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.

Risk Factors [Table Text Block]

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.

Share Price [Table Text Block]

Price Range of Common Stock

The following table sets forth, for the first three 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 October 18, 2023, the last reported closing sales price of our common stock on the NASDAQ Global Select Market was $19.24 per share, which represented a premium of approximately 1.32% to the net asset value per share reported by us as of September 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
Third Quarter	$	18.99	$	19.81	$	18.86	4.32	%	(0.68)	%	$	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.

(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.

Lowest Price or Bid

$ 18.86

$ 17.65

$ 17.19

$ 17.30

$ 16.84

$ 17.12

$ 19.70

$ 19.66

$ 19.52

$ 18.29

$ 16.51

Highest Price or Bid

$ 19.81

$ 19.11

$ 20.04

$ 19.76

$ 20.70

$ 22.44

$ 22.58

$ 21.70

$ 20.43

$ 19.97

$ 19.23

Highest Price or Bid, Premium (Discount) to NAV [Percent]

4.32%

2.85%

8.62%

7.39%

11.53%

19.30%

18.65%

14.45%

10.31%

9.97%

10.20%

Lowest Price or Bid, Premium (Discount) to NAV [Percent]

(0.68%)

(5.01%)

(6.83%)

(5.98%)

(9.27%)

(8.98%)

3.52%

3.69%

5.40%

0.72%

(5.39%)

NAV Per Share

$ 18.99

$ 18.40

$ 18.56

$ 18.96

$ 18.99

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt [Table Text Block]

Our debt obligations consisted of the following as of September 30, 2023 and December 31, 2022:


	As of
	September 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)	$	1,392	$	1,392		$	4,843	(2)	$	2,246	$	2,246
Revolving Funding Facility	1,775			887		887			1,775			800		800
SMBC Funding Facility	800		(3)	401		401			800		(3)	451		451
BNP Funding Facility	790			525		525			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		1,255		(4)	1,250			1,250		1,258		(4)
January 2026 Notes	1,150			1,150		1,146		(4)	1,150			1,150		1,144		(4)
July 2026 Notes	1,000			1,000		993		(4)	1,000			1,000		991		(4)
January 2027 Notes	600			600		587		(4)(5)	—			—		—
June 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		691		(4)	700			700		690		(4)
Total	$	16,476		$	11,558	$	11,517		$	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 September 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.

(5)The carrying value of the January 2027 Notes as of September 30, 2023 includes a $5 million reduction as a result of an effective hedge accounting relationship. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2023 for more information.

The weighted average stated interest rate and weighted average maturity, both on aggregate principal amount outstanding, of all our debt outstanding as of September 30, 2023 were 4.7% and 3.2 years, respectively, and as of December 31, 2022 were 4.2% and 3.6 years, respectively. The weighted average stated interest rate of all our debt outstanding as of September 30, 2023 includes the impact of the interest rate swap. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2023 for more information on the interest rate swap.

The ratio of total principal amount of debt outstanding to stockholders’ equity as of September 30, 2023 was 1.07:1.00 compared to 1.29:1.00 as of December 31, 2022.

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 $3.7 billion revolving tranche and a $1.1 billion term loan tranche. As of September 30, 2023, the end of the revolving periods and the stated maturity dates of the various revolving and term loan tranches of the Revolving Credit Facility were as follows:


(in millions)	Total Aggregate Principal Amount Committed/ Outstanding		End of Revolving Period	Maturity Date
Revolving tranche	$	2,905	April 19, 2027	April 19, 2028
	494		March 31, 2026	March 31, 2027
	107		March 31, 2025	March 31, 2026
	150		March 30, 2024	March 30, 2025
	3,656
Term loan tranche	908			April 19, 2028
	116			March 31, 2027
	28			March 31, 2026
	50			March 30, 2025
	1,102
	$	4,758

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 September 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 September 30, 2023, there was $1.4 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 September 30, 2023, there was $887 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 September 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 September 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.

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 September 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 September 30, 2023, there was $525 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

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 September 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 September 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)	$	19.49
Conversion rate (shares per one thousand dollar principal amount)(1)	51.3029
Conversion date	December 1, 2023

________________________________________

(1)Represents conversion price and conversion rate, as applicable, as of September 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 September 30, 2023 are listed below.


(dollar amounts in millions) Unsecured Notes	Aggregate Principal Amount Issued		Effective Stated 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
January 2027 Notes(1)	$	600	7.898%	August 3, 2023	January 15, 2027
June 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

________________________________________

(1)The effective stated interest rate of the January 2027 Notes includes the impact of the interest rate swap.

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.

In connection with the January 2027 Notes, we entered into an interest rate swap to more closely align the interest rate of such liability with our investment portfolio, which consists of primarily floating rate loans. Under the interest rate swap agreement, we receive a fixed interest rate of 7.000% and pay a floating interest rate of one-month SOFR plus 2.585%. We designated this interest rate swap and the related January 2027 Notes as a qualifying hedge accounting relationship. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2023 for more information on the interest rate swap.

See Note 5 to our consolidated financial statements for the three and nine months ended September 30, 2023 for more information on our debt obligations.

As of September 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.

Bank Relationships And Recent Strain On Banking System [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

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.

Revolving Funding Facility [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

Revolving Funding Facility

Long Term Debt, Structuring [Text Block]

SMBC Funding Facility [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

SMBC Funding Facility

Long Term Debt, Structuring [Text Block]

BNP Funding Facility [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

BNP Funding Facility

Long Term Debt, Structuring [Text Block]

2024 Convertible Notes [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

2024 Convertible Notes

Long Term Debt, Structuring [Text Block]

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 September 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.

Revolving Credit Facility [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

Revolving Credit Facility

Long Term Debt, Structuring [Text Block]


(in millions)	Total Aggregate Principal Amount Committed/ Outstanding		End of Revolving Period	Maturity Date
Revolving tranche	$	2,905	April 19, 2027	April 19, 2028
	494		March 31, 2026	March 31, 2027
	107		March 31, 2025	March 31, 2026
	150		March 30, 2024	March 30, 2025
	3,656
Term loan tranche	908			April 19, 2028
	116			March 31, 2027
	28			March 31, 2026
	50			March 30, 2025
	1,102
	$	4,758

Unsecured Notes [Member]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

Unsecured Notes

Long Term Debt, Structuring [Text Block]


(dollar amounts in millions) Unsecured Notes	Aggregate Principal Amount Issued		Effective Stated 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
January 2027 Notes(1)	$	600	7.898%	August 3, 2023	January 15, 2027
June 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

________________________________________

(1)The effective stated interest rate of the January 2027 Notes includes the impact of the interest rate swap.

See Note 5 to our consolidated financial statements for the three and nine months ended September 30, 2023 for more information on our debt obligations.

As of September 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.