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ARES CAPITAL CORP

Quarterly Report • Oct 30, 2024

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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 September 30, 2024

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.

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 Exchange 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 October 25, 2024
Common stock, $0.001 par value 646,076,139

ARES CAPITAL CORPORATION

INDEX

Part I. Financial Information
Item 1. Financial Statements
Consolidated Balance Sheet as of September 30, 2024 (unaudited) and December 31, 2023 3
Consolidated Statement of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited) 4
Consolidated Schedule of Investments as of September 30, 2024 (unaudited) and December 31, 2023 5
Consolidated Statement of Stockholders’ Equity for the three and nine months ended September 30, 2024 (unaudited) and the year ended December 31, 2023 141
Consolidated Statement of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited) 142
Notes to Consolidated Financial Statements (unaudited) 143
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 187
Item 3. Quantitative and Qualitative Disclosures About Market Risk 223
Item 4. Controls and Procedures 224
Part II. Other Information
Item 1. Legal Proceedings 224
Item 1A. Risk Factors 225
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 225
Item 3. Defaults Upon Senior Securities 225
Item 4. Mine Safety Disclosures 225
Item 5. Other Information 225
Item 6. Exhibits 226
Signatures 227

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(in millions, except per share data)

As of — September 30, 2024 December 31, 2023
(unaudited)
ASSETS
Investments at fair value
Non-controlled/non-affiliate company investments $ 21,458 $ 18,283
Non-controlled affiliate company investments 717 424
Controlled affiliate company investments 3,743 4,167
Total investments at fair value (amortized cost of $ 25,573 and $ 22,668 , respectively) 25,918 22,874
Cash and cash equivalents 486 535
Restricted cash 138 29
Interest receivable 269 245
Receivable for open trades 113 16
Other assets 169 91
Operating lease right-of-use asset 7 10
Total assets $ 27,100 $ 23,800
LIABILITIES
Debt $ 13,500 $ 11,884
Base management fee payable 96 84
Income based fee payable 92 90
Capital gains incentive fee payable 106 88
Interest and facility fees payable 119 132
Payable to participants 38 29
Payable for open trades 45 7
Accounts payable and other liabilities 284 234
Secured borrowings 34 34
Operating lease liabilities 13 17
Total liabilities 14,327 12,599
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Common stock, par value $ 0.001 per share, 1,000 common shares authorized; 646 and 582 common shares issued and outstanding, respectively 1 1
Capital in excess of par value 12,044 10,738
Accumulated undistributed earnings 728 462
Total stockholders’ equity 12,773 11,201
Total liabilities and stockholders’ equity $ 27,100 $ 23,800
NET ASSETS PER SHARE $ 19.77 $ 19.24

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(in millions, except per share data)

(unaudited)

For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest income (excluding payment-in-kind (“PIK”) interest income) $ 465 $ 401 $ 1,312 $ 1,144
PIK interest income 43 32 128 104
Capital structuring service fees 33 20 115 46
Dividend income 80 64 232 178
Other income 16 11 40 40
Total investment income from non-controlled/non-affiliate company investments 637 528 1,827 1,512
From non-controlled affiliate company investments:
Interest income (excluding PIK interest income) 6 3 14 9
PIK interest income 3 1 9 3
Capital structuring service fees 1 — 3 —
Dividend income — 1 1 7
Other income 1 — 2 —
Total investment income from non-controlled affiliate company investments 11 5 29 19
From controlled affiliate company investments:
Interest income (excluding PIK interest income) 46 53 144 169
PIK interest income 5 5 13 12
Capital structuring service fees 4 — 6 5
Dividend income 71 63 208 187
Other income 1 1 4 3
Total investment income from controlled affiliate company investments 127 122 375 376
Total investment income 775 655 2,231 1,907
EXPENSES:
Interest and credit facility fees 195 145 528 425
Base management fee 96 81 274 239
Income based fee 92 83 273 238
Capital gains incentive fee 7 42 19 40
Administrative and other fees 3 4 9 10
Other general and administrative 9 8 24 23
Total expenses 402 363 1,127 975
NET INVESTMENT INCOME BEFORE INCOME TAXES 373 292 1,104 932
Income tax expense, including excise tax 12 3 60 11
NET INVESTMENT INCOME 361 289 1,044 921
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses):
Non-controlled/non-affiliate company investments ( 15 ) ( 72 ) ( 43 ) ( 160 )
Non-controlled affiliate company investments — — ( 6 ) —
Controlled affiliate company investments ( 4 ) — 24 —
Foreign currency and other transactions ( 5 ) ( 4 ) ( 5 ) ( 47 )
Net realized losses ( 24 ) ( 76 ) ( 30 ) ( 207 )
Net unrealized gains (losses):
Non-controlled/non-affiliate company investments 65 255 150 324
Non-controlled affiliate company investments 21 5 34 19
Controlled affiliate company investments ( 12 ) — ( 22 ) ( 1 )
Foreign currency and other transactions ( 17 ) 27 3 53
Net unrealized gains 57 287 165 395
Net realized and unrealized gains on investments, foreign currency and other transactions 33 211 135 188
REALIZED LOSS ON EXTINGUISHMENT OF DEBT — — ( 14 ) —
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS $ 394 $ 500 $ 1,165 $ 1,109
NET INCOME PER COMMON SHARE (see Note 10)
Basic $ 0.62 $ 0.89 $ 1.90 $ 2.03
Diluted $ 0.62 $ 0.87 $ 1.90 $ 1.98
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)
Basic 635 562 614 548
Diluted 635 582 614 568

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Software and Services
Actfy Buyer, Inc. (15) Software provider of end to end fraud management workflow solutions First lien senior secured loan 9.85 % SOFR (M) 5.00 % 05/2024 05/2031 $ 57.2 $ 57.2 $ 56.0 (2)(11)
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP (15) Provider of software services that support the management and security of computing devices, applications, data, and networks First lien senior secured loan 9.85 % SOFR (Q) 5.25 % 07/2023 07/2030 42.6 42.6 42.6 (2)(6)(11)
First lien senior secured loan 9.85 % SOFR (Q) 5.25 % 09/2024 07/2030 6.9 6.9 6.9 (2)(6)(11)
Limited partnership interest 8.00 % PIK 10/2023 9,249,000 9.5 13.9 (2)(6)
59.0 63.4
AI Titan Parent, Inc. (15) Provider of plant maintenance / scheduling software First lien senior secured loan 9.81 % SOFR (Q) 4.75 % 08/2024 08/2031 61.5 61.5 60.9 (2)(11)
Anaplan, Inc. (15) Provider of cloud-based connected planning platforms for business analytics First lien senior secured loan 9.85 % SOFR (Q) 5.25 % 06/2022 06/2029 1.8 1.8 1.8 (2)(11)
First lien senior secured loan 9.85 % SOFR (Q) 5.25 % 05/2024 06/2029 4.1 4.1 4.1 (2)(11)
5.9 5.9
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (15) Provider of intellectual property management lifecycle software First lien senior secured loan 8.10 % Euribor (Q) 4.75 % 04/2019 08/2031 8.1 8.2 8.1 (2)
First lien senior secured loan 9.45 % SOFR (S) 4.75 % 06/2021 04/2026 3.7 3.7 3.7 (2)(11)
First lien senior secured loan 10.06 % SOFR (Q) 4.75 % 01/2024 04/2026 5.4 5.4 5.4 (2)(11)
Limited partnership units 06/2019 4,898,740 4.2 12.0 (2)(6)
21.5 29.2
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(15) Aircraft performance software provider First lien senior secured loan 9.80 % SOFR (S) 5.25 % 01/2020 01/2025 13.1 13.1 13.1 (2)(11)
Class A membership units 01/2020 9,750,000 9.8 5.5 (2)
22.9 18.6
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 12.08 % SOFR (Q) 7.00 % 05/2021 05/2027 5.6 5.6 5.6 (2)(11)
Series A preferred shares 11.00 % PIK 05/2021 32,236 46.9 45.0 (2)
52.5 50.6
Aptean, Inc. and Aptean Acquiror Inc. (15) Provider of CRM, ERP and supply chain software application First lien senior secured loan 9.85 % SOFR (M) 5.00 % 01/2024 01/2031 17.1 17.0 17.1 (2)(11)
Artifact Bidco, Inc. (15) Supply chain risk management SaaS platform for global enterprise clients First lien senior secured loan 9.10 % SOFR (Q) 4.50 % 05/2024 07/2031 18.9 18.9 18.7 (2)(11)
Auctane, Inc. Provider of mailing and shipping solutions First lien senior secured loan 10.94 % SOFR (S) 5.75 % 10/2021 10/2028 144.2 144.2 137.0 (2)(11)
Avalara, Inc. (15) Provider of cloud-based solutions for transaction tax compliance worldwide First lien senior secured loan 10.85 % SOFR (Q) 6.25 % 10/2022 10/2028 72.2 72.2 72.2 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Banyan Software Holdings, LLC and Banyan Software, LP (15) Vertical software businesses holding company First lien senior secured revolving loan 10.35 % SOFR (M) 5.50 % 01/2023 10/2026 1.0 1.0 1.0 (2)(6)(11)
First lien senior secured loan 11.95 % SOFR (M) 7.00 % 10/2020 10/2026 1.0 1.0 1.0 (2)(6)(11)
First lien senior secured loan 11.95 % SOFR (M) 7.00 % 12/2021 10/2026 0.2 0.2 0.2 (2)(6)(11)
First lien senior secured loan 12.20 % SOFR (M) 7.25 % 01/2023 10/2026 10.5 10.5 10.5 (2)(6)(11)
First lien senior secured loan 11.12 % SOFR (M) 6.25 % 01/2024 10/2026 17.4 17.4 17.4 (2)(6)(11)
Preferred units 01/2022 120,999 4.1 11.5 (2)(6)
34.2 41.6
BCTO Ignition Purchaser, Inc. Enterprise software provider First lien senior secured loan 14.28 % PIK SOFR (Q) 9.00 % 04/2023 10/2030 3.9 3.9 3.9 (2)(6)(11)
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (15) Healthcare software provider First lien senior secured loan 9.39 % SOFR (Q) 4.75 % 06/2023 06/2030 15.7 15.7 15.7 (2)(11)
Class A-1 units 06/2023 1,729,228 1.7 1.9
17.4 17.6
Borrower R365 Holdings LLC (15) Provider of restaurant enterprise resource planning systems First lien senior secured loan 10.75 % SOFR (Q) 6.00 % 06/2021 06/2027 15.9 15.8 15.9 (2)(11)
First lien senior secured loan 10.75 % SOFR (Q) 6.00 % 01/2022 06/2027 1.9 1.9 1.9 (2)(11)
17.7 17.8
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC (15) Provider of payment automation solutions First lien senior secured loan 10.10 % SOFR (M) 5.25 % 05/2022 05/2029 8.0 8.0 8.0 (2)(11)
First lien senior secured loan 10.60 % SOFR (M) 5.75 % 10/2023 05/2029 4.2 4.2 4.2 (2)(11)
12.2 12.2
Businessolver.com, Inc. (15) Provider of SaaS-based benefits solutions for employers and employees First lien senior secured loan 10.20 % SOFR (Q) 5.50 % 12/2021 12/2027 0.6 0.6 0.6 (2)(11)
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 loan 9.25 % SOFR (Q) 4.50 % 04/2024 11/2027 11.1 10.6 10.3 (2)(11)(18)
Second lien senior secured loan 12.52 % SOFR (Q) 7.75 % 11/2020 11/2028 64.3 64.3 61.0 (2)(11)
Series A preferred shares 11.00 % PIK 11/2020 24,898 38.2 32.8 (2)
Series A-2 preferred shares 11.00 % PIK 12/2020 8,963 13.6 11.7 (2)
Series A-3 preferred shares 11.00 % PIK 11/2021 11,952 16.4 13.7 (2)
143.1 129.5
Centralsquare Technologies, LLC and Supermoose Newco, Inc. (15) Provider of mission-critical software solutions for the public sector First lien senior secured revolving loan 04/2024 04/2030 — — — (2)(13)
First lien senior secured loan 11.60 % ( 3.50 % PIK) SOFR (M) 6.50 % 04/2024 04/2030 141.0 141.0 137.5 (2)(11)
Series A preferred stock 15.00 % PIK 04/2024 83,332 89.3 89.3 (2)
230.3 226.8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
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 87.1 88.3 (2)(18)
First lien senior secured loan 9.10 % SOFR (Q) 4.50 % 03/2024 03/2031 8.6 8.5 8.6 (2)(11)(18)
First lien senior secured loan 8.60 % SOFR (M) 4.00 % 05/2024 03/2029 15.6 15.1 15.5 (2)(11)(18)
Second lien senior secured notes 9.00 % 04/2023 09/2029 121.0 113.3 123.0 (2)(18)
Limited partnership interests 09/2022 12,250,000 12.3 32.3 (2)
236.3 267.7
Community Brands ParentCo, LLC Software and payment services provider to non-profit institutions Class A units 12/2016 500,000 5.0 3.0 (2)
Computer Services, Inc. (15) Infrastructure software provider to community banks First lien senior secured loan 10.27 % SOFR (Q) 5.25 % 11/2022 11/2029 33.6 33.6 33.6 (2)(11)
First lien senior secured loan 10.27 % SOFR (Q) 5.25 % 02/2024 11/2029 5.4 5.4 5.4 (2)(11)
First lien senior secured loan 9.69 % SOFR (Q) 4.75 % 09/2024 11/2029 19.0 19.0 19.0 (2)(11)
58.0 58.0
Conservice Midco, LLC Provider of outsourced utility management software and billing solutions Second lien senior secured loan 10.10 % SOFR (M) 5.25 % 05/2022 05/2028 15.5 15.5 15.5 (2)
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 10.50 % SOFR (Q) 5.75 % 05/2021 05/2028 7.3 7.3 7.3 (2)(6)(11)
First lien senior secured revolving loan 9.61 % Euribor (S) 6.25 % 11/2021 05/2028 1.3 1.3 1.3 (2)(6)(11)
First lien senior secured revolving loan 10.10 % SOFR (Q) 5.50 % 04/2024 05/2028 1.8 1.8 1.8 (2)(6)(11)
First lien senior secured loan 10.50 % SOFR (Q) 5.75 % 05/2021 05/2028 73.5 73.5 73.5 (2)(6)(11)
First lien senior secured loan 9.61 % Euribor (Q) 6.25 % 11/2021 05/2028 0.5 0.4 0.5 (2)(6)(11)
First lien senior secured loan 9.61 % Euribor (Q) 6.25 % 11/2021 05/2028 30.2 30.2 30.2 (2)(6)
First lien senior secured loan 10.50 % SOFR (Q) 5.75 % 06/2022 05/2028 11.5 11.5 11.5 (2)(6)(11)
First lien senior secured loan 10.10 % SOFR (Q) 5.50 % 04/2024 05/2028 0.3 0.3 0.3 (2)(6)(11)
Common units 05/2021 483,584 4.8 8.0 (2)(6)
Series A common units 09/2022 23,340 0.2 0.4 (2)(6)
131.3 134.8
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 11.46 % SOFR (M) 6.50 % 06/2021 06/2029 155.7 155.7 151.0 (2)(11)
Limited partnership units 04/2021 59,665,989 59.7 38.1 (2)
215.4 189.1

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
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 10.33 % SOFR (Q) 5.00 % 07/2019 07/2026 6.2 6.2 6.2 (2)(6)(11)
First lien senior secured loan 10.33 % SOFR (Q) 5.00 % 10/2019 07/2026 4.3 4.3 4.3 (2)(6)(11)
First lien senior secured loan 12.33 % SOFR (Q) 7.00 % 09/2020 07/2026 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 10.83 % SOFR (Q) 5.50 % 09/2022 07/2026 0.2 0.2 0.2 (2)(6)(11)
First lien senior secured loan 11.08 % SOFR (Q) 5.75 % 04/2023 07/2026 7.6 7.6 7.6 (2)(6)(11)
Preferred equity 9.00 % PIK 07/2019 198 0.3 1.0 (2)(6)
Common equity 07/2019 190,143 — — (2)(6)
18.7 19.4
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 8.41 % SOFR (M) 3.25 % 10/2021 10/2026 7.1 7.1 6.6 (2)(14)
First lien senior secured loan 8.71 % SOFR (M) 3.75 % 06/2024 10/2028 1.4 1.3 1.3 (2)(11)(18)
Second lien senior secured loan 11.46 % SOFR (M) 6.50 % 10/2021 10/2029 137.5 137.5 129.2 (2)(11)
Series A preferred shares 10.50 % PIK 10/2021 116,413 153.6 130.6 (2)
Class A-1 common stock 10/2021 1,360,100 13.6 15.8 (2)
313.1 283.5
Coupa Holdings, LLC and Coupa Software Incorporated (15) Provider of Business Spend Management software First lien senior secured loan 10.75 % SOFR (Q) 5.50 % 03/2023 02/2030 9.0 9.0 9.0 (2)(11)
Datix Bidco Limited and RL Datix Holdings (USA), Inc. (15) Global healthcare software company that provides software solutions for patient safety and risk management First lien senior secured loan 10.81 % SOFR (S) 5.50 % 04/2024 04/2031 104.6 104.6 102.5 (2)(6)(11)
First lien senior secured loan 10.56 % SONIA (S) 5.50 % 04/2024 04/2031 56.7 53.1 55.6 (2)(6)(11)
157.7 158.1
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 11.85 % SOFR (M) 7.00 % 05/2022 02/2029 11.0 10.5 10.7 (2)
Series A preferred shares 10.50 % PIK 05/2021 129,822 178.3 155.1 (2)
Series A units 05/2021 817,194 13.3 9.9 (2)
202.1 175.7
Denali Holdco LLC and Denali Apexco LP (15) Provider of cybersecurity audit and assessment services First lien senior secured loan 9.85 % SOFR (M) 4.75 % 07/2024 09/2028 33.3 33.3 33.2 (2)(11)
Class A units 02/2022 2,549,000 2.5 3.3 (2)
35.8 36.5
Diligent Corporation and Diligent Preferred Issuer, Inc. (15) Provider of secure SaaS solutions for board and leadership team documents First lien senior secured loan 10.09 % SOFR (Q) 5.00 % 04/2024 08/2030 23.5 23.3 23.5 (2)(11)
Preferred stock 10.50 % PIK 04/2021 13,140 18.5 17.6 (2)
41.8 41.1
DriveCentric Holdings, LLC (15) Provider of CRM software to the automotive dealership industry First lien senior secured loan 9.87 % SOFR (Q) 4.75 % 08/2024 08/2031 12.1 12.1 12.0 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Echo Purchaser, Inc. (15) Software provider of mission critical security, supply chain, and collaboration solutions for highly regulated end markets First lien senior secured revolving loan 12.50 % Base Rate (Q) 4.50 % 11/2023 11/2029 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.35 % SOFR (M) 5.50 % 11/2023 11/2029 10.6 10.6 10.6 (2)(11)
10.7 10.7
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (15) Payment processing solution provider First lien senior secured loan 9.74 % SOFR (S) 4.75 % 09/2024 09/2031 196.1 196.1 194.1 (2)(11)
Preferred units 12.50 % PIK 09/2024 656 6.6 6.4 (2)
Class A common units 09/2024 563 0.6 0.6 (2)
203.3 201.1
Edmunds Govtech, Inc. (15) Provider of ERP software solutions for local governments First lien senior secured revolving loan 8.60 % SOFR (Q) 4.00 % 02/2024 02/2030 1.7 1.7 1.7 (2)(11)
First lien senior secured loan 9.60 % SOFR (Q) 5.00 % 02/2024 02/2031 18.5 18.5 18.5 (2)(11)
20.2 20.2
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 10.67 % SOFR (Q) 5.50 % 05/2024 09/2026 6.6 6.6 6.5 (2)(11)
First lien senior secured loan 10.94 % SOFR (Q) 5.50 % 09/2019 09/2026 60.1 60.1 59.5 (2)(11)
First lien senior secured loan 10.95 % SOFR (Q) 5.50 % 12/2020 09/2026 5.6 5.6 5.6 (2)(11)
First lien senior secured loan 10.75 % SOFR (Q) 5.50 % 05/2024 09/2026 4.9 4.9 4.9 (2)(11)
Preferred equity 09/2019 4,599 4.6 5.9 (2)
81.8 82.4
Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc. (15) SaaS based business analytics company focused on oil and gas industry First lien senior secured revolving loan 10.35 % SOFR (M) 5.50 % 12/2023 12/2029 0.6 0.5 0.6 (2)(11)
First lien senior secured loan 10.35 % SOFR (M) 5.50 % 12/2023 12/2029 134.2 134.2 134.2 (2)(11)
Preferred stock 13.50 % PIK 02/2020 30 53.7 54.5 (2)
188.4 189.3
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 9.37 % SOFR (Q) 4.50 % 06/2023 11/2028 8.4 8.1 8.4 (2)(11)
Second lien senior secured loan 11.37 % SOFR (Q) 6.50 % 11/2021 11/2029 177.9 177.9 177.9 (2)(11)
Partnership units 05/2019 5,034,483 3.1 12.2 (2)(6)
189.1 198.5
EpiServer Inc. and Episerver Sweden Holdings AB (15) Provider of web content management and digital commerce solutions First lien senior secured loan 10.00 % SOFR (Q) 5.25 % 10/2018 04/2026 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 8.85 % Euribor (Q) 5.50 % 03/2019 04/2026 5.7 5.8 5.7 (2)(6)
First lien senior secured loan 10.00 % SOFR (Q) 5.25 % 12/2021 04/2026 0.1 0.1 0.1 (2)(6)(11)
6.0 5.9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
eResearch Technology, Inc. and Astorg VII Co-Invest ERT (15) Provider of mission-critical, software-enabled clinical research solutions First lien senior secured revolving loan 11.25 % Base Rate (Q) 3.25 % 01/2024 08/2026 0.7 0.7 0.7 (2)(11)
First lien senior secured loan 8.85 % SOFR (M) 4.00 % 11/2023 02/2027 1.0 1.0 1.0 (2)(11)(18)
Second lien senior secured loan 12.95 % SOFR (M) 8.00 % 02/2020 02/2028 27.2 26.5 27.2 (2)
Second lien senior secured loan 12.95 % SOFR (M) 8.00 % 04/2021 02/2028 30.6 30.0 30.6 (2)
Limited partnership interest 01/2020 4,440,040 4.5 7.3 (2)(6)
62.7 66.8
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 10.90 % SOFR (Q) 5.50 % 06/2022 06/2028 0.9 0.9 0.9 (2)(11)
First lien senior secured loan 10.90 % SOFR (Q) 5.50 % 06/2022 06/2028 6.7 6.7 6.7 (2)(11)
Limited partner interests 06/2022 6,246,801 6.2 8.3
13.8 15.9
Extrahop Networks, Inc. (15) Provider of real-time wire data analytics solutions for application and infrastructure monitoring First lien senior secured loan 12.45 % SOFR (M) 7.50 % 07/2021 07/2027 25.1 25.1 25.1 (2)(11)
First lien senior secured loan 12.45 % SOFR (M) 7.50 % 03/2023 07/2027 3.9 3.9 3.9 (2)(11)
29.0 29.0
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. (15) Provider of back-office software services for the banking sector First lien senior secured loan 12.18 % SOFR (Q) 7.25 % 09/2023 09/2029 189.5 186.5 189.5 (2)(6)(11)
Forescout Technologies, Inc. (15) Network access control solutions provider First lien senior secured loan 10.07 % SOFR (Q) 5.00 % 05/2024 05/2031 13.6 13.6 13.5 (2)(11)
GI Ranger Intermediate LLC (15) Provider of payment processing services and software to healthcare providers First lien senior secured loan 10.75 % SOFR (Q) 6.00 % 10/2021 10/2028 10.0 10.0 9.8 (2)(11)
First lien senior secured loan 10.75 % SOFR (Q) 6.00 % 03/2022 10/2028 3.1 3.1 3.0 (2)(11)
13.1 12.8
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 9.71 % SOFR (Q) 4.75 % 06/2024 06/2031 71.7 71.7 71.3 (2)(11)
Senior subordinated loan 10.50 % PIK 04/2021 04/2032 53.6 53.6 52.0 (2)
Preferred units 14.00 % PIK 04/2021 1,828,645 74.8 74.8
200.1 198.1
Guidepoint Security Holdings, LLC (15) Cybersecurity solutions provider First lien senior secured loan 10.85 % SOFR (M) 6.00 % 10/2023 10/2029 6.7 6.7 6.7 (2)(11)
Heavy Construction Systems Specialists, LLC (15) Provider of construction software First lien senior secured loan 10.10 % SOFR (Q) 5.50 % 11/2021 11/2028 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 9.85 % SOFR (Q) 5.25 % 03/2024 11/2028 13.9 13.9 13.9 (2)(11)
14.0 14.0

