29.6 |  | (2)(6)(18) |
VPROP Operating, LLC and V SandCo, LLC (5) |  | Sand-based proppant producer and distributor to the oil and natural gas industry |  | First lien senior secured loan |  | 14.67% | LIBOR (M) | 9.50% |  | 03/2017 |  | 11/2024 |  |  | 27.3 |  |  | 27.3 |  |  | 27.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 14.67% | LIBOR (M) | 9.50% |  | 06/2020 |  | 11/2024 |  |  | 6.0 |  |  | 6.0 |  |  | 6.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 14.67% | LIBOR (M) | 9.50% |  | 11/2020 |  | 11/2024 |  |  | 9.5 |  |  | 9.5 |  |  | 9.5 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 11/2020 |  |  |  | 347,900 |  |  | 32.8 |  |  | 61.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75.6 |  |  | 104.1 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 394.0 |  |  | 431.4 |  |  | 4.17%
Automobiles and Components |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive Keys Group, LLC and Automotive Keys Investor, LLC |  | Provider of replacement wireless keys for automotive market |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 12/2021 |  | 11/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 12/2022 |  | 11/2025 |  |  | 5.2 |  |  | 5.2 |  |  | 5.1 |  | (2)(11) |
|  |  |  | Preferred units |  |  |  |  |  | 11/2020 |  |  |  | 4,113,113 |  |  | 5.1 |  |  | 3.0 |  | (2) |
|  |  |  | Preferred units |  |  |  |  |  | 11/2020 |  |  |  | 1,095,046 |  |  | 1.1 |  |  | 0.8 |  | (2) |
|  |  |  | Class A common units |  |  |  |  |  | 11/2020 |  |  |  | 5,208,159 |  |  | — |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11.5 |  |  | 9.0 |  |  |
Continental Acquisition Holdings, Inc. |  | Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets |  | First lien senior secured loan |  | 11.89% | SOFR (Q) | 6.50% |  | 01/2021 |  | 01/2027 |  |  | 36.0 |  |  | 36.0 |  |  | 32.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.89% | SOFR (Q) | 6.50% |  | 12/2021 |  | 01/2027 |  |  | 5.3 |  |  | 5.3 |  |  | 4.8 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41.3 |  |  | 36.8 |  |  |
Eckler Purchaser LLC (5) |  | Restoration parts and accessories provider for classic automobiles |  | Class A common units |  |  |  |  |  | 07/2012 |  |  |  | 67,972 |  |  | — |  |  | — |  | (2) |

50

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Faraday Buyer, LLC (15) |  | Manufacturer and supplier for the power utility and automotive markets worldwide |  | First lien senior secured loan |  | 11.86% | SOFR (Q) | 7.00% |  | 10/2022 |  | 10/2028 |  |  | 52.1 |  |  | 52.1 |  |  | 52.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.04% | SOFR (Q) | 7.00% |  | 10/2022 |  | 10/2028 |  |  | 3.6 |  |  | 3.6 |  |  | 3.6 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 55.7 |  |  | 55.7 |  |  |
Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc. |  | Electric vehicle manufacturer |  | Warrant to purchase shares of Class A common stock |  |  |  |  |  | 08/2021 |  | 08/2027 |  | 27,824,527 |  |  | 2.3 |  |  | — |  | (2) |
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC (15) |  | Manufacturer and distributor of automotive fluids |  | First lien senior secured revolving loan |  |  |  |  |  | 11/2020 |  | 11/2025 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 9.70% | SOFR (M) | 4.50% |  | 03/2022 |  | 11/2027 |  |  | 7.1 |  |  | 6.7 |  |  | 6.8 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 13.39% | SOFR (Q) | 8.00% |  | 11/2020 |  | 11/2028 |  |  | 70.4 |  |  | 70.4 |  |  | 66.9 |  | (2)(11) |
|  |  |  | Co-invest units |  |  |  |  |  | 11/2020 |  |  |  | 59,230 |  |  | 5.9 |  |  | 4.0 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 83.0 |  |  | 77.7 |  |  |
Sun Acquirer Corp. and Sun TopCo, LP (15) |  | Automotive parts and repair services retailer |  | First lien senior secured revolving loan |  | 13.00% | Base Rate (Q) | 4.75% |  | 09/2021 |  | 09/2027 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 10.97% | SOFR (M) | 5.75% |  | 09/2021 |  | 09/2028 |  |  | 52.0 |  |  | 52.0 |  |  | 50.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.97% | SOFR (M) | 5.75% |  | 11/2021 |  | 09/2028 |  |  | 5.3 |  |  | 5.3 |  |  | 5.2 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 09/2021 |  |  |  | 79,688 |  |  | 8.0 |  |  | 8.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 65.8 |  |  | 64.4 |  |  |
Wand Newco 3, Inc. |  | Collision repair company |  | Second lien senior secured loan |  | 12.44% | LIBOR (M) | 7.25% |  | 02/2019 |  | 02/2027 |  |  | 182.6 |  |  | 181.1 |  |  | 182.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 440.7 |  |  | 426.2 |  |  | 4.12%
Consumer Staples Distribution and Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. |  | Manufacturer and distributor of specialty bakery ingredients |  | Second lien senior secured loan |  | 12.53% | SOFR (Q) | 7.00% |  | 09/2021 |  | 09/2029 |  |  | 29.5 |  |  | 29.5 |  |  | 29.5 |  | (2)(11) |
|  |  |  | Class A preferred units |  | 8.00% PIK |  |  |  | 09/2021 |  | 08/2051 |  | 5,484 |  |  | 6.3 |  |  | 14.0 |  | (2) |
|  |  |  | Series A preferred shares |  | 11.00% PIK |  |  |  | 09/2021 |  | 08/2051 |  | 21,921 |  |  | 26.8 |  |  | 26.8 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 62.6 |  |  | 70.3 |  |  |
Continental Café, LLC and Infinity Ovation Yacht Charters, LLC (15) |  | Diversified contract food service provider |  | First lien senior secured revolving loan |  | 13.25% | Base Rate (Q) | 5.00% |  | 11/2021 |  | 11/2027 |  |  | 0.6 |  |  | 0.6 |  |  | 0.6 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.39% | SOFR (Q) | 5.00% |  | 11/2021 |  | 11/2027 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.39% | SOFR (Q) | 6.00% |  | 11/2021 |  | 11/2027 |  |  | 6.4 |  |  | 6.4 |  |  | 6.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.04% | SOFR (M) | 6.00% |  | 04/2023 |  | 11/2027 |  |  | 1.3 |  |  | 1.3 |  |  | 1.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 06/2023 |  | 11/2027 |  |  | 1.6 |  |  | 1.6 |  |  | 1.6 |  | (2)(11) |

51

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10.4 |  |  | 10.4 |  |  |
DecoPac, Inc. and KCAKE Holdings Inc. (15) |  | Supplier of cake decorating solutions and products to in-store bakeries |  | First lien senior secured revolving loan |  | 11.20% | SOFR (M) | 6.00% |  | 05/2021 |  | 05/2026 |  |  | 3.8 |  |  | 3.8 |  |  | 3.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.39% | SOFR (Q) | 6.00% |  | 05/2021 |  | 05/2028 |  |  | 147.8 |  |  | 147.8 |  |  | 146.3 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 05/2021 |  |  |  | 9,599 |  |  | 9.6 |  |  | 9.8 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 161.2 |  |  | 159.8 |  |  |
FS Squared Holding Corp. and FS Squared, LLC (15) |  | Provider of on-site vending and micro market solutions |  | First lien senior secured revolving loan |  |  |  |  |  | 03/2019 |  | 03/2024 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 10.45% | SOFR (M) | 5.25% |  | 03/2019 |  | 03/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 03/2019 |  |  |  | 113,219 |  |  | 11.1 |  |  | 37.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11.2 |  |  | 37.5 |  |  |
JWC/KI Holdings, LLC |  | Foodservice sales and marketing agency |  | Membership units |  |  |  |  |  | 11/2015 |  |  |  | 5,000 |  |  | 5.0 |  |  | 10.7 |  | (2) |
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (15)(16) |  | Distributor of specialty foods |  | First lien senior secured loan |  | 11.70% | SOFR (Q) | 6.50% |  | 10/2022 |  | 10/2028 |  |  | 35.9 |  |  | 35.9 |  |  | 35.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.91% | SOFR (Q) | 6.50% |  | 10/2022 |  | 10/2028 |  |  | 4.3 |  |  | 4.3 |  |  | 4.2 |  | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 10/2022 |  |  |  | 9,682,047 |  |  | 9.7 |  |  | 10.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 49.9 |  |  | 50.2 |  |  |
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (15) |  | Produce distribution platform |  | First lien senior secured revolving loan |  |  |  |  |  | 05/2023 |  | 05/2029 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 11.51% | SOFR (M) | 6.25% |  | 05/2023 |  | 05/2029 |  |  | 9.8 |  |  | 9.8 |  |  | 9.5 |  | (2)(11) |
|  |  |  | Class B limited liability company interest |  |  |  |  |  | 05/2023 |  |  |  | 17.71% |  |  | 9.6 |  |  | 9.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19.4 |  |  | 19.1 |  |  |
SFE Intermediate Holdco LLC (15) |  | Provider of outsourced foodservice to K-12 school districts |  | First lien senior secured loan |  | 10.64% | SOFR (Q) | 5.25% |  | 07/2017 |  | 07/2026 |  |  | 6.2 |  |  | 6.2 |  |  | 6.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.64% | SOFR (Q) | 5.25% |  | 09/2018 |  | 07/2026 |  |  | 10.0 |  |  | 10.0 |  |  | 9.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.64% | SOFR (Q) | 5.25% |  | 03/2022 |  | 07/2026 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16.6 |  |  | 16.1 |  |  |
VCP-EDC Co-Invest, LLC |  | Distributor of foodservice equipment and supplies |  | Membership units |  |  |  |  |  | 06/2017 |  |  |  | 2,970,000 |  |  | 2.8 |  |  | 7.1 |  |  |
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (15)(16) |  | Fresh and specialty food distributor |  | First lien senior secured revolving loan |  | 11.23% | SOFR (Q) | 6.25% |  | 02/2023 |  | 01/2029 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11)(14) |
|  |  |  | First lien senior secured revolving loan |  | 11.34% | SOFR (Q) | 6.25% |  | 02/2023 |  | 01/2029 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 11.23% | SOFR (Q) | 6.25% |  | 02/2023 |  | 01/2029 |  |  | 6.1 |  |  | 6.1 |  |  | 5.9 |  | (2)(11) |

52

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | First lien senior secured loan |  | 11.49% | SOFR (Q) | 6.25% |  | 02/2023 |  | 01/2029 |  |  | 1.4 |  |  | 1.4 |  |  | 1.4 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 01/2023 |  |  |  | 1,673,000 |  |  | 1.7 |  |  | 1.9 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9.7 |  |  | 9.7 |  |  |
ZB Holdco LLC and ZB TopCo LLC (15) |  | Distributor of Mediterranean food and beverages |  | First lien senior secured revolving loan |  |  |  |  |  | 02/2022 |  | 02/2028 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 10.14% | SOFR (Q) | 4.75% |  | 02/2022 |  | 02/2028 |  |  | 13.3 |  |  | 13.3 |  |  | 13.3 |  | (2)(11) |
|  |  |  | Series A units |  |  |  |  |  | 06/2023 |  |  |  | 4,699 |  |  | 4.7 |  |  | 5.7 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18.0 |  |  | 19.0 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 366.8 |  |  | 409.9 |  |  | 3.96%
Materials |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP (15) |  | Manufacturer and supplier of printed packaging and trimmings |  | First lien senior secured loan |  | 11.31% | SOFR (Q) | 6.00% |  | 12/2021 |  | 12/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 12/2021 |  |  |  | 195,990 |  |  | 19.6 |  |  | 13.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19.7 |  |  | 13.7 |  |  |
Coyote Buyer, LLC (15) |  | Provider of specialty chemicals used in solid rocket motors for space launch and military missiles |  | First lien senior secured revolving loan |  | 11.20% | SOFR (M) | 6.00% |  | 05/2022 |  | 02/2025 |  |  | 2.3 |  |  | 2.1 |  |  | 2.2 |  | (2)(11) |
Halex Holdings, Inc. (5) |  | Manufacturer of flooring installation products |  | Common stock |  |  |  |  |  | 01/2017 |  |  |  | 51,853 |  |  | — |  |  | — |  |  |
H-Food Holdings, LLC and Matterhorn Parent, LLC |  | Food contract manufacturer |  | First lien senior secured loan |  | 10.58% | LIBOR (S) | 5.00% |  | 12/2021 |  | 05/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11)(18) |
|  |  |  | First lien senior secured loan |  | 9.27% | LIBOR (S) | 3.69% |  | 06/2022 |  | 05/2025 |  |  | 26.2 |  |  | 24.2 |  |  | 23.0 |  | (2)(18) |
|  |  |  | First lien senior secured loan |  | 9.58% | LIBOR (Q) | 4.00% |  | 07/2022 |  | 05/2025 |  |  | 3.3 |  |  | 3.1 |  |  | 2.9 |  | (2)(18) |
|  |  |  | Second lien senior secured loan |  | 12.58% | LIBOR (Q) | 7.00% |  | 11/2018 |  | 03/2026 |  |  | 73.0 |  |  | 73.0 |  |  | 62.8 |  | (2) |
|  |  |  | Common units |  |  |  |  |  | 11/2018 |  |  |  | 5,827 |  |  | 5.8 |  |  | 5.0 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 106.2 |  |  | 93.8 |  |  |
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. (15) |  | Manufacturer of thermoformed packaging for medical devices |  | First lien senior secured revolving loan |  | 9.45% | SOFR (M) | 4.25% |  | 07/2019 |  | 07/2024 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 9.45% | SOFR (Q) | 4.25% |  | 07/2019 |  | 07/2026 |  |  | 14.8 |  |  | 14.8 |  |  | 14.8 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 7.74% | Euribor (Q) | 4.50% |  | 07/2019 |  | 07/2026 |  |  | 4.9 |  |  | 5.0 |  |  | 4.9 |  | (2)(6) |
|  |  |  | First lien senior secured loan |  | 7.74% | Euribor (Q) | 4.50% |  | 08/2019 |  | 07/2026 |  |  | 1.5 |  |  | 1.6 |  |  | 1.5 |  | (2)(6) |
|  |  |  | Class A units |  |  |  |  |  | 07/2019 |  |  |  | 6,762,668 |  |  | 6.8 |  |  | 8.9 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28.3 |  |  | 30.2 |  |  |
Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C. |  | Developer and manufacturer of absorbent pads for food products |  | First lien senior secured loan |  | 11.95% | SOFR (M) | 6.75% |  | 12/2020 |  | 12/2026 |  |  | 22.8 |  |  | 22.8 |  |  | 22.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.95% | SOFR (M) | 6.75% |  | 12/2022 |  | 12/2026 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | Class A preferred units |  | 10.00% PIK |  |  |  | 12/2020 |  |  |  | 4,772 |  |  | 4.2 |  |  | 7.6 |  | (2) |
|  |  |  | Class C units |  |  |  |  |  | 12/2020 |  |  |  | 4,772 |  |  | — |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27.3 |  |  | 30.7 |  |  |

53

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC |  | Manufacturer of specialized acrylic and polycarbonate sheets |  | First lien senior secured loan |  | 9.27% | LIBOR (Q) | 4.00% |  | 12/2018 |  | 12/2025 |  |  | 22.5 |  |  | 21.5 |  |  | 19.4 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 12.56% | LIBOR (Q) | 7.25% |  | 12/2018 |  | 12/2026 |  |  | 55.0 |  |  | 55.0 |  |  | 47.3 |  | (2)(11) |
|  |  |  | Co-Invest units |  |  |  |  |  | 12/2018 |  |  |  | 5,969 |  |  | 0.6 |  |  | 0.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 77.1 |  |  | 67.0 |  |  |
Precision Concepts International LLC and Precision Concepts Canada Corporation (15) |  | Manufacturer of diversified packaging solutions and plastic injection molded products |  | First lien senior secured revolving loan |  | 10.84% | SOFR (Q) | 5.50% |  | 01/2019 |  | 01/2025 |  |  | 8.2 |  |  | 8.2 |  |  | 8.2 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.84% | SOFR (Q) | 5.50% |  | 01/2019 |  | 01/2026 |  |  | 14.6 |  |  | 14.6 |  |  | 14.6 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.84% | SOFR (Q) | 5.50% |  | 06/2021 |  | 01/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 11.09% | SOFR (Q) | 5.75% |  | 05/2022 |  | 01/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.0 |  |  | 23.0 |  |  |
SCI PH Parent, Inc. |  | Industrial container manufacturer, reconditioner and servicer |  | Series B shares |  |  |  |  |  | 08/2018 |  |  |  | 11 |  |  | 1.1 |  |  | 1.8 |  | (2) |
Vobev, LLC and Vobev Holdings, LLC (15) |  | Producer and filler of aluminum beverage cans |  | First lien senior secured loan |  | 12.15% | SOFR (S) | 7.00% |  | 04/2023 |  | 04/2028 |  |  | 49.6 |  |  | 49.6 |  |  | 48.2 |  | (2)(11) |
|  |  |  | Warrant to purchase shares of ordinary shares |  |  |  |  |  | 04/2023 |  | 04/2028 |  | 4,378 |  |  | — |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 49.6 |  |  | 48.2 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 334.4 |  |  | 310.6 |  |  | 3.00%
Pharmaceuticals, Biotechnology and Life Sciences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Abzena Holdings, Inc. and Astro Group Holdings Ltd. |  | Organization providing discovery, development and manufacturing services to the pharmaceutical and biotechnology industries |  | Ordinary A Shares |  |  |  |  |  | 05/2021 |  |  |  | 2,476,744 |  |  | 5.7 |  |  | 5.4 |  | (2)(6) |
Alcami Corporation and ACM Note Holdings, LLC (15) |  | Outsourced drug development services provider |  | First lien senior secured loan |  | 12.20% | SOFR (M) | 7.00% |  | 12/2022 |  | 12/2028 |  |  | 9.4 |  |  | 9.4 |  |  | 9.4 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 8.00% PIK |  |  |  | 12/2022 |  | 06/2029 |  |  | 20.3 |  |  | 20.3 |  |  | 20.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29.7 |  |  | 29.7 |  |  |
Athyrium Buffalo LP (16) |  | Biotechnology company engaging in the development, manufacture, and commercialization of novel neuromodulators |  | Limited partnership interests |  |  |  |  |  | 06/2022 |  |  |  | 7,628,966 |  |  | 7.6 |  |  | 7.5 |  | (2)(6) |
Caerus Midco 3 S.à r.l. (15) |  | Provider of market intelligence and analysis for the pharmaceutical industry |  | First lien senior secured revolving loan |  | 10.85% | SOFR (M) | 5.75% |  | 10/2022 |  | 05/2029 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.99% | SOFR (Q) | 5.75% |  | 10/2022 |  | 05/2029 |  |  | 5.4 |  |  | 5.3 |  |  | 5.4 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.4 |  |  | 5.5 |  |  |
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. (15) |  | Provider of biological products to life science and pharmaceutical companies |  | First lien senior secured loan |  | 11.22% | SOFR (M) | 6.00% |  | 10/2021 |  | 10/2028 |  |  | 30.8 |  |  | 30.8 |  |  | 30.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.44% | SOFR (M) | 5.25% |  | 10/2021 |  | 10/2028 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(11) |

54

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | First lien senior secured loan |  | 11.19% | SOFR (M) | 6.00% |  | 06/2023 |  | 10/2028 |  |  | 11.6 |  |  | 11.6 |  |  | 11.6 |  | (2)(11) |
|  |  |  | Series A preferred shares |  | 15.81% PIK | SOFR (Q) | 10.00% |  | 10/2021 |  |  |  | 60,236 |  |  | 75.0 |  |  | 75.0 |  | (2)(11) |
|  |  |  | Preferred units |  | 8.00% PIK |  |  |  | 10/2021 |  | 10/2051 |  | 3,020 |  |  | 3.5 |  |  | 0.4 |  | (2) |
|  |  |  | Class A common units |  |  |  |  |  | 10/2021 |  |  |  | 30,500 |  |  | — |  |  | 3.8 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 121.7 |  |  | 121.9 |  |  |
Covaris Intermediate 3, LLC & Covaris Parent, LLC (15) |  | Provider of advanced pre-analytical sample preparation technologies for life and analytical science |  | First lien senior secured revolving loan |  | 10.64% | SOFR (Q) | 5.25% |  | 01/2022 |  | 01/2028 |  |  | 3.0 |  |  | 3.0 |  |  | 2.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.64% | SOFR (Q) | 5.25% |  | 01/2022 |  | 01/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Class A-2 units |  |  |  |  |  | 01/2022 |  |  |  | 4,772 |  |  | 4.8 |  |  | 3.3 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.9 |  |  | 6.2 |  |  |
NMC Skincare Intermediate Holdings II, LLC (15) |  | Developer, manufacturer and marketer of skincare products |  | First lien senior secured revolving loan |  | 10.20% | SOFR (M) | 5.00% |  | 10/2018 |  | 10/2024 |  |  | 1.1 |  |  | 1.1 |  |  | 1.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.27% | SOFR (M) | 5.00% |  | 10/2018 |  | 10/2024 |  |  | 31.8 |  |  | 31.8 |  |  | 29.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.27% | SOFR (M) | 5.00% |  | 05/2022 |  | 10/2024 |  |  | 4.7 |  |  | 4.7 |  |  | 4.4 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37.6 |  |  | 35.3 |  |  |
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. |  | Contract research organization providing research and development and testing of medical devices |  | First lien senior secured loan |  | 10.90% | SOFR (Q) | 5.50% |  | 09/2020 |  | 09/2027 |  |  | 47.3 |  |  | 47.3 |  |  | 47.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.90% | SOFR (Q) | 5.50% |  | 12/2020 |  | 09/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.90% | SOFR (Q) | 5.50% |  | 02/2021 |  | 09/2027 |  |  | 2.5 |  |  | 2.5 |  |  | 2.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.90% | SOFR (Q) | 5.50% |  | 09/2021 |  | 09/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 11.00% PIK |  |  |  | 03/2023 |  | 03/2025 |  |  | 1.4 |  |  | 1.4 |  |  | 1.4 |  | (2) |
|  |  |  | Class A preferred units |  | 8.00% PIK |  |  |  | 09/2020 |  |  |  | 13,528 |  |  | 16.9 |  |  | 37.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 68.3 |  |  | 88.7 |  |  |
Verista, Inc. (15) |  | Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector |  | First lien senior secured revolving loan |  | 11.19% | LIBOR (M) | 6.00% |  | 05/2022 |  | 02/2027 |  |  | 0.5 |  |  | 0.2 |  |  | 0.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.38% | LIBOR (Q) | 6.00% |  | 05/2022 |  | 02/2027 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.0 |  |  | 1.3 |  |  |
Vertice Pharma UK Parent Limited |  | Manufacturer and distributor of generic pharmaceutical products |  | Preferred shares |  |  |  |  |  | 12/2015 |  |  |  | 40,662 |  |  | — |  |  | — |  | (6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 284.9 |  |  | 301.5 |  |  | 2.91%
Technology Hardware and Equipmen t |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chariot Buyer LLC (15) |  | Provider of smart access solutions across residential and commercial properties |  | First lien senior secured revolving loan |  | 8.20% | SOFR (M) | 3.00% |  | 11/2021 |  | 11/2026 |  |  | 0.9 |  |  | 0.9 |  |  | 0.8 |  | (2) |

55

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
|  |  |  | Second lien senior secured loan |  | 12.09% | SOFR (Q) | 6.75% |  | 11/2021 |  | 11/2029 |  |  | 134.4 |  |  | 134.4 |  |  | 130.4 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 135.3 |  |  | 131.2 |  |  |
Everspin Technologies, Inc. |  | Designer and manufacturer of computer memory solutions |  | Warrant to purchase shares of common stock |  |  |  |  |  | 10/2016 |  | 10/2026 |  | 18,461 |  |  | 0.4 |  |  | — |  |  |
ITI Holdings, Inc. (15) |  | Provider of innovative software and equipment for motor vehicle agencies |  | First lien senior secured revolving loan |  | 10.75% | SOFR (M) | 5.50% |  | 03/2022 |  | 03/2028 |  |  | 2.0 |  |  | 2.0 |  |  | 1.9 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 12.75% | Base Rate (Q) | 4.50% |  | 03/2022 |  | 03/2028 |  |  | 2.8 |  |  | 2.8 |  |  | 2.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.88% | SOFR (Q) | 5.50% |  | 03/2022 |  | 03/2028 |  |  | 34.9 |  |  | 34.9 |  |  | 33.5 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39.7 |  |  | 38.1 |  |  |
Micromeritics Instrument Corp. (15) |  | Scientific instrument manufacturer |  | First lien senior secured loan |  | 9.84% | SOFR (Q) | 4.50% |  | 12/2019 |  | 12/2025 |  |  | 19.7 |  |  | 19.7 |  |  | 19.7 |  | (2)(11) |
PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P. |  | Provider of analytical instrumentation and testing equipment and services |  | First lien senior secured loan |  | 11.99% | SOFR (Q) | 6.75% |  | 03/2023 |  | 03/2029 |  |  | 17.5 |  |  | 17.5 |  |  | 17.0 |  | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 03/2023 |  |  |  | 0.62% |  |  | 9.9 |  |  | 9.9 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27.4 |  |  | 26.9 |  |  |
Repairify, Inc. and Repairify Holdings, LLC (15) |  | Provider of automotive diagnostics scans and solutions |  | First lien senior secured revolving loan |  | 10.28% | SOFR (Q) | 5.00% |  | 06/2021 |  | 06/2027 |  |  | 1.2 |  |  | 1.2 |  |  | 1.2 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.19% | SOFR (Q) | 5.00% |  | 06/2021 |  | 06/2027 |  |  | 2.4 |  |  | 2.4 |  |  | 2.3 |  | (2)(11) |
|  |  |  | Class A common units |  |  |  |  |  | 06/2021 |  |  |  | 163,820 |  |  | 5.0 |  |  | 4.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8.6 |  |  | 7.8 |  |  |
Wildcat BuyerCo, Inc. and Wildcat Parent, LP (15) |  | Provider and supplier of electrical components for commercial and industrial applications |  | First lien senior secured loan |  |  |  |  |  | 02/2020 |  | 02/2026 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 02/2020 |  | 02/2026 |  |  | 17.9 |  |  | 17.9 |  |  | 17.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 11/2021 |  | 02/2026 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.14% | SOFR (Q) | 5.75% |  | 05/2022 |  | 02/2026 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 02/2020 |  |  |  | 17,655 |  |  | 1.8 |  |  | 5.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20.1 |  |  | 23.9 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 251.2 |  |  | 247.6 |  |  | 2.39%
Household and Personal Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. (15) |  | Provider of personal care appliances |  | First lien senior secured loan |  | 10.95% | SOFR (M) | 5.75% |  | 12/2021 |  | 12/2027 |  |  | 3.7 |  |  | 3.7 |  |  | 3.6 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 12/2021 |  |  |  | 6,149 |  |  | 6.1 |  |  | 4.0 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9.8 |  |  | 7.6 |  |  |

56

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Foundation Consumer Brands, LLC |  | Pharmaceutical holding company of over the counter brands |  | First lien senior secured loan |  | 11.47% | SOFR (Q) | 6.25% |  | 02/2021 |  | 02/2027 |  |  | 13.6 |  |  | 13.2 |  |  | 13.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.64% | SOFR (Q) | 6.25% |  | 06/2023 |  | 02/2027 |  |  | 35.6 |  |  | 34.5 |  |  | 35.6 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 47.7 |  |  | 49.2 |  |  |
LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P. |  | Provider of intimate wellness products |  | First lien senior secured loan |  | 11.99% | SOFR (Q) | 6.75% |  | 11/2022 |  | 11/2028 |  |  | 18.6 |  |  | 18.6 |  |  | 18.6 |  | (2)(6)(11) |
|  |  |  | Preferred units |  | 8.00% PIK |  |  |  | 11/2022 |  |  |  | 3,178 |  |  | 3.3 |  |  | 3.3 |  | (2)(6) |
|  |  |  | Class B common units |  |  |  |  |  | 11/2022 |  |  |  | 32,105 |  |  | — |  |  | 0.8 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21.9 |  |  | 22.7 |  |  |
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. (15) |  | Manufacturer and supplier of natural fragrance materials and cosmeceuticals |  | First lien senior secured revolving loan |  | 11.20% | SOFR (M) | 6.00% |  | 08/2021 |  | 08/2027 |  |  | 3.5 |  |  | 3.5 |  |  | 3.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.20% | SOFR (M) | 6.00% |  | 08/2021 |  | 08/2027 |  |  | 27.1 |  |  | 27.1 |  |  | 23.6 |  | (2)(11) |
|  |  |  | Limited partner interests |  |  |  |  |  | 08/2021 |  |  |  | 4.58% |  |  | 5.0 |  |  | 2.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35.6 |  |  | 28.7 |  |  |
RD Holdco Inc. (5) |  | Manufacturer and marketer of carpet cleaning machines |  | Second lien senior secured loan |  |  |  |  |  | 01/2017 |  | 10/2026 |  |  | 26.0 |  |  | 23.3 |  |  | 11.7 |  | (2)(10) |
|  |  |  | Second lien senior secured loan |  | 14.99% PIK | SOFR (Q) | 9.75% |  | 04/2023 |  | 10/2026 |  |  | 1.0 |  |  | 1.0 |  |  | 0.5 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 01/2017 |  |  |  | 458,596 |  |  | 14.0 |  |  | — |  |  |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 01/2017 |  | 12/2023 |  | 56,372 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 38.3 |  |  | 12.2 |  |  |
Silk Holdings III Corp. and Silk Holdings I Corp. (15) |  | Producer of personal care products |  | First lien senior secured revolving loan |  | 11.02% | SOFR (Q) | 6.00% |  | 05/2023 |  | 05/2029 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.77% | SOFR (S) | 7.75% |  | 05/2023 |  | 05/2029 |  |  | 16.8 |  |  | 16.8 |  |  | 16.3 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 05/2023 |  |  |  | 14,199 |  |  | 14.2 |  |  | 14.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31.1 |  |  | 30.6 |  |  |
Walnut Parent, Inc. |  | Manufacturer of natural solution pest and animal control products |  | First lien senior secured loan |  | 10.70% | SOFR (M) | 5.50% |  | 11/2020 |  | 11/2027 |  |  | 14.6 |  |  | 14.6 |  |  | 14.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.70% | SOFR (M) | 5.50% |  | 04/2022 |  | 11/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14.7 |  |  | 14.1 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 199.1 |  |  | 165.1 |  |  | 1.59%
Transportation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Trailer Leasing, Inc. (15) |  | Trailer leasing company |  | First lien senior secured revolving loan |  | 11.39% | SOFR (Q) | 6.25% |  | 01/2021 |  | 01/2026 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.43% | SOFR (Q) | 6.25% |  | 01/2021 |  | 01/2026 |  |  | 24.7 |  |  | 24.7 |  |  | 24.7 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.00% |  |  |  | 01/2021 |  | 01/2027 |  |  | 19.9 |  |  | 19.9 |  |  | 19.9 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 44.9 |  |  | 44.9 |  |  |

57

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2023
(dollar amounts in millions)
(unaudited)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc. (15) |  | Provider of tarp systems and accessories for trucks, trailers, carts, and specialty equipment used in the agriculture, construction and flatbed markets |  | First lien senior secured loan |  | 10.90% | SOFR (A) | 6.00% |  | 06/2021 |  | 06/2027 |  |  | 26.6 |  |  | 26.6 |  |  | 26.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.90% | SOFR (S) | 6.00% |  | 06/2022 |  | 06/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.39% | SOFR (Q) | 6.00% |  | 03/2023 |  | 06/2027 |  |  | 6.2 |  |  | 6.2 |  |  | 6.2 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 06/2021 |  |  |  | 75,990 |  |  | 7.6 |  |  | 16.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40.5 |  |  | 49.4 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 85.4 |  |  | 94.3 |  |  | 0.91%
Telecommunication Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aventiv Technologies, LLC and Securus Technologies Holdings, Inc. |  | Provider of inmate telecom solutions to corrections and law enforcement agencies |  | First lien senior secured loan |  | 10.23% | LIBOR (Q) | 4.50% |  | 05/2022 |  | 11/2024 |  |  | 9.1 |  |  | 8.9 |  |  | 8.1 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 13.98% | LIBOR (Q) | 8.25% |  | 05/2022 |  | 11/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.73% | LIBOR (S) | 8.25% |  | 05/2022 |  | 11/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9.1 |  |  | 8.3 |  |  |
Emergency Communications Network, LLC (15) |  | Provider of mission critical emergency mass notification solutions |  | First lien senior secured revolving loan |  | 13.03% (5.25% PIK) | SOFR (Q) | 7.75% |  | 06/2017 |  | 06/2024 |  |  | 7.0 |  |  | 7.0 |  |  | 6.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.80% (5.25% PIK) | SOFR (Q) | 7.75% |  | 06/2017 |  | 06/2024 |  |  | 49.7 |  |  | 49.7 |  |  | 44.7 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56.7 |  |  | 51.0 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 65.8 |  |  | 59.3 |  |  | 0.57%
Education |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Excelligence Holdings Corp. |  | Developer, manufacturer and retailer of educational products |  | First lien senior secured loan |  | 11.39% | SOFR (Q) | 6.00% |  | 04/2017 |  | 01/2024 |  |  | 9.2 |  |  | 9.2 |  |  | 9.2 |  | (2)(11) |
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (15) |  | Distributor of instructional products, services and resources |  | First lien senior secured revolving loan |  | 10.72% | SOFR (M) | 5.50% |  | 08/2018 |  | 08/2024 |  |  | 6.6 |  |  | 6.6 |  |  | 6.6 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.72% | SOFR (Q) | 5.50% |  | 08/2018 |  | 08/2024 |  |  | 3.7 |  |  | 3.7 |  |  | 3.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.00% | SOFR (Q) | 5.50% |  | 07/2017 |  | 08/2024 |  |  | 29.4 |  |  | 29.4 |  |  | 29.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.00% | SOFR (Q) | 5.50% |  | 08/2018 |  | 08/2024 |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |  | (2)(11) |
|  |  |  | Series A preferred stock |  |  |  |  |  | 10/2014 |  |  |  | 1,272 |  |  | 0.7 |  |  | 1.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41.5 |  |  | 42.2 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 50.7 |  |  | 51.4 |  |  | 0.50%
Total Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 21,685.6 |  |  | $ | 21,496.5 |  |  | 207.61%

58

Derivative Instruments
Forward currency contracts

Description | Notional Amount to be Purchased | Notional Amount to be Sold | Counterparty | Settlement Date | Unrealized Appreciation / (Depreciation) |
Foreign currency forward contract | $ | 207 |  | £ | 166 |  | ROYAL BANK OF CANADA | 7/28/2023 | $ | (3) |  |
Foreign currency forward contract | $ | 146 |  | € | 132 |  | ROYAL BANK OF CANADA | 7/28/2023 | 3 |  |
Foreign currency forward contract | $ | 116 |  | CAD | 153 |  | ROYAL BANK OF CANADA | 7/19/2023 | — |  |
Foreign currency forward contract | $ | 48 |  | CAD | 65 |  | CIBC - TORONTO | 7/28/2023 | (1) |  |
Foreign currency forward contract | $ | 64 |  | CAD | 87 |  | ROYAL BANK OF CANADA | 7/28/2023 | (1) |  |
Foreign currency forward contract | $ | 36 |  | NZD | 59 |  | ROYAL BANK OF CANADA | 7/28/2023 | — |  |
Foreign currency forward contract | $ | 31 |  | CAD | 41 |  | ROYAL BANK OF CANADA | 7/17/2023 | — |  |
Foreign currency forward contract | $ | 28 |  | CAD | 36 |  | ROYAL BANK OF CANADA | 7/10/2023 | — |  |
Foreign currency forward contract | $ | 26 |  | USD | 33 |  | ROYAL BANK OF CANADA | 7/28/2023 | — |  |
Total |  |  |  |  |  |  | $ | (2) |  |

______________________________________________
(1)Other than the Company’s investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of June 30, 2023 represented 208% of the Company’s net assets or 97% of the Company’s total assets, are subject to legal restrictions on sales.
(2)These assets are pledged as collateral under the Company’s or the Company’s consolidated subsidiaries’ various revolving credit facilities and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the obligations under each of the respective facilities (see Note 5).
(3)Investments without an interest rate are non-income producing.
59

(4)As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the six months ended June 30, 2023 in which the issuer was an Affiliated Person of the Company (but not a portfolio company that the Company is deemed to Control) are as follows:

For the Six Months Ended June 30, 2023 |  | As of June 30, 2023
(in millions) Company |  | Purchases (cost) |  | Redemptions (cost) |  | Sales (cost) |  | Interest income |  | Capital structuring service fees |  | Dividend income |  | Other income |  | Net realized gains (losses) |  | Net unrealized gains (losses) |  | Fair Value
Apex Clean Energy TopCo, LLC |  | $ | 18.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 168.8 |
APG Intermediate Holdings Corporation and APG Holdings, LLC |  | — |  |  | 0.1 |  |  | — |  |  | 0.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2.3 |  |  | 24.0 |
Blue Wolf Capital Fund II, L.P. |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |
Bragg Live Food Products, LLC and SPC Investment Co., L.P. |  | 1.6 |  |  | 2.4 |  |  | — |  |  | 1.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | 38.4 |
ESCP PPG Holdings, LLC |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2.6 |  |  | 5.7 |
European Capital UK SME Debt LP |  | — |  |  | 9.8 |  |  | — |  |  | — |  |  | — |  |  | 5.8 |  |  | — |  |  | — |  |  | (0.6) |  |  | 16.1 |
PCG-Ares Sidecar Investment, L.P. |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.6 |
PCG-Ares Sidecar Investment II, L.P. |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.5 |  |  | 16.9 |
Production Resource Group, L.L.C. and PRG III, LLC |  | — |  |  | 0.7 |  |  | — |  |  | 5.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12.0 |  |  | 111.0 |
Shock Doctor, Inc. and Shock Doctor Holdings, LLC |  | 2.6 |  |  | 0.4 |  |  | — |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3.8) |  |  | 4.5 |
Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.2 |  |  | 3.9 |
|  | $ | 22.4 |  |  | $ | 13.4 |  |  | $ | — |  |  | $ | 8.0 |  |  | $ | — |  |  | $ | 5.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 14.4 |  |  | $ | 390.0 |

60

(5)As defined in the Investment Company Act, the Company is deemed to be both an “Affiliated Person” and “Control” this portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the six months ended June 30, 2023 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows:

For the Six Months Ended June 30, 2023 |  | As of June 30, 2023
(in millions) Company |  | Purchases (cost) |  | Redemptions (cost) |  | Sales (cost) |  | Interest income |  | Capital structuring service fees |  | Dividend income |  | Other income |  | Net realized gains (losses) |  | Net unrealized gains (losses) |  | Fair Value
Absolute Dental Group LLC and Absolute Dental Equity, LLC |  | $ | 7.5 |  |  | $ | 4.0 |  |  | $ | — |  |  | $ | 4.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | (1.4) |  |  | $ | 73.8 |
ACAS Equity Holdings Corporation |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.4 |
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
ADG, LLC, RC IV GEDC Investor LLC, and GEDC Equity, LLC |  | 25.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 74.6 |
CoLTs 2005-1 Ltd. |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Eckler Industries, Inc. and Eckler Purchaser LLC |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Halex Holdings, Inc. |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
HCI Equity, LLC |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC |  | — |  |  | — |  |  | — |  |  | 4.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 33.3 |  |  | 247.4 |
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation |  | 11.5 |  |  | — |  |  | — |  |  | 1.3 |  |  | — |  |  | 0.3 |  |  | — |  |  | — |  |  | 4.2 |  |  | 64.0 |
Ivy Hill Asset Management, L.P. |  | 283.1 |  |  | 363.0 |  |  | — |  |  | 23.1 |  |  | — |  |  | 117.0 |  |  | — |  |  | — |  |  | 29.9 |  |  | 2,151.0 |
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC |  | 1.4 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7.6) |  |  | 38.2 |
Potomac Intermediate Holdings II LLC |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (16.7) |  |  | 126.6 |
PS Operating Company LLC and PS Op Holdings LLC |  | — |  |  | 0.2 |  |  | — |  |  | 1.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1.4) |  |  | 26.1 |
RD Holdco Inc. |  | 0.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.4) |  |  | 12.2 |
S Toys Holdings LLC (fka The Step2 Company, LLC) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.2 |
Senior Direct Lending Program, LLC |  | 98.8 |  |  | 84.0 |  |  | — |  |  | 85.8 |  |  | 5.0 |  |  | — |  |  | 1.8 |  |  | — |  |  | (26.1) |  |  | 1,237.1 |
SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc. |  | 18.0 |  |  | 8.0 |  |  | — |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2.6) |  |  | 78.4 |
Startec Equity, LLC |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
VPROP Operating, LLC and V SandCo, LLC |  | — |  |  | — |  |  | — |  |  | 3.1 |  |  | — |  |  | 6.7 |  |  | — |  |  | — |  |  | (12.3) |  |  | 104.1 |
|  | $ | 446.5 |  |  | $ | 459.3 |  |  | $ | — |  |  | $ | 123.1 |  |  | $ | 5.0 |  |  | $ | 124.0 |  |  | $ | 2.0 |  |  | $ | — |  |  | $ | (1.0) |  |  | $ | 4,234.1 |

______________________________________________________________________
* Together with Varagon Capital Partners (“Varagon”) and its clients, the Company has co-invested through the Senior Direct Lending Program LLC (d/b/a the “Senior Direct Lending Program” or the “SDLP”). The SDLP has been capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of the Company and Varagon (with approval from a representative of each required); therefore, although the Company owns more than 25% of the voting securities of the SDLP, the Company does not believe that it has control over the SDLP (for purposes of the Investment Company Act or otherwise) because, among other things, these “voting securities” do not afford the Company the right to elect directors of the SDLP or any other special rights (see Note 4 to the consolidated financial statements).
61

(6)This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets. Pursuant to Section 55(a) of the Investment Company Act, 24% of the Company's total assets are represented by investments at fair value and other assets that are considered "non-qualifying assets" as of June 30, 2023.
(7)Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR”), the Secured Overnight Financing Rate (“SOFR”), or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.
(8)In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.00% on $40.9 in aggregate principal amount of a “first out” tranche of the portfolio company’s senior term debt previously syndicated by the Company into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
(9)The Company sold a participating interest of approximately $34.9 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured revolving loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding $34.9 secured borrowing, at fair value, included in “secured borrowings” in the accompanying consolidated balance sheet. As of June 30, 2023, the interest rate in effect for the secured borrowing was 12.76%.
(10)Loan was on non-accrual status as of June 30, 2023.
(11)Loan includes interest rate floor feature.
(12)In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP’s loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate.
(13)As of June 30, 2023, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.
(14)As of June 30, 2023, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.
(15)As of June 30, 2023, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.
62

(in millions) Portfolio Company | Total revolving and delayed draw loan commitments | Less: funded commitments | Total unfunded commitments | Less: commitments substantially at discretion of the Company | Less: unavailable commitments due to borrowing base or other covenant restrictions | Total net adjusted unfunded revolving and delayed draw commitments |  |  |  |  |
Absolute Dental Group LLC and Absolute Dental Equity, LLC | $ | 7.2 |  | $ | (6.8) |  | $ | 0.4 |  | $ | — |  | $ | — |  | $ | 0.4 |  |  |  |  |  |
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC | 4.1 |  | (4.1) |  | — |  | — |  | — |  | — |  |  |  |  |  |
ADG, LLC, RC IV GEDC Investor LLC, and GEDC Equity, LLC | 34.8 |  | (14.8) |  | 20.0 |  | — |  | — |  | 20.0 |  |  |  |  |  |
Advarra Holdings, Inc. | 0.4 |  | — |  | 0.4 |  | — |  | — |  | 0.4 |  |  |  |  |  |
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC | 45.6 |  | — |  | 45.6 |  | — |  | — |  | 45.6 |  |  |  |  |  |
AI Fire Buyer, Inc. and AI Fire Parent LLC | 12.0 |  | (1.9) |  | 10.1 |  | — |  | — |  | 10.1 |  |  |  |  |  |
AIM Acquisition, LLC | 1.8 |  | (0.5) |  | 1.3 |  | — |  | — |  | 1.3 |  |  |  |  |  |
Alcami Corporation and ACM Note Holdings, LLC | 2.6 |  | — |  | 2.6 |  | — |  | — |  | 2.6 |  |  |  |  |  |
American Residential Services L.L.C. and Aragorn Parent Holdings LP | 4.4 |  | (1.4) |  | 3.0 |  | — |  | — |  | 3.0 |  |  |  |  |  |
Anaplan, Inc. | 1.4 |  | — |  | 1.4 |  | — |  | — |  | 1.4 |  |  |  |  |  |
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua | 0.1 |  | — |  | 0.1 |  | — |  | — |  | 0.1 |  |  |  |  |  |
Apex Service Partners, LLC | 3.4 |  | — |  | 3.4 |  | — |  | — |  | 3.4 |  |  |  |  |  |
APG Intermediate Holdings Corporation and APG Holdings, LLC | 0.1 |  | — |  | 0.1 |  | — |  | — |  | 0.1 |  |  |  |  |  |
Applied Technical Services, LLC | 3.7 |  | (3.1) |  | 0.6 |  | — |  | — |  | 0.6 |  |  |  |  |  |
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. | 0.1 |  | — |  | 0.1 |  | — |  | — |  | 0.1 |  |  |  |  |  |
Apptio, Inc. | 4.2 |  | (1.3) |  | 2.9 |  | — |  | — |  | 2.9 |  |  |  |  |  |
AQ Sage Buyer, LLC | 6.4 |  | — |  | 6.4 |  | — |  | — |  | 6.4 |  |  |  |  |  |
AQ Sunshine, Inc. | 12.4 |  | (3.3) |  | 9.1 |  | — |  | — |  | 9.1 |  |  |  |  |  |
Ardonagh Midco 2 plc and Ardonagh Midco 3 plc | 15.6 |  | — |  | 15.6 |  | — |  | — |  | 15.6 |  |  |  |  |  |
Argenbright Holdings V, LLC and Amberstone Security Group Limited | 2.4 |  | — |  | 2.4 |  | — |  | — |  | 2.4 |  |  |  |  |  |
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP | 6.2 |  | — |  | 6.2 |  | — |  | — |  | 6.2 |  |  |  |  |  |
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP | 9.0 |  | — |  | 9.0 |  | — |  | — |  | 9.0 |  |  |  |  |  |
ATI Restoration, LLC | 34.3 |  | (3.4) |  | 30.9 |  | — |  | — |  | 30.9 |  |  |  |  |  |
Atlas Intermediate III, L.L.C. | 0.8 |  | (0.5) |  | 0.3 |  | — |  | — |  | 0.3 |  |  |  |  |  |
Avalara, Inc. | 2.7 |  | — |  | 2.7 |  | — |  | — |  | 2.7 |  |  |  |  |  |
Avetta, LLC | 4.2 |  | — |  | 4.2 |  | — |  | — |  | 4.2 |  |  |  |  |  |
AxiomSL Group, Inc. and Calypso Group, Inc. | 3.9 |  | — |  | 3.9 |  | — |  | — |  | 3.9 |  |  |  |  |  |
Banyan Software Holdings, LLC and Banyan Software, LP | 12.6 |  | (1.0) |  | 11.6 |  | — |  | — |  | 11.6 |  |  |  |  |  |
Beacon Pointe Harmony, LLC | 1.5 |  | — |  | 1.5 |  | — |  | — |  | 1.5 |  |  |  |  |  |
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. | 0.9 |  | — |  | 0.9 |  | — |  | — |  | 0.9 |  |  |  |  |  |
Belfor Holdings, Inc. | 25.0 |  | (7.0) |  | 18.0 |  | — |  | — |  | 18.0 |  |  |  |  |  |
Benecon Midco II LLC and Locutus Holdco LLC | 4.5 |  | — |  | 4.5 |  | — |  | — |  | 4.5 |  |  |  |  |  |
Benefytt Technologies, Inc. | 0.9 |  | — |  | 0.9 |  | — |  | (0.9) |  | — |  |  |  |  |  |
Berner Food & Beverage, LLC | 1.7 |  | (1.1) |  | 0.6 |  | — |  | — |  | 0.6 |  |  |  |  |  |
BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC | 3.0 |  | (0.9) |  | 2.1 |  | — |  | — |  | 2.1 |  |  |  |  |  |
Bobcat Purchaser, LLC and Bobcat Topco, L.P. | 10.5 |  | — |  | 10.5 |  | — |  | — |  | 10.5 |  |  |  |  |  |
Borrower R365 Holdings LLC | 2.3 |  | — |  | 2.3 |  | — |  | — |  | 2.3 |  |  |  |  |  |
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC | 2.3 |  | — |  | 2.3 |  | — |  | — |  | 2.3 |  |  |  |  |  |
Bragg Live Food Products, LLC and SPC Investment Co., L.P. | 4.4 |  | — |  | 4.4 |  | — |  | — |  | 4.4 |  |  |  |  |  |
Businessolver.com, Inc. | 3.6 |  | — |  | 3.6 |  | — |  | — |  | 3.6 |  |  |  |  |  |
Cadence Aerospace, LLC | 7.9 |  | (0.1) |  | 7.8 |  | — |  | — |  | 7.8 |  |  |  |  |  |
Caerus Midco 3 S.Ã r.l. | 4.1 |  | (0.1) |  | 4.0 |  | — |  | — |  | 4.0 |  |  |  |  |  |
Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP | 15.3 |  | (7.6) |  | 7.7 |  | — |  | — |  | 7.7 |  |  |  |  |  |
Captive Resources Midco, LLC | 1.2 |  | — |  | 1.2 |  | — |  | — |  | 1.2 |  |  |  |  |  |
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. | 5.0 |  | (4.9) |  | 0.1 |  | — |  | — |  | 0.1 |  |  |  |  |  |
Center for Autism and Related Disorders, LLC | 17.0 |  | (9.5) |  | 7.5 |  | — |  | (0.1) |  | 7.4 |  |  |  |  |  |
Centric Brands LLC and Centric Brands GP LLC | 8.6 |  | (5.4) |  | 3.2 |  | — |  | — |  | 3.2 |  |  |  |  |  |
Chariot Buyer LLC | 12.3 |  | (0.9) |  | 11.4 |  | — |  | — |  | 11.4 |  |  |  |  |  |
Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC | 9.5 |  | — |  | 9.5 |  | — |  | — |  | 9.5 |  |  |  |  |  |
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC | 8.0 |  | (0.8) |  | 7.2 |  | — |  | — |  | 7.2 |  |  |  |  |  |
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. | 19.0 |  | — |  | 19.0 |  | — |  | — |  | 19.0 |  |  |  |  |  |
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. | 10.2 |  | — |  | 10.2 |  | — |  | — |  | 10.2 |  |  |  |  |  |

63

(in millions) Portfolio Company | Total revolving and delayed draw loan commitments | Less: funded commitments | Total unfunded commitments | Less: commitments substantially at discretion of the Company | Less: unavailable commitments due to borrowing base or other covenant restrictions | Total net adjusted unfunded revolving and delayed draw commitments |  |  |  |  |
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. | 6.3 |  | — |  | 6.3 |  | — |  | — |  | 6.3 |  |  |  |  |  |
Commercial Trailer Leasing, Inc. | 0.6 |  | (0.3) |  | 0.3 |  | — |  | — |  | 0.3 |  |  |  |  |  |
Community Brands ParentCo, LLC | 7.2 |  | — |  | 7.2 |  | — |  | — |  | 7.2 |  |  |  |  |  |
Compex Legal Services, Inc. | 3.6 |  | (2.5) |  | 1.1 |  | — |  | — |  | 1.1 |  |  |  |  |  |
Comprehensive EyeCare Partners, LLC | 1.9 |  | (1.9) |  | — |  | — |  | — |  | — |  |  |  |  |  |
Concert Golf Partners Holdco LLC | 3.1 |  | — |  | 3.1 |  | — |  | — |  | 3.1 |  |  |  |  |  |
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. | 13.1 |  | (1.3) |  | 11.8 |  | — |  | — |  | 11.8 |  |  |  |  |  |
Continental Café, LLC and Infinity Ovation Yacht Charters, LLC | 1.8 |  | (1.2) |  | 0.6 |  | — |  | — |  | 0.6 |  |  |  |  |  |
Convera International Holdings Limited and Convera International Financial S.A R.L. | 2.3 |  | — |  | 2.3 |  | — |  | — |  | 2.3 |  |  |  |  |  |
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP | 38.9 |  | — |  | 38.9 |  | — |  | — |  | 38.9 |  |  |  |  |  |
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. | 0.1 |  | — |  | 0.1 |  | — |  | — |  | 0.1 |  |  |  |  |  |
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. | 38.7 |  | (31.6) |  | 7.1 |  | — |  | — |  | 7.1 |  |  |  |  |  |
Coupa Holdings, LLC and Coupa Software Incorporated | 0.9 |  | — |  | 0.9 |  | — |  | — |  | 0.9 |  |  |  |  |  |
Covaris Intermediate 3, LLC & Covaris Parent, LLC | 22.2 |  | (3.0) |  | 19.2 |  | — |  | — |  | 19.2 |  |  |  |  |  |
Coyote Buyer, LLC | 5.8 |  | (2.3) |  | 3.5 |  | — |  | — |  | 3.5 |  |  |  |  |  |
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC | 3.2 |  | (0.1) |  | 3.1 |  | — |  | — |  | 3.1 |  |  |  |  |  |
CST Holding Company | 1.9 |  | — |  | 1.9 |  | — |  | — |  | 1.9 |  |  |  |  |  |
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC | 22.6 |  | — |  | 22.6 |  | — |  | — |  | 22.6 |  |  |  |  |  |
DecoPac, Inc. and KCAKE Holdings Inc. | 16.5 |  | (3.8) |  | 12.7 |  | — |  | — |  | 12.7 |  |  |  |  |  |
Denali Holdco LLC and Denali Apexco LP | 11.4 |  | (2.9) |  | 8.5 |  | — |  | — |  | 8.5 |  |  |  |  |  |
DFC Global Facility Borrower III LLC | 76.1 |  | (64.5) |  | 11.6 |  | — |  | — |  | 11.6 |  |  |  |  |  |
DFS Holding Company, Inc. | 0.4 |  | — |  | 0.4 |  | — |  | — |  | 0.4 |  |  |  |  |  |
Diligent Corporation and Diligent Preferred Issuer, Inc. | 2.2 |  | (1.1) |  | 1.1 |  | — |  | — |  | 1.1 |  |  |  |  |  |
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. | 2.3 |  | — |  | 2.3 |  | — |  | — |  | 2.3 |  |  |  |  |  |
DRS Holdings III, Inc. and DRS Holdings I, Inc. | 10.8 |  | — |  | 10.8 |  | — |  | — |  | 10.8 |  |  |  |  |  |
DS Admiral Bidco, LLC | 0.1 |  | — |  | 0.1 |  | — |  | — |  | 0.1 |  |  |  |  |  |
Dye & Durham Corporation | 12.9 |  | (7.0) |  | 5.9 |  | — |  | — |  | 5.9 |  |  |  |  |  |
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP | 7.1 |  | (0.3) |  | 6.8 |  | — |  | — |  | 6.8 |  |  |  |  |  |
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. | 4.1 |  | (4.1) |  | — |  | — |  | — |  | — |  |  |  |  |  |
Elevation Services Parent Holdings, LLC | 17.1 |  | (2.0) |  | 15.1 |  | — |  | — |  | 15.1 |  |  |  |  |  |
Emergency Communications Network, LLC | 7.0 |  | (7.0) |  | — |  | — |  | — |  | — |  |  |  |  |  |
EP Wealth Advisors, LLC | 10.0 |  | — |  | 10.0 |  | — |  | — |  | 10.0 |  |  |  |  |  |
EpiServer Inc. and Episerver Sweden Holdings AB | 14.4 |  | — |  | 14.4 |  | — |  | — |  | 14.4 |  |  |  |  |  |
EPS NASS Parent, Inc. | 1.4 |  | (1.2) |  | 0.2 |  | — |  | — |  | 0.2 |  |  |  |  |  |
eResearch Technology, Inc. and Astorg VII Co-Invest ERT | 2.5 |  | — |  | 2.5 |  | — |  | — |  | 2.5 |  |  |  |  |  |
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. | 1.1 |  | (0.2) |  | 0.9 |  | — |  | — |  | 0.9 |  |  |  |  |  |
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC | 28.0 |  | (20.0) |  | 8.0 |  | — |  | — |  | 8.0 |  |  |  |  |  |
Extrahop Networks, Inc. | 12.4 |  | — |  | 12.4 |  | — |  | — |  | 12.4 |  |  |  |  |  |
Faraday Buyer, LLC | 1.1 |  | — |  | 1.1 |  | — |  | — |  | 1.1 |  |  |  |  |  |
FL Hawk Intermediate Holdings, Inc. | 0.5 |  | — |  | 0.5 |  | — |  | — |  | 0.5 |  |  |  |  |  |
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. | 14.5 |  | (10.3) |  | 4.2 |  | — |  | — |  | 4.2 |  |  |  |  |  |
FlyWheel Acquireco, Inc. | 8.2 |  | (5.5) |  | 2.7 |  | — |  | — |  | 2.7 |  |  |  |  |  |
FM:Systems Group, LLC | 1.5 |  | — |  | 1.5 |  | — |  | — |  | 1.5 |  |  |  |  |  |
Forescout Technologies, Inc. | 16.0 |  | — |  | 16.0 |  | — |  | — |  | 16.0 |  |  |  |  |  |
Foundation Risk Partners, Corp. | 40.5 |  | — |  | 40.5 |  | — |  | — |  | 40.5 |  |  |  |  |  |
FS Squared Holding Corp. and FS Squared, LLC | 9.6 |  | (0.5) |  | 9.1 |  | — |  | — |  | 9.1 |  |  |  |  |  |
Galway Borrower LLC | 9.8 |  | (0.4) |  | 9.4 |  | — |  | — |  | 9.4 |  |  |  |  |  |
Genesis Acquisition Co. and Genesis Ultimate Holding Co. | 1.5 |  | (1.5) |  | — |  | — |  | — |  | — |  |  |  |  |  |
GI Ranger Intermediate LLC | 9.2 |  | (1.4) |  | 7.8 |  | — |  | — |  | 7.8 |  |  |  |  |  |
Global Music Rights, LLC | 4.3 |  | — |  | 4.3 |  | — |  | — |  | 4.3 |  |  |  |  |  |
GNZ Energy Bidco Limited and Galileo Co-investment Trust I | 3.0 |  | — |  | 3.0 |  | — |  | — |  | 3.0 |  |  |  |  |  |
Gotham Greens Holdings, PBC | 16.8 |  | — |  | 16.8 |  | — |  | (12.9) |  | 3.9 |  |  |  |  |  |

64

(in millions) Portfolio Company | Total revolving and delayed draw loan commitments | Less: funded commitments | Total unfunded commitments | Less: commitments substantially at discretion of the Company | Less: unavailable commitments due to borrowing base or other covenant restrictions | Total net adjusted unfunded revolving and delayed draw commitments |  |  |  |  |
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC | 5.0 |  | — |  | 5.0 |  | — |  | — |  | 5.0 |  |  |  |  |  |
GroundWorks, LLC | 1.9 |  | — |  | 1.9 |  | — |  | — |  | 1.9 |  |  |  |  |  |
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC | 10.9 |  | — |  | 10.9 |  | — |  | — |  | 10.9 |  |  |  |  |  |
Harvey Tool Company, LLC | 27.7 |  | (5.2) |  | 22.5 |  | — |  | — |  | 22.5 |  |  |  |  |  |
HealthEdge Software, Inc. | 32.0 |  | (0.3) |  | 31.7 |  | — |  | — |  | 31.7 |  |  |  |  |  |
Heavy Construction Systems Specialists, LLC | 4.0 |  | — |  | 4.0 |  | — |  | — |  | 4.0 |  |  |  |  |  |
Help/Systems Holdings, Inc. | 7.5 |  | (0.4) |  | 7.1 |  | — |  | — |  | 7.1 |  |  |  |  |  |
HGC Holdings, LLC | 7.5 |  | — |  | 7.5 |  | — |  | — |  | 7.5 |  |  |  |  |  |
HH-Stella, Inc. and Bedrock Parent Holdings, LP | 4.4 |  | (3.1) |  | 1.3 |  | — |  | — |  | 1.3 |  |  |  |  |  |
High Street Buyer, Inc. and High Street Holdco LLC | 22.7 |  | — |  | 22.7 |  | — |  | — |  | 22.7 |  |  |  |  |  |
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC | 9.5 |  | (0.2) |  | 9.3 |  | — |  | — |  | 9.3 |  |  |  |  |  |
Hometown Food Company | 3.9 |  | — |  | 3.9 |  | — |  | — |  | 3.9 |  |  |  |  |  |
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP | 22.6 |  | (13.0) |  | 9.6 |  | — |  | — |  | 9.6 |  |  |  |  |  |
Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P. | 7.0 |  | (0.3) |  | 6.7 |  | — |  | — |  | 6.7 |  |  |  |  |  |
Inszone Mid, LLC and INSZ Holdings, LLC | 13.9 |  | (0.4) |  | 13.5 |  | — |  | — |  | 13.5 |  |  |  |  |  |
IQN Holding Corp. | 6.8 |  | (0.4) |  | 6.4 |  | — |  | — |  | 6.4 |  |  |  |  |  |
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. | 9.1 |  | (0.2) |  | 8.9 |  | — |  | — |  | 8.9 |  |  |  |  |  |
ITI Holdings, Inc. | 5.7 |  | (4.8) |  | 0.9 |  | — |  | — |  | 0.9 |  |  |  |  |  |
JDC Healthcare Management, LLC | 4.9 |  | (4.9) |  | — |  | — |  | — |  | — |  |  |  |  |  |
Kaseya Inc. and Knockout Intermediate Holdings I Inc. | 30.5 |  | (6.8) |  | 23.7 |  | — |  | — |  | 23.7 |  |  |  |  |  |
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) | 5.0 |  | (2.3) |  | 2.7 |  | — |  | — |  | 2.7 |  |  |  |  |  |
Kene Acquisition, Inc. and Kene Holdings, L.P. | 8.9 |  | (0.2) |  | 8.7 |  | — |  | — |  | 8.7 |  |  |  |  |  |
Laboratories Bidco LLC and Laboratories Topco LLC | 41.3 |  | (17.9) |  | 23.4 |  | — |  | — |  | 23.4 |  |  |  |  |  |
LeanTaaS Holdings, Inc. | 47.0 |  | — |  | 47.0 |  | — |  | — |  | 47.0 |  |  |  |  |  |
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. | 1.5 |  | (0.2) |  | 1.3 |  | — |  | — |  | 1.3 |  |  |  |  |  |
Lew's Intermediate Holdings, LLC | 2.3 |  | — |  | 2.3 |  | — |  | — |  | 2.3 |  |  |  |  |  |
Lido Advisors, LLC | 5.8 |  | (0.4) |  | 5.4 |  | — |  | — |  | 5.4 |  |  |  |  |  |
Lightbeam Bidco, Inc. | 1.3 |  | (0.1) |  | 1.2 |  | — |  | — |  | 1.2 |  |  |  |  |  |
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. | 5.6 |  | — |  | 5.6 |  | — |  | — |  | 5.6 |  |  |  |  |  |
LJP Purchaser, Inc. and LJP Topco, LP | 4.4 |  | — |  | 4.4 |  | — |  | — |  | 4.4 |  |  |  |  |  |
Lower ACS, Inc. | 25.9 |  | (1.5) |  | 24.4 |  | — |  | — |  | 24.4 |  |  |  |  |  |
Majesco and Magic Topco, L.P. | 2.0 |  | — |  | 2.0 |  | — |  | — |  | 2.0 |  |  |  |  |  |
Manna Pro Products, LLC | 7.0 |  | (5.1) |  | 1.9 |  | — |  | — |  | 1.9 |  |  |  |  |  |
Marmic Purchaser, LLC and Marmic Topco, L.P. | 5.9 |  | — |  | 5.9 |  | — |  | — |  | 5.9 |  |  |  |  |  |
Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP | 32.9 |  | (9.0) |  | 23.9 |  | — |  | — |  | 23.9 |  |  |  |  |  |
McKenzie Creative Brands, LLC | 4.5 |  | (0.7) |  | 3.8 |  | — |  | — |  | 3.8 |  |  |  |  |  |
Medline Borrower, LP | 6.9 |  | (0.1) |  | 6.8 |  | — |  | — |  | 6.8 |  |  |  |  |  |
Micromeritics Instrument Corp. | 4.1 |  | — |  | 4.1 |  | — |  | — |  | 4.1 |  |  |  |  |  |
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp | 15.1 |  | — |  | 15.1 |  | — |  | — |  | 15.1 |  |  |  |  |  |
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. | 28.4 |  | (3.0) |  | 25.4 |  | — |  | — |  | 25.4 |  |  |  |  |  |
Modigent, LLC and OMERS PMC Investment Holdings LLC | 2.2 |  | (0.6) |  | 1.6 |  | — |  | — |  | 1.6 |  |  |  |  |  |
Monica Holdco (US) Inc. | 3.6 |  | (3.6) |  | — |  | — |  | — |  | — |  |  |  |  |  |
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC | 19.0 |  | — |  | 19.0 |  | — |  | — |  | 19.0 |  |  |  |  |  |
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC | 6.3 |  | (0.1) |  | 6.2 |  | — |  | — |  | 6.2 |  |  |  |  |  |
MRI Software LLC | 6.3 |  | — |  | 6.3 |  | — |  | — |  | 6.3 |  |  |  |  |  |
Murchison Oil and Gas, LLC and Murchison Holdings, LLC | 9.2 |  | — |  | 9.2 |  | — |  | — |  | 9.2 |  |  |  |  |  |
NAS, LLC and Nationwide Marketing Group, LLC | 3.0 |  | (0.6) |  | 2.4 |  | — |  | — |  | 2.4 |  |  |  |  |  |
National Intergovernmental Purchasing Alliance Company | 9.0 |  | — |  | 9.0 |  | — |  | — |  | 9.0 |  |  |  |  |  |
NCWS Intermediate, Inc. and NCWS Holdings LP | 11.5 |  | — |  | 11.5 |  | — |  | — |  | 11.5 |  |  |  |  |  |
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. | 0.6 |  | (0.1) |  | 0.5 |  | — |  | — |  | 0.5 |  |  |  |  |  |
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. | 12.6 |  | — |  | 12.6 |  | — |  | — |  | 12.6 |  |  |  |  |  |
NMC Skincare Intermediate Holdings II, LLC | 12.7 |  | (1.1) |  | 11.6 |  | — |  | — |  | 11.6 |  |  |  |  |  |
NMN Holdings III Corp. and NMN Holdings LP | 12.5 |  | (8.1) |  | 4.4 |  | — |  | — |  | 4.4 |  |  |  |  |  |
Noble Aerospace, LLC | 5.6 |  | (2.2) |  | 3.4 |  | — |  | — |  | 3.4 |  |  |  |  |  |

65

(in millions) Portfolio Company | Total revolving and delayed draw loan commitments | Less: funded commitments | Total unfunded commitments | Less: commitments substantially at discretion of the Company | Less: unavailable commitments due to borrowing base or other covenant restrictions | Total net adjusted unfunded revolving and delayed draw commitments |  |  |  |  |
North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC | 4.1 |  | (0.5) |  | 3.6 |  | — |  | — |  | 3.6 |  |  |  |  |  |
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC | 10.3 |  | — |  | 10.3 |  | — |  | — |  | 10.3 |  |  |  |  |  |
North Haven Stack Buyer, LLC | 4.2 |  | (0.7) |  | 3.5 |  | — |  | — |  | 3.5 |  |  |  |  |  |
Northwinds Holding, Inc. and Northwinds Services Group LLC | 15.1 |  | — |  | 15.1 |  | — |  | — |  | 15.1 |  |  |  |  |  |
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC | 4.4 |  | — |  | 4.4 |  | — |  | (0.5) |  | 3.9 |  |  |  |  |  |
OneDigital Borrower LLC | 7.5 |  | (2.8) |  | 4.7 |  | — |  | — |  | 4.7 |  |  |  |  |  |
Pathstone Family Office LLC | 1.1 |  | — |  | 1.1 |  | — |  | — |  | 1.1 |  |  |  |  |  |
Pathway Vet Alliance LLC and Jedi Group Holdings LLC | 1.9 |  | — |  | 1.9 |  | — |  | — |  | 1.9 |  |  |  |  |  |
Patriot Growth Insurance Services, LLC | 2.2 |  | — |  | 2.2 |  | — |  | — |  | 2.2 |  |  |  |  |  |
PDDS HoldCo, Inc. | 1.6 |  | — |  | 1.6 |  | — |  | — |  | 1.6 |  |  |  |  |  |
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC | 7.6 |  | (3.8) |  | 3.8 |  | — |  | — |  | 3.8 |  |  |  |  |  |
Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC | 11.6 |  | (7.7) |  | 3.9 |  | — |  | — |  | 3.9 |  |  |  |  |  |
Pelican Products, Inc. | 2.3 |  | — |  | 2.3 |  | — |  | — |  | 2.3 |  |  |  |  |  |
People Corporation | 14.7 |  | (2.0) |  | 12.7 |  | — |  | — |  | 12.7 |  |  |  |  |  |
Perforce Software, Inc. | 7.5 |  | (1.1) |  | 6.4 |  | — |  | — |  | 6.4 |  |  |  |  |  |
PestCo Holdings, LLC and PestCo, LLC | 0.9 |  | — |  | 0.9 |  | — |  | — |  | 0.9 |  |  |  |  |  |
Petroleum Service Group LLC | 15.1 |  | (2.1) |  | 13.0 |  | — |  | — |  | 13.0 |  |  |  |  |  |
Petrus Buyer, Inc. | 2.7 |  | — |  | 2.7 |  | — |  | — |  | 2.7 |  |  |  |  |  |
Petvisor Holdings, LLC | 31.8 |  | (0.9) |  | 30.9 |  | — |  | — |  | 30.9 |  |  |  |  |  |
Ping Identity Holding Corp. | 0.2 |  | — |  | 0.2 |  | — |  | — |  | 0.2 |  |  |  |  |  |
Pluralsight, Inc. | 0.3 |  | (0.2) |  | 0.1 |  | — |  | — |  | 0.1 |  |  |  |  |  |
Precision Concepts International LLC and Precision Concepts Canada Corporation | 19.2 |  | (8.2) |  | 11.0 |  | — |  | — |  | 11.0 |  |  |  |  |  |
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. | 11.0 |  | (3.5) |  | 7.5 |  | — |  | — |  | 7.5 |  |  |  |  |  |
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP | 36.0 |  | (0.6) |  | 35.4 |  | — |  | — |  | 35.4 |  |  |  |  |  |
Prime Buyer, L.L.C. | 15.9 |  | (0.7) |  | 15.2 |  | — |  | — |  | 15.2 |  |  |  |  |  |
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. | 0.1 |  | — |  | 0.1 |  | — |  | — |  | 0.1 |  |  |  |  |  |
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. | 1.1 |  | — |  | 1.1 |  | — |  | — |  | 1.1 |  |  |  |  |  |
Project Potter Buyer, LLC and Project Potter Parent, L.P. | 5.5 |  | (2.1) |  | 3.4 |  | — |  | — |  | 3.4 |  |  |  |  |  |
Proofpoint, Inc. | 3.1 |  | — |  | 3.1 |  | — |  | — |  | 3.1 |  |  |  |  |  |
PS Operating Company LLC and PS Op Holdings LLC | 5.9 |  | (4.3) |  | 1.6 |  | — |  | — |  | 1.6 |  |  |  |  |  |
PushPay USA Inc. | 3.6 |  | — |  | 3.6 |  | — |  | — |  | 3.6 |  |  |  |  |  |
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC | 1.6 |  | — |  | 1.6 |  | — |  | — |  | 1.6 |  |  |  |  |  |
QF Holdings, Inc. | 1.1 |  | (0.3) |  | 0.8 |  | — |  | — |  | 0.8 |  |  |  |  |  |
Qnnect, LLC and Connector TopCo, LP | 2.7 |  | — |  | 2.7 |  | — |  | — |  | 2.7 |  |  |  |  |  |
Radius Aerospace, Inc. and Radius Aerospace Europe Limited | 2.8 |  | (0.5) |  | 2.3 |  | — |  | — |  | 2.3 |  |  |  |  |  |
Radwell Parent, LLC | 4.4 |  | (0.9) |  | 3.5 |  | — |  | — |  | 3.5 |  |  |  |  |  |
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC | 4.4 |  | — |  | 4.4 |  | — |  | — |  | 4.4 |  |  |  |  |  |
RB Holdings InterCo, LLC | 5.6 |  | (1.8) |  | 3.8 |  | — |  | — |  | 3.8 |  |  |  |  |  |
Reddy Ice LLC | 1.3 |  | (1.2) |  | 0.1 |  | — |  | — |  | 0.1 |  |  |  |  |  |
Redwood Services, LLC and Redwood Services Holdco, LLC | 12.5 |  | — |  | 12.5 |  | — |  | — |  | 12.5 |  |  |  |  |  |
Reef Lifestyle, LLC | 53.5 |  | (49.1) |  | 4.4 |  | — |  | — |  | 4.4 |  |  |  |  |  |
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. | 28.0 |  | — |  | 28.0 |  | — |  | — |  | 28.0 |  |  |  |  |  |
Relativity ODA LLC | 3.8 |  | — |  | 3.8 |  | — |  | — |  | 3.8 |  |  |  |  |  |
Repairify, Inc. and Repairify Holdings, LLC | 7.3 |  | (3.6) |  | 3.7 |  | — |  | — |  | 3.7 |  |  |  |  |  |
Revalize, Inc. | 0.9 |  | — |  | 0.9 |  | — |  | — |  | 0.9 |  |  |  |  |  |
Rialto Management Group, LLC | 1.3 |  | (0.3) |  | 1.0 |  | — |  | — |  | 1.0 |  |  |  |  |  |
Riser Merger Sub, Inc. | 2.3 |  | (0.3) |  | 2.0 |  | — |  | — |  | 2.0 |  |  |  |  |  |
RMS HoldCo II, LLC & RMS Group Holdings, Inc. | 2.9 |  | — |  | 2.9 |  | — |  | — |  | 2.9 |  |  |  |  |  |
Rodeo AcquisitionCo LLC | 6.2 |  | (1.7) |  | 4.5 |  | — |  | — |  | 4.5 |  |  |  |  |  |
RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc. | 0.6 |  | — |  | 0.6 |  | — |  | — |  | 0.6 |  |  |  |  |  |
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. | 15.9 |  | (7.3) |  | 8.6 |  | — |  | — |  | 8.6 |  |  |  |  |  |
SageSure Holdings, LLC and SageSure LLC | 3.1 |  | — |  | 3.1 |  | — |  | — |  | 3.1 |  |  |  |  |  |

66

(in millions) Portfolio Company | Total revolving and delayed draw loan commitments | Less: funded commitments | Total unfunded commitments | Less: commitments substantially at discretion of the Company | Less: unavailable commitments due to borrowing base or other covenant restrictions | Total net adjusted unfunded revolving and delayed draw commitments |  |  |  |  |
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. | 3.3 |  | (0.6) |  | 2.7 |  | — |  | — |  | 2.7 |  |  |  |  |  |
SCIH Salt Holdings Inc. | 7.5 |  | — |  | 7.5 |  | — |  | — |  | 7.5 |  |  |  |  |  |
SCM Insurance Services Inc. | 4.1 |  | — |  | 4.1 |  | — |  | — |  | 4.1 |  |  |  |  |  |
SFE Intermediate Holdco LLC | 15.2 |  | — |  | 15.2 |  | — |  | — |  | 15.2 |  |  |  |  |  |
Shermco Intermediate Holdings, Inc. | 4.0 |  | (0.6) |  | 3.4 |  | — |  | — |  | 3.4 |  |  |  |  |  |
Shock Doctor, Inc. and Shock Doctor Holdings, LLC | 2.5 |  | (2.4) |  | 0.1 |  | — |  | — |  | 0.1 |  |  |  |  |  |
Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc. | 5.0 |  | — |  | 5.0 |  | — |  | — |  | 5.0 |  |  |  |  |  |
Silk Holdings III Corp. and Silk Holdings I Corp. | 0.1 |  | (0.1) |  | — |  | — |  | — |  | — |  |  |  |  |  |
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC | 7.1 |  | — |  | 7.1 |  | — |  | — |  | 7.1 |  |  |  |  |  |
SM Wellness Holdings, Inc. and SM Holdco, LLC | 3.8 |  | — |  | 3.8 |  | — |  | — |  | 3.8 |  |  |  |  |  |
Smarsh Inc. and Skywalker TopCo, LLC | 2.0 |  | — |  | 2.0 |  | — |  | — |  | 2.0 |  |  |  |  |  |
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp | 1.7 |  | (0.3) |  | 1.4 |  | — |  | — |  | 1.4 |  |  |  |  |  |
Star US Bidco LLC | 8.5 |  | — |  | 8.5 |  | — |  | — |  | 8.5 |  |  |  |  |  |
Stealth Holding LLC and UCIT Online Security Inc. | 12.4 |  | — |  | 12.4 |  | — |  | — |  | 12.4 |  |  |  |  |  |
Sun Acquirer Corp. and Sun TopCo, LP | 21.3 |  | (0.9) |  | 20.4 |  | — |  | — |  | 20.4 |  |  |  |  |  |
Sundance Group Holdings, Inc. | 3.0 |  | (0.7) |  | 2.3 |  | — |  | — |  | 2.3 |  |  |  |  |  |
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon | 6.0 |  | (0.3) |  | 5.7 |  | — |  | — |  | 5.7 |  |  |  |  |  |
Sunrun Luna Holdco 2021, LLC | 75.0 |  | (75.0) |  | — |  | — |  | — |  | — |  |  |  |  |  |
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. | 7.0 |  | — |  | 7.0 |  | — |  | — |  | 7.0 |  |  |  |  |  |
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC | 4.2 |  | — |  | 4.2 |  | — |  | — |  | 4.2 |  |  |  |  |  |
Systems Planning and Analysis, Inc. | 4.0 |  | (1.7) |  | 2.3 |  | — |  | — |  | 2.3 |  |  |  |  |  |
TA/WEG Holdings, LLC | 2.0 |  | — |  | 2.0 |  | — |  | — |  | 2.0 |  |  |  |  |  |
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. | 7.5 |  | (1.2) |  | 6.3 |  | — |  | — |  | 6.3 |  |  |  |  |  |
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. | 1.7 |  | (0.7) |  | 1.0 |  | — |  | — |  | 1.0 |  |  |  |  |  |
TCP Hawker Intermediate LLC | 0.2 |  | — |  | 0.2 |  | — |  | — |  | 0.2 |  |  |  |  |  |
The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc. | 1.1 |  | — |  | 1.1 |  | — |  | — |  | 1.1 |  |  |  |  |  |
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP | 13.6 |  | (12.8) |  | 0.8 |  | — |  | — |  | 0.8 |  |  |  |  |  |
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC | 1.5 |  | (0.1) |  | 1.4 |  | — |  | — |  | 1.4 |  |  |  |  |  |
The NPD Group, L.P., IRI Group Holdings, Inc., Information Resources, Inc. and IRI-NPD Co-Invest Aggregator, L.P. | 14.4 |  | (1.2) |  | 13.2 |  | — |  | — |  | 13.2 |  |  |  |  |  |
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP | 6.9 |  | (0.8) |  | 6.1 |  | — |  | — |  | 6.1 |  |  |  |  |  |
Thermostat Purchaser III, Inc. | 11.7 |  | (0.3) |  | 11.4 |  | — |  | — |  | 11.4 |  |  |  |  |  |
THG Acquisition, LLC | 14.8 |  | (1.3) |  | 13.5 |  | — |  | — |  | 13.5 |  |  |  |  |  |
Trader Corporation and Project Auto Finco Corp. | 0.6 |  | — |  | 0.6 |  | — |  | — |  | 0.6 |  |  |  |  |  |
Triwizard Holdings, Inc. and Triwizard Parent, LP | 15.0 |  | — |  | 15.0 |  | — |  | — |  | 15.0 |  |  |  |  |  |
Two Six Labs, LLC | 10.3 |  | — |  | 10.3 |  | — |  | — |  | 10.3 |  |  |  |  |  |
UKG Inc. and H&F Unite Partners, L.P. | 25.0 |  | (0.2) |  | 24.8 |  | — |  | — |  | 24.8 |  |  |  |  |  |
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP | 4.6 |  | — |  | 4.6 |  | — |  | — |  | 4.6 |  |  |  |  |  |
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. | 9.9 |  | — |  | 9.9 |  | — |  | — |  | 9.9 |  |  |  |  |  |
Verista, Inc. | 8.2 |  | (0.5) |  | 7.7 |  | — |  | — |  | 7.7 |  |  |  |  |  |
Verscend Holding Corp. | 22.5 |  | — |  | 22.5 |  | — |  | — |  | 22.5 |  |  |  |  |  |
Vobev, LLC and Vobev Holdings, LLC | 5.4 |  | — |  | 5.4 |  | — |  | — |  | 5.4 |  |  |  |  |  |
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. | 3.6 |  | (0.3) |  | 3.3 |  | — |  | — |  | 3.3 |  |  |  |  |  |
VRC Companies, LLC | 5.4 |  | — |  | 5.4 |  | — |  | — |  | 5.4 |  |  |  |  |  |
VS Buyer, LLC | 8.1 |  | — |  | 8.1 |  | — |  | — |  | 8.1 |  |  |  |  |  |
Waverly Advisors, LLC and WAAM Topco, LLC | 0.2 |  | — |  | 0.2 |  | — |  | — |  | 0.2 |  |  |  |  |  |
WebPT, Inc. | 0.9 |  | (0.2) |  | 0.7 |  | — |  | — |  | 0.7 |  |  |  |  |  |
Wellness AcquisitionCo, Inc. | 3.9 |  | — |  | 3.9 |  | — |  | — |  | 3.9 |  |  |  |  |  |
Wellpath Holdings, Inc. | 12.0 |  | (5.3) |  | 6.7 |  | — |  | — |  | 6.7 |  |  |  |  |  |
Wildcat BuyerCo, Inc. and Wildcat Parent, LP | 4.1 |  | (0.2) |  | 3.9 |  | — |  | — |  | 3.9 |  |  |  |  |  |
WorkWave Intermediate II, LLC | 5.2 |  | — |  | 5.2 |  | — |  | — |  | 5.2 |  |  |  |  |  |
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. | 4.0 |  | (0.7) |  | 3.3 |  | — |  | — |  | 3.3 |  |  |  |  |  |
WSHP FC Acquisition LLC and WSHP FC Holdings LLC | 16.3 |  | (16.3) |  | — |  | — |  | — |  | — |  |  |  |  |  |

67

(in millions) Portfolio Company | Total revolving and delayed draw loan commitments | Less: funded commitments | Total unfunded commitments | Less: commitments substantially at discretion of the Company | Less: unavailable commitments due to borrowing base or other covenant restrictions | Total net adjusted unfunded revolving and delayed draw commitments |  |  |  |  |
XIFIN, Inc. and ACP Charger Co-Invest LLC | 5.6 |  | (4.2) |  | 1.4 |  | — |  | — |  | 1.4 |  |  |  |  |  |
YE Brands Holdings, LLC | 2.2 |  | — |  | 2.2 |  | — |  | — |  | 2.2 |  |  |  |  |  |
ZB Holdco LLC and ZB TopCo LLC | 8.3 |  | (1.2) |  | 7.1 |  | — |  | — |  | 7.1 |  |  |  |  |  |
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP | 12.8 |  | — |  | 12.8 |  | — |  | — |  | 12.8 |  |  |  |  |  |
| $ | 2,448.9 |  | $ | (593.5) |  | $ | 1,855.4 |  | $ | — |  | $ | (14.4) |  | $ | 1,841.0 |  |  |  |  |  |

(16)As of June 30, 2023, the Company was party to agreements to fund equity investment commitments as follows:

(in millions) Company | Total equity commitments | Less: funded equity commitments | Total unfunded equity commitments | Less: equity commitments substantially at the discretion of the Company | Total net adjusted unfunded equity commitments
Apex Clean Energy TopCo, LLC | $ | 18.1 |  | $ | — |  | $ | 18.1 |  | $ | — |  | $ | 18.1 |
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP | 1.2 |  | — |  | 1.2 |  | — |  | 1.2 |
Athyrium Buffalo LP | 7.9 |  | — |  | 7.9 |  | (7.9) |  | — |
European Capital UK SME Debt LP | 57.1 |  | (51.7) |  | 5.4 |  | (5.4) |  | — |
High Street Buyer, Inc. and High Street Holdco LLC | 10.7 |  | — |  | 10.7 |  | — |  | 10.7 |
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. | 1.9 |  | — |  | 1.9 |  | — |  | 1.9 |
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp | 1.0 |  | — |  | 1.0 |  | — |  | 1.0 |
PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar Investment II, L.P. | 50.0 |  | (12.4) |  | 37.6 |  | (37.6) |  | — |
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. | 0.2 |  | — |  | 0.2 |  | — |  | 0.2 |
| $ | 148.1 |  | $ | (64.1) |  | $ | 84.0 |  | $ | (50.9) |  | $ | 33.1 |

(17)As of June 30, 2023, the Company had commitments to co-invest in the SDLP for its portion of the SDLP’s commitment to fund delayed draw loans of up to $65. See Note 4 to the consolidated financial statements for more information on the SDLP.
(18)Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 8 to the consolidated financial statements for more information regarding the fair value of the Company’s investments.
(19)As of June 30, 2023, the estimated net unrealized loss for federal tax purposes was $0.2 billion based on a tax cost basis of $21.7 billion. As of June 30, 2023, the estimated aggregate gross unrealized loss for federal income tax purposes was $1.4 billion and the estimated aggregate gross unrealized gain for federal income tax purposes was $1.2 billion.
68

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Company (1) |  | Business Description |  | Investment |  | Coupon (3) | Reference (7) | Spread (3) |  | Acquisition Date |  | Maturity Date |  | Shares/Units | Principal |  | Amortized Cost |  | Fair Value |  | % of Net Assets
Software and Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2U, Inc. |  | Provider of course design and learning management system to educational institutions |  | First lien senior secured loan |  | 10.16% | LIBOR (Q) | 5.75% |  | 6/2021 |  | 12/2024 |  |  | $ | 14.6 |  |  | $ | 14.4 |  |  | $ | 14.3 |  | (2)(6)(11) |
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC (15) |  | Payment processing solution provider |  | First lien senior secured loan |  | 10.64% | SOFR (A) | 5.75% |  | 6/2022 |  | 6/2028 |  |  | 120.6 |  |  | 118.4 |  |  | 115.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.45% | SOFR (A) | 5.75% |  | 2/2020 |  | 6/2028 |  |  | 63.3 |  |  | 63.3 |  |  | 60.8 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 14.70% PIK | SOFR (Q) | 10.00% |  | 2/2020 |  | 6/2030 |  |  | 56.8 |  |  | 56.8 |  |  | 54.4 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 238.5 |  |  | 230.9 |  |  |
Anaplan, Inc. (15) |  | Provider of cloud-based connected planning platforms for business analytics |  | First lien senior secured loan |  | 10.82% | SOFR (M) | 6.50% |  | 6/2022 |  | 6/2029 |  |  | 1.8 |  |  | 1.8 |  |  | 1.7 |  | (2)(11) |
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (15) |  | Provider of intellectual property management lifecycle software |  | First lien senior secured loan |  | 7.52% | Euribor (S) | 5.50% |  | 4/2019 |  | 4/2026 |  |  | 4.4 |  |  | 4.6 |  |  | 4.4 |  | (2) |
|  |  |  | First lien senior secured loan |  | 9.11% | LIBOR (S) | 5.25% |  | 6/2021 |  | 4/2026 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(11) |
|  |  |  | Limited partnership units |  |  |  |  |  | 6/2019 |  |  |  | 4,400,000 |  |  | 4.2 |  |  | 8.3 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9.8 |  |  | 13.7 |  |  |
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(15) |  | Aircraft performance software provider |  | First lien senior secured loan |  | 10.36% | LIBOR (S) | 5.25% |  | 1/2020 |  | 1/2025 |  |  | 13.3 |  |  | 13.3 |  |  | 13.2 |  | (2)(11) |
|  |  |  | Class A membership Units |  |  |  |  |  | 1/2020 |  |  |  | 9,750,000 |  |  | 9.8 |  |  | 8.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.1 |  |  | 21.8 |  |  |
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (15) |  | Software platform for identification, prevention and management of substance use disorder |  | First lien senior secured loan |  | 11.54% | LIBOR (M) | 7.25% |  | 5/2021 |  | 5/2027 |  |  | 5.7 |  |  | 5.7 |  |  | 5.7 |  | (2)(11) |
|  |  |  | Series A preferred shares |  | 11.00% PIK |  |  |  | 5/2021 |  |  |  | 32,236 |  |  | 38.7 |  |  | 35.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 44.4 |  |  | 41.3 |  |  |
Apptio, Inc. (15) |  | Provider of cloud-based technology business management solutions |  | First lien senior secured revolving loan |  | 9.93% | LIBOR (Q) | 6.00% |  | 1/2019 |  | 1/2025 |  |  | 2.5 |  |  | 2.5 |  |  | 2.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.94% | LIBOR (Q) | 6.00% |  | 1/2019 |  | 1/2025 |  |  | 15.1 |  |  | 15.1 |  |  | 15.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17.6 |  |  | 17.6 |  |  |
Avalara, Inc. (15) |  | Provider of cloud-based solutions for transaction tax compliance worldwide |  | First lien senior secured loan |  | 11.83% | SOFR (Q) | 7.25% |  | 10/2022 |  | 10/2028 |  |  | 72.2 |  |  | 72.2 |  |  | 70.4 |  | (2)(11) |
Avetta, LLC (15) |  | Supply chain risk management SaaS platform for global enterprise clients |  | First lien senior secured loan |  | 10.16% | LIBOR (Q) | 5.75% |  | 7/2021 |  | 4/2024 |  |  | 0.2 |  |  | 0.2 |  |  | 0.1 |  | (2)(11) |
AxiomSL Group, Inc. and Calypso Group, Inc. (15) |  | Provider of risk data management and regulatory reporting software |  | First lien senior secured loan |  | 10.13% | LIBOR (M) | 5.75% |  | 7/2021 |  | 12/2027 |  |  | 21.2 |  |  | 20.8 |  |  | 21.2 |  | (2)(11) |
Banyan Software Holdings, LLC and Banyan Software, LP (15) |  | Vertical software businesses holding company |  | First lien senior secured revolving loan |  | 10.88% | LIBOR (Q) | 6.50% |  | 10/2020 |  | 10/2025 |  |  | 0.9 |  |  | 0.9 |  |  | 0.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.23% | LIBOR (Q) | 6.50% |  | 12/2021 |  | 10/2026 |  |  | 20.3 |  |  | 20.3 |  |  | 20.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.23% | LIBOR (Q) | 6.50% |  | 10/2020 |  | 10/2026 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(11) |

69

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | Preferred units |  |  |  |  |  | 1/2022 |  |  |  | 120,999 |  |  | 4.1 |  |  | 5.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26.3 |  |  | 27.6 |  |  |
Borrower R365 Holdings LLC (15) |  | Provider of restaurant enterprise resource planning systems |  | First lien senior secured loan |  | 8.23% (3.00% PIK) | LIBOR (Q) | 3.50% |  | 6/2021 |  | 6/2027 |  |  | 15.9 |  |  | 15.7 |  |  | 15.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 8.23% (3.00% PIK) | LIBOR (Q) | 3.50% |  | 1/2022 |  | 6/2027 |  |  | 1.4 |  |  | 1.4 |  |  | 1.4 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17.1 |  |  | 17.3 |  |  |
Bottomline Technologies, Inc. (15) |  | Provider of payment automation solutions |  | First lien senior secured loan |  | 9.82% | SOFR (M) | 5.50% |  | 5/2022 |  | 5/2029 |  |  | 18.0 |  |  | 18.0 |  |  | 17.6 |  | (2)(11) |
Businessolver.com, Inc. (15) |  | Provider of SaaS-based benefits solutions for employers and employees |  | First lien senior secured loan |  | 9.67% | LIBOR (S) | 5.50% |  | 12/2021 |  | 12/2027 |  |  | 14.7 |  |  | 14.7 |  |  | 14.5 |  | (2)(11) |
CallMiner, Inc. |  | Provider of cloud-based conversational analytics solutions |  | Warrant to purchase shares of Series 1 preferred stock |  |  |  |  |  | 7/2014 |  | 7/2024 |  | 2,350,636 |  |  | — |  |  | — |  |  |
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (15) |  | Provider of software and technology-enabled content and analytical solutions to insurance brokers |  | First lien senior secured revolving loan |  | 11.00% | Base Rate (Q) | 3.50% |  | 11/2020 |  | 11/2025 |  |  | 3.4 |  |  | 3.4 |  |  | 3.0 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 12.46% | LIBOR (Q) | 7.75% |  | 11/2020 |  | 11/2028 |  |  | 64.3 |  |  | 64.3 |  |  | 57.8 |  | (2)(11) |
|  |  |  | Series A preferred shares |  | 15.73% PIK | LIBOR (Q) | 11.00% |  | 11/2020 |  |  |  | 24,898 |  |  | 32.1 |  |  | 26.3 |  | (2) |
|  |  |  | Series A-2 preferred shares |  | 15.73% PIK | LIBOR (Q) | 11.00% |  | 12/2020 |  |  |  | 8,963 |  |  | 11.4 |  |  | 9.4 |  | (2) |
|  |  |  | Series A-3 preferred shares |  | 11.00% PIK |  |  |  | 11/2021 |  |  |  | 11,952 |  |  | 13.5 |  |  | 11.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 124.7 |  |  | 107.6 |  |  |
Community Brands ParentCo, LLC (15) |  | Software and payment services provider to non-profit institutions |  | First lien senior secured loan |  | 10.17% | SOFR (M) | 5.75% |  | 2/2022 |  | 2/2028 |  |  | 10.6 |  |  | 10.6 |  |  | 10.4 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 12/2016 |  |  |  | 500,000 |  |  | 5.0 |  |  | 6.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15.6 |  |  | 16.8 |  |  |
Computer Services, Inc. |  | Infrastructure software provider to community banks |  | First lien senior secured loan |  | 11.15% | SOFR (Q) | 6.75% |  | 11/2022 |  | 11/2029 |  |  | 34.1 |  |  | 34.1 |  |  | 33.0 |  | (2)(11) |
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. (15) |  | Provider of sales software for the interior design industry |  | First lien senior secured revolving loan |  | 8.32% | EURIBOR (Q) | 6.25% |  | 11/2021 |  | 5/2028 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.48% | SOFR (Q) | 5.75% |  | 6/2022 |  | 5/2028 |  |  | 11.7 |  |  | 11.7 |  |  | 11.4 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.48% | SOFR (Q) | 5.75% |  | 5/2021 |  | 5/2028 |  |  | 74.8 |  |  | 74.8 |  |  | 72.6 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 8.39% | Euribor (Q) | 6.25% |  | 11/2021 |  | 5/2028 |  |  | 26.9 |  |  | 28.3 |  |  | 26.1 |  | (2)(6) |
|  |  |  | Common units |  |  |  |  |  | 5/2021 |  |  |  | 4,799,000 |  |  | 4.8 |  |  | 6.5 |  | (2)(6) |
|  |  |  | Series A common units |  |  |  |  |  | 9/2022 |  |  |  | 23,340 |  |  | 0.2 |  |  | — |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 120.6 |  |  | 117.4 |  |  |
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (15) |  | Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors |  | Second lien senior secured loan |  | 10.94% | LIBOR (M) | 6.50% |  | 6/2021 |  | 6/2029 |  |  | 155.7 |  |  | 155.7 |  |  | 129.2 |  | (2)(11) |
|  |  |  | Limited partnership units |  |  |  |  |  | 4/2021 |  |  |  | 59,665,989 |  |  | 59.7 |  |  | 48.8 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 215.4 |  |  | 178.0 |  |  |
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (15) |  | Provider of environmental, health and safety software to track compliance data |  | First lien senior secured loan |  | 10.31% | SOFR (Q) | 6.00% |  | 9/2022 |  | 7/2026 |  |  | 6.2 |  |  | 6.2 |  |  | 6.2 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 9.06% | SOFR (Q) | 5.50% |  | 10/2019 |  | 7/2026 |  |  | 4.4 |  |  | 4.4 |  |  | 4.3 |  | (2)(6)(11) |

70

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | First lien senior secured loan |  | 11.06% | SOFR (Q) | 7.50% |  | 9/2020 |  | 7/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 9.06% | SOFR (Q) | 5.50% |  | 7/2019 |  | 7/2026 |  |  | 6.3 |  |  | 6.3 |  |  | 6.2 |  | (2)(6)(11) |
|  |  |  | Preferred equity |  | 9.00% PIK |  |  |  | 7/2019 |  |  |  | 198 |  |  | 0.3 |  |  | 0.7 |  | (2)(6) |
|  |  |  | Common equity |  |  |  |  |  | 7/2019 |  |  |  | 190,143 |  |  | — |  |  | — |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17.3 |  |  | 17.5 |  |  |
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (15) |  | Provider of a cloud-based, SaaS platform for talent management |  | First lien senior secured revolving loan |  | 7.51% | LIBOR (M) | 3.25% |  | 10/2021 |  | 10/2026 |  |  | 21.9 |  |  | 21.9 |  |  | 19.7 |  | (2)(14) |
|  |  |  | Second lien senior secured loan |  | 10.88% | LIBOR (M) | 6.50% |  | 10/2021 |  | 10/2029 |  |  | 137.5 |  |  | 137.5 |  |  | 123.7 |  | (2)(11) |
|  |  |  | Series A preferred shares |  | 10.50% PIK |  |  |  | 10/2021 |  |  |  | 116,413 |  |  | 131.8 |  |  | 109.4 |  | (2) |
|  |  |  | Class A-1 common stock |  |  |  |  |  | 10/2021 |  |  |  | 1,360,100 |  |  | 13.6 |  |  | 15.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 304.8 |  |  | 268.0 |  |  |
Datix Bidco Limited |  | Global healthcare software company that provides software solutions for patient safety and risk management |  | First lien senior secured loan |  | 8.95% | SOFR (S) | 4.50% |  | 11/2022 |  | 4/2025 |  |  | 4.3 |  |  | 4.2 |  |  | 4.2 |  | (2)(6) |
|  |  |  | Second lien senior secured loan |  | 12.20% | SOFR (S) | 7.75% |  | 11/2022 |  | 4/2026 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.9 |  |  | 4.9 |  |  |
Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. |  | Provider of internet security tools and solutions |  | First lien senior secured loan |  | 8.70% | SOFR (S) | 4.00% |  | 5/2022 |  | 10/2026 |  |  | 1.0 |  |  | 1.0 |  |  | 0.9 |  | (2) |
|  |  |  | Second lien senior secured loan |  | 11.70% | SOFR (S) | 7.00% |  | 5/2022 |  | 2/2029 |  |  | 11.0 |  |  | 10.3 |  |  | 10.7 |  | (2) |
|  |  |  | Series A preferred shares |  | 10.50% PIK |  |  |  | 5/2021 |  |  |  | 129,822 |  |  | 153.0 |  |  | 134.6 |  | (2) |
|  |  |  | Series A units |  |  |  |  |  | 5/2021 |  |  |  | 817,194 |  |  | 13.3 |  |  | 12.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 177.6 |  |  | 158.7 |  |  |
Denali Holdco LLC and Denali Apexco LP (15) |  | Provider of cybersecurity audit and assessment services |  | First lien senior secured loan |  | 10.52% | LIBOR (Q) | 5.75% |  | 7/2022 |  | 9/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.52% | LIBOR (Q) | 5.75% |  | 9/2021 |  | 9/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 2/2022 |  |  |  | 2,549,000 |  |  | 2.5 |  |  | 2.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.7 |  |  | 2.6 |  |  |
Diligent Corporation and Diligent Preferred Issuer, Inc. (15) |  | Provider of secure SaaS solutions for board and leadership team documents |  | First lien senior secured revolving loan |  | 10.63% | LIBOR (M) | 6.25% |  | 8/2020 |  | 8/2025 |  |  | 0.7 |  |  | 0.6 |  |  | 0.7 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 10.63% | LIBOR (M) | 6.25% |  | 8/2020 |  | 8/2025 |  |  | 35.9 |  |  | 35.4 |  |  | 35.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.63% | LIBOR (M) | 6.25% |  | 7/2021 |  | 8/2025 |  |  | 2.0 |  |  | 2.0 |  |  | 2.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.13% | LIBOR (M) | 5.75% |  | 3/2021 |  | 8/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.13% | LIBOR (M) | 5.75% |  | 4/2021 |  | 8/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Preferred stock |  | 10.50% PIK |  |  |  | 4/2021 |  |  |  | 13,140 |  |  | 15.0 |  |  | 13.8 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 53.2 |  |  | 51.9 |  |  |
Drilling Info Holdings, Inc. and Titan DI Preferred Holdings, Inc. |  | SaaS based business analytics company focused on oil and gas industry |  | Second lien senior secured loan |  | 12.63% | LIBOR (M) | 8.25% |  | 2/2020 |  | 7/2026 |  |  | 25.0 |  |  | 25.0 |  |  | 24.8 |  | (2) |
|  |  |  | Preferred stock |  | 13.50% PIK |  |  |  | 2/2020 |  |  |  | 29.53 |  |  | 42.4 |  |  | 41.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 67.4 |  |  | 66.4 |  |  |
DS Admiral Bidco, LLC (15) |  | Tax return software provider for government institutions |  | First lien senior secured loan |  | 10.16% | LIBOR (Q) | 5.75% |  | 3/2021 |  | 3/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |

71

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Dye & Durham Corporation (15) |  | Provider of cloud-based software and technology solutions for the legal industry |  | First lien senior secured revolving loan |  | 11.20% | CDOR (M) | 4.75% |  | 12/2021 |  | 12/2026 |  |  | 5.0 |  |  | 5.0 |  |  | 5.0 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.69% | CDOR (Q) | 5.75% |  | 12/2021 |  | 12/2027 |  |  | 40.0 |  |  | 42.2 |  |  | 40.0 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 47.2 |  |  | 45.0 |  |  |
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (15) |  | SaaS based supply chain management software provider focused on chemical markets |  | First lien senior secured revolving loan |  | 10.51% | SOFR (Q) | 6.00% |  | 9/2019 |  | 9/2025 |  |  | 4.1 |  |  | 4.1 |  |  | 4.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.74% | LIBOR (Q) | 6.00% |  | 9/2019 |  | 9/2025 |  |  | 50.0 |  |  | 50.0 |  |  | 48.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.68% | SOFR (Q) | 6.00% |  | 9/2019 |  | 9/2025 |  |  | 11.3 |  |  | 11.3 |  |  | 11.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.68% | SOFR (Q) | 6.00% |  | 12/2020 |  | 9/2025 |  |  | 5.7 |  |  | 5.7 |  |  | 5.6 |  | (2)(11) |
|  |  |  | Preferred equity |  |  |  |  |  | 9/2019 |  |  |  | 4,599 |  |  | 4.6 |  |  | 5.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75.7 |  |  | 74.4 |  |  |
EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. |  | Provider of entertainment workforce and production management solutions |  | Second lien senior secured loan |  | 11.23% | LIBOR (Q) | 6.50% |  | 11/2021 |  | 11/2029 |  |  | 177.9 |  |  | 177.9 |  |  | 176.1 |  | (2)(11) |
|  |  |  | Partnership units |  |  |  |  |  | 5/2019 |  |  |  | 5,034,483 |  |  | 3.2 |  |  | 11.7 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 181.1 |  |  | 187.8 |  |  |
EpiServer Inc. and Episerver Sweden Holdings AB (15) |  | Provider of web content management and digital commerce solutions |  | First lien senior secured loan |  | 6.69% | Euribor (Q) | 5.50% |  | 3/2019 |  | 4/2026 |  |  | 5.6 |  |  | 5.9 |  |  | 5.5 |  | (2)(6) |
|  |  |  | First lien senior secured loan |  | 9.98% | LIBOR (Q) | 5.25% |  | 12/2021 |  | 4/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 9.98% | LIBOR (Q) | 5.25% |  | 10/2018 |  | 4/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.1 |  |  | 5.7 |  |  |
eResearch Technology, Inc. and Astorg VII Co-Invest ERT (15) |  | Provider of mission-critical, software-enabled clinical research solutions |  | Second lien senior secured loan |  | 12.07% | LIBOR (M) | 8.00% |  | 4/2021 |  | 2/2028 |  |  | 30.6 |  |  | 29.8 |  |  | 27.2 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 12.38% | LIBOR (M) | 8.00% |  | 2/2020 |  | 2/2028 |  |  | 17.2 |  |  | 16.9 |  |  | 15.3 |  | (2)(11) |
|  |  |  | Limited partnership interest |  |  |  |  |  | 1/2020 |  |  |  | 3,988,000 |  |  | 4.5 |  |  | 3.7 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51.2 |  | 46.2 |  |
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. (15) |  | Provider of nutritional information and software as a services (SaaS) compliance solutions |  | First lien senior secured loan |  | 10.07% | SOFR (Q) | 6.25% |  | 6/2022 |  | 6/2028 |  |  | 6.8 |  | 6.8 |  | 6.7 | (2)(11) |
|  |  |  | Limited partner interests |  |  |  |  |  | 6/2022 |  |  |  | 6,046,628 |  |  | 6.0 |  | 6.0 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12.8 |  | 12.7 |  |
Extrahop Networks, Inc. (15) |  | Provider of real-time wire data analytics solutions for application and infrastructure monitoring |  | First lien senior secured loan |  | 12.23% | LIBOR (Q) | 7.50% |  | 7/2021 |  | 7/2027 |  |  | 20.2 |  | 20.2 |  | 20.2 | (2)(11) |
First Insight, Inc. |  | Software company providing merchandising and pricing solutions to companies worldwide |  | Warrant to purchase units of Series C preferred stock |  |  |  |  |  | 3/2014 |  | 3/2024 |  | 122,827 |  |  | — |  |  | — |  |  |
FM:Systems Group, LLC (15) |  | Provider of facilities and space management software solutions |  | First lien senior secured loan |  | 9.13% | LIBOR (S) | 5.75% |  | 12/2019 |  | 12/2024 |  |  | 0.1 |  | 0.1 |  | 0.1 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.96% | LIBOR (S) | 5.75% |  | 6/2021 |  | 12/2024 |  |  | 0.1 |  | 0.1 |  | 0.1 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.2 |  | 0.2 |  |
Forescout Technologies, Inc. (15) |  | Network access control solutions provider |  | First lien senior secured loan |  | 14.23% (9.50% PIK) | LIBOR (Q) | 9.50% |  | 8/2020 |  | 8/2026 |  |  | 23.8 |  | 23.5 |  | 23.8 | (2)(11) |

72

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | First lien senior secured loan |  | 13.73% PIK | LIBOR (Q) | 9.00% |  | 7/2022 |  | 8/2026 |  |  | 12.6 |  | 12.6 |  | 12.6 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36.1 |  | 36.4 |  |
Genesis Acquisition Co. and Genesis Ultimate Holding Co. (15) |  | Child care management software and services provider |  | First lien senior secured revolving loan |  | 7.92% | LIBOR (S) | 3.75% |  | 7/2018 |  | 7/2024 |  |  | 1.5 |  | 1.5 |  | 1.5 | (2) |
|  |  |  | First lien senior secured loan |  | 7.92% | LIBOR (S) | 3.75% |  | 7/2018 |  | 7/2024 |  |  | 0.2 |  | 0.2 |  | 0.2 | (2) |
|  |  |  | First lien senior secured loan |  | 8.42% | LIBOR (Q) | 4.25% |  | 11/2021 |  | 7/2024 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 11.24% | LIBOR (Q) | 7.50% |  | 7/2018 |  | 7/2025 |  |  | 32.4 |  |  | 32.4 |  |  | 31.7 |  | (2) |
|  |  |  | Second lien senior secured loan |  | 11.24% | LIBOR (Q) | 7.50% |  | 11/2021 |  | 7/2025 |  |  | 21.1 |  |  | 21.1 |  |  | 20.7 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 11.24% | LIBOR (Q) | 7.50% |  | 6/2021 |  | 7/2025 |  |  | 7.5 |  |  | 7.5 |  |  | 7.4 |  | (2) |
|  |  |  | Class A common stock |  |  |  |  |  | 7/2018 |  |  |  | 8.39 |  |  | 0.8 |  |  | 1.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63.6 |  |  | 63.0 |  |  |
GI Ranger Intermediate LLC (15) |  | Provider of payment processing services and software to healthcare providers |  | First lien senior secured revolving loan |  | 10.73% | SOFR (Q) | 6.00% |  | 10/2021 |  | 10/2027 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.73% | SOFR (Q) | 6.00% |  | 10/2021 |  | 10/2028 |  |  | 10.2 |  |  | 10.2 |  |  | 10.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.73% | SOFR (Q) | 6.00% |  | 3/2022 |  | 10/2028 |  |  | 1.8 |  |  | 1.8 |  |  | 1.7 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12.4 |  |  | 12.1 |  |  |
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC (15) |  | Provider of data analysis, statistics, and visualization software solutions for scientific research applications |  | First lien senior secured loan |  | 10.73% | LIBOR (Q) | 6.00% |  | 12/2017 |  | 4/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.23% | LIBOR (Q) | 5.50% |  | 11/2021 |  | 4/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.23% | LIBOR (Q) | 5.50% |  | 10/2021 |  | 4/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.43% | LIBOR (Q) | 5.50% |  | 4/2021 |  | 4/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 10.50% PIK |  |  |  | 4/2021 |  | 4/2032 |  |  | 43.5 |  |  | 43.5 |  |  | 40.0 |  | (2) |
|  |  |  | Preferred units |  | 14.00% PIK |  |  |  | 4/2021 |  |  |  | 1,828,644 |  |  | 57.5 |  |  | 57.5 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 101.5 |  |  | 98.0 |  |  |
GSV PracticeTek Holdings, LLC |  | Software provider for medical practitioners |  | Class A units |  | 8.00% PIK |  |  |  | 3/2021 |  |  |  | 12,827,482 |  |  | 1.1 |  |  | 14.0 |  | (2) |
Heavy Construction Systems Specialists, LLC (15) |  | Provider of construction software |  | First lien senior secured loan |  | 9.88% | LIBOR (M) | 5.50% |  | 11/2021 |  | 11/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (15) |  | Insurance software provider |  | First lien senior secured revolving loan |  | 10.23% | LIBOR (Q) | 5.50% |  | 11/2021 |  | 11/2027 |  |  | 9.4 |  |  | 9.4 |  |  | 8.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.23% | LIBOR (Q) | 5.50% |  | 11/2021 |  | 11/2028 |  |  | 60.4 |  |  | 60.4 |  |  | 56.1 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 10.00% PIK |  |  |  | 11/2021 |  | 11/2031 |  |  | 99.5 |  |  | 99.5 |  |  | 82.6 |  | (2) |
|  |  |  | Common units |  |  |  |  |  | 11/2021 |  |  |  | 4,243,657 |  |  | 8.8 |  |  | 5.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 178.1 |  |  | 152.9 |  |  |
Imprivata, Inc. |  | Provider of identity and access management solutions to the healthcare industry |  | Second lien senior secured loan |  | 10.57% | SOFR (M) | 6.25% |  | 4/2022 |  | 12/2028 |  |  | 16.1 |  |  | 15.9 |  |  | 15.1 |  | (2)(11) |
Inmar, Inc. |  | Technology-driven solutions provider for retailers, wholesalers and manufacturers |  | Second lien senior secured loan |  | 12.38% | LIBOR (M) | 8.00% |  | 4/2017 |  | 5/2025 |  |  | 28.3 |  |  | 28.2 |  |  | 26.6 |  | (2)(11) |

73

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

IQN Holding Corp. (15) |  | Provider of extended workforce management software |  | First lien senior secured loan |  | 9.65% | SOFR (Q) | 5.25% |  | 5/2022 |  | 5/2029 |  |  | 23.5 |  |  | 23.5 |  |  | 23.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.71% | SOFR (Q) | 5.50% |  | 5/2022 |  | 5/2029 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.9 |  |  | 23.7 |  |  |
IV Rollover Holdings, LLC |  | Provider of cloud based IT solutions, infrastructure and services |  | Class B units |  |  |  |  |  | 5/2017 |  |  |  | 170,490 |  |  | — |  |  | — |  |  |
|  |  |  | Class X units |  |  |  |  |  | 5/2017 |  |  |  | 5,000,000 |  |  | 2.0 |  |  | 2.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.0 |  |  | 2.1 |  |  |
Kaseya Inc. and Knockout Intermediate Holdings I Inc. (15) |  | Provider of cloud-based software and technology solutions for small and medium sized businesses |  | First lien senior secured loan |  | 10.33% | SOFR (Q) | 5.75% |  | 6/2022 |  | 6/2029 |  |  | 167.0 |  |  | 167.0 |  |  | 162.0 |  | (2)(11) |
|  |  |  | Preferred stock |  | 11.75% PIK |  |  |  | 6/2022 |  |  |  | 38,797 |  |  | 41.2 |  |  | 40.0 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 208.2 |  |  | 202.0 |  |  |
LeanTaaS Holdings, Inc. (15) |  | Provider of SaaS tools to optimize healthcare asset utilization |  | First lien senior secured loan |  | 12.08% | SOFR (Q) | 7.50% |  | 7/2022 |  | 7/2028 |  |  | 31.8 |  |  | 31.8 |  |  | 31.2 |  | (2)(11) |
Majesco and Magic Topco, L.P. (15) |  | Insurance software provider |  | First lien senior secured loan |  | 11.98% | LIBOR (Q) | 7.25% |  | 9/2020 |  | 9/2027 |  |  | 30.3 |  |  | 30.3 |  |  | 30.3 |  | (2)(11) |
|  |  |  | Class A units |  | 9.00% PIK |  |  |  | 9/2020 |  |  |  | 2,539 |  |  | 3.1 |  |  | 3.6 |  | (2) |
|  |  |  | Class B units |  |  |  |  |  | 9/2020 |  |  |  | 570,625 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 33.4 |  |  | 33.9 |  |  |
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp (15) |  | Cybersecurity solutions provider |  | First lien senior secured loan |  | 10.17% | SOFR (M) | 5.75% |  | 5/2022 |  | 5/2029 |  |  | 102.1 |  |  | 102.1 |  |  | 99.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 9.18% | SONIA (Q) | 5.75% |  | 5/2022 |  | 5/2029 |  |  | 34.8 |  |  | 35.6 |  |  | 33.7 |  | (2)(6)(11) |
|  |  |  | Limited partnership interest |  |  |  |  |  | 5/2022 |  |  |  | 3,974 |  |  | 38.8 |  |  | 39.4 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 176.5 |  |  | 172.2 |  |  |
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. (15) |  | Software and payment services provider to faith-based institutions |  | First lien senior secured revolving loan |  | 9.88% | LIBOR (M) | 5.50% |  | 12/2021 |  | 12/2027 |  |  | 4.0 |  |  | 4.0 |  |  | 3.8 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 9.88% | LIBOR (M) | 5.50% |  | 12/2021 |  | 12/2028 |  |  | 32.5 |  |  | 32.5 |  |  | 30.9 |  | (2)(11) |
|  |  |  | Limited partner interests |  |  |  |  |  | 12/2021 |  |  |  | 9,574,000 |  |  | 9.6 |  |  | 8.8 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46.1 |  |  | 43.5 |  |  |
Mitchell International, Inc. |  | Provider of technology, connectivity, and information solutions to the property and casualty insurance industry |  | Second lien senior secured loan |  | 11.23% | LIBOR (Q) | 6.50% |  | 10/2021 |  | 10/2029 |  |  | 98.1 |  |  | 96.1 |  |  | 81.0 |  | (2)(11)(18) |
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (15) |  | Leading technology solution provider for casing and auditioning to the entertainment industry |  | First lien senior secured loan |  | 10.32% | SOFR (M) | 6.00% |  | 8/2022 |  | 8/2028 |  |  | 25.1 |  |  | 25.1 |  |  | 24.6 |  | (2)(11) |
|  |  |  | Class A units |  | 8.00% PIK |  |  |  | 8/2022 |  |  |  | 45,320 |  |  | 4.5 |  |  | 4.5 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29.6 |  |  | 29.1 |  |  |
MRI Software LLC (15) |  | Provider of real estate and investment management software |  | First lien senior secured loan |  | 10.23% | LIBOR (Q) | 5.50% |  | 2/2020 |  | 2/2026 |  |  | 47.1 |  |  | 47.1 |  |  | 45.6 |  | (11) |
|  |  |  | First lien senior secured loan |  | 10.23% | LIBOR (Q) | 5.50% |  | 8/2020 |  | 2/2026 |  |  | 17.4 |  |  | 17.4 |  |  | 16.8 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 64.5 |  |  | 62.4 |  |  |

74

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

OpenMarket Inc. |  | Provider of cloud-based mobile engagement platform |  | First lien senior secured loan |  | 10.98% | LIBOR (Q) | 6.25% |  | 9/2021 |  | 9/2026 |  |  | 51.6 |  |  | 51.6 |  |  | 51.1 |  | (2)(6)(11) |
Paya, Inc and GTCR-Ultra Holdings LLC (15) |  | Provider of payment processing and merchant acquiring solutions |  | Class B units |  |  |  |  |  | 8/2017 |  |  |  | 2,878,372 |  |  | — |  |  | 2.6 |  | (2) |
PayNearMe, Inc. |  | Electronic cash payment system provider |  | Warrant to purchase shares of Series E preferred stock |  |  |  |  |  | 3/2016 |  | 3/2023 |  | 195,726 |  |  | 0.2 |  |  | — |  |  |
PDDS HoldCo, Inc. (15) |  | Provider of cloud-based dental practice management software |  | First lien senior secured loan |  | 12.30% | SOFR (Q) | 7.50% |  | 7/2022 |  | 7/2028 |  |  | 9.4 |  |  | 9.4 |  |  | 9.2 |  | (2)(11) |
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (15) |  | Provider of enterprise management software for the convenience retail and petroleum wholesale market |  | First lien senior secured revolving loan |  | 8.82% | LIBOR (Q) | 4.50% |  | 3/2019 |  | 10/2024 |  |  | 6.1 |  |  | 6.1 |  |  | 6.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 8.73% | LIBOR (Q) | 4.50% |  | 3/2019 |  | 10/2024 |  |  | 52.9 |  |  | 52.9 |  |  | 51.9 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.18% | LIBOR (Q) | 8.50% |  | 3/2019 |  | 10/2025 |  |  | 70.1 |  |  | 70.1 |  |  | 68.7 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.18% | LIBOR (Q) | 8.50% |  | 4/2021 |  | 10/2025 |  |  | 8.7 |  |  | 8.7 |  |  | 8.6 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.18% | LIBOR (Q) | 8.50% |  | 12/2020 |  | 10/2025 |  |  | 8.3 |  |  | 8.3 |  |  | 8.1 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.18% | LIBOR (Q) | 8.50% |  | 12/2021 |  | 10/2025 |  |  | 7.2 |  |  | 7.2 |  |  | 7.1 |  | (2)(11) |
|  |  |  | Series A preferred stock |  | 13.25% PIK |  |  |  | 3/2019 |  |  |  | 13,656 |  |  | 22.3 |  |  | 21.2 |  | (2) |
|  |  |  | Class A units |  |  |  |  |  | 3/2019 |  |  |  | 2,062,493 |  |  | 2.1 |  |  | 2.7 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 177.7 |  |  | 174.3 |  |  |
Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC (15) |  | Provider of plant maintenance and scheduling software |  | First lien senior secured loan |  | 10.48% | LIBOR (Q) | 5.75% |  | 10/2020 |  | 5/2025 |  |  | 13.7 |  |  | 13.7 |  |  | 13.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.48% | LIBOR (Q) | 5.75% |  | 6/2020 |  | 5/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.98% | LIBOR (Q) | 5.25% |  | 5/2019 |  | 5/2025 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 5/2019 |  |  |  | 5,000 |  |  | 5.0 |  |  | 14.3 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19.0 |  |  | 28.3 |  |  |
Petvisor Holdings, LLC (15) |  | Provider of veterinarian-focused SaaS solutions |  | First lien senior secured loan |  | 10.21% | SOFR (S) | 5.50% |  | 6/2022 |  | 6/2028 |  |  | 21.5 |  |  | 21.5 |  |  | 21.5 |  | (2)(11) |
Ping Identity Holding Corp. (15) |  | Provider of identity and access management solutions |  | First lien senior secured loan |  | 11.32% | SOFR (M) | 7.00% |  | 10/2022 |  | 10/2029 |  |  | 11.3 |  |  | 11.3 |  |  | 11.0 |  | (2)(11) |
Pluralsight, Inc. (15) |  | Online education learning platform |  | First lien senior secured revolving loan |  | 12.36% | LIBOR (M) | 8.00% |  | 4/2021 |  | 4/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.83% | LIBOR (Q) | 8.00% |  | 4/2021 |  | 4/2027 |  |  | 106.2 |  |  | 106.2 |  |  | 104.0 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 106.4 |  |  | 104.1 |  |  |
Poplicus Incorporated |  | Business intelligence and market analytics platform for companies that sell to the public sector |  | Warrant to purchase shares of Series C preferred stock |  |  |  |  |  | 6/2015 |  | 6/2025 |  | 2,402,991 |  |  | 0.1 |  |  | — |  |  |
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (15) |  | Provider of practice management software to law firms |  | First lien senior secured loan |  | 10.23% | LIBOR (Q) | 5.50% |  | 3/2021 |  | 3/2027 |  |  | 5.5 |  |  | 5.5 |  |  | 5.4 |  | (2)(11) |
|  |  |  | Limited partnership units |  |  |  |  |  | 3/2021 |  |  |  | 1,624,000 |  |  | 1.6 |  |  | 1.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.1 |  |  | 6.9 |  |  |
Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc. |  | Provider of data visualization software for data analytics |  | First lien senior secured loan |  | 8.39% | LIBOR (M) | 4.00% |  | 6/2022 |  | 4/2024 |  |  | 2.8 |  |  | 2.8 |  |  | 2.8 |  | (2)(18) |

75

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | Class A common stock |  |  |  |  |  | 8/2016 |  |  |  | 7,445 |  |  | 7.4 |  |  | 14.4 |  | (2) |
|  |  |  | Class B common stock |  |  |  |  |  | 8/2016 |  |  |  | 1,841,609 |  |  | 0.1 |  |  | 0.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10.3 |  |  | 17.3 |  |  |
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. (15) |  | Saas provider of automated crew callout and scheduling software for the utility industry |  | First lien senior secured loan |  | 9.99% | LIBOR (Q) | 5.75% |  | 4/2021 |  | 4/2028 |  |  | 36.2 |  |  | 36.2 |  |  | 34.7 |  | (2)(11) |
|  |  |  | Preferred shares |  | 14.23% PIK | LIBOR (Q) | 9.50% |  | 4/2021 |  |  |  | 26,436 |  |  | 31.9 |  |  | 30.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 68.1 |  |  | 64.9 |  |  |
Project Potter Buyer, LLC and Project Potter Parent, L.P. (15) |  | Software solutions provider to the ready-mix concrete industry |  | First lien senior secured revolving loan |  | 12.07% | SOFR (M) | 7.75% |  | 4/2020 |  | 4/2026 |  |  | 2.1 |  |  | 2.0 |  |  | 2.1 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 12.07% | SOFR (M) | 7.75% |  | 4/2020 |  | 4/2027 |  |  | 43.6 |  |  | 43.6 |  |  | 43.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.07% | SOFR (M) | 7.75% |  | 11/2020 |  | 4/2027 |  |  | 14.3 |  |  | 14.3 |  |  | 14.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.07% | SOFR (M) | 7.75% |  | 10/2020 |  | 4/2027 |  |  | 12.8 |  |  | 12.8 |  |  | 12.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.07% | SOFR (M) | 7.75% |  | 11/2020 |  | 4/2027 |  |  | 4.9 |  |  | 4.9 |  |  | 4.9 |  | (2)(11) |
|  |  |  | Class B units |  |  |  |  |  | 4/2020 |  |  |  | 588,636 |  |  | — |  |  | 9.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 77.6 |  |  | 87.0 |  |  |
Proofpoint, Inc. (15) |  | Cybersecurity solutions provider |  | First lien senior secured loan |  | 7.98% | LIBOR (Q) | 3.25% |  | 6/2021 |  | 8/2028 |  |  | 1.0 |  |  | 0.9 |  |  | 0.9 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 10.98% | LIBOR (Q) | 6.25% |  | 6/2021 |  | 8/2029 |  |  | 34.6 |  |  | 34.4 |  |  | 34.6 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35.3 |  |  | 35.5 |  |  |
QF Holdings, Inc. (15) |  | SaaS based electronic health record software provider |  | First lien senior secured loan |  | 11.02% | LIBOR (Q) | 6.25% |  | 12/2021 |  | 12/2027 |  |  | 8.1 |  |  | 8.1 |  |  | 8.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.43% | LIBOR (S) | 6.25% |  | 9/2019 |  | 12/2027 |  |  | 6.8 |  |  | 6.8 |  |  | 6.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.64% | LIBOR (M) | 6.25% |  | 8/2020 |  | 12/2027 |  |  | 3.7 |  |  | 3.7 |  |  | 3.7 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18.6 |  |  | 18.6 |  |  |
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC (15) |  | Provider of SaaS-based safety and security software to the K-12 school market |  | First lien senior secured loan |  | 10.23% | LIBOR (Q) | 5.50% |  | 10/2021 |  | 10/2028 |  |  | 8.5 |  |  | 8.5 |  |  | 8.2 |  | (2)(6)(11) |
|  |  |  | Class A common units |  |  |  |  |  | 12/2018 |  |  |  | 2,880,582 |  |  | 3.5 |  |  | 5.9 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12.0 |  |  | 14.1 |  |  |
RealPage, Inc. |  | Provider of enterprise software solutions to the residential real estate industry |  | Second lien senior secured loan |  | 10.88% | LIBOR (M) | 6.50% |  | 4/2021 |  | 4/2029 |  |  | 84.1 |  |  | 83.1 |  |  | 82.4 |  | (2)(11) |
Regent Education, Inc. |  | Provider of software solutions designed to optimize the financial aid and enrollment processes |  | Warrant to purchase shares of common stock |  |  |  |  |  | 12/2016 |  | 12/2026 |  | 5,393,194 |  |  | — |  |  | — |  |  |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 12/2016 |  | 12/2026 |  | 987 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |
Relativity ODA LLC (15) |  | Electronic discovery document review software platform for use in litigations and investigations |  | First lien senior secured loan |  | 11.89% PIK | LIBOR (M) | 7.50% |  | 5/2021 |  | 5/2027 |  |  | 22.5 |  |  | 22.5 |  |  | 22.5 |  | (2)(11) |
Revalize, Inc. (15) |  | Develops and operates software providing configuration, price and quote capabilities for sales teams |  | First lien senior secured loan |  | 10.48% | SOFR (Q) | 5.75% |  | 5/2022 |  | 4/2027 |  |  | 0.7 |  |  | 0.7 |  |  | 0.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.46% | SOFR (Q) | 5.75% |  | 5/2022 |  | 4/2027 |  |  | 0.1 |  |  | 0.1 |  |  | — |  | (2) |

76

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.8 |  |  | 0.6 |  |  |
RMS HoldCo II, LLC & RMS Group Holdings, Inc. (15) |  | Developer of revenue cycle management solutions, process automation, analytics and integration for the healthcare industry |  | First lien senior secured loan |  | 10.98% | SOFR (Q) | 6.25% |  | 8/2022 |  | 12/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.48% | LIBOR (Q) | 5.75% |  | 12/2021 |  | 12/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Class A common stock |  |  |  |  |  | 12/2021 |  |  |  | 464.90 |  |  | 4.6 |  |  | 5.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.9 |  |  | 5.8 |  |  |
Smarsh Inc. and Skywalker TopCo, LLC (15) |  | SaaS based communication archival service provider |  | First lien senior secured loan |  | 11.29% | SOFR (S) | 6.50% |  | 2/2022 |  | 2/2029 |  |  | 11.9 |  |  | 11.9 |  |  | 11.9 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 11/2020 |  |  |  | 1,742,623 |  |  | 6.3 |  |  | 8.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18.2 |  |  | 20.5 |  |  |
SocialFlow, Inc. |  | Social media optimization platform provider |  | Warrant to purchase shares of Series C preferred stock |  |  |  |  |  | 1/2016 |  | 1/2026 |  | 215,331 |  |  | — |  |  | — |  |  |
Sophia, L.P. |  | Provider of ERP software and services for higher education institutions |  | Second lien senior secured loan |  | 12.73% | LIBOR (Q) | 8.00% |  | 10/2020 |  | 10/2028 |  |  | 105.9 |  |  | 105.9 |  |  | 103.8 |  | (2)(11) |
SoundCloud Limited |  | Platform for receiving, sending, and distributing music |  | Common stock |  |  |  |  |  | 8/2017 |  |  |  | 73,422 |  |  | 0.4 |  |  | 0.7 |  | (2)(6) |
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp (15) |  | Provider of data, analytics, news, and workflow tools to customers in the counter-cyclical distressed debt space |  | First lien senior secured loan |  | 11.18% | SOFR (Q) | 6.50% |  | 9/2022 |  | 9/2028 |  |  | 2.6 |  |  | 2.6 |  |  | 2.5 |  | (2)(11) |
|  |  |  | Limited partner interests |  |  |  |  |  | 9/2022 |  |  |  | 1,010 |  |  | 10.2 |  |  | 10.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12.8 |  | 13.0 |  |
Stamps.com Inc. |  | Provider of mailing and shipping solutions |  | First lien senior secured loan |  | 10.13% | LIBOR (M) | 5.75% |  | 10/2021 |  | 10/2028 |  |  | 146.8 |  | 146.8 |  | 140.9 | (2)(11) |
Storable, Inc. and EQT IX Co-Investment (E) SCSP |  | PMS solutions and web services for the self-storage industry |  | Second lien senior secured loan |  | 11.54% | SOFR (S) | 6.75% |  | 4/2021 |  | 4/2029 |  |  | 42.8 |  | 42.8 |  | 41.1 | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 11.54% | SOFR (S) | 6.75% |  | 3/2022 |  | 4/2029 |  |  | 10.3 |  | 10.3 |  | 9.9 | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 4/2021 |  |  |  | 614,950 |  |  | 6.2 |  | 7.0 | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 59.3 |  | 58.0 |  |
Sundance Group Holdings, Inc. (15) |  | Provider of cloud-based document management and collaboration solutions |  | First lien senior secured loan |  | 10.75% | SOFR (Q) | 6.25% |  | 7/2021 |  | 7/2027 |  |  | 20.1 |  | 19.8 |  | 19.9 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.93% | SOFR (Q) | 6.25% |  | 11/2022 |  | 7/2027 |  |  | 0.8 |  | 0.8 |  | 0.8 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20.6 |  | 20.7 |  |
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (15) |  | Provider of environment, health, safety, and sustainability software |  | First lien senior secured revolving loan |  | 10.17% | SOFR (M) | 5.75% |  | 3/2022 |  | 3/2028 |  |  | 1.3 |  | 1.3 |  | 1.3 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.48% | SOFR (S) | 5.75% |  | 3/2022 |  | 3/2028 |  |  | 35.1 |  | 35.1 |  | 35.1 | (11) |
|  |  |  | Class A-2 units |  |  |  |  |  | 3/2022 |  |  |  | 4,849 |  |  | 4.8 |  | 5.9 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41.2 |  | 42.3 |  |
TCP Hawker Intermediate LLC (15) |  | Workforce management solutions provider |  | First lien senior secured revolving loan |  | 9.57% | LIBOR (M) | 5.25% |  | 8/2019 |  | 8/2025 |  |  | 0.1 |  | 0.1 |  | 0.1 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.98% | LIBOR (Q) | 5.25% |  | 8/2019 |  | 8/2026 |  |  | 34.4 |  | 34.4 |  | 34.4 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.98% | LIBOR (Q) | 5.25% |  | 12/2020 |  | 8/2026 |  |  | 6.5 |  | 6.5 |  | 6.5 | (2)(11) |

77

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41.0 |  | 41.0 |  |
TibCo Software Inc., Picard Parent, Inc., Picard MidCo, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. (15) |  | Provider of server, application and desktop virtualization, networking, software as a service, and cloud computing technologies |  | First lien senior secured notes |  | 6.50% |  |  |  | 9/2022 |  | 3/2029 |  |  | 88.9 |  | 86.5 |  | 74.9 | (2)(18) |
|  |  |  | First lien senior secured loan |  | 9.18% | SOFR (Q) | 4.50% |  | 9/2022 |  | 3/2029 |  |  | 10.9 |  | 10.4 |  | 9.7 | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 9.00% | SOFR (Q) | 7.00% |  | 9/2022 |  | 9/2029 |  |  | 85.3 |  | 83.9 |  | 69.9 | (2)(11) |
|  |  |  | Series A preferred stock |  | 16.59% PIK | SOFR (Q) | 12.00% |  | 9/2022 |  |  |  | 141,928 |  |  | 143.4 |  | 143.1 | (2) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 9/2022 |  |  |  | 12,250,000 |  |  | 12.3 |  | 10.7 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 336.5 |  | 308.3 |  |
UKG Inc. and H&F Unite Partners, L.P. (15) |  | Provider of cloud based HCM solutions for businesses |  | First lien senior secured revolving loan |  | 8.06% | LIBOR (M) | 3.75% |  | 5/2019 |  | 2/2026 |  |  | 10.6 |  | 10.6 |  | 10.6 | (2)(6)(14) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 5/2019 |  |  |  | 12,583,556 |  |  | 12.6 |  | 14.4 | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.2 |  | 25.0 |  |
WebPT, Inc. (15) |  | Electronic medical record software provider |  | First lien senior secured revolving loan |  | 11.26% | LIBOR (Q) | 6.75% |  | 8/2019 |  | 1/2028 |  |  | 0.3 |  | 0.3 |  | 0.3 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.48% | LIBOR (Q) | 6.75% |  | 8/2019 |  | 1/2028 |  |  | 48.1 |  | 48.1 |  | 48.1 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48.4 |  | 48.4 |  |
Wellness AcquisitionCo, Inc. (15) |  | Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry |  | First lien senior secured loan |  | 9.91% | LIBOR (Q) | 5.50% |  | 1/2021 |  | 1/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
WorkWave Intermediate II, LLC (15) |  | Provider of cloud-based field services and fleet management solutions |  | First lien senior secured loan |  | 11.93% PIK | SOFR (Q) | 7.25% |  | 6/2021 |  | 6/2027 |  |  | 67.4 |  |  | 67.4 |  |  | 67.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.44% | SOFR (Q) | 7.25% |  | 2/2022 |  | 6/2027 |  |  | 17.3 |  |  | 17.3 |  |  | 17.3 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 84.7 |  |  | 84.7 |  |  |
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (15) |  | Provider of cloud-based customer support solutions |  | First lien senior secured loan |  | 11.04% | SOFR (Q) | 6.50% |  | 12/2022 |  | 11/2028 |  |  | 42.4 |  |  | 42.4 |  |  | 41.6 |  | (2)(11) |
|  |  |  | Series A preferred stock |  | 12.50% PIK |  |  |  | 11/2022 |  |  |  | 27,226 |  |  | 27.6 |  |  | 26.8 |  | (2) |
|  |  |  | Class A common units |  |  |  |  |  | 11/2022 |  |  |  | 269,100 |  |  | 2.7 |  |  | 2.7 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 72.7 |  |  | 71.1 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,950.2 |  |  | 4,760.6 |  |  | 49.83%
Financial Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AQ Sage Buyer, LLC (15) |  | Provider of actuarial consulting and comprehensive wealth management services |  | First lien senior secured loan |  | 10.70% | SOFR (S) | 5.75% |  | 5/2022 |  | 1/2027 |  |  | 1.9 |  |  | 1.9 |  |  | 1.8 |  | (2)(6)(11) |
BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC |  | Provider of comprehensive suite of investment management and wealth planning solutions |  | First lien senior secured loan |  | 11.02% | LIBOR (Q) | 6.25% |  | 9/2021 |  | 9/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 9.30% PIK |  |  |  | 9/2021 |  | 9/2026 |  |  | 5.0 |  |  | 5.0 |  |  | 4.9 |  | (2) |
|  |  |  | Common units |  |  |  |  |  | 9/2021 |  |  |  | 4,666,301 |  |  | 4.7 |  |  | 3.9 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9.9 |  |  | 9.0 |  |  |

78

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Beacon Pointe Harmony, LLC (15) |  | Provider of comprehensive wealth management services |  | First lien senior secured loan |  | 9.39% | SOFR (Q) | 5.25% |  | 12/2021 |  | 12/2028 |  |  | 17.9 |  |  | 17.9 |  |  | 17.7 |  | (2)(6)(11) |
Convera International Holdings Limited and Convera International Financial S.A R.L. (15) |  | Provider of B2B international payment and FX risk management solutions |  | First lien senior secured loan |  | 10.33% | SOFR (Q) | 5.75% |  | 3/2022 |  | 3/2028 |  |  | 62.8 |  |  | 62.8 |  |  | 62.8 |  | (2)(6)(11) |
CrossCountry Mortgage, LLC (15) |  | Mortgage company originating loans in the retail and consumer direct channels |  | First lien senior secured loan |  | 11.73% | LIBOR (Q) | 7.00% |  | 11/2021 |  | 11/2027 |  |  | 93.8 |  |  | 93.8 |  |  | 92.8 |  | (2)(11) |
DFC Global Facility Borrower III LLC (15) |  | Non-bank provider of alternative financial services |  | First lien senior secured revolving loan |  | 11.62% | LIBOR (M) | 7.50% |  | 6/2021 |  | 6/2026 |  |  | 158.6 |  |  | 172.8 |  |  | 158.6 |  | (2)(6)(9)(11) |
eCapital Finance Corp. |  | Consolidator of commercial finance businesses |  | Senior subordinated loan |  | 11.97% | SOFR (M) | 7.75% |  | 4/2022 |  | 12/2025 |  |  | 55.8 |  |  | 55.8 |  |  | 55.2 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 11.97% | SOFR (M) | 7.75% |  | 1/2020 |  | 12/2025 |  |  | 56.0 |  |  | 56.0 |  |  | 55.4 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 11.97% | SOFR (M) | 7.75% |  | 1/2022 |  | 12/2025 |  |  | 24.3 |  |  | 24.3 |  |  | 24.1 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 11.97% | SOFR (M) | 7.75% |  | 11/2020 |  | 12/2025 |  |  | 5.4 |  |  | 5.4 |  |  | 5.3 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 141.5 |  |  | 140.0 |  |  |
EP Wealth Advisors, LLC (15) |  | Wealth management and financial planning firm |  | First lien senior secured loan |  | 10.01% | SOFR (Q) | 5.75% |  | 11/2022 |  | 9/2026 |  |  | 5.6 |  |  | 5.6 |  |  | 5.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.23% | SOFR (Q) | 5.50% |  | 11/2021 |  | 9/2026 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.23% | SOFR (Q) | 5.50% |  | 9/2020 |  | 9/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.11% | SOFR (Q) | 5.38% |  | 9/2020 |  | 9/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.2 |  |  | 6.2 |  |  |
HighTower Holding, LLC |  | Provider of investment, financial and retirement planning services |  | Senior subordinated loan |  | 6.75% |  |  |  | 6/2022 |  | 4/2029 |  |  | 8.1 |  |  | 6.7 |  |  | 6.7 |  | (2)(6)(18) |
Ivy Hill Asset Management, L.P. (5) |  | Asset management services |  | Subordinated revolving loan |  | 11.01% | SOFR (Q) | 6.50% |  | 2/2018 |  | 1/2030 |  |  | 500.0 |  |  | 500.0 |  |  | 500.0 |  | (6)(11) |
|  |  |  | Member interest |  |  |  |  |  | 6/2009 |  |  |  | 100.00% |  |  | 1,547.5 |  |  | 1,701.1 |  | (6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,047.5 |  |  | 2,201.1 |  |  |
Lido Advisors, LLC (15) |  | Wealth management and financial planning firm |  | First lien senior secured revolving loan |  | 9.05% | LIBOR (Q) | 4.50% |  | 6/2021 |  | 6/2027 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
LS DE LLC and LM LSQ Investors LLC |  | Asset based lender |  | Senior subordinated loan |  | 10.50% |  |  |  | 6/2017 |  | 6/2021 |  |  | 3.0 |  |  | 3.0 |  |  | 3.0 |  | (2)(6) |
|  |  |  | Senior subordinated loan |  | 10.50% |  |  |  | 6/2015 |  | 3/2024 |  |  | 37.0 |  |  | 37.0 |  |  | 36.6 |  | (2)(6) |
|  |  |  | Membership units |  |  |  |  |  | 6/2015 |  |  |  | 3,275,000 |  |  | 3.3 |  |  | 3.0 |  | (6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 43.3 |  |  | 42.6 |  |  |
Monica Holdco (US) Inc. (15) |  | Investment technology and advisory firm |  | First lien senior secured revolving loan |  | 10.99% | LIBOR (Q) | 6.25% |  | 1/2021 |  | 1/2026 |  |  | 2.4 |  |  | 2.4 |  |  | 2.3 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 11.48% | LIBOR (Q) | 6.75% |  | 1/2021 |  | 1/2028 |  |  | 2.6 |  |  | 2.6 |  |  | 2.5 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.0 |  |  | 4.8 |  |  |
Petrus Buyer, Inc. (15) |  | Provider of REIT research data and analytics |  | First lien senior secured loan |  | 10.70% | SOFR (Q) | 6.50% |  | 11/2022 |  | 10/2029 |  |  | 5.1 |  |  | 5.1 |  |  | 4.9 |  | (2)(11) |
Priority Holdings, LLC and Priority Technology Holdings, Inc. |  | Provider of merchant acquiring and payment processing solutions |  | First lien senior secured loan |  | 10.48% | LIBOR (Q) | 5.75% |  | 4/2021 |  | 4/2027 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(6)(11) |
|  |  |  | Senior preferred stock |  | 16.73% (7.00% PIK) | LIBOR (Q) | 12.00 | % |  | 4/2021 |  |  |  | 65,761 |  |  | 69.2 |  |  | 73.2 |  | (2)(6) |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 4/2021 |  | 4/2031 |  | 527,226 |  |  | 4.0 |  |  | 2.8 |  | (2)(6)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 73.9 |  |  | 76.7 |  |  |