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Help/Systems Holdings, Inc. (15) Provider of IT operations management and cybersecurity software First lien senior secured revolving loan 9.27 % SOFR (M) 4.00 % 11/2019 08/2026 6.7 6.7 6.3 (2)
First lien senior secured revolving loan 11.00 % Base Rate (Q) 3.00 % 11/2019 08/2026 4.5 4.5 4.3 (2)(11)
11.2 10.6
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (15) Insurance software provider First lien senior secured revolving loan 10.45 % SOFR (M) 5.50 % 11/2021 11/2027 6.3 6.3 6.1 (2)(11)
First lien senior secured loan 10.45 % SOFR (M) 5.50 % 11/2021 11/2028 59.3 59.3 58.1 (2)(11)
Senior subordinated loan 10.00 % PIK 11/2021 11/2031 118.3 118.3 105.3 (2)
Company units 11/2021 4,246,457 8.8 6.7 (2)
192.7 176.2
Hyland Software, Inc. (15) Enterprise content management software provider First lien senior secured revolving loan 09/2023 09/2029 — — — (2)(13)
First lien senior secured loan 10.85 % SOFR (M) 6.00 % 09/2023 09/2030 96.8 95.6 96.8 (2)(11)
95.6 96.8
Icefall Parent, Inc. (15) Provider of customer engagement software and integrated payments solutions First lien senior secured loan 11.35 % SOFR (M) 6.50 % 01/2024 01/2030 16.7 16.7 16.7 (2)(11)
Inmar, Inc. Technology-driven solutions provider for retailers, wholesalers and manufacturers First lien senior secured loan 10.23 % SOFR (M) 5.50 % 06/2023 05/2026 13.3 13.0 13.3 (2)(11)(18)
Internet Truckstop Group LLC (15) Provider of freight-moving lifecycle software First lien senior secured loan 10.25 % SOFR (Q) 5.50 % 06/2024 04/2027 39.5 39.1 39.1 (2)(11)
IQN Holding Corp. (15) Provider of extended workforce management software First lien senior secured revolving loan 10.31 % SOFR (Q) 5.25 % 05/2022 05/2028 0.5 0.5 0.5 (2)(11)
First lien senior secured loan 10.31 % SOFR (Q) 5.25 % 05/2022 05/2029 1.4 1.4 1.4 (2)(11)
1.9 1.9
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 1.9 2.1 (2)
1.9 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 10.10 % SOFR (Q) 5.50 % 06/2022 06/2029 4.9 4.9 4.9 (2)(11)(14)
First lien senior secured loan 10.75 % SOFR (Q) 5.50 % 06/2022 06/2029 173.2 173.0 173.2 (2)(11)
Preferred stock 16.01 % PIK SOFR (S) 10.75 % 06/2022 38,798 49.8 49.8 (2)(11)
227.7 227.9
LeanTaaS Holdings, Inc. (15) Provider of SaaS tools to optimize healthcare asset utilization First lien senior secured loan 12.10 % SOFR (Q) 7.50 % 07/2022 07/2028 32.3 32.3 32.3 (2)(11)
First lien senior secured loan 13.92 % SOFR (Q) 9.25 % 07/2022 07/2028 29.6 29.6 29.6 (2)(11)
61.9 61.9
Majesco and Magic Topco, L.P. (15) Insurance software provider First lien senior secured loan 9.35 % SOFR (Q) 4.75 % 09/2020 09/2028 18.1 18.1 18.1 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Class A units 9.00 % PIK 09/2020 2,539 3.6 6.4 (2)
Class B units 09/2020 570,625 — — (2)
21.7 24.5
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp Cybersecurity solutions provider First lien senior secured loan 9.85 % SOFR (M) 5.00 % 05/2022 05/2029 93.7 93.7 93.7 (2)(6)(11)
First lien senior secured loan 9.95 % SONIA (Q) 5.00 % 05/2022 05/2029 37.9 34.9 37.9 (2)(6)(11)
First lien senior secured loan 9.85 % SOFR (M) 5.00 % 03/2024 05/2029 5.2 5.2 5.2 (2)(6)(11)
Limited partnership interest 05/2022 3,975 39.8 45.2 (2)(6)
173.6 182.0
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 loan 10.45 % SOFR (M) 5.50 % 12/2021 12/2028 39.1 39.1 38.3 (2)(11)
Limited partner interests 12/2021 9,574,000 9.6 6.8 (2)
48.7 45.1
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (15) Leading technology solution provider for casing and auditioning to the entertainment industry First lien senior secured revolving loan 10.85 % SOFR (M) 6.00 % 08/2022 08/2028 0.4 0.4 0.4 (2)(11)
First lien senior secured loan 10.85 % SOFR (M) 6.00 % 08/2022 08/2028 24.7 24.7 24.7 (2)(11)
Class A units 8.00 % PIK 08/2022 45,320 5.3 3.5
30.4 28.6
MRI Software LLC (15) Provider of real estate and investment management software First lien senior secured loan 9.35 % SOFR (Q) 4.75 % 02/2020 02/2027 12.1 12.1 12.1 (2)(11)
First lien senior secured loan 9.35 % SOFR (Q) 4.75 % 08/2020 02/2027 24.0 24.0 24.0 (2)(11)
First lien senior secured loan 9.35 % SOFR (Q) 4.75 % 12/2023 02/2027 2.3 2.3 2.3 (2)(11)
38.4 38.4
Netsmart, Inc. and Netsmart Technologies, Inc. (15) Developer and operator of health care software and technology solutions First lien senior secured loan 10.05 % ( 3.00 % PIK) SOFR (M) 5.20 % 08/2024 08/2031 140.0 140.0 138.6 (2)(11)
North Star Acquisitionco, LLC and Toucan Bidco Limited (15) Literacy solution software provider for grades k-12 First lien senior secured revolving loan 9.95 % SONIA (Q) 5.00 % 04/2024 05/2029 0.4 0.4 0.4 (2)(6)
First lien senior secured loan 9.75 % NIBOR (Q) 5.00 % 04/2024 05/2029 6.0 5.8 6.0 (2)(6)
First lien senior secured loan 9.95 % SONIA (Q) 5.00 % 04/2024 05/2029 3.9 3.6 3.8 (2)(6)(11)
First lien senior secured loan 9.60 % SOFR (Q) 5.00 % 04/2024 05/2029 25.6 25.6 25.5 (2)(6)(11)
35.4 35.7
OpenMarket Inc. Provider of cloud-based mobile engagement platform First lien senior secured loan 11.12 % SOFR (Q) 6.25 % 09/2021 09/2026 16.1 16.1 16.1 (2)(6)(11)
PDDS HoldCo, Inc. (15) Provider of cloud-based dental practice management software First lien senior secured revolving loan 12.25 % SOFR (Q) 7.50 % 07/2022 07/2028 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 12.40 % SOFR (Q) 7.50 % 07/2022 07/2028 12.1 12.1 12.1 (2)(11)
12.3 12.3

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
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 loan 10.46 % SOFR (Q) 5.25 % 01/2024 02/2031 51.3 51.3 51.3 (2)(11)
Series A preferred stock 13.25 % PIK 03/2019 13,656 28.1 28.4 (2)
Class A units 03/2019 2,062,493 2.1 4.4 (2)
81.5 84.1
Petvisor Holdings, LLC (15) Provider of veterinarian-focused SaaS solutions First lien senior secured loan 10.78 % SOFR (S) 5.50 % 06/2022 11/2029 5.9 5.9 5.9 (2)(11)
First lien senior secured loan 11.53 % PIK SOFR (S) 6.25 % 06/2022 11/2029 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.78 % SOFR (S) 5.50 % 11/2023 11/2029 3.7 3.7 3.7 (2)(11)
9.7 9.7
Ping Identity Holding Corp. (15) Provider of identity and access management solutions First lien senior secured loan 9.35 % SOFR (Q) 4.75 % 10/2022 10/2029 11.3 11.3 11.3 (2)(11)
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC (4)(15) Online education learning platform First lien senior secured loan 9.62 % ( 1.50 % PIK) SOFR (Q) 4.50 % 08/2024 08/2029 21.4 21.4 21.4 (2)(11)
First lien senior secured loan 12.62 % ( 7.50 % PIK) SOFR (Q) 7.50 % 08/2024 08/2029 19.0 19.0 19.0 (2)(11)
Common units 08/2024 6,356,812 14.3 14.3 (2)
54.7 54.7
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 —
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC (15) Software provider for medical practitioners First lien senior secured revolving loan 9.35 % SOFR (M) 4.50 % 08/2023 08/2029 0.5 0.5 0.5 (2)(11)
First lien senior secured loan 10.60 % SOFR (M) 5.75 % 08/2023 08/2029 36.7 36.7 36.7 (2)(11)
Senior subordinated loan 14.00 % PIK 08/2023 08/2030 45.1 45.1 45.1 (2)
Class A units 8.00 % PIK 03/2021 33,220,282 25.4 37.4 (2)
107.7 119.7
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (15) Provider of practice management software to law firms First lien senior secured revolving loan 10.35 % SOFR (M) 5.50 % 03/2021 03/2027 0.7 0.7 0.7 (2)(11)
First lien senior secured loan 10.35 % SOFR (M) 5.50 % 03/2021 03/2027 5.4 5.4 5.4 (2)(11)
First lien senior secured loan 10.35 % SOFR (M) 5.50 % 06/2024 03/2027 0.1 0.1 0.1 (2)(11)
Limited partnership units 03/2021 1,624,000 0.9 2.6 (2)
7.1 8.8
Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc. Provider of data visualization software for data analytics Class A common stock 08/2016 7,445 7.4 19.0 (2)
Class B common stock 08/2016 1,841,609 0.1 0.2 (2)
7.5 19.2

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
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 11.46 % ( 3.25 % PIK) SOFR (Q) 6.25 % 04/2021 04/2028 37.5 37.5 34.5 (2)(11)
Preferred shares 14.24 % PIK SOFR (Q) 9.50 % 04/2021 26,436 41.3 38.0 (2)(11)
78.8 72.5
Project Potter Buyer, LLC and Project Potter Parent, L.P. (15) Software solutions provider to the ready-mix concrete industry First lien senior secured loan 10.60 % SOFR (Q) 6.00 % 04/2020 04/2027 42.9 42.9 42.9 (2)(11)
First lien senior secured loan 10.60 % SOFR (Q) 6.00 % 10/2020 04/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.60 % SOFR (Q) 6.00 % 11/2020 04/2027 11.8 11.8 11.8 (2)(11)
First lien senior secured loan 10.60 % SOFR (Q) 6.00 % 07/2024 04/2027 17.9 17.9 17.9 (2)(11)
Class B units 04/2020 588,636 — 3.1 (2)
72.7 75.8
Proofpoint, Inc. (15) Cybersecurity solutions provider First lien senior secured loan 7.85 % SOFR (M) 3.00 % 06/2021 08/2028 1.0 0.9 1.0 (2)(11)(18)
QF Holdings, Inc. (15) SaaS based electronic health record software provider First lien senior secured revolving loan 10.22 % SOFR (Q) 5.00 % 09/2019 12/2027 0.6 0.6 0.6 (2)(11)
First lien senior secured loan 10.35 % SOFR (Q) 5.00 % 09/2019 12/2027 6.8 6.8 6.8 (2)(11)
First lien senior secured loan 10.30 % SOFR (Q) 5.00 % 08/2020 12/2027 4.9 4.9 4.9 (2)(11)
First lien senior secured loan 10.35 % SOFR (Q) 5.00 % 12/2021 12/2027 8.1 8.1 8.1 (2)(11)
First lien senior secured loan 10.06 % SOFR (Q) 5.00 % 12/2023 12/2027 5.1 5.1 5.1 (2)(11)
25.5 25.5
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 9.35 % SOFR (Q) 4.75 % 10/2021 10/2028 8.4 8.4 8.4 (2)(11)
First lien senior secured loan 9.35 % SOFR (Q) 4.75 % 04/2023 10/2028 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 9.35 % SOFR (Q) 4.75 % 05/2024 10/2028 8.1 8.1 8.1 (2)(11)
Class A common units 12/2018 2,880,582 3.5 7.0
20.1 23.6
RealPage, Inc. Provider of enterprise software solutions to the residential real estate industry Second lien senior secured loan 11.46 % SOFR (M) 6.50 % 04/2021 04/2029 84.1 83.3 80.5 (2)(11)(18)
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 — —
Relativity ODA LLC (15) Electronic discovery document review software platform for use in litigations and investigations First lien senior secured loan 9.46 % SOFR (M) 4.50 % 07/2024 05/2029 41.8 41.7 41.8 (2)(11)
Revalize, Inc. (15) Developer and operator of software providing configuration, price and quote capabilities First lien senior secured revolving loan 10.80 % SOFR (Q) 5.75 % 05/2022 04/2027 0.5 0.5 0.5 (2)(11)
First lien senior secured loan 11.15 % SOFR (Q) 5.75 % 05/2022 04/2027 0.7 0.7 0.6 (2)(11)
1.2 1.1

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
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 9.60 % SOFR (Q) 5.00 % 12/2021 12/2028 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 9.25 % SOFR (S) 5.00 % 08/2022 12/2028 0.2 0.2 0.2 (2)(11)
Class A common stock 12/2021 566 5.5 4.6 (2)
5.8 4.9
Sapphire Software Buyer, Inc. (15) Provider of application security testing solutions First lien senior secured loan 9.25 % SOFR (S) 5.00 % 09/2024 09/2031 70.9 70.9 70.2 (2)(11)
Severin Acquisition, LLC (15) Provider of student information system software solutions to the K-12 education market in North America First lien senior secured loan 9.59 % SOFR (S) 4.75 % 09/2024 10/2031 227.4 227.4 225.1 (2)(11)
Smarsh Inc. and Skywalker TopCo, LLC (15) SaaS based communication archival service provider First lien senior secured loan 10.35 % SOFR (Q) 5.75 % 02/2022 02/2029 1.4 1.4 1.4 (2)(11)
Common units 11/2020 1,742,623 6.3 11.1 (2)
7.7 12.5
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 12.95 % SOFR (M) 8.00 % 10/2020 10/2028 66.1 66.1 66.1 (2)(11)
SoundCloud Limited Platform for receiving, sending, and distributing music Common stock 08/2017 73,422 0.4 0.7 (2)(6)
Spark Purchaser, Inc. (15) Software platform for Medicare application process First lien senior secured loan 10.10 % SOFR (Q) 5.50 % 04/2024 04/2031 30.8 30.8 30.2 (2)(11)
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 9.70 % SOFR (Q) 5.00 % 09/2022 09/2028 2.5 2.5 2.5 (2)(11)
First lien senior secured loan 10.41 % SOFR (Q) 5.00 % 12/2023 09/2028 0.8 0.8 0.8 (2)(11)
Limited partner interests 09/2022 1,010 10.2 14.1 (2)
13.5 17.4
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 11.60 % SOFR (M) 6.75 % 04/2021 04/2029 42.8 42.8 42.8 (2)(11)
Second lien senior secured loan 11.60 % SOFR (M) 6.75 % 03/2022 04/2029 10.3 10.3 10.3 (2)(11)
Limited partnership interests 04/2021 614,950 6.4 10.9 (2)(6)
59.5 64.0
Sundance Group Holdings, Inc. (15) Provider of cloud-based document management and collaboration solutions First lien senior secured revolving loan 9.32 % SOFR (S) 4.75 % 09/2024 07/2029 2.0 2.0 2.0 (2)(11)
First lien senior secured loan 9.32 % SOFR (S) 4.75 % 09/2024 07/2029 26.4 26.3 26.4 (2)(11)
28.3 28.4