79

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Rialto Management Group, LLC (15) |  | Investment and asset management platform focused on real estate |  | First lien senior secured revolving loan |  |  |  |  |  | 11/2018 |  | 12/2025 |  |  | — |  |  | — |  |  | — |  | (6)(13) |
|  |  |  | First lien senior secured loan |  | 9.88% | LIBOR (M) | 5.50% |  | 11/2018 |  | 12/2025 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 9.88% | LIBOR (M) | 5.50% |  | 12/2021 |  | 12/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 9.88% | LIBOR (M) | 5.50% |  | 4/2021 |  | 12/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.5 |  |  | 0.5 |  |  |
TA/WEG Holdings, LLC (15) |  | Wealth management and financial planning firm |  | First lien senior secured loan |  | 9.98% | SOFR (A) | 6.00% |  | 8/2021 |  | 10/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.41% | SOFR (S) | 6.00% |  | 11/2020 |  | 10/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.75% | SOFR (A) | 6.00% |  | 10/2019 |  | 10/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.46% | SOFR (A) | 6.00% |  | 6/2021 |  | 10/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.4 |  |  | 0.4 |  |  |
The Edelman Financial Center, LLC |  | Provider of investment, financial and retirement planning services |  | Second lien senior secured loan |  | 11.13% | LIBOR (M) | 6.75% |  | 9/2022 |  | 7/2026 |  |  | 13.4 |  |  | 11.8 |  |  | 12.0 |  | (2)(6)(18) |
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (15) |  | Provider of comprehensive wealth management services |  | First lien senior secured revolving loan |  | 12.00% | Base Rate (M) | 4.50% |  | 3/2022 |  | 3/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.51% | SOFR (S) | 5.50% |  | 3/2022 |  | 3/2028 |  |  | 3.5 |  |  | 3.5 |  |  | 3.4 |  | (2)(6)(11) |
|  |  |  | Senior subordinated loan |  | 12.00% PIK |  |  |  | 3/2022 |  | 3/2029 |  |  | 3.0 |  |  | 3.0 |  |  | 2.9 |  | (2)(6) |
|  |  |  | Series A preferred units |  |  |  |  |  | 3/2022 |  |  |  | 7,199 |  |  | 7.2 |  |  | 4.8 |  | (2)(6) |
|  |  |  | Common units |  |  |  |  |  | 3/2022 |  |  |  | 7,199 |  |  | — |  |  | — |  | (6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.8 |  |  | 11.2 |  |  |
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (15) |  | Provider of asset-servicing capabilities for fund managers |  | First lien senior secured loan |  | 9.23% | LIBOR (Q) | 4.50% |  | 2/2019 |  | 2/2026 |  |  | 37.4 |  |  | 37.4 |  |  | 36.7 |  | (2)(11) |
|  |  |  | Class A units |  | 8.00% PIK |  |  |  | 9/2019 |  |  |  | 1,443 |  |  | 1.9 |  |  | 3.1 |  |  |
|  |  |  | Class A units |  |  |  |  |  | 2/2019 |  |  |  | 245 |  |  | 0.2 |  |  | — |  |  |
|  |  |  | Class B units |  |  |  |  |  | 2/2019 |  |  |  | 245,194 |  |  | — |  |  | — |  |  |
|  |  |  | Class B units |  |  |  |  |  | 2/2019 |  |  |  | 2,167,424 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39.5 |  |  | 39.8 |  |  |
Waverly Advisors, LLC (15) |  | Wealth management and financial planning firm |  | First lien senior secured loan |  | 10.23% | SOFR (Q) | 5.50% |  | 3/2022 |  | 3/2028 |  |  | 0.6 |  |  | 0.6 |  |  | 0.6 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,755.3 |  |  | 2,890.6 |  |  | 30.26%
Health Care Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(15) |  | Dental services provider |  | First lien senior secured revolving loan |  | 15.50% (5.00% PIK) | Base Rate (Q) | 8.00% |  | 6/2021 |  | 6/2024 |  |  | 2.2 |  |  | 2.2 |  |  | 2.2 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 13.77% (5.00% PIK) | LIBOR (Q) | 9.00% |  | 6/2021 |  | 6/2024 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 13.73% (5.41% PIK) | LIBOR (Q) | 9.00% |  | 6/2021 |  | 6/2024 |  |  | 52.1 |  |  | 52.1 |  |  | 52.1 |  | (2)(11) |
|  |  |  | Class A common units |  |  |  |  |  | 6/2021 |  |  |  | 7,617,280 |  |  | 4.7 |  |  | 14.9 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 60.0 |  |  | 70.2 |  |  |
ADG, LLC and RC IV GEDC Investor LLC (15) |  | Dental services provider |  | First lien senior secured revolving loan |  | 9.19% (0.52% PIK) | LIBOR (M) | 4.75% |  | 9/2016 |  | 9/2023 |  |  | 9.8 |  |  | 9.8 |  |  | 9.3 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 11.25% (0.52% PIK) | Base Rate (M) | 3.75% |  | 9/2016 |  | 9/2023 |  |  | 4.3 |  |  | 4.3 |  |  | 4.1 |  | (2)(11) |

80

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | Second lien senior secured loan |  | 7.19% PIK | LIBOR (M) | 2.80% |  | 9/2016 |  | 3/2024 |  |  | 130.0 |  |  | 105.8 |  |  | 104.0 |  | (2)(11) |
|  |  |  | Membership units |  |  |  |  |  | 9/2016 |  |  |  | 3,000,000 |  |  | 3.0 |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 122.9 |  |  | 117.4 |  |  |
Advarra Holdings, Inc. (15) |  | Provider of central institutional review boards over clinical trials |  | First lien senior secured loan |  | 10.15% | SOFR (Q) | 5.75% |  | 8/2022 |  | 8/2029 |  |  | 4.1 |  |  | 4.1 |  |  | 3.9 |  | (2)(11) |
AHR Funding Holdings, Inc. and AHR Parent Holdings, LP |  | Provider of revenue cycle management solutions to hospitals |  | Series A preferred shares |  | 12.75% PIK |  |  |  | 7/2022 |  | 7/2028 |  | 35,000 |  |  | 36.9 |  |  | 35.8 |  | (2) |
|  |  |  | Preferred units |  | 8.00% PIK |  |  |  | 7/2022 |  |  |  | 9,900 |  |  | 10.2 |  |  | 10.2 |  | (2) |
|  |  |  | Class B common units |  |  |  |  |  | 7/2022 |  |  |  | 100,000 |  |  | 0.1 |  |  | 0.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 47.2 |  |  | 46.1 |  |  |
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (15) |  | Revenue cycle management provider to the physician practices and acute care hospitals |  | Series A preferred stock |  | 10.75% PIK |  |  |  | 2/2022 |  |  |  | 198,504 |  |  | 218.1 |  |  | 198.5 |  | (2) |
|  |  |  | Class A units |  |  |  |  |  | 2/2022 |  |  |  | 10,487,950 |  |  | 10.5 |  |  | 9.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 228.6 |  |  | 208.0 |  |  |
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP (15) |  | Opiod treatment provider |  | First lien senior secured loan |  | 9.73% | LIBOR (Q) | 5.00% |  | 5/2022 |  | 6/2027 |  |  | 6.0 |  |  | 6.1 |  |  | 5.9 |  | (2)(11) |
Bambino Group Holdings, LLC |  | Dental services provider |  | Class A preferred units |  |  |  |  |  | 12/2016 |  |  |  | 1,000,000 |  |  | 1.0 |  |  | 0.9 |  | (2) |
CCS-CMGC Holdings, Inc. (15) |  | Correctional facility healthcare operator |  | First lien senior secured revolving loan |  |  |  |  |  | 10/2018 |  | 10/2023 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 9.91% | LIBOR (Q) | 5.50% |  | 9/2018 |  | 10/2025 |  |  | 33.6 |  |  | 33.5 |  |  | 26.2 |  | (2)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 33.5 |  |  | 26.2 |  |  |
Center for Autism and Related Disorders, LLC (15) |  | Autism treatment and services provider specializing in applied behavior analysis therapy |  | First lien senior secured revolving loan |  |  |  |  |  | 11/2018 |  | 11/2023 |  |  | 6.8 |  |  | 6.8 |  |  | 2.9 |  | (2)(10)(14) |
|  |  |  | First lien senior secured revolving loan |  |  |  |  |  | 1/2022 |  | 11/2023 |  |  | 0.6 |  |  | 0.2 |  |  | 0.2 |  | (2)(10)(14) |
|  |  |  | First lien senior secured loan |  |  |  |  |  | 10/2022 |  | 10/2023 |  |  | 9.5 |  |  | 9.3 |  |  | 4.0 |  | (2)(10) |
|  |  |  | First lien senior secured loan |  |  |  |  |  | 12/2022 |  | 10/2023 |  |  | 2.1 |  |  | 2.7 |  |  | 0.9 |  | (2)(10) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19.0 |  |  | 8.0 |  |  |
Color Intermediate, LLC |  | Provider of pre-payment integrity software solution |  | First lien senior secured loan |  | 10.08% | SOFR (Q) | 5.50% |  | 10/2022 |  | 10/2029 |  |  | 20.3 |  |  | 20.3 |  |  | 19.5 |  | (2)(11) |
Comprehensive EyeCare Partners, LLC (15) |  | Vision care practice management company |  | First lien senior secured revolving loan |  | 10.58% | SOFR (Q) | 5.75% |  | 2/2018 |  | 2/2024 |  |  | 0.8 |  |  | 0.8 |  |  | 0.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.59% | SOFR (Q) | 5.75% |  | 2/2018 |  | 2/2024 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.1 |  |  | 1.0 |  |  |
Convey Health Solutions, Inc. |  | Healthcare workforce management software provider |  | First lien senior secured loan |  | 9.48% | LIBOR (Q) | 4.75% |  | 9/2019 |  | 9/2026 |  |  | 2.7 |  |  | 2.7 |  |  | 2.6 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 9.83% | SOFR (Q) | 5.25% |  | 10/2022 |  | 9/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 9.93% | SOFR (Q) | 5.25% |  | 2/2022 |  | 9/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.9 |  |  | 2.8 |  |  |
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC (15) |  | Provider of medical devices and services for the treatment of positional plagiocephaly |  | First lien senior secured loan |  | 10.11% | SOFR (Q) | 5.50% |  | 3/2022 |  | 3/2029 |  |  | 24.5 |  |  | 24.5 |  |  | 24.5 |  | (2)(11) |
|  |  |  | Class A shares |  |  |  |  |  | 3/2022 |  |  |  | 176 |  |  | 1.8 |  |  | 1.9 |  | (2) |

81

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | Common units |  |  |  |  |  | 3/2022 |  |  |  | 28 |  |  | 0.3 |  |  | 0.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26.6 |  |  | 26.7 |  |  |
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (15) |  | Veterinary hospital operator |  | First lien senior secured loan |  | 11.13% | LIBOR (Q) | 6.40% |  | 1/2022 |  | 10/2025 |  |  | 49.5 |  |  | 49.5 |  |  | 49.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.13% | LIBOR (Q) | 6.40% |  | 10/2019 |  | 10/2025 |  |  | 38.9 |  |  | 38.9 |  |  | 38.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.98% | LIBOR (Q) | 6.25% |  | 10/2022 |  | 10/2025 |  |  | 1.7 |  |  | 1.7 |  |  | 1.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.13% | LIBOR (Q) | 6.40% |  | 4/2021 |  | 10/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 10/2019 |  |  |  | 41,443 |  |  | 14.5 |  |  | 22.7 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 104.7 |  |  | 111.9 |  |  |
Ensemble RCM, LLC |  | Provider of technology-enabled revenue cycle management services to the health care industry |  | First lien senior secured loan |  | 9.19% | SOFR (Q) | 5.00% |  | 4/2022 |  | 8/2026 |  |  | 2.5 |  |  | 2.5 |  |  | 2.5 |  | (2)(11) |
Evolent Health LLC |  | Medical technology company focused on value based care services and payment solutions |  | First lien senior secured loan |  | 10.23% | SOFR (Q) | 5.50% |  | 8/2022 |  | 8/2027 |  |  | 7.8 |  |  | 7.8 |  |  | 7.7 |  | (2)(6)(11) |
Explorer Investor, Inc (15) |  | Provider of outsourced employee staffing services to the life sciences and healthcare industries |  | First lien senior secured loan |  | 10.15% | SOFR (Q) | 5.75% |  | 6/2022 |  | 6/2029 |  |  | 1.0 |  |  | 1.0 |  |  | 0.9 |  | (2)(11) |
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC (15) |  | On-demand supply chain automation solutions provider to the healthcare industry |  | Second lien senior secured loan |  | 11.48% | LIBOR (Q) | 6.75% |  | 5/2021 |  | 5/2029 |  |  | 114.0 |  |  | 114.0 |  |  | 111.8 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 6/2017 |  |  |  | 14,853,569 |  |  | 15.7 |  |  | 27.8 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 129.7 |  |  | 139.6 |  |  |
Global Medical Response, Inc. and GMR Buyer Corp. |  | Emergency air medical services provider |  | First lien senior secured loan |  | 8.63% | LIBOR (M) | 4.25% |  | 6/2022 |  | 3/2025 |  |  | 12.1 |  |  | 11.3 |  |  | 8.5 |  | (2)(11)(18) |
|  |  |  | First lien senior secured loan |  | 8.42% | LIBOR (M) | 4.25% |  | 6/2022 |  | 10/2025 |  |  | 25.7 |  |  | 23.8 |  |  | 17.9 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 11.10% | LIBOR (M) | 6.75% |  | 12/2021 |  | 12/2029 |  |  | 95.4 |  |  | 95.4 |  |  | 71.6 |  | (2)(11) |
|  |  |  | Warrant to purchase units of common stock |  |  |  |  |  | 3/2018 |  | 3/2028 |  | 115,733 |  |  | 0.9 |  |  | 1.8 |  | (2) |
|  |  |  | Warrant to purchase units of common stock |  |  |  |  |  | 12/2021 |  | 12/2031 |  | 1,927 |  |  | 0.1 |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 131.5 |  |  | 99.8 |  |  |
Hanger, Inc. |  | Provider of orthotic and prosthetic equipment and services |  | First lien senior secured loan |  | 10.43% | SOFR (M) | 6.25% |  | 10/2022 |  | 10/2028 |  |  | 54.2 |  |  | 54.2 |  |  | 53.2 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.93% | SOFR (M) | 9.75% |  | 10/2022 |  | 10/2029 |  |  | 110.6 |  |  | 110.6 |  |  | 106.8 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 164.8 |  |  | 160.0 |  |  |
HealthEdge Software, Inc. (15) |  | Provider of financial, administrative and clinical software platforms to the healthcare industry |  | First lien senior secured revolving loan |  |  |  |  |  | 12/2021 |  | 4/2026 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 11.74% | LIBOR (Q) | 7.00% |  | 12/2021 |  | 4/2026 |  |  | 87.2 |  |  | 87.2 |  |  | 87.2 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 87.2 |  |  | 87.2 |  |  |
Honor Technology, Inc. |  | Nursing and home care provider |  | First lien senior secured loan |  | 14.38% | LIBOR (M) | 10.00% |  | 8/2021 |  | 8/2026 |  |  | 2.5 |  |  | 2.4 |  |  | 2.3 |  | (2)(11) |
|  |  |  | Warrant to purchase shares of series D-2 preferred stock |  |  |  |  |  | 8/2021 |  | 8/2031 |  | 133,333 |  |  | 0.1 |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.5 |  |  | 2.3 |  |  |
JDC Healthcare Management, LLC (15) |  | Dental services provider |  | First lien senior secured revolving loan |  |  |  |  |  | 4/2017 |  | 4/2024 |  |  | 4.8 |  |  | 3.7 |  |  | 2.6 |  | (2)(10) |

82

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | First lien senior secured loan |  |  |  |  |  | 4/2017 |  | 4/2024 |  |  | 40.9 |  |  | 31.4 |  |  | 22.1 |  | (2)(10) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35.1 |  |  | 24.7 |  |  |
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (15) |  | Provider of behavioral health services |  | First lien senior secured revolving loan |  | 9.72% (1.00% PIK) | LIBOR (Q) | 5.00% |  | 3/2017 |  | 3/2024 |  |  | 3.2 |  |  | 3.2 |  |  | 3.1 |  | (2)(11) |
Lifescan Global Corporation |  | Provider of blood glucose monitoring systems for home and hospital use |  | First lien senior secured loan |  | 9.74% | LIBOR (Q) | 6.00% |  | 5/2022 |  | 10/2024 |  |  | 14.3 |  |  | 13.7 |  |  | 10.3 |  | (2) |
|  |  |  | Second lien senior secured loan |  | 13.24% | LIBOR (Q) | 9.50% |  | 5/2022 |  | 10/2025 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.9 |  |  | 10.5 |  |  |
Medline Borrower, LP (15) |  | Manufacturer and distributor of medical supplies |  | First lien senior secured revolving loan |  |  |  |  |  | 10/2021 |  | 10/2026 |  |  | — |  |  | — |  |  | — |  | (13) |
Napa Management Services Corporation and ASP NAPA Holdings, LLC |  | Anesthesia management services provider |  | Senior preferred units |  | 8.00% PIK |  |  |  | 6/2020 |  |  |  | 5,320 |  |  | 0.3 |  | 0.3 | (2) |
|  |  |  | Preferred units |  | 15.00% PIK |  |  |  | 6/2020 |  |  |  | 1,842 |  |  | 0.2 |  | 0.2 | (2) |
|  |  |  | Class A units |  |  |  |  |  | 4/2016 |  |  |  | 25,277 |  |  | 2.5 |  | 3.6 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3.0 |  | 4.1 |  |
NMN Holdings III Corp. and NMN Holdings LP (15) |  | Provider of complex rehabilitation technology solutions for patients with mobility loss |  | First lien senior secured revolving loan |  | 8.13% | LIBOR (M) | 3.75% |  | 11/2018 |  | 11/2023 |  |  | 2.3 |  | 2.3 |  | 2.1 | (2)(14) |
|  |  |  | Partnership units |  |  |  |  |  | 11/2018 |  |  |  | 30,000 |  |  | 3.0 |  | 2.0 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.3 |  | 4.1 |  |
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5)(15) |  | Behavioral health and special education platform provider |  | First lien senior secured loan |  |  |  |  |  | 9/2019 |  | 2/2027 |  |  | 50.9 |  | 49.3 |  | 38.1 | (10) |
|  |  |  | First lien senior secured loan |  |  |  |  |  | 2/2022 |  | 2/2027 |  |  | 8.7 |  | 8.5 |  | 6.6 | (2)(10) |
|  |  |  | Preferred stock |  |  |  |  |  | 2/2022 |  |  |  | 7,983 |  |  | 3.1 |  |  | — |  |  |
|  |  |  | Preferred units |  |  |  |  |  | 7/2021 |  | 4/2024 |  | 417,189 |  |  | 0.3 |  |  | — |  |  |
|  |  |  | Common units |  |  |  |  |  | 2/2022 |  |  |  | 7,584 |  |  | — |  |  | — |  |  |
|  |  |  | Class A common units |  |  |  |  |  | 9/2019 |  |  |  | 9,549,000 |  |  | 9.5 |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 70.7 |  | 44.7 |  |
OMH-HealthEdge Holdings, LLC |  | Revenue cycle management provider to the healthcare industry |  | First lien senior secured loan |  | 10.02% | LIBOR (Q) | 5.25% |  | 10/2019 |  | 10/2025 |  |  | 25.9 |  | 25.9 |  | 25.9 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.02% | LIBOR (Q) | 5.25% |  | 3/2021 |  | 10/2025 |  |  | 15.2 |  | 15.2 |  | 15.2 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.02% | LIBOR (Q) | 5.25% |  | 3/2022 |  | 10/2025 |  |  | 0.1 |  | 0.1 |  | 0.1 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41.2 |  | 41.2 |  |
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (15) |  | Veterinary hospital operator |  | Second lien senior secured loan |  | 12.13% | LIBOR (M) | 7.75% |  | 3/2020 |  | 3/2028 |  |  | 76.3 |  | 76.3 |  | 65.6 | (2)(11) |
|  |  |  | Class R common units |  |  |  |  |  | 3/2020 |  |  |  | 6,004,768 |  |  | 6.0 |  | 5.5 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 82.3 |  | 71.1 |  |
PetVet Care Centers, LLC |  | Veterinary hospital operator |  | First lien senior secured loan |  | 9.38% | SOFR (M) | 5.00% |  | 6/2022 |  | 2/2025 |  |  | 5.3 |  | 5.1 |  | 5.0 | (2)(11) |
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (15) |  | Provider of employer-sponsored onsite health and wellness clinics and pharmacies |  | First lien senior secured revolving loan |  |  |  |  |  | 7/2018 |  | 4/2025 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 7.92% | LIBOR (Q) | 3.75% |  | 7/2018 |  | 7/2025 |  |  | 8.6 |  | 8.5 |  | 8.1 | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 11.67% | LIBOR (S) | 7.50% |  | 7/2018 |  | 7/2026 |  |  | 67.1 |  | 66.8 |  | 64.4 | (2) |
|  |  |  | Class A units |  |  |  |  |  | 7/2018 |  |  |  | 9,775 |  |  | 9.8 |  | 12.8 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 85.1 |  | 85.3 |  |

83

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Project Ruby Ultimate Parent Corp. |  | Provider of care coordination and transition management software solutions |  | Second lien senior secured loan |  | 10.88% | LIBOR (M) | 6.50% |  | 3/2021 |  | 3/2029 |  |  | 193.1 |  | 193.1 |  | 181.5 | (2)(11) |
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (15) |  | Manufacturer of biologic, metal and synthetic implants/devices |  | First lien senior secured revolving loan |  | 11.09% | LIBOR (M) | 6.75% |  | 7/2020 |  | 7/2026 |  |  | 9.8 |  | 9.8 |  | 9.7 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.02% | LIBOR (S) | 6.75% |  | 7/2020 |  | 7/2026 |  |  | 22.5 |  | 22.5 |  | 22.3 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32.3 |  | 32.0 |  |
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (15) |  | Outsourced anesthesia provider |  | First lien senior secured loan |  | 9.48% | LIBOR (Q) | 4.75% |  | 3/2018 |  | 3/2024 |  |  | 10.3 |  |  | 10.3 |  |  | 10.3 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 3/2018 |  |  |  | 684,854 |  |  | 4.8 |  |  | 1.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15.1 |  |  | 11.5 |  |  |
SM Wellness Holdings, Inc. and SM Holdco, Inc. (15) |  | Breast cancer screening provider |  | Series A units |  |  |  |  |  | 8/2018 |  |  |  | 8,041 |  |  | 8.0 |  |  | 0.1 |  | (2) |
|  |  |  | Series B units |  |  |  |  |  | 8/2018 |  |  |  | 804,142 |  |  | — |  |  | 9.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8.0 |  |  | 9.4 |  |  |
SOC Telemed, Inc. and PSC Spark Holdings, LP |  | Provider of acute care telemedicine |  | First lien senior secured loan |  | 12.34% PIK | SOFR (Q) | 7.50% |  | 8/2022 |  | 8/2027 |  |  | 61.1 |  |  | 56.7 |  |  | 56.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.19% | SOFR (Q) | 7.50% |  | 8/2022 |  | 8/2027 |  |  | 22.7 |  |  | 22.7 |  |  | 20.9 |  | (2)(11) |
|  |  |  | Class A-2 units |  |  |  |  |  | 8/2022 |  |  |  | 4,812 |  |  | 4.9 |  |  | 4.8 |  | (2) |
|  |  |  | Warrant to purchase Class A-2 units |  |  |  |  |  | 8/2022 |  | 8/2029 |  | 6,118 |  |  | 4.7 |  |  | 4.7 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 89.0 |  |  | 86.6 |  |  |
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (15) |  | SaaS based healthcare compliance platform provider |  | First lien senior secured revolving loan |  | 10.25% | Base Rate (Q) | 2.75% |  | 12/2020 |  | 12/2025 |  |  | 3.1 |  |  | 3.1 |  |  | 2.6 |  | (2) |
|  |  |  | First lien senior secured loan |  | 8.69% | SOFR (Q) | 4.50% |  | 2/2022 |  | 12/2027 |  |  | 12.4 |  |  | 12.4 |  |  | 10.5 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 12.07% | SOFR (Q) | 7.88% |  | 12/2020 |  | 12/2028 |  |  | 76.2 |  |  | 76.2 |  |  | 64.8 |  | (2)(11) |
|  |  |  | Series C-1 preferred shares |  | 11.00% PIK |  |  |  | 6/2021 |  |  |  | 75,939 |  |  | 94.9 |  |  | 73.1 |  | (2) |
|  |  |  | Series C-2 preferred shares |  | 11.00% PIK |  |  |  | 6/2021 |  |  |  | 40,115 |  |  | 47.5 |  |  | 36.6 |  | (2) |
|  |  |  | Series C-3 preferred shares |  | 11.00% PIK |  |  |  | 10/2021 |  |  |  | 16,201 |  |  | 18.5 |  |  | 14.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 252.6 |  |  | 201.9 |  |  |
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (15) |  | Franchisor of private-pay home care for the elderly |  | First lien senior secured loan |  | 10.48% | SOFR (Q) | 5.75% |  | 4/2018 |  | 4/2026 |  |  | 13.1 |  |  | 13.1 |  |  | 13.1 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 4/2018 |  |  |  | 550 |  |  | 0.5 |  |  | 1.0 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.6 |  |  | 14.1 |  |  |
Tempus Labs, Inc. |  | Provider of technology enabled precision medicine solutions |  | First lien senior secured loan |  | 10.49% | SOFR (Q) | 7.00% |  | 9/2022 |  | 9/2027 |  |  | 71.4 |  |  | 71.4 |  |  | 69.6 |  | (2)(11) |
Therapy Brands Holdings LLC |  | Provider of software solutions for the mental and behavioral health market segments |  | Second lien senior secured loan |  | 11.10% | LIBOR (M) | 6.75% |  | 6/2021 |  | 5/2029 |  |  | 29.1 |  |  | 28.9 |  |  | 27.9 |  | (2)(11) |
Touchstone Acquisition, Inc. and Touchstone Holding, L.P. |  | Manufacturer of consumable products in the dental, medical, cosmetic and consumer/industrial end-markets |  | Class A preferred units |  | 8.00% PIK |  |  |  | 11/2018 |  |  |  | 2,149 |  |  | 3.0 |  |  | 2.1 |  | (2) |
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc. |  | Anesthesiology service provider |  | Second lien senior secured loan |  | 11.62% | LIBOR (M) | 7.50% |  | 10/2021 |  | 10/2029 |  |  | 147.8 |  |  | 147.8 |  |  | 143.3 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 12/2021 |  |  |  | 3,671,429 |  |  | 12.9 |  |  | 12.7 |  | (2) |

84

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 160.7 |  |  | 156.0 |  |  |
United Digestive MSO Parent, LLC (15) |  | Gastroenterology physician group |  | First lien senior secured loan |  | 9.38% | LIBOR (M) | 5.00% |  | 2/2022 |  | 12/2024 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(11) |
Viant Medical Holdings, Inc. |  | Manufacturer of plastic and rubber components for health care equipment |  | First lien senior secured loan |  | 8.13% | LIBOR (M) | 3.75% |  | 5/2022 |  | 7/2025 |  |  | 3.2 |  |  | 2.9 |  |  | 2.8 |  | (2)(18) |
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (15) |  | Veterinary hospital operator |  | First lien senior secured loan |  | 10.60% | LIBOR (M) | 6.25% |  | 12/2021 |  | 12/2027 |  |  | 6.2 |  |  | 6.2 |  |  | 6.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.52% | LIBOR (M) | 6.50% |  | 8/2022 |  | 12/2027 |  |  | 3.1 |  |  | 3.1 |  |  | 3.1 |  | (2)(11) |
|  |  |  | Class A-2 units |  |  |  |  |  | 12/2021 |  |  |  | 7,524 |  |  | 7.5 |  |  | 8.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16.8 |  |  | 17.7 |  |  |
WSHP FC Acquisition LLC and WSHP FC Holdings LLC (15) |  | Provider of biospecimen products for pharma research |  | First lien senior secured revolving loan |  | 10.32% | SOFR (Q) | 6.25% |  | 3/2018 |  | 3/2028 |  |  | 8.6 |  |  | 8.6 |  |  | 8.4 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 10.98% | SOFR (Q) | 6.25% |  | 3/2018 |  | 3/2028 |  |  | 33.1 |  |  | 33.1 |  |  | 32.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.98% | SOFR (Q) | 6.25% |  | 7/2022 |  | 3/2028 |  |  | 14.5 |  |  | 14.5 |  |  | 14.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.98% | SOFR (Q) | 6.25% |  | 8/2019 |  | 3/2028 |  |  | 11.3 |  |  | 11.3 |  |  | 11.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.98% | SOFR (Q) | 6.25% |  | 10/2019 |  | 3/2028 |  |  | 10.7 |  |  | 10.7 |  |  | 10.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.98% | SOFR (Q) | 6.25% |  | 2/2019 |  | 3/2028 |  |  | 4.5 |  |  | 4.5 |  |  | 4.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.98% | SOFR (Q) | 6.25% |  | 10/2021 |  | 3/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.98% | SOFR (Q) | 6.25% |  | 11/2021 |  | 3/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 7/2022 |  |  |  | 33,293 |  |  | 4.7 |  |  | 4.4 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 87.6 |  |  | 85.5 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,525.9 |  |  | 2,341.9 |  |  | 24.51%
Commercial and Professional Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC (15) |  | Provider of outsourced crew accommodations and logistics management solutions to the airline industry |  | First lien senior secured revolving loan |  | 12.48% (0.60% PIK) | SOFR (Q) | 7.75% |  | 5/2018 |  | 5/2024 |  |  | 4.1 |  |  | 4.1 |  |  | 4.1 |  | (2)(11) |
|  |  |  | Class A common units |  |  |  |  |  | 5/2018 |  |  |  | 236,358 |  |  | 4.3 |  |  | 6.6 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8.4 |  |  | 10.7 |  |  |
Aero Operating LLC |  | Provider of snow removal and melting service for airports and marine terminals |  | First lien senior secured loan |  | 13.24% | SOFR (Q) | 9.00% |  | 2/2020 |  | 2/2026 |  |  | 36.2 |  |  | 36.2 |  |  | 35.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 13.24% | SOFR (Q) | 9.00% |  | 12/2021 |  | 2/2026 |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37.3 |  |  | 36.2 |  |  |
AI Fire Buyer, Inc. and AI Fire Parent LLC (15) |  | Provider of fire safety and life safety services |  | First lien senior secured revolving loan |  | 10.61% | SOFR (Q) | 6.00% |  | 3/2021 |  | 3/2027 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.22% | SOFR (Q) | 6.00% |  | 3/2021 |  | 3/2027 |  |  | 26.8 |  |  | 26.8 |  |  | 26.8 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 15.73% PIK | SOFR (Q) | 11.00% |  | 3/2021 |  | 9/2027 |  |  | 45.6 |  |  | 45.6 |  |  | 45.6 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 15.73% PIK | SOFR (Q) | 11.00% |  | 5/2022 |  | 9/2027 |  |  | 10.3 |  |  | 10.3 |  |  | 10.3 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 15.73% PIK | SOFR (Q) | 11.00% |  | 6/2022 |  | 9/2027 |  |  | 10.0 |  |  | 10.0 |  |  | 10.0 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 3/2021 |  |  |  | 46,990 |  |  | 4.7 |  |  | 5.7 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 97.8 |  |  | 98.8 |  |  |

85

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Applied Technical Services, LLC (15) |  | Provider engineering, testing, and inspection services to various industrial, commercial and consumer customers |  | First lien senior secured revolving loan |  | 12.25% | Base Rate (Q) | 4.75% |  | 5/2022 |  | 12/2026 |  |  | 1.1 |  |  | 0.9 |  |  | 1.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.48% | LIBOR (Q) | 5.75% |  | 5/2022 |  | 12/2026 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.7 |  |  | 1.9 |  |  |
Argenbright Holdings V, LLC and Amberstone Security Group Limited (15) |  | Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services |  | First lien senior secured loan |  | 11.49% | SOFR (Q) | 7.25% |  | 11/2021 |  | 11/2026 |  |  | 20.9 |  |  | 20.9 |  |  | 20.7 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 11.53% | SOFR (Q) | 7.25% |  | 8/2022 |  | 11/2026 |  |  | 5.9 |  |  | 5.9 |  |  | 5.8 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26.8 |  |  | 26.5 |  |  |
BH-Sharp Holdings LP |  | Provider of commercial knife sharpening and cutlery services in the restaurant industry |  | Common units |  |  |  |  |  | 3/2017 |  |  |  | 2,950,000 |  |  | 3.0 |  |  | 2.3 |  | (2) |
Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP (15) |  | Outsourced supply chain solutions provider to operators of distribution centers |  | First lien senior secured revolving loan |  |  |  |  |  | 11/2020 |  | 11/2025 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 9.13% | LIBOR (M) | 4.75% |  | 11/2020 |  | 11/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.13% | LIBOR (M) | 8.75% |  | 11/2020 |  | 11/2028 |  |  | 68.3 |  |  | 68.3 |  |  | 68.3 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 11/2020 |  |  |  | 10,581 |  |  | 10.6 |  |  | 20.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 79.1 |  |  | 88.6 |  |  |
Compex Legal Services, Inc. (15) |  | Provider of outsourced litigated and non-litigated medical records retrieval services |  | First lien senior secured revolving loan |  | 9.51% | LIBOR (Q) | 5.25% |  | 5/2022 |  | 2/2025 |  |  | 1.8 |  |  | 1.7 |  |  | 1.8 |  | (2)(11) |
DTI Holdco, Inc. and OPE DTI Holdings, Inc. |  | Provider of legal process outsourcing and managed services |  | Class A common stock |  |  |  |  |  | 8/2014 |  |  |  | 7,500 |  |  | 7.5 |  |  | 6.3 |  | (2) |
|  |  |  | Class B common stock |  |  |  |  |  | 8/2014 |  |  |  | 7,500 |  |  | — |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.5 |  |  | 6.3 |  |  |
Elevation Services Parent Holdings, LLC (15) |  | Elevator service platform |  | First lien senior secured revolving loan |  | 10.36% | LIBOR (S) | 6.00% |  | 12/2020 |  | 12/2026 |  |  | 1.4 |  |  | 1.4 |  |  | 1.4 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 10.86% | LIBOR (S) | 6.00% |  | 12/2020 |  | 12/2026 |  |  | 10.2 |  |  | 10.2 |  |  | 10.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.47% | LIBOR (S) | 6.00% |  | 5/2022 |  | 12/2026 |  |  | 9.1 |  |  | 9.1 |  |  | 9.0 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20.7 |  |  | 20.4 |  |  |
HAI Acquisition Corporation and Aloha Topco, LLC (15) |  | Professional employer organization offering human resources, compliance and risk management services |  | First lien senior secured loan |  | 10.42% | SOFR (M) | 6.00% |  | 11/2017 |  | 11/2025 |  |  | 60.5 |  |  | 60.5 |  |  | 60.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.41% | SOFR (Q) | 6.75% |  | 12/2022 |  | 11/2025 |  |  | 7.8 |  |  | 7.8 |  |  | 7.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.42% | SOFR (M) | 6.00% |  | 9/2021 |  | 11/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 11/2017 |  |  |  | 16,980 |  |  | 1.7 |  |  | 3.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 70.1 |  |  | 71.5 |  |  |
HH-Stella, Inc. and Bedrock Parent Holdings, LP (15) |  | Provider of municipal solid waste transfer management services |  | First lien senior secured revolving loan |  | 9.94% | LIBOR (M) | 5.50% |  | 4/2021 |  | 4/2027 |  |  | 2.8 |  |  | 2.8 |  |  | 2.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.19% | LIBOR (Q) | 5.50% |  | 4/2021 |  | 4/2028 |  |  | 5.8 |  |  | 5.8 |  |  | 5.7 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 4/2021 |  |  |  | 25,490 |  |  | 2.5 |  |  | 2.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11.1 |  |  | 10.6 |  |  |

86

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. (15) |  | Provider of commercial and industrial waste processing and disposal services |  | First lien senior secured revolving loan |  |  |  |  |  | 8/2022 |  | 8/2028 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 10.63% | SOFR (M) | 6.25% |  | 8/2022 |  | 8/2029 |  |  | 3.5 |  |  | 3.5 |  |  | 3.5 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 9/2022 |  |  |  | 10,000 |  |  | 10.0 |  |  | 12.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.5 |  |  | 16.0 |  |  |
Kellermeyer Bergensons Services, LLC |  | Provider of janitorial and facilities management services |  | First lien senior secured loan |  | 10.41% | LIBOR (Q) | 6.00% |  | 11/2019 |  | 11/2026 |  |  | 56.8 |  |  | 56.6 |  |  | 51.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.41% | LIBOR (Q) | 6.00% |  | 7/2021 |  | 11/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56.7 |  |  | 51.2 |  |  |
KPS Global LLC and Cool Group LLC |  | Manufacturer of walk-in cooler and freezer systems |  | First lien senior secured loan |  | 9.92% | SOFR (M) | 5.50% |  | 4/2017 |  | 4/2024 |  |  | 12.6 |  |  | 12.6 |  |  | 12.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.92% | SOFR (M) | 5.50% |  | 11/2018 |  | 4/2024 |  |  | 3.3 |  |  | 3.3 |  |  | 3.3 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 9/2018 |  |  |  | 13,292 |  |  | 1.1 |  |  | 5.2 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17.0 |  |  | 21.1 |  |  |
Laboratories Bidco LLC and Laboratories Topco LLC (15) |  | Lab testing services for nicotine containing products |  | First lien senior secured revolving loan |  | 12.25% | Base Rate (Q) | 4.75% |  | 7/2021 |  | 7/2027 |  |  | 8.8 |  |  | 8.8 |  |  | 8.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.98% | LIBOR (Q) | 5.75% |  | 10/2019 |  | 7/2027 |  |  | 23.6 |  |  | 24.1 |  |  | 22.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 8.73% | LIBOR (Q) | 5.75% |  | 10/2019 |  | 7/2027 |  |  | 16.7 |  |  | 16.7 |  |  | 16.0 |  | (11) |
|  |  |  | First lien senior secured loan |  | 9.55% | LIBOR (S) | 5.75% |  | 7/2021 |  | 7/2027 |  |  | 4.4 |  |  | 4.4 |  |  | 4.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 8.73% | LIBOR (S) | 5.75% |  | 10/2020 |  | 7/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 7/2021 |  |  |  | 3,099,335 |  |  | 4.6 |  |  | 4.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 58.7 |  |  | 55.9 |  |  |
LJP Purchaser, Inc. and LJP Topco, LP (15) |  | Provider of non-hazardous solid waste and recycling services |  | First lien senior secured loan |  | 10.44% | SOFR (Q) | 6.25% |  | 9/2022 |  | 9/2028 |  |  | 8.5 |  |  | 8.5 |  |  | 8.3 |  | (2)(11) |
|  |  |  | Class A units |  | 8.00% PIK |  |  |  | 9/2022 |  |  |  | 5,098,000 |  |  | 5.2 |  |  | 5.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.7 |  |  | 13.7 |  |  |
Management Consulting & Research LLC (15) |  | Provider of systems engineering and technical assistance to the US DoD |  | First lien senior secured loan |  | 10.94% | SOFR (S) | 6.00% |  | 5/2022 |  | 8/2027 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(11) |
Marmic Purchaser, LLC and Marmic Topco, L.P. (15) |  | Provider of recurring fire protection services |  | First lien senior secured loan |  | 10.80% | SOFR (S) | 6.00% |  | 2/2022 |  | 3/2027 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.04% | SOFR (S) | 6.00% |  | 3/2021 |  | 3/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | Limited partnership units |  | 8.00% PIK |  |  |  | 3/2021 |  |  |  | 1,929,237 |  |  | 2.3 |  |  | 2.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3.2 |  |  | 3.5 |  |  |
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc. |  | Keg management solutions provider |  | Second lien senior secured loan |  | 15.58% (11.00% PIK) | SOFR (Q) | 11.00% |  | 8/2020 |  | 7/2025 |  |  | 159.3 |  |  | 159.3 |  |  | 159.3 |  | (11) |
|  |  |  | Series A preferred stock |  |  |  |  |  | 8/2020 |  |  |  | 1,507 |  |  | 1.5 |  |  | 2.6 |  | (2) |
|  |  |  | Common stock |  |  |  |  |  | 12/2012 |  |  |  | 54,710 |  |  | 4.9 |  |  | 6.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 165.7 |  | 168.5 |  |
NAS, LLC and Nationwide Marketing Group, LLC (15) |  | Buying and marketing services organization for appliance, furniture and consumer electronics dealers |  | First lien senior secured revolving loan |  | 11.23% | SOFR (Q) | 6.50% |  | 11/2020 |  | 6/2024 |  |  | 0.6 |  | 0.6 |  | 0.6 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.23% | SOFR (Q) | 6.50% |  | 11/2020 |  | 6/2024 |  |  | 6.3 |  | 6.3 |  | 6.3 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.23% | SOFR (Q) | 6.50% |  | 12/2021 |  | 6/2024 |  |  | 2.3 |  | 2.3 |  | 2.3 | (2)(11) |

87

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | First lien senior secured loan |  | 11.23% | SOFR (Q) | 6.50% |  | 5/2022 |  | 6/2024 |  |  | 1.3 |  | 1.3 |  | 1.3 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10.5 |  | 10.5 |  |
National Intergovernmental Purchasing Alliance Company (15) |  | Leading group purchasing organization (“GPO”) for public agencies and educational institutions in the U.S |  | First lien senior secured revolving loan |  | 7.12% | SOFR (M) | 3.00% |  | 5/2018 |  | 5/2026 |  |  | 1.2 |  | 1.2 |  | 1.2 | (2) |
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. (15) |  | Provider of audience insights, data and analytics to entertainment industry |  | First lien senior secured loan |  | 8.82% | SOFR (Q) | 5.00% |  | 10/2022 |  | 4/2029 |  |  | 99.3 |  | 90.4 |  | 88.4 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 8.57% | SOFR (Q) | 4.75% |  | 10/2022 |  | 10/2028 |  |  | 74.0 |  | 68.5 |  | 65.9 | (2)(11) |
|  |  |  | First lien senior secured notes |  | 9.29% |  |  |  | 11/2022 |  |  |  |  | 52.8 |  | 51.4 |  | 49.8 | (2)(18) |
|  |  |  | First lien senior secured loan |  | 6.25% | Euribor (Q) | 5.00% |  | 10/2022 |  | 4/2029 |  |  | 16.2 |  | 13.5 |  | 14.4 | (2) |
|  |  |  | Second lien senior secured loan |  | 13.57% | SOFR (Q) | 9.75% |  | 10/2022 |  | 10/2029 |  |  | 221.3 |  | 221.3 |  | 214.7 | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 10/2022 |  |  |  | 4,040,000 |  |  | 4.0 |  | 4.0 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 449.1 |  | 437.2 |  |
Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1 (15) |  | Operator of multiple franchise concepts primarily related to home maintenance or repairs |  | Senior subordinated loan |  | 13.26% | LIBOR (Q) | 8.50% |  | 9/2021 |  | 8/2029 |  |  | 119.1 |  | 119.1 |  | 117.9 | (2)(11) |
|  |  |  | Limited partner interest |  |  |  |  |  | 9/2021 |  |  |  | 9,725,000 |  |  | 9.7 |  | 10.2 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 128.8 |  | 128.1 |  |
North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC (15) |  | Provider of fire safety and life safety services |  | First lien senior secured loan |  | 10.23% | SOFR (Q) | 5.50% |  | 5/2021 |  | 5/2027 |  |  | 20.0 |  | 20.0 |  | 20.0 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.08% | SOFR (Q) | 5.50% |  | 3/2022 |  | 5/2027 |  |  | 2.9 |  | 2.9 |  | 2.9 | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 5/2021 |  |  |  | 884,916 |  |  | 0.9 |  | 2.9 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.8 |  | 25.8 |  |
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC (15) |  | Provider of lawncare services |  | First lien senior secured loan |  | 11.05% | SOFR (Q) | 6.50% |  | 12/2022 |  | 5/2028 |  |  | 6.4 |  | 6.3 |  | 6.2 | (2)(11) |
North Haven Stack Buyer, LLC (15) |  | Provider of environmental testing services |  | First lien senior secured revolving loan |  | 9.92% | SOFR (M) | 5.50% |  | 7/2021 |  | 7/2027 |  |  | 0.8 |  | 0.8 |  | 0.8 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.90% | SOFR (M) | 5.50% |  | 7/2021 |  | 7/2027 |  |  | 6.9 |  | 6.8 |  | 6.7 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.6 |  | 7.5 |  |
Petroleum Service Group LLC (15) |  | Provider of operational services for US petrochemical and refining companies |  | First lien senior secured revolving loan |  | 9.71% | LIBOR (Q) | 6.00% |  | 7/2019 |  | 7/2025 |  |  | 2.5 |  | 2.5 |  | 2.5 | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 10.42% | LIBOR (Q) | 6.00% |  | 7/2019 |  | 7/2025 |  |  | 34.5 |  | 34.5 |  | 34.5 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.72% | LIBOR (Q) | 6.00% |  | 12/2021 |  | 7/2025 |  |  | 11.6 |  |  | 11.6 |  |  | 11.6 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48.6 |  |  | 48.6 |  |  |
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC (15) |  | Provider of janitorial and facilities management services |  | First lien senior secured loan |  | 10.47% | SOFR (S) | 5.50% |  | 10/2021 |  | 10/2027 |  |  | 65.0 |  |  | 65.0 |  |  | 63.1 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 10/2021 |  |  |  | 7,900,000 |  |  | 7.9 |  |  | 8.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 72.9 |  |  | 71.5 |  |  |
PS Operating Company LLC and PS Op Holdings LLC (5)(15) |  | Specialty distributor and solutions provider to the swine and poultry markets |  | First lien senior secured revolving loan |  | 10.73% | LIBOR (Q) | 6.00% |  | 12/2021 |  | 12/2024 |  |  | 4.5 |  |  | 4.5 |  |  | 4.5 |  | (2)(11) |

88

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | First lien senior secured loan |  | 10.73% | LIBOR (Q) | 6.00% |  | 12/2021 |  | 12/2024 |  |  | 14.9 |  |  | 14.9 |  |  | 14.9 |  | (2)(11) |
|  |  |  | Common unit |  |  |  |  |  | 12/2021 |  |  |  | 279,199 |  |  | 7.4 |  |  | 8.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26.8 |  |  | 27.7 |  |  |
R2 Acquisition Corp. |  | Marketing services |  | Common stock |  |  |  |  |  | 5/2007 |  |  |  | 250,000 |  |  | 0.2 |  |  | 0.1 |  | (2) |
RC V Tecmo Investor LLC |  | Technology based aggregator for facility maintenance services |  | Common member units |  |  |  |  |  | 8/2020 |  |  |  | 9,624,000 |  |  | 8.3 |  |  | 22.9 |  | (2) |
RE Community Holdings GP, LLC and RE Community Holdings, LP |  | Operator of municipal recycling facilities |  | Limited partnership interest |  |  |  |  |  | 3/2011 |  |  |  | 2.86% |  |  | — |  |  | — |  |  |
|  |  |  | Limited partnership interest |  |  |  |  |  | 3/2011 |  |  |  | 2.49% |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. (15) |  | Provider of FDA registration and consulting services |  | First lien senior secured loan |  | 9.38% | LIBOR (M) | 5.00% |  | 8/2021 |  | 8/2027 |  |  | 2.7 |  |  | 2.7 |  |  | 2.7 |  | (2)(11) |
|  |  |  | Limited partner interests |  |  |  |  |  | 8/2021 |  |  |  | 1.13% |  |  | 2.7 |  |  | 2.6 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.4 |  |  | 5.3 |  |  |
Rodeo AcquisitionCo LLC (15) |  | Provider of food inspection and recovery services |  | First lien senior secured revolving loan |  | 10.38% | LIBOR (M) | 6.00% |  | 7/2021 |  | 7/2027 |  |  | 1.3 |  |  | 1.3 |  |  | 1.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.38% | LIBOR (M) | 6.00% |  | 7/2021 |  | 7/2027 |  |  | 16.9 |  |  | 16.9 |  |  | 16.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18.2 |  |  | 17.3 |  |  |
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. (15) |  | Provider of landscape design and planning, and snow removal services |  | First lien senior secured revolving loan |  | 10.14% | LIBOR (M) | 5.75% |  | 12/2021 |  | 12/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.14% | LIBOR (M) | 5.75% |  | 12/2021 |  | 12/2027 |  |  | 0.6 |  |  | 0.6 |  |  | 0.6 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 12/2021 |  |  |  | 4,502 |  |  | 11.1 |  |  | 14.7 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11.9 |  |  | 15.5 |  |  |
Shermco Intermediate Holdings, Inc. (15) |  | Provider of electrician services |  | First lien senior secured revolving loan |  | 10.82% | SOFR (M) | 6.50% |  | 5/2022 |  | 6/2024 |  |  | 2.7 |  |  | 2.6 |  |  | 2.7 |  | (2) |
SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP |  | Manufacturer and distributor of personal protection equipment, commercial cleaning, maintenance and safety products |  | Second lien senior secured loan |  |  |  |  |  | 6/2020 |  | 6/2030 |  |  | 21.0 |  |  | 21.0 |  |  | 14.3 |  | (2)(10) |
|  |  |  | Limited partnership class A-1 units |  |  |  |  |  | 6/2020 |  |  |  | 2,173 |  |  | 1.1 |  |  | — |  | (2) |
|  |  |  | Limited partnership class A-2 units |  |  |  |  |  | 6/2020 |  |  |  | 2,173 |  |  | 1.1 |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.2 |  | 14.3 |  |
Startec Equity, LLC (5) |  | Communication services |  | Member interest |  |  |  |  |  | 4/2010 |  |  |  |  |  |  | — |  |  | — |  |  |
Stealth Holding LLC and UCIT Online Security Inc. |  | Live video monitoring solutions provider |  | First lien senior secured loan |  | 10.54% | SOFR (Q) | 6.75% |  | 3/2021 |  | 3/2026 |  |  | 51.3 |  | 51.3 |  | 50.3 | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 11.08% | SOFR (Q) | 6.75% |  | 3/2022 |  | 3/2026 |  |  | 5.2 |  | 5.2 |  | 5.1 | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 13.75% | Base Rate (Q) | 6.25% |  | 3/2021 |  | 3/2026 |  |  | 2.5 |  | 2.5 |  | 2.4 | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 59.0 |  | 57.8 |  |
The NPD Group, L.P., IRI Group Holdings, Inc., Information Resources, Inc. and IRI-NPD Co-Invest Aggregator, L.P. (15) |  | Market research company focused on the consumer packaged goods industry |  | First lien senior secured revolving loan |  | 10.07% | SOFR (M) | 5.75% |  | 8/2022 |  | 12/2027 |  |  | 1.7 |  | 1.7 |  | 1.7 | (2)(11)(14) |

89

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | First lien senior secured loan |  | 10.43% (2.75% PIK) | SOFR (M) | 6.25% |  | 8/2022 |  | 12/2028 |  |  | 213.5 |  | 213.5 |  | 209.3 | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 8/2022 |  |  |  | 10,744 |  |  | 11.3 |  | 15.7 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 226.5 |  | 226.7 |  |
Thermostat Purchaser III, Inc. (15) |  | Provider of commercial HVAC equipment maintenance and repair services |  | Second lien senior secured loan |  | 11.98% | LIBOR (Q) | 7.25% |  | 8/2021 |  | 8/2029 |  |  | 23.0 |  | 23.0 |  | 22.1 | (2)(11) |
Visual Edge Technology, Inc. |  | Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies |  | First lien senior secured loan |  | 11.74% (1.25% PIK) | LIBOR (Q) | 7.00% |  | 8/2017 |  | 8/2022 |  |  | 32.6 |  | 32.6 |  | 29.3 | (2)(11) |
|  |  |  | Senior subordinated loan |  |  |  |  |  | 8/2017 |  | 9/2024 |  |  | 103.8 |  | 87.5 |  | 48.8 | (2)(10) |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 8/2017 |  | 8/2027 |  | 10,358,572 |  |  | 3.9 |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 124.0 |  | 78.1 |  |
VRC Companies, LLC (15) |  | Provider of records and information management services |  | First lien senior secured loan |  | 10.97% | SOFR (S) | 5.75% |  | 5/2022 |  | 6/2027 |  |  | — |  |  | 0.1 |  | — |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 12.00% (2.00% PIK) |  |  |  | 5/2022 |  | 6/2028 |  |  | 5.0 |  | 5.1 |  | 4.7 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.2 |  | 4.7 |  |
Wash Encore Holdings, LLC |  | Provider of outsourced healthcare linen management solutions |  | First lien senior secured loan |  | 9.12% | LIBOR (S) | 5.75% |  | 7/2021 |  | 7/2027 |  |  | 98.5 |  | 98.5 |  | 96.5 | (2)(11) |
XIFIN, Inc. and ACP Charger Co-Invest LLC (15) |  | Revenue cycle management provider to labs |  | First lien senior secured revolving loan |  | 12.25% | Base Rate (M) | 4.75% |  | 2/2020 |  | 2/2026 |  |  | 0.2 |  | 0.2 |  | 0.2 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.13% | LIBOR (M) | 5.75% |  | 12/2021 |  | 2/2026 |  |  | 37.0 |  | 37.0 |  | 36.6 | (11) |
|  |  |  | First lien senior secured loan |  | 10.13% | LIBOR (M) | 5.75% |  | 7/2021 |  | 2/2026 |  |  | 0.1 |  | 0.1 |  | 0.1 | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 2/2020 |  |  |  | 180,000 |  |  | 1.8 |  | 4.2 | (2) |
|  |  |  | Class B units |  |  |  |  |  | 12/2021 |  |  |  | 46,363 |  |  | 0.9 |  | 1.1 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40.0 |  | 42.2 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2116.3 |  | 2077.0 |  | 21.74%
Investment Funds and Vehicles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACAS Equity Holdings Corporation (5) |  | Investment company |  | Common stock |  |  |  |  |  | 1/2017 |  |  |  | 589 |  |  | 0.4 |  | 0.4 | (6) |
ARES 2007-3R |  | Investment vehicle |  | Subordinated notes |  |  |  |  |  | 1/2017 |  | 4/2021 |  | 20.0 |  |  | — |  |  | 0.1 | (6) |
Blue Wolf Capital Fund II, L.P. (4) |  | Investment partnership |  | Limited partnership interest |  |  |  |  |  | 1/2017 |  |  |  | 8.50% |  |  | — |  |  | 0.1 | (6)(18) |
CoLTs 2005-1 Ltd. (5) |  | Investment vehicle |  | Preferred shares |  |  |  |  |  | 1/2017 |  |  |  | 360 |  |  | — |  |  | — |  | (6) |
CREST Exeter Street Solar 2004-1 |  | Investment vehicle |  | Preferred shares |  |  |  |  |  | 1/2017 |  |  |  | 3,500,000 |  |  | — |  |  | — |  | (6) |
European Capital UK SME Debt LP (4)(16) |  | Investment partnership |  | Limited partnership interest |  |  |  |  |  | 1/2017 |  |  |  | 45.00% |  |  | 18.0 |  | 26.5 | (6) |
HCI Equity, LLC (5) |  | Investment company |  | Member interest |  |  |  |  |  | 4/2010 |  |  |  | 100.00% |  |  | — |  |  | — |  | (6)(18) |
Partnership Capital Growth Investors III, L.P. |  | Investment partnership |  | Limited partnership interest |  |  |  |  |  | 10/2011 |  |  |  | 2.50% |  |  | 1.8 |  | 3.9 | (2)(6)(18) |
PCG-Ares Sidecar Investment II, L.P. (4)(16) |  | Investment partnership |  | Limited partnership interest |  |  |  |  |  | 10/2014 |  |  |  | 100.00% |  |  | 7.1 |  | 15.5 | (2)(6) |
PCG-Ares Sidecar Investment, L.P. (4) |  | Investment partnership |  | Limited partnership interest |  |  |  |  |  | 5/2014 |  |  |  | 100.00% |  |  | 4.3 |  | 0.7 | (6) |
Piper Jaffray Merchant Banking Fund I, L.P. |  | Investment partnership |  | Limited partnership interest |  |  |  |  |  | 8/2012 |  |  |  | 2.00% |  |  | 0.1 |  | 0.5 | (6)(18) |

90

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Senior Direct Lending Program, LLC (5)(17) |  | Co-investment vehicle |  | Subordinated certificates |  | 12.77% | LIBOR (Q) | 8.00% |  | 7/2016 |  | 12/2036 |  |  | 1,274.1 |  |  | 1,274.1 |  |  | 1,248.6 |  | (6)(12) |
|  |  |  | Membership interest |  |  |  |  |  |  |  |  |  | 87.50% |  |  | — |  |  | — |  | (6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,274.1 |  |  | 1,248.6 |  |  |
VSC Investors LLC |  | Investment company |  | Membership interest |  |  |  |  |  | 1/2008 |  |  |  | 1.95% |  |  | — |  |  | 0.5 | (2)(6)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,305.8 |  |  | 1,296.8 |  |  | 13.57%
Insurance Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acrisure, LLC and Acrisure Finance, Inc. |  | Independent property and casualty insurance brokerage |  | Senior subordinated loan |  | 7.00% |  |  |  | 7/2022 |  | 11/2025 |  |  | 0.5 |  | 0.5 |  | 0.5 | (2)(18) |
Alera Group, Inc. |  | Insurance service provider |  | First lien senior secured loan |  | 10.42% | SOFR (M) | 6.00% |  | 9/2021 |  | 10/2028 |  |  | 60.6 |  | 60.6 |  | 58.8 | (2)(11) |
Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc. |  | Insurance service provider |  | First lien senior secured loan |  | 9.58% | SOFR (Q) | 5.00% |  | 11/2022 |  | 2/2025 |  |  | 14.6 |  | 13.9 |  | 14.0 | (2) |
|  |  |  | First lien senior secured loan |  | 8.88% | LIBOR (M) | 4.50% |  | 12/2018 |  | 2/2025 |  |  | 2.3 |  | 2.3 |  | 2.2 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16.2 |  | 16.2 |  |
AQ Sunshine, Inc. (15) |  | Specialized insurance broker |  | First lien senior secured revolving loan |  | 10.42% | LIBOR (S) | 6.25% |  | 4/2019 |  | 4/2024 |  |  | 1.4 |  | 1.4 |  | 1.4 | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 10.42% | LIBOR (S) | 6.25% |  | 1/2022 |  | 4/2025 |  |  | 8.9 |  | 8.9 |  | 8.8 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.42% | LIBOR (S) | 6.25% |  | 4/2019 |  | 4/2025 |  |  | 8.5 |  | 8.5 |  | 8.3 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.42% | LIBOR (S) | 6.25% |  | 10/2020 |  | 4/2025 |  |  | 5.6 |  | 5.6 |  | 5.5 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.98% | LIBOR (Q) | 6.25% |  | 5/2022 |  | 4/2025 |  |  | 1.0 |  | 1.0 |  | 1.0 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.42% | LIBOR (S) | 6.25% |  | 6/2021 |  | 4/2025 |  |  | 0.1 |  | 0.1 |  | 0.1 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25.5 |  | 25.1 |  |
Ardonagh Midco 2 plc and Ardonagh Midco 3 plc |  | Insurance broker and underwriting servicer |  | First lien senior secured loan |  | 8.81% | LIBOR (S) | 5.75% |  | 8/2021 |  | 7/2026 |  |  | 90.0 |  | 90.0 |  | 89.1 | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 8.19% | Euribor (Q) | 6.50% |  | 8/2022 |  | 7/2026 |  |  | 66.8 |  | 64.5 |  | 66.8 | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 8.19% | SONIA (S) | 7.00% |  | 6/2020 |  | 7/2026 |  |  | 75.0 |  | 79.4 |  | 75.0 | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 8.00% | Euribor (S) | 7.00% |  | 6/2020 |  | 7/2026 |  |  | 7.0 |  | 7.5 |  | 7.0 | (2)(6)(11) |
|  |  |  | Senior subordinated loan |  | 11.50% PIK |  |  |  | 6/2020 |  | 1/2027 |  |  | 1.4 |  | 1.4 |  | 1.4 | (2)(6)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 242.8 |  | 239.3 |  |
Benecon Midco II LLC and Locutus Holdco LLC (15) |  | Employee benefits provider for small and mid-size employers |  | Common units |  |  |  |  |  | 12/2020 |  |  |  | 9,803,682 |  |  | 10.0 |  | 22.1 |  |
Benefytt Technologies, Inc. (15) |  | Health insurance sales platform provider |  | First lien senior secured loan |  | 13.16% (9.18% PIK) | SOFR (S) | 8.75% |  | 8/2021 |  | 8/2027 |  |  | 29.1 |  | 29.1 |  | 23.9 | (2)(11) |
Captive Resources Midco, LLC (15) |  | Provider of independent consulting services to member-owned group captives |  | First lien senior secured loan |  | 7.20% | SOFR (M) | 2.88% |  | 7/2022 |  | 7/2029 |  |  | 0.1 |  | 0.1 |  | 0.1 | (2)(11) |
Foundation Risk Partners, Corp. (15) |  | Full service independent insurance agency |  | First lien senior secured revolving loan |  | 10.32% | SOFR (M) | 6.00% |  | 10/2021 |  | 10/2027 |  |  | 8.6 |  | 8.6 |  | 8.5 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.68% | SOFR (Q) | 6.00% |  | 10/2021 |  | 10/2028 |  |  | 112.6 |  | 112.6 |  | 111.5 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.68% | SOFR (Q) | 6.00% |  | 4/2022 |  | 10/2028 |  |  | 30.3 |  | 30.3 |  | 30.0 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.68% | SOFR (Q) | 6.00% |  | 10/2021 |  | 10/2028 |  |  | 1.1 |  | 1.1 |  | 1.1 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 152.6 |  | 151.1 |  |
Galway Borrower LLC (15) |  | Insurance service provider |  | First lien senior secured revolving loan |  |  |  |  |  | 9/2021 |  | 9/2027 |  |  | — |  |  | — |  |  | — |  | (13) |

91

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | First lien senior secured loan |  | 9.98% | LIBOR (Q) | 5.25% |  | 9/2021 |  | 9/2028 |  |  | 34.2 |  | 34.2 |  | 32.8 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34.2 |  | 32.8 |  |
High Street Buyer, Inc. and High Street Holdco LLC (15) |  | Insurance brokerage platform |  | First lien senior secured loan |  | 10.73% | LIBOR (Q) | 6.00% |  | 4/2021 |  | 4/2028 |  |  | 22.8 |  | 22.8 |  | 22.6 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.99% | LIBOR (Q) | 5.75% |  | 2/2022 |  | 4/2028 |  |  | 14.7 |  | 14.7 |  | 14.4 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.73% | LIBOR (Q) | 6.00% |  | 8/2021 |  | 4/2028 |  |  | 12.3 |  | 12.3 |  | 12.1 | (2)(11) |
|  |  |  | Series A preferred units |  | 10.00% PIK |  |  |  | 4/2021 |  |  |  | 110,561,971 |  |  | 125.5 |  | 112.9 | (2) |
|  |  |  | Series A common units |  | 10.00% PIK |  |  |  | 4/2021 |  |  |  | 4,649,000 |  |  | 5.5 |  | 7.1 | (2) |
|  |  |  | Series C common units |  | 10.00% PIK |  |  |  | 4/2021 |  |  |  | 5,666,050 |  |  | 0.7 |  | 8.6 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 181.5 |  | 177.7 |  |
Inszone Mid, LLC and INSZ Holdings, LLC (15) |  | Insurance brokerage firm |  | First lien senior secured loan |  | 11.33% | SOFR (M) | 7.00% |  | 11/2022 |  | 11/2028 |  |  | 17.6 |  | 17.6 |  | 17.1 | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 11/2022 |  |  |  | 246,143 |  |  | 1.7 |  | 1.7 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19.3 |  | 18.8 |  |
K2 Insurance Services, LLC and K2 Holdco LP (15) |  | Specialty insurance and managing general agency |  | First lien senior secured loan |  | 9.73% | LIBOR (Q) | 5.00% |  | 7/2019 |  | 7/2026 |  |  | 50.4 |  | 50.4 |  | 50.4 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.73% | LIBOR (Q) | 5.00% |  | 12/2021 |  | 7/2026 |  |  | 2.3 |  | 2.3 |  | 2.3 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.54% | LIBOR (Q) | 5.00% |  | 8/2021 |  | 7/2026 |  |  | 0.2 |  | 0.2 |  | 0.2 | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 7/2019 |  |  |  | 799,000 |  |  | 0.8 |  | 2.3 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 53.7 |  | 55.2 |  |
OneDigital Borrower LLC (15) |  | Benefits broker and outsourced workflow automation platform provider for brokers |  | First lien senior secured revolving loan |  |  |  |  |  | 11/2020 |  | 11/2025 |  |  | — |  |  | — |  |  | — |  | (13) |
Patriot Growth Insurance Services, LLC (15) |  | National retail insurance agency |  | First lien senior secured loan |  | 8.87% | LIBOR (Q) | 5.50% |  | 10/2021 |  | 10/2028 |  |  | 16.0 |  | 15.8 |  | 15.5 | (2)(11) |
People Corporation (15) |  | Provider of group benefits, group retirement and human resources services |  | First lien senior secured revolving loan |  | 10.99% | CDOR (Q) | 6.25% |  | 2/2021 |  | 2/2027 |  |  | 1.3 |  |  | 1.3 |  |  | 1.3 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.91% | LIBOR (Q) | 6.25% |  | 2/2021 |  | 2/2028 |  |  | 40.9 |  |  | 43.7 |  |  | 40.5 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.91% | CDOR (Q) | 6.25% |  | 2/2021 |  | 2/2028 |  |  | 12.8 |  |  | 14.0 |  |  | 12.6 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.17% | CDOR (Q) | 5.50% |  | 9/2021 |  | 2/2028 |  |  | 8.1 |  |  | 8.4 |  |  | 7.8 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 67.4 |  |  | 62.2 |  |  |
Riser Merger Sub, Inc. (15) |  | Insurance program administrator |  | First lien senior secured loan |  | 9.33% | SOFR (Q) | 5.75% |  | 8/2022 |  | 8/2028 |  |  | 0.7 |  |  | 0.8 |  |  | 0.7 |  | (2)(11) |
RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc. (15) |  | Insurance broker |  | First lien senior secured loan |  | 9.79% | SOFR (Q) | 5.50% |  | 11/2019 |  | 10/2026 |  |  | 32.8 |  |  | 32.8 |  |  | 31.8 |  | (2)(11) |
SageSure Holdings, LLC & Insight Catastrophe Group, LLC (15) |  | Insurance service provider |  | First lien senior secured revolving loan |  | 10.14% | LIBOR (M) | 5.75% |  | 1/2022 |  | 1/2028 |  |  | 5.9 |  |  | 5.9 |  |  | 5.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.13% (1.63% PIK) | LIBOR (M) | 5.75% |  | 1/2022 |  | 1/2028 |  |  | 14.0 |  |  | 14.0 |  |  | 13.9 |  | (2)(11) |
|  |  |  | Series A units |  |  |  |  |  | 2/2022 |  |  |  | 732 |  |  | 15.6 |  |  | 16.0 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35.5 |  |  | 35.8 |  |  |
SCM Insurance Services Inc. (15) |  | Provider of claims management, claims investigation & support and risk management solutions for the Canadian property and casualty insurance industry |  | First lien senior secured loan |  | 11.16% | CDOR (Q) | 6.25% |  | 6/2022 |  | 8/2024 |  |  | 61.1 |  |  | 64.2 |  |  | 61.1 |  | (2)(6)(11) |

92

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

SelectQuote, Inc. |  | Direct to consumer insurance distribution platform |  | First lien senior secured loan |  | 12.42% (2.00% PIK) | SOFR (M) | 8.00% |  | 11/2019 |  | 11/2024 |  |  | 22.2 |  |  | 22.2 |  |  | 19.5 |  | (2)(11) |
SG Acquisition, Inc. |  | Provider of insurance solutions for car sales |  | First lien senior secured loan |  | 9.17% | LIBOR (Q) | 5.00% |  | 1/2020 |  | 1/2027 |  |  | 33.8 |  |  | 33.8 |  |  | 33.5 |  | (2)(11) |
Spring Insurance Solutions, LLC |  | Technology-based direct to consumer sales and marketing platform for insurance products |  | First lien senior secured loan |  | 11.23% | LIBOR (Q) | 6.50% |  | 11/2020 |  | 11/2025 |  |  | 22.0 |  |  | 22.0 |  |  | 19.6 |  | (2)(11) |
THG Acquisition, LLC (15) |  | Multi-line insurance broker |  | First lien senior secured loan |  | 9.88% | LIBOR (M) | 5.50% |  | 12/2021 |  | 12/2026 |  |  | 17.0 |  |  | 17.0 |  |  | 16.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.13% | LIBOR (M) | 5.75% |  | 12/2020 |  | 12/2026 |  |  | 14.9 |  |  | 14.9 |  |  | 14.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.13% | LIBOR (M) | 5.75% |  | 12/2019 |  | 12/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32.0 |  |  | 31.5 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,152.6 |  |  | 1,132.8 |  |  | 11.86%
Power Generation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apex Clean Energy TopCo, LLC (4) |  | Developer, builder and owner of utility-scale wind and solar power facilities |  | Class A common units |  |  |  |  |  | 11/2021 |  |  |  | 1,335,610 |  |  | 98.7 |  |  | 150.6 |  |  |
Ferrellgas, L.P. and Ferrellgas Partners, L.P. |  | Distributor of propane and related accessories |  | Senior preferred units |  | 8.96% |  |  |  | 3/2021 |  |  |  | 59,422 |  |  | 59.5 |  |  | 60.0 |  |  |
|  |  |  | Class B units |  |  |  |  |  | 9/2022 |  |  |  | 59,428 |  |  | 14.9 |  |  | 14.9 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 74.4 |  |  | 74.9 |  |  |
Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC (5) |  | Developer of utility scale solar systems |  | First lien senior secured loan |  | 11.00% (8.54% PIK) |  |  |  | 4/2021 |  | 4/2024 |  |  | 79.3 |  |  | 79.3 |  |  | 79.3 |  | (2) |
|  |  |  | Class A1 units |  |  |  |  |  | 4/2021 |  |  |  | 76,446,352 |  |  | 77.1 |  |  | 124.0 |  |  |
|  |  |  | Class A2 units |  |  |  |  |  | 3/2022 |  |  |  | 4,072,278 |  |  | 3.8 |  |  | 6.3 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 160.2 |  | 209.6 |  |
Opal Fuels LLC and Opal Fuels Inc. |  | Owner of natural gas facilities |  | Senior subordinated loan |  | 8.00% PIK |  |  |  | 7/2022 |  | 12/2026 |  |  | 28.5 |  | 24.8 |  | 28.5 | (6) |
|  |  |  | Class A common stock |  |  |  |  |  | 7/2022 |  |  |  | 3,059,533 |  |  | 23.3 |  | 22.3 | (6)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48.1 |  | 50.8 |  |
PosiGen, Inc. |  | Seller and leaser of solar power systems for residential and commercial customers |  | Warrant to purchase shares of series D-1 preferred stock |  |  |  |  |  | 6/2021 |  | 6/2028 |  | 101,555 |  |  | — |  |  | — |  |  |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 1/2020 |  | 1/2027 |  | 1,112,022 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |
Potomac Intermediate Holdings II LLC (5) |  | Gas turbine power generation facilities operator |  | Series A units |  |  |  |  |  | 11/2021 |  |  |  | 226,884,442 |  |  | 185.7 |  | 143.2 |  |
Riverview Power LLC (15) |  | Operator of natural gas and oil fired power generation facilities |  | First lien senior secured loan |  | 13.73% | LIBOR (Q) | 9.00% |  | 8/2021 |  | 6/2024 |  |  | 57.6 |  | 56.7 |  | 57.6 | (2)(11) |
SE1 Generation, LLC |  | Solar power developer |  | Senior subordinated loan |  | 12.25% (5.50% PIK) |  |  |  | 12/2019 |  | 5/2023 |  |  | 57.5 |  | 57.5 |  | 57.5 | (2) |
Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC |  | Residential solar energy provider |  | First lien senior secured loan |  | 3.61% |  |  |  | 10/2019 |  | 2/2055 |  |  | 0.1 |  | 0.1 |  | 0.1 | (2) |
|  |  |  | Senior subordinated loan |  | 11.16% (5.01% PIK) | LIBOR (Q) | 6.75% |  | 11/2019 |  | 11/2025 |  |  | 147.9 |  | 147.9 |  | 136.1 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 148.0 |  | 136.2 |  |
Sunrun Luna Holdco 2021, LLC (15) |  | Residential solar energy provider |  | Senior subordinated revolving loan |  | 7.86% | SOFR (Q) | 3.50% |  | 3/2022 |  | 4/2024 |  |  | 24.4 |  | 24.4 |  | 24.2 | (2)(6) |
|  |  |  | Senior subordinated revolving loan |  | 8.95% | SOFR (Q) | 7.88% |  | 3/2022 |  | 4/2024 |  |  | 16.3 |  | 16.3 |  | 16.1 | (2)(6) |