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Superman Holdings, LLC (15) Provider of ERP software for the construction industry First lien senior secured loan 9.56 % SOFR (Q) 4.50 % 08/2024 08/2031 35.5 35.5 35.4 (2)(11)
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (15) Provider of environment, health, safety, and sustainability software First lien senior secured loan 10.83 % SOFR (Q) 5.75 % 03/2022 03/2028 34.5 34.5 34.5 (2)(11)
First lien senior secured loan 11.00 % SOFR (Q) 5.75 % 10/2023 03/2028 10.9 10.9 10.9 (2)(11)
First lien senior secured loan 10.84 % SOFR (Q) 5.75 % 06/2024 03/2028 5.8 5.8 5.8 (2)(11)
Class A-2 units 03/2022 5,057 5.1 6.2
56.3 57.4
TCP Hawker Intermediate LLC (15) Workforce management solutions provider First lien senior secured loan 10.25 % SOFR (Q) 5.50 % 08/2019 08/2026 33.8 33.8 33.8 (2)(11)
First lien senior secured loan 10.25 % SOFR (Q) 5.50 % 12/2020 08/2026 6.4 6.4 6.4 (2)(11)
First lien senior secured loan 10.25 % SOFR (Q) 5.50 % 10/2021 08/2026 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.75 % SOFR (Q) 6.00 % 10/2023 08/2026 10.4 10.4 10.4 (2)(11)
50.7 50.7
Transit Technologies LLC (15) Provider of transportation management software and specialty telematics solutions First lien senior secured loan 9.71 % SOFR (M) 4.75 % 08/2024 08/2031 10.8 10.8 10.7 (2)(11)
UKG Inc. and H&F Unite Partners, L.P. Provider of cloud based HCM solutions for businesses Limited partnership interests 05/2019 12,583,556 12.6 27.4 (2)(6)
UserZoom Technologies, Inc. User experience research automation software First lien senior secured loan 12.75 % SOFR (S) 7.50 % 02/2023 04/2029 5.8 5.7 5.8 (2)(11)
Victors Purchaser, LLC and WP Victors Co-Investment, L.P. (15) Third-party maintenance provider for hardware and data center infrastructure First lien senior secured loan 9.35 % SOFR (Q) 4.75 % 08/2024 08/2031 70.1 70.1 69.4 (2)(11)
Partnership units 08/2024 2,482,000 2.5 2.5 (2)
72.6 71.9
WebPT, Inc. and WPT Intermediate Holdco, Inc. (15) Electronic medical record software provider First lien senior secured revolving loan 11.92 % SOFR (Q) 6.75 % 08/2019 01/2028 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 11.91 % SOFR (Q) 6.75 % 08/2019 01/2028 0.1 0.1 0.1 (2)(11)
Senior subordinated loan 13.25 % PIK 05/2024 05/2029 63.2 63.2 61.6 (2)
63.5 61.9
Wellington Bidco Inc. and Wellington TopCo LP (15) Provider of ERP and payments software for local governments First lien senior secured revolving loan 9.60 % SOFR (Q) 5.00 % 06/2024 06/2030 0.6 0.6 0.6 (2)(11)
First lien senior secured loan 9.60 % SOFR (Q) 5.00 % 06/2024 06/2030 61.1 61.1 60.5 (2)(11)
Class A-2 preferred units 8.00 % PIK 06/2024 2,323,000 2.4 2.6 (2)
64.1 63.7
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 10.66 % SOFR (Q) 5.50 % 01/2021 01/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.66 % SOFR (Q) 5.50 % 02/2022 01/2027 1.7 1.7 1.7 (2)(11)
1.8 1.8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
WorkWave Intermediate II, LLC (15) Provider of cloud-based field services and fleet management solutions First lien senior secured loan 11.70 % ( 3.50 % PIK) SOFR (Q) 7.00 % 06/2021 06/2027 52.5 52.5 52.5 (2)(11)
First lien senior secured loan 11.70 % ( 3.50 % PIK) SOFR (Q) 7.00 % 02/2022 06/2027 19.1 19.1 19.1 (2)(11)
First lien senior secured loan 11.70 % ( 3.50 % PIK) SOFR (Q) 7.00 % 03/2024 06/2027 6.4 6.4 6.4 (2)(11)
78.0 78.0
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (15) Provider of cloud-based customer support solutions First lien senior secured loan 9.69 % SOFR (S) 5.00 % 12/2022 11/2028 43.5 43.5 43.5 (2)(11)
Series A preferred stock 12.50 % PIK 11/2022 27,226 34.2 34.2 (2)
Class A common units 11/2022 269,100 2.7 2.5 (2)
80.4 80.2
ZocDoc, Inc. Healthcare marketplace connecting patients and providers First lien senior secured loan 11.63 % SOFR (Q) 6.50 % 05/2024 05/2029 74.1 71.6 73.1 (2)(11)
6,579.1 6,572.0 51.46 %
Health Care Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(15) Dental services provider First lien senior secured revolving loan 13.00 % PIK Base Rate (Q) 5.00 % 06/2021 06/2026 0.3 0.3 0.3 (2)(11)
First lien senior secured revolving loan 9.87 % PIK SOFR (Q) 5.00 % 06/2021 06/2026 11.1 11.0 11.1 (2)(11)
First lien senior secured loan 9.87 % PIK SOFR (Q) 5.00 % 09/2024 06/2026 40.3 40.3 40.3 (2)(11)
Class A preferred units 09/2024 20,000,000 16.2 16.2 (2)
Class A common units 06/2021 6,553,553 4.7 — (2)
72.5 67.9
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5)(15) Dental services provider First lien senior secured loan 11.85 % ( 3.00 % PIK) SOFR (Q) 7.00 % 09/2016 09/2026 15.4 15.4 15.4 (2)(11)
Second lien senior secured loan 10.00 % PIK 06/2023 03/2027 38.7 38.7 38.7 (2)
Membership units 09/2016 3,000,000 — — (2)
Class A common units 06/2023 7,703,692 29.4 2.4 (2)
83.5 56.5
Advarra Holdings, Inc. (15) Provider of central institutional review boards over clinical trials First lien senior secured loan 9.35 % SOFR (M) 4.50 % 08/2022 09/2031 4.0 4.0 4.0 (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 46.2 46.2 (2)
Preferred units 8.00 % PIK 07/2022 9,900 11.8 12.0 (2)
Class B common units 07/2022 100,000 0.1 0.1 (2)
58.1 58.3
Amerivet Partners Management, Inc. and AVE Holdings LP (15) Veterinary practice management platform Subordinated loan 16.50 % PIK 11/2023 12/2030 63.5 62.3 63.5 (2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Class A units 03/2024 2,922 2.9 1.1 (2)
Class C units 11/2023 7,144 1.4 0.6 (2)
66.6 65.2
Artivion, Inc. (15) Manufacturer, processor and distributor of medical devices and implantable human tissues First lien senior secured revolving loan 9.28 % SOFR (Q) 4.00 % 01/2024 01/2030 0.9 0.9 0.9 (2)(6)(11)
First lien senior secured loan 11.78 % SOFR (Q) 6.50 % 01/2024 01/2030 11.5 11.5 11.5 (2)(6)(11)
12.4 12.4
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 First lien senior secured loan 8.10 % SOFR (M) 3.25 % 07/2023 02/2029 0.1 0.1 0.1 (2)(11)(18)
Series A preferred stock 10.75 % PIK 02/2022 198,505 263.3 252.8 (2)
Class A units 02/2022 10,487,951 10.5 12.5 (2)
273.9 265.4
Avalign Holdings, Inc. and Avalign Technologies, Inc. (15) Full-service contract manufacturer of medical device components for the orthopedic OEM industry First lien senior secured loan 12.31 % ( 3.63 % PIK) SOFR (Q) 7.25 % 03/2024 12/2028 38.6 38.6 37.1 (2)(11)
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP Opioid treatment provider First lien senior secured loan 9.72 % SOFR (Q) 5.00 % 05/2022 06/2027 5.9 5.9 5.6 (2)(11)
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 — — (2)(10)(14)
First lien senior secured revolving loan 01/2022 11/2023 1.0 — — (2)(10)(14)
First lien senior secured loan 06/2023 08/2023 1.4 — — (2)(10)
— —
Color Intermediate, LLC Provider of pre-payment integrity software solution First lien senior secured loan 9.45 % SOFR (Q) 4.75 % 10/2022 10/2029 20.0 20.0 20.0 (2)(11)
Comprehensive EyeCare Partners, LLC (15) Vision care practice management company First lien senior secured revolving loan 11.37 % ( 2.50 % PIK) SOFR (Q) 6.50 % 02/2018 02/2025 2.0 2.0 1.9 (2)(11)
First lien senior secured loan 11.36 % ( 2.50 % PIK) SOFR (Q) 6.50 % 02/2018 02/2025 0.3 0.3 0.3 (2)(11)
2.3 2.2
Convey Health Solutions, Inc. Healthcare workforce management software provider First lien senior secured loan 9.95 % ( 1.00 % PIK) SOFR (Q) 5.25 % 09/2019 07/2029 1.8 1.8 1.5 (2)(6)(11)
First lien senior secured loan 9.95 % ( 1.00 % PIK) SOFR (Q) 5.25 % 02/2022 07/2029 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 9.95 % ( 1.00 % PIK) SOFR (Q) 5.25 % 10/2022 06/2029 0.1 0.1 0.1 (2)(6)(11)
2.0 1.7
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 loan 10.25 % SOFR (Q) 5.50 % 03/2022 03/2029 24.1 24.1 24.1 (2)(11)
Class A shares 03/2022 192 1.9 2.2 (2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Common units 03/2022 31 0.3 0.4 (2)
26.3 26.7
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (15) Veterinary hospital operator First lien senior secured loan 9.85 % SOFR (M) 5.00 % 06/2024 06/2031 159.2 159.2 157.6 (2)(11)
Class A preferred units 15.00 % PIK 08/2023 3,678 2.4 1.9 (2)
Common stock 10/2019 41,443 14.5 21.8 (2)
176.1 181.3
Empower Payments Investor, LLC (15) Financial communication and payment solutions provider First lien senior secured loan 9.60 % SOFR (M) 4.75 % 03/2024 03/2031 36.0 35.3 36.0 (2)(11)
Evolent Health LLC and Evolent Health, Inc. Medical technology company focused on value based care services and payment solutions Series A preferred shares 10.74 % SOFR (Q) 6.00 % 01/2023 01/2029 3,834 3.8 4.4 (2)(6)(11)
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 11.70 % SOFR (M) 6.75 % 05/2021 05/2029 114.0 114.0 114.0 (2)(11)
Class A units 06/2017 15,706,534 17.4 42.8 (2)
131.4 156.8
Global Medical Response, Inc. and GMR Buyer Corp. Emergency air medical services provider First lien senior secured loan 10.46 % ( 1.25 % PIK) SOFR (M) 5.50 % 06/2022 10/2028 41.3 39.2 41.0 (2)(11)(18)
Series B preferred shares 15.00 % PIK 05/2024 126,377 133.5 132.1 (2)
Warrant to purchase units of common stock 03/2018 03/2028 115,733 0.9 2.6 (2)
Warrant to purchase units of common stock 12/2021 12/2031 1,927 0.1 — (2)
Warrants to purchase shares of common stock 05/2024 05/2031 3,116,642 — — (2)
173.7 175.7
Hanger, Inc. (15) Provider of orthotic and prosthetic equipment and services First lien senior secured revolving loan 9.17 % SOFR (M) 4.25 % 10/2022 10/2027 6.1 6.1 6.1 (2)(11)(14)
First lien senior secured loan 11.17 % SOFR (M) 6.25 % 10/2022 10/2028 53.4 53.4 54.0 (2)(11)
First lien senior secured loan 11.17 % SOFR (M) 6.25 % 07/2023 10/2028 25.3 25.3 25.5 (2)(11)
Second lien senior secured loan 14.67 % SOFR (M) 9.75 % 10/2022 10/2029 110.6 110.6 111.7 (2)(11)
Second lien senior secured loan 14.67 % SOFR (M) 9.75 % 07/2023 10/2029 15.4 15.4 15.6 (2)(11)
210.8 212.9
HealthEdge Software, Inc. (15) Provider of financial, administrative and clinical software platforms to the healthcare industry First lien senior secured loan 9.85 % SOFR (M) 4.75 % 07/2024 07/2031 18.4 18.4 18.3 (2)(11)
Honor Technology, Inc. Nursing and home care provider Warrant to purchase shares of Series D-2 preferred stock 08/2021 08/2031 133,333 0.1 — (2)
HuFriedy Group Acquisition LLC (15) Manufacturer of surgical dental equipment and sterile instruments First lien senior secured loan 10.56 % SOFR (Q) 5.50 % 05/2024 05/2031 63.2 63.2 62.0 (2)(11)
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (15) Provider of behavioral health services First lien senior secured revolving loan 11.09 % SOFR (Q) 6.50 % 03/2017 03/2027 2.0 2.0 1.6 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
First lien senior secured revolving loan 13.50 % Base Rate (Q) 5.50 % 03/2017 03/2027 0.4 0.4 0.3 (2)(11)
2.4 1.9
Lifescan Global Corporation Provider of blood glucose monitoring systems for home and hospital use First lien senior secured loan 05/2022 12/2026 11.7 10.1 4.7 (2)(10)(18)
Second lien senior secured loan 05/2022 03/2027 0.2 0.2 — (2)(10)
10.3 4.7
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 0.4 0.4 (2)
Class A units 04/2016 25,277 2.5 3.0 (2)
3.1 3.6
Next Holdco, LLC (15) Provider of electronic medical record and practice management software First lien senior secured loan 11.06 % SOFR (Q) 6.00 % 11/2023 11/2030 6.5 6.5 6.5 (2)(11)
NMN Holdings III Corp. and NMN Holdings LP (15) Provider of complex rehabilitation technology solutions for patients with mobility loss First lien senior secured loan 9.35 % SOFR (M) 4.50 % 07/2024 07/2031 247.6 247.6 245.1 (2)(11)
Partnership units 11/2018 30,000 3.0 8.4 (2)
250.6 253.5
Nomi Health, Inc. Provider of software payment services for healthcare industry First lien senior secured loan 13.57 % SOFR (Q) 8.25 % 07/2023 07/2028 11.4 11.4 11.3 (2)(11)
First lien senior secured loan 13.58 % SOFR (Q) 8.25 % 06/2024 07/2028 6.8 6.8 6.8 (2)(11)
Warrant to purchase shares of Series B preferred stock 07/2023 07/2033 9,941 — — (2)
Warrant to purchase units of Class A common stock 06/2024 06/2034 22,211 — 0.1 (2)
18.2 18.2
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)(15) Behavioral health and special education platform provider First lien senior secured loan 09/2019 02/2027 62.7 49.3 30.7 (2)(10)
First lien senior secured loan 02/2022 02/2027 12.8 10.2 6.3 (2)(10)
First lien senior secured loan 14.56 % PIK SOFR (Q) 9.50 % 01/2023 02/2027 3.5 3.5 3.5 (2)(11)
Preferred units 07/2021 04/2024 417,189 — — (2)
Preferred stock 02/2022 7,983 3.1 — (2)
Class A common units 09/2019 9,549,000 9.5 — (2)
Common units 02/2022 7,584 — — (2)
75.6 40.5
OMH-HealthEdge Holdings, LLC (15) Revenue cycle management provider to the healthcare industry First lien senior secured loan 10.25 % SOFR (S) 6.00 % 10/2023 10/2029 97.1 97.1 97.1 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Paragon 28, Inc. and Paragon Advanced Technologies, Inc. (15) Medical device company First lien senior secured revolving loan 9.30 % SOFR (Q) 4.00 % 11/2023 11/2028 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 12.08 % SOFR (Q) 6.75 % 11/2023 11/2028 24.0 24.0 23.5 (2)(6)(11)
24.1 23.6
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (15) Veterinary hospital operator First lien senior secured revolving loan 03/2020 03/2025 — — — (2)(13)
Second lien senior secured loan 12.71 % SOFR (M) 7.75 % 03/2020 03/2028 76.3 76.3 60.3 (2)(11)
Class R common units 03/2020 6,004,768 6.0 0.5 (2)
82.3 60.8
PetVet Care Centers, LLC (15) Veterinary hospital operator First lien senior secured loan 10.85 % SOFR (M) 6.00 % 11/2023 11/2030 131.8 131.8 123.9 (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 02/2024 03/2030 — — — (2)(13)
First lien senior secured loan 10.76 % SOFR (Q) 5.50 % 02/2024 03/2031 54.3 54.3 54.3 (2)(11)
Class A units 07/2018 9,775 9.8 17.6 (2)
64.1 71.9
Project Ruby Ultimate Parent Corp. Provider of care coordination and transition management software solutions Second lien senior secured loan 11.46 % SOFR (M) 6.50 % 03/2021 03/2029 193.1 193.1 193.1 (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 11.70 % SOFR (M) 6.75 % 07/2020 07/2026 8.1 8.1 8.1 (2)(11)
First lien senior secured loan 12.09 % SOFR (S) 6.75 % 07/2020 07/2026 22.1 22.1 22.1 (2)(11)
30.2 30.2
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (15) Outsourced anesthesia provider First lien senior secured loan 10.00 % SOFR (Q) 5.25 % 03/2018 03/2025 7.0 7.0 7.0 (2)(11)
Common units 03/2018 684,854 4.8 1.8 (2)
11.8 8.8
SM Wellness Holdings, Inc. and SM Holdco, LLC (15) Breast cancer screening provider Series D units 8.00 % PIK 03/2023 1,127 1.2 1.7 (2)
Series A units 08/2018 8,041 8.0 11.1 (2)
Series B units 08/2018 916,795 — — (2)
9.2 12.8
SOC Telemed, Inc. and PSC Spark Holdings, LP Provider of acute care telemedicine First lien senior secured loan 12.21 % SOFR (Q) 7.50 % 08/2022 08/2027 106.5 103.8 99.1 (2)(11)
Class A-2 units 08/2022 4,812 4.9 1.7 (2)
Warrant to purchase units of common stock 08/2022 08/2029 6,118 4.7 3.4 (2)
113.4 104.2
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (15) SaaS based healthcare compliance platform provider First lien senior secured revolving loan 9.01 % SOFR (M) 3.75 % 12/2020 12/2027 0.4 0.4 0.4 (2)
First lien senior secured loan 9.85 % SOFR (Q) 4.50 % 02/2022 12/2027 28.8 27.9 26.3 (2)(11)(18)
First lien senior secured loan 10.60 % SOFR (Q) 5.25 % 04/2024 12/2027 17.4 17.4 16.1 (2)(11)
Second lien senior secured loan 13.23 % SOFR (Q) 7.88 % 12/2020 12/2028 76.2 76.2 70.1 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Second lien senior secured loan 15.35 % ( 4.00 % PIK) SOFR (Q) 10.00 % 04/2024 12/2028 52.4 52.4 50.8 (2)(11)
Series C-1 preferred shares 11.00 % PIK 06/2021 75,939 115.0 96.6 (2)
Series C-2 preferred shares 11.00 % PIK 06/2021 40,115 57.6 48.4 (2)
Series C-3 preferred shares 11.00 % PIK 10/2021 16,201 22.5 18.9 (2)
369.4 327.6
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (15) Franchisor of private-pay home care for the elderly First lien senior secured loan 10.50 % SOFR (Q) 5.75 % 04/2018 04/2026 10.9 10.9 10.9 (2)(11)
Common units 04/2018 550 0.5 1.4
11.4 12.3
Tempus AI, Inc. Provider of technology enabled precision medicine solutions First lien senior secured loan 13.57 % ( 3.25 % PIK) SOFR (Q) 8.25 % 09/2022 09/2027 74.4 74.4 74.4 (2)(6)(11)
First lien senior secured loan 13.57 % ( 3.25 % PIK) SOFR (Q) 8.25 % 04/2023 09/2027 21.6 21.6 21.6 (2)(6)(11)
First lien senior secured loan 13.57 % ( 3.25 % PIK) SOFR (Q) 8.25 % 10/2023 09/2027 9.2 9.2 9.2 (2)(6)(11)
Common units 10/2023 60,821 1.9 3.4 (2)(6)(18)
107.1 108.6
Therapy Brands Holdings LLC Provider of software solutions for the mental and behavioral health market segments Second lien senior secured loan 11.71 % SOFR (M) 6.75 % 06/2021 05/2029 29.1 29.0 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 8.00 % PIK 11/2018 2,149 3.4 4.2 (2)
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc. Anesthesiology service provider Second lien senior secured loan 12.82 % SOFR (M) 7.50 % 10/2021 10/2029 147.8 147.8 144.8 (2)(11)
Common stock 12/2021 3,671,429 12.9 8.6 (2)
160.7 153.4
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (15) Gastroenterology physician group First lien senior secured revolving loan 11.45 % SOFR (Q) 6.50 % 03/2023 03/2029 0.4 0.4 0.4 (2)(11)
First lien senior secured loan 11.25 % SOFR (Q) 6.50 % 03/2023 03/2029 10.3 10.3 10.3 (2)(11)
Class A interests 03/2023 4,623 4.6 5.4
15.3 16.1
Viant Medical Holdings, Inc. Manufacturer of plastic and rubber components for health care equipment First lien senior secured loan 8.71 % SOFR (M) 3.75 % 05/2022 07/2025 0.4 0.4 0.4 (2)(18)
Second lien senior secured loan 12.71 % SOFR (M) 7.75 % 05/2022 07/2026 0.2 0.2 0.2 (2)(18)
0.6 0.6
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (15) Veterinary hospital operator First lien senior secured loan 10.45 % SOFR (M) 5.50 % 12/2021 12/2027 6.1 6.1 6.1 (2)(11)
First lien senior secured loan 10.49 % SOFR (M) 5.50 % 08/2022 12/2027 9.1 9.1 9.1 (2)(11)
First lien senior secured loan 10.48 % SOFR (M) 5.50 % 08/2023 12/2027 8.2 8.2 8.2 (2)(11)
Class A-2 units 12/2021 7,524 7.5 10.3 (2)
Class A-2 units 03/2023 45 0.1 0.1 (2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
31.0 33.8
Wellpath Holdings, Inc. (15) Correctional facility healthcare operator First lien senior secured revolving loan 10/2018 10/2024 11.4 11.4 7.1 (2)(10)(14)
First lien senior secured loan 09/2018 10/2025 12.2 12.1 7.5 (2)(10)(18)
23.5 14.6
WSHP FC Acquisition LLC and WSHP FC Holdings LLC (15) Provider of biospecimen products for pharma research First lien senior secured revolving loan 12.25 % ( 4.00 % PIK) SOFR (Q) 7.50 % 03/2018 03/2028 15.3 15.3 14.2 (2)(11)(14)
First lien senior secured loan 12.25 % ( 4.00 % PIK) SOFR (Q) 7.50 % 03/2018 03/2028 32.9 32.9 30.6 (2)(11)
First lien senior secured loan 12.25 % ( 4.00 % PIK) SOFR (Q) 7.50 % 02/2019 03/2028 4.5 4.5 4.2 (2)(11)
First lien senior secured loan 12.25 % ( 4.00 % PIK) SOFR (Q) 7.50 % 08/2019 03/2028 13.8 13.8 12.8 (2)(11)
First lien senior secured loan 12.25 % ( 4.00 % PIK) SOFR (Q) 7.50 % 10/2019 03/2028 10.7 10.7 9.9 (2)(11)
First lien senior secured loan 12.25 % ( 4.00 % PIK) SOFR (Q) 7.50 % 10/2021 03/2028 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 12.25 % ( 4.00 % PIK) SOFR (Q) 7.50 % 11/2021 03/2028 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 12.25 % ( 4.00 % PIK) SOFR (Q) 7.50 % 07/2022 03/2028 30.9 30.9 28.8 (2)(11)
Common units 07/2022 35,299 5.0 3.6
113.3 104.3
3,468.4 3,329.3 26.07 %
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 Class A common units 05/2018 236,358 4.3 38.7
Aero Operating LLC Provider of snow removal and melting service for airports and marine terminals First lien senior secured loan 14.48 % ( 2.25 % PIK) SOFR (Q) 9.00 % 02/2020 02/2026 36.3 36.3 30.9 (2)(11)
First lien senior secured loan 13.74 % ( 2.25 % PIK) SOFR (Q) 9.00 % 12/2021 02/2026 1.2 1.2 1.0 (2)(11)
37.5 31.9
AI Fire Buyer, Inc. and AI Fire Parent LLC (15) Provider of fire safety and life safety services First lien senior secured revolving loan 12.50 % Base Rate (Q) 4.50 % 03/2021 03/2027 1.1 1.1 1.1 (2)(11)(14)
First lien senior secured loan 10.46 % SOFR (S) 5.50 % 03/2021 03/2027 3.9 3.9 3.9 (2)(11)
First lien senior secured loan 10.39 % SOFR (S) 5.50 % 06/2022 03/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.83 % SOFR (S) 5.75 % 11/2023 03/2027 5.9 5.9 5.9 (2)(11)
Second lien senior secured loan 15.25 % PIK SOFR (Q) 10.75 % 03/2021 09/2027 60.4 60.4 60.4 (2)(11)
Second lien senior secured loan 15.25 % PIK SOFR (Q) 10.75 % 05/2022 09/2027 13.6 13.6 13.6 (2)(11)
Second lien senior secured loan 15.25 % PIK SOFR (S) 10.75 % 06/2022 09/2027 13.2 13.2 13.2 (2)(11)
Common units 03/2021 46,990 4.7 14.6 (2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
102.9 112.8
Aldinger Company Inc (15) Provider of outsourced calibration and repair services First lien senior secured loan 10.10 % SOFR (M) 5.25 % 07/2024 07/2027 31.2 31.2 30.9 (2)(11)
AMCP Clean Acquisition Company, LLC Provider of commercial laundry services First lien senior secured loan 10.06 % SOFR (Q) 5.00 % 02/2024 06/2028 10.4 10.2 10.4 (2)(11)
Applied Technical Services, LLC (15) Provider engineering, testing, and inspection services to various industrial, commercial and consumer customers First lien senior secured revolving loan 12.75 % Base Rate (Q) 4.75 % 05/2022 12/2026 4.7 4.6 4.6 (2)(11)
First lien senior secured loan 10.50 % SOFR (Q) 5.75 % 05/2022 12/2026 1.0 1.0 1.0 (2)(11)
First lien senior secured loan 10.75 % SOFR (Q) 6.00 % 09/2023 12/2026 2.8 2.7 2.7 (2)(11)
First lien senior secured loan 10.50 % SOFR (Q) 5.75 % 01/2024 12/2026 2.6 2.5 2.5 (2)(11)
10.8 10.8
Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. (15) Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services First lien senior secured loan 10.70 % SOFR (Q) 5.25 % 04/2024 09/2028 53.5 53.5 52.6 (2)(6)(11)
Senior subordinated loan 14.65 % ( 7.00 % PIK) SOFR (Q) 9.25 % 11/2021 11/2028 0.7 0.7 0.7 (2)(6)(11)
Senior subordinated loan 14.62 % ( 7.00 % PIK) SOFR (Q) 9.25 % 08/2022 11/2028 6.7 6.2 6.7 (2)(6)(11)
60.4 60.0
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP (15) Outsourced supply chain solutions provider to operators of distribution centers First lien senior secured revolving loan 08/2024 05/2029 — — — (2)(13)
First lien senior secured loan 9.45 % SOFR (M) 4.50 % 08/2024 11/2029 21.2 21.2 21.2 (2)(11)
Second lien senior secured loan 13.45 % SOFR (M) 8.50 % 08/2024 11/2030 87.5 87.5 87.5 (2)(11)
Class A units 11/2020 10,581 7.3 17.3 (2)
116.0 126.0
Compex Legal Services, Inc. (15) Provider of outsourced litigated and non-litigated medical records retrieval services First lien senior secured revolving loan 10.64 % SOFR (Q) 5.45 % 05/2022 02/2025 1.8 1.8 1.8 (2)(11)
First lien senior secured loan 11.38 % SOFR (Q) 6.00 % 07/2023 02/2026 1.9 1.9 1.9 (2)(11)
3.7 3.7
Dorado Bidco, Inc. (15) Provider of consumer and market insights for the food and beverage industry First lien senior secured loan 9.08 % SOFR (S) 4.50 % 09/2024 09/2031 6.8 6.8 6.7 (2)(11)
DP Flores Holdings, LLC (15) Benefits administrator of tax-advantaged reimbursement plans First lien senior secured loan 11.36 % SOFR (S) 6.50 % 09/2024 09/2030 27.1 27.1 26.5 (2)(11)
Drogon Bidco Inc. & Drogon Aggregator LP (15) Provider of fire safety and life safety services First lien senior secured loan 9.85 % SOFR (M) 5.00 % 08/2024 08/2031 15.1 15.1 14.9 (2)(11)
Class A-2 common units 08/2024 1,850,000 1.9 1.9 (2)
17.0 16.8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
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 16.0 (2)
Class B common stock 08/2014 7,500 — — (2)
7.5 16.0
Duraserv LLC (15) Provider of commercial loading dock maintenance and remodeling services First lien senior secured loan 9.86 % SOFR (M) 4.75 % 06/2024 06/2031 22.0 22.0 21.7 (2)(11)
Elevation Services Parent Holdings, LLC (15) Elevator service platform First lien senior secured revolving loan 11.27 % SOFR (Q) 6.00 % 12/2020 12/2026 1.7 1.7 1.6 (2)(11)(14)
First lien senior secured loan 11.46 % SOFR (Q) 6.00 % 12/2020 12/2026 10.0 10.0 9.8 (2)(11)
First lien senior secured loan 11.32 % SOFR (Q) 6.00 % 05/2022 12/2026 14.0 14.0 13.7 (2)(11)
25.7 25.1
FlyWheel Acquireco, Inc. (15) Professional employer organization offering human resources, compliance and risk management services First lien senior secured revolving loan 11.35 % SOFR (M) 6.50 % 05/2023 05/2028 5.5 5.5 5.5 (2)(11)
First lien senior secured loan 11.35 % SOFR (M) 6.50 % 05/2023 05/2030 52.1 52.1 52.1 (2)(11)
57.6 57.6
HH-Stella, Inc. and Bedrock Parent Holdings, LP (15) Provider of municipal solid waste transfer management services First lien senior secured revolving loan 10.25 % SOFR (Q) 5.50 % 04/2021 04/2027 1.3 1.3 1.3 (2)(11)(14)
First lien senior secured loan 10.25 % SOFR (Q) 5.50 % 04/2021 04/2028 8.8 8.8 8.8 (2)(11)
First lien senior secured loan 10.28 % SOFR (Q) 5.50 % 09/2023 04/2028 21.8 21.8 21.8 (2)(11)
First lien senior secured loan 10.29 % SOFR (Q) 5.50 % 04/2024 04/2028 0.9 0.9 0.9 (2)(11)
Class A units 04/2021 32,982 3.3 2.6 (2)
36.1 35.4
HP RSS Buyer, Inc. (15) Provider of road striping, and road safety related services First lien senior secured loan 9.60 % SOFR (Q) 5.00 % 12/2023 12/2029 17.0 17.0 17.0 (2)(11)
First lien senior secured loan 9.35 % SOFR (Q) 4.75 % 03/2024 12/2029 0.6 0.6 0.6 (2)(11)
17.6 17.6
IRI Group Holdings, Inc., Circana, LLC 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 12.00 % Base Rate (Q) 4.00 % 08/2022 12/2027 0.6 0.6 0.6 (2)(11)(14)
First lien senior secured revolving loan 9.85 % SOFR (M) 5.00 % 08/2022 12/2027 7.5 7.5 7.5 (2)(11)(14)
First lien senior secured loan 9.85 % SOFR (M) 5.00 % 08/2022 12/2028 219.3 219.3 219.3 (2)(11)
227.4 227.4
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 11.75 % Base Rate (Q) 3.75 % 08/2022 08/2030 0.7 0.7 0.7 (2)(11)(14)
First lien senior secured loan 9.63 % SOFR (M) 4.75 % 08/2022 08/2031 5.0 5.0 5.0 (2)(11)
Class A units 09/2022 12,501 12.5 19.0 (2)
18.2 24.7

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC (15) Provider of janitorial and facilities management services First lien senior secured loan 10.65 % ( 3.50 % PIK) SOFR (S) 5.25 % 11/2019 11/2028 40.9 40.9 40.9 (2)(11)
First lien senior secured loan 13.40 % ( 7.50 % PIK) SOFR (Q) 8.00 % 12/2023 11/2028 13.4 12.5 13.4 (2)(11)
Preferred units 03/2024 4,042,767 7.7 4.3 (2)
Class A common units 03/2024 4,042,767 — — (2)
61.1 58.6
Kings Buyer, LLC (15) Provider of comprehensive outsourced waste management consolidation services First lien senior secured revolving loan 12.00 % Base Rate (Q) 4.00 % 09/2023 10/2027 0.7 0.7 0.7 (2)(11)
First lien senior secured loan 9.85 % SOFR (Q) 5.25 % 09/2023 10/2027 16.3 16.3 16.3 (2)(11)
17.0 17.0
KPS Global LLC and Cool Group LLC (15) Manufacturer of walk-in cooler and freezer systems First lien senior secured loan 9.60 % SOFR (S) 4.75 % 09/2024 09/2030 5.3 5.3 5.1 (2)(11)
Laboratories Bidco LLC and Laboratories Topco LLC (15) Lab testing services for nicotine containing products First lien senior secured revolving loan 10.50 % ( 4.00 % PIK) SOFR (Q) 5.75 % 07/2021 07/2029 0.6 0.6 0.5 (2)(11)
First lien senior secured revolving loan 12.75 % ( 4.00 % PIK) Base Rate (Q) 4.75 % 07/2021 07/2029 7.2 7.2 5.8 (2)(11)
First lien senior secured loan 10.13 % ( 4.00 % PIK) SOFR (S) 5.75 % 10/2019 07/2029 40.7 41.1 33.0 (2)(11)
First lien senior secured loan 10.50 % ( 4.00 % PIK) SOFR (Q) 5.75 % 10/2020 07/2029 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.50 % ( 4.00 % PIK) SOFR (Q) 5.75 % 07/2021 07/2029 4.5 4.5 3.6 (2)(11)
Class A units 07/2021 3,099,335 4.6 — (2)
58.1 43.0
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (15) Provider of human resources and workforce management solutions First lien senior secured loan 10.14 % SOFR (Q) 5.00 % 07/2024 07/2031 17.9 17.9 17.7 (2)(11)
Class A common units 07/2024 1,205,000 1.2 1.2 (2)
19.1 18.9
Lightbeam Bidco, Inc. (15) Provider of yard management services First lien senior secured revolving loan 05/2023 05/2029 — — — (2)(13)
First lien senior secured loan 9.60 % SOFR (Q) 5.00 % 05/2023 05/2030 5.3 5.3 5.3 (2)(11)
First lien senior secured loan 9.76 % SOFR (Q) 5.00 % 11/2023 05/2030 3.4 3.4 3.4 (2)(11)
8.7 8.7
LJP Purchaser, Inc. and LJP Topco, LP (15) Provider of non-hazardous solid waste and recycling services First lien senior secured loan 11.00 % SOFR (Q) 6.25 % 09/2022 09/2028 9.6 9.6 9.6 (2)(11)
Class A units 8.00 % PIK 09/2022 5,098,000 6.0 7.1 (2)
15.6 16.7
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc. Keg management solutions provider Second lien senior secured loan 13.60 % SOFR (Q) 9.00 % 08/2020 07/2025 168.3 168.3 168.3 (2)(11)
Second lien senior secured loan 13.60 % SOFR (Q) 9.00 % 08/2023 07/2025 20.4 20.4 20.4 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Series A preferred stock 20.00 % PIK 08/2020 1,507 2.1 3.5 (2)
Series B preferred stock 19.00 % PIK 09/2023 12,000 15.2 16.8 (2)
Common stock 12/2012 54,710 4.9 8.5 (2)
210.9 217.5
Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc. (15) Provider of lawn care, tree care and pest control services First lien senior secured loan 9.60 % SOFR (Q) 5.00 % 06/2024 06/2031 23.0 23.0 22.8 (2)(11)
Class A preferred units 09/2024 591 0.6 0.6
Class B common units 09/2024 590,845 0.2 0.2
23.8 23.6
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 11.86 % SOFR (Q) 6.50 % 11/2020 06/2025 1.5 1.5 1.5 (2)(11)
First lien senior secured loan 11.90 % SOFR (Q) 6.50 % 11/2020 06/2025 6.1 6.1 6.1 (2)(11)
First lien senior secured loan 11.90 % SOFR (Q) 6.50 % 12/2021 06/2025 2.3 2.3 2.3 (2)(11)
First lien senior secured loan 11.90 % SOFR (Q) 6.50 % 05/2022 06/2025 1.3 1.3 1.3 (2)(11)
11.2 11.2
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 10.15 % SOFR (Q) 4.75 % 10/2022 10/2028 80.9 76.1 75.4 (2)(11)(18)
First lien senior secured loan 10.40 % SOFR (Q) 5.00 % 10/2022 04/2029 98.1 91.7 91.9 (2)(11)(18)
First lien senior secured note 9.29 % 11/2022 04/2029 52.8 51.7 51.8 (2)(18)
Second lien senior secured loan 15.15 % SOFR (Q) 9.75 % 10/2022 10/2029 227.5 227.4 225.2 (2)(11)
Limited partnership interests 10/2022 4,040,000 4.1 5.9 (2)
451.0 450.2
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 15.50 % Base Rate (Q) 7.50 % 09/2021 08/2029 119.1 119.1 119.1 (2)(11)
Limited partner interest 09/2021 9,725,000 9.7 12.0 (2)
128.8 131.1
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC (15) Provider of lawncare services First lien senior secured revolving loan 11.27 % SOFR (Q) 6.50 % 12/2022 05/2028 3.0 3.0 3.0 (2)(11)
First lien senior secured loan 11.37 % SOFR (Q) 6.50 % 12/2022 05/2028 17.8 17.7 17.8 (2)(11)
First lien senior secured loan 10.21 % SOFR (Q) 5.25 % 06/2024 05/2028 0.8 0.8 0.8 (2)(11)
21.5 21.6
North Haven Stack Buyer, LLC (15) Provider of environmental testing services First lien senior secured revolving loan 10.34 % SOFR (Q) 5.25 % 07/2021 07/2027 0.5 0.5 0.5 (2)(11)
First lien senior secured loan 10.37 % SOFR (Q) 5.25 % 07/2021 07/2027 9.7 9.7 9.7 (2)(11)
First lien senior secured loan 10.14 % SOFR (Q) 5.25 % 08/2023 07/2027 4.1 4.0 4.1 (2)(11)
First lien senior secured loan 10.34 % SOFR (S) 5.25 % 06/2024 07/2027 2.2 2.2 2.2 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
First lien senior secured loan 9.63 % SOFR (Q) 5.00 % 06/2024 07/2027 3.0 2.9 3.0 (2)(11)
19.3 19.5
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC Solid waste services provider First lien senior secured loan 13.33 % ( 2.00 % PIK) SOFR (Q) 8.00 % 08/2023 08/2029 34.3 33.8 31.5 (2)(11)
First lien senior secured loan 13.33 % ( 2.00 % PIK) SOFR (S) 8.00 % 06/2024 08/2029 10.9 10.1 10.1 (2)(11)
Warrant to purchase units of Class A common units 08/2023 08/2036 38,235 0.6 6.0 (2)
Warrant to purchase units of Class A common units 06/2024 06/2036 6,400 0.9 1.0 (2)
45.4 48.6
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC (15) Provider of janitorial and facilities management services First lien senior secured loan 10.81 % SOFR (S) 5.75 % 10/2021 10/2027 67.2 67.2 65.8 (2)(11)
First lien senior secured loan 11.51 % SOFR (S) 6.00 % 11/2023 10/2027 12.2 12.2 12.1 (2)(11)
Class A units 10/2021 8,749,201 9.0 5.5 (2)
88.4 83.4
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 12/2021 12/2026 5.1 4.7 2.4 (2)(10)
First lien senior secured loan 12/2021 12/2026 16.7 15.5 7.8 (2)(10)
Common unit 12/2021 279,200 7.4 — (2)
27.6 10.2
PSC Parent, Inc. (15) Provider of operational services for US petrochemical and refining companies First lien senior secured revolving loan 10.22 % SOFR (M) 5.25 % 04/2024 04/2030 2.5 2.5 2.5 (2)(11)(14)
First lien senior secured revolving loan 12.25 % Base Rate (Q) 4.25 % 04/2024 04/2030 0.2 0.2 0.2 (2)(11)(14)
First lien senior secured loan 10.38 % SOFR (M) 5.25 % 04/2024 04/2031 49.5 49.5 49.0 (2)(11)
52.2 51.7
PYE-Barker Fire & Safety, LLC (15) Provider of fire protection services and products First lien senior secured revolving loan 9.10 % SOFR (Q) 4.50 % 05/2024 05/2030 0.5 0.5 0.5 (2)(11)
First lien senior secured loan 9.10 % SOFR (Q) 4.50 % 05/2024 05/2031 15.8 15.8 15.8 (2)(11)
16.3 16.3
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 15.5 (2)
RE Community Holdings GP, LLC and RE Community Holdings, LP Operator of municipal recycling facilities Limited partnership interest 03/2011 2.49 % — — (2)
Limited partnership interest 03/2011 2.86 % — — (2)
— —

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. (15) Provider of FDA registration and consulting services First lien senior secured revolving loan 10.34 % SOFR (Q) 5.00 % 08/2021 08/2027 6.6 6.6 6.6 (2)(11)
First lien senior secured loan 10.57 % 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 2.4 (2)
12.0 11.7
Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc. Provider of outsourced data collection to the market research industry Common units 07/2024 49 — — (2)
Warrants to purchase shares of common stock 07/2024 07/2028 142 — — (2)
— —
Rodeo AcquisitionCo LLC (15) Provider of food inspection and recovery services First lien senior secured revolving loan 10.97 % SOFR (Q) 5.75 % 07/2021 07/2027 1.4 1.4 1.4 (2)(11)
First lien senior secured loan 10.96 % SOFR (Q) 5.75 % 07/2021 07/2027 16.6 16.6 16.6 (2)(11)
18.0 18.0
Saturn Purchaser Corp. Private aviation management company First lien senior secured loan 10.48 % SOFR (Q) 5.25 % 07/2023 07/2029 1.8 1.7 1.8 (2)(11)
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. (15)(16) Provider of landscape design and planning, and snow removal services First lien senior secured revolving loan 10.70 % SOFR (M) 5.75 % 12/2021 12/2027 0.5 0.5 0.5 (2)(11)
First lien senior secured loan 10.70 % SOFR (M) 5.75 % 12/2021 12/2027 3.4 3.4 3.4 (2)(11)
Class A units 12/2021 8,464 21.5 31.2 (2)
25.4 35.1
Shermco Intermediate Holdings, Inc. (15) Provider of electrician services First lien senior secured revolving loan 10.59 % SOFR (Q) 5.50 % 05/2022 06/2026 2.4 2.4 2.4 (2)
First lien senior secured loan 10.59 % SOFR (Q) 5.50 % 05/2022 06/2026 5.1 5.1 5.1 (2)(11)
First lien senior secured loan 10.50 % SOFR (Q) 5.50 % 09/2023 06/2026 0.6 0.6 0.6 (2)(11)
8.1 8.1
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 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)
2.2 —
Startec Equity, LLC (5) Communication services Member interest 04/2010 190,581 — —
Stealth Holding LLC and UCIT Online Security Inc. Live video monitoring solutions provider First lien senior secured loan 11.54 % SOFR (Q) 6.75 % 03/2021 03/2026 52.0 52.0 52.0 (2)(6)(11)
First lien senior secured loan 13.75 % Base Rate (Q) 5.75 % 03/2021 03/2026 0.8 0.8 0.8 (2)(6)(11)
First lien senior secured loan 11.82 % SOFR (Q) 6.75 % 03/2022 03/2026 5.1 5.1 5.1 (2)(6)(11)
First lien senior secured loan 11.54 % SOFR (Q) 6.75 % 06/2023 03/2026 12.3 12.3 12.3 (2)(6)(11)
First lien senior secured loan 12.20 % SOFR (Q) 6.75 % 06/2024 03/2026 3.1 3.1 3.1 (2)(6)(11)
73.3 73.3

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
SV Newco 2, Inc. and Site 2020 Incorporated (15) Provider of outsourced traffic control safety services First lien senior secured loan 9.81 % SOFR (Q) 4.75 % 05/2024 06/2031 22.6 22.6 22.3 (2)(6)(11)
Systems Planning and Analysis, Inc. (15) Provider of systems engineering and technical assistance to the US DoD First lien senior secured revolving loan 8.59 % SOFR (Q) 4.00 % 05/2022 08/2027 0.8 0.7 0.8 (2)(11)
First lien senior secured loan 10.26 % SOFR (Q) 5.00 % 05/2022 08/2027 1.0 1.0 1.0 (2)(11)
1.7 1.8
The Hiller Companies, LLC (15) Provider of fire protection and life safety products First lien senior secured loan 10.15 % SOFR (Q) 5.00 % 06/2024 06/2030 41.0 41.0 40.6 (2)(11)
Thermostat Purchaser III, Inc. (15) Provider of commercial HVAC equipment maintenance and repair services First lien senior secured revolving loan 08/2021 08/2028 — — — (2)(13)
Second lien senior secured loan 12.46 % SOFR (Q) 7.25 % 08/2021 08/2029 23.0 23.0 23.0 (2)(11)
23.0 23.0
UP Intermediate II LLC and UPBW Blocker LLC (15) Provider of essential mechanical, electrical and plumbing services to commercial customers First lien senior secured revolving loan 10.10 % SOFR (M) 5.25 % 03/2024 03/2030 1.7 1.7 1.7 (2)(11)(14)
First lien senior secured loan 9.85 % SOFR (Q) 5.25 % 03/2024 03/2031 4.8 4.8 4.8 (2)(11)
Common units 03/2024 60,470 6.0 5.9 (2)
Common units 09/2024 3,918 0.3 0.4 (2)
12.8 12.8
Valcourt Holdings II, LLC and Jobs Holdings, Inc. (15) Provider of window cleaning and building facade maintenance and restoration services First lien senior secured loan 11.04 % SOFR (Q) 5.75 % 11/2023 11/2029 53.9 53.9 53.9 (2)(11)
Visual Edge Technology, Inc. (5)(15) Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies First lien senior secured loan 12.27 % ( 1.25 % PIK) SOFR (Q) 7.00 % 07/2023 12/2025 33.6 33.3 33.6 (2)(11)
Senior preferred stock 10.00 % PIK 07/2023 4,737 45.9 45.2 (2)
Junior preferred stock 07/2023 6,600 — — (2)
Warrant to purchase shares of common stock 08/2017 08/2030 10,358,572 3.9 — (2)
83.1 78.8
VRC Companies, LLC (15) Provider of records and information management services Senior subordinated loan 12.00 % ( 2.00 % PIK) 05/2022 06/2028 5.2 5.3 5.1 (2)
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC (15) Provider of agronomics products for landscapers, contractors and golf course end users First lien senior secured loan 9.85 % SOFR (Q) 5.25 % 05/2024 05/2030 17.3 17.3 17.0 (2)(11)
Class A preferred units 10.00 % PIK 05/2024 9,260 1.0 1.0
Class A common units 05/2024 862 — 0.1
18.3 18.1
Wash Encore Holdings, LLC Provider of outsourced healthcare linen management solutions First lien senior secured loan 11.45 % SOFR (M) 6.50 % 07/2021 07/2027 96.8 96.8 96.8 (2)(11)
First lien senior secured loan 11.56 % SOFR (M) 6.50 % 07/2024 07/2027 16.7 16.4 16.7 (2)(11)
113.2 113.5

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
XIFIN, Inc. and ACP Charger Co-Invest LLC (15) Revenue cycle management provider to labs First lien senior secured revolving loan 11.50 % ( 4.25 % PIK) SOFR (Q) 6.75 % 02/2020 02/2026 5.7 5.7 5.4 (2)(11)
First lien senior secured loan 11.50 % ( 4.25 % PIK) SOFR (Q) 6.75 % 07/2021 02/2026 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.50 % ( 4.25 % PIK) SOFR (Q) 6.75 % 12/2021 02/2026 37.3 37.0 35.4 (2)(11)
Class A units 02/2020 180,000 1.8 2.0 (2)
Class B units 12/2021 46,363 0.9 0.5 (2)
Class C units 06/2024 238 0.2 0.2 (2)
45.7 43.6
Zinc Buyer Corporation (15) Provider of recurring fire protection services First lien senior secured revolving loan 07/2024 07/2031 — — — (2)(13)
First lien senior secured loan 9.35 % SOFR (Q) 4.75 % 07/2024 07/2031 31.4 31.4 31.1 (2)(11)
31.4 31.1
2,722.5 2,761.9 21.63 %
Financial Services
Aduro Advisors, LLC (15) Provider of fund administration services First lien senior secured loan 9.60 % SOFR (Q) 5.00 % 07/2024 07/2030 8.3 8.3 8.2 (2)(11)
AQ Sage Buyer, LLC (15) Provider of actuarial consulting and comprehensive wealth management services First lien senior secured revolving loan 10.81 % SOFR (Q) 6.00 % 05/2022 01/2026 0.2 0.2 0.2 (2)(6)(11)
First lien senior secured loan 11.51 % SOFR (S) 6.00 % 05/2022 01/2027 3.6 3.6 3.4 (2)(6)(11)
3.8 3.6
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 11.84 % SOFR (Q) 6.75 % 09/2021 09/2027 0.2 0.2 0.2 (2)(11)
Senior subordinated loan 9.30 % PIK 09/2021 09/2026 5.9 5.9 5.9 (2)
Common units 09/2021 6,291,539 6.3 5.5 (2)
12.4 11.6
Beacon Pointe Harmony, LLC (15) Provider of comprehensive wealth management services First lien senior secured loan 9.49 % SOFR (Q) 4.75 % 12/2021 12/2028 9.2 9.2 9.2 (2)(6)(11)
First lien senior secured loan 9.60 % SOFR (M) 4.75 % 12/2021 12/2028 10.5 10.5 10.5 (2)(6)(11)
First lien senior secured loan 9.49 % SOFR (Q) 4.75 % 07/2023 12/2028 3.9 3.9 3.9 (2)(6)(11)
First lien senior secured loan 9.04 % SOFR (S) 4.75 % 06/2024 12/2028 0.3 0.3 0.3 (2)(6)(11)
23.9 23.9
Cliffwater LLC (15) Provider of alternative investment advisory services First lien senior secured loan 9.35 % SOFR (M) 4.50 % 10/2023 10/2030 4.0 4.0 4.0 (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 10.75 % SOFR (Q) 6.00 % 03/2022 03/2028 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 10.75 % SOFR (Q) 6.00 % 06/2023 03/2028 0.1 0.1 0.1 (2)(6)(11)
0.2 0.2
Corient Holdings, Inc. Global wealth management firm Series A preferred stock 05/2023 41,427 41.4 50.5 (2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC Mortgage company originating loans in the retail and consumer direct channels Series D preferred units 11/2023 90,577 24.9 28.1
DFC Global Facility Borrower III LLC (15) Non-bank provider of alternative financial services First lien senior secured revolving loan 12.80 % SOFR (M) 7.50 % 04/2023 04/2028 97.2 98.3 97.2 (2)(6)(9)(11)
eCapital Finance Corp. Consolidator of commercial finance businesses Senior subordinated loan 13.05 % SOFR (M) 7.75 % 01/2020 12/2025 56.0 56.0 56.0 (2)(11)
Senior subordinated loan 13.05 % SOFR (M) 7.75 % 11/2020 12/2025 5.4 5.4 5.4 (2)(11)
Senior subordinated loan 13.05 % SOFR (M) 7.75 % 01/2022 12/2025 24.3 24.3 24.3 (2)(11)
Senior subordinated loan 13.05 % SOFR (M) 7.75 % 04/2022 12/2025 55.8 55.8 55.8 (2)(11)
Senior subordinated loan 13.05 % SOFR (M) 7.75 % 10/2023 12/2025 12.3 12.3 12.3 (2)(11)
153.8 153.8
Endeavor Bidco LLC and Endeavor TopCo, Inc. Global securities finance trading platform First lien senior secured loan 9.38 % SOFR (Q) 4.25 % 08/2024 08/2029 6.1 6.1 6.0 (2)(11)
Trading platform for securities finance Class A common units 08/2024 1,859 1.9 1.9
8.0 7.9
Envestnet, Inc. Provider of comprehensive wealth management software, services, and solutions First lien senior secured loan 8.10 % SOFR (Q) 3.50 % 09/2024 09/2031 1.0 1.0 1.0 (2)(18)
EP Wealth Advisors, LLC Wealth management and financial planning firm First lien senior secured loan 9.10 % SOFR (Q) 4.50 % 09/2020 09/2029 0.6 0.6 0.6 (2)(11)
First lien senior secured loan 9.10 % SOFR (Q) 4.50 % 11/2022 09/2029 0.2 0.2 0.2 (2)(11)
0.8 0.8
GTCR F Buyer Corp. and GTCR (D) Investors LP (15)(16) Provider of end-to-end tech-enabled administrative services to private foundations First lien senior secured loan 10.60 % SOFR (Q) 6.00 % 09/2023 09/2030 4.9 4.9 4.9 (2)(11)
Limited partnership interests 09/2023 4,588,148 4.6 5.3 (2)
9.5 10.2
HighTower Holding, LLC Provider of investment, financial and retirement planning services Senior subordinated loan 6.75 % 06/2022 04/2029 8.1 7.0 7.7 (2)(6)(18)
Ivy Hill Asset Management, L.P. (5) Asset management services Subordinated revolving loan 11.32 % SOFR (Q) 6.50 % 02/2018 01/2030 28.0 28.0 28.0 (6)(11)
Member interest 06/2009 100.00 % 1,700.5 1,926.2 (6)
1,728.5 1,954.2
Lido Advisors, LLC (15) Wealth management and financial planning firm First lien senior secured revolving loan 9.86 % SOFR (M) 5.00 % 06/2021 06/2029 0.8 0.8 0.8 (2)(11)(14)
First lien senior secured loan 10.25 % SOFR (Q) 5.00 % 06/2021 06/2029 5.1 5.1 5.1 (2)(11)
First lien senior secured loan 10.04 % SOFR (Q) 5.00 % 06/2023 06/2029 2.2 2.2 2.2 (2)(11)
8.1 8.1
LS DE LLC and LM LSQ Investors LLC Asset based lender Senior subordinated loan 12.00 % ( 1.50 % PIK) 06/2015 03/2025 37.9 37.9 37.9 (2)(6)
Senior subordinated loan 12.00 % ( 1.50 % PIK) 06/2017 03/2025 3.1 3.1 3.1 (2)(6)
Membership units 06/2015 3,275,000 3.3 1.6 (6)
44.3 42.6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Mai Capital Management Intermediate LLC (15) Provider of comprehensive wealth management services and registered investment advisor First lien senior secured loan 9.35 % SOFR (Q) 4.75 % 08/2024 08/2031 8.3 8.3 8.2 (2)(6)(11)
Monica Holdco (US) Inc. (15) Investment technology and advisory firm First lien senior secured loan 11.00 % SOFR (Q) 6.25 % 01/2021 01/2028 2.5 2.5 2.5 (2)(6)(11)
First lien senior secured loan 10.82 % SOFR (Q) 5.75 % 08/2024 01/2028 2.7 2.7 2.7 (2)(6)(11)
5.2 5.2
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (15)(16) Provider of comprehensive wealth management services and registered investment advisor First lien senior secured revolving loan 10.19 % SOFR (M) 5.00 % 05/2023 05/2028 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 10.34 % SOFR (M) 5.00 % 05/2023 05/2029 4.9 4.9 4.9 (2)(6)(11)
First lien senior secured loan 9.95 % SOFR (M) 5.00 % 09/2023 05/2029 8.0 8.0 8.0 (2)(6)(11)
First lien senior secured loan 9.95 % SOFR (M) 5.00 % 06/2024 05/2029 0.3 0.3 0.3 (2)(6)(11)
Limited partnership interests 09/2023 1,783,935 1.8 1.9 (6)
15.1 15.2
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (15) Provider of comprehensive wealth management services First lien senior secured loan 10.35 % SOFR (Q) 5.25 % 08/2023 08/2029 6.9 6.9 6.9 (2)(6)(11)
Preferred units 07/2023 6,431,667 6.5 7.3 (6)
13.4 14.2
PCS MidCo, Inc. and PCS Parent, L.P. (15) Provider of 401K recordkeeping software solutions First lien senior secured revolving loan 10.81 % SOFR (Q) 5.75 % 03/2024 03/2030 0.8 0.8 0.8 (2)(11)
First lien senior secured loan 10.81 % SOFR (Q) 5.75 % 03/2024 03/2030 7.6 7.6 7.6 (2)(11)
Class A units 03/2024 785,000 0.8 0.8 (2)
9.2 9.2
Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP (15) Wealth management and financial planning firm First lien senior secured loan 10.60 % SOFR (M) 5.75 % 03/2024 03/2031 2.3 2.3 2.3 (2)(6)(11)
Limited partnership interest 03/2024 2,374,000 2.4 2.4 (6)
4.7 4.7
Petrus Buyer, Inc. (15) Provider of REIT research data and analytics First lien senior secured loan 10.50 % SOFR (Q) 5.25 % 11/2022 10/2029 5.9 5.9 5.9 (2)(11)
Priority Holdings, LLC and Priority Technology Holdings, Inc. Provider of merchant acquiring and payment processing solutions Senior preferred stock 16.59 % ( 7.00 % PIK) SOFR (Q) 12.00 % 04/2021 25,739 31.8 32.3 (2)(6)(11)
Warrant to purchase shares of common stock 04/2021 04/2031 527,226 4.0 3.6 (2)(6)(18)
35.8 35.9
RFS Opco LLC Provider of wealth management services First lien senior secured loan 9.60 % SOFR (Q) 5.00 % 04/2024 04/2031 29.6 29.6 29.6 (2)(6)(11)
Rialto Management Group, LLC (15) Investment and asset management platform focused on real estate First lien senior secured revolving loan 11/2018 12/2025 — — — (2)(6)(13)
First lien senior secured loan 10.45 % SOFR (M) 5.50 % 11/2018 12/2025 0.3 0.3 0.3 (2)(6)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
First lien senior secured loan 10.45 % SOFR (M) 5.50 % 04/2021 12/2025 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 10.45 % SOFR (M) 5.50 % 12/2021 12/2025 0.1 0.1 0.1 (2)(6)(11)
0.5 0.5
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC (15) Wealth management platform First lien senior secured loan 10.36 % SOFR (Q) 5.50 % 12/2023 10/2028 2.4 2.3 2.4 (2)(6)(11)
The Edelman Financial Center, LLC Provider of investment, financial and retirement planning services Second lien senior secured loan 10.10 % SOFR (M) 5.25 % 05/2024 10/2028 0.1 0.1 0.1 (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) 5.00 % 03/2022 03/2028 0.3 0.3 0.3 (2)(6)(11)
First lien senior secured loan 11.37 % SOFR (S) 6.00 % 03/2022 03/2028 3.9 3.9 3.8 (2)(6)(11)
Senior subordinated loan 12.00 % PIK 03/2022 03/2029 3.7 3.7 3.6 (2)(6)
Series A preferred units 03/2022 7,199 7.2 4.1 (2)(6)
Common units 03/2022 7,199 — — (2)(6)
15.1 11.8
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 9.95 % SOFR (Q) 5.25 % 03/2024 03/2031 20.7 20.7 20.7 (2)(11)
Class A preferred units 8.00 % PIK 09/2019 1,443 2.2 2.2
Class A common units 02/2019 245 0.2 2.6
Class B common units 02/2019 2,167,424 — —
Class B common units 02/2019 245,194 — —
23.1 25.5
Waverly Advisors, LLC and WAAM Topco, LLC (15) Wealth management and financial planning firm First lien senior secured loan 10.50 % SOFR (Q) 5.75 % 03/2022 03/2028 0.7 0.7 0.7 (2)(6)(11)
First lien senior secured loan 10.27 % SOFR (Q) 5.50 % 03/2024 03/2028 1.4 1.4 1.4 (2)(6)(11)
Class A units 06/2023 1,432,867 1.7 2.5 (6)
3.8 4.6
Wealth Enhancement Group, LLC (15) Wealth management and financial planning firm First lien senior secured loan 10.75 % SOFR (Q) 5.50 % 10/2019 10/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.52 % SOFR (Q) 5.50 % 11/2020 10/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.70 % SOFR (Q) 5.50 % 06/2021 10/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.68 % SOFR (Q) 5.50 % 08/2021 10/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.32 % SOFR (Q) 5.50 % 02/2024 10/2027 4.8 4.8 4.8 (2)(11)
5.2 5.2
Wellington-Altus Financial Inc. (15)(16) Wealth management and advisory firm First lien senior secured loan 9.58 % CORRA (S) 5.00 % 08/2024 08/2030 0.8 0.8 0.8 (2)(6)(11)
Common stock 08/2024 26,269 1.2 1.2 (2)(6)
2.0 2.0
2,357.5 2,593.8 20.31 %
Insurance Services

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. (15) Insurance broker First lien senior secured loan 10.09 % SOFR (Q) 4.75 % 11/2019 11/2029 37.7 37.6 37.7 (2)(11)
First lien senior secured loan 9.79 % SOFR (Q) 4.75 % 08/2023 11/2029 9.5 10.0 9.5 (2)(11)
First lien senior secured loan 9.53 % SOFR (Q) 4.75 % 11/2023 11/2029 0.3 0.3 0.3 (2)(11)
47.9 47.5
Acrisure, LLC Independent property and casualty insurance brokerage First lien senior secured loan 8.21 % SOFR (M) 3.25 % 10/2023 11/2030 0.2 0.2 0.2 (2)(18)
Alera Group, Inc. (15) Insurance service provider First lien senior secured loan 10.10 % SOFR (M) 5.25 % 09/2021 10/2028 46.1 46.1 46.1 (2)(11)
First lien senior secured loan 10.60 % SOFR (M) 5.75 % 11/2023 10/2028 3.7 3.7 3.7 (2)(11)
49.8 49.8
Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc. Insurance service provider First lien senior secured loan 9.00 % SOFR (Q) 3.75 % 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 10.00 % SOFR (Q) 5.25 % 07/2024 07/2030 0.5 0.5 0.5 (2)(11)(14)
First lien senior secured loan 10.32 % SOFR (S) 5.25 % 07/2024 07/2031 99.4 99.4 98.5 (2)(11)
99.9 99.0
Ardonagh Midco 2 plc and Ardonagh Midco 3 plc Insurance broker and underwriting servicer First lien senior secured loan 8.39 % Euribor (S) 4.75 % 02/2024 02/2031 27.1 26.3 27.1 (2)(6)
First lien senior secured loan 9.90 % SOFR (S) 4.75 % 02/2024 02/2031 109.4 109.4 109.4 (2)(6)(11)
135.7 136.5
Benecon Midco II LLC and Benecon Holdings, LLC (15) Employee benefits provider for small and mid-size employers First lien senior secured revolving loan 10.36 % SOFR (M) 5.50 % 01/2024 01/2031 1.1 1.1 1.1 (2)(11)
First lien senior secured loan 10.84 % SOFR (Q) 5.50 % 01/2024 01/2031 83.3 83.3 83.3 (2)(11)
Class A units 01/2024 7,796,550 27.1 29.0
111.5 113.4
Captive Resources Midco, LLC (15) Provider of independent consulting services to member-owned group captives First lien senior secured loan 10.60 % ( 2.88 % PIK) SOFR (M) 5.75 % 07/2022 07/2029 0.1 0.1 0.1 (2)(11)
Daylight Beta Parent LLC and CFCo, LLC (4) Health insurance sales platform provider First lien senior secured loan 09/2023 09/2033 12.9 12.0 2.5 (2)(10)
First lien senior secured loan 09/2023 09/2038 20.8 0.5 — (2)
Class B units 09/2023 32,391,330 — — (2)
12.5 2.5
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (15)(16) Managing general agent insurance distribution platform First lien senior secured loan 10.09 % SOFR (Q) 5.25 % 12/2023 12/2030 12.9 12.9 12.9 (2)(6)(11)
First lien senior secured loan 10.56 % SOFR (Q) 5.50 % 12/2023 12/2030 3.5 3.5 3.5 (2)(6)(11)
Limited partnership interest 03/2024 1,348,309 1.3 1.9 (2)(6)
17.7 18.3
Foundation Risk Partners, Corp. (15) Full service independent insurance agency First lien senior secured loan 9.85 % SOFR (Q) 5.25 % 10/2021 10/2030 78.8 78.8 78.8 (2)(11)
First lien senior secured loan 9.85 % SOFR (Q) 5.25 % 04/2022 10/2030 49.3 49.3 49.3 (2)(11)
First lien senior secured loan 9.85 % SOFR (Q) 5.25 % 11/2023 10/2030 16.0 16.0 16.0 (2)(11)
144.1 144.1