93

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40.7 |  | 40.3 |  |
Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC |  | Residential solar energy provider |  | First lien senior secured loan |  | 3.98% |  |  |  | 6/2019 |  | 6/2054 |  |  | 0.3 |  | 0.3 |  | 0.3 | (2) |
|  |  |  | Senior subordinated loan |  | 10.00% (6.00% PIK) | LIBOR (Q) | 6.75% |  | 6/2019 |  | 7/2030 |  |  | 72.5 |  | 72.5 |  | 67.3 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 72.8 |  | 67.6 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 942.8 |  | 988.3 |  | 10.34%
Consumer Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. (5) |  | Restaurant owner and operator |  | First lien senior secured loan |  |  |  |  |  | 12/2016 |  | 8/2022 |  |  | 8.3 |  | — |  |  | — |  | (2)(10) |
Aimbridge Acquisition Co., Inc. |  | Hotel operator |  | Second lien senior secured loan |  | 11.62% | LIBOR (M) | 7.50% |  | 2/2019 |  | 2/2027 |  |  | 22.5 |  | 22.3 |  | 21.8 | (2) |
American Residential Services L.L.C. and Aragorn Parent Holdings LP (15) |  | Heating, ventilation and air conditioning services provider |  | First lien senior secured revolving loan |  | 7.14% | LIBOR (M) | 2.75% |  | 10/2020 |  | 10/2025 |  |  | 0.6 |  | 0.6 |  | 0.6 | (2) |
|  |  |  | First lien senior secured revolving loan |  | 9.25% | Base Rate (M) | 1.75% |  | 10/2020 |  | 10/2025 |  |  | 0.3 |  | 0.3 |  | 0.3 | (2) |
|  |  |  | Second lien senior secured loan |  | 13.23% | LIBOR (Q) | 8.50% |  | 10/2020 |  | 10/2028 |  |  | 56.4 |  | 56.4 |  | 56.4 | (2)(11) |
|  |  |  | Series A preferred units |  | 10.00% PIK |  |  |  | 10/2020 |  |  |  | 2,531,500 |  |  | 3.2 |  | 6.5 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 60.5 |  | 63.8 |  |
ATI Restoration, LLC (15) |  | Provider of disaster recovery services |  | First lien senior secured revolving loan |  | 11.50% | Base Rate (Q) | 4.00% |  | 7/2020 |  | 7/2026 |  |  | 4.7 |  | 4.7 |  | 4.7 | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 9.36% | SOFR (Q) | 5.00% |  | 7/2020 |  | 7/2026 |  |  | 33.0 |  | 33.0 |  | 33.0 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.65% | SOFR (Q) | 5.00% |  | 5/2022 |  | 7/2026 |  |  | 8.2 |  | 8.2 |  | 8.2 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45.9 |  | 45.9 |  |
Belfor Holdings, Inc. (15) |  | Disaster recovery services provider |  | First lien senior secured revolving loan |  | 7.25% | LIBOR (M) | 3.75% |  | 4/2019 |  | 4/2024 |  |  | 11.6 |  | 12.1 |  | 12.1 | (2)(14) |
|  |  |  | First lien senior secured revolving loan |  | 10.25% | Base Rate (M) | 2.75% |  | 4/2019 |  | 4/2024 |  |  | 1.4 |  | 1.5 |  | 1.4 | (2)(14) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.6 |  | 13.5 |  |
Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L. |  | Manager and operator of banquet facilities, restaurants, hotels and other leisure properties |  | First lien senior secured loan |  | 15.48% | LIBOR (Q) | 10.75% |  | 5/2018 |  | 5/2023 |  |  | 68.2 |  | 68.0 |  | 66.9 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 15.48% | LIBOR (Q) | 10.75% |  | 12/2020 |  | 5/2023 |  |  | 30.0 |  | 29.7 |  | 29.4 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 15.48% | LIBOR (Q) | 10.75% |  | 12/2019 |  | 5/2023 |  |  | 20.0 |  | 19.7 |  | 19.6 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 15.48% | LIBOR (Q) | 10.75% |  | 7/2019 |  | 5/2023 |  |  | 15.5 |  | 15.4 |  | 15.2 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 15.23% | LIBOR (Q) | 10.50% |  | 11/2018 |  | 5/2023 |  |  | 12.2 |  | 12.2 |  | 11.9 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 15.48% | LIBOR (Q) | 10.75% |  | 6/2020 |  | 5/2023 |  |  | 4.9 |  | 4.9 |  | 4.8 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 15.48% | LIBOR (Q) | 10.75% |  | 8/2018 |  | 5/2023 |  |  | 3.0 |  | 3.0 |  | 3.0 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 15.48% | LIBOR (Q) | 10.75% |  | 11/2018 |  | 5/2023 |  |  | 3.0 |  | 3.0 |  | 3.0 | (2)(11) |
|  |  |  | Warrant to purchase units of shares |  |  |  |  |  | 3/2021 |  | 3/2041 |  | 718.66 |  |  | 2.1 |  | 8.8 | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 158.0 |  | 162.6 |  |
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (15) |  | Provider of commercial HVAC equipment maintenance and repair services |  | First lien senior secured revolving loan |  | 9.47% | SOFR (Q) | 5.00% |  | 5/2022 |  | 5/2028 |  |  | 0.4 |  | 0.4 |  | 0.4 | (2)(11) |

94

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | First lien senior secured loan |  | 9.52% | SOFR (Q) | 5.25% |  | 5/2022 |  | 5/2028 |  |  | 21.8 |  | 21.8 |  | 21.4 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.40% | SOFR (Q) | 5.00% |  | 5/2022 |  | 5/2028 |  |  | 3.8 |  | 3.8 |  | 3.7 | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 5/2022 |  |  |  | 289 |  |  | 2.9 |  | 4.6 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28.9 |  | 30.1 |  |
CST Holding Company (15) |  | Provider of ignition interlock devices |  | First lien senior secured revolving loan |  | 10.97% | SOFR (M) | 6.75% |  | 11/2022 |  | 11/2028 |  |  | 0.2 |  | 0.2 |  | 0.2 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.97% | SOFR (M) | 6.75% |  | 11/2022 |  | 11/2028 |  |  | 11.8 |  | 11.8 |  | 11.4 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12.0 |  | 11.6 |  |
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (15) |  | Provider of plumbing and HVAC services |  | First lien senior secured revolving loan |  |  |  |  |  | 11/2020 |  | 11/2025 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 9.49% | LIBOR (Q) | 5.75% |  | 4/2021 |  | 11/2026 |  |  | 78.1 |  | 78.1 |  | 76.5 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.49% | LIBOR (Q) | 5.75% |  | 11/2020 |  | 11/2026 |  |  | 48.2 |  | 48.2 |  | 47.2 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.71% | LIBOR (Q) | 5.75% |  | 11/2021 |  | 11/2026 |  |  | 19.6 |  | 19.6 |  | 19.2 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 14.94% | LIBOR (Q) | 10.19% |  | 11/2021 |  | 11/2026 |  |  | 5.6 |  | 5.6 |  | 5.5 | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 11/2020 |  |  |  | 6,447 |  |  | 22.9 |  | 42.0 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 174.4 |  | 190.4 |  |
Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P. (15) |  | Provider of residential roofing and exterior repair and replacement services |  | First lien senior secured loan |  | 11.40% | SOFR (Q) | 6.75% |  | 12/2022 |  | 12/2028 |  |  | 11.4 |  |  | 11.4 |  |  | 11.1 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 12/2022 |  |  |  | 9,524,000 |  |  | 9.5 |  |  | 9.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20.9 |  |  | 20.6 |  |  |
Jenny C Acquisition, Inc. |  | Health club franchisor |  | Senior subordinated loan |  | 8.00% PIK |  |  |  | 4/2019 |  | 4/2025 |  |  | 1.6 |  |  | 1.6 |  |  | 1.6 |  | (2) |
KeyStone Sub-debt HoldCo, LLC |  | Planet Fitness franchisee |  | Senior subordinated loan |  | 10.00% PIK |  |  |  | 1/2021 |  | 1/2027 |  |  | 60.0 |  |  | 57.6 |  |  | 58.8 |  | (2) |
|  |  |  | Senior subordinated loan |  | 10.00% PIK |  |  |  | 9/2021 |  | 1/2027 |  |  | 8.0 |  |  | 8.0 |  |  | 7.8 |  | (2) |
|  |  |  | Warrant to purchase Class C interests |  |  |  |  |  | 1/2021 |  | 1/2027 |  | 24.7581 |  |  | 3.6 |  |  | 8.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 69.2 |  |  | 74.9 |  |  |
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (15) |  | Franchising platform offering adolescent development programs |  | First lien senior secured revolving loan |  | 12.54% | SOFR (S) | 7.50% |  | 12/2022 |  | 12/2027 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.54% | SOFR (S) | 7.50% |  | 12/2022 |  | 12/2027 |  |  | 16.2 |  |  | 16.2 |  |  | 15.8 |  | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 12/2022 |  |  |  | 1,972,732 |  |  | 2.0 |  |  | 2.0 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18.9 |  |  | 18.5 |  |  |
LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC (15) |  | Provider of residential HVAC and plumbing services |  | First lien senior secured loan |  | 10.59% | SOFR (Q) | 6.38% |  | 10/2021 |  | 10/2026 |  |  | 21.2 |  |  | 21.2 |  |  | 21.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.89% | SOFR (Q) | 6.38% |  | 4/2022 |  | 10/2026 |  |  | 6.7 |  |  | 6.7 |  |  | 6.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.42% | SOFR (Q) | 6.38% |  | 9/2022 |  | 10/2026 |  |  | 6.1 |  |  | 6.1 |  |  | 6.2 |  | (2)(11) |
|  |  |  | Membership interest |  |  |  |  |  | 10/2021 |  |  |  | 2,771,000 |  |  | 2.8 |  |  | 15.5 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36.8 |  |  | 50.1 |  |  |
ME Equity LLC |  | Franchisor in the massage industry |  | Common stock |  |  |  |  |  | 9/2012 |  |  |  | 3,000,000 |  |  | 3.0 |  |  | 4.5 |  | (2) |
Movati Athletic (Group) Inc. |  | Premier health club operator |  | First lien senior secured loan |  | 10.18% (0.50% PIK) | CDOR (Q) | 6.00% |  | 10/2017 |  | 10/2024 |  |  | 4.7 |  |  | 4.9 |  |  | 4.6 |  | (2)(6)(11) |
OTG Management, LLC |  | Airport restaurant operator |  | Class A preferred units |  |  |  |  |  | 8/2016 |  |  |  | 3,000,000 |  |  | 25.3 |  |  | 13.1 |  | (2) |
|  |  |  | Common units |  |  |  |  |  | 1/2011 |  |  |  | 3,000,000 |  |  | 3.0 |  |  | — |  |  |

95

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | Warrant to purchase of common units |  |  |  |  |  | 6/2008 |  | 6/2028 |  | 7.73% |  |  | 0.1 |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28.4 |  |  | 13.1 |  |  |
Pueblo Mechanical and Controls, LLC and OMERS PMC Investment Holdings LLC (15) |  | Provider of commercial HVAC services |  | First lien senior secured loan |  | 10.47% | SOFR (Q) | 6.00% |  | 8/2022 |  | 8/2028 |  |  | 1.4 |  |  | 1.4 |  |  | 1.4 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 8/2022 |  |  |  | 1,001 |  |  | 9.7 |  |  | 11.0 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11.1 |  |  | 12.4 |  |  |
Pyramid Management Advisors, LLC and Pyramid Investors, LLC (15) |  | Hotel operator |  | First lien senior secured revolving loan |  | 11.60% (1.25% PIK) | LIBOR (M) | 7.25% |  | 4/2018 |  | 7/2023 |  |  | 9.7 |  |  | 9.7 |  |  | 9.7 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 11.63% (1.25% PIK) | LIBOR (M) | 7.25% |  | 4/2018 |  | 7/2023 |  |  | 16.9 |  |  | 16.9 |  |  | 16.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.63% (1.25% PIK) | LIBOR (M) | 7.25% |  | 12/2019 |  | 7/2023 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Preferred membership units |  |  |  |  |  | 7/2016 |  |  |  | 996,833 |  |  | 1.0 |  |  | 0.9 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27.7 |  |  | 27.6 |  |  |
Redwood Services, LLC and Redwood Services Holdco, LLC (15) |  | Provider of residential HVAC and plumbing services |  | First lien senior secured loan |  | 11.17% | SOFR (M) | 6.75% |  | 9/2022 |  | 12/2025 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.17% | SOFR (M) | 6.75% |  | 12/2021 |  | 12/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.17% | SOFR (M) | 6.75% |  | 12/2020 |  | 12/2025 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | Series D units |  | 8.00% PIK |  |  |  | 12/2020 |  |  |  | 19,592,999 |  |  | 20.5 |  |  | 33.9 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21.6 |  |  | 35.0 |  |  |
Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc. |  | Provider of safety systems for business and residential customers |  | First lien senior secured loan |  | 11.63% | LIBOR (M) | 7.25% |  | 8/2020 |  | 8/2024 |  |  | 47.9 |  |  | 47.9 |  |  | 47.9 |  | (2)(11) |
Service Logic Acquisition, Inc. and MSHC, Inc. |  | Heating, ventilation and air conditioning services provider |  | First lien senior secured loan |  | 9.59% | SOFR (Q) | 5.50% |  | 10/2022 |  | 10/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
SV-Burton Holdings, LLC and LBC Breeze Holdings LLC (15) |  | Provider of HVAC and plumbing services to residential and commercial customers |  | First lien senior secured loan |  | 9.93% | LIBOR (Q) | 5.50% |  | 12/2021 |  | 12/2027 |  |  | 1.3 |  |  | 1.3 |  |  | 1.3 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 12/2021 |  |  |  | 4,296 |  |  | 4.3 |  |  | 4.8 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.6 |  |  | 6.1 |  |  |
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. (15) |  | Planet Fitness franchisee |  | First lien senior secured revolving loan |  | 9.51% (0.50% PIK) | LIBOR (S) | 4.75% |  | 7/2018 |  | 7/2025 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.05% (0.50% PIK) | SOFR (M) | 5.63% |  | 7/2018 |  | 7/2025 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 8.92% (0.50% PIK) | LIBOR (S) | 4.75% |  | 3/2020 |  | 7/2025 |  |  | 1.4 |  |  | 1.4 |  |  | 1.4 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 7/2018 |  |  |  | 37,020 |  |  | 3.8 |  |  | 4.6 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.0 |  |  | 6.8 |  |  |
The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc. (15) |  | Premier health club operator |  | First lien senior secured loan |  | 14.00% (2.00% PIK) | Base Rate (Q) | 6.50% |  | 12/2019 |  | 12/2024 |  |  | 12.5 |  |  | 12.5 |  |  | 12.5 |  | (2)(11) |
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP (15) |  | Refrigeration, heating, ventilation and air conditioning services provider |  | First lien senior secured revolving loan |  | 10.10% | LIBOR (M) | 6.00% |  | 12/2021 |  | 12/2027 |  |  | 8.9 |  |  | 8.9 |  |  | 8.8 |  | (2)(11) |

96

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | First lien senior secured revolving loan |  | 12.50% | Base Rate (M) | 5.00% |  | 12/2021 |  | 12/2027 |  |  | 2.5 |  |  | 2.5 |  |  | 2.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.57% | LIBOR (S) | 6.00% |  | 8/2022 |  | 12/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.08% | LIBOR (Q) | 6.00% |  | 12/2021 |  | 12/2027 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 12/2021 |  |  |  | 5,667,160 |  |  | 5.7 |  |  | 8.5 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17.5 |  |  | 20.2 |  |  |
YE Brands Holdings, LLC (15) |  | Sports camp operator |  | First lien senior secured revolving loan |  | 9.47% | SOFR (Q) | 5.00% |  | 10/2021 |  | 10/2027 |  |  | 1.5 |  |  | 1.5 |  |  | 1.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.93% | SOFR (Q) | 5.25% |  | 6/2022 |  | 10/2027 |  |  | 8.2 |  |  | 8.2 |  |  | 8.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.68% | SOFR (Q) | 5.00% |  | 10/2021 |  | 10/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9.8 |  |  | 9.8 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 859.1 |  |  | 906.0 |  |  | 9.48%
Consumer Durables and Apparel |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Badger Sportswear Acquisition, Inc. |  | Provider of team uniforms and athletic wear |  | Second lien senior secured loan |  | 13.57% | LIBOR (Q) | 9.00% |  | 9/2016 |  | 6/2024 |  |  | 56.8 |  |  | 56.8 |  |  | 56.8 |  | (2)(11) |
Bowhunter Holdings, LLC |  | Provider of branded archery and bowhunting accessories |  | Common units |  |  |  |  |  | 4/2014 |  |  |  | 421 |  |  | 4.2 |  |  | — |  |  |
Centric Brands LLC and Centric Brands GP LLC (15) |  | Designer, marketer and distributor of licensed and owned apparel |  | First lien senior secured revolving loan |  | 9.70% | SOFR (Q) | 5.75% |  | 5/2020 |  | 10/2024 |  |  | 5.0 |  |  | 5.0 |  |  | 4.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 13.30% (7.33% PIK) | SOFR (Q) | 9.00% |  | 10/2018 |  | 10/2025 |  |  | 75.4 |  |  | 75.3 |  |  | 70.9 |  | (2)(11) |
|  |  |  | Membership interests |  |  |  |  |  | 10/2018 |  |  |  | 279,392 |  |  | 2.9 |  |  | 2.9 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 83.2 |  |  | 78.5 |  |  |
DRS Holdings III, Inc. and DRS Holdings I, Inc. (15) |  | Footwear and orthopedic foot-care brand |  | First lien senior secured loan |  | 10.47% | LIBOR (Q) | 5.75% |  | 11/2019 |  | 11/2025 |  |  | 28.0 |  |  | 28.0 |  |  | 26.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.47% | LIBOR (Q) | 5.75% |  | 6/2021 |  | 11/2025 |  |  | 25.8 |  |  | 25.8 |  |  | 24.8 |  | (11) |
|  |  |  | Common stock |  |  |  |  |  | 11/2019 |  |  |  | 8,549 |  |  | 8.5 |  |  | 7.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 62.3 |  |  | 58.8 |  |  |
Implus Footcare, LLC |  | Provider of footwear and other accessories |  | First lien senior secured loan |  | 13.98% (1.50% PIK) | SOFR (Q) | 9.25% |  | 6/2017 |  | 4/2024 |  |  | 102.7 |  |  | 102.7 |  |  | 92.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.48% (0.27% PIK) | SOFR (Q) | 7.75% |  | 6/2017 |  | 4/2024 |  |  | 14.1 |  |  | 14.1 |  |  | 12.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.48% (0.27% PIK) | SOFR (Q) | 7.75% |  | 7/2018 |  | 4/2024 |  |  | 5.0 |  |  | 5.0 |  |  | 4.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 13.98% (0.30% PIK) | SOFR (Q) | 9.25% |  | 6/2016 |  | 4/2024 |  |  | 1.3 |  |  | 1.3 |  |  | 1.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 123.1 |  |  | 110.6 |  |  |
Johnnie-O Inc. and Johnnie-O Holdings Inc. |  | Apparel retailer |  | First lien senior secured loan |  | 10.65% (4.50% PIK) | SOFR (Q) | 6.00% |  | 3/2022 |  | 3/2027 |  |  | 19.2 |  |  | 18.3 |  |  | 18.8 |  | (2)(11) |
|  |  |  | Series A convertible preferred stock |  |  |  |  |  | 3/2022 |  |  |  | 144,211 |  |  | 4.3 |  |  | 5.5 |  | (2) |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 3/2022 |  | 3/2032 |  | 76,491 |  |  | 1.0 |  |  | 1.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.6 |  |  | 25.6 |  |  |
Lew's Intermediate Holdings, LLC (15) |  | Outdoor brand holding company |  | First lien senior secured loan |  | 9.40% | SOFR (Q) | 5.00% |  | 2/2021 |  | 2/2028 |  |  | 1.0 |  |  | 1.0 |  |  | 0.9 |  | (2)(11) |
New Era Cap, LLC |  | Sports apparel manufacturing company |  | First lien senior secured loan |  | 9.94% | LIBOR (Q) | 6.00% |  | 1/2022 |  | 7/2027 |  |  | 27.8 |  |  | 27.8 |  |  | 27.8 |  | (2)(11) |
Pelican Products, Inc. (15) |  | Flashlights manufacturer |  | Second lien senior secured loan |  | 12.20% | LIBOR (Q) | 7.75% |  | 12/2021 |  | 12/2029 |  |  | 60.0 |  |  | 60.0 |  |  | 55.8 |  | (2)(11) |

97

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC |  | Sports equipment manufacturing company |  | First lien senior secured loan |  | 11.48% | LIBOR (Q) | 6.75% |  | 12/2020 |  | 12/2026 |  |  | 49.7 |  |  | 49.7 |  |  | 49.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.48% | LIBOR (Q) | 6.75% |  | 11/2021 |  | 12/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 49.8 |  |  | 49.8 |  |  |
Reef Lifestyle, LLC (15) |  | Apparel retailer |  | First lien senior secured revolving loan |  | 14.50% (2.00% PIK) | SOFR (Q) | 10.00% |  | 10/2018 |  | 10/2024 |  |  | 35.5 |  |  | 35.5 |  |  | 34.4 |  | (2)(11)(14) |
|  |  |  | First lien senior secured revolving loan |  | 14.32% (4.96% PIK) | SOFR (M) | 10.00% |  | 7/2020 |  | 10/2024 |  |  | 1.0 |  |  | 0.9 |  |  | 1.0 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 12.74% (2.00% PIK) | LIBOR (Q) | 8.00% |  | 10/2018 |  | 10/2024 |  |  | 23.7 |  |  | 23.7 |  |  | 22.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.15% (2.00% PIK) | LIBOR (Q) | 5.75% |  | 7/2020 |  | 10/2024 |  |  | 1.3 |  |  | 1.3 |  |  | 1.3 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 61.4 |  |  | 59.6 |  |  |
S Toys Holdings LLC (fka The Step2 Company, LLC) (5) |  | Toy manufacturer |  | Class B common units |  |  |  |  |  | 10/2014 |  |  |  | 126,278,000 |  |  | — |  |  | — |  |  |
|  |  |  | Common units |  |  |  |  |  | 4/2011 |  |  |  | 1,116,879 |  |  | — |  |  | — |  |  |
|  |  |  | Warrant to purchase units |  |  |  |  |  | 4/2010 |  |  |  | 3,157,895 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  |
SHO Holding I Corporation |  | Manufacturer and distributor of slip resistant footwear |  | Second lien senior secured loan |  |  |  |  |  | 10/2015 |  | 10/2024 |  |  | 124.9 |  |  | 120.4 |  |  | 82.4 |  | (2)(10) |
Shock Doctor, Inc. and Shock Doctor Holdings, LLC (4)(15) |  | Developer, marketer and distributor of sports protection equipment and accessories |  | First lien senior secured loan |  | 9.84% | SOFR (Q) | 5.00% |  | 5/2019 |  | 5/2024 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Class A preferred units |  |  |  |  |  | 3/2014 |  |  |  | 50,000 |  |  | 5.0 |  |  | 1.8 |  | (2) |
|  |  |  | Class C preferred units |  |  |  |  |  | 4/2015 |  |  |  | 50,000 |  |  | 5.0 |  |  | 1.8 |  | (2) |
|  |  |  | Preferred units |  |  |  |  |  | 5/2019 |  |  |  | 14,591 |  |  | 1.6 |  |  | 2.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11.7 |  |  | 6.0 |  |  |
SVP-Singer Holdings Inc. and SVP-Singer Holdings LP |  | Manufacturer of consumer sewing machines |  | First lien senior secured loan |  | 11.48% | LIBOR (Q) | 6.75% |  | 7/2021 |  | 7/2028 |  |  | 44.4 |  |  | 43.5 |  |  | 36.4 |  | (2)(11) |
|  |  |  | Class A common units |  |  |  |  |  | 7/2021 |  |  |  | 6,264,706 |  |  | 26.1 |  |  | 4.0 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 69.6 |  |  | 40.4 |  |  |
Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. (4) |  | Designer, marketer, and distributor of rain and cold weather products |  | First lien senior secured loan |  | 10.38% | LIBOR (M) | 6.00% |  | 12/2019 |  | 12/2024 |  |  | 2.2 |  |  | 2.2 |  |  | 1.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 8.38% | LIBOR (M) | 4.00% |  | 12/2019 |  | 6/2024 |  |  | 1.6 |  |  | 1.6 |  |  | 1.6 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 12/2019 |  |  |  | 861,000 |  |  | 6.0 |  |  | 0.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9.8 |  |  | 3.7 |  |  |
Varsity Brands Holding Co., Inc. and BCPE Hercules Holdings, LP |  | Leading manufacturer and distributor of textiles, apparel & luxury goods |  | First lien senior secured loan |  | 7.88% | LIBOR (M) | 3.50% |  | 4/2020 |  | 12/2024 |  |  | 14.8 |  |  | 14.0 |  |  | 14.2 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 12.63% | LIBOR (M) | 8.25% |  | 12/2017 |  | 12/2025 |  |  | 122.7 |  |  | 122.7 |  |  | 121.5 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 12.63% | LIBOR (M) | 8.25% |  | 7/2018 |  | 12/2025 |  |  | 21.1 |  |  | 21.1 |  |  | 20.9 |  | (2)(11) |
|  |  |  | Class A Units |  |  |  |  |  | 7/2018 |  |  |  | 1,400 |  |  | 1.4 |  |  | 1.0 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 159.2 |  |  | 157.6 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 923.9 |  |  | 814.3 |  |  | 8.52%
Capital Goods |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

98

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

AI Aqua Merger Sub, Inc. |  | End to end provider of water solutions to a wide range of customer bases |  | First lien senior secured loan |  | 7.97% | SOFR (M) | 3.75% |  | 6/2021 |  | 7/2028 |  |  | 1.0 |  |  | 1.0 |  |  | 0.9 |  | (2)(11)(18) |
API Commercial Inc., API Military Inc., and API Space Intermediate, Inc. |  | Provider of military aircraft aftermarket parts and distribution, repair and logistics services |  | First lien senior secured loan |  |  |  |  |  | 5/2022 |  | 8/2025 |  |  | 7.3 |  |  | 3.6 |  |  | 3.6 |  | (2)(10) |
Arrowhead Holdco Company and Arrowhead GS Holdings, Inc. |  | Distributor of non-discretionary, mission-critical aftermarket replacement parts |  | First lien senior secured loan |  | 8.68% | SOFR (Q) | 4.50% |  | 8/2021 |  | 8/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 8/2021 |  |  |  | 5,054 |  |  | 5.1 |  |  | 6.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.2 |  | 6.5 |  |
BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC (15) |  | Provides products and services to the Department of Defense and Intelligence Community |  | First lien senior secured revolving loan |  | 10.72% | LIBOR (Q) | 6.00% |  | 5/2022 |  | 10/2025 |  |  | 2.8 |  |  | 2.7 |  |  | 2.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.70% | LIBOR (Q) | 6.00% |  | 5/2022 |  | 10/2025 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3.7 |  |  | 3.7 |  |  |
Burgess Point Purchaser Corporation |  | Remanufacturer of mission-critical and non-discretionary aftermarket vehicle, industrial, energy storage, and solar replacement parts |  | First lien senior secured loan |  | 9.67% | SOFR (M) | 5.25% |  | 7/2022 |  | 7/2029 |  |  | 4.8 |  |  | 4.4 |  |  | 4.3 |  | (2)(11)(18) |
Cadence Aerospace, LLC (15) |  | Aerospace precision components manufacturer |  | First lien senior secured revolving loan |  | 12.92% (2.00% PIK) | LIBOR (Q) | 8.50% |  | 11/2017 |  | 8/2023 |  |  | 13.7 |  |  | 13.7 |  |  | 13.4 |  | (2)(11)(14) |
|  |  |  | First lien senior secured revolving loan |  | 12.92% (2.00% PIK) | LIBOR (Q) | 8.50% |  | 7/2020 |  | 11/2023 |  |  | 1.0 |  |  | 1.0 |  |  | 1.0 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 12.92% (2.00% PIK) | LIBOR (Q) | 8.50% |  | 11/2017 |  | 11/2023 |  |  | 31.1 |  |  | 31.1 |  |  | 30.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.92% (2.00% PIK) | LIBOR (Q) | 8.50% |  | 10/2019 |  | 11/2023 |  |  | 11.9 |  |  | 11.9 |  |  | 11.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.92% (2.00% PIK) | LIBOR (Q) | 8.50% |  | 7/2018 |  | 11/2023 |  |  | 9.7 |  |  | 9.7 |  |  | 9.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 13.23% (2.00% PIK) | LIBOR (Q) | 8.50% |  | 2/2020 |  | 11/2023 |  |  | 7.8 |  |  | 7.8 |  |  | 7.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 12.92% (2.00% PIK) | LIBOR (Q) | 8.50% |  | 7/2020 |  | 11/2023 |  |  | 5.3 |  |  | 5.2 |  |  | 5.2 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 80.4 |  |  | 78.8 |  |  |
DFS Holding Company, Inc. |  | Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry |  | First lien senior secured loan |  | 9.44% | LIBOR (M) | 6.00% |  | 7/2017 |  | 8/2023 |  |  | 164.9 |  |  | 164.9 |  |  | 164.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.38% | LIBOR (M) | 6.00% |  | 5/2020 |  | 8/2023 |  |  | 6.5 |  |  | 6.5 |  |  | 6.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.38% | LIBOR (M) | 6.00% |  | 3/2017 |  | 8/2023 |  |  | 4.3 |  |  | 4.3 |  |  | 4.3 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 175.7 |  |  | 175.7 |  |  |
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP (15) |  | Provider of aerospace technology and equipment |  | First lien senior secured loan |  | 11.65% | SOFR (Q) | 7.00% |  | 12/2020 |  | 12/2026 |  |  | 23.2 |  |  | 23.2 |  |  | 23.2 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 12/2020 |  |  |  | 9,773,000 |  |  | 9.8 |  |  | 9.0 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 33.0 |  |  | 32.2 |  |  |
EPS NASS Parent, Inc. (15) |  | Provider of maintenance and engineering services for electrical infrastructure |  | First lien senior secured revolving loan |  | 10.48% | LIBOR (Q) | 5.75% |  | 4/2021 |  | 4/2026 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 10.48% | LIBOR (Q) | 5.75% |  | 4/2021 |  | 4/2028 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.0 |  |  | 1.0 |  |  |

99

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

ESCP PPG Holdings, LLC (4) |  | Distributor of new equipment and aftermarket parts to the heavy-duty truck industry |  | Class A-1 units |  |  |  |  |  | 8/2022 |  |  |  | 96,897 |  |  | 2.3 |  |  | 3.0 |  | (2) |
|  |  |  | Class A-2 units |  |  |  |  |  | 12/2016 |  |  |  | 3,500 |  |  | 3.5 |  |  | 0.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.8 |  |  | 3.1 |  |  |
Harvey Tool Company, LLC (15) |  | Manufacturer of cutting tools used in the metalworking industry |  | First lien senior secured loan |  | 10.64% | LIBOR (S) | 5.50% |  | 10/2021 |  | 10/2027 |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |  | (2)(11) |
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation (5) |  | Provider of high-speed intelligent document scanning hardware and software |  | Senior subordinated loan |  | 14.00% |  |  |  | 1/2017 |  | 12/2023 |  |  | 16.6 |  |  | 16.5 |  |  | 16.6 |  | (2) |
|  |  |  | Series A preferred stock |  | 8.00% PIK |  |  |  | 1/2017 |  |  |  | 73,804,135 |  |  | 1.5 |  |  | 29.8 |  |  |
|  |  |  | Class A common stock |  |  |  |  |  | 1/2017 |  |  |  | 48,082 |  |  | — |  |  | 0.1 |  |  |
|  |  |  | Class B common stock |  |  |  |  |  | 1/2017 |  |  |  | 431,055 |  |  | 0.1 |  |  | 1.3 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18.1 |  |  | 47.8 |  |  |
Kene Acquisition, Inc. and Kene Holdings, L.P. (15) |  | National utility services firm providing engineering and consulting services to natural gas, electric power and other energy and industrial end markets |  | First lien senior secured revolving loan |  |  |  |  |  | 8/2019 |  | 8/2024 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 8.98% | LIBOR (Q) | 4.25% |  | 8/2019 |  | 8/2026 |  |  | 40.6 |  |  | 40.6 |  |  | 39.8 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 8/2019 |  |  |  | 4,549,000 |  |  | 4.5 |  |  | 7.0 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45.1 |  |  | 46.8 |  |  |
Lower ACS, Inc. (15) |  | Provider of commercial HVAC equipment and services |  | First lien senior secured loan |  | 10.13% | LIBOR (M) | 5.75% |  | 1/2022 |  | 1/2028 |  |  | 5.4 |  |  | 5.4 |  |  | 5.4 |  | (2)(11) |
LTG Acquisition, Inc. |  | Designer and manufacturer of display, lighting and passenger communication systems for mass transportation markets |  | Class A membership units |  |  |  |  |  | 1/2017 |  |  |  | 5,000 |  |  | 5.1 |  |  | — |  |  |
Maverick Acquisition, Inc. |  | Manufacturer of precision machined components for defense and high-tech industrial platforms |  | First lien senior secured loan |  | 10.98% | LIBOR (Q) | 6.25% |  | 6/2021 |  | 6/2027 |  |  | 27.6 |  |  | 27.6 |  |  | 25.4 |  | (2)(11) |
MB Aerospace Holdings II Corp. |  | Aerospace engine components manufacturer |  | First lien senior secured loan |  | 8.23% | LIBOR (Q) | 3.50% |  | 6/2021 |  | 1/2025 |  |  | 14.3 |  |  | 13.4 |  |  | 12.5 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.73% | LIBOR (Q) | 9.00% |  | 1/2018 |  | 1/2026 |  |  | 68.4 |  |  | 68.4 |  |  | 63.6 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.73% | LIBOR (Q) | 9.00% |  | 5/2019 |  | 1/2026 |  |  | 23.6 |  |  | 23.6 |  |  | 22.0 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 105.4 |  |  | 98.1 |  |  |
NCWS Intermediate, Inc. and NCWS Holdings LP (15) |  | Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market |  | First lien senior secured loan |  | 10.38% | LIBOR (M) | 6.00% |  | 11/2021 |  | 12/2026 |  |  | 97.0 |  |  | 97.0 |  |  | 95.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.38% | LIBOR (M) | 6.00% |  | 12/2020 |  | 12/2026 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | Class A-2 common units |  |  |  |  |  | 12/2020 |  |  |  | 12,296,000 |  |  | 12.9 |  |  | 18.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 110.1 |  |  | 113.8 |  |  |
Noble Aerospace, LLC (15) |  | Provider of metal finishing services to the aerospace, military and defense sectors |  | First lien senior secured revolving loan |  |  |  |  |  | 5/2022 |  | 9/2023 |  |  | — |  |  | — |  |  | — |  | (13) |

100

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC |  | Provider of structural integrity management services to transmission and distribution infrastructure |  | Second lien senior secured loan |  | 11.13% | LIBOR (M) | 6.75% |  | 6/2021 |  | 6/2029 |  |  | 55.3 |  |  | 55.3 |  |  | 51.4 |  | (2)(11) |
Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP. |  | Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry |  | First lien senior secured loan |  | 10.42% | SOFR (M) | 6.00% |  | 8/2021 |  | 8/2027 |  |  | 11.7 |  |  | 11.7 |  |  | 11.4 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.42% | SOFR (M) | 6.00% |  | 4/2022 |  | 8/2027 |  |  | 4.0 |  |  | 4.0 |  |  | 3.9 |  | (2)(6)(11) |
|  |  |  | Class A units |  |  |  |  |  | 8/2021 |  |  |  | 88,420 |  |  | 13.4 |  |  | 26.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29.1 |  |  | 41.8 |  |  |
Prime Buyer, L.L.C. (15) |  | Provider of track systems, cabs, hulls, doors, and various armored components for defense/military vehicle applications |  | First lien senior secured revolving loan |  | 9.88% | SOFR (Q) | 5.25% |  | 5/2022 |  | 12/2026 |  |  | 2.7 |  |  | 2.0 |  |  | 2.6 |  | (2)(11) |
Qnnect, LLC and Connector TopCo, LP (15) |  | Manufacturer of highly engineered hermetic packaging products |  | First lien senior secured loan |  | 11.11% | SOFR (Q) | 7.00% |  | 11/2022 |  | 11/2029 |  |  | 10.6 |  |  | 10.6 |  |  | 10.3 |  | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 11/2022 |  |  |  | 992,500 |  |  | 9.9 |  |  | 9.9 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20.5 |  |  | 20.2 |  |  |
Radius Aerospace, Inc. and Radius Aerospace Europe Limited (15) |  | Metal fabricator in the aerospace industry |  | First lien senior secured revolving loan |  | 8.68% | SONIA (M) | 5.75% |  | 11/2019 |  | 3/2025 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(6)(11) |
|  |  |  | First lien senior secured revolving loan |  | 10.08% | SOFR (M) | 5.75% |  | 3/2019 |  | 3/2025 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.8 |  |  | 0.8 |  |  |
Radwell Parent, LLC (15) |  | Distributor of maintenance, repair, and operations parts |  | First lien senior secured loan |  | 11.33% | SOFR (Q) | 6.75% |  | 12/2022 |  | 4/2029 |  |  | 19.5 |  |  | 18.9 |  |  | 18.9 |  | (2)(11) |
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon (15) |  | Manufacturer of metal castings, precision machined components and sub-assemblies in the electrical products, power transmission and distribution and general industrial markets |  | First lien senior secured revolving loan |  |  |  |  |  | 10/2017 |  | 10/2024 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 758.3 |  |  | 783.9 |  |  | 8.21%
Automobiles and Components |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automotive Keys Group, LLC and Automotive Keys Investor, LLC |  | Provider of replacement wireless keys for automotive market |  | First lien senior secured loan |  | 10.93% | SOFR (Q) | 6.25% |  | 12/2022 |  | 11/2025 |  |  | 5.3 |  |  | 5.3 |  |  | 5.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.73% | LIBOR (Q) | 5.00% |  | 12/2021 |  | 11/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Preferred units |  | 9.00% PIK |  |  |  | 11/2020 |  |  |  | 5,208,159 |  |  | 6.1 |  |  | 5.2 |  | (2) |
|  |  |  | Class A common units |  |  |  |  |  | 11/2020 |  |  |  | 5,208,159 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11.5 |  |  | 10.6 |  |  |
Continental Acquisition Holdings, Inc. |  | Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets |  | First lien senior secured loan |  | 11.48% | LIBOR (Q) | 6.75% |  | 1/2021 |  | 1/2027 |  |  | 36.2 |  |  | 36.2 |  |  | 33.3 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.48% | LIBOR (Q) | 6.75% |  | 12/2021 |  | 1/2027 |  |  | 5.4 |  |  | 5.4 |  |  | 4.9 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41.6 |  |  | 38.2 |  |  |
Eckler Purchaser LLC (5) |  | Restoration parts and accessories provider for classic automobiles |  | Class A common units |  |  |  |  |  | 7/2012 |  |  |  | 67,972 |  |  | — |  |  | — |  |  |

101

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Faraday Buyer, LLC (15) |  | Manufacturer and supplier for the power utility and automotive markets worldwide |  | First lien senior secured loan |  | 11.32% | SOFR (M) | 7.00% |  | 10/2022 |  | 10/2028 |  |  | 52.2 |  |  | 52.2 |  |  | 50.6 |  | (2)(11) |
Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc. |  | Electric vehicle manufacturer |  | Warrant to purchase shares of Class A common stock |  |  |  |  |  | 8/2021 |  | 8/2027 |  | 633,008 |  |  | 2.3 |  |  | — |  | (2) |
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC (15) |  | Manufacturer and distributor of automotive fluids |  | First lien senior secured revolving loan |  | 8.13% | LIBOR (M) | 3.75% |  | 11/2020 |  | 11/2025 |  |  | 1.0 |  |  | 1.0 |  |  | 0.9 |  | (2)(14) |
|  |  |  | First lien senior secured loan |  | 8.88% | LIBOR (M) | 4.50% |  | 3/2022 |  | 11/2027 |  |  | 11.9 |  |  | 11.3 |  |  | 10.9 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 12.72% | LIBOR (Q) | 8.00% |  | 11/2020 |  | 11/2028 |  |  | 70.4 |  |  | 70.4 |  |  | 64.0 |  | (2)(11) |
|  |  |  | Co-invest units |  |  |  |  |  | 11/2020 |  |  |  | 59,230 |  |  | 5.9 |  |  | 3.8 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 88.6 |  |  | 79.6 |  |  |
McLaren Group Limited |  | Automobile manufacturer and retailer |  | Senior preference shares |  | 12.50% PIK |  |  |  | 8/2021 |  | 8/2028 |  | 200,000 |  |  | 23.7 |  |  | 26.2 |  | (2)(6) |
|  |  |  | Warrant to purchase units of ordinary shares |  |  |  |  |  | 8/2021 |  | 8/2100 |  | 49,181 |  |  | 5.5 |  |  | 2.8 |  | (2)(6) |
|  |  |  | Warrant to purchase units of ordinary shares |  |  |  |  |  | 8/2021 |  | 8/2100 |  | 13,776 |  |  | 1.6 |  |  | 0.8 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30.8 |  |  | 29.8 |  |  |
Sun Acquirer Corp. and Sun TopCo, LP (15) |  | Automotive parts and repair services retailer |  | First lien senior secured revolving loan |  |  |  |  |  | 9/2021 |  | 9/2027 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 10.13% | LIBOR (M) | 5.75% |  | 9/2021 |  | 9/2028 |  |  | 52.0 |  |  | 52.0 |  |  | 50.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.13% | LIBOR (M) | 5.75% |  | 11/2021 |  | 9/2028 |  |  | 5.3 |  |  | 5.3 |  |  | 5.2 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 9/2021 |  |  |  | 79,687 |  |  | 8.0 |  |  | 9.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 65.3 |  |  | 64.9 |  |  |
Wand Newco 3, Inc. |  | Collision repair company |  | Second lien senior secured loan |  | 11.63% | LIBOR (M) | 7.25% |  | 2/2019 |  | 2/2027 |  |  | 182.6 |  |  | 180.9 |  |  | 178.9 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 473.2 |  |  | 452.6 |  |  | 4.74%
Media and Entertainment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aventine Intermediate LLC & Aventine Holdings II LLC (15) |  | Media and production company |  | First lien senior secured loan |  | 10.38% (4.12% PIK) | LIBOR (M) | 6.00% |  | 12/2021 |  | 6/2027 |  |  | 9.4 |  |  | 9.4 |  |  | 9.3 |  | (2)(11) |
|  |  |  | Senior subordinated loan |  | 10.25% PIK |  |  |  | 12/2021 |  | 12/2030 |  |  | 39.4 |  |  | 39.4 |  |  | 36.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48.8 |  |  | 45.5 |  |  |
Axiomatic, LLC |  | Premiere e-sports and video game investment platform |  | Class A-1 units |  |  |  |  |  | 5/2022 |  |  |  | 500,000 |  |  | 5.0 |  |  | 5.3 |  |  |
CMW Parent LLC (fka Black Arrow, Inc.) |  | Multiplatform media firm |  | Series A units |  |  |  |  |  | 9/2015 |  |  |  | 32 |  |  | — |  |  | — |  |  |
Eagle Football Holdings BidCo Limited |  | Multi-club sports platform |  | Senior subordinated loan |  | 15.00% PIK |  |  |  | 12/2022 |  | 12/2028 |  |  | 25.5 |  |  | 25.5 |  |  | 23.9 |  | (2)(6) |
|  |  |  | Senior subordinated loan |  | 12.30% |  |  |  | 12/2022 |  | 12/2028 |  |  | 41.7 |  |  | 41.7 |  |  | 40.5 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 67.2 |  |  | 64.4 |  |  |
Global Music Rights, LLC (15) |  | Music right management company |  | First lien senior secured loan |  | 10.23% | LIBOR (Q) | 5.50% |  | 8/2021 |  | 8/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
MailSouth, Inc. |  | Provider of shared mail marketing services |  | First lien senior secured loan |  |  |  |  |  | 5/2022 |  | 4/2024 |  |  | 8.7 |  |  | 5.8 |  |  | 3.9 |  | (2)(10) |

102

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Miami Beckham United LLC |  | American professional soccer club |  | Class A preferred units |  | 8.50% PIK |  |  |  | 9/2021 |  |  |  | 85,000 |  |  | 94.7 |  |  | 94.7 |  |  |
OUTFRONT Media Inc. |  | Provider of out-of-home advertising |  | Series A convertible perpetual preferred stock |  | 7.00% |  |  |  | 4/2020 |  |  |  | 25,000 |  |  | 25.0 |  |  | 33.6 |  | (2)(6) |
Production Resource Group, L.L.C. and PRG III, LLC (4) |  | Provider of rental equipment, labor, production management, scenery, and other products to various entertainment end-markets |  | First lien senior secured loan |  | 12.85% (9.85% PIK) | LIBOR (M) | 8.50% |  | 8/2018 |  | 8/2024 |  |  | 39.1 |  |  | 39.1 |  |  | 39.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.85% (2.59% PIK) | LIBOR (M) | 7.50% |  | 7/2020 |  | 8/2024 |  |  | 15.4 |  |  | 15.4 |  |  | 15.4 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.88% (2.57% PIK) | LIBOR (M) | 7.50% |  | 8/2021 |  | 8/2024 |  |  | 7.6 |  |  | 7.6 |  |  | 7.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.88% (2.57% PIK) | LIBOR (M) | 7.50% |  | 6/2021 |  | 8/2024 |  |  | 0.9 |  |  | 0.9 |  |  | 0.9 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 10/2020 |  |  |  | 113,617 |  |  | 4.9 |  |  | 34.3 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 67.9 |  |  | 97.3 |  |  |
Professional Fighters League, LLC and PFL MMA, Inc. (15) |  | Mixed martial arts league |  | First lien senior secured loan |  | 12.00% PIK |  |  |  | 1/2021 |  | 1/2026 |  |  | 17.1 |  |  | 16.1 |  |  | 17.1 |  | (2) |
|  |  |  | Second lien senior secured loan |  | 14.00% |  |  |  | 11/2022 |  | 1/2026 |  |  | 0.1 |  |  | — |  |  | 0.1 |  | (2) |
|  |  |  | Series E preferred stock |  |  |  |  |  | 4/2022 |  |  |  | 219,035 |  |  | 0.7 |  |  | 0.6 |  | (2) |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 1/2021 |  | 1/2027 |  | 3,223,122 |  |  | 1.7 |  |  | 0.8 |  | (2) |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 11/2022 |  | 11/2029 |  | 57,322 |  |  | 0.2 |  |  | 0.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18.7 |  |  | 18.8 |  |  |
Storm Investment S.a.r.l. |  | Spanish futbol club |  | First lien senior secured loan |  | 3.75% |  |  |  | 6/2021 |  | 6/2029 |  |  | 66.0 |  |  | 73.6 |  |  | 66.0 |  | (2)(6) |
|  |  |  | Class A redeemable shares |  |  |  |  |  | 6/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.2 |  | (2)(6) |
|  |  |  | Class B redeemable shares |  |  |  |  |  | 6/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.2 |  | (2)(6) |
|  |  |  | Class C redeemable shares |  |  |  |  |  | 6/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.2 |  | (2)(6) |
|  |  |  | Class D redeemable shares |  |  |  |  |  | 6/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.2 |  | (2)(6) |
|  |  |  | Class E redeemable shares |  |  |  |  |  | 6/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.2 |  | (2)(6) |
|  |  |  | Class F redeemable shares |  |  |  |  |  | 6/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.2 |  | (2)(6) |
|  |  |  | Class G redeemable shares |  |  |  |  |  | 6/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  |  | 2.2 |  | (2)(6) |
|  |  |  | Class H redeemable shares |  |  |  |  |  | 6/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  | 2.2 | (2)(6) |
|  |  |  | Class I redeemable shares |  |  |  |  |  | 6/2021 |  |  |  | 3,297,791 |  |  | 1.6 |  | 2.2 | (2)(6) |
|  |  |  | Ordinary shares |  |  |  |  |  | 6/2021 |  |  |  | 3,958 |  |  | — |  |  | 0.2 | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 88.0 |  | 86.0 |  |
The Teaching Company Holdings, Inc. |  | Education publications provider |  | Preferred stock |  |  |  |  |  | 9/2006 |  |  |  | 10,663 |  |  | 1.1 |  | 2.5 | (2) |
|  |  |  | Common stock |  |  |  |  |  | 9/2006 |  |  |  | 15,393 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.1 |  | 2.5 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 422.3 |  | 452.1 |  | 4.73%

103

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Food and Beverage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Seafoods Group LLC and American Seafoods Partners LLC |  | Harvester and processor of seafood |  | Class A units |  |  |  |  |  | 8/2015 |  |  |  | 77,922 |  |  | 0.1 |  | 0.3 | (2) |
|  |  |  | Warrant to purchase Class A units |  |  |  |  |  | 8/2015 |  | 8/2035 |  | 7,422,078 |  |  | 7.4 |  | 28.0 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.5 |  | 28.3 |  |
Berner Food & Beverage, LLC (15) |  | Supplier of dairy-based food and beverage products |  | First lien senior secured revolving loan |  | 12.00% | Base Rate (Q) | 4.50% |  | 7/2021 |  | 7/2026 |  |  | 0.4 |  | 0.4 |  | 0.4 | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 9.91% | LIBOR (Q) | 5.50% |  | 7/2021 |  | 7/2026 |  |  | 0.1 |  | 0.1 |  | 0.1 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.5 |  | 0.5 |  |
Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4)(15) |  | Health food company |  | First lien senior secured loan |  | 11.58% | SOFR (Q) | 7.00% |  | 12/2020 |  | 12/2025 |  |  | 28.9 |  | 28.9 |  | 28.3 | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 3/2019 |  |  |  | 14,850 |  |  | 11.5 |  | 10.8 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40.4 |  | 39.1 |  |
CHG PPC Parent LLC & PPC CHG Blocker LLC |  | Diversified food products manufacturer |  | Second lien senior secured loan |  | 11.13% | LIBOR (M) | 6.75% |  | 12/2021 |  | 12/2029 |  |  | 94.6 |  | 94.6 |  | 89.9 | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 12/2021 |  |  |  | 59 |  |  | 3.0 |  | 2.9 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 97.6 |  | 92.8 |  |
Florida Food Products, LLC |  | Provider of plant extracts and juices |  | First lien senior secured loan |  | 9.32% | SOFR (M) | 5.00% |  | 6/2022 |  | 10/2028 |  |  | 0.4 |  | 0.4 |  | 0.4 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.38% | LIBOR (M) | 5.00% |  | 10/2021 |  | 10/2028 |  |  | 0.1 |  | 0.1 |  | 0.1 | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 12.38% | LIBOR (M) | 8.00% |  | 10/2021 |  | 10/2029 |  |  | 71.8 |  | 71.8 |  | 70.4 | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 72.3 |  | 70.9 |  |
GF Parent LLC |  | Producer of low-acid, aseptic food and beverage products |  | Class A preferred units |  |  |  |  |  | 5/2015 |  |  |  | 2,940 |  |  | 2.9 |  | — |  |  |
|  |  |  | Class A common units |  |  |  |  |  | 5/2015 |  |  |  | 60,000 |  |  | 0.1 |  | — |  |  |
|  |  |  | Class B common units |  |  |  |  |  | 5/2015 |  |  |  | 0.26 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3.0 |  | — |  |  |
Gotham Greens Holdings, PBC (15) |  | Producer of vegetables and culinary herbs for restaurants and retailers |  | First lien senior secured loan |  | 11.80% | SOFR (Q) | 7.38% |  | 6/2022 |  | 12/2026 |  |  | 17.7 |  | 17.7 |  | 17.4 | (2)(11) |
|  |  |  | Series E-1 preferred stock |  | 6.00% PIK |  |  |  | 6/2022 |  |  |  | 166,059 |  |  | 14.2 |  | 14.2 | (2) |
|  |  |  | Warrant to purchase shares of Series E-1 preferred stock |  |  |  |  |  | 6/2022 |  | 6/2032 |  | 43,154 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31.9 |  | 31.6 |  |
Hometown Food Company (15) |  | Food distributor |  | First lien senior secured revolving loan |  | 9.39% | LIBOR (M) | 5.00% |  | 8/2018 |  | 8/2023 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(11)(14) |
KNPC HoldCo, LLC |  | Producer of trail mix and mixed nut snack products |  | First lien senior secured loan |  | 9.92% | SOFR (M) | 5.50% |  | 4/2022 |  | 10/2028 |  |  | 5.6 |  |  | 5.6 |  |  | 5.5 |  | (11) |
|  |  |  | First lien senior secured loan |  | 11.42% | SOFR (M) | 7.00% |  | 12/2022 |  | 10/2028 |  |  | 1.3 |  |  | 1.3 |  |  | 1.3 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.9 |  |  | 6.8 |  |  |
Manna Pro Products, LLC (15) |  | Manufacturer and supplier of specialty nutrition and care products for animals |  | First lien senior secured revolving loan |  | 10.14% | LIBOR (M) | 6.00% |  | 12/2020 |  | 12/2026 |  |  | 5.1 |  |  | 5.1 |  |  | 4.7 |  | (2)(11) |
RB Holdings InterCo, LLC (15) |  | Manufacturer of pet food and treats |  | First lien senior secured revolving loan |  | 9.28% | SOFR (Q) | 5.00% |  | 5/2022 |  | 5/2028 |  |  | 1.8 |  |  | 1.8 |  |  | 1.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.32% | SOFR (Q) | 5.00% |  | 5/2022 |  | 5/2028 |  |  | 11.5 |  |  | 11.5 |  |  | 11.2 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13.3 |  |  | 12.9 |  |  |
RF HP SCF Investor, LLC |  | Branded specialty food company |  | Membership interest |  |  |  |  |  | 12/2016 |  |  |  | 10.08% |  |  | 12.5 |  |  | 25.9 |  | (2)(6) |

104

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Teasdale Foods, Inc. and Familia Group Holdings Inc. |  | Provider of beans, sauces and hominy to the retail, foodservice and wholesale channels |  | First lien senior secured loan |  | 12.29% (1.00% PIK) | SOFR (S) | 7.25% |  | 12/2020 |  | 12/2025 |  |  | 75.9 |  |  | 75.9 |  |  | 65.3 |  | (2)(11) |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 2/2019 |  | 2/2034 |  | 57,827 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75.9 |  |  | 65.3 |  |  |
Triton Water Holdings, Inc. |  | Producer and provider of bottled water brands |  | First lien senior secured loan |  | 8.23% | LIBOR (Q) | 3.50% |  | 3/2021 |  | 3/2028 |  |  | 1.0 |  |  | 1.0 |  |  | 0.9 |  | (2)(11)(18) |
|  |  |  | Senior subordinated loan |  | 6.25% |  |  |  | 3/2021 |  | 4/2029 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(18) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.1 |  |  | 1.0 |  |  |
Watermill Express, LLC and Watermill Express Holdings, LLC (15) |  | Owner and operator of self-service water and ice stations |  | First lien senior secured loan |  | 10.23% | LIBOR (Q) | 5.50% |  | 4/2021 |  | 4/2027 |  |  | 20.4 |  |  | 20.4 |  |  | 20.4 |  | (2)(11) |
|  |  |  | Class A units |  | 8.00% PIK |  |  |  | 4/2021 |  |  |  | 282,200 |  |  | 3.2 |  |  | 3.2 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23.6 |  |  | 23.6 |  |  |
Winebow Holdings, Inc. and The Vintner Group, Inc. |  | Importer and distributor of wine |  | First lien senior secured loan |  | 10.63% | LIBOR (M) | 6.25% |  | 4/2021 |  | 7/2025 |  |  | 28.0 |  |  | 28.0 |  |  | 27.5 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 420.4 |  |  | 431.7 |  |  | 4.52%
Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Calyx Energy III, LLC |  | Oil and gas exploration company |  | First lien senior secured loan |  | 12.37% | SOFR (M) | 8.00% |  | 8/2022 |  | 1/2027 |  |  | 57.0 |  |  | 57.0 |  |  | 57.0 |  | (2)(11) |
Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC (15) |  | Private oil exploration and production company |  | First lien senior secured loan |  | 13.69% | SOFR (Q) | 9.00% |  | 11/2022 |  | 11/2026 |  |  | 49.3 |  |  | 49.3 |  |  | 47.8 |  | (2)(11) |
GNZ Energy Bidco Limited and Galileo Co-investment Trust I (15) |  | Independent fuel provider in New Zealand |  | First lien senior secured loan |  | 10.65% | BBSY (M) | 6.75% |  | 5/2022 |  | 7/2027 |  |  | 30.8 |  |  | 30.5 |  |  | 30.8 |  | (2)(6)(11) |
|  |  |  | Common units |  |  |  |  |  | 7/2022 |  |  |  | 13,736,365 |  |  | 8.3 |  |  | 8.7 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 38.8 |  |  | 39.5 |  |  |
Halcon Holdings, LLC |  | Operator of development, exploration, and production oil company |  | First lien senior secured loan |  | 12.20% | SOFR (Q) | 7.50% |  | 11/2021 |  | 11/2025 |  |  | 13.4 |  |  | 13.2 |  |  | 13.4 |  | (2) |
Murchison Oil and Gas, LLC and Murchison Holdings, LLC (15) |  | Exploration and production company |  | First lien senior secured loan |  | 13.08% | SOFR (Q) | 8.50% |  | 6/2022 |  | 6/2026 |  |  | 75.5 |  |  | 75.5 |  |  | 75.5 |  | (2)(11) |
|  |  |  | Preferred units |  | 8.00% PIK |  |  |  | 6/2022 |  |  |  | 41,000 |  |  | 41.0 |  |  | 45.9 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 116.5 |  | 121.4 |  |
Offen, Inc. (15) |  | Distributor of fuel, lubricants, diesel exhaust fluid, and premium additives |  | First lien senior secured loan |  | 8.51% | LIBOR (S) | 5.00% |  | 5/2022 |  | 6/2026 |  |  | 1.4 |  | 1.5 |  | 1.4 | (2) |
SilverBow Resources, Inc. |  | Oil and gas producer |  | Common stock |  |  |  |  |  | 6/2022 |  |  |  | 1,015,215 |  |  | 28.8 |  | 28.7 | (2)(6)(18) |
VPROP Operating, LLC and V SandCo, LLC (5) |  | Sand-based proppant producer and distributor to the oil and natural gas industry |  | First lien senior secured loan |  | 13.62% | LIBOR (M) | 9.50% |  | 3/2017 |  | 11/2024 |  |  | 27.3 |  | 27.3 |  | 27.3 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 13.62% | LIBOR (M) | 9.50% |  | 11/2020 |  | 11/2024 |  |  | 9.4 |  | 9.4 |  | 9.4 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 13.62% | LIBOR (M) | 9.50% |  | 6/2020 |  | 11/2024 |  |  | 6.0 |  | 6.0 |  | 6.0 | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 11/2020 |  |  |  | 347,900 |  |  | 32.8 |  | 73.4 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75.5 |  | 116.1 |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 380.6 |  | 425.3 |  | 4.45%
Pharmaceuticals, Biotechnology and Life Sciences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

105

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Abzena Holdings, Inc. and Astro Group Holdings Ltd. (15) |  | Organization providing discovery, development and manufacturing services to the pharmaceutical and biotechnology industries |  | First lien senior secured loan |  | 14.54% (6.97% PIK) | LIBOR (Q) | 10.50% |  | 5/2021 |  | 5/2026 |  |  | 61.0 |  | 61.0 |  | 59.8 | (2)(6)(11) |
|  |  |  | A ordinary shares |  |  |  |  |  | 5/2021 |  |  |  | 2,476,744 |  |  | 5.7 |  | 6.5 | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 66.7 |  | 66.3 |  |
Alcami Corporation and ACM Note Holdings, LLC (15) |  | Outsourced drug development services provider |  | First lien senior secured loan |  | 11.42% | SOFR (M) | 7.00% |  | 12/2022 |  | 12/2028 |  |  | 9.5 |  | 9.5 |  | 9.0 | (2)(11) |
|  |  |  | Senior subordinated loan |  | 8.00% PIK |  |  |  | 12/2022 |  | 6/2029 |  |  | 19.5 |  | 19.5 |  | 19.5 | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 29.0 |  | 28.5 |  |
Amryt Pharmaceuticals, Inc. |  | Biopharmaceutical company dedicated to acquiring, developing and commercializing novel therapeutics |  | First lien senior secured loan |  | 10.46% | SOFR (Q) | 6.75% |  | 2/2022 |  | 2/2027 |  |  | 12.7 |  | 12.7 |  | 12.7 | (2)(6)(11) |
Athyrium Buffalo LP (16) |  | Biotechnology company engaging in the development, manufacture, and commercialization of novel neuromodulators |  | Limited partnership interests |  |  |  |  |  | 6/2022 |  |  |  | 7,628,966 |  |  | 7.6 |  | 7.5 | (2)(6) |
Caerus Midco 3 S.à r.l. |  | Provider of market intelligence and analysis for the pharmaceutical industry |  | First lien senior secured loan |  | 9.83% | SOFR (Q) | 5.75% |  | 10/2022 |  | 5/2029 |  |  | 5.4 |  | 5.3 |  | 5.3 | (2)(6)(11) |
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. (15) |  | Provider of biological products to life science and pharmaceutical companies |  | First lien senior secured revolving loan |  | 9.63% | LIBOR (M) | 5.25% |  | 10/2021 |  | 10/2027 |  |  | 2.5 |  | 2.5 |  | 2.4 | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.63% | LIBOR (M) | 5.25% |  | 10/2021 |  | 10/2028 |  |  | 30.2 |  | 30.2 |  | 29.0 | (2)(11) |
|  |  |  | Preferred units |  | 8.00% PIK |  |  |  | 10/2021 |  | 10/2051 |  | 3,020 |  |  | 3.3 |  | 4.0 | (2) |
|  |  |  | Series A preferred shares |  | 14.73% PIK | LIBOR (Q) | 10.00% |  | 10/2021 |  |  |  | 60,236 |  |  | 69.7 |  | 69.7 | (2) |
|  |  |  | Class A common units |  |  |  |  |  | 10/2021 |  |  |  | 30,500 |  |  | — |  |  | — |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 105.7 |  | 105.1 |  |
Covaris Intermediate 3, LLC & Covaris Parent, LLC (15) |  | Provider of advanced pre-analytical sample preparation technologies for life and analytical science |  | First lien senior secured revolving loan |  | 9.66% | LIBOR (Q) | 5.25% |  | 1/2022 |  | 1/2028 |  |  | 1.5 |  |  | 1.5 |  |  | 1.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.16% | LIBOR (Q) | 4.75% |  | 1/2022 |  | 1/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Class A-2 units |  |  |  |  |  | 1/2022 |  |  |  | 4,772 |  |  | 4.8 |  |  | 5.5 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.4 |  |  | 7.1 |  |  |
NMC Skincare Intermediate Holdings II, LLC (15) |  | Developer, manufacturer and marketer of skincare products |  | First lien senior secured loan |  | 9.38% | LIBOR (M) | 5.00% |  | 10/2018 |  | 10/2024 |  |  | 32.0 |  |  | 32.0 |  |  | 30.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.38% | LIBOR (M) | 5.00% |  | 5/2022 |  | 10/2024 |  |  | 4.7 |  |  | 4.7 |  |  | 4.5 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36.7 |  |  | 35.2 |  |  |
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. |  | Contract research organization providing research and development and testing of medical devices |  | First lien senior secured loan |  | 10.18% | SOFR (Q) | 5.50% |  | 9/2020 |  | 9/2027 |  |  | 47.5 |  |  | 47.5 |  |  | 47.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.18% | SOFR (Q) | 5.50% |  | 2/2021 |  | 9/2027 |  |  | 2.6 |  |  | 2.6 |  |  | 2.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.18% | SOFR (Q) | 5.50% |  | 12/2020 |  | 9/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.18% | SOFR (Q) | 5.50% |  | 9/2021 |  | 9/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Class A preferred units |  | 8.00% PIK |  |  |  | 9/2020 |  |  |  | 13,528 |  |  | 16.2 |  |  | 38.8 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 66.5 |  |  | 89.1 |  |  |

106

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

TerSera Therapeutics LLC (15) |  | Acquirer and developer of specialty therapeutic pharmaceutical products |  | First lien senior secured loan |  | 9.98% | LIBOR (M) | 5.60% |  | 5/2017 |  | 3/2025 |  |  | 5.0 |  |  | 5.0 |  |  | 5.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.98% | LIBOR (M) | 5.60% |  | 9/2018 |  | 3/2025 |  |  | 2.0 |  |  | 2.0 |  |  | 2.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.98% | LIBOR (M) | 5.60% |  | 4/2019 |  | 3/2025 |  |  | 1.8 |  |  | 1.8 |  |  | 1.8 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8.8 |  |  | 8.8 |  |  |
Verista, Inc. (15) |  | Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector |  | First lien senior secured revolving loan |  | 10.27% | LIBOR (M) | 6.00% |  | 5/2022 |  | 2/2027 |  |  | 1.1 |  |  | 0.7 |  |  | 1.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.19% | LIBOR (Q) | 6.00% |  | 5/2022 |  | 2/2027 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.5 |  |  | 1.9 |  |  |
Vertice Pharma UK Parent Limited |  | Manufacturer and distributor of generic pharmaceutical products |  | Preferred shares |  |  |  |  |  | 12/2015 |  |  |  | 40,662 |  |  | — |  |  | — |  | (6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 346.9 |  |  | 367.5 |  |  | 3.85%
Retailing and Distribution |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlas Intermediate III, L.L.C. (15) |  | Specialty chemicals distributor |  | First lien senior secured revolving loan |  | 10.10% | LIBOR (M) | 5.75% |  | 4/2019 |  | 4/2025 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.48% | LIBOR (Q) | 5.75% |  | 10/2022 |  | 4/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.48% | LIBOR (Q) | 5.75% |  | 3/2022 |  | 4/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.48% | LIBOR (Q) | 5.75% |  | 11/2021 |  | 4/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.48% | LIBOR (Q) | 5.75% |  | 3/2021 |  | 4/2025 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.7 |  |  | 0.7 |  |  |
Bamboo Purchaser, Inc. |  | Provider of nursery, garden, and greenhouse products |  | First lien senior secured loan |  | 10.73% | LIBOR (Q) | 6.00% |  | 11/2021 |  | 11/2027 |  |  | 17.9 |  |  | 17.9 |  |  | 17.4 |  | (2)(11) |
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (15) |  | Provider of visual communications solutions |  | First lien senior secured loan |  | 10.03% | LIBOR (M) | 5.65% |  | 3/2019 |  | 3/2025 |  |  | 15.8 |  |  | 15.8 |  |  | 15.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.03% | LIBOR (M) | 5.65% |  | 6/2021 |  | 3/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.03% | LIBOR (M) | 5.65% |  | 8/2019 |  | 3/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Common units |  |  |  |  |  | 3/2019 |  |  |  | 600 |  |  | 0.6 |  |  | 1.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16.6 |  |  | 17.2 |  |  |
GPM Investments, LLC and ARKO Corp. |  | Convenience store operator |  | Common stock |  |  |  |  |  | 12/2020 |  |  |  | 2,088,478 |  |  | 19.8 |  |  | 26.1 |  |  |
|  |  |  | Warrant to purchase units of common stock |  |  |  |  |  | 12/2020 |  | 12/2025 |  | 1,088,780 |  |  | 1.6 |  |  | 1.9 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21.4 |  |  | 28.0 |  |  |
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC |  | Distributor of OEM appliance aftermarket parts |  | First lien senior secured loan |  | 10.98% | LIBOR (Q) | 6.25% |  | 12/2021 |  | 6/2028 |  |  | 6.5 |  |  | 6.5 |  |  | 6.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.91% | SOFR (Q) | 6.25% |  | 6/2021 |  | 6/2028 |  |  | 2.6 |  |  | 2.6 |  |  | 2.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.94% | SOFR (Q) | 6.25% |  | 12/2021 |  | 6/2028 |  |  | 2.1 |  |  | 2.1 |  |  | 2.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.98% | LIBOR (Q) | 6.25% |  | 6/2021 |  | 6/2028 |  |  | 0.3 |  |  | 0.3 |  |  | 0.3 |  | (2)(11) |
|  |  |  | Class A common units |  |  |  |  |  | 6/2021 |  |  |  | 5,578 |  |  | 6.1 |  |  | 10.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17.6 |  |  | 21.6 |  |  |