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Galway Borrower LLC (15) Insurance service provider First lien senior secured revolving loan 9.14 % SOFR (Q) 4.50 % 09/2021 09/2028 2.9 2.9 2.9 (2)(11)(14)
First lien senior secured loan 9.10 % SOFR (S) 4.50 % 09/2021 09/2028 31.1 31.1 31.1 (2)(11)
34.0 34.0
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. (15) Insurance broker First lien senior secured loan 9.54 % CORRA (Q) 5.25 % 03/2024 03/2031 9.9 9.9 9.8 (2)(6)(11)
Higginbotham Insurance Agency, Inc. (15) Independent retail insurance broker First lien senior secured loan 9.35 % SOFR (M) 4.50 % 08/2023 11/2028 5.3 5.3 5.3 (2)(11)
First lien senior secured loan 9.60 % SOFR (M) 4.75 % 03/2024 11/2028 0.9 0.9 0.9 (2)(11)
6.2 6.2
High Street Buyer, Inc. and High Street Holdco LLC (15)(16) Insurance brokerage platform First lien senior secured loan 9.85 % SOFR (Q) 5.25 % 04/2021 04/2028 22.4 22.4 22.4 (2)(11)
First lien senior secured loan 9.85 % SOFR (Q) 5.25 % 08/2021 04/2028 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 9.97 % SOFR (Q) 5.25 % 02/2022 04/2028 23.1 23.1 23.1 (2)(11)
Series A preferred units 10.00 % PIK 04/2021 172,211,694 219.2 214.7 (2)
Series A preferred units 10.00 % PIK 12/2023 20,106,667 21.8 21.4 (2)
Series A preferred units 10.00 % PIK 04/2024 1,386,667 1.5 1.4 (2)
Series A preferred units 10.00 % PIK 07/2024 4,506,667 4.6 4.5 (2)
Series A common units 10.00 % PIK 04/2021 5,562,381 8.5 15.2 (2)
Series C common units 10.00 % PIK 04/2021 10,043,368 1.6 27.4 (2)
302.8 330.2
Inszone Mid, LLC and INSZ Holdings, LLC (15) Insurance brokerage firm First lien senior secured loan 10.16 % SOFR (S) 5.75 % 12/2023 11/2029 21.7 21.7 21.7 (2)(11)
Limited partnership interests 11/2022 2,146,088 1.7 2.4
Common units 11/2023 8,473,000 8.5 9.4
31.9 33.5
Keystone Agency Partners LLC (15) Insurance brokerage platform First lien senior secured loan 9.60 % SOFR (Q) 5.00 % 12/2023 05/2027 10.2 10.1 10.2 (2)(11)
First lien senior secured loan 9.60 % SOFR (Q) 5.00 % 08/2024 05/2027 6.5 6.4 6.5 (2)(11)
16.5 16.7
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (15) Insurance brokerage platform First lien senior secured revolving loan 10.66 % SOFR (M) 5.50 % 11/2023 11/2029 0.4 0.4 0.4 (2)(11)
First lien senior secured loan 10.66 % SOFR (M) 5.50 % 11/2023 11/2029 7.7 7.7 7.7 (2)(11)
Class A2 units 11/2023 115,928 2.3 2.3 (2)
10.4 10.4
OneDigital Borrower LLC (15) Benefits broker and outsourced workflow automation platform provider for brokers First lien senior secured revolving loan 11/2020 05/2027 — 0.1 — (2)(13)
Patriot Growth Insurance Services, LLC (15) National retail insurance agency First lien senior secured revolving loan 9.95 % SOFR (M) 5.00 % 10/2021 10/2028 0.4 0.3 0.4 (2)(11)
First lien senior secured loan 9.75 % SOFR (Q) 5.00 % 10/2021 10/2028 15.7 15.6 15.7 (2)(11)
15.9 16.1

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
People Corporation (15) Provider of group benefits, group retirement and human resources services First lien senior secured revolving loan 9.57 % CORRA (Q) 5.25 % 02/2021 02/2027 1.2 1.2 1.2 (2)(6)(11)
First lien senior secured loan 9.83 % CORRA (Q) 5.25 % 02/2021 02/2028 43.1 45.8 43.1 (2)(6)(11)
First lien senior secured loan 9.83 % CORRA (Q) 5.25 % 09/2021 02/2028 25.2 25.5 25.2 (2)(6)(11)
First lien senior secured loan 9.83 % CORRA (Q) 5.25 % 09/2023 02/2028 10.2 10.1 10.2 (2)(6)(11)
82.6 79.7
Riser Topco II, LLC (15) Insurance program administrator First lien senior secured loan 10.95 % SONIA (Q) 6.00 % 10/2023 10/2029 1.1 1.0 1.1 (2)(11)
First lien senior secured loan 10.60 % SOFR (Q) 6.00 % 10/2023 10/2029 7.5 7.5 7.5 (2)(11)
First lien senior secured loan 10.02 % SOFR (Q) 5.00 % 05/2024 10/2029 9.0 9.0 9.0 (2)(11)
First lien senior secured loan 9.95 % SONIA (Q) 5.00 % 05/2024 10/2029 3.0 3.0 3.1 (2)(11)
20.5 20.7
SageSure Holdings, LLC and SageSure LLC (15) Insurance service provider First lien senior secured loan 10.21 % SOFR (Q) 5.00 % 08/2024 01/2030 63.8 63.8 63.8 (2)(11)
Series A units 02/2022 886 19.6 63.8
83.4 127.6
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 10.37 % CDOR (Q) 6.25 % 06/2022 08/2025 24.4 24.3 24.4 (2)(6)(11)
SelectQuote, Inc. Direct to consumer insurance distribution platform First lien senior secured loan 14.35 % ( 3.00 % PIK) SOFR (M) 9.50 % 02/2021 05/2025 21.6 21.6 19.8 (2)(11)
SG Acquisition, Inc. (15) Provider of insurance solutions for car sales First lien senior secured loan 10.07 % SOFR (Q) 4.75 % 04/2024 04/2030 47.0 47.0 47.0 (2)(11)
SIG Parent Holdings, LLC (15) Independent insurance brokerage First lien senior secured loan 9.92 % SOFR (M) 5.00 % 08/2024 08/2031 55.7 55.7 55.2 (2)(11)
Spring Insurance Solutions, LLC Technology-based direct to consumer sales and marketing platform for insurance products First lien senior secured loan 11.25 % SOFR (Q) 6.50 % 11/2020 11/2025 21.9 21.6 19.9 (2)(11)
THG Acquisition, LLC (15) Multi-line insurance broker First lien senior secured revolving loan 10.70 % SOFR (M) 5.75 % 12/2019 12/2025 2.1 2.1 2.1 (2)(11)(14)
First lien senior secured loan 10.70 % SOFR (M) 5.75 % 12/2019 12/2026 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.70 % SOFR (M) 5.75 % 12/2020 12/2026 14.6 14.6 14.6 (2)(11)
First lien senior secured loan 10.45 % SOFR (M) 5.50 % 12/2021 12/2026 5.4 5.4 5.4 (2)(11)
22.2 22.2
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC (15) Insurance brokerage firm First lien senior secured revolving loan 8.58 % SOFR (Q) 3.25 % 05/2024 05/2029 0.2 0.1 0.2 (2)
First lien senior secured loan 7.85 % SOFR (Q) 3.25 % 03/2024 05/2031 0.3 0.3 0.3 (2)(18)
0.4 0.5
World Insurance Associates, LLC and World Associates Holdings, LLC (15) Insurance service provider First lien senior secured loan 10.86 % SOFR (Q) 5.75 % 10/2023 04/2028 4.3 4.2 4.3 (2)(11)
1,431.6 1,490.6 11.67 %
Consumer Services

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
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 12.6 — — (2)(10)
Aimbridge Acquisition Co., Inc. Hotel operator Second lien senior secured loan 12.70 % SOFR (M) 7.50 % 02/2019 02/2027 22.5 22.4 22.3 (2)
American Residential Services L.L.C. and Aragorn Parent Holdings LP (15) Heating, ventilation and air conditioning services provider Second lien senior secured loan 13.37 % SOFR (Q) 8.50 % 10/2020 10/2028 15.2 15.2 15.2 (2)(11)
Series A preferred units 10.00 % PIK 10/2020 2,531,500 3.4 6.0 (2)
18.6 21.2
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (15) Provider of residential HVAC, plumbing, and electrical maintenance and repair services First lien senior secured revolving loan 9.86 % SOFR (M) 5.00 % 10/2023 10/2029 4.1 4.1 4.1 (2)(11)
First lien senior secured loan 9.86 % SOFR (M) 5.00 % 09/2024 10/2030 185.3 185.1 185.3 (2)(11)
Series B common units 10/2023 262,165 7.2 9.4
196.4 198.8
ATI Restoration, LLC (15) Provider of disaster recovery services First lien senior secured revolving loan 10.81 % SOFR (Q) 5.50 % 07/2020 07/2026 8.7 8.7 8.6 (2)(11)(14)
First lien senior secured loan 10.71 % SOFR (Q) 5.50 % 07/2020 07/2026 32.4 32.4 32.1 (2)(11)
First lien senior secured loan 10.53 % SOFR (Q) 5.50 % 05/2022 07/2026 48.0 48.0 47.5 (2)(11)
First lien senior secured loan 10.66 % SOFR (Q) 5.50 % 09/2023 07/2026 10.5 10.5 10.4 (2)(11)
99.6 98.6
Belfor Holdings, Inc. (15) Disaster recovery services provider First lien senior secured revolving loan 11/2023 11/2028 — 0.2 — (2)(13)
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 11.34 % SOFR (Q) 6.00 % 12/2021 12/2027 0.4 0.4 0.4 (2)(11)
First lien senior secured loan 13.38 % ( 7.00 % PIK) SOFR (Q) 8.00 % 12/2021 12/2027 3.2 3.2 2.9 (2)(11)
First lien senior secured loan 13.16 % ( 7.25 % PIK) SOFR (Q) 8.25 % 03/2023 12/2027 6.3 6.3 5.8 (2)(11)
Class A units 12/2021 4,296 4.3 0.7
14.2 9.8
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (15) Provider of commercial HVAC equipment maintenance and repair services First lien senior secured revolving loan 9.70 % SOFR (Q) 4.75 % 05/2022 05/2028 1.2 1.2 1.2 (2)(11)
First lien senior secured loan 9.46 % SOFR (Q) 4.75 % 05/2022 05/2028 30.7 30.7 30.7 (2)(11)
First lien senior secured loan 9.77 % SOFR (Q) 4.75 % 11/2023 05/2028 4.6 4.6 4.6 (2)(11)
Common stock 05/2022 302 3.1 10.9 (2)
39.6 47.4
Concert Golf Partners Holdco LLC (15) Golf club owner and operator First lien senior secured loan 9.63 % SOFR (M) 4.75 % 04/2024 04/2030 14.1 14.1 14.1 (2)(11)
CST Holding Company (15) Provider of ignition interlock devices First lien senior secured loan 9.95 % SOFR (M) 5.00 % 11/2022 11/2028 11.6 11.6 11.6 (2)(11)
First lien senior secured loan 9.95 % SOFR (M) 5.00 % 07/2024 11/2028 0.1 0.1 0.1 (2)(11)
11.7 11.7

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Equinox Holdings, Inc. Operator of luxury, full-service health fitness clubs First lien senior secured loan 12.85 % ( 4.13 % PIK) SOFR (Q) 8.25 % 03/2024 03/2029 43.8 42.9 43.8 (2)(11)
Second lien senior secured loan 16.00 % PIK 03/2024 06/2027 3.8 3.7 3.8 (2)
46.6 47.6
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (15) Provider of plumbing and HVAC services First lien senior secured revolving loan 06/2024 06/2030 — — — (2)(13)
First lien senior secured loan 10.29 % SOFR (Q) 5.00 % 06/2024 06/2031 151.5 151.5 150.0 (2)(11)
Preferred units 15.00 % PIK 07/2023 685 7.7 7.7 (2)
Class A units 11/2020 6,447 22.9 35.1 (2)
182.1 192.8
Eternal Aus Bidco Pty Ltd (15) Operator of cemetery, crematoria and funeral services First lien senior secured loan 10.65 % BBSY (Q) 6.25 % 11/2023 11/2029 7.5 7.1 7.5 (2)(6)(11)
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. (15) Fitness facility operator First lien senior secured loan 10.10 % SOFR (Q) 5.50 % 08/2023 04/2029 5.1 5.0 5.1 (2)(11)
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP (4)(15) Crunch Fitness franchisee First lien senior secured revolving loan 8.85 % SOFR (M) 4.00 % 08/2024 08/2030 1.9 1.9 1.9 (2)(11)
First lien senior secured loan 10.35 % SOFR (M) 5.50 % 08/2024 08/2031 35.3 35.3 34.8 (2)(11)
Common units 07/2024 11,957,000 12.0 12.0 (2)
49.2 48.7
Flint OpCo, LLC (15) Provider of residential HVAC and plumbing services First lien senior secured loan 9.96 % SOFR (Q) 5.25 % 08/2023 08/2030 7.0 7.0 7.0 (2)(11)
First lien senior secured loan 9.81 % SOFR (S) 4.75 % 05/2024 08/2030 0.5 0.5 0.5 (2)(11)
7.5 7.5
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 11.35 % SOFR (Q) 6.75 % 04/2023 04/2030 21.4 21.4 21.4 (2)(11)
Class A common units 04/2023 4,424 4.4 3.1 (2)
25.8 24.5
Helios Service Partners, LLC and Astra Service Partners, LLC (15) Critical HVAC, refrigeration, and plumbing services for commercial businesses First lien senior secured revolving loan 10.69 % SOFR (Q) 6.00 % 08/2023 03/2027 0.1 0.1 0.1 (2)(11)(14)
First lien senior secured loan 10.87 % SOFR (Q) 6.00 % 08/2023 03/2027 9.5 9.5 9.5 (2)(11)
9.6 9.6
Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P. (15) Provider of residential roofing and exterior repair and replacement services First lien senior secured revolving loan 13.75 % Base Rate (Q) 5.75 % 12/2022 12/2028 0.8 0.8 0.8 (2)(6)(11)
First lien senior secured loan 11.49 % SOFR (Q) 6.75 % 12/2022 12/2028 14.7 14.7 14.7 (2)(6)(11)
First lien senior secured loan 11.41 % SOFR (Q) 6.00 % 11/2023 12/2028 1.7 1.7 1.7 (2)(6)(11)
First lien senior secured loan 10.35 % CORRA (Q) 6.00 % 11/2023 12/2028 1.2 1.2 1.2 (2)(6)(11)
First lien senior secured loan 10.59 % CDOR (M) 6.00 % 11/2023 12/2028 0.2 0.2 0.2 (2)(6)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Class A units 12/2022 9,524,000 9.5 10.4 (2)
28.1 29.0
Jenny C Acquisition, Inc. Health club franchisor Senior subordinated loan 8.00 % PIK 04/2019 04/2025 1.8 1.8 1.8 (2)
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (15) Franchising platform offering adolescent development programs First lien senior secured loan 12.25 % SOFR (Q) 7.50 % 12/2022 12/2027 30.3 30.3 30.3 (2)(11)
Limited partnership interests 12/2022 2,149,690 2.1 2.7
32.4 33.0
ME Equity LLC Franchisor in the massage industry Common stock 09/2012 3,000,000 3.0 4.4 (2)
Modigent, LLC and OMERS PMC Investment Holdings LLC (15) Provider of commercial HVAC services First lien senior secured revolving loan 13.50 % Base Rate (Q) 5.50 % 08/2022 08/2027 2.1 2.1 2.1 (2)(11)
First lien senior secured revolving loan 11.68 % SOFR (Q) 6.50 % 08/2022 08/2027 3.3 3.3 3.2 (2)(11)
First lien senior secured loan 11.10 % SOFR (Q) 6.50 % 08/2022 08/2028 3.5 3.5 3.5 (2)(11)
First lien senior secured loan 11.82 % SOFR (Q) 6.50 % 09/2023 08/2028 2.8 2.8 2.8 (2)(11)
Class A units 08/2022 1,001 9.7 10.0 (2)
21.4 21.6
Northwinds Holding, Inc. and Northwinds Services Group LLC (15) Provider of HVAC and plumbing services First lien senior secured loan 10.64 % SOFR (Q) 5.25 % 05/2023 05/2029 26.3 26.3 26.3 (2)(11)
Common units 05/2023 2,911,607 4.0 4.1 (2)
30.3 30.4
OTG Concessions Management, LLC and Octa Parent Holdings, LLC Airport restaurant operator Second lien notes 10.00 % PIK 02/2024 02/2031 8.0 8.0 7.2 (2)
Participation rights 02/2024 02/2054 1 — — (2)
8.0 7.2
PestCo Holdings, LLC and PestCo, LLC (15) Provider of pest control services to the residential and commercial markets First lien senior secured loan 11.41 % SOFR (Q) 6.00 % 02/2023 02/2028 2.1 2.1 2.1 (2)(11)
Class A units 01/2023 139 1.9 2.2
4.0 4.3
Premiere Buyer, LLC (15) Third-party residential property manager for multi-family residential properties in the United States First lien senior secured loan 10.00 % SOFR (Q) 4.75 % 05/2024 05/2031 38.5 38.5 37.9 (2)(11)
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC (15) Hotel operator First lien senior secured loan 10.53 % SOFR (Q) 5.25 % 01/2023 01/2028 7.6 7.6 7.6 (2)(11)
Preferred membership units 8.00 % PIK 8.00 % 07/2016 996,833 1.1 2.5
8.7 10.1
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. (15) Car wash operator First lien senior secured loan 9.60 % SOFR (M) 4.75 % 05/2024 06/2031 46.3 46.3 45.6 (2)(11)
Limited partnership interest 06/2024 11,184,000 11.2 11.7 (2)
57.5 57.3
Radiant Intermediate Holding, LLC Provider of HVAC, plumbing and electrical services First lien senior secured loan 10.81 % SOFR (M) 5.75 % 04/2023 11/2026 2.0 2.0 1.8 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Redwood Services, LLC and Redwood Services Holdco, LLC (15) Provider of residential HVAC and plumbing services First lien senior secured revolving loan 11.25 % SOFR (Q) 6.50 % 05/2024 12/2027 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 11.25 % SOFR (Q) 6.50 % 12/2020 12/2027 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 11.25 % SOFR (Q) 6.50 % 12/2021 12/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.25 % SOFR (Q) 6.50 % 09/2022 12/2027 5.0 5.0 5.0 (2)(11)
First lien senior secured loan 11.25 % SOFR (Q) 6.50 % 05/2023 12/2027 8.6 8.6 8.6 (2)(11)
First lien senior secured loan 11.25 % SOFR (Q) 6.50 % 03/2024 12/2027 7.1 7.1 7.1 (2)(11)
First lien senior secured loan 11.25 % SOFR (Q) 6.50 % 05/2024 12/2027 1.5 1.5 1.5 (2)(11)
Series D units 8.00 % PIK 12/2020 19,592,999 22.4 77.0
45.1 99.7
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 14.28 % SOFR (M) 9.25 % 08/2020 10/2024 47.0 47.0 47.0 (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 9.96 % CORRA (M) 5.38 % 07/2018 07/2026 0.2 0.2 0.2 (2)(11)
First lien senior secured revolving loan 10.31 % SOFR (M) 5.38 % 07/2018 07/2026 0.2 0.2 0.2 (2)(11)
First lien senior secured revolving loan 10.20 % CORRA (M) 5.50 % 01/2024 07/2026 0.2 0.2 0.2 (2)(11)
First lien senior secured revolving loan 10.85 % SOFR (M) 5.50 % 01/2024 07/2026 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.28 % SOFR (M) 5.33 % 03/2020 07/2026 1.4 1.4 1.4 (2)(11)
First lien senior secured loan 10.45 % SOFR (M) 5.50 % 01/2024 07/2026 0.2 0.2 0.2 (2)(11)
Class A units 07/2018 37,020 3.8 8.4
6.1 10.7
The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc. (15) Premier health club operator First lien senior secured loan 11.46 % SOFR (M) 6.50 % 12/2019 06/2025 12.2 12.2 12.2 (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 12.35 % ( 4.00 % PIK) SOFR (M) 7.50 % 12/2021 12/2027 1.2 1.2 1.2 (2)(11)
First lien senior secured loan 12.35 % ( 4.00 % PIK) SOFR (M) 7.50 % 12/2021 12/2027 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 12.35 % ( 4.00 % PIK) SOFR (M) 7.50 % 08/2022 12/2027 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 12.35 % ( 4.00 % PIK) SOFR (M) 7.50 % 04/2023 12/2027 1.6 1.6 1.6 (2)(11)
First lien senior secured loan 12.35 % ( 4.00 % PIK) SOFR (M) 7.50 % 10/2023 12/2027 5.3 5.3 5.3 (2)(11)
First lien senior secured loan 12.35 % ( 4.00 % PIK) SOFR (M) 7.50 % 08/2024 12/2027 8.6 8.6 8.6 (2)(11)
Class A units 12/2021 8,493,698 8.5 11.8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Class C units 03/2023 333,510 — 0.5
25.6 29.4
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 4.2 (2)
TSS Buyer, LLC (15) Provider of outsourced testing, inspection, certification, and compliance services to healthcare and life sciences end markets First lien senior secured loan 10.45 % SOFR (M) 5.50 % 07/2023 06/2029 2.1 2.0 2.1 (2)(11)
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (15) Provider of residential roofing repair & replacement First lien senior secured revolving loan 10.60 % SOFR (M) 5.50 % 11/2023 11/2030 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 10.86 % SOFR (Q) 5.75 % 11/2023 11/2030 12.5 12.5 12.5 (2)(11)
First lien senior secured loan 10.53 % SOFR (M) 5.50 % 11/2023 11/2030 2.7 2.7 2.7 (2)(11)
Class B common units 11/2023 212 0.2 0.4
15.6 15.8
YE Brands Holdings, LLC (15) Sports camp operator First lien senior secured revolving loan 9.47 % SOFR (Q) 4.75 % 10/2021 10/2027 1.2 1.2 1.2 (2)(11)
First lien senior secured loan 9.35 % SOFR (Q) 4.75 % 10/2021 10/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 9.35 % SOFR (Q) 4.75 % 06/2022 10/2027 8.0 8.0 8.0 (2)(11)
First lien senior secured loan 9.35 % SOFR (Q) 4.75 % 09/2023 10/2027 3.7 3.7 3.7 (2)(11)
First lien senior secured loan 9.40 % SOFR (Q) 4.75 % 01/2024 10/2027 2.2 2.2 2.2 (2)(11)
15.2 15.2
ZBS Mechanical Group Co-Invest Fund 2, LLC Provider of residential HVAC and plumbing services Membership interest 10/2021 2,771,000 1.4 13.5
1,158.6 1,255.8 9.83 %
Investment Funds and Vehicles
ACAS Equity Holdings Corporation (5) Investment company Common stock 01/2017 589 0.4 0.4 (6)
Constellation Wealth Capital Fund, L.P. (16) Specialist alternative asset management platform Limited partner interests 01/2024 2,901,041 2.9 2.7 (6)(18)
CREST Exeter Street Solar 2004-1 Investment vehicle Preferred shares 01/2017 06/2039 3,500,000 — — (6)
CWC Fund I Co-Invest (ALTI) LP Global wealth and alternatives manager Limited partnership interest 03/2024 6,224,000 6.2 6.5 (2)(6)
European Capital UK SME Debt LP (4)(16) Investment partnership Limited partnership interest 01/2017 45.00 % 8.2 16.9 (6)
HCI Equity, LLC (5) Investment company Member interest 04/2010 100.00 % — — (6)(18)
Linden Structured Capital Fund II-A LP (16) Investment partnership Limited partnership interest 07/2024 957,690 1.0 1.0 (2)(6)(18)
Partnership Capital Growth Investors III, L.P. Investment partnership Limited partnership interest 10/2011 2.50 % 1.8 4.7 (2)(6)(18)
PCG-Ares Sidecar Investment II, L.P. (4)(16) Investment partnership Limited partnership interest 10/2014 100.00 % 7.3 23.1 (2)(6)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
PCG-Ares Sidecar Investment, L.P. (4)(16) Investment partnership Limited partnership interest 05/2014 100.00 % 4.4 0.7 (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 12.50 % SOFR (Q) 8.00 % 07/2016 12/2036 1,273.7 1,231.4 1,159.2 (6)(12)
Membership interest 87.50 % — — (6)
1,231.4 1,159.2
1,263.7 1,215.7 9.52 %
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 1,335,610 134.7 221.5
Ferrellgas, L.P. and Ferrellgas Partners, L.P. Distributor of propane and related accessories Senior preferred units 8.96 % 03/2021 64,155 64.2 64.8
Class B units 09/2022 95,354 15.4 19.7 (2)
79.6 84.5
Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc. Owner of natural gas facilities First lien senior secured loan 8.76 % SOFR (Q) 3.50 % 09/2023 09/2028 0.1 0.1 0.1 (2)(6)
Class A common stock 07/2022 3,059,533 23.3 11.2 (6)(18)
23.4 11.3
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 7,616 — — (2)
Warrant to purchase shares of common stock 01/2020 01/2027 5,560 — — (2)
— —
Potomac Intermediate Holdings II LLC (5) Gas turbine power generation facilities operator Series A units 11/2021 251,384,442 210.2 204.3
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 12.16 % ( 7.92 % PIK) SOFR (Q) 6.90 % 11/2019 11/2025 169.8 169.8 169.8 (2)(11)
169.9 169.9
Sunrun Luna Holdco 2021, LLC Residential solar energy provider Senior subordinated loan 12.00 % SOFR (Q) 6.75 % 03/2022 04/2027 150.0 150.0 147.0 (2)(6)(11)
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 % ( 6.00 % PIK) SOFR (Q) 6.90 % 06/2019 07/2030 80.0 80.0 78.4 (2)(11)
80.3 78.7
848.1 917.2 7.18 %
Retailing and Distribution
Bamboo Purchaser, Inc. Provider of nursery, garden, and greenhouse products First lien senior secured loan 11.25 % SOFR (Q) 6.50 % 11/2021 11/2027 17.6 17.6 16.4 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
BradyPlus Holdings, LLC (15) Distributor of foodservice disposables and janitorial sanitation products First lien senior secured loan 11.25 % SOFR (Q) 6.00 % 10/2023 10/2029 128.2 128.2 128.2 (2)(11)
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (15) Provider of visual communications solutions First lien senior secured revolving loan 10.95 % SOFR (M) 6.00 % 03/2019 03/2026 0.6 0.6 0.6 (2)(11)
First lien senior secured loan 10.95 % SOFR (M) 6.00 % 03/2019 03/2026 15.4 15.4 15.4 (2)(11)
First lien senior secured loan 10.95 % SOFR (M) 6.00 % 08/2019 03/2026 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.95 % SOFR (M) 6.00 % 06/2021 03/2026 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.95 % SOFR (M) 6.00 % 01/2024 03/2026 8.1 8.1 8.1 (2)(11)
Common units 03/2019 600 0.6 1.8 (2)
24.9 26.1
GPM Investments, LLC and ARKO Corp. Convenience store operator Common stock 12/2020 2,088,478 19.8 14.7 (18)
Warrant to purchase common stock 12/2020 12/2025 1,088,780 1.6 0.6 (2)(18)
21.4 15.3
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (15) Distributor of HVAC, plumbing, and water heater equipment, parts, supplies and fixtures First lien senior secured revolving loan 9.61 % SOFR (M) 4.50 % 11/2023 11/2029 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.11 % SOFR (M) 6.00 % 11/2023 11/2029 3.5 3.5 3.5 (2)(11)
Limited partnership interest 8.00 % PIK 11/2023 5,441,000 5.4 5.1 (2)
9.0 8.7
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC Distributor of OEM appliance aftermarket parts First lien senior secured loan 11.73 % SOFR (Q) 6.25 % 06/2021 06/2028 0.4 0.4 0.3 (2)(11)
First lien senior secured loan 11.73 % 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 1.9 (2)
6.7 2.4
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP (15) Auto parts retailer First lien senior secured revolving loan 8.14 % SOFR (M) 3.25 % 05/2021 05/2026 13.5 13.5 13.5 (2)(14)
Series A preferred stock 7.00 % PIK 05/2021 68,601 86.9 86.9 (2)
Class A-1 units 05/2021 24,586 24.6 34.2 (2)
125.0 134.6
McKenzie Creative Brands, LLC (15) Designer, manufacturer and distributor of hunting-related supplies First lien senior secured revolving loan 11.70 % SOFR (M) 6.75 % 09/2014 09/2025 1.4 1.4 1.4 (2)(11)
First lien senior secured loan 11.70 % SOFR (M) 6.75 % 09/2014 09/2025 84.5 84.5 84.5 (2)(8)(11)
First lien senior secured loan 11.70 % SOFR (M) 6.75 % 09/2014 09/2025 5.5 5.5 5.5 (2)(11)
91.4 91.4
Monolith Brands Group, Inc. E-commerce platform focused on consolidating DTC branded businesses Series A-1 preferred stock 04/2022 701,255 15.5 — (2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
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 32.5
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 8.10 % SOFR (Q) 3.00 % 05/2021 05/2027 27.3 27.3 21.6 (2)(11)
Class A units 05/2021 50,000 5.0 —
32.3 21.6
Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc. (15) Distributor and marketer of personal care products First lien senior secured loan 9.85 % SOFR (M) 5.00 % 05/2024 05/2030 59.7 59.7 58.5 (2)(6)(11)
Class B common stock 8.00 % PIK 05/2024 2,215 2.2 3.8 (2)(6)
61.9 62.3
Reddy Ice LLC (15) Packaged ice manufacturer and distributor First lien senior secured revolving loan 12.25 % Base Rate (Q) 3.75 % 04/2024 04/2029 — — — (2)(13)
First lien senior secured loan 9.99 % SOFR (Q) 4.75 % 04/2024 04/2029 274.2 274.2 272.3 (2)(11)
274.2 272.3
SCIH Salt Holdings Inc. (15) Salt and packaged ice melt manufacturer and distributor First lien senior secured revolving loan 12.00 % SOFR (Q) 4.00 % 03/2020 12/2026 0.4 0.3 0.4 (2)(11)
Trader Corporation and Project Auto Finco Corp. (15) Digital Automotive marketplace and software solution provider to automotive industry First lien senior secured revolving loan 12/2022 12/2029 — — — (2)(6)
First lien senior secured loan 9.80 % CORRA (S) 5.50 % 12/2022 12/2029 12.1 12.0 12.1 (2)(6)(11)
First lien senior secured loan 9.79 % CORRA (M) 5.50 % 06/2024 12/2029 5.9 5.8 5.9 (2)(6)(11)
17.8 18.0
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 10.00 % SOFR (Q) 5.25 % 07/2021 07/2028 25.3 25.3 25.3 (2)(11)
Limited partner interests 07/2021 0.42 % 0.8 1.1 (2)
26.1 26.4
873.1 856.6 6.71 %
Media and Entertainment
22 HoldCo Limited Sports and entertainment platform Senior subordinated loan 12.63 % PIK SONIA (S) 7.50 % 08/2023 08/2033 60.9 57.9 60.9 (2)(6)(11)
3 Step Sports LLC (15) Provider of integrated youth sports solutions First lien senior secured loan 12.64 % ( 1.50 % PIK) SOFR (Q) 8.00 % 10/2023 10/2029 12.5 12.5 11.8 (2)(11)
Aventine Intermediate LLC & Aventine Holdings II LLC Media and production company First lien senior secured loan 10.70 % ( 4.00 % PIK) SOFR (Q) 6.00 % 12/2021 06/2027 10.3 10.3 9.9 (2)(11)
Senior subordinated loan 10.25 % PIK 12/2021 12/2030 45.8 45.8 37.5 (2)
56.1 47.4
Axiomatic, LLC Premiere e-sports and video game investment platform Class A-1 units 05/2022 500,000 5.0 5.8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Broadcast Music, Inc. (15) Music rights management company First lien senior secured loan 10.87 % SOFR (M) 5.75 % 02/2024 02/2030 21.2 21.2 21.2 (2)(11)
CFC Funding LLC SME-related SPV Loan instrument units 9.75 % PIK 07/2023 16,680 18.3 18.3 (6)
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 17.00 % PIK 12/2022 12/2028 27.0 27.0 27.0 (2)(6)
Senior subordinated loan 13.31 % PIK SOFR (S) 8.00 % 12/2022 12/2028 50.5 50.5 49.5 (2)(6)(11)
Ordinary shares 09/2023 661 4.4 1.9 (2)(6)
Warrant to purchase shares of ordinary shares 12/2022 11/2028 241 — 2.2 (2)(6)
Warrant to purchase shares of ordinary shares 12/2022 11/2028 266 — 0.8 (2)(6)
81.9 81.4
Fever Labs, Inc. (15) Technology led marketing and ticketing platform for live events First lien senior secured revolving loan 11.00 % 08/2024 11/2028 4.3 4.3 4.3 (2)
First lien senior secured loan 11.00 % 05/2024 11/2028 14.0 13.1 14.0 (2)
Series E-5 Convertible Shares 08/2024 217,907 0.9 1.0 (2)
18.3 19.3
Global Music Rights, LLC (15) Music right management company First lien senior secured loan 10.20 % SOFR (Q) 5.50 % 08/2021 08/2030 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.10 % SOFR (Q) 5.50 % 04/2024 08/2030 13.6 13.6 13.6 (2)(11)
13.7 13.7
League One Volleyball, Inc. Operator of youth volleyball clubs Series B preferred stock 07/2023 194 — — (2)
Series C preferred stock 09/2024 50 — — (2)
— —
Legends Hospitality Holding Company, LLC and ASM Buyer, Inc. (15) Hospitality platform provider of premium experiential services First lien senior secured revolving loan 08/2024 08/2030 — — — (2)(13)
First lien senior secured loan 10.13 % SOFR (Q) 5.00 % 08/2024 08/2031 56.8 56.8 55.6 (2)(11)
56.8 55.6
LiveBarn Inc. Provider of Live & On Demand broadcasting of amateur and youth sporting events Middle preferred shares 08/2023 4,902,988 17.3 20.5 (2)(6)
Miami Beckham United LLC American professional soccer club Class A preferred units 9.50 % PIK 09/2021 85,000 111.1 111.1
Class B preferred units 9.50 % PIK 06/2023 42,500 47.8 47.8
158.9 158.9
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 17.86 % ( 10.10 % PIK) SOFR (Q) 8.50 % 08/2018 08/2029 48.3 48.3 48.3 (2)(11)
First lien senior secured loan 12.88 % ( 3.13 % PIK) SOFR (Q) 8.13 % 07/2020 08/2029 15.6 15.5 15.6 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
First lien senior secured loan 12.88 % ( 3.13 % PIK) SOFR (Q) 8.13 % 06/2021 08/2029 0.8 0.8 0.8 (2)(11)
First lien senior secured loan 12.88 % ( 3.13 % PIK) SOFR (Q) 8.13 % 08/2021 08/2029 7.7 7.7 7.7 (2)(11)
First lien senior secured loan 12.88 % ( 3.13 % PIK) SOFR (Q) 8.13 % 05/2024 08/2029 26.5 26.3 26.5 (2)(11)
Class A units 10/2020 113,617 4.9 17.5 (2)
103.5 116.4
Professional Fighters League, LLC and PFL MMA, Inc. Mixed martial arts league First lien senior secured loan 14.00 % PIK 01/2021 01/2026 21.4 20.9 21.4 (2)
Second lien senior secured loan 16.00 % 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 0.9 (2)
Warrant to purchase shares of common stock 11/2022 11/2029 68,787 0.2 0.2 (2)
23.6 23.4
Sandlot Action Sports, LLC Youth sports platform Common units 05/2024 3,384 — —
Storm Investment S.a.r.l. and Atletico Holdco, S.L. Spanish futbol club First lien senior secured loan 3.75 % 06/2021 06/2029 68.7 73.6 68.7 (2)(6)
Senior subordinated loan 10.00 % PIK 07/2024 07/2026 32.4 31.7 32.2 (2)(6)
Class A redeemable shares 06/2021 3,671,596 1.6 4.9 (2)(6)
Class B redeemable shares 06/2021 3,671,595 1.6 4.9 (2)(6)
Class C redeemable shares 06/2021 3,671,596 1.6 4.9 (2)(6)
Class D redeemable shares 06/2021 3,671,596 1.6 4.9 (2)(6)
Class E redeemable shares 06/2021 3,671,596 1.6 4.9 (2)(6)
Class F redeemable shares 06/2021 3,671,596 1.6 4.9 (2)(6)
Class G redeemable shares 06/2021 3,671,596 1.6 4.9 (2)(6)
Class H redeemable shares 06/2021 3,671,596 1.6 4.9 (2)(6)
Class I redeemable shares 06/2021 3,671,596 1.6 4.9 (2)(6)
Ordinary shares 06/2021 4,407 — 0.2 (2)(6)
119.7 145.2
The Teaching Company Holdings, Inc. Education publications provider Preferred stock 09/2006 10,663 1.1 2.5 (2)
Common stock 09/2006 15,393 — 0.2 (2)
1.1 2.7
WRE Sports Investments LLC (15) Professional sports club First lien senior secured loan 11.00 % ( 5.50 % PIK) 07/2024 07/2031 24.6 24.6 24.1 (2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
790.4 826.6 6.47 %
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 8.70 % SOFR (M) 3.50 % 06/2021 07/2028 1.0 1.0 1.0 (2)(11)(18)
Airx Climate Solutions, Inc. (15) Provider of commercial HVAC equipment and services First lien senior secured loan 11.03 % SOFR (Q) 5.75 % 11/2023 11/2029 9.9 9.9 9.9 (2)(11)
First lien senior secured loan 10.25 % SOFR (S) 5.00 % 07/2024 11/2029 8.0 8.0 8.0 (2)(11)
17.9 17.9
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 6.6 2.4 3.0 (2)(10 )
Arrowhead Holdco Company and Arrowhead GS Holdings, Inc. Distributor of non-discretionary, mission-critical aftermarket replacement parts First lien senior secured loan 10.46 % ( 2.75 % PIK) SOFR (Q) 5.25 % 08/2021 08/2028 0.1 0.1 0.1 (2)(11)
Common stock 08/2021 5,054 5.1 — (2)
5.2 0.1
BGIF IV Fearless Utility Services, Inc. (15) Maintenance and installation service provider for electric transmission and distribution infrastructure First lien senior secured revolving loan 06/2024 06/2030 — — — (2)(13)
First lien senior secured loan 10.12 % SOFR (M) 5.00 % 06/2024 06/2031 35.3 35.3 35.0 (2)(11)
35.3 35.0
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 9.80 % SOFR (M) 4.75 % 05/2022 10/2025 1.8 1.8 1.8 (2)(11)(14)
First lien senior secured revolving loan 10.85 % SOFR (M) 6.00 % 05/2022 10/2025 0.6 0.6 0.6 (2)(11)(14)
First lien senior secured loan 9.81 % SOFR (Q) 4.75 % 05/2022 10/2025 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 10.60 % SOFR (Q) 6.00 % 05/2022 10/2025 0.9 0.9 0.9 (2)(11)
3.5 3.5
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 10.20 % SOFR (M) 5.25 % 07/2022 07/2029 21.9 20.7 20.6 (2)(11)(18)
CPIG Holdco Inc. Distributor of engineered fluid power and complex machined solutions First lien senior secured loan 12.43 % SOFR (Q) 7.00 % 04/2023 04/2028 14.6 14.6 14.6 (2)(11)
Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc. (15) Manufacturer of pumps, valves, and fluid control components for industrial markets First lien senior secured revolving loan 10/2023 10/2029 — — — (2)(13)
First lien senior secured loan 11.25 % SOFR (Q) 6.00 % 10/2023 10/2030 28.6 28.6 28.6 (2)(11)
28.6 28.6
DFS Holding Company, Inc. (15) Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry First lien senior secured loan 10.50 % SOFR (S) 6.25 % 01/2023 01/2029 2.1 2.0 2.1 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP (15) Provider of aerospace technology and equipment First lien senior secured revolving loan 11.59 % SOFR (Q) 6.50 % 12/2020 12/2027 5.0 5.0 5.0 (2)(11)
First lien senior secured loan 11.71 % SOFR (Q) 6.50 % 12/2020 12/2027 25.7 25.7 25.7 (2)(11)
Common units 12/2020 9,773,000 9.8 10.2
40.5 40.9
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 1.6 (2)
Class A-2 units 12/2016 3,500 3.5 2.4 (2)
5.8 4.0
Generator Buyer, Inc. (15) Provider of generator-based power solutions First lien senior secured loan 9.22 % CORRA (Q) 5.25 % 07/2024 07/2030 5.2 5.1 5.1 (2)(6)(11)
GSV Purchaser, Inc. (15) Provider of maintenance, repair, and sales services for commercial emergency power backup generators First lien senior secured loan 10.00 % SOFR (Q) 4.75 % 08/2024 08/2031 38.6 38.6 38.6 (2)(11)
Harvey Tool Company, LLC (15) Manufacturer of cutting tools used in the metalworking industry First lien senior secured loan 10.37 % SOFR (M) 5.50 % 10/2021 10/2027 3.6 3.6 3.6 (2)(11)
First lien senior secured loan 10.35 % SOFR (M) 5.50 % 04/2024 10/2027 79.1 79.1 79.1 (2)(11)
82.7 82.7
Helix Acquisition Holdings, Inc. Manufacturer of springs, fasteners and custom components First lien senior secured loan 11.95 % SOFR (M) 7.00 % 03/2023 03/2030 11.9 11.9 11.9 (2)(11)
HPCC Parent, Inc. and Patriot Container Corp. (15) Manufacturer of waste handling and recycling equipment First lien senior secured loan 13.00 % ( 7.00 % PIK) 09/2024 09/2030 77.2 77.2 75.1 (2)
Common stock 09/2024 459,208 4.4 4.4 (2)
81.6 79.5
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 % ( 7.00 % PIK) 01/2017 12/2028 18.1 17.9 18.1 (2)
Class A common stock 01/2017 48,544 13.5 49.8
31.4 67.9
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 loan 10.10 % SOFR (Q) 5.25 % 02/2024 02/2031 16.2 16.2 16.2 (2)(11)
Class A units 08/2019 4,549,000 0.5 8.6 (2)
16.7 24.8
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 10.85 % SOFR (Q) 6.25 % 06/2021 06/2027 27.1 27.1 21.1 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
NCWS Intermediate, Inc. and NCWS Holdings LP Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market Class A-2 common units 12/2020 12,296,000 12.9 20.9 (2)
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 12.11 % SOFR (M) 6.75 % 06/2021 06/2029 55.3 55.3 54.7 (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 10.95 % SOFR (M) 6.00 % 08/2021 08/2027 11.4 11.4 11.4 (2)(6)(11)
First lien senior secured loan 10.95 % SOFR (M) 6.00 % 04/2022 08/2027 3.9 3.9 3.9 (2)(6)(11)
Class A units 08/2021 88,420 13.4 43.0 (2)
28.7 58.3
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 10.33 % SOFR (M) 5.25 % 05/2022 12/2026 4.3 3.9 4.3 (2)(11)
Qnnect, LLC and Connector TopCo, LP (15) Manufacturer of highly engineered hermetic packaging products First lien senior secured loan 11.83 % SOFR (Q) 6.75 % 11/2022 11/2029 10.6 10.6 10.6 (2)(11)
Limited partnership interests 11/2022 992,500 9.9 12.9 (2)
20.5 23.5
Radius Aerospace, Inc. and Radius Aerospace Europe Limited (15) Metal fabricator in the aerospace industry First lien senior secured revolving loan 11.07 % SOFR (Q) 6.00 % 03/2019 03/2027 1.3 1.3 1.3 (2)(6)(11)
First lien senior secured revolving loan 10.95 % SONIA (M) 6.00 % 11/2019 03/2027 2.1 2.0 2.1 (2)(6)(11)
First lien senior secured loan 10.75 % SOFR (Q) 6.00 % 06/2024 03/2027 10.6 10.6 10.6 (2)(6)(11)
13.9 14.0
Radwell Parent, LLC (15) Distributor of maintenance, repair, and operations parts First lien senior secured revolving loan 10.10 % SOFR (Q) 5.50 % 12/2022 04/2029 0.9 0.8 0.9 (2)(11)
First lien senior secured loan 10.10 % SOFR (Q) 5.50 % 12/2022 04/2029 0.1 0.1 0.1 (2)(11)
0.9 1.0
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation (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 10.70 % SOFR (M) 5.75 % 10/2017 10/2025 1.3 1.3 1.3 (2)(11)(14)
First lien senior secured loan 10.70 % SOFR (M) 5.75 % 04/2024 10/2025 3.8 3.8 3.8 (2)(11)
5.1 5.1
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. (15) Provider of aircraft component maintenance, repair, and overhaul services First lien senior secured loan 9.74 % SOFR (Q) 5.00 % 05/2024 05/2031 36.0 36.0 35.4 (2)(11)
Series A common units 05/2024 1,042 1.0 1.2 (2)
37.0 36.6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Two Six Labs, LLC (15) Provider of information operations, cyber, and data analytics products and services for government and defense contracts First lien senior secured loan 10.60 % SOFR (Q) 6.00 % 10/2023 08/2027 8.6 8.6 8.6 (2)(11)
664.5 729.9 5.72 %
Consumer Durables and Apparel
Bowhunter Holdings, LLC Provider of branded archery and bowhunting accessories Common units 04/2014 421 4.2 —
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. (4) Designer, marketer and distributor of licensed and owned apparel First lien senior secured loan 10.73 % SOFR (Q) 5.50 % 02/2024 08/2029 28.4 26.6 28.4 (2)(11)
Senior subordinated loan 13.23 % PIK SOFR (Q) 8.00 % 02/2024 02/2031 25.8 24.2 25.7 (2)(11)
Senior subordinated loan 11.73 % SOFR (Q) 6.50 % 02/2024 02/2031 29.3 27.4 29.3 (2)(11)
Class A LP interests 02/2024 6.27 % 2.9 18.9 (2)
81.1 102.3
DRS Holdings III, Inc. and DRS Holdings I, Inc. (15) Footwear and orthopedic foot-care brand First lien senior secured loan 11.20 % SOFR (M) 6.25 % 11/2019 11/2025 26.3 26.3 25.8 (2)(11)
First lien senior secured loan 11.20 % SOFR (M) 6.25 % 06/2021 11/2025 24.3 24.3 23.8 (2)(11)
Common stock 11/2019 8,549 8.5 5.6 (2)
59.1 55.2
Implus Footcare, LLC Provider of footwear and other accessories First lien senior secured loan 12.50 % SOFR (Q) 7.75 % 06/2016 07/2025 1.3 1.2 1.1 (2)(11)
First lien senior secured loan 12.51 % SOFR (Q) 7.75 % 06/2017 07/2025 117.1 115.2 103.1 (2)(11)
First lien senior secured loan 12.50 % SOFR (Q) 7.75 % 07/2018 07/2025 5.0 4.9 4.4 (2)(11)
121.3 108.6
Johnnie-O Inc. and Johnnie-O Holdings Inc. Apparel retailer First lien senior secured loan 11.73 % SOFR (Q) 6.25 % 03/2022 03/2027 18.2 17.7 18.2 (2)(11)
Series A convertible preferred stock 03/2022 144,210 4.2 4.8 (2)
Warrant to purchase shares of common stock 03/2022 03/2032 93,577 1.5 3.1 (2)
23.4 26.1
Lew's Intermediate Holdings, LLC (15) Outdoor brand holding company First lien senior secured revolving loan 9.42 % SOFR (M) 4.50 % 02/2021 02/2026 0.4 0.4 0.3 (2)(14)
First lien senior secured loan 10.06 % SOFR (Q) 5.00 % 02/2021 02/2028 1.0 1.0 0.8 (2)(11)
1.4 1.1
Pelican Products, Inc. (15) Flashlights manufacturer First lien senior secured revolving loan 8.80 % SOFR (Q) 4.00 % 12/2021 12/2026 1.6 1.6 1.5 (2)(11)
Second lien senior secured loan 12.62 % SOFR (Q) 7.75 % 12/2021 12/2029 60.0 60.0 55.2 (2)(11)
61.6 56.7
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. (16) Sports equipment manufacturing company First lien senior secured loan 10.25 % SOFR (Q) 5.50 % 12/2020 12/2026 48.8 48.8 48.8 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
First lien senior secured loan 10.25 % SOFR (Q) 5.50 % 11/2021 12/2026 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.25 % SOFR (Q) 5.50 % 02/2024 12/2026 5.7 5.7 5.7 (2)(11)
Limited partnership interest 06/2024 10,918,656 10.9 10.9 (2)
65.5 65.5
Reef Lifestyle, LLC (15) Apparel retailer First lien senior secured revolving loan 15.14 % ( 4.25 % PIK) SOFR (Q) 10.00 % 10/2018 10/2027 25.5 25.5 24.7 (2)(11)(14)
First lien senior secured revolving loan 15.06 % ( 4.25 % PIK) SOFR (Q) 10.00 % 07/2020 10/2027 3.6 3.6 3.5 (2)(11)(14)
First lien senior secured loan 15.06 % ( 4.25 % PIK) SOFR (Q) 10.00 % 10/2018 10/2027 21.4 21.4 20.7 (2)(11)
First lien senior secured loan 15.06 % ( 4.25 % PIK) SOFR (Q) 10.00 % 07/2020 10/2027 3.2 3.2 3.1 (2)(11)
53.7 52.0
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 — —
Warrant to purchase units 04/2010 12/2050 3,157,895 — —
— —
Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC (4)(15) Manufacturer and distributor of slip resistant footwear First lien senior secured loan 11.82 % SOFR (M) 6.50 % 04/2024 07/2029 1.3 1.3 1.3 (2)(11)
First lien senior secured loan 11.82 % SOFR (M) 6.50 % 06/2024 07/2029 6.6 6.6 6.6 (2)(11)
First lien senior secured loan 12.32 % ( 5.00 % PIK) SOFR (M) 7.00 % 06/2024 07/2029 3.6 3.6 3.6 (2)(11)
Class A common units 06/2024 8,474 10.5 10.0 (2)
22.0 21.5
St Athena Global LLC and St Athena Global Holdings Limited (15) Designer and manufacturer of branded premium-quality tableware First lien senior secured loan 10.43 % SOFR (Q) 5.25 % 06/2024 06/2030 29.7 29.7 29.3 (2)(6)(11)
First lien senior secured loan 10.20 % SONIA (M) 5.25 % 06/2024 06/2030 18.2 17.2 18.0 (2)(6)(11)
46.9 47.3
SVP-Singer Holdings Inc. and SVP-Singer Holdings LP Manufacturer of consumer sewing machines Class A common units 07/2021 6,264,706 26.1 — (2)
Team Acquisition Corporation (15) Provider of team uniforms and athletic wear First lien senior secured loan 11.46 % SOFR (M) 6.50 % 01/2024 11/2029 34.7 34.0 34.0 (2)(11)
600.3 570.3 4.47 %
Consumer Staples Distribution and Retail
Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. Manufacturer and distributor of specialty bakery ingredients First lien senior secured loan 9.46 % SOFR (M) 4.50 % 07/2023 09/2028 16.3 16.3 16.3 (2)(11)
Second lien senior secured loan 11.96 % SOFR (M) 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 7.0 11.5 (2)
Series A preferred shares 11.00 % PIK 09/2021 08/2051 21,921 30.7 30.8 (2)
83.5 88.1