107

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP (15) |  | Auto parts retailer |  | First lien senior secured revolving loan |  |  |  |  |  | 5/2021 |  | 5/2026 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | Series A preferred stock |  | 7.00% PIK |  |  |  | 5/2021 |  |  |  | 68,601 |  |  | 77.0 |  |  | 76.6 |  | (2) |
|  |  |  | Class A-1 units |  |  |  |  |  | 5/2021 |  |  |  | 24,586 |  |  | 24.6 |  |  | 33.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 101.6 |  |  | 109.7 |  |  |
McKenzie Creative Brands, LLC (15) |  | Designer, manufacturer and distributor of hunting-related supplies |  | First lien senior secured revolving loan |  | 10.12% | LIBOR (M) | 5.75% |  | 9/2014 |  | 9/2023 |  |  | 1.9 |  |  | 1.9 |  |  | 1.9 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.43% | LIBOR (Q) | 5.75% |  | 9/2014 |  | 9/2023 |  |  | 84.5 |  |  | 84.5 |  |  | 84.5 |  | (2)(8)(11) |
|  |  |  | First lien senior secured loan |  | 10.14% | LIBOR (M) | 5.75% |  | 9/2014 |  | 9/2023 |  |  | 5.5 |  |  | 5.5 |  |  | 5.5 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 91.9 |  |  | 91.9 |  |  |
Monolith Brands Group, Inc. |  | E-commerce platform focused on consolidating DTC branded businesses |  | Series A-1 preferred stock |  |  |  |  |  | 4/2022 |  |  |  | 701,255 |  |  | 15.5 |  |  | 15.5 |  | (2) |
Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP |  | Operator of retail and wholesale tree and plant nurseries |  | Limited partnership interests |  |  |  |  |  | 10/2021 |  |  |  | 21,939,151 |  |  | 20.8 |  |  | 42.9 |  |  |
North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC (15) |  | Manufacturer of aftermarket golf cart parts and accessories |  | First lien senior secured loan |  | 11.19% | LIBOR (Q) | 6.50% |  | 5/2021 |  | 5/2027 |  |  | 25.3 |  |  | 25.3 |  |  | 23.5 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 5/2021 |  |  |  | 50,000 |  |  | 5.0 |  |  | 1.8 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30.3 |  |  | 25.3 |  |  |
Reddy Ice LLC (15) |  | Packaged ice manufacturer and distributor |  | First lien senior secured loan |  | 10.24% | LIBOR (Q) | 6.50% |  | 7/2019 |  | 7/2025 |  |  | 61.3 |  |  | 61.3 |  |  | 60.0 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.24% | LIBOR (Q) | 6.50% |  | 11/2020 |  | 7/2025 |  |  | 4.2 |  |  | 4.2 |  |  | 4.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.24% | LIBOR (Q) | 6.50% |  | 10/2021 |  | 7/2025 |  |  | 0.9 |  |  | 0.9 |  |  | 0.9 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 66.4 |  |  | 65.1 |  |  |
SCIH Salt Holdings Inc. (15) |  | Salt and packaged ice melt manufacturer and distributor |  | First lien senior secured revolving loan |  | 8.15% | LIBOR (Q) | 4.00% |  | 3/2020 |  | 3/2025 |  |  | 2.3 |  |  | 2.2 |  |  | 2.2 |  | (2)(11)(14) |
Trader Corporation and Project Auto Finco Corp. (15) |  | Digital Automotive marketplace and software solution provider to automotive industry |  | First lien senior secured loan |  | 11.40% | CDOR (M) | 6.75% |  | 12/2022 |  | 12/2029 |  |  | 12.2 |  |  | 12.2 |  |  | 11.9 |  | (2)(6)(11) |
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. (15) |  | Producer and packager of compressed, household, and packaged salt |  | First lien senior secured loan |  | 10.23% | LIBOR (Q) | 5.50% |  | 7/2021 |  | 7/2028 |  |  | 26.4 |  |  | 26.4 |  |  | 25.3 |  | (2)(11) |
|  |  |  | Limited partner interests |  |  |  |  |  | 7/2021 |  |  |  | 0.40% |  |  | 0.8 |  |  | 0.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27.2 |  |  | 25.8 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 442.3 |  |  | 475.2 |  |  | 4.98%
Consumer Staples Distribution and Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. |  | Manufacturer and distributor of specialty bakery ingredients |  | Second lien senior secured loan |  | 11.73% | LIBOR (Q) | 7.00% |  | 9/2021 |  | 9/2029 |  |  | 29.5 |  |  | 29.5 |  |  | 29.5 |  | (2)(11) |
|  |  |  | Class A preferred units |  | 8.00% PIK |  |  |  | 9/2021 |  |  |  | 5,484 |  |  | 6.1 |  |  | 10.5 |  | (2) |
|  |  |  | Series A preferred shares |  | 11.00% PIK |  |  |  | 9/2021 |  |  |  | 21,921 |  |  | 25.4 |  |  | 25.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 61.0 |  |  | 65.4 |  |  |

108

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Continental Café, LLC and Infinity Ovation Yacht Charters, LLC (15) |  | Diversified contract food service provider |  | First lien senior secured revolving loan |  | 13.50% | Base Rate (Q) | 6.00% |  | 11/2021 |  | 11/2027 |  |  | 0.7 |  |  | 0.7 |  |  | 0.7 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.38% | LIBOR (M) | 7.00% |  | 11/2021 |  | 11/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.8 |  |  | 0.8 |  |  |
DecoPac, Inc. and KCAKE Holdings Inc. (15) |  | Supplier of cake decorating solutions and products to in-store bakeries |  | First lien senior secured revolving loan |  | 10.73% | LIBOR (Q) | 6.00% |  | 5/2021 |  | 5/2026 |  |  | 6.6 |  |  | 6.6 |  |  | 6.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.73% (0.27% PIK) | LIBOR (Q) | 6.00% |  | 5/2021 |  | 5/2028 |  |  | 148.6 |  |  | 148.6 |  |  | 145.6 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 5/2021 |  |  |  | 9,599 |  |  | 9.6 |  |  | 9.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 164.8 |  |  | 161.5 |  |  |
FS Squared Holding Corp. and FS Squared, LLC (15) |  | Provider of on-site vending and micro market solutions |  | First lien senior secured revolving loan |  |  |  |  |  | 3/2019 |  | 3/2024 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 9.49% | SOFR (Q) | 5.25% |  | 3/2019 |  | 3/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 3/2019 |  |  |  | 113,219 |  |  | 11.1 |  |  | 31.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11.2 |  |  | 31.3 |  |  |
JWC/KI Holdings, LLC |  | Foodservice sales and marketing agency |  | Membership units |  |  |  |  |  | 11/2015 |  |  |  | 5,000 |  |  | 5.0 |  |  | 9.0 |  | (2) |
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (15) |  | Distributor of specialty foods |  | First lien senior secured loan |  | 10.73% | SOFR (Q) | 6.50% |  | 10/2022 |  | 10/2028 |  |  | 35.7 |  |  | 35.7 |  |  | 34.6 |  | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 10/2022 |  |  |  | 9,674,000 |  |  | 9.7 |  |  | 9.7 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45.4 |  |  | 44.3 |  |  |
SFE Intermediate Holdco LLC (15) |  | Provider of outsourced foodservice to K-12 school districts |  | First lien senior secured revolving loan |  | 9.48% | SOFR (Q) | 4.75% |  | 7/2017 |  | 7/2025 |  |  | 8.3 |  |  | 8.3 |  |  | 8.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.48% | SOFR (Q) | 4.75% |  | 9/2018 |  | 7/2026 |  |  | 10.0 |  |  | 10.0 |  |  | 9.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.48% | SOFR (Q) | 4.75% |  | 7/2017 |  | 7/2026 |  |  | 6.2 |  |  | 6.2 |  |  | 6.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.48% | SOFR (Q) | 4.75% |  | 3/2022 |  | 7/2026 |  |  | 0.4 |  |  | 0.4 |  |  | 0.4 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24.9 |  |  | 24.4 |  |  |
VCP-EDC Co-Invest, LLC |  | Distributor of foodservice equipment and supplies |  | Membership units |  |  |  |  |  | 6/2017 |  |  |  | 2,970,000 |  |  | 2.8 |  |  | 4.2 |  |  |
ZB Holdco LLC & ZB Parent LLC (15) |  | Distributor of Mediterranean food and beverages |  | First lien senior secured revolving loan |  |  |  |  |  | 2/2022 |  | 2/2028 |  |  | — |  |  | — |  |  | — |  | (13) |
|  |  |  | First lien senior secured loan |  | 9.48% | LIBOR (Q) | 4.75% |  | 2/2022 |  | 2/2028 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Series A units |  |  |  |  |  | 2/2022 |  |  |  | 4,699 |  |  | 4.7 |  |  | 5.5 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.8 |  |  | 5.6 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 320.7 |  |  | 346.5 |  |  | 3.63%
Materials |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP (15) |  | Manufacturer and supplier of printed packaging and trimmings |  | First lien senior secured loan |  | 10.38% | LIBOR (M) | 6.00% |  | 12/2021 |  | 12/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Class A units |  |  |  |  |  | 12/2021 |  |  |  | 195,990 |  |  | 19.6 |  |  | 19.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19.7 |  |  | 19.3 |  |  |
Genomatica, Inc. |  | Developer of a biotechnology platform for the production of chemical products |  | Warrant to purchase shares of Series D preferred stock |  |  |  |  |  | 3/2013 |  | 3/2023 |  | 322,422 |  |  | — |  |  | — |  |  |
Halex Holdings, Inc. (5) |  | Manufacturer of flooring installation products |  | Common stock |  |  |  |  |  | 1/2017 |  |  |  | 51,853 |  |  | — |  |  | — |  |  |
H-Food Holdings, LLC and Matterhorn Parent, LLC |  | Food contract manufacturer |  | First lien senior secured loan |  | 8.07% | LIBOR (M) | 3.69% |  | 6/2022 |  | 5/2025 |  |  | 26.4 |  |  | 23.8 |  |  | 23.3 |  | (2)(18) |

109

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | First lien senior secured loan |  | 8.38% | LIBOR (M) | 4.00% |  | 7/2022 |  | 5/2025 |  |  | 3.3 |  |  | 3.1 |  |  | 3.0 |  | (2)(18) |
|  |  |  | First lien senior secured loan |  | 9.38% | LIBOR (M) | 5.00% |  | 12/2021 |  | 5/2025 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 11.38% | LIBOR (M) | 7.00% |  | 11/2018 |  | 3/2026 |  |  | 73.0 |  |  | 73.0 |  |  | 62.8 |  | (2) |
|  |  |  | Common units |  |  |  |  |  | 11/2018 |  |  |  | 5,827 |  |  | 5.8 |  |  | 3.5 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 105.8 |  |  | 92.7 |  |  |
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. (15) |  | Manufacturer of thermoformed packaging for medical devices |  | First lien senior secured revolving loan |  | 8.66% | LIBOR (Q) | 4.25% |  | 7/2019 |  | 7/2024 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 8.66% | LIBOR (Q) | 4.25% |  | 7/2019 |  | 7/2026 |  |  | 14.9 |  |  | 14.9 |  |  | 14.6 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 6.11% | Euribor (Q) | 4.50% |  | 7/2019 |  | 7/2026 |  |  | 4.8 |  |  | 5.1 |  |  | 4.7 |  | (2)(6) |
|  |  |  | First lien senior secured loan |  | 6.11% | Euribor (Q) | 4.50% |  | 8/2019 |  | 7/2026 |  |  | 1.5 |  |  | 1.6 |  |  | 1.5 |  | (2)(6) |
|  |  |  | Class A units |  |  |  |  |  | 7/2019 |  |  |  | 6,762,668 |  |  | 6.8 |  |  | 7.5 |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28.5 |  |  | 28.4 |  |  |
Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C. |  | Developer and manufacturer of absorbent pads for food products |  | First lien senior secured loan |  | 11.17% | SOFR (Q) | 6.75% |  | 12/2020 |  | 12/2026 |  |  | 23.5 |  |  | 23.5 |  |  | 23.5 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.17% | SOFR (M) | 6.75% |  | 12/2022 |  | 12/2026 |  |  | 6.3 |  |  | 6.3 |  |  | 6.3 |  | (2)(11) |
|  |  |  | Class A preferred units |  | 10.00% PIK |  |  |  | 12/2020 |  |  |  | 4,772 |  |  | 4.2 |  |  | 9.2 |  | (2) |
|  |  |  | Class C units |  |  |  |  |  | 12/2020 |  |  |  | 4,772 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34.0 |  | 39.0 |  |
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC |  | Manufacturer of specialized acrylic and polycarbonate sheets |  | First lien senior secured loan |  | 8.41% | LIBOR (Q) | 4.00% |  | 12/2018 |  | 12/2025 |  |  | 22.6 |  |  | 21.5 |  |  | 20.1 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 11.98% | LIBOR (Q) | 7.25% |  | 12/2018 |  | 12/2026 |  |  | 55.0 |  |  | 55.0 |  |  | 48.9 |  | (2)(11) |
|  |  |  | Co-Invest units |  |  |  |  |  | 12/2018 |  |  |  | 5,969 |  |  | 0.6 |  |  | 0.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 77.1 |  |  | 69.5 |  |  |
Polymer Solutions Group, LLC |  | Manufacturer of chemical formulations that improve the processing and efficacy of rubber, resin, and engineered wood based end-products |  | First lien senior secured loan |  | 8.92% | LIBOR (Q) | 4.75% |  | 5/2022 |  | 11/2026 |  |  | — |  |  | — |  |  | — |  | (2)(11) |
Precision Concepts International LLC and Precision Concepts Canada Corporation (15) |  | Manufacturer of diversified packaging solutions and plastic injection molded products |  | First lien senior secured revolving loan |  | 10.18% | SOFR (Q) | 5.50% |  | 1/2019 |  | 1/2025 |  |  | 6.2 |  |  | 6.2 |  |  | 6.2 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.18% | SOFR (Q) | 5.50% |  | 1/2019 |  | 1/2026 |  |  | 14.7 |  |  | 14.7 |  |  | 14.7 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.43% | SOFR (Q) | 5.75% |  | 5/2022 |  | 1/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  | First lien senior secured loan |  | 10.18% | SOFR (Q) | 5.50% |  | 6/2021 |  | 1/2026 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(6)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21.1 |  |  | 21.1 |  |  |
SCI PH Parent, Inc. |  | Industrial container manufacturer, reconditioner and servicer |  | Series B shares |  |  |  |  |  | 8/2018 |  |  |  | 11.4764 |  |  | 1.1 |  |  | 4.2 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 287.3 |  |  | 274.2 |  |  | 2.87%
Technology Hardware and Equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

110

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

Chariot Buyer LLC (15) |  | Provider of smart access solutions across residential and commercial properties |  | First lien senior secured revolving loan |  | 7.38% | LIBOR (M) | 3.00% |  | 11/2021 |  | 11/2026 |  |  | 3.5 |  |  | 3.5 |  |  | 3.2 |  | (2) |
|  |  |  | Second lien senior secured loan |  | 11.13% | LIBOR (M) | 6.75% |  | 11/2021 |  | 11/2029 |  |  | 134.4 |  |  | 134.4 |  |  | 126.3 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 137.9 |  |  | 129.5 |  |  |
Everspin Technologies, Inc. |  | Designer and manufacturer of computer memory solutions |  | Warrant to purchase shares of common stock |  |  |  |  |  | 10/2016 |  | 10/2026 |  | 18,461 |  |  | 0.4 |  |  | — |  |  |
ITI Holdings, Inc. (15) |  | Provider of innovative software and equipment for motor vehicle agencies |  | First lien senior secured revolving loan |  | 12.00% | Base Rate (Q) | 4.50% |  | 3/2022 |  | 3/2028 |  |  | 3.0 |  |  | 3.0 |  |  | 2.9 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 9.88% | SOFR (M) | 5.50% |  | 3/2022 |  | 3/2028 |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |  | (2)(11) |
|  |  |  | First lien senior secured revolving loan |  | 12.00% | Base Rate (M) | 4.50% |  | 3/2022 |  | 3/2028 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.08% | SOFR (Q) | 5.50% |  | 3/2022 |  | 3/2028 |  |  | 35.0 |  |  | 35.0 |  |  | 34.7 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 39.9 |  |  | 39.5 |  |  |
Micromeritics Instrument Corp. (15) |  | Scientific instrument manufacturer |  | First lien senior secured loan |  | 9.65% | LIBOR (S) | 4.50% |  | 12/2019 |  | 12/2025 |  |  | 20.7 |  |  | 20.7 |  |  | 20.7 |  | (2)(11) |
Repairify, Inc. and Repairify Holdings, LLC (15) |  | Provider of automotive diagnostics scans and solutions |  | Class A common units |  |  |  |  |  | 6/2021 |  |  |  | 163,820 |  |  | 4.9 |  |  | 4.4 |  | (2) |
Wildcat BuyerCo, Inc. and Wildcat Parent, LP (15) |  | Provider and supplier of electrical components for commercial and industrial applications |  | First lien senior secured revolving loan |  | 10.09% | SOFR (M) | 5.75% |  | 2/2020 |  | 2/2026 |  |  | 0.8 |  |  | 0.8 |  |  | 0.8 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 10.48% | SOFR (Q) | 5.75% |  | 2/2020 |  | 2/2026 |  |  | 18.0 |  |  | 18.0 |  |  | 17.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.48% | SOFR (Q) | 5.75% |  | 5/2022 |  | 2/2026 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.48% | SOFR (Q) | 5.75% |  | 11/2021 |  | 2/2026 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  | Limited partnership interests |  |  |  |  |  | 2/2020 |  |  |  | 17,655 |  |  | 1.8 |  |  | 5.1 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21.0 |  |  | 24.1 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 224.8 |  |  | 218.2 |  |  | 2.28%
Household and Personal Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CDI Holdings III Corp. and CDI Holdings I Corp. (15) |  | Provider of personal care appliances |  | First lien senior secured loan |  | 10.13% | LIBOR (M) | 5.75% |  | 12/2021 |  | 12/2027 |  |  | 3.8 |  |  | 3.8 |  |  | 3.6 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 12/2021 |  |  |  | 6,149 |  |  | 6.1 |  |  | 4.4 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9.9 |  |  | 8.0 |  |  |
Foundation Consumer Brands, LLC |  | Pharmaceutical holding company of over the counter brands |  | First lien senior secured loan |  | 10.15% | LIBOR (Q) | 5.50% |  | 2/2021 |  | 10/2026 |  |  | 12.8 |  |  | 12.6 |  |  | 12.8 |  | (2)(11) |
LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P. |  | Provider of intimate wellness products |  | First lien senior secured loan |  | 11.15% | SOFR (Q) | 6.75% |  | 11/2022 |  | 11/2028 |  |  | 18.6 |  |  | 18.6 |  |  | 18.2 |  | (2)(6)(11) |
|  |  |  | Preferred units |  | 8.00% PIK |  |  |  | 11/2022 |  |  |  | 3,178 |  |  | 3.2 |  |  | 3.2 |  | (2)(6) |
|  |  |  | Class B common units |  |  |  |  |  | 11/2022 |  |  |  | 32,105 |  |  | — |  |  | — |  | (2)(6) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21.8 |  |  | 21.4 |  |  |
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. (15) |  | Manufacturer and supplier of natural fragrance materials and cosmeceuticals |  | First lien senior secured revolving loan |  | 10.38% | LIBOR (M) | 6.00% |  | 8/2021 |  | 8/2027 |  |  | 2.3 |  |  | 2.3 |  |  | 2.2 |  | (2)(11) |

111

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | First lien senior secured loan |  | 10.38% | LIBOR (M) | 6.00% |  | 8/2021 |  | 8/2027 |  |  | 27.3 |  |  | 27.3 |  |  | 25.6 |  | (2)(11) |
|  |  |  | Limited partner interests |  |  |  |  |  | 8/2021 |  |  |  | 4.58% |  |  | 4.7 |  |  | 2.8 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34.3 |  |  | 30.6 |  |  |
RD Holdco Inc. (5) |  | Manufacturer and marketer of carpet cleaning machines |  | Second lien senior secured loan |  |  |  |  |  | 1/2017 |  | 10/2026 |  |  | 24.2 |  |  | 22.0 |  |  | 10.2 |  | (2)(10) |
|  |  |  | Common stock |  |  |  |  |  | 1/2017 |  |  |  | 458,596 |  |  | 14.0 |  |  | — |  |  |
|  |  |  | Warrant to purchase shares of common stock |  |  |  |  |  | 1/2017 |  | 12/2023 |  | 56,372 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36.0 |  |  | 10.2 |  |  |
Walnut Parent, Inc. |  | Manufacturer of natural solution pest and animal control products |  | First lien senior secured loan |  | 10.24% | LIBOR (Q) | 5.50% |  | 11/2020 |  | 11/2027 |  |  | 14.7 |  |  | 14.7 |  |  | 14.2 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.24% | LIBOR (Q) | 5.50% |  | 4/2022 |  | 11/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14.8 |  |  | 14.3 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 129.4 |  |  | 97.3 |  |  | 1.02%
Transportation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Trailer Leasing, Inc. (15) |  | Trailer leasing company |  | First lien senior secured loan |  | 10.33% | SOFR (Q) | 6.25% |  | 1/2021 |  | 1/2026 |  |  | 33.3 |  |  | 33.3 |  |  | 33.3 |  | (2)(11) |
|  |  |  | Second lien senior secured loan |  | 13.00% |  |  |  | 1/2021 |  | 1/2027 |  |  | 19.9 |  |  | 19.9 |  |  | 19.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 53.2 |  |  | 52.8 |  |  |
Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc. (15) |  | Provider of tarp systems and accessories for trucks, trailers, carts, and specialty equipment used in the agriculture, construction and flatbed markets |  | First lien senior secured revolving loan |  | 10.59% | SOFR (Q) | 6.00% |  | 6/2021 |  | 6/2027 |  |  | 1.8 |  |  | 1.8 |  |  | 1.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.90% | SOFR (A) | 6.00% |  | 6/2021 |  | 6/2027 |  |  | 26.8 |  |  | 26.8 |  |  | 26.8 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 10.90% | SOFR (A) | 6.00% |  | 6/2022 |  | 6/2027 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  | (2)(11) |
|  |  |  | Common stock |  |  |  |  |  | 6/2021 |  |  |  | 7,599,000 |  |  | 7.6 |  |  | 13.9 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36.3 |  |  | 42.6 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 89.5 |  |  | 95.4 |  |  | 1.00%
Education |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Excelligence Holdings Corp. |  | Developer, manufacturer and retailer of educational products |  | First lien senior secured loan |  | 10.73% | SOFR (Q) | 6.00% |  | 4/2017 |  | 1/2024 |  |  | 9.2 |  |  | 9.2 |  |  | 9.2 |  | (2)(11) |
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (15) |  | Distributor of instructional products, services and resources |  | First lien senior secured revolving loan |  | 9.88% | LIBOR (M) | 5.50% |  | 8/2018 |  | 8/2024 |  |  | 6.5 |  |  | 6.5 |  |  | 6.5 |  | (2)(11)(14) |
|  |  |  | First lien senior secured revolving loan |  | 11.50% | Base Rate (M) | 4.50% |  | 8/2018 |  | 8/2024 |  |  | 0.5 |  |  | 0.5 |  |  | 0.5 |  | (2)(11)(14) |
|  |  |  | First lien senior secured loan |  | 9.88% | LIBOR (M) | 5.50% |  | 7/2017 |  | 8/2024 |  |  | 29.6 |  |  | 29.6 |  |  | 29.6 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 9.88% | LIBOR (M) | 5.50% |  | 8/2018 |  | 8/2024 |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |  | (2)(11) |
|  |  |  | Series A preferred stock |  |  |  |  |  | 10/2014 |  |  |  | 1,272 |  |  | 0.7 |  |  | 1.5 |  | (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 38.4 |  |  | 39.2 |  |  |
National College of Business and Technology Inc. & Leeds IV Advisors, Inc. |  | Private school operator |  | Senior preferred series A-1 shares |  |  |  |  |  | 10/2015 |  |  |  | 151,056 |  |  | 98.1 |  |  | 46.5 |  | (2) |
|  |  |  | Series B preferred stock |  |  |  |  |  | 8/2010 |  |  |  | 348,615 |  |  | 1.0 |  |  | — |  |  |
|  |  |  | Series B preferred stock |  |  |  |  |  | 8/2010 |  |  |  | 757,505 |  |  | 4.0 |  |  | — |  |  |

112

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2022
(dollar amounts in millions)

|  |  |  | Series C preferred stock |  |  |  |  |  | 6/2010 |  |  |  | 517,942 |  |  | 0.1 |  |  | — |  |  |
|  |  |  | Series C preferred stock |  |  |  |  |  | 6/2010 |  |  |  | 1,994,644 |  |  | 0.5 |  |  | — |  |  |
|  |  |  | Common stock |  |  |  |  |  | 6/2010 |  |  |  | 4 |  |  | — |  |  | — |  |  |
|  |  |  | Common stock |  |  |  |  |  | 6/2010 |  |  |  | 16 |  |  | — |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 103.7 |  |  | 46.5 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 151.3 |  |  | 94.9 |  |  | 0.99%
Telecommunication Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aventiv Technologies, LLC and Securus Technologies Holdings, Inc. |  | Provider of inmate telecom solutions to corrections and law enforcement agencies |  | First lien senior secured loan |  | 9.23% | LIBOR (Q) | 4.50% |  | 5/2022 |  | 11/2024 |  |  | 9.1 |  |  | 8.8 |  |  | 6.8 |  | (2)(11)(18) |
|  |  |  | Second lien senior secured loan |  | 12.66% | LIBOR (Q) | 8.25% |  | 5/2022 |  | 11/2025 |  |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9.0 |  |  | 7.0 |  |  |
Emergency Communications Network, LLC (15) |  | Provider of mission critical emergency mass notification solutions |  | First lien senior secured revolving loan |  | 12.15% (5.97% PIK) | SOFR (Q) | 7.75% |  | 6/2017 |  | 6/2024 |  |  | 6.8 |  |  | 6.8 |  |  | 6.1 |  | (2)(11) |
|  |  |  | First lien senior secured loan |  | 11.84% (6.02% PIK) | SOFR (Q) | 7.75% |  | 6/2017 |  | 6/2024 |  |  | 48.4 |  |  | 48.3 |  |  | 43.6 |  | (2)(11) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 55.1 |  |  | 49.7 |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 64.1 |  |  | 56.7 |  |  | 0.59%
Total Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 22,043.0 |  |  | $ | 21,779.8 |  |  | 227.97%

113

Derivative Instruments
Forward currency contracts

Description | Notional Amount to be Purchased | Notional Amount to be sold | Counterparty | Settlement Date | Unrealized Appreciation / (Depreciation)
Forward currency contract | $ | 195 |  | CAD | 264 |  | Royal Bank of Canada | January 27, 2023 | $ | (1) |
Forward currency contract | $ | 178 |  | CAD | 242 |  | Royal Bank of Canada | January 18, 2023 | (1) |
Forward currency contract | $ | 159 |  | € | 158 |  | Royal Bank of Canada | January 27, 2023 | (10) |
Forward currency contract | $ | 145 |  | £ | 125 |  | Royal Bank of Canada | January 27, 2023 | (6) |
Forward currency contract | $ | 34 |  | NZD | 59 |  | Royal Bank of Canada | January 27, 2023 | (3) |
Forward currency contract | $ | 12 |  | CAD | 17 |  | Royal Bank of Canada | January 27, 2023 | — |
Total |  |  |  |  |  |  | $ | (21) |

______________________________________________
(1)Other than the Company’s investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act. In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of December 31, 2022 represented 228% of the Company’s net assets or 97% of the Company’s total assets, are subject to legal restrictions on sales.
(2)These assets are pledged as collateral under the Company’s or the Company’s consolidated subsidiaries’ various revolving credit facilities and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the obligations under each of the respective facilities (see Note 5).
(3)Investments without an interest rate are non-income producing.
114

(4)As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2022 in which the issuer was an Affiliated Person of the Company (but not a portfolio company that the Company is deemed to Control) are as follows:

For the Year Ended December 31, 2022 |  | As of December 31, 2022
(in millions) Company |  | Purchases (cost) |  | Redemptions (cost) |  | Sales (cost) |  | Interest income |  | Capital structuring service fees |  | Dividend income |  | Other income |  | Net realized gains (losses) |  | Net unrealized gains (losses) |  | Fair Value
Apex Clean Energy TopCo, LLC |  | $ | 18.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 53.4 |  |  | $ | 150.6 |
APG Intermediate Holdings Corporation and APG Holdings, LLC |  | — |  |  | 0.1 |  |  | — |  |  | 1.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3.0) |  |  | 21.8 |
Blue Wolf Capital Fund II, L.P. |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.2) |  |  | 0.1 |
Bragg Live Food Products, LLC and SPC Investment Co., L.P. |  | 3.3 |  |  | 5.7 |  |  | 9.8 |  |  | 3.4 |  |  | — |  |  | — |  |  | 0.2 |  |  | (0.2) |  |  | 3.5 |  |  | 39.1 |
ESCP PPG Holdings, LLC |  | 2.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1.9) |  |  | 3.1 |
European Capital UK SME Debt LP |  | — |  |  | 0.8 |  |  | — |  |  | — |  |  | — |  |  | 2.0 |  |  | — |  |  | — |  |  | 0.4 |  |  | 26.5 |
PCG-Ares Sidecar Investment, L.P. |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.6) |  |  | 0.7 |
PCG-Ares Sidecar Investment II, L.P. |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4.2 |  |  | 15.5 |
Primrose Holding Corporation |  | — |  |  | — |  |  | 4.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28.9 |  |  | (22.4) |  |  | — |
Production Resource Group, L.L.C. and PRG III, LLC |  | 2.5 |  |  | 0.3 |  |  | — |  |  | 7.0 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 33.6 |  |  | 97.3 |
Shock Doctor, Inc. and Shock Doctor Holdings, LLC |  | 3.2 |  |  | 4.5 |  |  | 18.9 |  |  | 0.8 |  |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 3.0 |  |  | 6.0 |
Sundance Energy Inc. |  | — |  |  | 41.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (22.6) |  |  | 1.2 |  |  | — |
Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. |  | — |  |  | — |  |  | — |  |  | 0.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.2) |  |  | 3.7 |
|  | $ | 29.5 |  |  | $ | 52.4 |  |  | $ | 33.3 |  |  | $ | 12.5 |  |  | $ | 0.1 |  |  | $ | 2.0 |  |  | $ | 0.3 |  |  | $ | 6.1 |  |  | $ | 71.0 |  |  | $ | 364.4 |

115

(5)As defined in the Investment Company Act, the Company is deemed to be both an “Affiliated Person” and “Control” this portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2022 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows:

For the Year Ended December 31, 2022 |  | As of December 31, 2022
(in millions) Company |  | Purchases (cost) |  | Redemptions (cost) |  | Sales (cost) |  | Interest income |  | Capital structuring service fees |  | Dividend income |  | Other income |  | Net realized gains (losses) |  | Net unrealized gains (losses) |  | Fair Value
Absolute Dental Group LLC and Absolute Dental Equity, LLC |  | $ | 2.0 |  |  | $ | 3.0 |  |  | $ | — |  |  | $ | 6.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4.6 |  |  | $ | 70.2 |
ACAS Equity Holdings Corporation |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.4 |
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
CoLTs 2005-1 Ltd. |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Eckler Industries, Inc. and Eckler Purchaser LLC |  | 8.8 |  |  | 57.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (57.0) |  |  | 25.1 |  |  | — |
Halex Holdings, Inc. |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
HCI Equity, LLC |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC |  | 95.4 |  |  | — |  |  | — |  |  | 7.1 |  |  | 1.9 |  |  | — |  |  | — |  |  | — |  |  | 42.6 |  |  | 209.6 |
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation |  | — |  |  | 3.9 |  |  | — |  |  | 2.4 |  |  | 0.7 |  |  | 23.1 |  |  | 0.5 |  |  | — |  |  | (5.4) |  |  | 47.8 |
Ivy Hill Asset Management, L.P. |  | 1,544.2 |  |  | 277.6 |  |  | — |  |  | 22.5 |  |  | — |  |  | 205.0 |  |  | — |  |  | — |  |  | (1.0) |  |  | 2,201.1 |
Joyce Lane Capital LLC and Joyce Lane Financing SPV LLC (fka Ciena Capital LLC) |  | — |  |  | 0.3 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 0.5 |  |  | 0.1 |  |  | — |
Navisun LLC and Navisun Holdings LLC |  | — |  |  | 131.0 |  |  | — |  |  | 0.4 |  |  | — |  |  | 0.1 |  |  | — |  |  | 19.0 |  |  | (9.4) |  |  | — |
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC |  | 8.3 |  |  | — |  |  | — |  |  | 3.2 |  |  | 0.3 |  |  | — |  |  | — |  |  | — |  |  | (11.7) |  |  | 44.7 |
Potomac Intermediate Holdings II LLC |  | 6.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (42.4) |  |  | 143.2 |
PS Operating Company LLC and PS Op Holdings LLC |  | 6.3 |  |  | 4.6 |  |  | — |  |  | 1.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.0 |  |  | 27.7 |
RD Holdco Inc. |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (10.6) |  |  | 10.3 |
S Toys Holdings LLC (fka The Step2 Company, LLC) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.1) |  |  | — |
Senior Direct Lending Program, LLC |  | 317.8 |  |  | 31.1 |  |  | — |  |  | 146.3 |  |  | 16.9 |  |  | — |  |  | 5.5 |  |  | — |  |  | (25.3) |  |  | 1,248.6 |
Startec Equity, LLC |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
VPROP Operating, LLC and V SandCo, LLC |  | 6.0 |  |  | 4.5 |  |  | — |  |  | 5.0 |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 33.5 |  |  | 116.1 |
|  | $ | 1,994.8 |  |  | $ | 513.1 |  |  | $ | — |  |  | $ | 194.5 |  |  | $ | 20.0 |  |  | $ | 228.2 |  |  | $ | 6.0 |  |  | $ | (37.5) |  |  | $ | 1.0 |  |  | $ | 4,119.7 |

______________________________________________________________________
* Together with Varagon and its clients, the Company has co-invested through the SDLP. The SDLP has been capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of the Company and Varagon (with approval from a representative of each required); therefore, although the Company owns more than 25% of the voting securities of the SDLP, the Company does not believe that it has control over the SDLP (for purposes of the Investment Company Act or otherwise) because, among other things, these “voting securities” do not afford the Company the right to elect directors of the SDLP or any other special rights (see Note 4 to the consolidated financial statements).
(6)This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such
116

acquisition is made, qualifying assets represent at least 70% of the Company's total assets. Pursuant to Section 55(a) of the Investment Company Act, 25% of the Company's total assets are represented by investments at fair value and other assets that are considered "non-qualifying assets" as of December 31, 2022.
(7)Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to LIBOR, SOFR, or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.
(8)In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.00% on $40.9 in aggregate principal amount of a “first out” tranche of the portfolio company’s senior term debt previously syndicated by the Company into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
(9)The Company sold a participating interest of approximately $79.0 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured revolving loan. As the transaction did not qualify as a “true sale” in accordance with GAAP, the Company recorded a corresponding $79.0 secured borrowing, at fair value, included in “secured borrowings” in the accompanying consolidated balance sheet. As of December 31, 2022, the interest rate in effect for the secured borrowing was 11.62%.
(10)Loan was on non-accrual status as of December 31, 2022.
(11)Loan includes interest rate floor feature.
(12)In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP’s loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate.
(13)As of December 31, 2022, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.
(14)As of December 31, 2022, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.
(15)As of December 31, 2022, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.
117

(in millions) Portfolio Company | Total revolving and delayed draw loan commitments | Less: funded commitments | Total unfunded commitments | Less: commitments substantially at discretion of the Company | Less: unavailable commitments due to borrowing base or other covenant restrictions | Total net adjusted unfunded revolving and delayed draw commitments
Absolute Dental Group LLC and Absolute Dental Equity, LLC | $ | 7.1 |  | $ | (3.2) |  | $ | 3.9 |  | $ | — |  | $ | — |  | $ | 3.9 |
Abzena Holdings, Inc. and Astro Group Holdings Ltd. | 0.1 |  | — |  | 0.1 |  | — |  | — |  | 0.1 |
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC | 4.1 |  | (4.1) |  | — |  | — |  | — |  | — |
ADG, LLC and RC IV GEDC Investor LLC | 14.1 |  | (14.1) |  | — |  | — |  | — |  | — |
Advarra Holdings, Inc. | 0.4 |  | — |  | 0.4 |  | — |  | — |  | 0.4 |
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC | 45.6 |  | — |  | 45.6 |  | — |  | — |  | 45.6 |
AI Fire Buyer, Inc. and AI Fire Parent LLC | 28.9 |  | (0.4) |  | 28.5 |  | — |  | — |  | 28.5 |
AIM Acquisition, LLC | 1.8 |  | — |  | 1.8 |  | — |  | — |  | 1.8 |
Alcami Corporation and ACM Note Holdings, LLC | 6.6 |  | — |  | 6.6 |  | — |  | — |  | 6.6 |
American Residential Services L.L.C. and Aragorn Parent Holdings LP | 4.5 |  | (0.9) |  | 3.6 |  | — |  | — |  | 3.6 |
Anaplan, Inc. | 1.4 |  | — |  | 1.4 |  | — |  | — |  | 1.4 |
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua | 3.4 |  | — |  | 3.4 |  | — |  | — |  | 3.4 |
APG Intermediate Holdings Corporation and APG Holdings, LLC | 0.1 |  | — |  | 0.1 |  | — |  | — |  | 0.1 |
Applied Technical Services, LLC | 3.8 |  | (1.1) |  | 2.7 |  | — |  | — |  | 2.7 |
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. | 0.1 |  | — |  | 0.1 |  | — |  | — |  | 0.1 |
Apptio, Inc. | 4.2 |  | (2.5) |  | 1.7 |  | — |  | — |  | 1.7 |
AQ Sage Buyer, LLC | 6.4 |  | — |  | 6.4 |  | — |  | — |  | 6.4 |
AQ Sunshine, Inc. | 12.4 |  | (1.4) |  | 11.0 |  | — |  | — |  | 11.0 |
Argenbright Holdings V, LLC and Amberstone Security Group Limited | 2.5 |  | — |  | 2.5 |  | — |  | — |  | 2.5 |
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP | 6.2 |  | — |  | 6.2 |  | — |  | — |  | 6.2 |
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP | 9.0 |  | — |  | 9.0 |  | — |  | — |  | 9.0 |
ATI Restoration, LLC | 83.7 |  | (5.8) |  | 77.9 |  | — |  | — |  | 77.9 |
Atlas Intermediate III, L.L.C. | 0.8 |  | (0.2) |  | 0.6 |  | — |  | — |  | 0.6 |
Avalara, Inc. | 2.7 |  | — |  | 2.7 |  | — |  | — |  | 2.7 |
Aventine Intermediate LLC & Aventine Holdings II LLC | 0.2 |  | — |  | 0.2 |  | — |  | — |  | 0.2 |
Avetta, LLC | 4.2 |  | — |  | 4.2 |  | — |  | — |  | 4.2 |
AxiomSL Group, Inc. and Calypso Group, Inc. | 3.9 |  | — |  | 3.9 |  | — |  | — |  | 3.9 |
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP | 2.0 |  | — |  | 2.0 |  | — |  | — |  | 2.0 |
Banyan Software Holdings, LLC and Banyan Software, LP | 8.0 |  | (0.9) |  | 7.1 |  | — |  | — |  | 7.1 |
Beacon Pointe Harmony, LLC | 5.5 |  | — |  | 5.5 |  | — |  | — |  | 5.5 |
Belfor Holdings, Inc. | 25.0 |  | (17.0) |  | 8.0 |  | — |  | — |  | 8.0 |
Benecon Midco II LLC and Locutus Holdco LLC | 4.5 |  | — |  | 4.5 |  | — |  | — |  | 4.5 |
Benefytt Technologies, Inc. | 0.9 |  | — |  | 0.9 |  | — |  | — |  | 0.9 |
Berner Food & Beverage, LLC | 1.7 |  | (0.5) |  | 1.2 |  | — |  | — |  | 1.2 |
BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC | 3.0 |  | (2.8) |  | 0.2 |  | — |  | — |  | 0.2 |
Borrower R365 Holdings LLC | 2.9 |  | — |  | 2.9 |  | — |  | — |  | 2.9 |
Bottomline Technologies, Inc. | 2.3 |  | — |  | 2.3 |  | — |  | — |  | 2.3 |
Bragg Live Food Products, LLC and SPC Investment Co., L.P. | 4.4 |  | — |  | 4.4 |  | — |  | — |  | 4.4 |
Businessolver.com, Inc. | 3.6 |  | — |  | 3.6 |  | — |  | — |  | 3.6 |
Cadence Aerospace, LLC | 15.3 |  | (14.8) |  | 0.5 |  | — |  | — |  | 0.5 |
Caerus Midco 3 S.Ã r.l. | 4.1 |  | — |  | 4.1 |  | — |  | — |  | 4.1 |
Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP | 15.3 |  | (8.8) |  | 6.5 |  | — |  | — |  | 6.5 |
Captive Resources Midco, LLC | 1.2 |  | — |  | 1.2 |  | — |  | — |  | 1.2 |
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. | 5.0 |  | (3.4) |  | 1.6 |  | — |  | — |  | 1.6 |
CCS-CMGC Holdings, Inc. | 12.0 |  | (3.7) |  | 8.3 |  | — |  | — |  | 8.3 |
CDI Holdings III Corp. and CDI Holdings I Corp. | 0.9 |  | — |  | 0.9 |  | — |  | — |  | 0.9 |
Center for Autism and Related Disorders, LLC | 20.4 |  | (9.0) |  | 11.4 |  | — |  | (11.4) |  | — |
Centric Brands LLC and Centric Brands GP LLC | 8.6 |  | (5.0) |  | 3.6 |  | — |  | — |  | 3.6 |
Chariot Buyer LLC | 12.3 |  | (3.5) |  | 8.8 |  | — |  | — |  | 8.8 |
Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC | 9.5 |  | — |  | 9.5 |  | — |  | — |  | 9.5 |
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. | 10.2 |  | (0.4) |  | 9.8 |  | — |  | — |  | 9.8 |
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. | 7.8 |  | (2.5) |  | 5.3 |  | — |  | — |  | 5.3 |

118

(in millions) Portfolio Company | Total revolving and delayed draw loan commitments | Less: funded commitments | Total unfunded commitments | Less: commitments substantially at discretion of the Company | Less: unavailable commitments due to borrowing base or other covenant restrictions | Total net adjusted unfunded revolving and delayed draw commitments
Commercial Trailer Leasing, Inc. | 0.6 |  | — |  | 0.6 |  | — |  | — |  | 0.6 |
Community Brands ParentCo, LLC | 7.2 |  | — |  | 7.2 |  | — |  | — |  | 7.2 |
Compex Legal Services, Inc. | 3.6 |  | (1.8) |  | 1.8 |  | — |  | — |  | 1.8 |
Comprehensive EyeCare Partners, LLC | 1.9 |  | (0.8) |  | 1.1 |  | — |  | — |  | 1.1 |
Concert Golf Partners Holdco LLC | 3.1 |  | — |  | 3.1 |  | — |  | — |  | 3.1 |
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. | 14.2 |  | (0.8) |  | 13.4 |  | — |  | — |  | 13.4 |
Continental Café, LLC and Infinity Ovation Yacht Charters, LLC | 8.0 |  | (0.7) |  | 7.3 |  | — |  | — |  | 7.3 |
Convera International Holdings Limited and Convera International Financial S.A R.L. | 2.3 |  | — |  | 2.3 |  | — |  | — |  | 2.3 |
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP | 38.9 |  | — |  | 38.9 |  | — |  | — |  | 38.9 |
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. | 0.1 |  | — |  | 0.1 |  | — |  | — |  | 0.1 |
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. | 38.7 |  | (22.7) |  | 16.0 |  | — |  | — |  | 16.0 |
Covaris Intermediate 3, LLC & Covaris Parent, LLC | 22.2 |  | (1.5) |  | 20.7 |  | — |  | — |  | 20.7 |
Coyote Buyer, LLC | 5.8 |  | — |  | 5.8 |  | — |  | — |  | 5.8 |
CrossCountry Mortgage, LLC | 56.3 |  | — |  | 56.3 |  | — |  | — |  | 56.3 |
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC | 3.2 |  | — |  | 3.2 |  | — |  | — |  | 3.2 |
CST Holding Company | 1.9 |  | (0.2) |  | 1.7 |  | — |  | — |  | 1.7 |
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC | 25.8 |  | — |  | 25.8 |  | — |  | — |  | 25.8 |
DecoPac, Inc. and KCAKE Holdings Inc. | 16.5 |  | (6.6) |  | 9.9 |  | — |  | — |  | 9.9 |
Denali Holdco LLC and Denali Apexco LP | 11.4 |  | — |  | 11.4 |  | — |  | — |  | 11.4 |
DFC Global Facility Borrower III LLC | 96.7 |  | (79.3) |  | 17.4 |  | — |  | — |  | 17.4 |
Diligent Corporation and Diligent Preferred Issuer, Inc. | 2.2 |  | (0.7) |  | 1.5 |  | — |  | — |  | 1.5 |
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. | 2.3 |  | — |  | 2.3 |  | — |  | — |  | 2.3 |
DRS Holdings III, Inc. and DRS Holdings I, Inc. | 10.8 |  | — |  | 10.8 |  | — |  | — |  | 10.8 |
DS Admiral Bidco, LLC | 0.1 |  | — |  | 0.1 |  | — |  | — |  | 0.1 |
Dye & Durham Corporation | 18.2 |  | (5.0) |  | 13.2 |  | — |  | — |  | 13.2 |
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP | 7.1 |  | — |  | 7.1 |  | — |  | — |  | 7.1 |
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. | 4.1 |  | (4.1) |  | — |  | — |  | — |  | — |
Elevation Services Parent Holdings, LLC | 17.1 |  | (1.5) |  | 15.6 |  | — |  | — |  | 15.6 |
Emergency Communications Network, LLC | 6.8 |  | (6.8) |  | — |  | — |  | — |  | — |
EP Wealth Advisors, LLC | 14.1 |  | — |  | 14.1 |  | — |  | — |  | 14.1 |
EpiServer Inc. and Episerver Sweden Holdings AB | 14.5 |  | — |  | 14.5 |  | — |  | — |  | 14.5 |
EPS NASS Parent, Inc. | 1.5 |  | (0.8) |  | 0.7 |  | — |  | — |  | 0.7 |
eResearch Technology, Inc. and Astorg VII Co-Invest ERT | 2.5 |  | — |  | 2.5 |  | — |  | — |  | 2.5 |
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. | 1.1 |  | — |  | 1.1 |  | — |  | — |  | 1.1 |
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC | 28.0 |  | (6.2) |  | 21.8 |  | — |  | — |  | 21.8 |
Explorer Investor, Inc | 0.2 |  | — |  | 0.2 |  | — |  | — |  | 0.2 |
Extrahop Networks, Inc. | 5.9 |  | — |  | 5.9 |  | — |  | — |  | 5.9 |
Faraday Buyer, LLC | 4.7 |  | — |  | 4.7 |  | — |  | — |  | 4.7 |
FL Hawk Intermediate Holdings, Inc. | 0.5 |  | — |  | 0.5 |  | — |  | — |  | 0.5 |
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. | 14.5 |  | (7.1) |  | 7.4 |  | — |  | — |  | 7.4 |
FM:Systems Group, LLC | 1.5 |  | — |  | 1.5 |  | — |  | — |  | 1.5 |
Forescout Technologies, Inc. | 14.2 |  | — |  | 14.2 |  | — |  | — |  | 14.2 |
Foundation Risk Partners, Corp. | 40.5 |  | (8.6) |  | 31.9 |  | — |  | — |  | 31.9 |
FS Squared Holding Corp. and FS Squared, LLC | 9.6 |  | (0.5) |  | 9.1 |  | — |  | — |  | 9.1 |
Galway Borrower LLC | 9.8 |  | (0.4) |  | 9.4 |  | — |  | — |  | 9.4 |
Genesis Acquisition Co. and Genesis Ultimate Holding Co. | 1.5 |  | (1.5) |  | — |  | — |  | — |  | — |
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC | 47.5 |  | — |  | 47.5 |  | — |  | — |  | 47.5 |
GI Ranger Intermediate LLC | 9.2 |  | (0.4) |  | 8.8 |  | — |  | — |  | 8.8 |
Global Music Rights, LLC | 4.3 |  | — |  | 4.3 |  | — |  | — |  | 4.3 |
GNZ Energy Bidco Limited and Galileo Co-investment Trust I | 3.1 |  | — |  | 3.1 |  | — |  | — |  | 3.1 |
Gotham Greens Holdings, PBC | 33.8 |  | — |  | 33.8 |  | — |  | — |  | 33.8 |
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC | 5.0 |  | — |  | 5.0 |  | — |  | — |  | 5.0 |

119

(in millions) Portfolio Company | Total revolving and delayed draw loan commitments | Less: funded commitments | Total unfunded commitments | Less: commitments substantially at discretion of the Company | Less: unavailable commitments due to borrowing base or other covenant restrictions | Total net adjusted unfunded revolving and delayed draw commitments
HAI Acquisition Corporation and Aloha Topco, LLC | 19.0 |  | — |  | 19.0 |  | — |  | — |  | 19.0 |
Harvey Tool Company, LLC | 28.5 |  | — |  | 28.5 |  | — |  | — |  | 28.5 |
HealthEdge Software, Inc. | 36.2 |  | (0.3) |  | 35.9 |  | — |  | — |  | 35.9 |
Heavy Construction Systems Specialists, LLC | 4.0 |  | — |  | 4.0 |  | — |  | — |  | 4.0 |
Help/Systems Holdings, Inc. | 7.5 |  | — |  | 7.5 |  | — |  | — |  | 7.5 |
HGC Holdings, LLC | 7.5 |  | — |  | 7.5 |  | — |  | — |  | 7.5 |
HH-Stella, Inc. and Bedrock Parent Holdings, LP | 14.8 |  | (2.8) |  | 12.0 |  | — |  | — |  | 12.0 |
High Street Buyer, Inc. and High Street Holdco LLC | 25.5 |  | — |  | 25.5 |  | — |  | — |  | 25.5 |
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC | 9.5 |  | (1.1) |  | 8.4 |  | — |  | — |  | 8.4 |
Hometown Food Company | 3.9 |  | (0.8) |  | 3.1 |  | — |  | — |  | 3.1 |
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP | 22.6 |  | (9.4) |  | 13.2 |  | — |  | — |  | 13.2 |
Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P. | 13.0 |  | — |  | 13.0 |  | — |  | — |  | 13.0 |
Inszone Mid, LLC and INSZ Holdings, LLC | 17.2 |  | — |  | 17.2 |  | — |  | — |  | 17.2 |
IQN Holding Corp. | 6.8 |  | — |  | 6.8 |  | — |  | — |  | 6.8 |
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, LLC | 9.8 |  | (0.2) |  | 9.6 |  | — |  | — |  | 9.6 |
ITI Holdings, Inc. | 5.7 |  | (2.0) |  | 3.7 |  | — |  | — |  | 3.7 |
JDC Healthcare Management, LLC | 4.8 |  | (4.8) |  | — |  | — |  | — |  | — |
K2 Insurance Services, LLC and K2 Holdco LP | 9.1 |  | — |  | 9.1 |  | — |  | — |  | 9.1 |
Kaseya Inc. and Knockout Intermediate Holdings I Inc. | 31.2 |  | — |  | 31.2 |  | — |  | — |  | 31.2 |
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) | 5.0 |  | (3.2) |  | 1.8 |  | — |  | — |  | 1.8 |
Kene Acquisition, Inc. and Kene Holdings, L.P. | 8.9 |  | (0.2) |  | 8.7 |  | — |  | — |  | 8.7 |
Laboratories Bidco LLC and Laboratories Topco LLC | 41.3 |  | (8.8) |  | 32.5 |  | — |  | — |  | 32.5 |
LeanTaaS Holdings, Inc. | 54.0 |  | — |  | 54.0 |  | — |  | — |  | 54.0 |
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. | 5.5 |  | (0.7) |  | 4.8 |  | — |  | — |  | 4.8 |
Lew's Intermediate Holdings, LLC | 2.3 |  | — |  | 2.3 |  | — |  | — |  | 2.3 |
Lido Advisors, LLC | 0.8 |  | (0.4) |  | 0.4 |  | — |  | — |  | 0.4 |
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. | 10.1 |  | — |  | 10.1 |  | — |  | — |  | 10.1 |
LJP Purchaser, Inc. and LJP Topco, LP | 4.4 |  | — |  | 4.4 |  | — |  | — |  | 4.4 |
Lower ACS, Inc. | 25.9 |  | — |  | 25.9 |  | — |  | — |  | 25.9 |
LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC | 3.9 |  | — |  | 3.9 |  | — |  | — |  | 3.9 |
Majesco and Magic Topco, L.P. | 2.0 |  | — |  | 2.0 |  | — |  | — |  | 2.0 |
Management Consulting & Research LLC | 4.0 |  | — |  | 4.0 |  | — |  | — |  | 4.0 |
Manna Pro Products, LLC | 7.0 |  | (5.1) |  | 1.9 |  | — |  | — |  | 1.9 |
Marmic Purchaser, LLC and Marmic Topco, L.P. | 6.9 |  | — |  | 6.9 |  | — |  | — |  | 6.9 |
Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP | 32.9 |  | (7.3) |  | 25.6 |  | — |  | — |  | 25.6 |
McKenzie Creative Brands, LLC | 4.5 |  | (1.9) |  | 2.6 |  | — |  | — |  | 2.6 |
Medline Borrower, LP | 6.9 |  | (0.2) |  | 6.7 |  | — |  | — |  | 6.7 |
Micromeritics Instrument Corp. | 4.1 |  | — |  | 4.1 |  | — |  | — |  | 4.1 |
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp | 15.1 |  | — |  | 15.1 |  | — |  | — |  | 15.1 |
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. | 31.3 |  | (4.0) |  | 27.3 |  | — |  | — |  | 27.3 |
Monica Holdco (US) Inc. | 3.6 |  | (2.4) |  | 1.2 |  | — |  | — |  | 1.2 |
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC | 19.0 |  | — |  | 19.0 |  | — |  | — |  | 19.0 |
MRI Software LLC | 10.6 |  | — |  | 10.6 |  | — |  | — |  | 10.6 |
Murchison Oil and Gas, LLC and Murchison Holdings, LLC | 27.5 |  | — |  | 27.5 |  | — |  | — |  | 27.5 |
n2y Holding, LLC | 0.1 |  | — |  | 0.1 |  | — |  | — |  | 0.1 |
NAS, LLC and Nationwide Marketing Group, LLC | 3.0 |  | (0.6) |  | 2.4 |  | — |  | — |  | 2.4 |
National Intergovernmental Purchasing Alliance Company | 9.0 |  | (1.2) |  | 7.8 |  | — |  | — |  | 7.8 |
NCWS Intermediate, Inc. and NCWS Holdings LP | 28.1 |  | — |  | 28.1 |  | — |  | — |  | 28.1 |
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. | 0.6 |  | (0.1) |  | 0.5 |  | — |  | — |  | 0.5 |
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. | 12.6 |  | — |  | 12.6 |  | — |  | — |  | 12.6 |
Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1 | 119.1 |  | — |  | 119.1 |  | — |  | — |  | 119.1 |
NMC Skincare Intermediate Holdings II, LLC | 12.7 |  | — |  | 12.7 |  | — |  | — |  | 12.7 |
NMN Holdings III Corp. and NMN Holdings LP | 12.5 |  | (3.1) |  | 9.4 |  | — |  | — |  | 9.4 |
Noble Aerospace, LLC | 5.6 |  | (2.2) |  | 3.4 |  | — |  | — |  | 3.4 |
North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC | 8.1 |  | — |  | 8.1 |  | — |  | — |  | 8.1 |

120

(in millions) Portfolio Company | Total revolving and delayed draw loan commitments | Less: funded commitments | Total unfunded commitments | Less: commitments substantially at discretion of the Company | Less: unavailable commitments due to borrowing base or other covenant restrictions | Total net adjusted unfunded revolving and delayed draw commitments
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC | 22.5 |  | — |  | 22.5 |  | — |  | — |  | 22.5 |
North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC | 3.5 |  | — |  | 3.5 |  | — |  | — |  | 3.5 |
North Haven Stack Buyer, LLC | 5.1 |  | (0.8) |  | 4.3 |  | — |  | — |  | 4.3 |
Offen, Inc. | 5.6 |  | — |  | 5.6 |  | — |  | — |  | 5.6 |
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC | 1.6 |  | — |  | 1.6 |  | — |  | (1.6) |  | — |
OneDigital Borrower LLC | 7.5 |  | (0.4) |  | 7.1 |  | — |  | — |  | 7.1 |
Pathway Vet Alliance LLC and Jedi Group Holdings LLC | 1.9 |  | — |  | 1.9 |  | — |  | — |  | 1.9 |
Patriot Growth Insurance Services, LLC | 2.2 |  | — |  | 2.2 |  | — |  | — |  | 2.2 |
Paya, Inc and GTCR-Ultra Holdings LLC | 4.5 |  | — |  | 4.5 |  | — |  | — |  | 4.5 |
PDDS HoldCo, Inc. | 2.1 |  | — |  | 2.1 |  | — |  | — |  | 2.1 |
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC | 7.6 |  | (6.1) |  | 1.5 |  | — |  | — |  | 1.5 |
Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC | 20.6 |  | — |  | 20.6 |  | — |  | — |  | 20.6 |
Pelican Products, Inc. | 2.3 |  | — |  | 2.3 |  | — |  | — |  | 2.3 |
People Corporation | 20.6 |  | (1.3) |  | 19.3 |  | — |  | — |  | 19.3 |
Perforce Software, Inc. | 0.5 |  | — |  | 0.5 |  | — |  | — |  | 0.5 |
Petroleum Service Group LLC | 17.5 |  | (4.4) |  | 13.1 |  | — |  | — |  | 13.1 |
Petrus Buyer, Inc. | 2.7 |  | — |  | 2.7 |  | — |  | — |  | 2.7 |
Petvisor Holdings, LLC | 37.6 |  | — |  | 37.6 |  | — |  | — |  | 37.6 |
Ping Identity Holding Corp. | 0.2 |  | — |  | 0.2 |  | — |  | — |  | 0.2 |
Pluralsight, Inc. | 0.3 |  | (0.2) |  | 0.1 |  | — |  | — |  | 0.1 |
Precision Concepts International LLC and Precision Concepts Canada Corporation | 19.2 |  | (6.2) |  | 13.0 |  | — |  | — |  | 13.0 |
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. | 11.0 |  | (2.3) |  | 8.7 |  | — |  | — |  | 8.7 |
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP | 36.0 |  | (0.6) |  | 35.4 |  | — |  | — |  | 35.4 |
Prime Buyer, L.L.C. | 15.9 |  | (2.7) |  | 13.2 |  | — |  | — |  | 13.2 |
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC | 3.3 |  | — |  | 3.3 |  | — |  | — |  | 3.3 |
Professional Fighters League, LLC and PFL MMA, Inc. | 0.1 |  | — |  | 0.1 |  | — |  | — |  | 0.1 |
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. | 13.3 |  | — |  | 13.3 |  | — |  | — |  | 13.3 |
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. | 1.1 |  | — |  | 1.1 |  | — |  | — |  | 1.1 |
Project Potter Buyer, LLC and Project Potter Parent, L.P. | 5.5 |  | (2.1) |  | 3.4 |  | — |  | — |  | 3.4 |
Proofpoint, Inc. | 3.1 |  | — |  | 3.1 |  | — |  | — |  | 3.1 |
PS Operating Company LLC and PS Op Holdings LLC | 5.9 |  | (4.5) |  | 1.4 |  | — |  | — |  | 1.4 |
Pueblo Mechanical and Controls, LLC and OMERS PMC Investment Holdings LLC | 3.6 |  | — |  | 3.6 |  | — |  | — |  | 3.6 |
Pyramid Management Advisors, LLC and Pyramid Investors, LLC | 9.8 |  | (9.8) |  | — |  | — |  | — |  | — |
QF Holdings, Inc. | 2.3 |  | — |  | 2.3 |  | — |  | — |  | 2.3 |
Qnnect, LLC and Connector TopCo, LP | 2.8 |  | — |  | 2.8 |  | — |  | — |  | 2.8 |
Radius Aerospace, Inc. and Radius Aerospace Europe Limited | 2.8 |  | (0.7) |  | 2.1 |  | — |  | — |  | 2.1 |
Radwell Parent, LLC | 4.4 |  | — |  | 4.4 |  | — |  | — |  | 4.4 |
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC | 4.4 |  | — |  | 4.4 |  | — |  | — |  | 4.4 |
RB Holdings InterCo, LLC | 5.6 |  | (1.8) |  | 3.8 |  | — |  | — |  | 3.8 |
Reddy Ice LLC | 0.2 |  | — |  | 0.2 |  | — |  | — |  | 0.2 |
Redwood Services, LLC and Redwood Services Holdco, LLC | 4.5 |  | — |  | 4.5 |  | — |  | — |  | 4.5 |
Reef Lifestyle, LLC | 37.7 |  | (37.7) |  | — |  | — |  | — |  | — |
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. | 28.0 |  | — |  | 28.0 |  | — |  | — |  | 28.0 |
Relativity ODA LLC | 3.8 |  | — |  | 3.8 |  | — |  | — |  | 3.8 |
Repairify, Inc. and Repairify Holdings, LLC | 7.3 |  | — |  | 7.3 |  | — |  | — |  | 7.3 |
Revalize, Inc. | 0.9 |  | — |  | 0.9 |  | — |  | — |  | 0.9 |
Rialto Management Group, LLC | 1.3 |  | (0.2) |  | 1.1 |  | — |  | — |  | 1.1 |
Riser Merger Sub, Inc. | 2.8 |  | — |  | 2.8 |  | — |  | — |  | 2.8 |
Riverview Power LLC | 8.9 |  | — |  | 8.9 |  | — |  | — |  | 8.9 |
RMS HoldCo II, LLC & RMS Group Holdings, Inc. | 2.9 |  | — |  | 2.9 |  | — |  | — |  | 2.9 |
Rodeo AcquisitionCo LLC | 6.2 |  | (1.3) |  | 4.9 |  | — |  | — |  | 4.9 |

121

(in millions) Portfolio Company | Total revolving and delayed draw loan commitments | Less: funded commitments | Total unfunded commitments | Less: commitments substantially at discretion of the Company | Less: unavailable commitments due to borrowing base or other covenant restrictions | Total net adjusted unfunded revolving and delayed draw commitments
RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc. | 0.6 |  | — |  | 0.6 |  | — |  | — |  | 0.6 |
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. | 15.9 |  | (9.8) |  | 6.1 |  | — |  | — |  | 6.1 |
SageSure Holdings, LLC & Insight Catastrophe Group, LLC | 10.5 |  | (5.9) |  | 4.6 |  | — |  | — |  | 4.6 |
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. | 4.6 |  | (0.2) |  | 4.4 |  | — |  | — |  | 4.4 |
SCIH Salt Holdings Inc. | 7.5 |  | (2.6) |  | 4.9 |  | — |  | — |  | 4.9 |
SCM Insurance Services Inc. | 4.0 |  | — |  | 4.0 |  | — |  | — |  | 4.0 |
SFE Intermediate Holdco LLC | 15.2 |  | (8.3) |  | 6.9 |  | — |  | — |  | 6.9 |
Shermco Intermediate Holdings, Inc. | 4.0 |  | (2.7) |  | 1.3 |  | — |  | — |  | 1.3 |
Shock Doctor, Inc. and Shock Doctor Holdings, LLC | 2.5 |  | — |  | 2.5 |  | — |  | — |  | 2.5 |
Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc. | 5.0 |  | (1.8) |  | 3.2 |  | — |  | — |  | 3.2 |
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC | 7.1 |  | — |  | 7.1 |  | — |  | — |  | 7.1 |
SM Wellness Holdings, Inc. and SM Holdco, Inc. | 3.8 |  | — |  | 3.8 |  | — |  | — |  | 3.8 |
Smarsh Inc. and Skywalker TopCo, LLC | 2.0 |  | — |  | 2.0 |  | — |  | — |  | 2.0 |
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp | 1.7 |  | — |  | 1.7 |  | — |  | — |  | 1.7 |
Star US Bidco LLC | 8.5 |  | — |  | 8.5 |  | — |  | — |  | 8.5 |
Sun Acquirer Corp. and Sun TopCo, LP | 21.6 |  | (0.4) |  | 21.2 |  | — |  | — |  | 21.2 |
Sundance Group Holdings, Inc. | 3.0 |  | — |  | 3.0 |  | — |  | — |  | 3.0 |
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon | 6.0 |  | (0.6) |  | 5.4 |  | — |  | — |  | 5.4 |
Sunrun Luna Holdco 2021, LLC | 75.0 |  | (40.7) |  | 34.3 |  | — |  | — |  | 34.3 |
SV-Burton Holdings, LLC and LBC Breeze Holdings LLC | 3.3 |  | — |  | 3.3 |  | — |  | — |  | 3.3 |
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. | 7.0 |  | (3.1) |  | 3.9 |  | — |  | — |  | 3.9 |
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC | 4.2 |  | — |  | 4.2 |  | — |  | — |  | 4.2 |
TA/WEG Holdings, LLC | 2.0 |  | — |  | 2.0 |  | — |  | — |  | 2.0 |
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. | 7.5 |  | (1.3) |  | 6.2 |  | — |  | — |  | 6.2 |
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. | 1.7 |  | (0.8) |  | 0.9 |  | — |  | — |  | 0.9 |
TCP Hawker Intermediate LLC | 0.3 |  | (0.1) |  | 0.2 |  | — |  | — |  | 0.2 |
TerSera Therapeutics LLC | 0.1 |  | — |  | 0.1 |  | — |  | — |  | 0.1 |
The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc. | 1.1 |  | — |  | 1.1 |  | — |  | — |  | 1.1 |
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP | 12.6 |  | (11.5) |  | 1.1 |  | — |  | — |  | 1.1 |
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC | 1.7 |  | (0.1) |  | 1.6 |  | — |  | — |  | 1.6 |
The NPD Group, L.P., IRI Group Holdings, Inc., Information Resources, Inc. and IRI-NPD Co-Invest Aggregator, L.P. | 14.4 |  | (1.8) |  | 12.6 |  | — |  | — |  | 12.6 |
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP | 6.9 |  | — |  | 6.9 |  | — |  | — |  | 6.9 |
Thermostat Purchaser III, Inc. | 11.7 |  | — |  | 11.7 |  | — |  | — |  | 11.7 |
THG Acquisition, LLC | 18.2 |  | — |  | 18.2 |  | — |  | — |  | 18.2 |
TibCo Software Inc., Picard Parent, Inc., Picard MidCo, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. | 19.0 |  | — |  | 19.0 |  | — |  | — |  | 19.0 |
Trader Corporation and Project Auto Finco Corp. | 3.6 |  | — |  | 3.6 |  | — |  | — |  | 3.6 |
Two Six Labs, LLC | 10.3 |  | — |  | 10.3 |  | — |  | — |  | 10.3 |
UKG Inc. and H&F Unite Partners, L.P. | 25.0 |  | (10.8) |  | 14.2 |  | — |  | — |  | 14.2 |
United Digestive MSO Parent, LLC | 18.4 |  | — |  | 18.4 |  | — |  | — |  | 18.4 |
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. | 9.9 |  | — |  | 9.9 |  | — |  | — |  | 9.9 |
Verista, Inc. | 8.2 |  | (1.1) |  | 7.1 |  | — |  | — |  | 7.1 |
Verscend Holding Corp. | 22.5 |  | — |  | 22.5 |  | — |  | — |  | 22.5 |
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. | 8.7 |  | — |  | 8.7 |  | — |  | — |  | 8.7 |
VRC Companies, LLC | 5.4 |  | — |  | 5.4 |  | — |  | — |  | 5.4 |
VS Buyer, LLC | 8.1 |  | — |  | 8.1 |  | — |  | — |  | 8.1 |
Watermill Express, LLC and Watermill Express Holdings, LLC | 0.7 |  | — |  | 0.7 |  | — |  | — |  | 0.7 |
Waverly Advisors, LLC | 0.2 |  | — |  | 0.2 |  | — |  | — |  | 0.2 |
WebPT, Inc. | 0.9 |  | (0.3) |  | 0.6 |  | — |  | — |  | 0.6 |
Wellness AcquisitionCo, Inc. | 3.9 |  | — |  | 3.9 |  | — |  | — |  | 3.9 |
Wildcat BuyerCo, Inc. and Wildcat Parent, LP | 4.1 |  | (1.0) |  | 3.1 |  | — |  | — |  | 3.1 |
WorkWave Intermediate II, LLC | 5.2 |  | — |  | 5.2 |  | — |  | — |  | 5.2 |
WSHP FC Acquisition LLC and WSHP FC Holdings LLC | 35.4 |  | (9.6) |  | 25.8 |  | — |  | — |  | 25.8 |

122

(in millions) Portfolio Company | Total revolving and delayed draw loan commitments | Less: funded commitments | Total unfunded commitments | Less: commitments substantially at discretion of the Company | Less: unavailable commitments due to borrowing base or other covenant restrictions | Total net adjusted unfunded revolving and delayed draw commitments
XIFIN, Inc. and ACP Charger Co-Invest LLC | 8.9 |  | (0.2) |  | 8.7 |  | — |  | — |  | 8.7 |
YE Brands Holdings, LLC | 2.2 |  | (1.5) |  | 0.7 |  | — |  | — |  | 0.7 |
ZB Holdco LLC & ZB Parent LLC | 21.5 |  | (0.1) |  | 21.4 |  | — |  | — |  | 21.4 |
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP | 16.8 |  | — |  | 16.8 |  | — |  | — |  | 16.8 |
| $ | 2,915.8 |  | $ | (526.2) |  | $ | 2,389.6 |  | $ | — |  | $ | (13.0) |  | $ | 2,376.6 |

(16)As of December 31, 2022, the Company was party to agreements to fund equity investments as follows:

(in millions) Company | Total equity commitments | Less: funded equity commitments | Total unfunded equity commitments | Less: equity commitments substantially at the discretion of the Company | Total net adjusted unfunded equity commitments
PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar Investment II, L.P. | $ | 50.0 |  | $ | (12.5) |  | $ | 37.5 |  | $ | (37.5) |  | $ | — |
Athyrium Buffalo LP | 15.5 |  | (7.6) |  | 7.9 |  | (7.9) |  | — |
European Capital UK SME Debt LP | 54.3 |  | (49.1) |  | 5.2 |  | (5.2) |  | — |
| $ | 119.8 |  | $ | (69.2) |  | $ | 50.6 |  | $ | (50.6) |  | $ | — |

(17)As of December 31, 2022, the Company had commitments to co-invest in the SDLP for its portion of the SDLP’s commitment to fund delayed draw loans of up to $68. See Note 4 to the consolidated financial statements for more information on the SDLP.
(18)Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 8 to the consolidated financial statements for more information regarding the fair value of the Company’s investments.
(19)As of December 31, 2022, the estimated net unrealized gain for federal tax purposes was $0.2 billion based on a tax cost basis of $22.0 billion. As of December 31, 2022, the estimated aggregate gross unrealized loss for federal income tax purposes was $1.2 billion and the estimated aggregate gross unrealized gain for federal income tax purposes was $1.0 billion.
123