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
BGI Purchaser, Inc. (15) Developer and manufacturer of customized natural and clean flavorings for the food & beverage end market First lien senior secured revolving loan 9.06 % SOFR (Q) 4.00 % 05/2024 05/2030 10.5 10.5 10.3 (2)(11)
First lien senior secured loan 10.06 % SOFR (Q) 5.00 % 05/2024 05/2031 41.4 41.4 40.7 (2)(11)
51.9 51.0
BR PJK Produce, LLC (15) Specialty produce distributor First lien senior secured loan 11.73 % SOFR (Q) 6.25 % 12/2023 11/2027 1.9 1.8 1.9 (2)(11)
First lien senior secured loan 11.31 % SOFR (Q) 6.25 % 09/2024 11/2027 0.7 0.7 0.7 (2)(11)
2.5 2.6
City Line Distributors LLC and City Line Investments LLC (15) Specialty food distributor First lien senior secured loan 11.04 % SOFR (M) 6.00 % 08/2023 08/2028 4.4 4.4 4.4 (2)(11)
Class A units 8.00 % PIK 08/2023 4,172,852 4.5 4.5 (2)
8.9 8.9
DecoPac, Inc. and KCAKE Holdings Inc. (15) Supplier of cake decorating solutions and products to in-store bakeries First lien senior secured revolving loan 10.35 % SOFR (M) 5.50 % 05/2021 05/2030 4.6 4.6 4.6 (2)(11)
First lien senior secured loan 10.10 % SOFR (Q) 5.50 % 09/2024 05/2030 171.8 171.8 171.8 (2)(11)
Common stock 05/2021 9,599 7.4 11.5 (2)
183.8 187.9
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 03/2026 — — — (2)(13)
First lien senior secured loan 10.20 % SOFR (M) 5.25 % 03/2019 03/2026 0.1 0.1 0.1 (2)(11)
Class A units 03/2019 113,219 11.1 35.6 (2)
11.2 35.7
JWC/KI Holdings, LLC Foodservice sales and marketing agency Membership units 11/2015 5,000 5.0 12.7 (2)
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (15)(16) Distributor of specialty foods First lien senior secured loan 11.83 % SOFR (Q) 6.50 % 10/2022 10/2028 39.6 39.6 38.5 (2)(11)
Limited partnership interests 10/2022 9,683,991 9.7 5.5 (2)
49.3 44.0
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 — — — (2)(13)
First lien senior secured loan 11.46 % SOFR (M) 6.25 % 05/2023 05/2029 9.7 9.7 9.7 (2)(11)
Class B limited liability company interest 05/2023 3.64 % 9.6 7.9 (2)
19.3 17.6
Royal Borrower, LLC and Royal Parent, LP (15) Distributor of fresh produce and dairy products First lien senior secured revolving loan 07/2024 07/2030 — — — (2)(13)
First lien senior secured loan 10.45 % SOFR (M) 5.25 % 07/2024 07/2030 20.9 20.9 20.6 (2)(11)
Class A preferred units 10.00 % PIK 07/2024 2,255,000 2.3 2.3
23.2 22.9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
SFE Intermediate Holdco LLC Provider of outsourced foodservice to K-12 school districts First lien senior secured loan 10.75 % SOFR (Q) 6.00 % 07/2017 07/2026 6.1 6.1 6.1 (2)(11)
First lien senior secured loan 10.75 % SOFR (Q) 6.00 % 09/2018 07/2026 9.8 9.8 9.8 (2)(11)
First lien senior secured loan 10.75 % SOFR (Q) 6.00 % 03/2022 07/2026 0.4 0.4 0.4 (2)(11)
16.3 16.3
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (15)(16) Fresh and specialty food distributor First lien senior secured revolving loan 02/2023 01/2029 — — — (2)(13)
First lien senior secured loan 10.50 % SOFR (S) 6.25 % 02/2023 01/2029 8.2 8.2 8.1 (2)(11)
Common units 01/2023 1,673,000 1.7 1.0
9.9 9.1
ZB Holdco LLC and ZB TopCo LLC (15) Distributor of Mediterranean food and beverages First lien senior secured revolving loan 10.30 % SOFR (Q) 5.50 % 02/2022 02/2028 4.6 4.6 4.6 (2)(11)(14)
First lien senior secured loan 10.25 % SOFR (Q) 5.50 % 02/2022 02/2028 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 10.30 % SOFR (Q) 5.50 % 08/2023 02/2028 8.6 8.6 8.6 (2)(11)
First lien senior secured loan 10.29 % SOFR (Q) 5.50 % 03/2024 02/2028 1.7 1.7 1.7 (2)(11)
Series A units 06/2023 4,699 4.0 6.6 (2)
19.1 21.7
483.9 518.5 4.06 %
Energy
Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC Private oil exploration and production company First lien senior secured loan 13.70 % SOFR (Q) 9.00 % 11/2022 11/2026 46.9 46.9 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 11.51 % BKBM (Q) 6.00 % 05/2022 07/2027 30.9 30.5 30.9 (2)(6)(11)
Common units 07/2022 11,191,869 5.9 12.1 (2)(6)
36.4 43.0
Halcon Holdings, LLC Operator of development, exploration, and production oil company First lien senior secured loan 12.25 % SOFR (Q) 7.50 % 11/2021 11/2025 8.4 8.4 8.4 (2)
HighPeak Energy, Inc. Oil and gas exploration and production company First lien senior secured loan 12.25 % SOFR (Q) 7.50 % 09/2023 09/2026 85.0 83.5 85.0 (2)(6)(11)
Murchison Oil and Gas, LLC and Murchison Holdings, LLC Exploration and production company First lien senior secured loan 13.13 % SOFR (Q) 8.25 % 06/2022 06/2026 57.3 57.3 57.3 (2)(11)
Preferred units 8.00 % 06/2022 41,000 41.0 55.3
98.3 112.6
Offen, Inc. Distributor of fuel, lubricants, diesel exhaust fluid, and premium additives First lien senior secured loan 9.94 % SOFR (M) 5.00 % 05/2022 06/2026 0.1 0.1 0.1 (2)
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 14.94 % SOFR (M) 9.50 % 03/2017 11/2024 27.3 27.3 27.3 (2)(11)
First lien senior secured loan 14.94 % SOFR (M) 9.50 % 06/2020 11/2024 6.0 6.0 6.0 (2)(11)
First lien senior secured loan 14.94 % SOFR (M) 9.50 % 11/2020 11/2024 5.0 4.9 5.0 (2)(11)
Class A units 11/2020 347,900 32.8 50.3 (2)
71.0 88.6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
344.6 385.5 3.02 %
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 A ordinary shares 05/2021 2,476,744 5.7 4.2 (2)(6)
ADMA Biologics Inc. Biopharmaceutical company First lien senior secured loan 11.36 % SOFR (Q) 6.50 % 12/2023 12/2027 6.5 6.4 6.5 (2)(6)(11)
Alcami Corporation and ACM Note Holdings, LLC (15) Outsourced drug development services provider First lien senior secured loan 12.21 % SOFR (Q) 7.00 % 12/2022 12/2028 10.0 10.0 10.0 (2)(11)
Senior subordinated loan 10.00 % PIK 12/2022 06/2029 21.0 21.0 21.0 (2)
31.0 31.0
Athyrium Buffalo LP Biotechnology company engaging in the development, manufacture, and commercialization of novel neuromodulators Limited partnership interests 06/2022 7,628,966 7.6 7.6 (2)(6)
Limited partnership interests 08/2023 3,756,395 3.8 3.8 (2)(6)
11.4 11.4
Bamboo US BidCo LLC (15) Biopharmaceutical company First lien senior secured loan 12.00 % ( 3.38 % PIK) SOFR (Q) 6.75 % 09/2023 09/2030 31.8 31.8 31.8 (2)(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 10.35 % SOFR (M) 5.50 % 10/2021 10/2027 0.7 0.7 0.7 (2)(11)
First lien senior secured loan 10.35 % SOFR (M) 5.50 % 10/2021 10/2028 31.2 31.2 31.2 (2)(11)
First lien senior secured loan 10.35 % SOFR (M) 5.50 % 06/2023 10/2028 11.5 11.5 11.5 (2)(11)
First lien senior secured loan 10.35 % SOFR (M) 5.50 % 08/2024 10/2028 7.0 7.0 7.0 (2)(11)
Preferred units 8.00 % PIK 10/2021 10/2051 3,020 3.8 3.9 (2)
Series A preferred shares 13.75 % PIK 10/2021 60,236 90.9 93.1 (2)
Class A common units 10/2021 30,500 — — (2)
145.1 147.4
NMC Skincare Intermediate Holdings II, LLC (15) Developer, manufacturer and marketer of skincare products First lien senior secured revolving loan 11.24 % ( 1.00 % PIK) SOFR (M) 6.00 % 10/2018 11/2026 5.3 5.3 4.8 (2)(11)
First lien senior secured revolving loan 10.95 % ( 1.00 % PIK) SOFR (M) 6.00 % 05/2022 11/2026 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.26 % ( 1.00 % PIK) SOFR (M) 6.00 % 10/2018 11/2026 30.5 30.5 28.1 (2)(11)
First lien senior secured loan 11.26 % ( 1.00 % PIK) SOFR (M) 6.00 % 05/2022 11/2026 4.5 4.5 4.1 (2)(11)
40.4 37.1

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. (15) Contract research organization providing research and development and testing of medical devices First lien senior secured revolving loan 9.58 % SOFR (Q) 4.50 % 09/2021 03/2027 2.5 2.5 2.4 (2)(11)
First lien senior secured loan 10.84 % SOFR (Q) 5.75 % 09/2020 09/2027 46.7 46.7 45.8 (2)(11)
First lien senior secured loan 10.84 % SOFR (Q) 5.75 % 12/2020 09/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.84 % SOFR (Q) 5.75 % 02/2021 09/2027 2.5 2.5 2.4 (2)(11)
First lien senior secured loan 10.84 % SOFR (Q) 5.75 % 09/2021 09/2027 9.3 9.3 9.1 (2)(11)
Senior subordinated loan 11.00 % PIK 03/2023 03/2025 1.6 1.6 1.6 (2)
Class A preferred units 8.00 % PIK 09/2020 13,528 18.6 28.6 (2)
81.3 90.0
Verista, Inc. (15) Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector First lien senior secured revolving loan 11.20 % SOFR (Q) 6.00 % 05/2022 02/2027 0.7 0.5 0.6 (2)(11)
First lien senior secured loan 11.58 % ( 0.50 % PIK) SOFR (Q) 6.50 % 05/2022 02/2027 0.8 0.8 0.8 (2)(11)
1.3 1.4
Vertice Pharma UK Parent Limited Manufacturer and distributor of generic pharmaceutical products Preferred shares 12/2015 40,662 — — (6)
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. (15) Manufacturer of monoclonal antibodies First lien senior secured loan 11.48 % SOFR (Q) 6.25 % 11/2023 11/2030 5.0 5.0 5.0 (2)(11)
Limited partnership interest 11/2023 1,529,000 1.5 1.5 (2)
6.5 6.5
360.9 367.3 2.88 %
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 revolving loan 11.16 % SOFR (M) 6.00 % 12/2021 12/2027 3.6 3.6 3.6 (2)(11)
First lien senior secured loan 11.52 % 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 11.3 (2)
23.3 15.0
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 12/2021 05/2025 0.1 0.1 0.1 (2)(10)(18)
First lien senior secured loan 06/2022 05/2025 25.9 24.9 19.3 (2)(10)(18)
First lien senior secured loan 07/2022 05/2025 3.3 3.2 2.4 (2)(10)(18)
Second lien senior secured loan 11/2018 03/2026 73.0 66.1 16.0 (2)(10)
Common units 11/2018 5,827 5.8 —
100.1 37.8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Meyer Laboratory, LLC and Meyer Parent, LLC (15) Provider of industrial and institutional cleaning chemicals and application systems First lien senior secured loan 10.10 % SOFR (M) 5.25 % 02/2024 02/2030 27.1 27.1 27.1 (2)(11)
Common units 02/2024 440,000 0.4 0.5
27.5 27.6
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 10.35 % SOFR (M) 5.50 % 03/2024 03/2031 1.0 1.0 1.0 (2)(6)(11)
First lien senior secured loan 10.10 % SOFR (Q) 5.50 % 03/2024 03/2031 16.6 16.6 16.2 (2)(6)(11)
First lien senior secured loan 9.22 % Euribor (Q) 5.50 % 03/2024 03/2031 34.6 33.6 33.9 (2)(6)(11)
Class A units 07/2019 6,762,668 6.8 7.4 (2)(6)
58.0 58.5
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 13.20 % ( 1.00 % PIK) SOFR (M) 8.25 % 12/2020 12/2026 22.3 22.3 20.5 (2)(11)
First lien senior secured loan 13.20 % ( 1.00 % PIK) SOFR (M) 8.25 % 12/2022 12/2026 0.3 0.3 0.2 (2)(11)
Class A preferred units 12/2020 4,772 4.6 2.4 (2)
Class C units 12/2020 4,772 — — (2)
27.2 23.1
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC Manufacturer of specialized acrylic and polycarbonate sheets First lien senior secured loan 8.96 % SOFR (M) 4.00 % 12/2018 12/2025 22.2 21.7 21.8 (2)(11)(18)
Second lien senior secured loan 12.46 % SOFR (M) 7.25 % 12/2018 12/2026 55.0 55.0 53.9 (2)(11)
Preferred units 15.00 % PIK 10/2023 841 0.1 — (2)
Co-Invest units 12/2018 5,969 0.6 0.3 (2)
77.4 76.0
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 10.96 % SOFR (Q) 6.25 % 01/2019 01/2026 3.6 3.6 3.6 (2)(6)(11)
First lien senior secured loan 10.95 % SOFR (Q) 6.25 % 01/2019 01/2026 11.5 11.5 11.5 (2)(6)(11)
First lien senior secured loan 10.95 % SOFR (Q) 6.25 % 06/2021 01/2026 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 10.95 % SOFR (Q) 6.25 % 05/2022 01/2026 0.1 0.1 0.1 (2)(6)(11)
15.3 15.3
Reagent Chemical & Research, LLC (15) Supplier of liquid hydrochloric acid First lien senior secured loan 10.10 % SOFR (M) 5.25 % 04/2024 04/2031 50.8 50.8 49.8 (2)(11)
SCI PH Parent, Inc. Industrial container manufacturer, reconditioner and servicer Series B shares 08/2018 11 1.1 1.9 (2)
Vobev, LLC and Vobev Holdings, LLC (15) Producer and filler of aluminum beverage cans First lien senior secured loan 04/2023 04/2028 63.3 62.6 33.5 (2)(10)
First lien senior secured loan 01/2024 04/2028 5.6 5.6 3.0 (2)(10)
First lien senior secured loan 05/2024 04/2028 8.3 8.0 4.4 (2)(10)
First lien senior secured loan 09/2024 04/2028 2.0 2.0 1.1 (2)(10)
Warrant to purchase shares of ordinary shares 04/2023 11/2033 4,378 — — (2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Warrant to purchase units of class B units 11/2023 04/2028 59,450 — — (2)
78.2 42.0
458.9 347.0 2.72 %
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 — (2)
Warrant to purchase units of Class A units 08/2015 08/2035 7,422,078 7.4 4.0 (2)
7.5 4.0
Berner Food & Beverage, LLC (15) Supplier of dairy-based food and beverage products First lien senior secured revolving loan 10.62 % SOFR (M) 5.50 % 07/2021 07/2026 1.2 1.2 1.2 (2)(11)
Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4)(15) Health food company First lien senior secured loan 10.70 % SOFR (Q) 6.00 % 12/2020 12/2025 23.5 23.5 23.5 (2)(11)
Common units 03/2019 14,850 11.5 31.3 (2)
35.0 54.8
CHG PPC Parent LLC & PPC CHG Blocker LLC Diversified food products manufacturer Common units 12/2021 59 3.0 4.2 (2)
Demakes Borrower, LLC (15) Value-added protein manufacturer First lien senior secured loan 11.55 % SOFR (Q) 6.25 % 12/2023 12/2029 6.2 6.2 6.2 (2)(11)
Florida Food Products, LLC Provider of plant extracts and juices First lien senior secured loan 9.96 % SOFR (M) 5.00 % 10/2021 10/2028 0.4 0.4 0.4 (2)(11)
First lien senior secured loan 9.85 % SOFR (M) 5.00 % 06/2022 10/2028 0.4 0.4 0.4 (2)(11)
Second lien senior secured loan 12.96 % SOFR (M) 8.00 % 10/2021 10/2029 71.8 71.8 62.5 (2)(11)
72.6 63.3
Gotham Greens Holdings, PBC Producer of vegetables and culinary herbs for restaurants and retailers First lien senior secured loan 14.24 % ( 2.00 % PIK) SOFR (S) 9.25 % 06/2022 12/2026 37.0 37.0 37.0 (11)
Series E-1 preferred stock 6.00 % PIK 06/2022 188,605 14.2 16.1 (2)
Warrant to purchase shares of Series E-1 preferred stock 06/2022 06/2032 78,216 — — (2)
51.2 53.1
KNPC HoldCo, LLC Producer of trail mix and mixed nut snack products First lien senior secured loan 10.74 % SOFR (Q) 5.50 % 04/2022 10/2029 5.5 5.5 5.5 (2)(11)
First lien senior secured loan 11.99 % SOFR (Q) 6.75 % 12/2022 10/2029 1.3 1.3 1.3 (2)(11)
First lien senior secured loan 11.24 % SOFR (Q) 6.00 % 11/2023 10/2029 2.7 2.7 2.7 (2)(11)
9.5 9.5
Manna Pro Products, LLC (15) Manufacturer and supplier of specialty nutrition and care products for animals First lien senior secured revolving loan 10.95 % SOFR (M) 6.00 % 12/2020 12/2026 5.1 5.1 4.3 (2)(11)
First lien senior secured revolving loan 13.00 % Base Rate (Q) 5.00 % 12/2020 12/2026 1.7 1.7 1.4 (2)(11)
6.8 5.7
Max US Bidco Inc. Manufacturer of premium dry dog food First lien senior secured loan 9.85 % SOFR (M) 5.00 % 10/2023 10/2030 1.0 0.9 0.9 (2)(18)
RB Holdings InterCo, LLC (15) Manufacturer of pet food and treats First lien senior secured revolving loan 10.39 % SOFR (Q) 5.00 % 05/2022 05/2028 1.4 1.4 1.4 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
First lien senior secured loan 10.21 % SOFR (Q) 5.00 % 05/2022 05/2028 11.3 11.3 10.9 (2)(11)
12.7 12.3
Sugar PPC Buyer LLC (15) Manufacturer and distributor of food products First lien senior secured loan 10.37 % SOFR (M) 5.25 % 10/2023 10/2030 15.8 15.8 15.8 (2)(11)
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 12.65 % ( 1.00 % PIK) SOFR (Q) 7.25 % 12/2020 12/2025 75.9 75.9 72.9 (2)(11)
Warrant to purchase shares of common stock 02/2019 02/2034 57,827 — — (2)
75.9 72.9
Triton Water Holdings, Inc. Producer and provider of bottled water brands First lien senior secured loan 8.12 % SOFR (Q) 3.25 % 03/2021 03/2028 1.0 1.0 1.0 (2)(11)(18)
Senior subordinated loan 6.25 % 03/2021 04/2029 0.1 0.1 0.1 (2)(18)
1.1 1.1
Watermill Express, LLC and Watermill Express Holdings, LLC (15) Owner and operator of self-service water and ice stations First lien senior secured revolving loan 10.96 % SOFR (Q) 5.75 % 04/2021 07/2029 0.2 0.2 0.2 (2)(11)(14)
First lien senior secured loan 10.50 % SOFR (Q) 5.75 % 04/2021 07/2029 20.7 20.7 20.7 (2)(11)
First lien senior secured loan 10.53 % SOFR (Q) 5.75 % 01/2024 07/2029 5.6 5.6 5.6 (2)(11)
First lien senior secured loan 9.75 % SOFR (Q) 5.00 % 08/2024 07/2029 0.9 0.9 0.9 (2)(11)
Class A units 8.00 % PIK 04/2021 282,200 3.0 5.4
30.4 32.8
329.8 337.8 2.65 %
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 11.25 % SOFR (Q) 6.50 % 12/2021 11/2025 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.25 % SOFR (Q) 6.50 % 12/2022 11/2025 4.8 4.8 4.6 (2)(11)
Preferred units 11/2020 4,113,113 5.1 1.1 (2)
Preferred units 11/2020 1,095,046 1.1 0.3 (2)
Class A common units 11/2020 5,208,159 — — (2)
11.1 6.1
Collision SP Subco, LLC (15) Provider of auto body collision repair services First lien senior secured revolving loan 10.75 % SOFR (Q) 5.50 % 01/2024 01/2030 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.69 % SOFR (Q) 5.50 % 01/2024 01/2030 6.3 6.3 6.3 (2)(11)
6.4 6.4
Continental Acquisition Holdings, Inc. Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets First lien senior secured loan 7.68 % SOFR (Q) 2.93 % 01/2021 01/2027 37.4 37.0 29.2 (2)(11)
First lien senior secured loan 7.68 % SOFR (Q) 2.93 % 12/2021 01/2027 5.6 5.5 4.3 (2)(11)
42.5 33.5
Eckler Purchaser LLC (5) Restoration parts and accessories provider for classic automobiles Class A common units 07/2012 67,972 — — (2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Faraday Buyer, LLC (15) Manufacturer and supplier for the power utility and automotive markets worldwide First lien senior secured loan 10.60 % SOFR (Q) 6.00 % 10/2022 10/2028 55.0 55.0 55.0 (2)(11)
First lien senior secured loan 10.60 % SOFR (Q) 6.00 % 11/2023 10/2028 7.8 7.8 7.8 (2)(11)
62.8 62.8
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 08/2027 — — — (2)(13)
Second lien senior secured loan 12.34 % SOFR (Q) 7.25 % 11/2020 11/2028 70.4 70.4 70.4 (2)(11)
Co-invest units 11/2020 59,230 5.9 8.6 (2)
76.3 79.0
New ChurcHill HoldCo LLC and Victory Topco, LP (15) Operator of collision repair centers First lien senior secured loan 10.11 % SOFR (Q) 5.50 % 11/2023 11/2029 14.0 14.0 14.0 (2)(11)
Class A-2 common units 11/2023 20,170 2.0 3.2 (2)
16.0 17.2
Sun Acquirer Corp. and Sun TopCo, LP (15) Automotive parts and repair services retailer First lien senior secured revolving loan 09/2021 09/2027 — — — (2)(13)
First lien senior secured loan 10.71 % SOFR (M) 5.75 % 09/2021 09/2028 20.0 20.0 20.0 (2)(11)
First lien senior secured loan 10.71 % SOFR (M) 5.75 % 11/2021 09/2028 5.2 5.2 5.2 (2)(11)
First lien senior secured loan 10.71 % SOFR (M) 5.75 % 06/2022 09/2028 1.9 1.9 1.9 (2)(11)
Class A units 09/2021 79,688 8.0 9.8 (2)
35.1 36.9
Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC (15) Provider of global transportation safety and productivity applications First lien senior secured revolving loan 10.85 % SOFR (Q) 5.75 % 02/2024 02/2030 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.86 % SOFR (Q) 5.75 % 02/2024 02/2031 81.1 81.1 81.1 (2)(11)
Class A common units 02/2024 2,501 6.2 6.2
87.4 87.4
339.9 329.3 2.58 %
Household and Personal Products
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. (15) Provider of personal care appliances First lien senior secured loan 11.20 % ( 0.50 % PIK) SOFR (M) 6.25 % 12/2021 12/2027 3.7 3.7 3.5 (2)(11)
Common stock 12/2021 6,149 6.1 3.1 (2)
9.8 6.6
Foundation Consumer Brands, LLC Pharmaceutical holding company of over the counter brands First lien senior secured loan 11.50 % SOFR (Q) 6.25 % 02/2021 02/2027 12.9 12.8 12.9 (2)(11)
First lien senior secured loan 11.50 % SOFR (Q) 6.25 % 06/2023 02/2027 0.2 0.2 0.2 (2)(11)
13.0 13.1