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(in millions, except per share data)
(unaudited)

| Common Stock |  | Capital in Excess of Par Value |  | Accumulated Undistributed (Overdistributed) Earnings |  | Total Stockholders’ Equity
| Shares |  | Amount |  |  |
Balance at December 31, 2021 | 468 |  |  | $ | — |  |  | $ | 8,553 |  |  | $ | 315 |  |  | $ | 8,868 |
Issuances of common stock (net of offering and underwriting costs) | 25 |  |  | — |  |  | 510 |  |  | — |  |  | 510 |
Shares issued in connection with dividend reinvestment plan | — |  |  | — |  |  | 12 |  |  | — |  |  | 12 |
Net investment income | — |  |  | — |  |  | — |  |  | 198 |  |  | 198 |
Net realized gains on investments, foreign currency, extinguishment of debt and other transactions | — |  |  | — |  |  | — |  |  | 10 |  |  | 10 |
Net unrealized gains on investments, foreign currency and other transactions | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |
Dividends declared and payable ($0.45 per share) | — |  |  | — |  |  | — |  |  | (220) |  |  | (220) |
Cumulative effect of adjustment for the adoption of ASU 2020-06 (Note 2) | — |  |  | — |  |  | (4) |  |  | 2 |  |  | (2) |
Balance at March 31, 2022 | 493 |  |  | $ | — |  |  | $ | 9,071 |  |  | $ | 308 |  |  | $ | 9,379 |
Issuances of common stock (net of offering and underwriting costs) | 3 |  |  | — |  |  | 68 |  |  | — |  |  | 68 |
Net investment income | — |  |  | — |  |  | — |  |  | 257 |  |  | 257 |
Net realized losses on investments, foreign currency, extinguishment of debt and other transactions | — |  |  | — |  |  | — |  |  | (3) |  |  | (3) |
Net unrealized losses on investments, foreign currency and other transactions | — |  |  | — |  |  | — |  |  | (143) |  |  | (143) |
Dividends declared and payable ($0.45 per share) | — |  |  | — |  |  | — |  |  | (223) |  |  | (223) |
Balance at June 30, 2022 | 496 |  |  | $ | — |  |  | $ | 9,139 |  |  | $ | 196 |  |  | $ | 9,335 |
Issuances of common stock (net of offering and underwriting costs) | 12 |  |  | — |  |  | 231 |  |  | — |  |  | 231 |
Net investment income | — |  |  | — |  |  | — |  |  | 288 |  |  | 288 |
Net unrealized losses on investments, foreign currency and other transactions | — |  |  | — |  |  | — |  |  | (184) |  |  | (184) |
Dividends declared and payable ($0.46 per share) | — |  |  | — |  |  | — |  |  | (234) |  |  | (234) |
Balance at September 30, 2022 | 508 |  |  | $ | — |  |  | $ | 9,370 |  |  | $ | 66 |  |  | $ | 9,436 |
Issuances of common stock (net of offering and underwriting costs) | 10 |  |  | 1 |  |  | 191 |  |  | — |  |  | 192 |
Shares issued in connection with dividend reinvestment plan | 1 |  |  | — |  |  | 17 |  |  | — |  |  | 17 |
Net investment income | — |  |  | — |  |  | — |  |  | 349 |  |  | 349 |
Net realized gains on investments, foreign currency, extinguishment of debt and other transactions | — |  |  | — |  |  | — |  |  | 26 |  |  | 26 |
Net unrealized losses on investments, foreign currency and other transactions | — |  |  | — |  |  | — |  |  | (201) |  |  | (201) |
Dividends declared and payable ($0.51 per share) | — |  |  | — |  |  | — |  |  | (264) |  |  | (264) |
Tax reclassification of stockholders’ equity in accordance with GAAP | — |  |  | — |  |  | (22) |  |  | 22 |  |  | — |
Balance at December 31, 2022 | 519 |  |  | $ | 1 |  |  | $ | 9,556 |  |  | $ | (2) |  |  | $ | 9,555 |
Issuances of common stock (net of offering and underwriting costs) | 26 |  |  | — |  |  | 477 |  |  | — |  |  | 477 |
Net investment income | — |  |  | — |  |  | — |  |  | 318 |  |  | 318 |
Net realized losses on investments, foreign currency, extinguishment of debt and other transactions | — |  |  | — |  |  | — |  |  | (50) |  |  | (50) |
Net unrealized gains on investments, foreign currency and other transactions | — |  |  | — |  |  | — |  |  | 10 |  |  | 10 |
Dividends declared and payable ($0.48 per share) | — |  |  | — |  |  | — |  |  | (261) |  |  | (261) |
Balance at March 31, 2023 | 545 |  |  | $ | 1 |  |  | $ | 10,033 |  |  | $ | 15 |  |  | $ | 10,049 |
Issuances of common stock (net of offering and underwriting costs) | 12 |  |  | — |  |  | 227 |  |  | — |  |  | 227 |
Shares issued in connection with dividend reinvestment plan | — |  |  | — |  |  | 13 |  |  | — |  |  | 13 |
Net investment income | — |  |  | — |  |  | — |  |  | 314 |  |  | 314 |
Net realized losses on investments, foreign currency, extinguishment of debt and other transactions | — |  |  | — |  |  | — |  |  | (81) |  |  | (81) |
Net unrealized gains on investments, foreign currency and other transactions | — |  |  | — |  |  | — |  |  | 98 |  |  | 98 |
Dividends declared and payable ($0.48 per share) | — |  |  | — |  |  | — |  |  | (266) |  |  | (266) |
Balance at June 30, 2023 | 557 |  |  | $ | 1 |  |  | $ | 10,273 |  |  | $ | 80 |  |  | $ | 10,354 |

See accompanying notes to consolidated financial statements.
124

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
(unaudited)

| For the Six Months Ended June 30,
| 2023 |  | 2022 |  |
OPERATING ACTIVITIES: |  |  |  |  |
Net increase in stockholders’ equity resulting from operations | $ | 609 |  |  | $ | 322 |  |  |
Adjustments to reconcile net increase in stockholders’ equity resulting from operations: |  |  |  |  |
Net realized losses (gains) on investments, foreign currency and other transactions | 131 |  |  | (55) |  |  |
Net unrealized (gains) losses on investments, foreign currency and other transactions | (108) |  |  | 140 |  |  |
Realized loss on extinguishment of debt | — |  |  | 48 |  |  |
Net accretion of discount on investments | (9) |  |  | (5) |  |  |
PIK interest | (81) |  |  | (63) |  |  |
Collections of PIK interest | 27 |  |  | 28 |  |  |
PIK dividends | (95) |  |  | (82) |  |  |
Collections of PIK dividends | 11 |  |  | 4 |  |  |
Amortization of debt issuance costs | 15 |  |  | 15 |  |  |
Net amortization of premium on notes payable | (2) |  |  | (3) |  |  |
Proceeds from sales and repayments of investments and other transactions | 2,858 |  |  | 3,608 |  |  |
Purchases of investments | (2,452) |  |  | (4,849) |  |  |
Changes in operating assets and liabilities: |  |  |  |  |
Interest receivable | (9) |  |  | 7 |  |  |
Other assets | (16) |  |  | 27 |  |  |
Operating lease right-of-use asset | 5 |  |  | 3 |  |  |
Base management fees payable | — |  |  | 6 |  |  |
Income based fees payable | (2) |  |  | (10) |  |  |
Capital gains incentive fees payable | (2) |  |  | (53) |  |  |
Interest and facility fees payable | (18) |  |  | (11) |  |  |
Payable to participants | 8 |  |  | (57) |  |  |
Accounts payable and other liabilities | (39) |  |  | (33) |  |  |
Operating lease liabilities | (7) |  |  | (6) |  |  |
Net cash provided by (used in) operating activities | 824 |  |  | (1,019) |  |  |
FINANCING ACTIVITIES: |  |  |  |  |
Borrowings on debt | 1,897 |  |  | 3,550 |  |  |
Repayments and repurchases of debt | (2,739) |  |  | (2,893) |  |  |
Debt issuance costs | (12) |  |  | (15) |  |  |
Net proceeds from issuance of common stock | 704 |  |  | 579 |  |  |
Dividends paid | (514) |  |  | (431) |  |  |
Secured borrowings, net | (44) |  |  | 4 |  |  |
Net cash (used in) provided by financing activities | (708) |  |  | 794 |  |  |
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 116 |  |  | (225) |  |  |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 337 |  |  | 486 |  |  |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $ | 453 |  |  | $ | 261 |  |  |
Supplemental Information: |  |  |  |  |
Interest paid during the period | $ | 271 |  |  | $ | 182 |  |  |
Taxes, including excise tax, paid during the period | $ | 28 |  |  | $ | 54 |  |  |
Dividends declared and payable during the period | $ | 527 |  |  | $ | 443 |  |  |

See accompanying notes to consolidated financial statements.
125

ARES CAPITAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2023
(in millions, except per share data, percentages and as otherwise indicated;
for example, with the word “billion” or otherwise)
(unaudited)
1. ORGANIZATION
Ares Capital Corporation (the “Company”) is a specialty finance company that is a closed-end, non-diversified management investment company incorporated in Maryland. The Company has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). The Company has elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), and operates in a manner so as to qualify for the tax treatment applicable to RICs.
The Company’s investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company invests primarily in first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and second lien senior secured loans. In addition to senior secured loans, the Company also invests in subordinated loans (sometimes referred to as mezzanine debt), which in some cases includes an equity component, and preferred equity. To a lesser extent, the Company also makes common equity investments.
The Company is externally managed by Ares Capital Management LLC (“Ares Capital Management” or the Company’s “investment adviser”), a subsidiary of Ares Management Corporation (“Ares Management”), a publicly traded, leading global alternative investment manager, pursuant to an investment advisory and management agreement. Ares Operations LLC (“Ares Operations” or the Company’s “administrator”), a subsidiary of Ares Management, provides certain administrative and other services necessary for the Company to operate.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”), and include the accounts of the Company and its consolidated subsidiaries. The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies. The consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented. All significant intercompany balances and transactions have been eliminated.
Interim financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023.
The Company reclassified certain industry groupings of its portfolio companies presented in the accompanying consolidated financial statements as of December 31, 2022 to align with the recently updated Global Industry Classification Standards (“GICS”), where applicable. These reclassifications had no impact on the prior period’s consolidated balance sheet.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include funds from time to time deposited with financial institutions and short-term, liquid investments in a money market account. Cash and cash equivalents are carried at cost which approximates fair value. As of June 30, 2023 and December 31, 2022, there was $73 and $12, respectively, of cash denominated in foreign currencies included within “cash and cash equivalents” or “restricted cash” in the accompanying consolidated balance sheet.
126

Restricted cash primarily relates to cash received by the Company on behalf of participating lenders as a result of the Company’s role as administrative agent for certain loans. The cash received is generally distributed to participating lenders shortly after the receipt of such cash.
The following table provides a reconciliation of cash, cash equivalents and restricted cash in the consolidated balance sheet to the total amount shown at the end of the applicable period in the consolidated statement of cash flows:

| As of
| June 30, 2023 |  | December 31, 2022
Cash and cash equivalents | $ | 411 |  |  | $ | 303 |
Restricted cash | 42 |  |  | 34 |
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | $ | 453 |  |  | $ | 337 |

Concentration of Credit Risk
The Company places its cash and cash equivalents with financial institutions and, at times, cash held in depository or money market accounts may exceed the Federal Deposit Insurance Corporation insured limits.
Investments
Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.
Effective October 1, 2022, pursuant to Rule 2a-5 under the Investment Company Act, the Company’s board of directors designated the Company’s investment adviser as the Company’s valuation designee to perform the fair value determinations for investments held by the Company without readily available market quotations subject to the overall supervision of the Company’s board of directors.
Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Company’s investment adviser, as the valuation designee, looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available (i.e., substantially all of the Company’s investments) are valued at fair value as determined in good faith by the Company’s investment adviser, as the valuation designee, subject to the oversight of the Company’s board of directors, based on, among other things, the input of the Company’s independent third-party valuation firms that have been engaged to support the valuation of such portfolio investments at least once during a trailing 12-month period (with certain de minimis exceptions) and under a valuation policy and a consistently applied valuation process. The valuation process is conducted at the end of each fiscal quarter by the Company’s investment adviser, and a portion of the Company’s investment portfolio at fair value is subject to review by an independent third-party valuation firm each quarter. In addition, the Company’s independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, the Company’s valuation process within the context of performing the Company’s integrated audit.
As part of the valuation process, the Company’s investment adviser may take into account the following types of factors, if relevant, in determining the fair value of the Company’s investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Company’s investment adviser considers the pricing indicated by the external event to corroborate the valuation.
127

Because there is not a readily available market value for most of the investments in the Company’s portfolio, substantially all of the Company’s portfolio investments are valued at fair value as determined in good faith by its investment adviser, as the valuation designee, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which the Company has recorded it.
In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.
The Company’s investment adviser, as the valuation designee, subject to the oversight of the Company’s board of directors undertakes a multi-step valuation process each quarter, as described below:
•The Company’s quarterly valuation process begins with a preliminary valuation being prepared by the investment professionals responsible for the portfolio investment in conjunction with the Company’s portfolio management and valuation team.
•Preliminary valuations are reviewed and discussed by the valuation committee of the Company’s investment adviser.
•The valuation committee of the Company’s investment adviser determines the fair value of each investment in the Company’s portfolio without a readily available market quotation in good faith based on, among other things, the input of the independent third-party valuation firms, where applicable.
See Note 8 for more information on the Company’s valuation process.
Interest Income Recognition
Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. To maintain the Company’s tax status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends for the year the income was earned, even though the Company has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest.
Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company’s judgment, are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection.
Dividend Income Recognition
Dividend income on preferred equity is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent a preferred equity contains PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as dividend income and added to the principal balance of the preferred equity. PIK dividends added to the principal balance are generally collected upon redemption of the equity.
128

Capital Structuring Service Fees and Other Income
In pursuit of the Company’s investment objective, the Company’s investment adviser seeks to provide assistance to its portfolio companies and in return the Company may receive fees for capital structuring services. These fees are fixed based on contractual terms, are generally only available to the Company as a result of the Company’s underlying investments, are normally paid at the closing of the investments, are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the investment. The services that the Company’s investment adviser provides vary by investment, but generally include reviewing existing credit facilities, arranging bank financing, arranging equity financing, structuring financing from multiple lenders, structuring financing from multiple equity investors, restructuring existing loans, raising equity and debt capital, and providing general financial advice, which concludes upon closing of the investment. Any services of the above nature subsequent to the closing would generally generate a separate fee payable to the Company. In certain instances where the Company is invited to participate as a co-lender in a transaction and does not provide significant services in connection with the investment, a portion of loan fees paid to the Company in such situations will be deferred and amortized over the contractual life of the loan.
Other income includes amendment fees that are fixed based on contractual terms and are generally non-recurring and
non-refundable and are recognized as revenue when earned upon closing of the related transaction. Other income also includes fees for management and consulting services, agency services, loan guarantees, commitments, and other services rendered by the Company to portfolio companies. Such fees are fixed based on contractual terms and are recognized as income as services are rendered.
Foreign Currency Translation
The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
(1)Fair value of investment securities, other assets and liabilities—at the exchange rates prevailing at the end of the period.
(2)Purchases and sales of investment securities, income and expenses—at the exchange rates prevailing on the respective dates of such transactions, income or expenses.
Results of operations based on changes in foreign exchange rates are separately disclosed in the statement of operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.
Derivative Instruments
The Company does not utilize hedge accounting and as such values its derivatives at fair value with the unrealized gains or losses recorded in “net unrealized gains (losses) from foreign currency and other transactions” in the Company’s consolidated statement of operations.
Equity Offering Expenses
The Company’s offering costs are charged against the proceeds from equity offerings when proceeds are received.
Debt Issuance Costs
Debt issuance costs are amortized over the life of the related debt instrument using the straight line method or the effective yield method, depending on the type of debt instrument.
Secured Borrowings
The Company follows the guidance in ASC Topic 860, Transfers and Servicing (“ASC Topic 860”), when accounting for participations and other partial loan sales. Certain loan sales do not qualify for sale accounting under ASC Topic 860
129

because these sales do not meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest or which are not eligible for sale accounting remain as an investment on the consolidated balance sheet as required under GAAP and the proceeds are recorded as a secured borrowing. Secured borrowings are carried at fair value.
Leases
The Company is obligated under a number of operating leases pursuant to which it is leasing office facilities from third parties with remaining terms ranging from approximately one to four years. Such operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the accompanying consolidated balance sheets. The Company does not have any finance leases.
The ROU asset represents the Company’s right to use an underlying asset for the lease term and the operating lease liability represents the Company’s obligation to make lease payments arising from such lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the remaining lease term. The Company’s leases do not provide an implicit discount rate, and as such the Company uses its weighted average borrowing rate based on the information available at the commencement date in determining the present value of the remaining lease payments. Lease expense is recognized on a straight-line basis over the remaining lease term. The Company has elected as a practical expedient to treat non-lease components as part of the lease as these components are not significant when compared to the lease component.
Income Taxes
The Company has elected to be treated as a RIC under the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must, among other requirements, meet certain source-of- income and asset diversification requirements and timely distribute to its stockholders at least 90% of its investment company taxable income, as defined by the Code, for each year. The Company has made and intends to continue to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal corporate-level income taxes.
Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, the Company accrues excise tax, if any, on estimated excess taxable income as such taxable income is earned.
The Company may hold certain portfolio company investments through consolidated taxable subsidiaries. Such subsidiaries may be subject to U.S. federal and state corporate-level income taxes. These consolidated subsidiaries recognize deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between the tax basis of certain assets and liabilities and the reported amounts included in the accompanying consolidated balance sheet using the applicable statutory tax rates in effect for the year in which any such temporary differences are expected to reverse.
Dividends to Common Stockholders
Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the Company’s board of directors each quarter and is generally based upon the earnings estimated by management and considers the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Net realized capital gains, if any, are generally distributed, although the Company may decide to retain such capital gains for investment.
The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s board of directors authorizes, and the Company declares, a cash dividend, then the Company’s stockholders who have not “opted out” of the Company’s dividend reinvestment plan will have their cash dividends automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash dividend. The Company may use newly issued shares to implement the dividend reinvestment plan or, if the Company is otherwise permitted under applicable law to purchase such shares, the Company may purchase shares in the open market in connection with the Company’s obligations under the dividend reinvestment plan.
130

Use of Estimates in the Preparation of Consolidated Financial Statements
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of actual and contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income or loss and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the valuation of investments.
Recent Accounting Pronouncements
The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board. The Company has assessed currently issued ASUs and has determined that they are not applicable or expected to have minimal impact on its consolidated financial statements.
3. AGREEMENTS
Investment Advisory and Management Agreement
The Company is party to an investment advisory and management agreement (the “investment advisory and management agreement”), with its investment adviser, Ares Capital Management. Subject to the overall supervision of the Company’s board of directors and in accordance with the Investment Company Act, Ares Capital Management provides investment advisory and management services to the Company. For providing these services, Ares Capital Management receives fees from the Company consisting of a base management fee, a fee based on the Company’s net investment income (“income based fee”) and a fee based on the Company’s net capital gains (“capital gains incentive fee”). The investment advisory and management agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party.
Effective June 21, 2019, in connection with the Company’s board of directors’ approval of the modification of the asset coverage requirement applicable to senior securities from 200% to 150%, the investment advisory and management agreement was amended to reduce the Company’s annual base management fee rate from 1.5% to 1.0% on all assets financed using leverage over 1.0x debt to equity. For all assets financed using leverage up to 1.0x debt to equity, the annual base management fee rate remains at 1.5%. The base management fee is based on the average value of the Company’s total assets (other than cash or cash equivalents but including assets purchased with borrowed funds) at the end of the two most recently completed calendar quarters and is calculated by applying the applicable fee rate. The base management fee is payable quarterly in arrears. See Note 5 for additional information.
The income based fee is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income, as defined in the investment advisory and management agreement, for the quarter. Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the administration agreement, and any interest expense and dividends paid on any outstanding preferred stock, but excluding the income based fee and capital gains incentive fee accrued under GAAP). Pre-incentive fee net investment income includes, in the case of investments with a deferred income feature (such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that the Company has not yet received in cash. The Company’s investment adviser is not under any obligation to reimburse the Company for any part of the income based fees it received that was based on accrued income that the Company never actually received.
Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses, unrealized capital appreciation, unrealized capital depreciation or income tax expense related to realized gains and losses. Because of the structure of the income based fee, it is possible that the Company may pay such fees in a quarter where the Company incurs a loss. For example, if the Company earns pre-incentive fee net investment income in excess of the hurdle rate (as defined below) for a quarter, the Company will pay the applicable income based fee even if the Company has incurred a loss in that quarter due to realized and/or unrealized capital losses.
Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any income based fees and capital gains incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 1.75% per quarter. If market credit spreads rise, the Company may be able to invest its funds in debt instruments that provide
131

for a higher return, which may increase the Company’s pre-incentive fee net investment income and make it easier for the Company’s investment adviser to surpass the fixed hurdle rate and receive an income based fee based on such net investment income. To the extent the Company has retained pre-incentive fee net investment income that has been used to calculate the income based fee, it is also included in the amount of the Company’s total assets (other than cash and cash equivalents but including assets purchased with borrowed funds) used to calculate the base management fee.
The Company pays its investment adviser an income based fee with respect to the Company’s pre-incentive fee net investment income in each calendar quarter as follows:
•No income based fee in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the hurdle rate;
•100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875% in any calendar quarter. The Company refers to this portion of its pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 2.1875%) as the “catch-up” provision. The “catch-up” is meant to provide the Company’s investment adviser with 20% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeded 2.1875% in any calendar quarter; and
•20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 2.1875% in any calendar quarter.
These calculations are adjusted for any share issuances or repurchases during the quarter.
The capital gains incentive fee is determined and payable in arrears as of the end of each calendar year (or, upon termination of the investment advisory and management agreement, as of the termination date) and is calculated at the end of each applicable year by subtracting (a) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (b) the Company’s cumulative aggregate realized capital gains, in each case calculated from October 8, 2004 (the date the Company completed its initial public offering). Realized capital gains and losses include gains and losses on investments and foreign currencies, gains and losses on extinguishment of debt and from other assets, as well as any income tax and other expenses related to cumulative aggregate realized gains and losses. If such amount is positive at the end of such year, then the capital gains incentive fee for such year is equal to 20% of such amount, less the aggregate amount of capital gains incentive fees paid in all prior years. If such amount is negative, then there is no capital gains incentive fee for such year.
The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment.
The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable capital gains incentive fee calculation date and (b) the accreted or amortized cost basis of such investment.
Notwithstanding the foregoing, if the Company is required by GAAP to record an investment at its fair value as of the time of acquisition instead of at the actual amount paid for such investment by the Company (including, for example, as a result of the application of the asset acquisition method of accounting), then solely for the purposes of calculating the capital gains incentive fee, the “accreted or amortized cost basis” of an investment shall be an amount (the “Contractual Cost Basis”) equal to (1) (x) the actual amount paid by the Company for such investment plus (y) any amounts recorded in the Company’s financial statements as required by GAAP that are attributable to the accretion of such investment plus (z) any other adjustments made to the cost basis included in the Company’s financial statements, including PIK interest or additional amounts funded (net of repayments) minus (2) any amounts recorded in the Company’s financial statements as required by GAAP that are attributable to the amortization of such investment, whether such calculated Contractual Cost Basis is higher or lower than the fair value of such investment (as determined in accordance with GAAP) at the time of acquisition.
132

The base management fees, income based fees and capital gains incentive fees for the three and six months ended June 30, 2023 and 2022 were as follows:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Base management fees | $ | 79 |  |  | $ | 75 |  |  | $ | 158 |  |  | $ | 148 |  |  |
Income based fees | $ | 79 |  |  | $ | 57 |  |  | $ | 155 |  |  | $ | 108 |  |  |
Capital gains incentive fees(1) | $ | 4 |  |  | $ | (29) |  |  | $ | (2) |  |  | $ | (27) |  |  |

________________________________________
(1)Calculated in accordance with GAAP as discussed below.
There was no capital gains incentive fee payable to the Company’s investment adviser as calculated under the investment advisory and management agreement for the three and six months ended June 30, 2023 and 2022. In addition, in accordance with GAAP, the Company had cumulatively accrued a capital gains incentive fee of $33 as of June 30, 2023. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory and management agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then GAAP requires the Company to record a capital gains incentive fee equal to 20% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under GAAP in all prior periods. As of June 30, 2023, the Company has paid capital gains incentive fees since inception totaling $133. The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future.
Cash payment of any income based fees and capital gains incentive fees otherwise earned by the Company’s investment adviser is deferred if during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made the sum of (a) the aggregate distributions to the Company’s stockholders and (b) the change in net assets (defined as total assets less indebtedness and before taking into account any income based fees and capital gains incentive fees payable during the period) is less than 7.0% of the Company’s net assets (defined as total assets less indebtedness) at the beginning of such period. These calculations will be adjusted for any share issuances or repurchases. Any income based fees and capital gains incentive fees deferred for payment are carried over for payment in subsequent calculation periods to the extent such fees are payable under the terms of the investment advisory and management agreement. Pursuant to the terms of the investment advisory and management agreement, payment of $81 of the income based fees earned by the Company’s investment adviser for the fourth quarter of 2022 had been previously deferred. The deferred income based fees were paid in the second quarter of 2023 pursuant to the terms of the investment advisory and management agreement.
The services of all investment professionals and staff of the Company’s investment adviser, when and to the extent engaged in providing investment advisory and management services to the Company, and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Company’s investment adviser. Under the investment advisory and management agreement, the Company bears all other costs and expenses of its operations and transactions, including, but not limited to, those relating to: organization; calculation of the Company’s net asset value (including, but not limited to, the cost and expenses of any independent third-party valuation firm); expenses incurred by the Company’s investment adviser payable to third parties, including agents, consultants or other advisers, in monitoring the Company’s financial and legal affairs and in monitoring the Company’s investments (including the cost of consultants hired to develop information technology systems designed to monitor the Company’s investments) and performing due diligence on the Company’s prospective portfolio companies; interest payable on indebtedness, if any, incurred to finance the Company’s investments (including payments to third party vendors for financial information services); offerings of the Company’s common stock and other securities; investment advisory and management fees; administration fees; fees payable to third parties, including agents, consultants or other advisers, relating to, or associated with, evaluating and making investments in portfolio companies, regardless of whether such transactions are ultimately consummated; transfer agent and custodial fees; registration fees; listing fees; taxes; independent directors’ fees and expenses; costs of preparing and filing reports or other
133

documents with the Securities and Exchange Commission (the “SEC”); the costs of any reports, proxy statements or other notices to stockholders, including printing costs; to the extent the Company is covered by any joint insurance policies, the Company’s allocable portion of the insurance premiums for such policies; direct costs and expenses of administration, including auditor and legal costs; and all other expenses incurred by the Company or its administrator in connection with administering the Company’s business as described in more detail under “Administration Agreement” below.
Administration Agreement
The Company is party to an administration agreement (the “administration agreement”) with its administrator, Ares Operations. Pursuant to the administration agreement, Ares Operations furnishes the Company with office equipment and clerical, bookkeeping and record keeping services at the Company’s office facilities. Under the administration agreement, Ares Operations also performs, or oversees the performance of, the Company’s required administrative services, which include, among other things, providing assistance in accounting, legal, compliance, operations, technology and investor relations, being responsible for the financial records that the Company is required to maintain and preparing reports to its stockholders and reports filed with the SEC. In addition, Ares Operations assists the Company in determining and publishing its net asset value, assists the Company in providing managerial assistance to its portfolio companies, oversees the preparation and filing of the Company’s tax returns and the printing and dissemination of reports to its stockholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to the Company by others. Payments under the administration agreement are equal to an amount based upon its allocable portion of Ares Operations’ overhead and other expenses (including travel expenses) incurred by Ares Operations in performing its obligations under the administration agreement, including the Company’s allocable portion of the compensation, rent and other expenses of certain of its officers (including the Company’s chief compliance officer, chief financial officer, chief accounting officer, general counsel, secretary, treasurer and assistant treasurer) and their respective staffs. The administration agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party.
For the three and six months ended June 30, 2023, the Company incurred $3 and $6, respectively, in administrative and other fees, including certain costs that are reimbursable under the investment advisory and management agreement or administration agreement. For the three and six months ended June 30, 2022, the Company incurred $2 and $6, respectively, in administrative and other fees, including certain costs that are reimbursable under the investment advisory and management agreement or administration agreement. As of June 30, 2023 and December 31, 2022, $3 and $2, respectively, in administrative and other fees were unpaid and included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet.
4. INVESTMENTS
As of June 30, 2023 and December 31, 2022, investments consisted of the following:

| As of
| June 30, 2023 |  | December 31, 2022
| Amortized Cost(1) |  | Fair Value |  | Amortized Cost(1) |  | Fair Value
First lien senior secured loans(2) | $ | 9,304 |  |  | $ | 8,972 |  |  | $ | 9,684 |  |  | $ | 9,373 |
Second lien senior secured loans | 4,160 |  |  | 3,879 |  |  | 4,218 |  |  | 3,934 |
Subordinated certificates of the SDLP(3) | 1,289 |  |  | 1,237 |  |  | 1,274 |  |  | 1,249 |
Senior subordinated loans | 1,147 |  |  | 1,054 |  |  | 1,163 |  |  | 1,079 |
Preferred equity | 2,161 |  |  | 2,140 |  |  | 2,095 |  |  | 2,027 |
Ivy Hill Asset Management, L.P.(4) | 1,968 |  |  | 2,151 |  |  | 2,048 |  |  | 2,201 |
Other equity | 1,657 |  |  | 2,063 |  |  | 1,561 |  |  | 1,917 |
Total | $ | 21,686 |  |  | $ | 21,496 |  |  | $ | 22,043 |  |  | $ | 21,780 |

________________________________________
(1)The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.
(2)First lien senior secured loans include certain loans that the Company classifies as “unitranche” loans. The total amortized cost and fair value of the loans that the Company classified as “unitranche” loans were $4,875 and $4,746 respectively, as of June 30, 2023, and $4,983 and $4,841, respectively, as of December 31, 2022.
134

(3)The proceeds from these certificates were applied to co-investments with Varagon Capital Partners (“Varagon”) and its clients to fund first lien senior secured loans to 21 and 22 different borrowers as of June 30, 2023 and December 31, 2022, respectively.
(4)Includes the Company’s subordinated loan and equity investments in IHAM (as defined below), as applicable.
The Company uses GICS for classifying the industry groupings of its portfolio companies. The industrial and geographic compositions of the Company’s portfolio at fair value as of June 30, 2023 and December 31, 2022 were as follows:

| As of
| June 30, 2023 |  | December 31, 2022
Industry |  |  |
Software and Services | 22.0 | % |  | 21.9 | %
Financial Services(1) | 13.0 |  |  | 13.3 |
Health Care Services | 11.3 |  |  | 10.8 |
Commercial and Professional Services | 9.7 |  |  | 9.5 |
Investment Funds and Vehicles(2) | 5.9 |  |  | 6.0 |
Power Generation | 4.8 |  |  | 4.5 |
Insurance Services | 4.8 |  |  | 5.2 |
Consumer Services | 3.7 |  |  | 4.2 |
Consumer Durables and Apparel | 3.7 |  |  | 3.7 |
Capital Goods | 2.9 |  |  | 3.6 |
Media and Entertainment | 2.4 |  |  | 2.1 |
Food and Beverage | 2.1 |  |  | 2.0 |
Retailing and Distribution | 2.1 |  |  | 2.2 |
Energy | 2.0 |  |  | 2.0 |
Automobiles and Components | 2.0 |  |  | 2.1 |
Other | 7.6 |  |  | 6.9 |
Total | 100.0 | % |  | 100.0 | %

________________________________________
(1)Includes the Company’s investment in IHAM.
(2)Includes the Company’s investment in the SDLP (as defined below), which had made first lien senior secured loans to 21 and 22 different borrowers as of June 30, 2023 and December 31, 2022, respectively. The portfolio companies in the SDLP are in industries similar to the companies in the Company’s portfolio.

| As of
| June 30, 2023 |  | December 31, 2022
Geographic Region |  |  |
West(1) | 24.9 | % |  | 24.5 | %
Midwest | 23.9 |  |  | 23.9 |
Southeast | 18.3 |  |  | 17.1 |
Northeast(2) | 14.3 |  |  | 14.0 |
Mid-Atlantic | 13.8 |  |  | 14.9 |
International | 4.8 |  |  | 5.6 |
Total | 100.0 | % |  | 100.0 | %

________________________________________
(1)Includes the Company’s investment in the SDLP, which represented 5.8% and 5.7% of the total investment portfolio at fair value as of June 30, 2023 and December 31, 2022, respectively.
135

(2)Includes the Company’s investment in IHAM, which represented 10.0% and 10.1% of the total investment portfolio at fair value as of June 30, 2023 and December 31, 2022, respectively.
As of June 30, 2023 and December 31, 2022, loans on non-accrual status represented 2.1% of the total investments at amortized cost (or 1.1% at fair value) and 1.7% at amortized cost (or 1.1% at fair value), respectively.
Senior Direct Lending Program
The Company has established a joint venture with Varagon to make certain first lien senior secured loans, including certain stretch senior and unitranche loans, primarily to U.S. middle-market companies. Varagon was formed in 2013 as a lending platform by American International Group, Inc. and other partners. The joint venture is called the Senior Direct Lending Program, LLC (the “Senior Direct Lending Program” or the “SDLP”). In July 2016, the Company and Varagon and its clients completed the initial funding of the SDLP. The SDLP may generally commit and hold individual loans of up to $450. The Company and other accounts managed by the Company’s investment adviser and its affiliates may directly co-invest with the SDLP to accommodate larger transactions. The SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of the Company and Varagon (with approval from a representative of each required).
The Company provides capital to the SDLP in the form of subordinated certificates (the “SDLP Certificates”), and Varagon and its clients provide capital to the SDLP in the form of senior notes, intermediate funding notes and SDLP Certificates. As of June 30, 2023 and December 31, 2022, the Company and a client of Varagon owned 87.5% and 12.5%, respectively, of the outstanding SDLP Certificates.
As of June 30, 2023 and December 31, 2022, the Company and Varagon and its clients had agreed to make capital available to the SDLP of $6,150 and $6,150, respectively, in the aggregate, of which $1,444 and $1,444, respectively, is to be made available from the Company. The Company will continue to provide capital to the SDLP in the form of SDLP Certificates, and Varagon and its clients will provide capital to the SDLP in the form of senior notes, intermediate funding notes and SDLP Certificates. This capital will only be committed to the SDLP upon approval of transactions by the investment committee of the SDLP as discussed above. Below is a summary of the funded capital and unfunded capital commitments of the SDLP.

| As of
| June 30, 2023 |  | December 31, 2022
Total capital funded to the SDLP(1) | $ | 5,191 |  |  | $ | 5,127 |
Total capital funded to the SDLP by the Company(1) | $ | 1,289 |  |  | $ | 1,274 |
Total unfunded capital commitments to the SDLP(2) | $ | 280 |  |  | $ | 294 |
Total unfunded capital commitments to the SDLP by the Company(2) | $ | 65 |  |  | $ | 68 |

___________________________________________________________________________
(1)At principal amount.
(2)These commitments to fund delayed draw loans have been approved by the investment committee of the SDLP and will be funded if and when conditions to funding such delayed draw loans are met.
The SDLP Certificates pay a coupon equal to Secured Overnight Financing Rate (“SOFR”) plus 8.0% and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, after expenses, which may result in a return to the holders of the SDLP Certificates that is greater than the stated coupon. The SDLP Certificates are junior in right of payment to the senior notes and intermediate funding notes.
The amortized cost and fair value of the SDLP Certificates held by the Company as of June 30, 2023 and December 31, 2022 were as follows:

| As of
| June 30, 2023 |  | December 31, 2022 |  |
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |  |
SDLP Certificates | $ | 1,289 |  |  | $ | 1,237 |  |  | $ | 1,274 |  |  | $ | 1,249 |  |  |

136

The Company’s yield on its investment in the SDLP Certificates at amortized cost and fair value as of June 30, 2023 and December 31, 2022 were as follows:

|  | As of
|  | June 30, 2023 |  | December 31, 2022
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Yield on the SDLP Certificates |  | 13.5 | % |  | 14.1 | % |  | 13.5 | % |  | 13.8 | %

The interest income from the Company’s investment in the SDLP Certificates and capital structuring service and other fees earned for the three and six months ended June 30, 2023 and 2022 were as follows:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |
Interest income | $ | 43 |  |  | $ | 34 |  |  | $ | 86 |  |  | $ | 67 |  |
Capital structuring service and other fees | $ | 6 |  |  | $ | 3 |  |  | $ | 7 |  |  | $ | 8 |  |

As of June 30, 2023 and December 31, 2022, the SDLP’s portfolio was comprised entirely of first lien senior secured loans to U.S. middle-market companies and were in industries similar to the companies in the Company’s portfolio. As of June 30, 2023 and December 31, 2022, one of the loans was on non-accrual status. Below is a summary of the SDLP’s portfolio.

| As of
| June 30, 2023 |  | December 31, 2022
Total first lien senior secured loans(1)(2) | $ | 5,113 |  |  | $ | 5,174 |
Largest loan to a single borrower(1) | $ | 373 |  |  | $ | 377 |
Total of five largest loans to borrowers(1) | $ | 1,654 |  |  | $ | 1,631 |
Number of borrowers in the SDLP | 21 |  |  | 22 |
Commitments to fund delayed draw loans(3) | $ | 280 |  |  | $ | 294 |

___________________________________________________________________________
(1)At principal amount.
(2)First lien senior secured loans include certain loans that the SDLP classifies as “unitranche” loans. As of June 30, 2023 and December 31, 2022, the total principal amount of loans in the SDLP portfolio that the SDLP classified as “unitranche” loans was $4,065 and $4,108, respectively.
(3)As discussed above, these commitments have been approved by the investment committee of the SDLP.
Pursuant to Rule 4-08(g) of Regulation S-X, selected financial information of the SDLP, in conformity with GAAP, as of June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and 2022 are presented below:

| As of |
| June 30, 2023 |  | December 31, 2022 |
Selected Balance Sheet Information: |  |  |  |
Investments at fair value (amortized cost of $5,096 and $5,166, respectively) | $ | 4,799 |  |  | $ | 4,958 |  |
Other assets | 329 |  |  | 150 |  |
Total assets | $ | 5,128 |  |  | $ | 5,108 |  |
Senior notes | $ | 3,584 |  |  | $ | 3,538 |  |
Intermediate funding notes | 134 |  |  | 132 |  |
Other liabilities | 129 |  |  | 110 |  |
Total liabilities | 3,847 |  |  | 3,780 |  |
Subordinated certificates and members’ capital | 1,281 |  |  | 1,328 |  |
Total liabilities and members’ capital | $ | 5,128 |  |  | $ | 5,108 |  |

137

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Selected Statement of Operations Information: |  |  |  |  |  |  |
Total investment income | $ | 140 |  |  | $ | 77 |  |  | $ | 276 |  |  | $ | 149 |
Interest expense | 72 |  |  | 30 |  |  | 141 |  |  | 54 |
Other expenses | 6 |  |  | 4 |  |  | 12 |  |  | 9 |
Total expenses | 78 |  |  | 34 |  |  | 153 |  |  | 63 |
Net investment income | 62 |  |  | 43 |  |  | 123 |  |  | 86 |
Net realized and unrealized losses on investments | (17) |  |  | (12) |  |  | (85) |  |  | (15) |
Net increase in members’ capital resulting from operations | $ | 45 |  |  | $ | 31 |  |  | $ | 38 |  |  | $ | 71 |

Ivy Hill Asset Management, L.P.
Ivy Hill Asset Management, L.P. (“IHAM”), a wholly owned portfolio company of the Company, is an asset management services company and an SEC-registered investment adviser. As of June 30, 2023, IHAM had assets under management of approximately $13.5 billion. As of June 30, 2023, IHAM managed 22 vehicles and served as the sub-manager/sub-servicer for one other vehicle (these vehicles managed or sub-managed/sub-serviced by IHAM are referred to as the “IHAM Vehicles”). IHAM earns fee income from managing the IHAM Vehicles and has also invested in certain of these vehicles as part of its business strategy. The amortized cost of IHAM’s total investments as of June 30, 2023 and December 31, 2022 was $2,436 and $2,370, respectively. For the three and six months ended June 30, 2023, IHAM had management and incentive fee income of $13 and $27, respectively, and investment-related income of $95 and $156, respectively, which included net realized gains or losses on investments and other transactions. For the three and six months ended June 30, 2022, IHAM had management and incentive fee income of $12 and $21, respectively, and investment-related income of $44 and $79, respectively, which included net realized gains or losses on investments and other transactions.
The amortized cost and fair value of the Company’s investment in IHAM as of June 30, 2023 and December 31, 2022 were as follows:

| As of
| June 30, 2023 |  | December 31, 2022 |  |
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |  |
Subordinated loan | $ | 267 |  |  | $ | 267 |  |  | $ | 500 |  |  | $ | 500 |  |  |
Equity | 1,701 |  |  | 1,884 |  |  | 1,548 |  |  | 1,701 |  |  |
Total investment in IHAM | $ | 1,968 |  |  | $ | 2,151 |  |  | $ | 2,048 |  |  | $ | 2,201 |  |  |

The interest income and dividend income that the Company earned from IHAM for the three and six months ended June 30, 2023 and 2022 were as follows:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Interest income | $ | 10 |  |  | $ | 3 |  |  | $ | 23 |  |  | $ | 3 |
Dividend income | $ | 60 |  |  | $ | 52 |  |  | $ | 117 |  |  | $ | 95 |

From time to time, IHAM or certain IHAM Vehicles may purchase investments from, or sell investments to, the Company. For any such sales or purchases by the IHAM Vehicles to or from the Company, the IHAM Vehicle must obtain approval from third parties unaffiliated with the Company or IHAM, as applicable. During the six months ended June 30, 2023 and 2022, IHAM or certain of the IHAM Vehicles purchased $691 and $1,555, respectively, of loans from the Company. For the six months ended June 30, 2023 and 2022, the Company recognized $11 and $7, respectively, of net realized losses from these sales. During the six months ended June 30, 2023, the Company purchased $7 of investments from certain IHAM Vehicles. During the six months ended June 30, 2022, the Company purchased $27 of investments from certain IHAM Vehicles.
138

The yields at amortized cost and fair value of the Company’s investments in IHAM as of June 30, 2023 and December 31, 2022 were as follows:

|  | As of
|  | June 30, 2023 |  | December 31, 2022
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Subordinated loan |  | 11.6 | % |  | 11.6 | % |  | 11.0 | % |  | 11.0 | %
Equity(1) |  | 14.1 | % |  | 12.7 | % |  | 14.2 | % |  | 12.9 | %

_______________________________________________________________________________
(1)Represents the yield on the Company’s equity investment in IHAM, which is computed as (a) the annualized amount of the dividend received by the Company related to the Company’s equity investment in IHAM during the most recent quarter end, divided by (b) the amortized cost or fair value of the Company’s equity investment in IHAM, as applicable.
IHAM is party to an administration agreement, referred to herein as the “IHAM administration agreement,” with Ares Operations. Pursuant to the IHAM administration agreement, Ares Operations provides IHAM with, among other things, office facilities, equipment, clerical, bookkeeping and record keeping services, services relating to the marketing and sale of interests in vehicles managed by IHAM, services of, and oversight of, custodians, depositories, accountants, attorneys, underwriters and such other persons in any other capacity deemed to be necessary. Under the IHAM administration agreement, IHAM reimburses Ares Operations for all of the actual costs associated with such services, including Ares Operations’ allocable portion of the compensation, rent and other expenses of its officers, employees and respective staff in performing its obligations under the IHAM administration agreement.
Selected Financial Information
Pursuant to Rule 4-08(g) of Regulation S-X, selected financial information of IHAM, in conformity with GAAP, as of June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and 2022 are presented below.
In conformity with GAAP, IHAM is required to consolidate entities in which IHAM has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model, which include certain of the IHAM Vehicles (the “Consolidated IHAM Vehicles”). As such, for GAAP purposes only, IHAM consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity and (b) entities that it concludes are variable interest entities in which IHAM has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which IHAM is deemed to be the primary beneficiary.
When IHAM consolidates an IHAM Vehicle for GAAP purposes only, IHAM reflects the assets, liabilities, revenues and expenses of the Consolidated IHAM Vehicles on a gross basis, including the economic interests held by third-party investors in the Consolidated IHAM Vehicles as debt obligations, subordinated notes or non-controlling interests, in the consolidated IHAM financials below. All of the revenues earned by IHAM as the investment manager of the IHAM Consolidated Vehicles are eliminated in GAAP consolidation. However, because the eliminated amounts are earned from and funded by third-party investors, the GAAP consolidation of an IHAM Vehicle does not impact the net income or loss attributable to IHAM. As a result, the Company believes an assessment of IHAM's business and the impact to the Company’s investment in IHAM is best viewed on a stand-alone basis as reflected in the first column in the tables below.
139

| As of June 30, 2023
| IHAM |  | Consolidated IHAM Vehicles(1) |  | Eliminations |  | Consolidated
Selected Balance Sheet Information: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Investments at fair value(2) | $ | 2,427 |  |  | $ | 9,452 |  |  | $ | (2,403) |  |  | $ | 9,476 |
Cash and cash equivalents | 6 |  |  | 560 |  |  | — |  |  | 566 |
Other assets | 70 |  |  | 94 |  |  | (66) |  |  | 98 |
Total assets | $ | 2,503 |  |  | $ | 10,106 |  |  | $ | (2,469) |  |  | $ | 10,140 |
Liabilities |  |  |  |  |  |  |
Debt | $ | 452 |  |  | $ | 7,160 |  |  | $ | — |  |  | $ | 7,612 |
Subordinated note from ARCC | 267 |  |  | — |  |  | — |  |  | 267 |
Subordinated notes(3) | — |  |  | 1,295 |  |  | (1,014) |  |  | 281 |
Other liabilities | 16 |  |  | 334 |  |  | (15) |  |  | 335 |
Total liabilities | 735 |  |  | 8,789 |  |  | (1,029) |  |  | 8,495 |
Equity |  |  |  |  |  |  |
Contributed capital | 1,700 |  |  | — |  |  | — |  |  | 1,700 |
Accumulated earnings | 84 |  |  | — |  |  | — |  |  | 84 |
Net unrealized losses on investments and foreign currency transactions | (16) |  |  | — |  |  | — |  |  | (16) |
Non-controlling interests in Consolidated IHAM Vehicles(4) | — |  |  | 1,317 |  |  | (1,440) |  |  | (123) |
Total equity | 1,768 |  |  | 1,317 |  |  | (1,440) |  |  | 1,645 |
Total liabilities and equity | $ | 2,503 |  |  | $ | 10,106 |  |  | $ | (2,469) |  |  | $ | 10,140 |

| As of December 31, 2022
| IHAM |  | Consolidated IHAM Vehicles(1) |  | Eliminations |  | Consolidated
Selected Balance Sheet Information: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Investments at fair value(2) | $ | 2,340 |  |  | $ | 8,973 |  |  | $ | (2,315) |  |  | $ | 8,998 |
Cash and cash equivalents | 5 |  |  | 499 |  |  | — |  |  | 504 |
Other assets | 56 |  |  | 94 |  |  | (51) |  |  | 99 |
Total assets | $ | 2,401 |  |  | $ | 9,566 |  |  | $ | (2,366) |  |  | $ | 9,601 |
Liabilities |  |  |  |  |  |  |
Debt | $ | 308 |  |  | $ | 6,968 |  |  | $ | — |  |  | $ | 7,276 |
Subordinated note from ARCC | 500 |  |  | — |  |  | — |  |  | 500 |
Subordinated notes(3) | — |  |  | 1,374 |  |  | (1,093) |  |  | 281 |
Other liabilities | 18 |  |  | 129 |  |  | (15) |  |  | 132 |
Total liabilities | 826 |  |  | 8,471 |  |  | (1,108) |  |  | 8,189 |
Equity |  |  |  |  |  |  |
Contributed capital | 1,547 |  |  | — |  |  | — |  |  | 1,547 |
Accumulated earnings | 61 |  |  | — |  |  | — |  |  | 61 |
Net unrealized losses on investments and foreign currency transactions | (33) |  |  | — |  |  | — |  |  | (33) |
Non-controlling interests in Consolidated IHAM Vehicles(4) | — |  |  | 1,095 |  |  | (1,258) |  |  | (163) |
Total equity | 1,575 |  |  | 1,095 |  |  | (1,258) |  |  | 1,412 |
Total liabilities and equity | $ | 2,401 |  |  | $ | 9,566 |  |  | $ | (2,366) |  |  | $ | 9,601 |

________________________________________
140

(1)Consolidated for GAAP purposes only.
(2)The determination of such fair value is determined in accordance with IHAM’s valuation procedures (separate and apart from the Company’s valuation process described elsewhere herein). The amortized cost of IHAM’s total investments as of June 30, 2023 and December 31, 2022 was $2,436 and $2,370, respectively. The amortized cost of the total investments of IHAM on a consolidated basis as of June 30, 2023 and December 31, 2022 was $9,730 and $9,306, respectively.
(3)Subordinated notes generally represent the most junior capital in certain of the Consolidated IHAM Vehicles and effectively represent equity in such vehicles.
(4)Non-controlling interests in Consolidated IHAM Vehicles includes net unrealized depreciation in the Consolidated IHAM Vehicles of $278 and $309 as of June 30, 2023 and December 31, 2022, respectively.

| For the Three Months Ended June 30, 2023
| IHAM |  | Consolidated IHAM Vehicles(1) |  | Eliminations |  | Consolidated
Selected Statement of Operations Information: |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |
Investment income | $ | 95 |  |  | $ | 273 |  |  | $ | (94) |  |  | $ | 274 |
Management fees and other income | 13 |  |  | 2 |  |  | (13) |  |  | 2 |
Total revenues | 108 |  |  | 275 |  |  | (107) |  |  | 276 |
Expenses |  |  |  |  |  |  |
Interest expense | 16 |  |  | 143 |  |  | — |  |  | 159 |
Distributions to subordinated notes | — |  |  | 57 |  |  | (46) |  |  | 11 |
Management fees and other expenses | 4 |  |  | 18 |  |  | (13) |  |  | 9 |
Total expenses | 20 |  |  | 218 |  |  | (59) |  |  | 179 |
Net operating income | 88 |  |  | 57 |  |  | (48) |  |  | 97 |
Net realized gains on investments and other transactions | — |  |  | 7 |  |  | — |  |  | 7 |
Net unrealized gains on investments and other transactions | 3 |  |  | 8 |  |  | (6) |  |  | 5 |
Total net realized and unrealized gains on investments and other transactions | 3 |  |  | 15 |  |  | (6) |  |  | 12 |
Net income | 91 |  |  | 72 |  |  | (54) |  |  | 109 |
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles | — |  |  | 72 |  |  | (54) |  |  | 18 |
Net income attributable to Ivy Hill Asset Management, L.P. | $ | 91 |  |  | $ | — |  |  | $ | — |  |  | $ | 91 |

141

| For the Six Months Ended June 30, 2023
| IHAM |  | Consolidated IHAM Vehicles(1) |  | Eliminations |  | Consolidated
Selected Statement of Operations Information: |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |
Investment income | $ | 166 |  |  | $ | 528 |  |  | $ | (164) |  |  | $ | 530 |
Management fees and other income | 27 |  |  | 3 |  |  | (26) |  |  | 4 |
Total revenues | 193 |  |  | 531 |  |  | (190) |  |  | 534 |
Expenses |  |  |  |  |  |  |
Interest expense | $ | 35 |  |  | $ | 272 |  |  | $ | — |  |  | 307 |
Distributions to subordinated notes | — |  |  | 89 |  |  | (70) |  |  | 19 |
Management fees and other expenses | 8 |  |  | 36 |  |  | (26) |  |  | 18 |
Total expenses | 43 |  |  | 397 |  |  | (96) |  |  | 344 |
Net operating income | 150 |  |  | 134 |  |  | (94) |  |  | 190 |
Net realized losses on investments and other transactions | (10) |  |  | (10) |  |  | — |  |  | (20) |
Net unrealized gains on investments and other transactions | 17 |  |  | 30 |  |  | (19) |  |  | 28 |
Total net realized and unrealized gains on investments and other transactions | 7 |  |  | 20 |  |  | (19) |  |  | 8 |
Net income | 157 |  |  | 154 |  |  | (113) |  |  | 198 |
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles | — |  |  | 154 |  |  | (113) |  |  | 41 |
Net income attributable to Ivy Hill Asset Management, L.P. | $ | 157 |  |  | $ | — |  |  | $ | — |  |  | $ | 157 |

| For the Three Months Ended June 30, 2022
| IHAM |  | Consolidated IHAM Vehicles(1) |  | Eliminations |  | Consolidated
Selected Statement of Operations Information: |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |
Investment income | $ | 44 |  |  | $ | 120 |  |  | $ | (43) |  |  | $ | 121 |
Management fees and other income | 12 |  |  | 1 |  |  | (11) |  |  | 2 |
Total revenues | 56 |  |  | 121 |  |  | (54) |  |  | 123 |
Expenses |  |  |  |  |  |  |
Interest expense | 5 |  |  | 46 |  |  | — |  |  | 51 |
Distributions to subordinated notes | — |  |  | 45 |  |  | (27) |  |  | 18 |
Management fees and other expenses | 3 |  |  | 13 |  |  | (11) |  |  | 5 |
Total expenses | 8 |  |  | 104 |  |  | (38) |  |  | 74 |
Net operating income | 48 |  |  | 17 |  |  | (16) |  |  | 49 |
Net realized gains on investments and other transactions | — |  |  | 1 |  |  | — |  |  | 1 |
Net unrealized losses on investments and other transactions | (13) |  |  | (118) |  |  | 13 |  |  | (118) |
Total net realized and unrealized losses on investments and other transactions | (13) |  |  | (117) |  |  | 13 |  |  | (117) |
Net income (loss) | 35 |  |  | (100) |  |  | (3) |  |  | (68) |
Less: Net loss attributable to non-controlling interests in Consolidated IHAM Vehicles | — |  |  | (100) |  |  | (3) |  |  | (103) |
Net income attributable to Ivy Hill Asset Management, L.P. | $ | 35 |  |  | $ | — |  |  | $ | — |  |  | $ | 35 |

142

| For the Six Months Ended June 30, 2022
| IHAM |  | Consolidated IHAM Vehicles(1) |  | Eliminations |  | Consolidated
Selected Statement of Operations Information: |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |
Investment income | $ | 78 |  |  | $ | 217 |  |  | $ | (75) |  |  | $ | 220 |
Management fees and other income | 21 |  |  | 2 |  |  | (20) |  |  | 3 |
Total revenues | 99 |  |  | 219 |  |  | (95) |  |  | 223 |
Expenses |  |  |  |  |  |  |
Interest expense | 6 |  |  | 78 |  |  | — |  |  | 84 |
Distributions to subordinated notes | — |  |  | 74 |  |  | (50) |  |  | 24 |
Management fees and other expenses | 7 |  |  | 25 |  |  | (20) |  |  | 12 |
Total expenses | 13 |  |  | 177 |  |  | (70) |  |  | 120 |
Net operating income | 86 |  |  | 42 |  |  | (25) |  |  | 103 |
Net realized gains on investments and other transactions | 1 |  |  | 1 |  |  | — |  |  | 2 |
Net unrealized losses on investments and other transactions | (24) |  |  | (152) |  |  | 23 |  |  | (153) |
Total net realized and unrealized losses on investments and other transactions | (23) |  |  | (151) |  |  | 23 |  |  | (151) |
Net income (losses) | 63 |  |  | (109) |  |  | (2) |  |  | (48) |
Less: Net loss attributable to non-controlling interests in Consolidated IHAM Vehicles | — |  |  | (109) |  |  | (2) |  |  | (111) |
Net income attributable to Ivy Hill Asset Management, L.P. | $ | 63 |  |  | $ | — |  |  | $ | — |  |  | $ | 63 |

____________________________________
(1)Consolidated for GAAP purposes only.
5. DEBT
In accordance with the Investment Company Act, the Company is allowed to borrow amounts such that its asset coverage, calculated pursuant to the Investment Company Act, is at least 150% after such borrowing. The Company’s asset coverage requirement applicable to senior securities was reduced from 200% to 150% effective June 21, 2019. As of June 30, 2023, the aggregate principal amount outstanding of the senior securities issued by the Company was $11,401 and the Company’s asset coverage was 190%.
143

The Company’s outstanding debt as of June 30, 2023 and December 31, 2022 was as follows:

| As of |
| June 30, 2023 |  | December 31, 2022 |
| Total Aggregate Principal Amount Committed/ Outstanding (1) |  | Principal Amount Outstanding |  | Carrying Value |  | Total Aggregate Principal Amount Committed/ Outstanding (1) |  | Principal Amount Outstanding |  | Carrying Value |
Revolving Credit Facility | $ | 4,758 |  | (2) | $ | 1,922 |  |  | $ | 1,922 |  |  | $ | 4,843 |  | (2) | $ | 2,246 |  |  | $ | 2,246 |  |
Revolving Funding Facility | 1,775 |  |  | 850 |  |  | 850 |  |  | 1,775 |  |  | 800 |  |  | 800 |  |
SMBC Funding Facility | 800 |  | (3) | 401 |  |  | 401 |  |  | 800 |  | (3) | 451 |  |  | 451 |  |
BNP Funding Facility | 790 |  |  | 475 |  |  | 475 |  |  | 300 |  |  | 245 |  |  | 245 |  |
2024 Convertible Notes | 403 |  |  | 403 |  |  | 401 |  | (4) | 403 |  |  | 403 |  |  | 399 |  | (4)
2023 Notes | — |  |  | — |  |  | — |  |  | 750 |  |  | 750 |  |  | 750 |  | (4)
2024 Notes | 900 |  |  | 900 |  |  | 899 |  | (4) | 900 |  |  | 900 |  |  | 898 |  | (4)
March 2025 Notes | 600 |  |  | 600 |  |  | 598 |  | (4) | 600 |  |  | 600 |  |  | 597 |  | (4)
July 2025 Notes | 1,250 |  |  | 1,250 |  |  | 1,256 |  | (4) | 1,250 |  |  | 1,250 |  |  | 1,258 |  | (4)
January 2026 Notes | 1,150 |  |  | 1,150 |  |  | 1,145 |  | (4) | 1,150 |  |  | 1,150 |  |  | 1,144 |  | (4)
July 2026 Notes | 1,000 |  |  | 1,000 |  |  | 992 |  | (4) | 1,000 |  |  | 1,000 |  |  | 991 |  | (4)
2027 Notes | 500 |  |  | 500 |  |  | 495 |  | (4) | 500 |  |  | 500 |  |  | 494 |  | (4)
2028 Notes | 1,250 |  |  | 1,250 |  |  | 1,247 |  | (4) | 1,250 |  |  | 1,250 |  |  | 1,247 |  | (4)
2031 Notes | 700 |  |  | 700 |  |  | 690 |  | (4) | 700 |  |  | 700 |  |  | 690 |  | (4)
Total | $ | 15,876 |  |  | $ | 11,401 |  |  | $ | 11,371 |  |  | $ | 16,221 |  |  | $ | 12,245 |  |  | $ | 12,210 |  |

________________________________________
(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, Revolving Funding Facility, SMBC Funding Facility and BNP Funding Facility (each as defined below) are subject to borrowing base and other restrictions.
(2)Provides for a feature that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility (as defined below) to a maximum of $7,137 and $7,265, as of June 30, 2023 and December 31, 2022, respectively.
(3)Provides for a feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility (as defined below) to a maximum of $1,000.
(4)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. In February 2023, the Company repaid in full the 2023 Notes (as defined below) upon their maturity.
The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all the Company’s outstanding debt as of June 30, 2023 were 4.6% and 3.5 years, respectively, and as of December 31, 2022 were 4.2% and 3.6 years, respectively.
144

Revolving Credit Facility
The Company is party to a senior secured revolving credit facility (as amended and restated, the “Revolving Credit Facility”), that allows the Company to borrow up to $4,758 at any one time outstanding. The Revolving Credit Facility consists of a $1,102 term loan tranche and a $3,656 revolving tranche. For $908 of the term loan tranche, the stated maturity date is April 19, 2028. For $116 of the term loan tranche, the stated maturity date is March 31, 2027. For $28 of the term loan tranche, the stated maturity date is March 31, 2026. For the remaining $50 of the term loan tranche, the stated maturity date is March 30, 2025. For $2,905 of the revolving tranche, the end of the revolving period and the stated maturity date are April 19, 2027 and April 19, 2028, respectively. For $494 of the revolving tranche, the end of the revolving period and the stated maturity date are March 31, 2026 and March 31, 2027, respectively. For $107 of the revolving tranche, the end of the revolving period and the stated maturity date are March 31, 2025 and March 31, 2026, respectively. For the remaining $150 of the revolving tranche, the end of the revolving period and the stated maturity date are March 30, 2024 and March 30, 2025, respectively. The Revolving Credit Facility also provides for a feature that allows the Company, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of $7,137. The Revolving Credit Facility generally requires payments of interest at the end of each SOFR interest period, but no less frequently than quarterly, on SOFR based loans, and monthly payments of interest on other loans. Subsequent to the end of the respective revolving periods and prior to the respective stated maturity dates, the Company is required to repay the relevant outstanding principal amounts under both the term loan tranche and revolving tranche on a monthly basis in an amount equal to 1/12th of the outstanding principal amount at the end of the respective revolving periods.
Under the Revolving Credit Facility, the Company is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum stockholders’ equity, (e) maintaining a ratio of total assets (less total liabilities not representing indebtedness) to total indebtedness of the Company and its consolidated subsidiaries (subject to certain exceptions) of not less than 1.5:1.0, (f) limitations on pledging certain unencumbered assets, and (g) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Company and certain of its subsidiaries. These covenants are subject to important limitations and exceptions that are described in the documents governing the Revolving Credit Facility. Amounts available to borrow under the Revolving Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets (based on their value as determined pursuant to the Revolving Credit Facility) that are pledged as collateral. As of June 30, 2023, the Company was in compliance in all material respects with the terms of the Revolving Credit Facility.
As of June 30, 2023 and December 31, 2022, there was $1,922 and $2,246 outstanding, respectively, under the Revolving Credit Facility. The Revolving Credit Facility also provides for a sub-limit for the issuance of letters of credit for up to an aggregate amount of $250 with the ability to increase by an incremental $50 on an uncommitted basis. As of June 30, 2023 and December 31, 2022, the Company had $102 and $86, respectively, in letters of credit issued through the Revolving Credit Facility. The amount available for borrowing under the Revolving Credit Facility is reduced by any letters of credit issued. As of June 30, 2023, there was $2,734 available for borrowing (net of letters of credit issued) under the Revolving Credit Facility, subject to borrowing base restrictions.
Since March 31, 2022, the interest rate charged on the Revolving Credit Facility is based on SOFR plus a credit spread adjustment of 0.10% (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in Sterling, Canadian Dollars, Euros and certain other foreign currencies plus a spread adjustment, if applicable) and an applicable spread of either 1.75% or 1.875% or an “alternate base rate” (as defined in the agreements governing the Revolving Credit Facility) plus an applicable spread of 0.75% 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 and term loans outstanding under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. The Revolving Credit Facility allows for borrowings to be made using one, three or six month SOFR. Prior to March 31, 2022, the interest rate charged on the Revolving Credit Facility was based on London Interbank Offered Rate (“LIBOR”) (or an alternate rate of interest for certain loans, commitments and/or other extensions of credit denominated in Sterling, Canadian Dollars, Euros and certain other foreign currencies) plus an applicable spread of either 1.75% or 1.875% or an “alternate base rate” (as defined in the agreements governing the Revolving Credit Facility) plus an applicable spread of 0.75% 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 and term loans outstanding under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. As of June 30, 2023, the one, three and six month
145

SOFR was 5.14%, 5.27% and 5.39%, respectively. As of June 30, 2023, the applicable spread in effect was 1.75%. In addition to the stated interest expense on the Revolving Credit Facility, the Company is required to pay a commitment fee of 0.375% per annum on any unused portion of the Revolving Credit Facility. The Company is also required to pay a letter of credit fee of either 2.00% or 2.125% per annum on letters of credit issued, determined monthly based on the total amount of the borrowing base relative to the total commitments of the Revolving Credit Facility and other debt, if any, secured by the same collateral as the Revolving Credit Facility.
The Revolving Credit Facility is secured by certain assets in the Company’s portfolio and excludes investments held by Ares Capital CP under the Revolving Funding Facility, those held by ACJB under the SMBC Funding Facility and those held by AFB under the BNP Funding Facility, each as described below, and certain other investments.
For the three and six months ended June 30, 2023 and 2022, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Credit Facility were as follows:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Stated interest expense | $ | 34 |  |  | $ | 9 |  |  | $ | 68 |  |  | $ | 14 |  |  |
Credit facility fees | 3 |  |  | 3 |  |  | 6 |  |  | 4 |  |  |
Amortization of debt issuance costs | 2 |  |  | 2 |  |  | 4 |  |  | 4 |  |  |
Total interest and credit facility fees expense | $ | 39 |  |  | $ | 14 |  |  | $ | 78 |  |  | $ | 22 |  |  |
Cash paid for interest expense | $ | 43 |  |  | $ | 7 |  |  | $ | 75 |  |  | $ | 16 |  |  |
Average stated interest rate | 6.84 | % |  | 2.65 | % |  | 6.37 | % |  | 2.52 | % |  |
Average outstanding balance | $ | 1,995 |  |  | $ | 1,242 |  |  | $ | 2,114 |  |  | $ | 1,161 |  |  |

Letter of Credit Facility
In May 2023, the Company and Deutsche Bank AG New York Branch (the “Issuer”) entered into an uncommitted continuing agreement (the “Letter of Credit Facility”), which allows the Issuer to issue letters of credit or demand guarantees, at the request of the Company, on behalf of certain portfolio companies. The Company is required to make payments to the Issuer if the portfolio companies were to default on their related payment obligations. The Letter of Credit Facility is secured on a pari passu basis with the Revolving Credit Facility and pursuant to substantially the same collateral as the Revolving Credit Facility. As of June 30, 2023, the Issuer had $3 in letters of credit issued under the Letter of Credit Facility.
Revolving Funding Facility
The Company and the Company’s consolidated subsidiary, Ares Capital CP Funding LLC (“Ares Capital CP”), are party to a revolving funding facility (as amended, the “Revolving Funding Facility”), that allows Ares Capital CP to borrow up to $1,775 at any one time outstanding. The Revolving Funding Facility is secured by all of the assets held by, and the membership interest in, Ares Capital CP. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility are December 29, 2024 and December 29, 2026, respectively.
Amounts available to borrow under the Revolving Funding Facility are subject to a borrowing base that applies different advance rates to different types of assets held by Ares Capital CP. Ares Capital CP is also subject to limitations with respect to the loans securing the Revolving Funding Facility, including restrictions on sector concentrations, loan size, payment frequency and status, collateral interests and loans with fixed rates, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and Ares Capital CP are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Revolving Funding Facility. As of June 30, 2023, the Company and Ares Capital CP were in compliance in all material respects with the terms of the Revolving Funding Facility.
As of June 30, 2023 and December 31, 2022, there was $850 and $800 outstanding, respectively, under the Revolving Funding Facility. Since June 30, 2022, the interest rate charged on the Revolving Funding Facility is based on SOFR plus a credit spread adjustment of 0.10% or a “base rate” (as defined in the agreements governing the Revolving Funding Facility) plus an applicable spread of 1.90% per annum. From December 29, 2021 to June 29, 2022, the interest rate charged on the
146

Revolving Funding Facility is based on one month LIBOR plus 1.90% per annum or a “base rate” (as defined in the agreements governing the Revolving Funding Facility) plus 1.00% per annum.
For the three and six months ended June 30, 2023 and 2022, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Revolving Funding Facility were as follows:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Stated interest expense | $ | 15 |  |  | $ | 5 |  |  | $ | 28 |  |  | $ | 9 |  |  |
Credit facility fees | 2 |  |  | 1 |  |  | 3 |  |  | 2 |  |  |
Amortization of debt issuance costs | 1 |  |  | 1 |  |  | 2 |  |  | 2 |  |  |
Total interest and credit facility fees expense | $ | 18 |  |  | $ | 7 |  |  | $ | 33 |  |  | $ | 13 |  |  |
Cash paid for interest expense | $ | 15 |  |  | $ | 7 |  |  | $ | 27 |  |  | $ | 10 |  |  |
Average stated interest rate | 7.10 | % |  | 2.82 | % |  | 6.75 | % |  | 2.40 | % |  |
Average outstanding balance | $ | 865 |  |  | $ | 703 |  |  | $ | 838 |  |  | $ | 734 |  |  |

SMBC Funding Facility
The Company and the Company’s consolidated subsidiary, Ares Capital JB Funding LLC (“ACJB”), are party to a revolving funding facility (as amended, the “SMBC Funding Facility”), with ACJB, as the borrower, and Sumitomo Mitsui Banking Corporation, as the administrative agent and collateral agent, that allows ACJB to borrow up to $800 at any one time outstanding. The SMBC Funding Facility also provides for a feature that allows ACJB, subject to receiving certain consents, to increase the overall size of the SMBC Funding Facility to $1,000. The SMBC Funding Facility is secured by all of the assets held by ACJB. The end of the reinvestment period and the stated maturity date for the SMBC Funding Facility are May 28, 2024 and May 28, 2026, respectively. The reinvestment period and the stated maturity date are both subject to two one-year extensions by mutual agreement.
Amounts available to borrow under the SMBC Funding Facility are subject to a borrowing base that applies an advance rate to assets held by ACJB. ACJB is also subject to limitations with respect to the loans securing the SMBC Funding Facility, including restrictions on sector concentrations, loan size, payment frequency and status, collateral interests and loans with fixed rates, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and ACJB are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the SMBC Funding Facility. As of June 30, 2023, the Company and ACJB were in compliance in all material respects with the terms of the SMBC Funding Facility.
As of June 30, 2023 and December 31, 2022, there was $401 and $451 outstanding, respectively, under the SMBC Funding Facility. Since April 28, 2023, the interest rate charged on the SMBC Funding Facility is based on an applicable spread of either (i) 1.75% or 2.00% over one month SOFR plus a credit spread adjustment of 0.10%, or (ii) 0.75% or 1.00% over a “base rate” (as defined in the agreements governing the SMBC Funding Facility), in each case, determined monthly based on the amount of the average borrowings outstanding under the SMBC Funding Facility. Prior to April 28, 2023, the interest rate charged on the SMBC Funding Facility was based on an applicable spread of either (i) 1.75% or 2.00% over one month LIBOR or (ii) 0.75% or 1.00% over a “base rate” (as defined in the agreements governing the SMBC Funding Facility), in each case, determined monthly based on the amount of the average borrowings outstanding under the SMBC Funding Facility. As of June 30, 2023, the applicable spread in effect was 1.75%. ACJB is required to pay a commitment fee of between 0.50% and 1.00% per annum depending on the size of the unused portion of the SMBC Funding Facility.
For the three and six months ended June 30, 2023 and 2022, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the SMBC Funding Facility were as follows:
147

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Stated interest expense | $ | 7 |  |  | $ | 2 |  |  | $ | 14 |  |  | $ | 5 |  |  |
Credit facility fees | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  |
Amortization of debt issuance costs | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  |
Total interest and credit facility fees expense | $ | 7 |  |  | $ | 4 |  |  | $ | 16 |  |  | $ | 7 |  |  |
Cash paid for interest expense | $ | 7 |  |  | $ | 3 |  |  | $ | 14 |  |  | $ | 5 |  |  |
Average stated interest rate | 6.94 | % |  | 2.47 | % |  | 6.55 | % |  | 2.37 | % |  |
Average outstanding balance | $ | 413 |  |  | $ | 401 |  |  | $ | 420 |  |  | $ | 403 |  |  |

BNP Funding Facility
The Company and the Company’s consolidated subsidiary, ARCC FB Funding LLC (“AFB”), are party to a revolving funding facility (as amended, the “BNP Funding Facility”) with AFB, as the borrower, and BNP Paribas, as the administrative agent and lender, that allows AFB to borrow up to $790 at any one time outstanding. The BNP Funding Facility is secured by all of the assets held by AFB. The end of the reinvestment period and the stated maturity date for the BNP Funding Facility are April 20, 2026 and April 20, 2028, respectively. The reinvestment period and the stated maturity date are both subject to a one-year extension by mutual agreement.
Amounts available to borrow under the BNP Funding Facility are subject to a borrowing base that applies an advance rate to assets held by AFB. AFB is also subject to limitations with respect to the loans securing the BNP Funding Facility, including restrictions on sector concentrations, loan size, payment frequency and status, collateral interests and loans with fixed rates, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and AFB are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the BNP Funding Facility. As of June 30, 2023, the Company and AFB were in compliance in all material respects with the terms of the BNP Funding Facility.
As of June 30, 2023 and December 31, 2022, there was $475 and $245, respectively, outstanding under the BNP Funding Facility. Since April 20, 2023, the interest rate charged on the BNP Funding Facility is based on an applicable SOFR or a “base rate” (as defined in the agreements governing the BNP Funding Facility) plus a margin of (i) 2.80% during the reinvestment period and (ii) 3.30% following the reinvestment period. From January 9, 2023 to April 19, 2023, the interest rate charged on the BNP Funding Facility was based on an applicable SOFR or a “base rate” plus a margin of (i) 2.30% during the reinvestment period and (ii) 2.80% following the reinvestment period. Prior to January 9, 2023, the interest rate charged on the BNP Funding Facility was based on three month LIBOR or a “base rate” (as defined in the agreements governing the BNP Funding Facility) plus a margin of (i) 1.80% during the reinvestment period and (ii) 2.30% following the reinvestment period. As of June 30, 2023, the applicable spread in effect was 2.80%. AFB is required to pay a commitment fee of between 0.00% and 1.25% per annum depending on the size of the unused portion of the BNP Funding Facility.
For the three and six months ended June 30, 2023 and 2022, the components of interest and credit facility fees expense, cash paid for interest expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the BNP Funding Facility were as follows:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Stated interest expense | $ | 8 |  |  | $ | 1 |  |  | $ | 13 |  |  | $ | 1 |
Credit facility fees | — |  |  | 1 |  |  | 1 |  |  | 1 |
Amortization of debt issuance costs | 1 |  |  | — |  |  | 1 |  |  | — |
Total interest and credit facility fees expense | $ | 9 |  |  | $ | 2 |  |  | $ | 15 |  |  | $ | 2 |
Cash paid for interest expense | $ | 7 |  |  | $ | — |  |  | $ | 12 |  |  | $ | — |
Average stated interest rate | 7.90 | % |  | 2.83 | % |  | 7.48 | % |  | 3.39 | %
Average outstanding balance | $ | 402 |  |  | $ | 54 |  |  | $ | 353 |  |  | $ | 49 |

148

Convertible Unsecured Notes
The Company has issued $403 in aggregate principal amount of unsecured convertible notes that mature on March 1, 2024 (the “2024 Convertible Notes”) unless previously converted or repurchased in accordance with its terms. The Company does not have the right to redeem the 2024 Convertible Notes prior to maturity. The 2024 Convertible Notes bear interest at a rate of 4.625% per annum, payable semi-annually.
In certain circumstances, assuming the conversion date below has not already passed, the 2024 Convertible Notes will be convertible into cash, shares of the Company’s common stock or a combination of cash and shares of its common stock, at the Company’s election, at the conversion rate (listed below as of June 30, 2023) subject to customary anti-dilution adjustments and the requirements of the indenture (the “2024 Convertible Notes Indenture”). Prior to the close of business on the business day immediately preceding the conversion date (listed below), holders may convert their 2024 Convertible Notes only under certain circumstances set forth in the 2024 Convertible Notes Indenture. On or after the conversion date until the close of business on the second scheduled trading day immediately preceding the maturity date for the 2024 Convertible Notes, holders may convert their 2024 Convertible Notes at any time. In addition, if the Company engages in certain corporate events as described in the 2024 Convertible Notes Indenture, holders of the 2024 Convertible Notes may require the Company to repurchase for cash all or part of the 2024 Convertible Notes at a repurchase price equal to 100% of the principal amount of the 2024 Convertible Notes to be repurchased, plus accrued and unpaid interest through, but excluding, the required repurchase date.
Certain key terms related to the convertible features for the 2024 Convertible Notes as of June 30, 2023 are listed below.

|  |  | 2024 Convertible Notes
Conversion premium |  |  | 15.0 | %
Closing stock price at issuance |  |  | $ | 17.29 |
Closing stock price date |  |  | March 5, 2019
Conversion price (1) |  |  | $ | 19.55 |
Conversion rate (shares per one thousand dollar principal amount)(1) |  |  | 51.1436 |
Conversion date |  |  | December 1, 2023

________________________________________
(1)Represents conversion price and conversion rate, as applicable, as of June 30, 2023, taking into account any applicable de minimis adjustments that will be made on the conversion date.
As of June 30, 2023, the principal amount of the 2024 Convertible Notes exceeded the value of the underlying shares multiplied by the per share closing price of the Company’s common stock.
The 2024 Convertible Notes Indenture contains certain covenants, including covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act, or any successor provisions, and to provide financial information to the holders of the 2024 Convertible Notes under certain circumstances. These covenants are subject to important limitations and exceptions that are described in the 2024 Convertible Notes Indenture. As of June 30, 2023, the Company was in compliance in all material respects with the terms of the 2024 Convertible Notes Indenture.
The 2024 Convertible Notes as well as any other convertible notes outstanding during the periods presented (collectively referred to as the “Convertible Unsecured Notes”) are accounted for in accordance with ASC 470-20, Debt. Upon conversion of the 2024 Convertible Notes, the Company intends to pay the outstanding principal amount in cash and to the extent that the conversion value exceeds the principal amount, the Company has the option to pay in cash or shares of the Company’s common stock (or a combination of cash and shares) in respect of the excess amount, subject to the requirements of the 2024 Convertible Notes Indenture. The Company has determined that the embedded conversion options in the 2024 Convertible Notes are not required to be separately accounted for as a derivative under GAAP.
In connection with the issuance of the 2024 Convertible Notes, the Company incurred debt issuance costs of $4. The 2024 Convertible Notes were issued at a discount. The Company records interest expense comprised of both stated interest expense as well as accretion of any original issue discount or debt issuance costs.
149

As of June 30, 2023, the components of the carrying value of the 2024 Convertible Notes, the stated interest rate and the effective interest rate were as follows:

|  |  |  | 2024 Convertible Notes
Principal amount of debt |  |  |  | $ | 403 |
Original issue discount, net of accretion |  |  |  | 1 |
Debt issuance costs, net of amortization |  |  |  | (3) |
Carrying value of debt |  |  |  | $ | 401 |
Stated interest rate |  |  |  | 4.625 | %
Effective interest rate(1) |  |  |  | 5.10 | %

________________________________________
(1)The effective interest rate of the 2024 Convertible Notes is equal to the stated interest rate plus the accretion of original issue discount and amortization of debt issuance costs.
For the three and six months ended June 30, 2023 and 2022, the components of interest expense and cash paid for interest expense for the 2024 Convertible Notes, as well as any other convertible notes outstanding during the periods presented were as follows.

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Stated interest expense | $ | 4 |  |  | $ | 5 |  |  | $ | 9 |  |  | $ | 11 |  |  |
Accretion of original issue discount | — |  |  | — |  |  | 1 |  |  | 1 |  |  |
Total interest expense | $ | 4 |  |  | $ | 5 |  |  | $ | 10 |  |  | $ | 12 |  |  |
Cash paid for interest expense | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 17 |  |  |

Unsecured Notes
The Company has issued certain unsecured notes (each issuance of which is referred to herein using the “defined term” set forth under the “Unsecured Notes” column of the table below and collectively referred to as the “Unsecured Notes”), that pay interest semi-annually and all principal amounts are due upon maturity. Each of the Unsecured Notes may be redeemed in whole or in part at any time at the Company’s option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indentures governing each of the Unsecured Notes, plus any accrued and unpaid interest. Certain key terms related to the features for the Unsecured Notes as of June 30, 2023 are listed below.

Unsecured Notes | Aggregate Principal Amount Issued |  | Interest Rate |  | Original Issuance Date |  | Maturity Date
2024 Notes | $ | 900 |  |  | 4.200% |  | June 10, 2019 |  | June 10, 2024
March 2025 Notes | $ | 600 |  |  | 4.250% |  | January 11, 2018 |  | March 1, 2025
July 2025 Notes | $ | 1,250 |  |  | 3.250% |  | January 15, 2020 |  | July 15, 2025
January 2026 Notes | $ | 1,150 |  |  | 3.875% |  | July 15, 2020 |  | January 15, 2026
July 2026 Notes | $ | 1,000 |  |  | 2.150% |  | January 13, 2021 |  | July 15, 2026
2027 Notes | $ | 500 |  |  | 2.875% |  | January 13, 2022 |  | June 15, 2027
2028 Notes | $ | 1,250 |  |  | 2.875% |  | June 10, 2021 |  | June 15, 2028
2031 Notes | $ | 700 |  |  | 3.200% |  | November 4, 2021 |  | November 15, 2031

In February 2023, the Company repaid in full the $750 in aggregate principal amount outstanding of unsecured notes (the “2023 Notes”) upon their maturity. The 2023 Notes bore interest at a rate of 3.500% per annum, payable semi-annually.
150

For the three and six months ended June 30, 2023 and 2022, the components of interest expense and cash paid for interest expense for the Unsecured Notes, as well as any other unsecured notes outstanding during the periods presented are listed below.

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Stated interest expense | $ | 61 |  |  | $ | 67 |  |  | $ | 124 |  |  | $ | 134 |  |  |
Amortization of debt issuance costs | 4 |  |  | 4 |  |  | 7 |  |  | 8 |  |  |
Net amortization of original issue premium/discount | (1) |  |  | (2) |  |  | (3) |  |  | (4) |  |  |
Total interest expense | $ | 64 |  |  | $ | 69 |  |  | $ | 128 |  |  | $ | 138 |  |  |
Cash paid for interest expense | $ | 55 |  |  | $ | 55 |  |  | $ | 134 |  |  | $ | 134 |  |  |

The Unsecured Notes contain certain covenants, including covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act, or any successor provisions, and to provide financial information to the holders of such notes under certain circumstances. These covenants are subject to important limitations and exceptions set forth in the indentures governing such notes. As of June 30, 2023, the Company was in compliance in all material respects with the terms of the respective indentures governing each of the Unsecured Notes.
The 2024 Convertible Notes and the Unsecured Notes are the Company’s senior unsecured obligations and rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the 2024 Convertible Notes and the Unsecured Notes; equal in right of payment to the Company’s existing and future unsecured indebtedness that is not expressly subordinated; effectively junior in right of payment to any of its secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
6. DERIVATIVE INSTRUMENTS
The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. As of June 30, 2023, the counterparties to these forward currency contracts were Canadian Imperial Bank of Commerce and Royal Bank of Canada. As of December 31, 2022, the counterparty to these forward currency contracts were Royal Bank of Canada.
Certain information related to the Company’s derivative instruments as of June 30, 2023 and December 31, 2022 is presented below.
151

| As of June 30, 2023
Derivative Instrument | Notional Amount |  | Maturity Date |  | Gross Amount of Recognized Assets |  | Gross Amount of Recognized Liabilities |  | Balance Sheet Location of Net Amounts
Foreign currency forward contract | £ | 166 |  |  | 7/28/2023 |  | $ | 207 |  |  | $ | (210) |  |  | Accounts payable and other liabilities
Foreign currency forward contract | CAD | 153 |  |  | 7/19/2023 |  | 116 |  |  | (116) |  |  | Accounts payable and other liabilities
Foreign currency forward contract | € | 132 |  |  | 7/28/2023 |  | 146 |  |  | (143) |  |  | Other Assets
Foreign currency forward contract | CAD | 87 |  |  | 7/28/2023 |  | 64 |  |  | (65) |  |  | Accounts payable and other liabilities
Foreign currency forward contract | CAD | 65 |  |  | 7/28/2023 |  | 48 |  |  | (49) |  |  | Accounts payable and other liabilities
Foreign currency forward contract | NZD | 59 |  |  | 7/28/2023 |  | 36 |  |  | (36) |  |  | Accounts payable and other liabilities
Foreign currency forward contract | CAD | 41 |  |  | 7/17/2023 |  | 31 |  |  | (31) |  |  | Accounts payable and other liabilities
Foreign currency forward contract | CAD | 36 |  |  | 7/10/2023 |  | 28 |  |  | (28) |  |  | Accounts payable and other liabilities
Foreign currency forward contract | $ | 33 |  |  | 7/28/2023 |  | 26 |  |  | (26) |  |  | Accounts payable and other liabilities
Total |  |  |  |  |  | $ | 702 |  |  | $ | (704) |  |  |

| As of December 31, 2022
Derivative Instrument | Notional Amount |  | Maturity Date |  | Gross Amount of Recognized Assets |  | Gross Amount of Recognized Liabilities |  | Balance Sheet Location of Net Amounts
Foreign currency forward contract | CAD | 264 |  |  | 1/27/2023 |  | $ | 195 |  |  | $ | (196) |  |  | Accounts payable and other liabilities
Foreign currency forward contract | CAD | 242 |  |  | 1/18/2023 |  | 178 |  |  | (179) |  |  | Accounts payable and other liabilities
Foreign currency forward contract | € | 158 |  |  | 1/27/2023 |  | 159 |  |  | (169) |  |  | Accounts payable and other liabilities
Foreign currency forward contract | £ | 125 |  |  | 1/27/2023 |  | 145 |  |  | (151) |  |  | Accounts payable and other liabilities
Foreign currency forward contract | NZD | 59 |  |  | 1/27/2023 |  | 34 |  |  | (37) |  |  | Accounts payable and other liabilities
Foreign currency forward contract | CAD | 17 |  |  | 1/27/2023 |  | 12 |  |  | (12) |  |  | Accounts payable and other liabilities
Total |  |  |  |  |  | $ | 723 |  |  | $ | (744) |  |  |

Net realized gains (losses) on derivative instruments recognized by the Company for the three and six months ended June 30, 2023 and 2022 is in the following location in the consolidated statements of operations:

|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
Derivative Instrument | Statement Location | 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Foreign currency forward contract | Net realized gains (losses) from foreign currency and other transactions | $ | (3) |  |  | $ | 24 |  |  | (32) |  |  | $ | 14 |  |  |
Total |  | $ | (3) |  |  | $ | 24 |  |  | $ | (32) |  |  | $ | 14 |  |  |

Net unrealized gains (losses) on derivative instruments recognized by the Company for the three and six months ended June 30, 2023 and 2022 is in the following location in the consolidated statements of operations:
152

|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30, |
Derivative Instrument | Statement Location | 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Foreign currency forward contract | Net unrealized gains (losses) from foreign currency and other transactions | $ | (8) |  |  | $ | 7 |  |  | $ | 18 |  |  | $ | 21 |  |  |
Total |  | $ | (8) |  |  | $ | 7 |  |  | $ | 18 |  |  | $ | 21 |  |  |

7. COMMITMENTS AND CONTINGENCIES
Investment Commitments
The Company has various commitments to fund investments in its portfolio as described below. As of June 30, 2023 and December 31, 2022, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to fund which are at (or substantially at) the Company’s discretion:

| As of
| June 30, 2023 |  | December 31, 2022
Total revolving and delayed draw loan commitments | $ | 2,449 |  |  | $ | 2,916 |
Less: funded commitments | (594) |  |  | (526) |
Total unfunded commitments | 1,855 |  |  | 2,390 |
Less: commitments substantially at discretion of the Company | — |  |  | — |
Less: unavailable commitments due to borrowing base or other covenant restrictions | (14) |  |  | (13) |
Total net adjusted unfunded revolving and delayed draw loan commitments | $ | 1,841 |  |  | $ | 2,377 |

Included within the total revolving and delayed draw loan commitments as of June 30, 2023 and December 31, 2022 were delayed draw loan commitments totaling $793 and $1,229, respectively. The Company’s commitment to fund delayed draw loans is generally triggered upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels).
Also included within the total revolving loan commitments as of June 30, 2023 were commitments to issue up to $359 in letters of credit through a financial intermediary on behalf of certain portfolio companies. As of June 30, 2023, the Company had $52 in letters of credit issued and outstanding under these commitments on behalf of the portfolio companies. For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. Of these letters of credit, $37 expire in 2023, $14 expire in 2024 and $1 expire in 2025 and thereafter.
The Company also has commitments to co-invest in the SDLP for the Company’s portion of the SDLP’s commitments to fund delayed draw loans to certain portfolio companies of the SDLP. See Note 4 for more information.
As of June 30, 2023 and December 31, 2022, the Company was party to agreements to fund equity investment commitments as follows:

| As of |  |
| June 30, 2023 |  | December 31, 2022 |  |
Total equity commitments | $ | 148 |  |  | $ | 120 |  |  |
Less: funded equity commitments | (64) |  |  | (69) |  |  |
Total unfunded equity commitments | 84 |  |  | 51 |  |  |
Less: equity commitments substantially at discretion of the Company | (51) |  |  | (51) |  |  |
Total net adjusted unfunded equity commitments | $ | 33 |  |  | $ | — |  |  |

In the ordinary course of business, the Company may sell certain of its investments to third party purchasers. In particular, in connection with the sale of certain controlled portfolio company equity investments (as well as certain other sales) the Company has, and may continue to do so in the future, agreed to indemnify such purchasers for future liabilities arising
153

from the investments and the related sale transaction. Such indemnification provisions have given rise to liabilities in the past and may do so in the future.
In addition, in the ordinary course of business, the Company may guarantee certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable.
Lease Commitments
The Company is obligated under a number of operating leases pursuant to which it is leasing office facilities from third parties with remaining terms ranging from approximately one to four years. For certain of its operating leases, the Company had previously entered into subleases. The components of operating lease expense for the three and six months ended June 30, 2023 and 2022 were as follows:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Operating lease costs | $ | 2 |  |  | $ | 2 |  |  | $ | 4 |  |  | $ | 4 |  |  |
Less: sublease income | (2) |  |  | (2) |  |  | (4) |  |  | (4) |  |  |
Total operating lease costs (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |

________________________________________
(1)Total operating lease costs are incurred from office leases assumed as part of the Company’s acquisition of American Capital, Ltd.
Supplemental cash flow information related to operating leases for the three and six months ended June 30, 2023 and 2022 were as follows:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 4 |  |  | $ | 4 |  |  | $ | 8 |  |  | $ | 8 |
Operating ROU assets obtained in exchange for operating lease liabilities | $ | 2 |  |  | $ | 2 |  |  | $ | 4 |  |  | $ | 4 |

Supplemental balance sheet information as of June 30, 2023 and December 31, 2022 related to operating leases were as follows:

| As of
| June 30, 2023 |  | December 31, 2022
Operating lease ROU assets | $ | 15 |  |  | $ | 20 |
Operating lease liabilities | $ | 24 |  |  | $ | 31 |
Weighted average remaining lease term (in years) | 2.9 |  | 3.1
Weighted average discount rate | 4.6 | % |  | 4.2 | %

154

The following table shows future minimum lease payments under the Company’s operating leases and a reconciliation to the operating lease liability as of June 30, 2023:

|  | Amount
2023 |  | $ | 8 |
2024 |  | 6 |
2025 |  | 6 |
2026 |  | 6 |
Total lease payments |  | 26 |
Less imputed interest |  | (2) |
Total operating lease liabilities |  | $ | 24 |

The following table shows future expected rental payments to be received under the Company’s subleases where the Company is the sublessor as of June 30, 2023:

|  | Amount
2023 |  | $ | 5 |
2024 |  | 4 |
2025 |  | 4 |
2026 |  | 4 |
Total |  | $ | 17 |

8. FAIR VALUE OF FINANCIAL INSTRUMENTS
The Company follows ASC 825-10, R ecognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and a better understanding of the effect of the company’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Company has not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “other assets” and “debt,” which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.
The Company also follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Company to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Company has considered its principal market as the market in which the Company exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:
•Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
•Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
•Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
In addition to using the above inputs in investment valuations, the Company’s investment adviser, as its valuation designee, continues to employ the net asset valuation policy and procedures approved by the Company’s board of directors that
155

are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10 (see Note 2 for more information). Consistent with its valuation policies and procedures, the Company’s investment adviser evaluates the source of inputs, including any markets in which the Company’s investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Because there is not a readily available market value for most of the investments in the Company’s portfolio, the fair value of the investments must typically be determined using unobservable inputs.
The Company’s portfolio investments (other than as described below in the following paragraph) are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. Enterprise value means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Company’s investment adviser may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power generation industry, kilowatt capacity. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where the Company has control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate enterprise value. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where the Company does not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Company’s investment adviser considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the enterprise value of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Company’s investment adviser depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.
For other portfolio investments such as investments in the SDLP Certificates and IHAM, discounted cash flow analysis is the primary technique utilized to determine fair value. Expected future cash flows associated with the investment are discounted to determine a present value using a discount rate that reflects estimated market return requirements.
The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, derivatives and unfunded revolving and delayed draw loan commitments as of June 30, 2023:

| Fair Value Measurements Using
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | $ | 411 |  |  | $ | 411 |  |  | $ | — |  |  | $ | — |
Restricted cash | $ | 42 |  |  | $ | 42 |  |  | $ | — |  |  | $ | — |
Investments not measured at net asset value | $ | 21,491 |  |  | $ | 73 |  |  | $ | 661 |  |  | $ | 20,757 |
Investments measured at net asset value(1) | 5 |  |  |  |  |  |  |
Total investments | $ | 21,496 |  |  |  |  |  |  |
Derivatives | $ | (2) |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |
Unfunded revolving and delayed draw loan commitments(2) | $ | (41) |  |  | $ | — |  |  | $ | — |  |  | $ | (41) |

________________________________________
(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
156

(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet.
The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, derivatives and unfunded revolving and delayed draw loan commitments as of December 31, 2022:

| Fair Value Measurements Using
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | $ | 303 |  |  | $ | 303 |  |  | $ | — |  |  | $ | — |
Restricted cash | $ | 34 |  |  | $ | 34 |  |  | $ | — |  |  | $ | — |
Investments not measured at net asset value | $ | 21,775 |  |  | $ | 54 |  |  | $ | 360 |  |  | $ | 21,361 |
Investments measured at net asset value (1) | 5 |  |  |  |  |  |  |
Total investments | $ | 21,780 |  |  |  |  |  |  |
Derivatives | $ | (21) |  |  | $ | — |  |  | $ | (21) |  |  | $ | — |
Unfunded revolving and delayed draw loan commitments(2) | $ | (57) |  |  | $ | — |  |  | $ | — |  |  | $ | (57) |

________________________________________
(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet.
The following tables summarize the significant unobservable inputs the Company’s investment adviser used to value the majority of the Company’s investments categorized within Level 3 as of June 30, 2023 and December 31, 2022. The tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the investment adviser’s determination of fair values.

|  | As of June 30, 2023 |
|  |  |  |  |  | Unobservable Input |
Asset Category |  | Fair Value |  | Primary Valuation Techniques |  | Input |  | Estimated Range |  | Weighted Average(1) |
First lien senior secured loans |  | $ | 8,529 |  |  | Yield analysis |  | Market yield |  | 7.3% - 21.6% |  | 12.6% |
Second lien senior secured loans |  | 3,669 |  |  | Yield analysis |  | Market yield |  | 10.0% - 23.7% |  | 15.0% |
Subordinated certificates of the SDLP |  | 1,237 |  |  | Discounted cash flow analysis |  | Discount rate |  | 12.8% - 15.0% |  | 13.5% |
Senior subordinated loans |  | 1,045 |  |  | Yield analysis |  | Market yield |  | 8.0% - 20.0% |  | 14.1% |
Preferred equity |  | 2,140 |  |  | EV market multiple analysis |  | EBITDA multiple |  | 3.0x - 40.0x |  | 16.4x |
Ivy Hill Asset Management, L.P.(2) |  | 2,151 |  |  | Discounted cash flow analysis |  | Discount rate |  | 12.8% - 31.1% |  | 14.3% |
Other equity |  | 1,986 |  |  | EV market multiple analysis |  | EBITDA multiple |  | 3.6x - 40.6x |  | 14.3x |
Total investments |  | $ | 20,757 |  |  |  |  |  |  |  |  |  |

________________________________________
(1)Unobservable inputs were weighted by the relative fair value of the investments.
(2)Includes the Company’s subordinated loan and equity investments in IHAM, as applicable.
157

|  | As of December 31, 2022 |
|  |  |  |  |  | Unobservable Input |
Asset Category |  | Fair Value |  | Primary Valuation Techniques |  | Input |  | Estimated Range |  | Weighted Average(1) |
First lien senior secured loans |  | $ | 9,165 |  |  | Yield analysis |  | Market yield |  | 7.6% - 26.1% |  | 12.3% |
Second lien senior secured loans |  | 3,841 |  |  | Yield analysis |  | Market yield |  | 11.0% - 32.4% |  | 14.9% |
Subordinated certificates of the SDLP |  | 1,249 |  |  | Discounted cash flow analysis |  | Discount rate |  | 12.4% - 14.8% |  | 13.5% |
Senior subordinated loans |  | 1,021 |  |  | Yield analysis |  | Market yield |  | 8.0% - 16.3% |  | 12.9% |
Preferred equity |  | 2,023 |  |  | EV market multiple analysis |  | EBITDA multiple |  | 2.6x - 40.6x |  | 15.7x |
Ivy Hill Asset Management, L.P.(2) |  | 2,201 |  |  | Discounted cash flow analysis |  | Discount rate |  | 12.9% - 25.7% |  | 14.2% |
Other equity |  | 1,861 |  |  | EV market multiple analysis |  | EBITDA multiple |  | 2.1x - 52.1x |  | 15.6x |
Total investments |  | $ | 21,361 |  |  |  |  |  |  |  |  |  |

________________________________________
(1)Unobservable inputs were weighted by the relative fair value of the investments.
(2)Includes the Company’s subordinated loan and equity investments in IHAM, as applicable.
Changes in market yields, discount rates or EBITDA multiples, each in isolation, may change the fair value of certain of the Company’s investments. Generally, an increase in market yields or discount rates or a decrease in EBITDA multiples may result in a decrease in the fair value of certain of the Company’s investments.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it.
In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.
The following tables present changes in investments that use Level 3 inputs as of and for the three and six months ended June 30, 2023:

| As of and For the Three Months Ended June 30, 2023
Balance as of March 31, 2023 | $ | 20,683 |
Net realized losses | (68) |
Net unrealized gains | 94 |
Purchases | 1,167 |
Sales | (160) |
Repayments | (932) |
PIK interest and dividends | 100 |
Net accretion of discount on securities | 2 |
Net transfers in and/or out of Level 3 | (129) |
Balance as of June 30, 2023 | $ | 20,757 |

158

| As of and For the Six Months Ended June 30, 2023
Balance as of December 31, 2022 | $ | 21,361 |
Net realized losses | (88) |
Net unrealized gains | 83 |
Purchases | 2,239 |
Sales | (857) |
Repayments | (1,995) |
PIK interest and dividends | 181 |
Net accretion of discount on securities | 6 |
Net transfers in and/or out of Level 3 | (173) |
Balance as of June 30, 2023 | $ | 20,757 |

Investments were transferred into and out of Level 3 during the three and six months ended June 30, 2023. Transfers into and out of Level 3 were generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.
As of June 30, 2023, the net unrealized depreciation on the investments that use Level 3 inputs was $129.
For the three and six months ended June 30, 2023, the total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to the Company’s Level 3 assets still held as of June 30, 2023, and reported within the net unrealized gains (losses) on investments, foreign currency and other transactions in the Company’s consolidated statement of operations was $55 and $47, respectively.
The following tables present changes in investments that use Level 3 inputs as of and for the three and six months ended June 30, 2022:

| As of and For the Three Months Ended June 30, 2022
Balance as of March 31, 2022 | $ | 19,375 |
Net realized losses | (24) |
Net unrealized losses | (145) |
Purchases | 2,817 |
Sales | (659) |
Repayments | (434) |
PIK interest and dividends | 80 |
Net accretion of discount on securities | 2 |
Net transfers in and/or out of Level 3 | — |
Balance as of June 30, 2022 | $ | 21,012 |

159

| As of and For the Six Months Ended June 30, 2022
Balance as of December 31, 2021 | $ | 19,908 |
Net realized gains | 45 |
Net unrealized losses | (152) |
Purchases | 4,671 |
Sales | (2,206) |
Repayments | (1,406) |
PIK interest and dividends | 147 |
Net accretion of discount on securities | 5 |
Net transfers in and/or out of Level 3 | — |
Balance as of June 30, 2022 | $ | 21,012 |

As of June 30, 2022, the net unrealized appreciation on the investments that use Level 3 inputs was $13.
For the three and six months ended June 30, 2022, the total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to the Company’s Level 3 assets still held as of June 30, 2022, and reported within the net unrealized gains (losses) on investments, foreign currency and other transactions in the Company’s consolidated statement of operations was $(157) and $(104), respectively.
160

The following are the carrying and fair values of the Company’s debt obligations as of June 30, 2023 and December 31, 2022. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available.

| As of
| June 30, 2023 |  | December 31, 2022
| Carrying value(1) |  | Fair value(4) |  | Carrying value(1) |  | Fair value(4)
Revolving Credit Facility | $ | 1,922 |  |  | $ | 1,922 |  |  | $ | 2,246 |  |  | $ | 2,246 |
Revolving Funding Facility | 850 |  |  | 850 |  |  | 800 |  |  | 800 |
SMBC Funding Facility | 401 |  |  | 401 |  |  | 451 |  |  | 451 |
BNP Funding Facility | 475 |  |  | 475 |  |  | 245 |  |  | 245 |
2024 Convertible Notes (principal amount outstanding of $403) | 401 |  | (2) | 406 |  |  | 399 |  | (2) | 428 |
2023 Notes (principal amount outstanding of $0 and $750, respectively) | — |  |  | — |  |  | 750 |  | (2) | 749 |
2024 Notes (principal amount outstanding of $900) | 899 |  | (2) | 880 |  |  | 898 |  | (2) | 873 |
March 2025 Notes (principal amount outstanding of $600) | 598 |  | (2) | 574 |  |  | 597 |  | (2) | 570 |
July 2025 Notes (principal amount outstanding of $1,250) | 1,256 |  | (2) | 1,159 |  |  | 1,258 |  | (2) | 1,157 |
January 2026 Notes (principal amount outstanding of $1,150) | 1,145 |  | (2) | 1,069 |  |  | 1,144 |  | (2) | 1,059 |
July 2026 Notes (principal amount outstanding of $1,000) | 992 |  | (2) | 871 |  |  | 991 |  | (2) | 850 |
2027 Notes (principal amount outstanding of $500) | 495 |  | (2) | 434 |  |  | 494 |  | (2) | 427 |
2028 Notes (principal amount outstanding of $1,250) | 1,247 |  | (2) | 1,035 |  |  | 1,247 |  | (2) | 1,007 |
2031 Notes (principal amount outstanding of $700) | 690 |  | (2) | 535 |  |  | 690 |  | (2) | 516 |
Total | $ | 11,371 |  | (3) | $ | 10,611 |  |  | $ | 12,210 |  | (3) | $ | 11,378 |

________________________________________
(1)The Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the BNP Funding Facility carrying values are the same as the principal amounts outstanding.
(2)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance.
(3)Total principal amount of debt outstanding totaled $11,401 and $12,245 as of June 30, 2023 and December 31, 2022, respectively.
(4)The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10.
9. STOCKHOLDERS’ EQUITY
The Company may from time to time issue and sell shares of its common stock through public or “at the market” offerings. In connection with the issuance of its common stock, the Company issued and sold the following shares of common stock during the six months ended June 30, 2023:

Issuances of Common Stock | Number of Shares Issued |  | Gross Proceeds |  | Underwriting Fees/Offering Expenses |  | Net Proceeds |  | Average Offering Price Per Share(1) |
Public offerings | 12.1 |  | $ | 236.8 |  |  | $ | 13.4 |  |  | $ | 223.4 |  |  | $ | 19.61 |  | (2)
“At the market” offerings | 25.3 |  | 486.0 |  |  | 5.6 |  |  | 480.4 |  |  | $ | 19.22 |  |
Total | 37.4 |  | $ | 722.8 |  |  | $ | 19.0 |  |  | $ | 703.8 |  |  |  |

________________________________________
161

(1) Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses.
(2) 12.1 of the shares were sold to the underwriters for a price of $18.53 per share which the underwriters were then permitted to sell at variable prices to the public.
“At the Market” Offerings
The Company is party to equity distribution agreements with several banks (the “Equity Distribution Agreements”). The Equity Distribution Agreements provide that the Company may from time to time issue and sell, by means of “at the market” offerings, up to $1,000 of its common stock. Subject to the terms and conditions of the Equity Distribution Agreements, sales of common stock, if any, may be made in transactions that are deemed to be “at the market” offerings as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. Under the Equity Distribution Agreements, common stock with an aggregate offering amount of $771 remained available for issuance as of June 30, 2023.
See Note 11 for information regarding shares of common stock issued or purchased in accordance with the Company’s dividend reinvestment plan.
Stock Repurchase Program
The Company is authorized under its stock repurchase program to purchase up to $1,000 in the aggregate of its outstanding common stock in the open market at certain thresholds below its net asset value per share, in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The stock repurchase program does not require the Company to repurchase any specific number of shares of common stock or any shares of common stock at all. Consequently, the Company cannot assure stockholders that any specific number of shares of common stock, if any, will be repurchased under the stock repurchase program. As of June 30, 2023, the expiration date of the stock repurchase program is February 15, 2024. The program may be suspended, extended, modified or discontinued at any time. As of June 30, 2023, there was $1,000 available for repurchases under the stock repurchase program.
During the six months ended June 30, 2023 and 2022, the Company did not repurchase any shares of the Company’s common stock under the stock repurchase program.
162

10. EARNINGS PER SHARE
The following information sets forth the computations of basic and diluted net increase in stockholders’ equity resulting from operations per share for the three and six months ended June 30, 2023 and 2022:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Net increase in stockholders’ equity resulting from operations—basic | $ | 331 |  |  | $ | 111 |  |  | $ | 609 |  |  | $ | 322 |  |  |
Adjustment for interest expense on 2024 Convertible Notes(1) | 4 |  |  | 4 |  |  | 8 |  |  | 8 |  |  |
Net increase in stockholders’ equity resulting from operations—diluted | $ | 335 |  |  | $ | 115 |  |  | $ | 617 |  |  | $ | 330 |  |  |
Weighted average shares of common stock outstanding—basic | 547 |  |  | 494 |  |  | 541 |  |  | 487 |  |  |
Assumed conversion of 2024 Convertible Notes | 20 |  |  | 20 |  |  | 20 |  |  | 20 |  |  |
Weighted average shares of common stock outstanding—diluted | 567 |  |  | 514 |  |  | 561 |  |  | 507 |  |  |
Net increase in stockholders’ equity resulting from operations per share—basic | $ | 0.61 |  |  | $ | 0.22 |  |  | $ | 1.13 |  |  | $ | 0.66 |  |  |
Net increase in stockholders’ equity resulting from operations per share—diluted | $ | 0.59 |  |  | $ | 0.22 |  |  | $ | 1.10 |  |  | $ | 0.65 |  |  |

________________________________________
(1) Includes the impact of income based fees.
For the purpose of calculating diluted net increase in stockholders’ equity resulting from operations per share for the three and six months ended June 30, 2023 and 2022, the Company utilized the if-converted method which assumes full share settlement for the aggregate value of the 2024 Convertible Notes.
163

11. DIVIDENDS AND DISTRIBUTIONS
The following table summarizes the Company’s dividends declared and payable during the six months ended June 30, 2023 and 2022:

Date declared |  | Record date |  | Payment date |  | Per share amount |  | Total amount
April 25, 2023 |  | June 15, 2023 |  | June 30, 2023 |  | $ | 0.48 |  |  | $ | 266 |
February 7, 2023 |  | March 15, 2023 |  | March 31, 2023 |  | 0.48 |  |  | 261 |
Total dividends declared and payable for the six months ended June 30, 2023 |  |  |  |  |  | $ | 0.96 |  |  | $ | 527 |
April 26, 2022 |  | June 15, 2022 |  | June 30, 2022 |  | $ | 0.42 |  |  | $ | 208 |
February 9, 2022 |  | June 15, 2022 |  | June 30, 2022 |  | 0.03 |  | (1) | 15 |
February 9, 2022 |  | March 15, 2022 |  | March 31, 2022 |  | 0.42 |  |  | 205 |
February 9, 2022 |  | March 15, 2022 |  | March 31, 2022 |  | 0.03 |  | (1) | 15 |
Total dividends declared and payable for the six months ended June 30, 2022 |  |  |  |  |  | $ | 0.90 |  |  | $ | 443 |

___________________________________________________________________________
(1)Represents an additional dividend.
The Company has a dividend reinvestment plan, whereby the Company may buy shares of its common stock in the open market or issue new shares in order to satisfy dividend reinvestment requests. When the Company issues new shares in connection with the dividend reinvestment plan, the issue price is equal to the closing price of its common stock on the dividend payment date. Dividend reinvestment plan activity for the six months ended June 30, 2023 and 2022, was as follows:

| For the Six Months Ended June 30, |
| 2023 |  | 2022 |  |  |
Shares issued | 0.7 |  |  | 0.6 |  |  |  |
Average issue price per share | $ | 18.79 |  |  | $ | 20.95 |  |  |  |
Shares purchased by plan agent to satisfy dividends declared and payable during the period for stockholders | 0.8 |  |  | 0.7 |  |  |  |
Average purchase price per share | $ | 18.35 |  |  | $ | 18.60 |  |  |  |

12. RELATED PARTY TRANSACTIONS
In accordance with the investment advisory and management agreement, the Company bears all costs and expenses of the operation of the Company and reimburses its investment adviser or its affiliates for certain of such costs and expenses paid for by the investment adviser or its affiliates on behalf of the Company. For the three and six months ended June 30, 2023, the Company’s investment adviser or its affiliates incurred and the Company reimbursed such expenses totaling $2 and $3, respectively. For the three and six months ended June 30, 2022, the Company’s investment adviser or its affiliates incurred and the Company reimbursed such expenses totaling $1 and $2, respectively.
The Company has entered into agreements with Ares Management LLC and IHAM, pursuant to which Ares Management LLC and IHAM are entitled to use the Company’s proprietary portfolio management software. For the three and six months ended June 30, 2023, amounts payable to the Company under these agreements totaled $0 and $0, respectively. For the three and six months ended June 30, 2022, amounts payable to the Company under these agreements totaled $0 and $0, respectively.
See Notes 3 and 4 for descriptions of other related party transactions.
164

13. FINANCIAL HIGHLIGHTS
The following is a schedule of financial highlights as of and for the six months ended June 30, 2023 and 2022:

| As of and For the Six Months Ended June 30,
Per Share Data: | 2023 |  | 2022 |  |  |  |  |  |
Net asset value, beginning of period(1) | $ | 18.40 |  |  | $ | 18.96 |  |  |  |  |  |  |
Issuances of common stock | 0.01 |  |  | 0.10 |  |  |  |  |  |  |
Net investment income for period(2) | 1.17 |  |  | 0.93 |  |  |  |  |  |  |
Net realized and unrealized losses for period(2) | (0.04) |  |  | (0.28) |  |  |  |  |  |  |
Net increase in stockholders’ equity | 1.14 |  |  | 0.75 |  |  |  |  |  |  |
Total distributions to stockholders(3) | (0.96) |  |  | (0.90) |  |  |  |  |  |  |
Net asset value at end of period(1) | $ | 18.58 |  |  | $ | 18.81 |  |  |  |  |  |  |
Per share market value at end of period | $ | 18.79 |  |  | $ | 17.93 |  |  |  |  |  |  |
Total return based on market value(4) | 7.17 | % |  | (13.45) | % |  |  |  |  |  |
Total return based on net asset value(5) | 6.28 | % |  | 3.98 | % |  |  |  |  |  |
Shares outstanding at end of period | 557 |  | 496 |  |  |  |  |  |  |
Ratio/Supplemental Data: |  |  |  |  |  |  |  |  |
Net assets at end of period | $ | 10,354 |  |  | $ | 9,335 |  |  |  |  |  |  |
Ratio of operating expenses to average net assets(6)(7) | 12.37 | % |  | 9.67 | % |  |  |  |  |  |
Ratio of net investment income to average net assets(6)(8) | 12.55 | % |  | 9.97 | % |  |  |  |  |  |
Portfolio turnover rate(6) | 23 | % |  | 36 | % |  |  |  |  |  |

_________________________________________________________________________________
(1)The net assets used equals the total stockholders’ equity on the consolidated balance sheet.
(2)Weighted average basic per share data.
(3)Includes additional dividends of $0.06 per share for the six months ended June 30, 2022.
(4)For the six months ended June 30, 2023, the total return based on market value equaled the increase of the ending market value at June 30, 2023 of $18.79 per share from the ending market value at December 31, 2022 of $18.47 per share plus the declared and payable dividends of $0.96 per share for the six months ended June 30, 2023, divided by the market value at December 31, 2022. For the six months ended June 30, 2022, the total return based on market value equaled the decrease of the ending market value at June 30, 2022 of $17.93 per share from the ending market value at December 31, 2021 of $21.19 per share plus the declared and payable dividends of $0.90 per share for the six months ended June 30, 2022, divided by the market value at December 31, 2021. The Company’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results.
(5)For the six months ended June 30, 2023, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $0.96 per share for the six months ended June 30, 2023, divided by the beginning net asset value for the period. For the six months ended June 30, 2022, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $0.90 per share for the six months ended June 30, 2022, divided by the beginning net asset value for the period. The Company’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results.
(6)The ratios reflect an annualized amount.
165

(7)For the six months ended June 30, 2023 and 2022, the ratio of operating expenses to average net assets consisted of the following:

| For the Six Months Ended June 30,
| 2023 |  | 2022 |  |  |  |  |  |
Base management fees | 3.19 | % |  | 3.25 | % |  |  |  |  |  |
Income based fees and capital gains incentive fees | 3.08 | % |  | 1.76 | % |  |  |  |  |  |
Cost of borrowing | 5.67 | % |  | 4.25 | % |  |  |  |  |  |
Other operating expenses | 0.43 | % |  | 0.41 | % |  |  |  |  |  |

(8)The ratio of net investment income to average net assets excludes income taxes related to realized gains and losses.
14. SUBSEQUENT EVENTS
The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the six months ended June 30, 2023.
166

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information contained in this section should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report. In addition, some of the statements in this Quarterly Report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of Ares Capital Corporation (the “Company,” “Ares Capital,” “we,” “us,” or “our”). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:
•our, or our portfolio companies’, future business, operations, operating results or prospects;
•the return or impact of current and future investments;
•the impact of global health crises on our or our portfolio companies’ business and the U.S. and global economy;
•the impact of a protracted decline in the liquidity of credit markets on our business;
•the impact of the elimination of the London Interbank Offered Rate (“LIBOR”) and implementation of alternatives to LIBOR (such as Secured Overnight Financing Rate (“SOFR”) on our operating results;
•changes in the general economy, slowing economy, rising inflation and risk of recession;
•the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors;
•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;
•our ability to recover unrealized losses;
•market conditions and our ability to access different debt markets and additional debt and equity capital and our ability to manage our capital resources effectively;
•our contractual arrangements and relationships with third parties;
•the state of the general economy;
•the impact of supply chain constraints on our portfolio companies and the global economy;
•uncertainty surrounding global financial stability, including the liquidity of certain banks;
•the social, geopolitical, financial, trade and legal implications of Brexit;
•the war in Ukraine and Russia and the potential for volatility in energy prices and other commodities and their impact on the industries in which we invest;
•the financial condition of our current and prospective portfolio companies and their ability to achieve their objectives;
•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;
•our ability to raise capital in the private and public debt and equity markets;
•our ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of our portfolio companies' supply chain and operations;
•our ability to successfully complete and integrate any acquisitions;
•the outcome and impact of any litigation or regulatory proceeding;
167

•the adequacy of our cash resources and working capital;
•the timing, form and amount of any dividend distributions;
•the timing of cash flows, if any, from the operations of our portfolio companies; and
•the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments.
We use words such as “anticipates,” “believes,” “expects,” “intends,” “project,” “estimates,” “will,” “should,” “could,” “would,” “may” and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. Our actual results and condition could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in this Quarterly Report.
We have based the forward-looking statements included in this Quarterly Report on information available to us on the filing date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.
OVERVIEW
We are a specialty finance company that is a closed-end, non-diversified management investment company incorporated in Maryland. We have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”).
We are externally managed by Ares Capital Management LLC (“Ares Capital Management” or our “investment adviser”), a subsidiary of Ares Management Corporation (NYSE: ARES) (“Ares Management”), a publicly traded, leading global alternative investment manager, pursuant to our investment advisory and management agreement. Ares Operations LLC (“Ares Operations” or our “administrator”), a subsidiary of Ares Management, provides certain administrative and other services necessary for us to operate.
Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily in first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and second lien senior secured loans. In addition to senior secured loans, we also invest in subordinated loans (sometimes referred to as mezzanine debt), which in some cases includes an equity component and preferred equity.
To a lesser extent, we also make common equity investments, which have generally been non-control equity investments of less than $20 million (usually in conjunction with a concurrent debt investment). However, we may increase the size or change the nature of these investments.
Since our initial public offering (“IPO”) on October 8, 2004 through June 30, 2023, our exited investments resulted in an asset level realized gross internal rate of return to us of approximately 13% (based on original cash invested, net of syndications, of approximately $40.6 billion and total proceeds from such exited investments of approximately $52.1 billion). Internal rate of return is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. Internal rate of return is gross of expenses related to investments as these expenses are not allocable to specific investments. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash and/or non-cash consideration upon the repayment of a debt investment or sale of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized.
Additionally, since our IPO on October 8, 2004 through June 30, 2023, our realized gains have exceeded our realized losses by approximately $1.0 billion (excluding a one-time gain on the acquisition of Allied Capital Corporation (“Allied Capital”) in April 2010 and realized gains/losses from the extinguishment of debt and other transactions). For this same time period, our average annualized net realized gain rate was approximately 0.9% (excluding a one-time gain on the acquisition of Allied Capital and realized gains/losses from the extinguishment of debt and other transactions). Net realized gain/loss rates for
168

a particular period are the amount of net realized gains/losses during such period divided by the average quarterly investments at amortized cost in such period.
Information included herein regarding internal rates of return, realized gains and losses and annualized net realized gain rates are historical results relating to our past performance and are not necessarily indicative of future results, the achievement of which cannot be assured.
As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies and certain public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We also may invest up to 30% of our portfolio in non-qualifying assets, as permitted by the Investment Company Act. Specifically, as part of this 30% basket, we may invest in entities that are not considered “eligible portfolio companies” (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act.
We have elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders generally at least 90% of our investment company taxable income, as defined by the Code, for each year. Pursuant to this election, we generally will not have to pay U.S. federal corporate-level taxes on any income that we distribute to our stockholders provided that we satisfy those requirements.
MACROECONOMIC ENVIRONMENT
Credit markets continued to be under pressure during the first half of 2023 amid a risk-off environment and sustained macro-economic uncertainty due to record-high inflation, tighter financial conditions, financial market instability and growing recession risk. Central banks have remained focused on restoring price stability by raising interest rates and have signaled that growth may be hindered until inflation comes under control.
169

PORTFOLIO AND INVESTMENT ACTIVITY
Our investment activity for the three months ended June 30, 2023 and 2022 is presented below.

| For the Three Months Ended June 30,
(dollar amounts in millions) | 2023 |  | 2022 |  |
New investment commitments(1): |  |  |  |  |
New portfolio companies | $ | 366 |  |  | $ | 1,211 |  |  |
Existing portfolio companies | 852 |  |  | 1,898 |  |  |
Total new investment commitments(2) | $ | 1,218 |  |  | 3,109 |  |  |
Less: |  |  |  |  |
Investment commitments exited(3) | (1,138) |  |  | (1,085) |  |  |
Net investment commitments | $ | 80 |  |  | $ | 2,024 |  |  |
Principal amount of investments funded: |  |  |  |  |
First lien senior secured loans(4) | $ | 959 |  |  | $ | 1,950 |  |  |
Second lien senior secured loans | 141 |  |  | 41 |  |  |
Subordinated certificates of the SDLP(5) | 50 |  |  | 52 |  |  |
Senior subordinated loans | 19 |  |  | 100 |  |  |
Preferred equity | 87 |  |  | 94 |  |  |
Ivy Hill Asset Management, L.P.(6) | — |  |  | 570 |  |  |
Other equity | 73 |  |  | 88 |  |  |
Total | $ | 1,329 |  |  | $ | 2,895 |  |  |
Principal amount of investments sold or repaid: |  |  |  |  |
First lien senior secured loans(4) | $ | 677 |  |  | $ | 957 |  |  |
Second lien senior secured loans | 232 |  |  | 60 |  |  |
Subordinated certificates of the SDLP(5) | 43 |  |  | 2 |  |  |
Senior subordinated loans | 21 |  |  | 25 |  |  |
Preferred equity | 27 |  |  | 36 |  |  |
Ivy Hill Asset Management, L.P.(6) | 171 |  |  | 28 |  |  |
Other equity | 26 |  |  | 42 |  |  |
Total | $ | 1,197 |  |  | $ | 1,150 |  |  |
Number of new investment commitments(7) | 46 |  |  | 52 |  |  |
Average new investment commitment amount | $ | 26 |  |  | $ | 60 |  |  |
Weighted average term for new investment commitments (in months) | 65 |  |  | 65 |  |  |
Percentage of new investment commitments at floating rates | 73 | % |  | 89 | % |  |
Percentage of new investment commitments at fixed rates | 13 | % |  | 3 | % |  |
Weighted average yield of debt and other income producing securities(8): |  |  |  |  |
Funded during the period at amortized cost | 11.7 | % |  | 8.2 | % |  |
Funded during the period at fair value(9) | 11.7 | % |  | 8.2 | % |  |
Exited or repaid during the period at amortized cost | 11.5 | % |  | 7.0 | % |  |
Exited or repaid during the period at fair value(9) | 11.9 | % |  | 7.1 | % |  |

_______________________________________________________________________________
(1)New investment commitments include new agreements to fund revolving loans or delayed draw loans. See Note 7 to our consolidated financial statements for the three and six months ended June 30, 2023 for more information on our commitments to fund revolving loans or delayed draw loans.
(2)Includes both funded and unfunded commitments. Of these new investment commitments, we funded $1.0 billion and $2.6 billion for the three months ended June 30, 2023 and 2022, respectively.
(3)Includes both funded and unfunded commitments. For the three months ended June 30, 2023 and 2022, investment commitments exited included exits of unfunded commitments of $135 million and $115 million, respectively.
170

(4)For the three months ended June 30, 2023 and 2022, net repayments of first lien secured revolving loans were $176 million and $17 million, respectively.
(5)See “Senior Direct Lending Program” below and Note 4 to our consolidated financial statements for the three and six months ended June 30, 2023 for more information on the SDLP (as defined below).
(6)Includes our subordinated loan and equity investments in IHAM (as defined below), as applicable. See “Ivy Hill Asset Management, L.P.” below and Note 4 to our consolidated financial statements for the three and six months ended June 30, 2023 for more information on IHAM.
(7)Number of new investment commitments represents each commitment to a particular portfolio company or a commitment to multiple companies as part of an individual transaction (e.g., the purchase of a portfolio of investments).
(8)“Weighted average yield of debt and other income producing securities” is computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the dividend received by us related to our equity investment in IHAM during the most recent quarter end, as applicable), divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value (including the amortized cost or fair value of our equity investment in IHAM as applicable), as applicable.
(9)Represents fair value for investments in the portfolio as of the most recent prior quarter end, if applicable.
As of June 30, 2023 and December 31, 2022, our investments consisted of the following:

|  | As of
|  | June 30, 2023 |  | December 31, 2022
(in millions) |  | Amortized Cost(1) |  | Fair Value |  | Amortized Cost(1) |  | Fair Value
First lien senior secured loans(2) |  | $ | 9,304 |  |  | $ | 8,972 |  |  | $ | 9,684 |  |  | $ | 9,373 |
Second lien senior secured loans |  | 4,160 |  |  | 3,879 |  |  | 4,218 |  |  | 3,934 |
Subordinated certificates of the SDLP(3) |  | 1,289 |  |  | 1,237 |  |  | 1,274 |  |  | 1,249 |
Senior subordinated loans |  | 1,147 |  |  | 1,054 |  |  | 1,163 |  |  | 1,079 |
Preferred equity |  | 2,161 |  |  | 2,140 |  |  | 2,095 |  |  | 2,027 |
Ivy Hill Asset Management, L.P.(4) |  | 1,968 |  |  | 2,151 |  |  | 2,048 |  |  | 2,201 |
Other equity |  | 1,657 |  |  | 2,063 |  |  | 1,561 |  |  | 1,917 |
Total |  | $ | 21,686 |  |  | $ | 21,496 |  |  | $ | 22,043 |  |  | $ | 21,780 |

_______________________________________________________________________________
(1)The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest or dividends.
(2)First lien senior secured loans include certain loans that we classify as “unitranche” loans. The total amortized cost and fair value of the loans that we classified as “unitranche” loans were $4.9 billion and $4.7 billion, respectively, as of June 30, 2023, and $5.0 billion and $4.8 billion, respectively, as of December 31, 2022.
(3)The proceeds from these certificates were applied to co-investments with Varagon Capital Partners (“Varagon”) and its clients to fund first lien senior secured loans to 21 and 22 different borrowers as of June 30, 2023 and December 31, 2022, respectively.
(4)Includes our subordinated loan and equity investments in IHAM, as applicable.
We have commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to fund which are at (or substantially at) our discretion. Our commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the
171

use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels). We are also party to subscription agreements to fund equity investments. See Note 7 to our consolidated financial statements for the three and six months ended June 30, 2023 for more information on our unfunded commitments, including commitments to issue letters of credit, related to certain of our portfolio companies.
The weighted average yields at amortized cost and fair value of the following portions of our portfolio as of June 30, 2023 and December 31, 2022 were as follows:

|  | As of
|  | June 30, 2023 |  | December 31, 2022
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Debt and other income producing securities(1) |  | 12.2 | % |  | 12.5 | % |  | 11.6 | % |  | 11.9 | %
Total portfolio(2) |  | 11.0 | % |  | 11.1 | % |  | 10.5 | % |  | 10.6 | %
First lien senior secured loans(3) |  | 11.3 | % |  | 11.8 | % |  | 10.7 | % |  | 11.1 | %
Second lien senior secured loans(3) |  | 12.5 | % |  | 13.4 | % |  | 11.6 | % |  | 12.5 | %
Subordinated certificates of the SDLP(3)(6) |  | 13.5 | % |  | 14.1 | % |  | 13.5 | % |  | 13.8 | %
Senior subordinated loans(3) |  | 11.2 | % |  | 12.0 | % |  | 10.8 | % |  | 11.3 | %
Ivy Hill Asset Management L.P.(4) |  | 14.1 | % |  | 12.7 | % |  | 14.2 | % |  | 12.9 | %
Other income producing equity securities(5) |  | 11.4 | % |  | 11.5 | % |  | 11.4 | % |  | 11.4 | %

_______________________________________________________________________________
(1)“Weighted average yields on debt and other income producing securities” are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the dividend received by us related to our equity investment in IHAM during the most recent quarter end), divided by (b) the total accruing debt and other income producing securities at amortized cost or at fair value (including the amortized cost or fair value of our equity investment in IHAM as applicable), as applicable.
(2)“Weighted average yields on total portfolio” are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on accruing debt and other income producing securities (including the annualized amount of the dividend received by us related to our equity investment in IHAM during the most recent quarter end), divided by (b) total investments at amortized cost or at fair value, as applicable.
(3)“Weighted average yields” are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on the relevant accruing investments, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable.
(4)Represents the yield on our equity investment in IHAM, which is computed as (a) the annualized amount of the dividend received by us related to our equity investment in IHAM during the most recent quarter end, divided by (b) the amortized cost or fair value of our equity investment in IHAM, as applicable.
(5)“Weighted average yield on other income producing equity securities” is computed as (a) the yield earned on the relevant income producing equity securities, divided by (b) the total relevant income producing equity securities at amortized cost or fair value, as applicable.
(6)The proceeds from these certificates were applied to co-investments with Varagon and its clients to fund first lien senior secured loans.
Ares Capital Management employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our investment adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The grade of a portfolio investment may be reduced or increased over time. The following is a description of each investment grade:
172

Investment grade |  | Description
4 |  | Involves the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit.
3 |  | Involves a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 3.
2 |  | Indicates that the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due. For investments graded 2, our investment adviser enhances its level of scrutiny over the monitoring of such portfolio company.
1 |  | Indicates that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 1, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 1, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit. For investments graded 1, our investment adviser enhances its level of scrutiny over the monitoring of such portfolio company.

Set forth below is the grade distribution of our portfolio companies as of June 30, 2023 and December 31, 2022:

|  | As of
|  | June 30, 2023 |  | December 31, 2022
(dollar amounts in millions) |  | Fair Value |  | % |  | Number of Companies |  | % |  | Fair Value |  | % |  | Number of Companies |  | %
Grade 4 |  | $ | 4,981 |  |  | 23.2 | % |  | 79 |  |  | 16.6 | % |  | $ | 5,051 |  |  | 23.2 | % |  | 80 |  |  | 17.1 | %
Grade 3 |  | 14,968 |  |  | 69.6 |  |  | 336 |  |  | 70.7 |  |  | 15,279 |  |  | 70.1 |  |  | 327 |  |  | 70.2 |
Grade 2 |  | 1,253 |  |  | 5.8 |  |  | 36 |  |  | 7.6 |  |  | 1,342 |  |  | 6.2 |  |  | 40 |  |  | 8.6 |
Grade 1 |  | 294 |  |  | 1.4 |  |  | 24 |  |  | 5.1 |  |  | 108 |  |  | 0.5 |  |  | 19 |  |  | 4.1 |
Total |  | $ | 21,496 |  |  | 100.0 | % |  | 475 |  |  | 100.0 | % |  | $ | 21,780 |  |  | 100.0 | % |  | 466 |  | 100.0 | %

As of June 30, 2023 and December 31, 2022, the weighted average grade of the investments in our portfolio at fair value was 3.1 and 3.2, respectively.
As of June 30, 2023 and December 31, 2022, loans on non-accrual status represented 2.1% of the total investments at amortized cost (or 1.1% at fair value) and 1.7% at amortized cost (or 1.1% at fair value), respectively.
Senior Direct Lending Program
We have established a joint venture with Varagon to make certain first lien senior secured loans, including certain stretch senior and unitranche loans, primarily to U.S. middle-market companies. Varagon was formed in 2013 as a lending platform by American International Group, Inc. and other partners. The joint venture is called the Senior Direct Lending Program, LLC (d/b/a the “Senior Direct Lending Program” or the “SDLP”). In July 2016, we and Varagon and its clients completed the initial funding of the SDLP. The SDLP may generally commit and hold individual loans of up to $450 million. The SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of ours and Varagon (with approval from a representative of each required).
We provide capital to the SDLP in the form of subordinated certificates (the “SDLP Certificates”), and Varagon and its clients provide capital to the SDLP in the form of senior notes, intermediate funding notes and SDLP Certificates. As of June 30, 2023, we and a client of Varagon owned 87.5% and 12.5%, respectively, of the outstanding SDLP Certificates.
As of June 30, 2023 and December 31, 2022, we and Varagon and its clients had agreed to make capital available to the SDLP of $6.2 billion and $6.2 billion, respectively, in the aggregate, of which $1.4 billion and $1.4 billion, respectively, is
173

to be made available from us. This capital will only be committed to the SDLP upon approval of transactions by the investment committee of the SDLP. Below is a summary of the funded capital and unfunded capital commitments of the SDLP.

|  | As of
(in millions) |  | June 30, 2023 |  | December 31, 2022
Total capital funded to the SDLP(1) |  | $ | 5,191 |  |  | $ | 5,127 |
Total capital funded to the SDLP by the Company(1) |  | $ | 1,289 |  |  | $ | 1,274 |
Total unfunded capital commitments to the SDLP(2) |  | $ | 280 |  |  | $ | 294 |
Total unfunded capital commitments to the SDLP by the Company(2) |  | $ | 65 |  |  | $ | 68 |

___________________________________________________________________________
(1) At principal amount.
(2)These commitments to fund delayed draw loans have been approved by the investment committee of the SDLP and will be funded if and when conditions to funding such delayed draw loans are met.
The SDLP Certificates pay a coupon equal to SOFR plus 8.0% and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, after expenses, which may result in a return to the holders of the SDLP Certificates that is greater than the stated coupon. The SDLP Certificates are junior in right of payment to the senior notes and intermediate funding notes.
The amortized cost and fair value of our SDLP Certificates as of June 30, 2023 and December 31, 2022 were as follows:

| As of
| June 30, 2023 |  | December 31, 2022 |  |
(in millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |  |
SDLP Certificates | $ | 1,289 |  |  | $ | 1,237 |  |  | $ | 1,274 |  |  | $ | 1,249 |  |  |

Our yield on our investment in the SDLP Certificates at amortized cost and fair value as of June 30, 2023 and December 31, 2022 were as follows:

|  | As of
|  | June 30, 2023 |  | December 31, 2022
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Yield on the SDLP Certificates |  | 13.5 | % |  | 14.1 | % |  | 13.5 | % |  | 13.8 | %

The interest income from our investment in the SDLP Certificates and capital structuring service and other fees earned for the three and six months ended June 30, 2023 and 2022 were as follows:

|  |  |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(in millions) |  |  |  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Interest income |  |  |  |  |  | $ | 43 |  |  | $ | 34 |  |  | $ | 86 |  |  | $ | 67 |  |
Capital structuring service and other fees |  |  |  |  |  | $ | 6 |  |  | $ | 3 |  |  | $ | 7 |  |  | $ | 8 |  |

As of June 30, 2023 and December 31, 2022, the SDLP portfolio was comprised entirely of first lien senior secured loans primarily to U.S. middle-market companies and were in industries similar to the companies in our portfolio. As of June 30, 2023 and December 31, 2022, one of the loans was on non-accrual status. Below is a summary of the SDLP’s portfolio as of June 30, 2023 and December 31, 2022:
174

|  | As of
(dollar amounts in millions) |  | June 30, 2023 |  | December 31, 2022
Total first lien senior secured loans(1)(2) |  | $ | 5,113 |  |  | $ | 5,174 |
Weighted average yield on first lien senior secured loans(3) |  | 10.8 | % |  | 10.1 | %
Largest loan to a single borrower(1) |  | $ | 373 |  |  | $ | 377 |
Total of five largest loans to borrowers(1) |  | $ | 1,654 |  |  | $ | 1,631 |
Number of borrowers in the SDLP |  | 21 |  |  | 22 |
Commitments to fund delayed draw loans(4) |  | $ | 280 |  |  | $ | 294 |

_______________________________________________________________________________
(1)At principal amount.
(2)First lien senior secured loans include certain loans that the SDLP classifies as “unitranche” loans. As of June 30, 2023 and December 31, 2022, the total principal amount of loans in the SDLP portfolio that the SDLP classified as “unitranche” loans was $4,065 million and $4,108 million, respectively.
(3) Computed as (a) the annual stated interest rate on accruing first lien senior secured loans, divided by (b) total first lien senior secured loans at principal amount.
(4)As discussed above, these commitments have been approved by the investment committee of the SDLP.
Pursuant to Rule 4-08(g) of Regulation S-X, selected financial information of the SDLP, in conformity with GAAP, as of June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and 2022 are presented below:

| As of |
(in millions) | June 30, 2023 |  | December 31, 2022 |
Selected Balance Sheet Information: |  |  |  |
Investments at fair value (amortized cost of $5,096 and $5,166, respectively) | $ | 4,799 |  |  | $ | 4,958 |  |
Other assets | 329 |  |  | 150 |  |
Total assets | $ | 5,128 |  |  | $ | 5,108 |  |
Senior notes | $ | 3,584 |  |  | $ | 3,538 |  |
Intermediate funding notes | 134 |  |  | 132 |  |
Other liabilities | 129 |  |  | 110 |  |
Total liabilities | 3,847 |  |  | 3,780 |  |
Subordinated certificates and members’ capital | 1,281 |  |  | 1,328 |  |
Total liabilities and members’ capital | $ | 5,128 |  |  | $ | 5,108 |  |

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Selected Statement of Operations Information: |  |  |  |  |  |  |
Total investment income | $ | 140 |  |  | $ | 77 |  |  | $ | 276 |  |  | $ | 149 |
Interest expense | 72 |  |  | 30 |  |  | 141 |  |  | 54 |
Other expenses | 6 |  |  | 4 |  |  | 12 |  |  | 9 |
Total expenses | 78 |  |  | 34 |  |  | 153 |  |  | 63 |
Net investment income | 62 |  |  | 43 |  |  | 123 |  |  | 86 |
Net realized and unrealized losses on investments | (17) |  |  | (12) |  |  | (85) |  |  | (15) |
Net increase in members’ capital resulting from operations | $ | 45 |  |  | $ | 31 |  |  | $ | 38 |  |  | $ | 71 |

175

SDLP Loan Portfolio as of June 30, 2023

(dollar amounts in millions) Portfolio Company |  | Business Description |  | Maturity Date |  | Stated Interest Rate(1) |  | Principal Amount |  | Fair Value(2)
Arrowhead Holdco Company (3)(4) |  | Distributor of non-discretionary, mission-critical aftermarket replacement parts |  | 8/2028 |  | 9.9 | % |  | $ | 272.9 |  |  | $ | 251.1 |
Benecon Midco II LLC (3)(4) |  | Employee benefits provider for small and mid-size employers |  | 12/2026 |  | 10.6 | % |  | 171.1 |  |  | 171.1 |
Center for Autism and Related Disorders, LLC (3)(5) |  | Autism treatment and services provider specializing in applied behavior analysis therapy |  | 11/2024 |  |  |  | 164.3 |  |  | — |
Concert Golf Partners Holdco LLC (3) |  | Golf club owner and operator |  | 4/2029 |  | 10.9 | % |  | 258.8 |  |  | 258.8 |
Emergency Communications Network, LLC (3) |  | Provider of mission critical emergency mass notification solutions |  | 6/2024 |  | 7.6 | % |  | 245.1 |  |  | 220.6 |
Excelligence Holdings Corp. (3) |  | Developer, manufacturer and retailer of educational products |  | 1/2024 |  | 11.4 | % |  | 146.3 |  |  | 146.3 |
FS Squared Holding Corp. (3)(4) |  | Provider of on-site vending and micro market solutions |  | 3/2025 |  | 10.6 | % |  | 325.0 |  |  | 325.0 |
Harvey Tool Company, LLC (3) |  | Manufacturer of cutting tools used in the metalworking industry |  | 10/2027 |  | 10.9 | % |  | 239.8 |  |  | 235.0 |
HGC Holdings, LLC (3) |  | Operator of golf facilities |  | 6/2026 |  | 10.9 | % |  | 190.7 |  |  | 190.7 |
ISQ Hawkeye Holdco, Inc. (3)(4) |  | Provider of commercial and industrial waste processing and disposal services |  | 8/2029 |  | 11.4 | % |  | 297.1 |  |  | 297.1 |
Manna Pro Products, LLC (3) |  | Manufacturer and supplier of specialty nutrition and care products for animals |  | 12/2026 |  | 11.2 | % |  | 268.9 |  |  | 242.0 |
NCWS Intermediate, Inc. (3)(4) |  | Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market |  | 12/2026 |  | 11.2 | % |  | 276.0 |  |  | 270.4 |
North Haven Falcon Buyer, LLC (3)(4) |  | Manufacturer of aftermarket golf cart parts and accessories |  | 5/2027 |  | 9.4 | % |  | 221.3 |  |  | 194.8 |
Pegasus Global Enterprise Holdings, LLC (3)(4) |  | Provider of plant maintenance and scheduling software |  | 5/2025 |  | 10.6 | % |  | 336.7 |  |  | 333.3 |
Penn Detroit Diesel Allison, LLC |  | Distributor of aftermarket parts to the heavy-duty truck industry |  | 12/2027 |  | 11.5 | % |  | 49.6 |  |  | 49.6 |
Precinmac (US) Holdings Inc. and Trimaster Manufacturing Inc. (3)(4) |  | Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry |  | 8/2027 |  | 11.2 | % |  | 257.4 |  |  | 252.2 |
Pritchard Industries, LLC (3)(4) |  | Provider of janitorial and facilities management services |  | 10/2027 |  | 11.1 | % |  | 246.4 |  |  | 239.1 |
Qnnect, LLC (3)(4) |  | Manufacturer of highly engineered hermetic packaging products |  | 11/2029 |  | 12.1 | % |  | 279.8 |  |  | 279.8 |
THG Acquisition, LLC (3) |  | Multi-line insurance broker |  | 12/2026 |  | 10.9 | % |  | 322.4 |  |  | 319.0 |
Triwizard Holdings, Inc. |  | Hotel, gaming, restaurants and leisure |  | 6/2029 |  | 11.5 | % |  | 170.0 |  |  | 165.3 |
Walnut Parent, Inc. (3) |  | Manufacturer of natural solution pest and animal control products |  | 11/2027 |  | 10.7 | % |  | 373.0 |  |  | 358.1 |
|  |  |  |  |  |  |  | $ | 5,112.6 |  |  | $ | 4,799.3 |

____________________________________________________________________________
(1)Represents the weighted average annual stated interest rate as of June 30, 2023. All interest rates are payable in cash, except for portions of the stated interest rates which are PIK for investments in Center for Autism and Related Disorders, LLC and Emergency Communications Network, LLC.
(2)Represents the fair value in accordance with Accounting Standards Codification 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”). The determination of such fair value is not included in our valuation process described elsewhere herein.
(3)We also hold a portion of this company’s first lien senior secured loan.
(4)We hold an equity investment in this company.
(5)Loan was on non-accrual status as of June 30, 2023.
176

SDLP Loan Portfolio as of December 31, 2022

(dollar amounts in millions) Portfolio Company |  | Business Description |  | Maturity Date |  | Stated Interest Rate(1) |  | Principal Amount |  | Fair Value(2)
Arrowhead Holdco Company (3)(4) |  | Distributor of non-discretionary, mission-critical aftermarket replacement parts |  | 8/2028 |  | 8.9 | % |  | $ | 274.3 |  |  | $ | 260.6 |
Benecon Midco II LLC (3)(4) |  | Employee benefits provider for small and mid-size employers |  | 12/2026 |  | 10.0 | % |  | 171.9 |  |  | 171.9 |
Center for Autism and Related Disorders, LLC (3)(5) |  | Autism treatment and services provider specializing in applied behavior analysis therapy |  | 11/2024 |  |  |  | 155.2 |  |  | 65.2 |
Concert Golf Partners Holdco LLC (3) |  | Golf club owner and operator |  | 4/2029 |  | 10.2 | % |  | 255.3 |  |  | 255.3 |
Emergency Communications Network, LLC (3) |  | Provider of mission critical emergency mass notification solutions |  | 6/2024 |  | 11.8 | % |  | 238.8 |  |  | 214.9 |
Excelligence Holdings Corp. (3) |  | Developer, manufacturer and retailer of educational products |  | 1/2024 |  | 10.7 | % |  | 146.3 |  |  | 146.3 |
FS Squared Holding Corp. (3)(4) |  | Provider of on-site vending and micro market solutions |  | 3/2025 |  | 9.6 | % |  | 308.0 |  |  | 308.0 |
Harvey Tool Company, LLC (3) |  | Manufacturer of cutting tools used in the metalworking industry |  | 10/2027 |  | 10.2 | % |  | 233.6 |  |  | 231.3 |
HGC Holdings, LLC (3) |  | Operator of golf facilities |  | 6/2026 |  | 9.5 | % |  | 141.4 |  |  | 141.4 |
ISQ Hawkeye Holdco, Inc. (3)(4) |  | Provider of commercial and industrial waste processing and disposal services |  | 8/2029 |  | 10.6 | % |  | 286.5 |  |  | 280.8 |
Manna Pro Products, LLC (3) |  | Manufacturer and supplier of specialty nutrition and care products for animals |  | 12/2026 |  | 10.4 | % |  | 270.3 |  |  | 251.4 |
n2y Holding, LLC (3) |  | Developer of cloud-based special education platform |  | 11/2026 |  | 10.1 | % |  | 193.5 |  |  | 191.5 |
NCWS Intermediate, Inc. (3)(4) |  | Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market |  | 12/2026 |  | 10.4 | % |  | 269.8 |  |  | 264.5 |
North Haven Falcon Buyer, LLC (3)(4) |  | Manufacturer of aftermarket golf cart parts and accessories |  | 5/2027 |  | 11.2 | % |  | 217.2 |  |  | 202.0 |
Pegasus Global Enterprise Holdings, LLC (3)(4) |  | Provider of plant maintenance and scheduling software |  | 5/2025 |  | 10.0 | % |  | 338.4 |  |  | 338.4 |
Penn Detroit Diesel Allison, LLC |  | Distributor of aftermarket parts to the heavy-duty truck industry |  | 12/2027 |  | 11.4 | % |  | 49.6 |  |  | 49.6 |
Precinmac (US) Holdings Inc. and Trimaster Manufacturing Inc. (3)(4) |  | Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry |  | 8/2027 |  | 10.4 | % |  | 258.7 |  |  | 253.5 |
Pritchard Industries, LLC (3)(4) |  | Provider of janitorial and facilities management services |  | 10/2027 |  | 10.5 | % |  | 242.3 |  |  | 235.0 |
Qnnect, LLC (3)(4) |  | Manufacturer of highly engineered hermetic packaging products |  | 11/2029 |  | 11.1 | % |  | 277.3 |  |  | 268.9 |
THG Acquisition, LLC (3) |  | Multi-line insurance broker |  | 12/2026 |  | 10.1 | % |  | 321.2 |  |  | 317.9 |
Towne Holdings, Inc. |  | Parking management and hospitality services provider |  | 8/2023 |  | 13.8 | % |  | 146.9 |  |  | 143.9 |
Walnut Parent, Inc. (3) |  | Manufacturer of natural solution pest and animal control products |  | 11/2027 |  | 10.2 | % |  | 377.0 |  |  | 365.8 |
|  |  |  |  |  |  |  | $ | 5,173.5 |  |  | $ | 4,958.1 |

____________________________________________________________________________
(1)Represents the weighted average annual stated interest rate as of December 31, 2022. All interest rates are payable in cash, except for portions of the stated interest rates which are PIK for investments in Emergency Communications Network, LLC and Towne Holdings, Inc.
(2)Represents the fair value in accordance with ASC 820-10. The determination of such fair value is not included in our valuation process described elsewhere herein.
(3)We also hold a portion of this company’s first lien senior secured loan.
(4)We hold an equity investment in this company.
(5)Loan was on non-accrual status as of December 31, 2022.
177

Ivy Hill Asset Management, L.P.
Ivy Hill Asset Management, L.P. (“IHAM”), our wholly owned portfolio company, is an asset management services company and an SEC-registered investment adviser. As of June 30, 2023, IHAM had assets under management of approximately $13.5 billion. As of June 30, 2023, IHAM managed 22 vehicles and served as the sub-manager/sub-servicer for one other vehicle (these vehicles managed or sub-managed/sub-serviced by IHAM are referred to as the “IHAM Vehicles”). IHAM earns fee income from managing the IHAM Vehicles and has also invested in certain of these vehicles as part of its business strategy. The amortized cost of IHAM’s total investments as of June 30, 2023 and December 31, 2022 was $2,436 million and $2,370 million, respectively. For the three and six months ended June 30, 2023, IHAM had management and incentive fee income of $13 million and $27 million, respectively, and other investment-related income of $95 million and $156 million, respectively, which included net realized gains or losses on investments and other transactions. For the three and six months ended June 30, 2022, IHAM had management and incentive fee income of $12 million and $21 million, respectively, and other investment-related income of $44 million and $79 million, respectively, which included net realized gains or losses on investments and other transactions.
The amortized cost and fair value of our investments in IHAM as of June 30, 2023 and December 31, 2022 were as follows:

| As of
| June 30, 2023 |  | December 31, 2022 |  |
(in millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |  |
Subordinated loan | $ | 267 |  |  | $ | 267 |  |  | $ | 500 |  |  | $ | 500 |  |  |
Equity | 1,701 |  |  | 1,884 |  |  | 1,548 |  |  | 1,701 |  |  |
Total investment in IHAM | $ | 1,968 |  |  | $ | 2,151 |  |  | $ | 2,048 |  |  | $ | 2,201 |  |  |

The interest income and dividend income that we earned from IHAM for the three and six months ended June 30, 2023 and 2022 were as follows:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Interest income | $ | 10 |  |  | $ | 3 |  |  | $ | 23 |  |  | $ | 3 |  |  |
Dividend income | $ | 60 |  |  | $ | 52 |  |  | $ | 117 |  |  | $ | 95 |  |  |

From time to time, IHAM or certain IHAM Vehicles may purchase investments from, or sell investments to us. For any such sales or purchases by the IHAM Vehicles to or from us, the IHAM Vehicle must obtain approval from third parties unaffiliated with us or IHAM, as applicable. During the six months ended June 30, 2023 and 2022, IHAM or certain of the IHAM Vehicles purchased $691 million and $1.6 billion, respectively, of loans from us. For the six months ended June 30, 2023 and 2022, we recognized $11 million and $7 million, respectively, of net realized losses from these sales. During the six months ended June 30, 2023, we purchased $7 million of investments from certain IHAM Vehicles. During the six months ended June 30, 2022, we purchased $27 million of investments from certain IHAM Vehicles.
The yields at amortized cost and fair value of our investments in IHAM as of June 30, 2023 and December 31, 2022 were as follows:

|  | As of
|  | June 30, 2023 |  | December 31, 2022
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Subordinated loan |  | 11.6 | % |  | 11.6 | % |  | 11.0 | % |  | 11.0 | %
Equity(1) |  | 14.1 | % |  | 12.7 | % |  | 14.2 | % |  | 12.9 | %

_______________________________________________________________________________
(1)Represents the yield on our equity investment in IHAM, which is computed as (a) the annualized amount of the dividend received by us related to our equity investment in IHAM during the most recent quarter end, divided by (b) the amortized cost or fair value of our equity investment in IHAM, as applicable.
178

IHAM is party to an administration agreement, referred to herein as the “IHAM administration agreement,” with Ares Operations. Pursuant to the IHAM administration agreement, Ares Operations provides IHAM with, among other things, office facilities, equipment, clerical, bookkeeping and record keeping services, services relating to the marketing and sale of interests in vehicles managed by IHAM, services of, and oversight of, custodians, depositories, accountants, attorneys, underwriters and such other persons in any other capacity deemed to be necessary. Under the IHAM administration agreement, IHAM reimburses Ares Operations for all of the actual costs associated with such services, including Ares Operations’ allocable portion of the compensation, rent and other expenses of its officers, employees and respective staff in performing its obligations under the IHAM administration agreement.
Selected Financial Information
Pursuant to Rule 4-08(g) of Regulation S-X, selected financial information of IHAM, in conformity with GAAP, as of June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and 2022 are presented below.
In conformity with GAAP, IHAM is required to consolidate entities in which IHAM has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model, which include certain of the IHAM Vehicles (the “Consolidated IHAM Vehicles”). As such, for GAAP purposes only, IHAM consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity and (b) entities that it concludes are variable interest entities in which IHAM has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which IHAM is deemed to be the primary beneficiary.
When IHAM consolidates an IHAM Vehicle for GAAP purposes only, IHAM reflects the assets, liabilities, revenues and expenses of the Consolidated IHAM Vehicles on a gross basis, including the economic interests held by third-party investors in the Consolidated IHAM Vehicles as debt obligations, subordinated notes or non-controlling interests, in the consolidated IHAM financials below. All of the revenues earned by IHAM as the investment manager of the IHAM Consolidated Vehicles are eliminated in GAAP consolidation. However, because the eliminated amounts are earned from and funded by third-party investors, the GAAP consolidation of an IHAM Vehicle does not impact the net income or loss attributable to IHAM. As a result, we believe an assessment of IHAM's business and the impact to our investment in IHAM is best viewed on a stand-alone basis as reflected in the first column in the tables below.
179

| As of June 30, 2023
(in millions) | IHAM |  | Consolidated IHAM Vehicles(1) |  | Eliminations |  | Consolidated
Selected Balance Sheet Information: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Investments at fair value(2) | $ | 2,427 |  |  | $ | 9,452 |  |  | $ | (2,403) |  |  | $ | 9,476 |
Cash and cash equivalents | 6 |  |  | 560 |  |  | — |  |  | 566 |
Other assets | 70 |  |  | 94 |  |  | (66) |  |  | 98 |
Total assets | $ | 2,503 |  |  | $ | 10,106 |  |  | $ | (2,469) |  |  | $ | 10,140 |
Liabilities |  |  |  |  |  |  |
Debt | $ | 452 |  |  | $ | 7,160 |  |  | $ | — |  |  | $ | 7,612 |
Subordinated note from ARCC | 267 |  |  | — |  |  | — |  |  | 267 |
Subordinated notes(3) | — |  |  | 1,295 |  |  | (1,014) |  |  | 281 |
Other liabilities | 16 |  |  | 334 |  |  | (15) |  |  | 335 |
Total liabilities | 735 |  |  | 8,789 |  |  | (1,029) |  |  | 8,495 |
Equity |  |  |  |  |  |  |
Contributed capital | 1,700 |  |  | — |  |  | — |  |  | 1,700 |
Accumulated earnings | 84 |  |  | — |  |  | — |  |  | 84 |
Net unrealized losses on investments and foreign currency transactions | (16) |  |  | — |  |  | — |  |  | (16) |
Non-controlling interests in Consolidated IHAM Vehicles(4) | — |  |  | 1,317 |  |  | (1,440) |  |  | (123) |
Total equity | 1,768 |  |  | 1,317 |  |  | (1,440) |  |  | 1,645 |
Total liabilities and equity | $ | 2,503 |  |  | $ | 10,106 |  |  | $ | (2,469) |  |  | $ | 10,140 |

| As of December 31, 2022
(in millions) | IHAM |  | Consolidated IHAM Vehicles(1) |  | Eliminations |  | Consolidated
Selected Balance Sheet Information: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Investments at fair value(2) | $ | 2,340 |  |  | $ | 8,973 |  |  | $ | (2,315) |  |  | $ | 8,998 |
Cash and cash equivalents | 5 |  |  | 499 |  |  | — |  |  | 504 |
Other assets | 56 |  |  | 94 |  |  | (51) |  |  | 99 |
Total assets | $ | 2,401 |  |  | $ | 9,566 |  |  | $ | (2,366) |  |  | $ | 9,601 |
Liabilities |  |  |  |  |  |  |
Debt | $ | 308 |  |  | $ | 6,968 |  |  | $ | — |  |  | $ | 7,276 |
Subordinated note from ARCC | 500 |  |  | — |  |  | — |  |  | 500 |
Subordinated notes(3) | — |  |  | 1,374 |  |  | (1,093) |  |  | 281 |
Other liabilities | 18 |  |  | 129 |  |  | (15) |  |  | 132 |
Total liabilities | 826 |  |  | 8,471 |  |  | (1,108) |  |  | 8,189 |
Equity |  |  |  |  |  |  |
Contributed capital | 1,547 |  |  | — |  |  | — |  |  | 1,547 |
Accumulated earnings | 61 |  |  | — |  |  | — |  |  | 61 |
Net unrealized losses on investments and foreign currency transactions | (33) |  |  | — |  |  | — |  |  | (33) |
Non-controlling interests in Consolidated IHAM Vehicles(4) | — |  |  | 1,095 |  |  | (1,258) |  |  | (163) |
Total equity | 1,575 |  |  | 1,095 |  |  | (1,258) |  |  | 1,412 |
Total liabilities and equity | $ | 2,401 |  |  | $ | 9,566 |  |  | $ | (2,366) |  |  | $ | 9,601 |

180

(1)Consolidated for GAAP purposes only.
(2)The determination of such fair value is determined in accordance with IHAM’s valuation procedures (separate and apart from our valuation process described elsewhere herein). The amortized cost of IHAM’s total investments as of June 30, 2023 and December 31, 2022 was $2,436 million and $2,370 million, respectively. The amortized cost of the total investments of IHAM on a consolidated basis as of June 30, 2023 and December 31, 2022 was $9,730 million and $9,306 million, respectively.
(3)Subordinated notes generally represent the most junior capital in certain of the Consolidated IHAM Vehicles and effectively represent equity in such vehicles.
(4)Non-controlling interests in Consolidated IHAM Vehicles includes net unrealized depreciation in the Consolidated IHAM Vehicles of $278 million and $309 million as of June 30, 2023 and December 31, 2022, respectively.

| For the Three Months Ended June 30, 2023
(in millions) | IHAM |  | Consolidated IHAM Vehicles(1) |  | Eliminations |  | Consolidated
Selected Statement of Operations Information: |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |
Investment income | $ | 95 |  |  | $ | 273 |  |  | $ | (94) |  |  | $ | 274 |
Management fees and other income | 13 |  |  | 2 |  |  | (13) |  |  | 2 |
Total revenues | 108 |  |  | 275 |  |  | (107) |  |  | 276 |
Expenses |  |  |  |  |  |  |
Interest expense | 16 |  |  | 143 |  |  | — |  |  | 159 |
Distributions to subordinated notes | — |  |  | 57 |  |  | (46) |  |  | 11 |
Management fees and other expenses | 4 |  |  | 18 |  |  | (13) |  |  | 9 |
Total expenses | 20 |  |  | 218 |  |  | (59) |  |  | 179 |
Net operating income | 88 |  |  | 57 |  |  | (48) |  |  | 97 |
Net realized gains on investments and other transactions | — |  |  | 7 |  |  | — |  |  | 7 |
Net unrealized gains on investments and other transactions | 3 |  |  | 8 |  |  | (6) |  |  | 5 |
Total net realized and unrealized gains on investments and other transactions | 3 |  |  | 15 |  |  | (6) |  |  | 12 |
Net income | 91 |  |  | 72 |  |  | (54) |  |  | 109 |
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles | — |  |  | 72 |  |  | (54) |  |  | 18 |
Net income attributable to Ivy Hill Asset Management, L.P. | $ | 91 |  |  | $ | — |  |  | $ | — |  |  | $ | 91 |

181

| For the Six Months Ended June 30, 2023
(in millions) | IHAM |  | Consolidated IHAM Vehicles(1) |  | Eliminations |  | Consolidated
Selected Statement of Operations Information: |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |
Investment income | $ | 166 |  |  | $ | 528 |  |  | $ | (164) |  |  | $ | 530 |
Management fees and other income | 27 |  |  | 3 |  |  | (26) |  |  | 4 |
Total revenues | 193 |  |  | 531 |  |  | (190) |  |  | 534 |
Expenses |  |  |  |  |  |  |
Interest expense | 35 |  |  | 272 |  |  | — |  |  | 307 |
Distributions to subordinated notes | — |  |  | 89 |  |  | (70) |  |  | 19 |
Management fees and other expenses | 8 |  |  | 36 |  |  | (26) |  |  | 18 |
Total expenses | 43 |  |  | 397 |  |  | (96) |  |  | 344 |
Net operating income | 150 |  |  | 134 |  |  | (94) |  |  | 190 |
Net realized losses on investments and other transactions | (10) |  |  | (10) |  |  | — |  |  | (20) |
Net unrealized gains on investments and other transactions | 17 |  |  | 30 |  |  | (19) |  |  | 28 |
Total net realized and unrealized gains on investments and other transactions | 7 |  |  | 20 |  |  | (19) |  |  | 8 |
Net income | 157 |  |  | 154 |  |  | (113) |  |  | 198 |
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles | — |  |  | 154 |  |  | (113) |  |  | 41 |
Net income attributable to Ivy Hill Asset Management, L.P. | $ | 157 |  |  | $ | — |  |  | $ | — |  |  | $ | 157 |

| For the Three Months Ended June 30, 2022
(in millions) | IHAM |  | Consolidated IHAM Vehicles(1) |  | Eliminations |  | Consolidated
Selected Statement of Operations Information: |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |
Investment income | $ | 44 |  |  | $ | 120 |  |  | $ | (43) |  |  | $ | 121 |
Management fees and other income | 12 |  |  | 1 |  |  | (11) |  |  | 2 |
Total revenues | 56 |  |  | 121 |  |  | (54) |  |  | 123 |
Expenses |  |  |  |  |  |  |
Interest expense | 5 |  |  | 46 |  |  | — |  |  | 51 |
Distributions to subordinated notes | — |  |  | 45 |  |  | (27) |  |  | 18 |
Management fees and other expenses | 3 |  |  | 13 |  |  | (11) |  |  | 5 |
Total expenses | 8 |  |  | 104 |  |  | (38) |  |  | 74 |
Net operating income | 48 |  |  | 17 |  |  | (16) |  |  | 49 |
Net realized gains on investments and other transactions | — |  |  | 1 |  |  | — |  |  | 1 |
Net unrealized losses on investments and other transactions | (13) |  |  | (118) |  |  | 13 |  |  | (118) |
Total net realized and unrealized losses on investments and other transactions | (13) |  |  | (117) |  |  | 13 |  |  | (117) |
Net income (loss) | 35 |  |  | (100) |  |  | (3) |  |  | (68) |
Less: Net loss attributable to non-controlling interests in Consolidated IHAM Vehicles | — |  |  | (100) |  |  | (3) |  |  | (103) |
Net income attributable to Ivy Hill Asset Management, L.P. | $ | 35 |  |  | $ | — |  |  | $ | — |  |  | $ | 35 |

182

| For the Six Months Ended June 30, 2022
(in millions) | IHAM |  | Consolidated IHAM Vehicles(1) |  | Eliminations |  | Consolidated
Selected Statement of Operations Information: |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |
Investment income | $ | 78 |  |  | $ | 217 |  |  | $ | (75) |  |  | $ | 220 |
Management fees and other income | 21 |  |  | 2 |  |  | (20) |  |  | 3 |
Total revenues | 99 |  |  | 219 |  |  | (95) |  |  | 223 |
Expenses |  |  |  |  |  |  |
Interest expense | 6 |  |  | 78 |  |  | — |  |  | 84 |
Distributions to subordinated notes | — |  |  | 74 |  |  | (50) |  |  | 24 |
Management fees and other expenses | 7 |  |  | 25 |  |  | (20) |  |  | 12 |
Total expenses | 13 |  |  | 177 |  |  | (70) |  |  | 120 |
Net operating income | 86 |  |  | 42 |  |  | (25) |  |  | 103 |
Net realized gains on investments and other transactions | 1 |  |  | 1 |  |  | — |  |  | 2 |
Net unrealized losses on investments and other transactions | (24) |  |  | (152) |  |  | 23 |  |  | (153) |
Total net realized and unrealized losses on investments and other transactions | (23) |  |  | (151) |  |  | 23 |  |  | (151) |
Net income (loss) | 63 |  |  | (109) |  |  | (2) |  |  | (48) |
Less: Net loss attributable to non-controlling interests in Consolidated IHAM Vehicles | — |  |  | (109) |  |  | (2) |  |  | (111) |
Net income attributable to Ivy Hill Asset Management, L.P. | $ | 63 |  |  | $ | — |  |  | $ | — |  |  | $ | 63 |

____________________________________
(1)Consolidated for GAAP purposes only.
183

RESULTS OF OPERATIONS
For the three and six months ended June 30, 2023 and 2022
Operating results for the three and six months ended June 30, 2023 and 2022 were as follows:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Total investment income | $ | 634 |  |  | $ | 479 |  |  | $ | 1,252 |  |  | $ | 919 |
Total expenses | 314 |  |  | 212 |  |  | 612 |  |  | 441 |
Net investment income before income taxes | 320 |  |  | 267 |  |  | 640 |  |  | 478 |
Income tax expense, including excise tax | 6 |  |  | 10 |  |  | 8 |  |  | 23 |
Net investment income | 314 |  |  | 257 |  |  | 632 |  |  | 455 |
Net realized (losses) gains on investments, foreign currency and other transactions | (81) |  |  | (3) |  |  | (131) |  |  | 55 |
Net unrealized gains (losses) on investments, foreign currency and other transactions | 98 |  |  | (143) |  |  | 108 |  |  | (140) |
Realized loss on extinguishment of debt | — |  |  | — |  |  | — |  |  | (48) |
Net increase in stockholders’ equity resulting from operations | $ | 331 |  |  | $ | 111 |  |  | $ | 609 |  |  | $ | 322 |

Net income can vary substantially from period to period due to various factors, including acquisitions, the level of new investment commitments, the level of base interest rates and the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net increase in stockholders’ equity resulting from operations may not be meaningful.
Investment Income

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Interest income from investments | $ | 476 |  |  | $ | 319 |  |  | $ | 946 |  |  | $ | 629 |
Capital structuring service fees | 21 |  |  | 32 |  |  | 31 |  |  | 62 |
Dividend income | 123 |  |  | 119 |  |  | 244 |  |  | 207 |
Other income | 14 |  |  | 9 |  |  | 31 |  |  | 21 |
Total investment income | $ | 634 |  |  | $ | 479 |  |  | $ | 1,252 |  |  | $ | 919 |

Interest income from investments for the three and six months ended June 30, 2023 increased from the comparable periods in 2022 primarily as a result of the impact of rising interest rates as well as an increase in the average size of our portfolio. The average size and weighted average yield of our portfolio at amortized cost for the three and six months ended June 30, 2023 and 2022 were as follows:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(dollar amounts in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Average size of portfolio(1) | $ | 21,558 |  |  | $ | 20,210 |  |  | $ | 21,647 |  |  | $ | 19,884 |
Weighted average yield on portfolio | 11.0 | % |  | 8.2 | % |  | 10.9 | % |  | 8.2 | %

_______________________________________________________________________________
(1) Includes non-interest earning investments.
Capital structuring service fees for the three and six months ended June 30, 2023 decreased from the comparable periods in 2022 primarily due to a decrease in new investment commitments and partially offset by an increase in the weighted average capital structuring service fee percentage. Excluding investment commitments to IHAM, the higher weighted average capital structuring service fee percentage during the three and six months ended June 30, 2023 was primarily due to higher fee opportunities as compared to the comparable periods in 2022. The new investment commitments and weighted average capital structuring service fee percentages for the three and six months ended June 30, 2023 and 2022 were as follows:
184

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(dollar amounts in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
New investment commitments | $ | 1,218 |  |  | $ | 3,109 |  |  | $ | 1,984 |  |  | $ | 5,110 |
Weighted average capital structuring service fee percentages(1) | 1.7 | % |  | 1.0 | % |  | 1.6 | % |  | 1.2 | %

_______________________________________________________________________________
(1)Excluding $283 million of investment commitments to IHAM for the six months ended June 30, 2023, the weighted average capital structuring service fee percentage was 1.8%. There were no investment commitments to IHAM during the three months ended June 30, 2023. Excluding $570 million and $919 million of investment commitments to IHAM for the three and six months ended June 30, 2022, the weighted average capital structuring service fee percentage was 1.3% and 1.5%, respectively.
Dividend income for the three and six months ended June 30, 2023 and 2022 were as follows:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Dividend income received from IHAM | $ | 60 |  |  | $ | 52 |  |  | $ | 117 |  |  | $ | 95 |
Recurring dividend income | 55 |  |  | 45 |  |  | 110 |  |  | 84 |
Non-recurring dividend income | 8 |  |  | 22 |  |  | 17 |  |  | 28 |
Total dividend income | $ | 123 |  |  | $ | 119 |  |  | $ | 244 |  |  | $ | 207 |

Dividend income received from IHAM for the three and six months ended June 30, 2023 increased from the comparable periods in 2022 primarily due to the continued increase in IHAM's earnings given the increase in their assets under management, which generally has been supported by our additional investments in IHAM. Recurring dividend income for the three and six months ended June 30, 2023 increased from the comparable periods in 2022 primarily due to an increase in yielding preferred equity investments.
Operating Expenses

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Interest and credit facility fees | $ | 141 |  |  | $ | 101 |  |  | $ | 280 |  |  | $ | 194 |
Base management fees | 79 |  |  | 75 |  |  | 158 |  |  | 148 |
Income based fees | 79 |  |  | 57 |  |  | 155 |  |  | 108 |
Capital gains incentive fees(1) | 4 |  |  | (29) |  |  | (2) |  |  | (27) |
Administrative and other fees | 3 |  |  | 2 |  |  | 6 |  |  | 6 |
Other general and administrative | 8 |  |  | 6 |  |  | 15 |  |  | 12 |
Total expenses | $ | 314 |  |  | $ | 212 |  |  | $ | 612 |  |  | $ | 441 |

_______________________________________________________________________________
(1)Calculated in accordance with GAAP as discussed below.
Interest and credit facility fees for the three and six months ended June 30, 2023 and 2022, were comprised of the following:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Stated interest expense | $ | 129 |  |  | $ | 89 |  |  | $ | 256 |  |  | $ | 174 |
Credit facility fees | 5 |  |  | 6 |  |  | 11 |  |  | 8 |
Amortization of debt issuance costs | 8 |  |  | 8 |  |  | 15 |  |  | 15 |
Net amortization of premium on notes payable | (1) |  |  | (2) |  |  | (2) |  |  | (3) |
Total interest and credit facility fees | $ | 141 |  |  | $ | 101 |  |  | $ | 280 |  |  | $ | 194 |

185

Stated interest expense for the three and six months ended June 30, 2023 increased from the comparable periods in 2022 primarily due to the increase in the average principal amount of debt outstanding and the rising interest rates on our floating rate revolving facilities. Our weighted average stated interest rate on debt outstanding for the three and six months ended June 30, 2023 increased from the comparable periods in 2022 due to the impact of rising interest rates and higher utilization of our floating rate revolving facilities. Average debt outstanding and weighted average stated interest rate on our debt outstanding for the three and six months ended June 30, 2023 and 2022 were as follows:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(dollar amounts in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Average debt outstanding | $ | 11,428 |  |  | $ | 10,902 |  |  | $ | 11,478 |  |  | $ | 10,816 |
Weighted average stated interest rate on debt | 4.5 | % |  | 3.2 | % |  | 4.5 | % |  | 3.2 | %

Base management fees for the three and six months ended June 30, 2023 increased from the comparable periods in 2022 primarily due to the increase in the average size of our portfolio.
Income based fees for the three and six months ended June 30, 2023 increased from the comparable periods in 2022 primarily due to the pre-incentive fee net investment income, as defined in the investment advisory and management agreement, for the three and six months ended June 30, 2023 being higher than in the comparable periods in 2022.
For the three months ended June 30, 2023, the capital gains incentive fee calculated in accordance with GAAP was $4 million. For the six months ended June 30, 2023, reduction in the capital gains incentive fee calculated in accordance with GAAP was $2 million. For the three and six months ended June 30, 2022, the reduction in the capital gains incentive fee calculated in accordance with GAAP was $29 million and $27 million, respectively. The capital gains incentive fee accrual for the six months ended June 30, 2023 changed from the comparable period in 2022 primarily due to net losses on investments, foreign currency, other transactions and the extinguishment of debt of $23 million compared to net losses of $133 million for the six months ended June 30, 2022. The capital gains incentive fee accrued under GAAP includes an accrual related to unrealized capital appreciation, whereas the capital gains incentive fee actually payable under our investment advisory and management agreement does not. There can be no assurance that such unrealized capital appreciation will be realized in the future. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. As of June 30, 2023, there was $33 million of capital gains incentive fees accrued in accordance with GAAP. As of June 30, 2023, there was no capital gains incentive fee actually payable under our investment advisory and management agreement. See Note 3 to our consolidated financial statements for the three and six months ended June 30, 2023, for more information on the base management fees, income based fees and capital gains incentive fees.
Cash payment of any income based fees and capital gains incentive fees otherwise earned by our investment adviser is deferred if during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made the sum of (a) the aggregate distributions to our stockholders and (b) the change in net assets (defined as total assets less indebtedness and before taking into account any income based fees and capital gains incentive fees payable during the period) is less than 7.0% of our net assets (defined as total assets less indebtedness) at the beginning of such period. These calculations will be adjusted for any share issuances or repurchases. Any income based fees and capital gains incentive fees deferred for payment are carried over for payment in subsequent calculation periods to the extent such fees are payable under the terms of the investment advisory and management agreement. Pursuant to these terms, payment of $81 million of the income based fees earned by our investment adviser for the fourth quarter of 2022 had been previously deferred. The deferred income based fees were paid in the second quarter of 2023 pursuant to the terms of the investment advisory and management agreement. See Note 3 to our consolidated financial statements for the three and six months ended June 30, 2023, for more information on the related deferral terms.
Administrative and other fees represent fees paid to Ares Operations and our investment adviser for our allocable portion of overhead and other expenses incurred by Ares Operations and our investment adviser, in performing their obligations under the administration agreement and the investment advisory and management agreement, respectively, including our allocable portion of the compensation, rent and other expenses of certain of our corporate officers and their respective staffs. See Note 3 to our consolidated financial statements for the three and six months ended June 30, 2023, for more information on the administrative and other fees.
186

Other general and administrative expenses include, among other costs, professional fees, insurance, fees and expenses related to evaluating and making investments in portfolio companies and independent directors’ fees.
Income Tax Expense, Including Excise Tax
We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, we must, among other requirements, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders at least 90% of our investment company taxable income, as defined by the Code, for each year. We have made and intend to continue to make the requisite distributions to our stockholders which will generally relieve us from U.S. federal corporate-level income taxes.
Depending on the level of taxable income earned in a tax year, we may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three and six months ended June 30, 2023, we recorded an expense of $6 million and $15 million, respectively, for U.S. federal excise tax. For the three and six months ended June 30, 2022, we recorded a net expense of $7 million and $16 million, respectively, for U.S. federal excise tax.
Certain of our consolidated subsidiaries are subject to U.S. federal and state income taxes. For the three and six months ended June 30, 2023, we recorded a net tax expense (benefit) of $0 million and $(7) million, respectively, for these subsidiaries. For the three and six months ended June 30, 2022, we recorded a net tax expense of $3 million and $7 million, respectively, for these subsidiaries. The income tax expense for our taxable consolidated subsidiaries will vary depending on the level of realized gains from the exits of investments held by such taxable subsidiaries during the respective periods.
Net Realized Gains/Losses
The net realized gains (losses) from the sales, repayments or exits of investments during the three and six months ended June 30, 2023 and 2022 were comprised of the following:

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Sales, repayments or exits of investments(1) | $ | 1,081 |  |  | $ | 1,125 |  |  | $ | 2,852 |  |  | $ | 3,646 |
Net realized gains (losses) on investments: |  |  |  |  |  |  |
Gross realized gains | $ | 25 |  |  | $ | 2 |  |  | $ | 64 |  |  | $ | 82 |
Gross realized losses | (93) |  |  | (26) |  |  | (152) |  |  | (37) |
Total net realized (losses) gains on investments | $ | (68) |  |  | $ | (24) |  |  | $ | (88) |  |  | $ | 45 |

_______________________________________________________________________________
(1)Includes $39 million and $691 million of loans sold to IHAM and certain vehicles managed by IHAM during the three and six months ended June 30, 2023, respectively, and $379 million and $1.6 billion during the comparable periods in 2022, respectively. Net realized losses of $1 million and $11 million, respectively, were recorded on these transactions with IHAM during the three and six months ended June 30, 2023. Net realized losses of $1 million and $7 million, respectively, were recorded on these transactions with IHAM during the three and six months ended June 30, 2022. See Note 4 to our consolidated financial statements for the three and six months ended June 30, 2023 for more information on IHAM and its managed vehicles.
The net realized losses on investments during the three months ended June 30, 2023 consisted of the following:

(in millions) Portfolio Company |  | Net Realized Gains (Losses)
DFC Global Facility Borrower III LLC |  | $ | (12) |
ADG, LLC |  | (79) |
Other, net |  | 23 |
Total |  | $ | (68) |

187

During the three months ended June 30, 2023, we also recognized net realized losses on foreign currency and other transactions of $13 million.
The net realized losses on investments during the three months ended June 30, 2022 consisted of the following:

(in millions) Portfolio Company |  | Net Realized Gains (Losses)
Sundance Energy Inc. |  | $ | (23) |
Other, net |  | (1) |
Total |  | $ | (24) |

During the three months ended June 30, 2022, we also recognized net realized gains on foreign currency and other transactions of $21 million.
The net realized losses on investments during the six months ended June 30, 2023 consisted of the following:

(in millions) Portfolio Company |  | Net Realized Gains (Losses)
Cipriani USA, Inc. and Cipriani Group Holding S.A.R.L. |  | $ | 18 |
DFC Global Facility Borrower III LLC |  | (12) |
National College of Business and Technology Inc. & Leeds IV Advisors, Inc. |  | (48) |
ADG, LLC |  | (79) |
Other, net |  | 33 |
Total |  | $ | (88) |

During the six months ended June 30, 2023, we also recognized net realized losses on foreign currency and other transactions of $43 million.
The net realized gains on investments during the six months ended June 30, 2022 consisted of the following:

(in millions) Portfolio Company |  | Net Realized Gains (Losses)
Athenahealth, Inc., VVC Holding Corp., Virence Intermediate Holding Corp., and Virence Holdings LLC |  | $ | 38 |
Navisun LLC and Navisun Holdings LLC |  | 19 |
Sundance Energy Inc. |  | (23) |
Other, net |  | 11 |
Total |  | $ | 45 |

During the six months ended June 30, 2022, we also recognized net realized gains on foreign currency and other transactions of $10 million.
During the six months ended June 30, 2022, we repaid in full the $388 million in aggregate principal amount of unsecured convertible notes (the “2022 Convertible Notes”) upon their maturity at a premium in accordance with the terms of the indenture governing the 2022 Convertible Notes, resulting in a realized loss on the extinguishment of debt of $48 million.
Net Unrealized Gains/Losses
We value our portfolio investments quarterly and the changes in value are recorded as unrealized gains or losses in our consolidated statement of operations. Net unrealized gains and losses on investments for the three and six months ended June 30, 2023 and 2022, were comprised of the following:
188

| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Unrealized appreciation | $ | 253 |  |  | $ | 187 |  |  | $ | 670 |  |  | $ | 277 |
Unrealized depreciation | (224) |  |  | (343) |  |  | (653) |  |  | (402) |
Net unrealized depreciation (appreciation) reversed related to net realized gains or losses(1) | 68 |  |  | 5 |  |  | 65 |  |  | (36) |
Total net unrealized gains (losses) on investments | $ | 97 |  |  | $ | (151) |  |  | $ | 82 |  |  | $ | (161) |

_______________________________________________________________________________
(1)The net unrealized depreciation reversed related to net realized gains or losses represents the unrealized appreciation or depreciation recorded on the related asset at the end of the prior period.
The changes in net unrealized appreciation and depreciation on investments during the three months ended June 30, 2023 consisted of the following:

(in millions) Portfolio Company |  | Net Unrealized Appreciation (Depreciation)
Ivy Hill Asset Management, L.P. |  | $ | 27 |
Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC |  | 22 |
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. |  | 15 |
GPM Investments, LLC and ARKO Corp. |  | (11) |
Global Medical Response, Inc. and GMR Buyer Corp. |  | (20) |
Center for Autism and Related Disorders, LLC |  | (24) |
Other, net |  | 20 |
Total |  | $ | 29 |

During the three months ended June 30, 2023, we also recognized net unrealized gains on foreign currency and other transactions of $1 million.
The changes in net unrealized appreciation and depreciation on investments during the three months ended June 30, 2022 consisted of the following:

(in millions) Portfolio Company |  | Net Unrealized Appreciation (Depreciation)
Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC |  | $ | 19 |
VPROP Operating, LLC and V SandCo, LLC |  | 18 |
Production Resource Group, L.L.C. and PRG III, LLC |  | 16 |
PhyMED Management LLC |  | (13) |
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. |  | (18) |
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP |  | (34) |
Other, net |  | (144) |
Total |  | $ | (156) |

During the three months ended June 30, 2022, we also recognized net unrealized gains on foreign currency and other transactions of $8 million.
189

The changes in net unrealized appreciation and depreciation on investments during the six months ended June 30, 2023 consisted of the following:

(in millions) Portfolio Company |  | Net Unrealized Appreciation (Depreciation)
Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC |  | $ | 33 |
Ivy Hill Asset Management, L.P. |  | 30 |
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. |  | 25 |
Production Resource Group, L.L.C. and PRG III, LLC |  | 12 |
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. |  | 12 |
Centric Brands LLC and Centric Brands GP LLC |  | (11) |
Benefytt Technologies, Inc. |  | (11) |
VPROP Operating, LLC and V SandCo, LLC |  | (12) |
SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc. |  | (14) |
Potomac Intermediate Holdings II LLC |  | (17) |
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. |  | (17) |
Center for Autism and Related Disorders, LLC |  | (19) |
Global Medical Response, Inc. and GMR Buyer Corp. |  | (25) |
Senior Direct Lending Program, LLC |  | (26) |
Other, net |  | 57 |
Total |  | $ | 17 |

During the six months ended June 30, 2023, we also recognized net unrealized gains on foreign currency and other transactions of $26 million.
The changes in net unrealized appreciation and depreciation on investments during the six months ended June 30, 2022 consisted of the following:

(in millions) Portfolio Company |  | Net Unrealized Appreciation (Depreciation)
Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC |  | $ | 19 |
Production Resource Group, L.L.C. and PRG III, LLC |  | 18 |
VPROP Operating, LLC and V SandCo, LLC |  | 16 |
Precinmac (US) Holdings Inc., Trimaster Manufacturing Inc. and Blade Group Holdings, LP. |  | 11 |
Rug Doctor, LLC and RD Holdco Inc. |  | (11) |
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. |  | (16) |
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP |  | (31) |
PhyMED Management LLC |  | (51) |
Other, net |  | (80) |
Total |  | $ | (125) |

During the six months ended June 30, 2022, we also recognized net unrealized gains on foreign currency and other transactions of $21 million.
190

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
Our liquidity and capital resources are generated primarily from the net proceeds of public offerings of equity and debt securities, advances from the Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the BNP Funding Facility (each as defined below, and together, the “Facilities”), net proceeds from the issuance of other securities, including unsecured notes, as well as cash flows from operations.
In accordance with the Investment Company Act, we are allowed to borrow amounts such that our asset coverage, calculated pursuant to the Investment Company Act, is at least 150% after such borrowings (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). As of June 30, 2023, we had $411 million in cash and cash equivalents and $11.4 billion in total aggregate principal amount of debt outstanding ($11.4 billion at carrying value) and our asset coverage was 190%. Subject to borrowing base and other restrictions, we had approximately $4.4 billion available for additional borrowings under the Facilities as of June 30, 2023.
We may from time to time seek to retire or repurchase our common stock through cash purchases, as well as retire, cancel or purchase our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including secured debt, unsecured debt and/or debt securities convertible into common stock. Any such purchases or exchanges of common stock or outstanding debt, or incurrence or issuance of additional debt would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.
Equity Capital Activities
As of June 30, 2023 and December 31, 2022, our total equity market capitalization was $10.5 billion and $9.6 billion, respectively.
We may from time to time issue and sell shares of our common stock through public or “at the market” offerings. In connection with the issuance of our common stock, we issued and sold the following shares of common stock during the six months ended June 30, 2023:

(in millions, except per share amount) Issuances of Common Stock | Number of Shares Issued |  | Gross Proceeds |  | Underwriting Fees/Offering Expenses |  | Net Proceeds |  | Average Offering Price Per Share(1) |
Public offerings | 12.1 |  | $ | 236.8 |  |  | $ | 13.4 |  |  | $ | 223.4 |  |  | $ | 19.61 |  | (2)
“At the market” offerings | 25.3 |  | 486.0 |  |  | 5.6 |  |  | 480.4 |  |  | $ | 19.22 |  |
Total | 37.4 |  | $ | 722.8 |  |  | $ | 19.0 |  |  | $ | 703.8 |  |  |  |

________________________________________
(1) Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses.
(2) 12.1 million of the shares were sold to the underwriters for a price of $18.53 per share which the underwriters were then permitted to sell at variable prices to the public.
“At the Market” Offerings
We are a party to equity distribution agreements with several banks (the “Equity Distribution Agreements”). The Equity Distribution Agreements provide that we may from time to time issue and sell, by means of “at the market” offerings, up to $1.0 billion of our common stock. Subject to the terms and conditions of the Equity Distribution Agreements, sales of common stock, if any, may be made in transactions that are deemed to be “at the market” offerings as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended (the “Securities Act”). Under the currently effective Equity Distribution Agreements, common stock with an aggregate offering amount of $771 million remained available for issuance as of June 30, 2023.
191

Stock Repurchase Program
We are authorized under our stock repurchase program to purchase up to $1.0 billion in the aggregate of our outstanding common stock in the open market at certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The stock repurchase program does not require us to repurchase any specific number of shares of common stock or any shares of common stock at all. Consequently, we cannot assure stockholders that any specific number of shares of common stock, if any, will be repurchased under the stock repurchase program. As of June 30, 2023, the expiration date of the stock repurchase program is February 15, 2024. The program may be suspended, extended, modified or discontinued at any time. As of June 30, 2023, there was $1.0 billion available for additional repurchases under the program.
During the six months ended June 30, 2023 and 2022, we did not repurchase any shares of our common stock in the open market under the stock repurchase program.
Price Range of Common Stock
The following table sets forth, for the first two quarters of the year ending December 31, 2023 and each fiscal quarter for the fiscal years ended December 31, 2022 and 2021, the net asset value per share of our common stock, the range of high and low closing sales prices of our common stock, the closing sales price as a premium (discount) to net asset value and the dividends or distributions declared by us. On July 19, 2023, the last reported closing sales price of our common stock on the NASDAQ Global Select Market was $19.62 per share, which represented a premium of approximately 5.60% to the net asset value per share reported by us as of June 30, 2023.

| Net Asset Value(1) |  | Price Range |  | High Sales Price Premium (Discount) to Net Asset Value(2) |  | Low Sales Price Premium (Discount) to Net Asset Value(2) |  | Cash Dividend Per Share(3) |
|  |  | High |  | Low |  |  |  |  |  |  |
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
First Quarter | $ | 17.45 |  |  | $ | 19.23 |  |  | $ | 16.51 |  |  | 10.20 | % |  | (5.39) | % |  | $ | 0.40 |  |
Second Quarter | $ | 18.16 |  |  | $ | 19.97 |  |  | $ | 18.29 |  |  | 9.97 | % |  | 0.72 | % |  | $ | 0.40 |  |
Third Quarter | $ | 18.52 |  |  | $ | 20.43 |  |  | $ | 19.52 |  |  | 10.31 | % |  | 5.40 | % |  | $ | 0.41 |  |
Fourth Quarter | $ | 18.96 |  |  | $ | 21.70 |  |  | $ | 19.66 |  |  | 14.45 | % |  | 3.69 | % |  | $ | 0.41 |  |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
First Quarter | $ | 19.03 |  |  | $ | 22.58 |  |  | $ | 19.70 |  |  | 18.65 | % |  | 3.52 | % |  | $ | 0.54 |  | (4)
Second Quarter | $ | 18.81 |  |  | $ | 22.44 |  |  | $ | 17.12 |  |  | 19.30 | % |  | (8.98) | % |  | $ | 0.42 |  |
Third Quarter | $ | 18.56 |  |  | $ | 20.70 |  |  | $ | 16.84 |  |  | 11.53 | % |  | (9.27) | % |  | $ | 0.43 |  |
Fourth Quarter | $ | 18.40 |  |  | $ | 19.76 |  |  | $ | 17.30 |  |  | 7.39 | % |  | (5.98) | % |  | $ | 0.48 |  |
Year ending December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
First Quarter | $ | 18.45 |  |  | $ | 20.04 |  |  | $ | 17.19 |  |  | 8.62 | % |  | (6.83) | % |  | $ | 0.48 |  |
Second Quarter | $ | 18.58 |  |  | $ | 19.11 |  |  | $ | 17.65 |  |  | 2.85 | % |  | (5.01) | % |  | $ | 0.48 |  |

_______________________________________________________________________________
(1) Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low closing sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter.
(2) Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter).
(3) Represents the dividend or distribution declared in the relevant quarter.
192

(4) Consists of a quarterly dividend of $0.42 per share and additional quarterly dividends totaling $0.12 per share, all of which were declared in the first quarter of 2022 and paid on March 31, 2022, June 30, 2022, September 30, 2022 and December 29, 2022.
Debt Capital Activities
Our debt obligations consisted of the following as of June 30, 2023 and December 31, 2022:

| As of |
| June 30, 2023 |  | December 31, 2022 |
(in millions) | Total Aggregate Principal Amount Available/ Outstanding(1) |  | Principal Amount Outstanding |  | Carrying Value |  | Total Aggregate Principal Amount Available/ Outstanding(1) |  | Principal Amount Outstanding |  | Carrying Value |
Revolving Credit Facility | $ | 4,758 |  | (2) | $ | 1,922 |  |  | $ | 1,922 |  |  | $ | 4,843 |  | (2) | $ | 2,246 |  |  | $ | 2,246 |  |
Revolving Funding Facility | 1,775 |  |  | 850 |  |  | 850 |  |  | 1,775 |  |  | 800 |  |  | 800 |  |
SMBC Funding Facility | 800 |  | (3) | 401 |  |  | 401 |  |  | 800 |  | (3) | 451 |  |  | 451 |  |
BNP Funding Facility | 790 |  |  | 475 |  |  | 475 |  |  | 300 |  |  | 245 |  |  | 245 |  |
2024 Convertible Notes | 403 |  |  | 403 |  |  | 401 |  | (4) | 403 |  |  | 403 |  |  | 399 |  | (4)
2023 Notes | — |  |  | — |  |  | — |  |  | 750 |  |  | 750 |  |  | 750 |  | (4)
2024 Notes | 900 |  |  | 900 |  |  | 899 |  | (4) | 900 |  |  | 900 |  |  | 898 |  | (4)
March 2025 Notes | 600 |  |  | 600 |  |  | 598 |  | (4) | 600 |  |  | 600 |  |  | 597 |  | (4)
July 2025 Notes | 1,250 |  |  | 1,250 |  |  | 1,256 |  | (4) | 1,250 |  |  | 1,250 |  |  | 1,258 |  | (4)
January 2026 Notes | 1,150 |  |  | 1,150 |  |  | 1,145 |  | (4) | 1,150 |  |  | 1,150 |  |  | 1,144 |  | (4)
July 2026 Notes | 1,000 |  |  | 1,000 |  |  | 992 |  | (4) | 1,000 |  |  | 1,000 |  |  | 991 |  | (4)
2027 Notes | 500 |  |  | 500 |  |  | 495 |  | (4) | 500 |  |  | 500 |  |  | 494 |  | (4)
2028 Notes | 1,250 |  |  | 1,250 |  |  | 1,247 |  | (4) | 1,250 |  |  | 1,250 |  |  | 1,247 |  | (4)
2031 Notes | 700 |  |  | 700 |  |  | 690 |  | (4) | 700 |  |  | 700 |  |  | 690 |  | (4)
Total | $ | 15,876 |  |  | $ | 11,401 |  |  | $ | 11,371 |  |  | $ | 16,221 |  |  | $ | 12,245 |  |  | $ | 12,210 |  |

________________________________________
(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument. Borrowings under the committed Revolving Credit Facility, Revolving Funding Facility, SMBC Funding Facility and BNP Funding Facility (each as defined below) are subject to borrowing base and other restrictions.
(2)Provides for a feature that allows us, under certain circumstances, to increase the size of the Revolving Credit Facility (as defined below) to a maximum of $7.1 billion and $7.3 billion, as of June 30, 2023 and December 31, 2022, respectively.
(3)Provides for a feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility (as defined below) to a maximum of $1.0 billion.
(4)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. In February 2023, we repaid in full the 2023 Notes (as defined below) upon their maturity.
The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all our debt outstanding as of June 30, 2023 were 4.6% and 3.5 years, respectively, and as of December 31, 2022 were 4.2% and 3.6 years, respectively.
The ratio of total principal amount of debt outstanding to stockholders’ equity as of June 30, 2023 was 1.10:1.00 compared to 1.29:1.00 as of December 31, 2022.
193

Revolving Credit Facility
We are party to a senior secured revolving credit facility (as amended and restated, the “Revolving Credit Facility”), that allows us to borrow up to $4.8 billion at any one time outstanding. The Revolving Credit Facility consists of a $1.1 billion term loan tranche and a $3.7 billion revolving tranche. For $908 million of the term loan tranche, the stated maturity date is April 19, 2028. For $116 million of the term loan tranche, the stated maturity date is March 31, 2027. For $28 million of the term loan tranche, the stated maturity date is March 31, 2026. For the remaining $50 million of the term loan tranche, the stated maturity date is March 30, 2025. For $2.9 billion of the revolving tranche, the end of the revolving period and the stated maturity date are April 19, 2027 and April 19, 2028, respectively. For $494 million of the revolving tranche, the end of the revolving period and the stated maturity date are March 31, 2026 and March 31, 2027, respectively. For $107 million of the revolving tranche, the end of the revolving period and the stated maturity date are March 31, 2025 and March 31, 2026, respectively. For the remaining $150 million of the revolving tranche, the end of the revolving period and the stated maturity date are March 30, 2024 and March 30, 2025, respectively. The Revolving Credit Facility also provides for a feature that allows us, under certain circumstances, to increase the overall size of the Revolving Credit Facility to a maximum of $7.1 billion. The interest rate charged on the Revolving Credit Facility is based on SOFR (or an alternative rate of interest for certain loans, commitments and/or other extensions of credit denominated in Sterling, Canadian Dollars, Euros and certain other foreign currencies) plus a credit spread adjustment of 0.10% and an applicable spread of either 1.75% or 1.875% or an “alternate base rate” (as defined in the agreements governing the Revolving Credit Facility) plus a credit spread adjustment of 0.10% and an applicable spread of either 0.75% 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 and term loans outstanding under the Revolving Credit Facility and (b) 85% of the total commitments of the Revolving Credit Facility (or, if higher, the total revolving exposure) plus (ii) other debt, if any, secured by the same collateral as the Revolving Credit Facility. As of June 30, 2023, the applicable spread in effect was 1.75%. We are also required to pay a letter of credit fee of either 2.00% or 2.125% per annum on letters of credit issued, determined monthly based on the total amount of the borrowing base relative to the total commitments of the Revolving Credit Facility and other debt, if any, secured by the same collateral as the Revolving Credit Facility. Additionally, we are required to pay a commitment fee of 0.375% per annum on any unused portion of the Revolving Credit Facility. As of June 30, 2023, there was $1.9 billion outstanding under the Revolving Credit Facility and we were in compliance in all material respects with the terms of the Revolving Credit Facility.
Revolving Funding Facility
We and our consolidated subsidiary, Ares Capital CP Funding LLC (“Ares Capital CP”), are party to a revolving funding facility (as amended, the “Revolving Funding Facility”), that allows Ares Capital CP to borrow up to $1.8 billion at any one time outstanding. The Revolving Funding Facility is secured by all of the assets held by, and the membership interest in, Ares Capital CP. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility are December 29, 2024 and December 29, 2026, respectively. The interest rate charged on the Revolving Funding Facility is based on SOFR plus a credit spread adjustment of 0.10% or a “base rate” (as defined in the agreements governing the Revolving Funding Facility) plus an applicable spread of 1.90% per annum. Ares Capital CP is also required to pay a commitment fee of between 0.50% and 1.25% per annum depending on the size of the unused portion of the Revolving Funding Facility. As of June 30, 2023, there was $850 million outstanding under the Revolving Funding Facility and we and Ares Capital CP were in compliance in all material respects with the terms of the Revolving Funding Facility.
SMBC Funding Facility
We and our consolidated subsidiary, Ares Capital JB Funding LLC (“ACJB”), are party to a revolving funding facility (as amended, the “SMBC Funding Facility”), with ACJB, as the borrower, and Sumitomo Mitsui Banking Corporation, as the administrative agent and collateral agent, that allows ACJB to borrow up to $800 million at any one time outstanding. The SMBC Funding Facility also provides for a feature that allows ACJB, subject to receiving certain consents, to increase the overall size of the SMBC Funding Facility to $1.0 billion. The SMBC Funding Facility is secured by all of the assets held by ACJB. The end of the reinvestment period and the stated maturity date for the SMBC Funding Facility are May 28, 2024 and May 28, 2026, respectively. The reinvestment period and the stated maturity date are both subject to two one-year extensions by mutual agreement. The interest rate charged on the SMBC Funding Facility is based on an applicable spread of either 1.75% or 2.00% over one month SOFR plus a credit spread adjustment of 0.10%, or 0.75% or 1.00% over a “base rate” (as defined in the agreements governing the SMBC Funding Facility), in each case, determined monthly based on the amount of the average borrowings outstanding under the SMBC Funding Facility. As of June 30, 2023, the applicable spread in effect was 1.75%. ACJB is also required to pay a commitment fee of between 0.50% and 1.00% per annum depending on the size of the unused portion of the SMBC Funding Facility. As of June 30, 2023, there was $401 million outstanding under the SMBC Funding Facility and we and ACJB were in compliance in all material respects with the terms of the SMBC Funding Facility.
194

BNP Funding Facility
We and our consolidated subsidiary, ARCC FB Funding LLC (“AFB”), are party to a revolving funding facility (as amended, the “BNP Funding Facility”) with AFB, as the borrower, and BNP Paribas, as the administrative agent and lender, that allows AFB to borrow up to $790 million at any one time outstanding. The BNP Funding Facility is secured by all of the assets held by AFB. The end of the reinvestment period and the stated maturity date for the BNP Funding Facility are April 20, 2026 and April 20, 2028, respectively. The reinvestment period and the stated maturity date are both subject to a one-year extension by mutual agreement. As of June 30, 2023, the interest rate charged on the BNP Funding Facility was based on three month SOFR, or a “base rate” (as defined in the agreements governing the BNP Funding Facility) plus a margin of (i) 2.80% during the reinvestment period and (ii) 3.30% following the reinvestment period. AFB is required to pay a commitment fee of between 0.00% and 1.25% per annum depending on the size of the unused portion of the BNP Funding Facility. As of June 30, 2023, there was $475 million outstanding under the BNP Funding Facility and we and AFB were in compliance in all material respects with the terms of the BNP Funding Facility.
Convertible Unsecured Notes
We have issued $403 million in aggregate principal amount of unsecured convertible notes that mature on March 1, 2024 (the “2024 Convertible Notes”) unless previously converted or repurchased in accordance with its terms. We do not have the right to redeem the 2024 Convertible Notes prior to maturity. The 2024 Convertible Notes bear interest at a rate of 4.625% per annum, payable semi-annually.
In certain circumstances, assuming the conversion date below has not already passed, the 2024 Convertible Notes will be convertible into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, at the conversion rate (listed below as of June 30, 2023) subject to customary anti-dilution adjustments and the requirements of the indenture (the “2024 Convertible Notes Indenture”). Prior to the close of business on the business day immediately preceding the conversion date (listed below), holders may convert their 2024 Convertible Notes only under certain circumstances set forth in the 2024 Convertible Notes Indenture. On or after the conversion date until the close of business on the second scheduled trading day immediately preceding the maturity date for the 2024 Convertible Notes, holders may convert their 2024 Convertible Notes at any time. In addition, if we engage in certain corporate events as described in the 2024 Convertible Notes Indenture, holders of the 2024 Convertible Notes may require us to repurchase for cash all or part of the 2024 Convertible Notes at a repurchase price equal to 100% of the principal amount of the 2024 Convertible Notes to be repurchased, plus accrued and unpaid interest through, but excluding, the required repurchase date.
Certain key terms related to the convertible features for the 2024 Convertible Notes as of June 30, 2023 are listed below.

|  |  |  | 2024 Convertible Notes
Conversion premium |  |  |  | 15.0 | %
Closing stock price at issuance |  |  |  | $ | 17.29 |
Closing stock price date |  |  |  | March 5, 2019
Conversion price(1) |  |  |  | $ | 19.55 |
Conversion rate (shares per one thousand dollar principal amount)(1) |  |  |  | 51.1436 |
Conversion date |  |  |  | December 1, 2023

________________________________________
(1)Represents conversion price and conversion rate, as applicable, as of June 30, 2023, taking into account any applicable de minimis adjustments that will be made on the conversion date.
Unsecured Notes
We issued certain unsecured notes (each issuance of which is referred to herein using the “defined term” set forth under the “Unsecured Notes” column of the table below and collectively referred to as the “Unsecured Notes”), that pay interest semi-annually and all principal amounts are due upon maturity. Each of the Unsecured Notes may be redeemed in whole or in part at any time at our option at a redemption price equal to par plus a “make whole” premium, if applicable, as determined pursuant to the indentures governing each of the Unsecured Notes, plus any accrued and unpaid interest. Certain key terms related to the features for the Unsecured Notes as of June 30, 2023 are listed below.
195

(dollar amounts in millions) Unsecured Notes | Aggregate Principal Amount Issued |  | Interest Rate |  | Original Issuance Date |  | Maturity Date
2024 Notes | $ | 900 |  |  | 4.200% |  | June 10, 2019 |  | June 10, 2024
March 2025 Notes | $ | 600 |  |  | 4.250% |  | January 11, 2018 |  | March 1, 2025
July 2025 Notes | $ | 1,250 |  |  | 3.250% |  | January 15, 2020 |  | July 15, 2025
January 2026 Notes | $ | 1,150 |  |  | 3.875% |  | July 15, 2020 |  | January 15, 2026
July 2026 Notes | $ | 1,000 |  |  | 2.150% |  | January 13, 2021 |  | July 15, 2026
2027 Notes | $ | 500 |  |  | 2.875% |  | January 13, 2022 |  | June 15, 2027
2028 Notes | $ | 1,250 |  |  | 2.875% |  | June 10, 2021 |  | June 15, 2028
2031 Notes | $ | 700 |  |  | 3.200% |  | November 4, 2021 |  | November 15, 2031

In February 2023, the $750 million in aggregate principal amount of unsecured notes that matured on February 10, 2023 (the “2023 Notes”) were redeemed at par plus accrued and unpaid interest for a total redemption price of approximately $763 million. The 2023 Notes bore interest at a rate of 3.500% per annum, payable semi-annually.
See Note 5 to our consolidated financial statements for the three and six months ended June 30, 2023 for more information on our debt obligations.
As of June 30, 2023, we were in compliance in all material respects with the terms of the 2024 Convertible Notes Indenture and the indentures governing the Unsecured Notes.
The 2024 Convertible Notes and the Unsecured Notes are our senior unsecured obligations and rank senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the 2024 Convertible Notes and the Unsecured Notes; equal in right of payment to our existing and future unsecured indebtedness that is not expressly subordinated; effectively junior in right of payment to any of our secured indebtedness (including existing unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
RECENT DEVELOPMENTS
From July 1, 2023 through July 19, 2023, we made new investment commitments of approximately $211 million, of which $119 million were funded. Of these new investment commitments, 38% were in first lien senior secured loans, 13% were in second lien senior secured loans and 49% were in preferred equity. Of the approximately $211 million of new investment commitments, 51% were floating rate and 49% were fixed rate. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 11.3% and the weighted average yield on total investments funded during the period at amortized cost was 11.3%. We may seek to sell all or a portion of these new investment commitments, although there can be no assurance that we will be able to do so.
From July 1, 2023 through July 19, 2023, we exited approximately $118 million of investment commitments, including $4 million of loans sold to IHAM or certain vehicles managed by IHAM. Of the total investment commitments exited, 47% were first lien senior secured loans, 29% were investments in the SDLP Certificates, 22% were preferred equity and 2% were second lien senior secured loans. All of the approximately $118 million of exited investment commitments were floating rate. The weighted average yield of debt and other income producing securities exited or repaid during the period at amortized cost was 13.5% and the weighted average yield on total investments exited or repaid during the period at amortized cost was 13.5%. Of the approximately $118 million of investment commitments exited from July 1, 2023 through July 19, 2023, we did not recognize any realized gains or losses and there were no realized gains or losses recognized from the sale of loans to IHAM or certain vehicles managed by IHAM.
In addition, as of July 19, 2023, we had an investment backlog and pipeline of approximately $425 million and $45 million, respectively. Investment backlog includes transactions approved by our investment adviser’s investment committee and/or for which a formal mandate, letter of intent or a signed commitment have been issued, and therefore we believe are likely to close. Investment pipeline includes transactions where due diligence and analysis are in process, but no formal mandate, letter of intent or signed commitment have been issued. The consummation of any of the investments in this backlog and pipeline depends upon, among other things, one or more of the following: satisfactory completion of our due diligence investigation of the prospective portfolio company, our acceptance of the terms and structure of such investment and the execution and delivery of satisfactory transaction documentation. In addition, we may sell all or a portion of these investments
196

and certain of these investments may result in the repayment of existing investments. We cannot assure you that we will make any of these investments or that we will sell all or any portion of these investments.
CRITICAL ACCOUNTING ESTIMATES
The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described below. The critical accounting estimates should be read in conjunction with our risk factors as disclosed in “Item 1A. Risk Factors.” See Note 2 to our consolidated financial statements for the three and six months ended June 30, 2023 for more information on our critical accounting policies.
Investments
Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.
Effective October 1, 2022, pursuant to Rule 2a-5 under the Investment Company Act, our board of directors designated our investment adviser as our valuation designee to perform the fair value determinations for investments held by us without readily available market quotations subject to the overall supervision of our board of directors.
Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, our investment adviser, as the valuation designee, looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available (i.e., substantially all of our investments) are valued at fair value as determined in good faith by our investment adviser, as the valuation designee, subject to the oversight of our board of directors, based on, among other things, the input of independent third‑party valuation firms that have been engaged to support the valuation of such portfolio investments at least once during a trailing 12‑month period (with certain de minimis exceptions) and under a valuation policy and a consistently applied valuation process. The valuation process is conducted at the end of each fiscal quarter by our investment adviser, and a portion of our investment portfolio at fair value is subject to review by an independent third-party valuation firm each quarter. In addition, our independent registered public accounting firm obtains an understanding of, and performs select procedures relating to, our valuation process within the context of performing our integrated audit.
As part of the valuation process, our investment adviser may take into account the following types of factors, if relevant, in determining the fair value of our investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, our investment adviser considers the pricing indicated by the external event to corroborate the valuation.
Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by our investment adviser, as the valuation designee, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it.
197

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.
Our investment adviser, as the valuation designee, subject to the oversight of our board of directors, undertakes a multi‑step valuation process each quarter, as described below:
•Our quarterly valuation process begins with a preliminary valuation being prepared by the investment professionals responsible for the portfolio investment in conjunction with our portfolio management and valuation team.
•Preliminary valuations are reviewed and discussed by our investment adviser’s valuation committee.
•Our investment adviser’s valuation committee determines the fair value of each investment in our portfolio without a readily available market quotation in good faith based on, among other things, the input of the independent third‑party valuation firms, where applicable.
Fair Value of Financial Instruments
We follow ASC 825-10, R ecognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and a better understanding of the effect of our choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. We have not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “other assets” and “debt,” which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.
We also follow ASC 820-10, which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires us to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, we have considered its principal market as the market in which we exit our portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:
•Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.
•Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
•Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
In addition to using the above inputs in investment valuations, our investment adviser continues to employ the net asset valuation policy and procedures that are approved by our board of directors that are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10. Consistent with its valuation policies and procedures, our investment adviser evaluates the source of inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Because there is not a readily available market value for most of the investments in our portfolio, the fair value of the investments must typically be determined using unobservable inputs.
Our portfolio investments (other than as described below in the following paragraph) are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. Enterprise value means the entire value of the portfolio company to a market participant, including the sum of the
198

values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. Our investment adviser may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power generation industry, kilowatt capacity. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where we have control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate enterprise value. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where we do not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, our investment adviser considers the current contractual interest rate, the maturity and other terms of the investment relative to the risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the enterprise value of the portfolio company. As debt investments held by us are substantially illiquid with no active transaction market, our investment adviser, as the valuation designee, depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.
For other portfolio investments such as investments in the SDLP Certificates and IHAM, discounted cash flow analysis is the primary technique utilized to determine fair value. Expected future cash flows associated with the investment are discounted to determine a present value using a discount rate that reflects estimated market return requirements.
See Note 8 to our consolidated financial statements for the three and six months ended June 30, 2023 for more information on our valuation process.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the rising interest rates, inflationary pressures, the war in Ukraine and Russia and the failure of major financial institutions introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below. For additional information concerning these risks and their potential impact on our business and our operating results, see “Risk Factors—General Risk Factors—Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations”, “Risk Factors—Risks Relating to Our Investments—Economic recessions or downturns could impair our portfolio companies and harm our operating results” and “Risk Factors—Risks Relating to Our Business—Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies” in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 7, 2023.
199

Investment Valuation Risk
Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by our investment adviser, as the valuation designee, subject to the oversight of our board of directors based on, among other things, the input of the independent third-party valuation firms that have been engaged to support the valuation of each portfolio investment without a readily available market quotation at least once during a trailing 12-month period (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” as well as Notes 2 and 8 to our consolidated financial statements for the three and six months ended June 30, 2023 for more information relating to our investment valuation.
Interest Rate Risk
Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. See “Risk Factors—Risks Relating to Our Business—We are exposed to risks associated with changes in interest rates, including the current rising interest rate environment” in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 7, 2023.
In a prolonged low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.
As of June 30, 2023, 68% of the investments at fair value in our portfolio bore interest and dividends at variable rates (including our investment in the SDLP Certificates which accounted for 6% of our total investments at fair value), 12% bore interest at fixed rates, 10% were non-income producing, 1% were on non-accrual status and 9% was our equity investment in IHAM which generally pays a quarterly dividend. Additionally, excluding our investment in the SDLP Certificates, 95% of the remaining variable rate investments at fair value contained interest rate floors. The Facilities bear interest at variable rates with no interest rate floors. The Unsecured Notes and the 2024 Convertible Notes bear interest at fixed rates.
We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.
Based on our June 30, 2023 balance sheet, the following table shows the annual impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:
200

(in millions) Basis Point Change |  | Interest and Dividend Income |  | Interest Expense |  | Net Income(1)
Up 300 basis points |  | $ | 458 |  |  | $ | 109 |  |  | $ | 349 |
Up 200 basis points |  | $ | 307 |  |  | $ | 73 |  |  | $ | 234 |
Up 100 basis points |  | $ | 156 |  |  | $ | 36 |  |  | $ | 120 |
Down 100 basis points |  | $ | (146) |  |  | $ | (36) |  |  | $ | (110) |
Down 200 basis points |  | $ | (297) |  |  | $ | (73) |  |  | $ | (224) |
Down 300 basis points |  | $ | (449) |  |  | $ | (109) |  |  | $ | (340) |

________________________________________
(1)Excludes the impact of income based fees. See Note 3 to our consolidated financial statements for the three and six months ended June 30, 2023 for more information on the income based fees.
Based on our December 31, 2022 balance sheet, the following table shows the annual impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

(in millions) Basis Point Change |  | Interest and Dividend Income |  | Interest Expense |  | Net Income(1)
Up 300 basis points |  | $ | 499 |  |  | $ | 112 |  |  | $ | 387 |
Up 200 basis points |  | $ | 343 |  |  | $ | 75 |  |  | $ | 268 |
Up 100 basis points |  | $ | 187 |  |  | $ | 37 |  |  | $ | 150 |
Down 100 basis points |  | $ | (155) |  |  | $ | (37) |  |  | $ | (118) |
Down 200 basis points |  | $ | (308) |  |  | $ | (75) |  |  | $ | (233) |
Down 300 basis points |  | $ | (454) |  |  | $ | (112) |  |  | $ | (342) |

_______________________________________________________________________________
(1)Excludes the impact of income based fees. See Note 3 to our consolidated financial statements for the three and six months ended June 30, 2023 for more information on the income based fees.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as that term is defined in Rules 13a‑15(e) and 15d‑15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2023. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of June 30, 2023, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting (as defined in Rules 13a‑15(f) and 15d‑15(f) under the Exchange Act) during the quarter ended June 30, 2023 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.
PART II — OTHER INFORMATION
201

Item 1. Legal Proceedings
We are subject to certain legal proceedings, from time to time, in the ordinary course of business. From time to time, we, our executive officers, directors and our investment adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in our portfolio companies and may, as a result, incur significant costs and expenses in connection with such litigation. We and our investment adviser are also subject to extensive regulation, which may result in regulatory proceedings or investigations against us or our investment adviser, respectively. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, neither us nor our investment adviser expect that any such future proceedings will have a material effect upon our financial condition or results of operations.
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the risk factors described below and in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and those set forth under the caption “Risk Factors” in our Form N-2, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and in the Form N-2 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us.
The financial markets recently have encountered volatility associated with concerns about the balance sheets of banks, especially small and regional banks who may have significant losses associated with investments that make it difficult to fund demands to withdraw deposits and other liquidity needs. Although the federal government has assisted some of these banks and protected depositors, uncertainty remains. Our business is dependent on bank relationships and we are proactively monitoring the financial health of such bank relationships. Continued strain on the banking system may adversely impact our business, financial condition and results of operations.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
We did not sell any equity securities during the period covered in this report that were not registered under the Securities Act of 1933, as amended.
Dividend Reinvestment Plan
During the quarter ended June 30, 2023, as part of our dividend reinvestment plan for our common stockholders, we purchased shares of our common stock in the open market in order to satisfy the reinvestment portion of our dividends. The following chart outlines such purchases of our common stock during the quarter ended June 30, 2023.

Period |  | Total Number of Shares Purchased |  | Average Price Paid Per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | Maximum (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
April 1, 2023 through April 30, 2023 |  | 816,082 |  |  | $ | 18.35 |  |  | — |  |  | $ | — |
May 1, 2023 through May 31, 2023 |  | — |  |  | — |  |  | — |  |  | — |
June 1, 2023 through June 30, 2023 |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 816,082 |  |  | $ | 18.35 |  |  | — |  |  | $ | — |

202

Stock Repurchase Program
In February 2023, our board of directors authorized an amendment to our existing stock repurchase program to (a) extend the expiration date of the program from February 15, 2023 to February 15, 2024 and (b) increase the amount of the stock repurchase program to a full $500 million. In April 2023, our board of directors authorized an amendment to increase the amount of the stock repurchase program from $500 million to $1.0 billion. Under the program, we may repurchase up to $1.0 billion in the aggregate of our outstanding common stock in the open market at certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act. The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The stock repurchase program will be in effect through February 15, 2024, unless extended or until the approved dollar amount has been used to repurchase shares. The stock repurchase program does not require us to repurchase any specific number of shares of common stock or any shares of common stock at all. Consequently, we cannot assure stockholders that any specific number of shares of common stock, if any, will be repurchased under the stock repurchase program. The program may be suspended, extended, modified or discontinued at any time.
During the quarter ended June 30, 2023, there were no repurchases of our common stock under our stock repurchase program. As of June 30, 2023, the approximate dollar value of shares that may yet be purchased under the program was $1.0 billion.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended June 30, 2023, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
203

Item 6. Exhibits.
EXHIBIT INDEX

Exhibit Number |  | Description
3.1 |  | Articles of Amendment and Restatement, as amended(1)
3.2 |  | Third Amended and Restated Bylaws, as amended(2)
10.1 |  | Fourteenth Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 19, 2023, among Ares Capital Corporation, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent(3)
10.2 |  | Fifth Amendment to the Revolving Credit and Security Agreement, dated as of April 20, 2023, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent(4)
10.3 |  | Amendment No. 9, dated as of April 28, 2023, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012)(5)
10.4 |  | Uncommitted Continuing Agreement for Standby Letters of Credit and Demand Guarantees, dated as of May 11, 2023, between Ares Capital Corporation and Deutsche Bank AG New York Branch, as the issuer(6)
10.5 |  | Equity Distribution Agreement, dated as of April 25, 2023, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and Regions Securities LLC(7)
10.6 |  | Equity Distribution Agreement, dated as of April 25, 2023, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and Truist Securities, Inc.(7)
10.7 |  | Equity Distribution Agreement, dated as of April 25, 2023, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and SMBC Nikko Securities America, Inc.(7)
31.1 |  | Certification by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2 |  | Certification by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1 |  | Certification by Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
101.INS |  | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 |  | Cover Page Interactive Data File (embedded within the Inline XBRL document)

________________________________________
* Filed herewith
** This certification is not deemed filed by the SEC and is not to be incorporated by reference in any filing we make under the Securities Act or the Exchange Act, irrespective of any general incorporation language in any filings.
(1)Incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q (File No. 814-00663) for the quarter ended March 31, 2023, filed on April 25, 2023.
(2)Incorporated by reference to Exhibit 3.2 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2018, filed on February 12, 2019.
(3)Incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q (File No. 814-00663) for the quarter ended March 31, 2023, filed on April 25, 2023.
(4)Incorporated by reference to Exhibit 10.3 to the Company’s Form 10-Q (File No. 814-00663) for the quarter ended March 31, 2023, filed on April 25, 2023.
(5)Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on May 4, 2023.
(6)Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on May 17, 2023.
(7)Incorporated by reference to Exhibit 10.1, 10.2 and 10.3 to the Company’s Form 8-K (File No. 814-00663), filed on April 25, 2023.
204

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| ARES CAPITAL CORPORATION
Date: July 25, 2023 | By | /s/ R. KIPP DEVEER
|  | R. Kipp deVeer Chief Executive Officer
Date: July 25, 2023 | By | /s/ PENNI F. ROLL
|  | Penni F. Roll Chief Financial Officer
Date: July 25, 2023 | By | /s/ SCOTT C. LEM
|  | Scott C. Lem Chief Accounting Officer, Vice President and Treasurer

205