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P. Provider of intimate wellness products First lien senior secured loan 11.35 % SOFR (Q) 6.75 % 11/2022 11/2028 18.3 18.3 18.3 (2)(6)(11)
First lien senior secured loan 11.10 % SOFR (Q) 6.50 % 12/2023 11/2028 8.9 8.8 8.9 (2)(6)(11)
Preferred units 8.00 % PIK 11/2022 3,178 3.7 3.7 (2)(6)
Class B common units 11/2022 32,105 — 0.9 (2)(6)
30.8 31.8
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 11.95 % SOFR (M) 7.00 % 08/2021 08/2027 1.2 1.2 1.1 (2)(11)
First lien senior secured loan 11.95 % ( 3.50 % PIK) SOFR (M) 7.00 % 08/2021 08/2027 27.8 27.8 25.9 (2)(11)
Limited partner interests 08/2021 3.61 % 5.0 2.6 (2)
34.0 29.6
RD Holdco Inc. (5) Manufacturer and marketer of carpet cleaning machines Senior subordinated loan 01/2017 10/2026 31.4 22.0 13.7 (2)(10)
Senior subordinated loan 04/2023 10/2026 1.1 0.9 0.5 (2)(10)
Common stock 01/2017 458,596 14.0 —
36.9 14.2
Silk Holdings III Corp. and Silk Holdings I Corp. (15) Producer of personal care products First lien senior secured revolving loan 9.26 % SOFR (S) 4.00 % 05/2023 05/2029 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.76 % SOFR (S) 5.50 % 05/2023 05/2029 5.4 5.4 5.4 (2)(11)
First lien senior secured loan 10.76 % SOFR (S) 5.50 % 05/2024 05/2029 56.0 56.0 56.0 (2)(11)
Common stock 05/2023 14,199 14.2 38.5 (2)
75.7 100.0
Walnut Parent, Inc. Manufacturer of natural solution pest and animal control products First lien senior secured loan 10.45 % SOFR (M) 5.50 % 11/2020 11/2027 14.3 14.3 13.9 (2)(11)
First lien senior secured loan 10.45 % SOFR (M) 5.50 % 04/2022 11/2027 0.1 0.1 0.1 (2)(11)
14.4 14.0
214.6 209.3 1.64 %
Technology Hardware and Equipment
Chariot Buyer LLC (15) Provider of smart access solutions across residential and commercial properties First lien senior secured loan 8.35 % SOFR (M) 3.50 % 01/2024 11/2028 0.1 0.1 0.1 (2)(11)(18)
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 —
Excelitas Technologies Corp. (15) Provider of photonic solutions First lien senior secured loan 9.85 % SOFR (Q) 5.25 % 05/2024 08/2029 27.1 27.1 27.1 (2)(11)
ITI Holdings, Inc. (15) Provider of innovative software and equipment for motor vehicle agencies First lien senior secured revolving loan 10.45 % SOFR (M) 5.50 % 03/2022 03/2028 2.6 2.6 2.6 (2)(11)
First lien senior secured revolving loan 12.50 % Base Rate (Q) 4.50 % 03/2022 03/2028 1.7 1.7 1.7 (2)(11)
First lien senior secured loan 10.58 % SOFR (Q) 5.50 % 03/2022 03/2028 34.4 34.4 34.4 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
38.7 38.7
PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P. (15) Provider of analytical instrumentation and testing equipment and services First lien senior secured loan 9.92 % SOFR (M) 5.00 % 03/2023 03/2029 17.3 17.3 17.3 (2)(11)
First lien senior secured loan 9.92 % SOFR (M) 5.00 % 10/2023 03/2029 2.8 2.8 2.8 (2)(11)
First lien senior secured loan 9.85 % SOFR (M) 5.00 % 05/2024 03/2029 3.2 3.2 3.2 (2)(11)
Class A-2 units 01/2022 34,832 4.8 5.2
Limited partnership interests 03/2023 0.55 % 9.9 14.8 (2)
38.0 43.3
Repairify, Inc. and Repairify Holdings, LLC (15) Provider of automotive diagnostics scans and solutions First lien senior secured revolving loan 10.31 % SOFR (S) 5.00 % 06/2021 06/2027 7.3 7.3 7.3 (2)(11)
Class A common units 06/2021 163,820 4.9 3.7 (2)
12.2 11.0
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 02/2020 02/2027 — — — (2)(13)
First lien senior secured loan 10.60 % SOFR (M) 5.75 % 02/2020 02/2027 18.4 18.4 18.4 (2)(11)
First lien senior secured loan 10.60 % SOFR (M) 5.75 % 11/2021 02/2027 2.5 2.5 2.5 (2)(11)
First lien senior secured loan 10.60 % SOFR (M) 5.75 % 05/2022 02/2027 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 10.60 % SOFR (M) 5.75 % 11/2023 02/2027 5.4 5.4 5.4 (2)(11)
Limited partnership interests 02/2020 17,655 1.5 5.6 (2)
28.0 32.1
144.5 152.3 1.19 %
Transportation
Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc. 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 10.35 % SOFR (M) 5.50 % 06/2021 07/2030 31.5 31.5 31.5 (2)(11)
First lien senior secured loan 10.35 % SOFR (M) 5.50 % 06/2022 07/2030 0.5 0.5 0.5 (2)(11)
First lien senior secured loan 10.35 % SOFR (M) 5.50 % 03/2023 07/2030 6.1 6.1 6.1 (2)(11)
First lien senior secured loan 10.35 % SOFR (M) 5.50 % 05/2024 07/2030 12.7 12.7 12.7 (2)(11)
First lien senior secured loan 10.60 % SOFR (S) 5.50 % 08/2024 07/2030 5.4 5.4 5.4 (2)(11)
Common stock 06/2021 75,990 7.6 19.8 (2)
63.8 76.0
63.8 76.0 0.60 %
Education
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (15) Distributor of instructional products, services and resources First lien senior secured revolving loan 10.46 % SOFR (M) 5.50 % 08/2018 04/2026 5.5 5.5 5.5 (2)(11)(14)
First lien senior secured loan 10.37 % SOFR (Q) 5.50 % 07/2017 04/2026 29.1 29.1 29.1 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(dollar amounts in millions)

(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 10.37 % SOFR (Q) 5.50 % 08/2018 04/2026 1.1 1.1 1.1 (2)(11)
First lien senior secured loan 10.37 % SOFR (Q) 5.50 % 06/2024 04/2026 7.5 7.5 7.5 (2)(11)
Series A preferred stock 10/2014 1,272 0.7 1.3 (2)
43.9 44.5
43.9 44.5 0.35 %
Real Estate Management and Development
OPH NEP Investment, LLC (4) Provider of energy services for multi-family property owners, developers, and managers Senior subordinated loan 10.00 % ( 7.00 % PIK) 05/2024 05/2032 29.8 28.4 29.1 (2)
Class B common units 05/2024 7 1.5 1.9
29.9 31.0
29.9 31.0 0.24 %
Total Investments $ 25,572.5 $ 25,918.2 (19) 202.94 %

Derivative Instruments

Foreign currency forward contracts

Description Notional Amount to be Purchased Notional Amount to be Sold Counterparty Settlement Date Unrealized Appreciation / (Depreciation)
Foreign currency forward contract $ 170 € 156 Canadian Imperial Bank of Commerce October 25, 2024 $ ( 4 )
Foreign currency forward contract $ 113 CAD 155 Canadian Imperial Bank of Commerce October 25, 2024 ( 2 )
Foreign currency forward contract $ 113 CAD 153 Royal Bank of Canada October 18, 2024 ( 1 )
Foreign currency forward contract $ 103 € 94 Royal Bank of Canada October 25, 2024 ( 2 )
Foreign currency forward contract $ 76 £ 59 Royal Bank of Canada October 25, 2024 ( 3 )
Foreign currency forward contract $ 75 £ 61 Royal Bank of Canada August 21, 2026 ( 3 )
Foreign currency forward contract $ 74 £ 57 Canadian Imperial Bank of Commerce October 25, 2024 ( 3 )
Foreign currency forward contract $ 39 NZD 66 Royal Bank of Canada October 25, 2024 ( 3 )
Foreign currency forward contract $ 39 CAD 53 Royal Bank of Canada October 25, 2024 ( 1 )
Foreign currency forward contract $ 14 AUD 21 Canadian Imperial Bank of Commerce November 17, 2026 —
Foreign currency forward contract $ 11 £ 9 Canadian Imperial Bank of Commerce August 21, 2026 —
Foreign currency forward contract $ 6 NOK 63 Canadian Imperial Bank of Commerce October 25, 2024 —
Foreign currency forward contract $ 4 £ 3 Royal Bank of Canada August 21, 2026 —
Total $ ( 22 )

Interest rate swaps

Description Hedged Item Company Receives Company Pays Counterparty Maturity Date Notional Amount Fair Value Upfront Payments/Receipts Change in Unrealized Appreciation / (Depreciation)
Interest rate swap January 2027 Notes 7.000 % SOFR + 2.581 % Wells Fargo Bank, N.A. 01/15/2027 $ 900 $ 18 $ — $ 18
Interest rate swap March 2029 Notes 5.875 % SOFR + 2.023 % Wells Fargo Bank, N.A. 03/01/2029 1,000 22 — 22
Interest rate swap July 2029 Notes 5.950 % SOFR + 1.643 % Wells Fargo Bank, N.A. 07/15/2029 850 37 — 37
Total $ 2,750 $ 77 $ — $ 77

(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 September 30, 2024 represented 203 % of the Company’s net assets or 96 % 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 debt securitization 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 and debt securitization (see Note 5).

(3) Investments without an interest rate are non-income producing.

(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 nine months ended September 30, 2024 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 Nine Months Ended September 30, 2024 — (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) As of September 30, 2024 — Fair Value
Apex Clean Energy TopCo, LLC $ 3.2 $ — $ — $ — $ — $ — $ — $ — $ 30.4 $ 221.5
APG Intermediate Holdings Corporation and APG Holdings, LLC — 0.1 — 1.0 — — — — ( 5.0 ) 18.6
Bragg Live Food Products, LLC and SPC Investment Co., L.P. — 3.1 — 2.1 — — 0.1 — 14.0 54.8
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. — — — 6.5 — — 0.1 — 21.2 102.3
Daylight Beta Parent LLC and CFCo, LLC — — — — — — — — ( 9.7 ) 2.5
ESCP PPG Holdings, LLC — — — — — — — — ( 0.4 ) 4.0
European Capital UK SME Debt LP — — — — — 1.3 — — 0.6 16.9
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP 49.2 — — 0.8 0.7 — — — ( 0.8 ) 48.7
OPH NEP Investment, LLC 29.0 — — 1.3 0.8 — — — 1.0 31.0
PCG-Ares Sidecar Investment, L.P. — — — — — — — — ( 0.1 ) 0.7
PCG-Ares Sidecar Investment II, L.P. — — — — — 0.1 — — 4.9 23.1
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC 8.7 — — 0.5 — — — — — 54.7
Production Resource Group, L.L.C. and PRG III, LLC 26.1 1.9 — 10.5 1.2 — 1.5 — ( 28.3 ) 116.4
Shoes For crews Global, LLC and Shoes for crews Holdings, LLC — — — 0.4 — — — — ( 0.4 ) 21.5
Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. — 3.8 6.0 0.2 — — — ( 6.0 ) 6.1 —
$ 116.2 $ 8.9 $ 6.0 $ 23.3 $ 2.7 $ 1.4 $ 1.7 $ ( 6.0 ) $ 33.5 $ 716.7

(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 nine months ended September 30, 2024 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 Nine Months Ended September 30, 2024 — (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) As of September 30, 2024 — Fair Value
Absolute Dental Group LLC and Absolute Dental Equity, LLC $ 24.7 $ 23.6 $ 3.9 $ 7.4 $ — $ — $ 0.1 $ ( 3.8 ) $ ( 7.5 ) $ 67.9
ACAS Equity Holdings Corporation — — — — — — — — — 0.4
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. — — — — — — — — — —
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC 4.0 — — 3.8 — — 0.1 — ( 16.2 ) 56.5
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 — 91.0 80.8 3.5 — — — 146.3 ( 114.3 ) —
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation — — — 1.9 — — 0.3 — 1.5 67.9
Ivy Hill Asset Management, L.P. 304.2 338.2 — 1.5 — 204.0 — — 1.6 1,954.2
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC — 0.3 — 0.5 — — 0.1 ( 0.3 ) ( 2.6 ) 40.5
Potomac Intermediate Holdings II LLC 24.5 — — — — — — — 97.4 204.3
PS Operating Company LLC and PS Op Holdings LLC 2.5 2.3 — 0.2 — — 0.1 — ( 12.1 ) 10.2
RD Holdco Inc. — — — — — — — — 0.3 14.2
S Toys Holdings LLC (fka The Step2 Company, LLC) — — — — — — — — 0.6 —
Senior Direct Lending Program, LLC 152.1 236.8 — 131.4 5.5 — 3.3 — ( 44.1 ) 1,159.2
Startec Equity, LLC — — — — — — — — — —
SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc. 1.2 118.5 — ( 1.0 ) 0.1 — — ( 118.7 ) 87.8 —
Visual Edge Technology, Inc. — 0.2 — 3.6 — 3.8 0.1 — ( 3.1 ) 78.7
VPROP Operating, LLC and V SandCo, LLC — — — 4.4 — — — — ( 10.8 ) 88.6
$ 513.2 $ 810.9 $ 84.7 $ 157.2 $ 5.6 $ 207.8 $ 4.1 $ 23.5 $ ( 21.5 ) $ 3,742.6
  • 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).

(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, 23 % of the Company's total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of September 30, 2024.

(7) Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to 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 $ 39.0 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 $ 34.0 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 U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding $ 34.0 secured borrowing, at fair value, included in “secured borrowings” in the accompanying consolidated balance sheet. As of September 30, 2024, the interest rate in effect for the secured borrowing was 12.80 %.

(10) Loan was on non-accrual status as of September 30, 2024.

(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 September 30, 2024, 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 September 30, 2024, 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 September 30, 2024, 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.

(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 unfunded revolving and delayed draw commitments
3 Step Sports LLC 10.4 — 10.4 — ( 10.0 ) 0.4
Absolute Dental Group LLC and Absolute Dental Equity, LLC 15.4 ( 11.4 ) 4.0 — — 4.0
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. 17.1 — 17.1 — — 17.1
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC 4.1 — 4.1 — — 4.1
Actfy Buyer, Inc. 24.8 — 24.8 — — 24.8
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP 3.6 — 3.6 — — 3.6
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC 16.0 — 16.0 — — 16.0
ADMA Biologics Inc. — — — — — —
Aduro Advisors, LLC 7.4 — 7.4 — — 7.4
Advarra Holdings, Inc. 0.4 — 0.4 — — 0.4
AI Fire Buyer, Inc. and AI Fire Parent LLC 9.9 ( 1.5 ) 8.4 — — 8.4
AI Titan Parent, Inc. 18.5 — 18.5 — — 18.5
Airx Climate Solutions, Inc. 11.5 — 11.5 — — 11.5
Alcami Corporation and ACM Note Holdings, LLC 1.9 — 1.9 — — 1.9
Aldinger Company Inc 6.0 — 6.0 — — 6.0
Alera Group, Inc. 8.4 — 8.4 — — 8.4
American Residential Services L.L.C. and Aragorn Parent Holdings LP 10.0 — 10.0 — — 10.0
Amerivet Partners Management, Inc. and AVE Holdings LP 6.3 — 6.3 — — 6.3
Anaplan, Inc. 1.4 — 1.4 — — 1.4
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua 55.4 — 55.4 — — 55.4
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC 75.4 ( 4.1 ) 71.3 — — 71.3
APG Intermediate Holdings Corporation and APG Holdings, LLC 0.1 — 0.1 — — 0.1
Applied Technical Services, LLC 9.6 ( 4.7 ) 4.9 — — 4.9
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. 0.1 — 0.1 — — 0.1
Aptean, Inc. and Aptean Acquiror Inc. 2.1 — 2.1 — — 2.1
AQ Sage Buyer, LLC 0.7 ( 0.2 ) 0.5 — — 0.5
AQ Sunshine, Inc. 41.1 ( 0.5 ) 40.6 — — 40.6
Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. 13.0 — 13.0 — — 13.0
Artifact Bidco, Inc. 6.9 — 6.9 — — 6.9
Artivion, Inc. 7.8 ( 0.9 ) 6.9 — — 6.9
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP 6.2 ( 3.6 ) 2.6 — — 2.6
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP 9.0 — 9.0 — — 9.0
ATI Restoration, LLC 45.4 ( 11.5 ) 33.9 — — 33.9
Avalara, Inc. 2.7 — 2.7 — — 2.7
Avalign Holdings, Inc. and Avalign Technologies, Inc. 5.3 — 5.3 — — 5.3
Bamboo US BidCo LLC 12.5 — 12.5 — — 12.5
Banyan Software Holdings, LLC and Banyan Software, LP 38.2 ( 1.0 ) 37.2 — — 37.2
Beacon Pointe Harmony, LLC 11.2 — 11.2 — — 11.2
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. 0.5 — 0.5 — — 0.5
Belfor Holdings, Inc. 58.5 ( 6.2 ) 52.3 — — 52.3
Benecon Midco II LLC and Benecon Holdings, LLC 8.7 ( 1.1 ) 7.6 — — 7.6
Berner Food & Beverage, LLC 1.7 ( 1.2 ) 0.5 — — 0.5
BGI Purchaser, Inc. 35.3 ( 10.5 ) 24.8 — — 24.8
BGIF IV Fearless Utility Services, Inc. 15.2 ( 0.2 ) 15.0 — — 15.0
BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC 3.0 ( 2.7 ) 0.3 — — 0.3
Bobcat Purchaser, LLC and Bobcat Topco, L.P. 2.5 — 2.5 — — 2.5
Borrower R365 Holdings LLC 1.5 — 1.5 — — 1.5
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC 2.3 — 2.3 — — 2.3
BR PJK Produce, LLC 2.2 — 2.2 — — 2.2
BradyPlus Holdings, LLC 3.8 — 3.8 — — 3.8
Bragg Live Food Products, LLC and SPC Investment Co., L.P. 4.4 — 4.4 — — 4.4
Broadcast Music, Inc. 4.2 — 4.2 — — 4.2
Businessolver.com, Inc. 1.5 — 1.5 — — 1.5
(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 unfunded revolving and delayed draw commitments
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP 28.1 ( 11.8 ) 16.3 — — 16.3
Captive Resources Midco, LLC 1.2 — 1.2 — — 1.2
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. 5.0 — 5.0 — — 5.0
Center for Autism and Related Disorders, LLC 9.5 ( 9.5 ) — — — —
Centralsquare Technologies, LLC and Supermoose Newco, Inc. 15.8 ( 0.1 ) 15.7 — — 15.7
Chariot Buyer LLC 12.3 — 12.3 — — 12.3
City Line Distributors LLC and City Line Investments LLC 2.7 — 2.7 — — 2.7
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC 1.4 ( 0.4 ) 1.0 — — 1.0
Cliffwater LLC 1.0 — 1.0 — — 1.0
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. 25.5 ( 1.2 ) 24.3 — — 24.3
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. 21.1 ( 0.7 ) 20.4 — — 20.4
Collision SP Subco, LLC 2.7 ( 0.1 ) 2.6 — — 2.6
Compex Legal Services, Inc. 3.6 ( 1.8 ) 1.8 — — 1.8
Comprehensive EyeCare Partners, LLC 2.0 ( 2.0 ) — — — —
Computer Services, Inc. 38.5 — 38.5 — — 38.5
Concert Golf Partners Holdco LLC 57.5 — 57.5 — — 57.5
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. 18.2 ( 10.4 ) 7.8 — — 7.8
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 ( 7.6 ) 31.1 — — 31.1
Coupa Holdings, LLC and Coupa Software Incorporated 0.9 — 0.9 — — 0.9
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC 0.1 — 0.1 — — 0.1
CST Holding Company 1.9 — 1.9 — — 1.9
Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc. 5.1 ( 0.7 ) 4.4 — — 4.4
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC 56.4 — 56.4 — — 56.4
Datix Bidco Limited and RL Datix Holdings (USA), Inc. 47.1 — 47.1 — — 47.1
DecoPac, Inc. and KCAKE Holdings Inc. 19.9 ( 4.6 ) 15.3 — — 15.3
Demakes Borrower, LLC 1.8 — 1.8 — — 1.8
Denali Holdco LLC and Denali Apexco LP 24.3 — 24.3 — — 24.3
DFC Global Facility Borrower III LLC 74.5 ( 63.1 ) 11.4 — — 11.4
DFS Holding Company, Inc. 0.3 — 0.3 — — 0.3
Diligent Corporation and Diligent Preferred Issuer, Inc. 5.4 — 5.4 — — 5.4
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. 9.3 ( 0.6 ) 8.7 — — 8.7
Dorado Bidco, Inc. 8.4 — 8.4 — — 8.4
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 15.9 — 15.9 — — 15.9
DP Flores Holdings, LLC 11.4 — 11.4 — — 11.4
DriveCentric Holdings, LLC 1.7 — 1.7 — — 1.7
Drogon Bidco Inc. & Drogon Aggregator LP 14.5 — 14.5 — — 14.5
DRS Holdings III, Inc. and DRS Holdings I, Inc. 10.8 — 10.8 — — 10.8
Duraserv LLC 8.7 — 8.7 — — 8.7
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP 9.6 ( 5.0 ) 4.6 — — 4.6
Echo Purchaser, Inc. 3.9 ( 0.1 ) 3.8 — — 3.8
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. 50.4 — 50.4 — — 50.4
Edmunds Govtech, Inc. 24.7 ( 1.7 ) 23.0 — — 23.0
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. 7.3 ( 6.6 ) 0.7 — — 0.7
Elevation Services Parent Holdings, LLC 3.5 ( 1.9 ) 1.6 — — 1.6
Empower Payments Investor, LLC 6.4 — 6.4 — — 6.4
Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc. 16.7 ( 0.6 ) 16.1 — — 16.1
EpiServer Inc. and Episerver Sweden Holdings AB 9.5 — 9.5 — — 9.5
eResearch Technology, Inc. and Astorg VII Co-Invest ERT 15.0 ( 0.7 ) 14.3 — — 14.3
(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 unfunded revolving and delayed draw commitments
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. 1.1 ( 0.9 ) 0.2 — — 0.2
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC 49.3 ( 3.9 ) 45.4 — — 45.4
Eternal Aus Bidco Pty Ltd 1.4 — 1.4 — — 1.4
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. 4.8 — 4.8 — — 4.8
Excelitas Technologies Corp. 27.1 — 27.1 — — 27.1
Extrahop Networks, Inc. 11.3 — 11.3 — — 11.3
Faraday Buyer, LLC 5.1 — 5.1 — — 5.1
Fever Labs, Inc. 14.2 ( 4.3 ) 9.9 — — 9.9
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. 17.9 — 17.9 — — 17.9
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP 24.5 ( 1.9 ) 22.6 — — 22.6
FL Hawk Intermediate Holdings, Inc. 0.5 — 0.5 — — 0.5
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. 17.5 ( 5.6 ) 11.9 — — 11.9
Flint OpCo, LLC 5.6 — 5.6 — — 5.6
FlyWheel Acquireco, Inc. 8.2 ( 5.5 ) 2.7 — — 2.7
Forescout Technologies, Inc. 2.4 — 2.4 — — 2.4
Foundation Risk Partners, Corp. 45.7 — 45.7 — — 45.7
FS Squared Holding Corp. and FS Squared, LLC 9.6 ( 0.5 ) 9.1 — — 9.1
Galway Borrower LLC 27.4 ( 3.5 ) 23.9 — — 23.9
GC Waves Holdings, Inc. 0.1 — 0.1 — — 0.1
Generator Buyer, Inc. 2.0 — 2.0 — — 2.0
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. 6.5 — 6.5 — — 6.5
GI Ranger Intermediate LLC 3.6 — 3.6 — — 3.6
Global Music Rights, LLC 5.5 — 5.5 — — 5.5
GNZ Energy Bidco Limited and Galileo Co-investment Trust I 3.1 — 3.1 — — 3.1
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC 23.0 — 23.0 — — 23.0
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC 7.5 — 7.5 — — 7.5
GSV Purchaser, Inc. 28.4 — 28.4 — — 28.4
GTCR Everest Borrower, LLC 1.2 — 1.2 — — 1.2
GTCR F Buyer Corp. and GTCR (D) Investors LP 0.9 — 0.9 — — 0.9
Guidepoint Security Holdings, LLC 3.4 — 3.4 — — 3.4
Hanger, Inc. 18.3 ( 6.1 ) 12.2 — — 12.2
Harvey Tool Company, LLC 66.7 — 66.7 — — 66.7
HealthEdge Software, Inc. 9.2 — 9.2 — — 9.2
Heavy Construction Systems Specialists, LLC 4.0 — 4.0 — — 4.0
Helios Service Partners, LLC and Astra Service Partners, LLC 5.4 ( 0.1 ) 5.3 — — 5.3
Help/Systems Holdings, Inc. 15.0 ( 11.2 ) 3.8 — — 3.8
HGC Holdings, LLC 7.5 — 7.5 — — 7.5
HH-Stella, Inc. and Bedrock Parent Holdings, LP 22.3 ( 1.8 ) 20.5 — — 20.5
Higginbotham Insurance Agency, Inc. 4.3 — 4.3 — — 4.3
High Street Buyer, Inc. and High Street Holdco LLC 38.2 — 38.2 — — 38.2
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC 17.5 ( 0.5 ) 17.0 — — 17.0
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP 2.2 ( 0.1 ) 2.1 — — 2.1
HP RSS Buyer, Inc. 6.1 — 6.1 — — 6.1
HPCC Parent, Inc. and Patriot Container Corp. 7.0 — 7.0 — — 7.0
HuFriedy Group Acquisition LLC 20.5 — 20.5 — — 20.5
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP 13.3 ( 6.3 ) 7.0 — — 7.0
Hyland Software, Inc. 2.0 ( 0.1 ) 1.9 — — 1.9
Icefall Parent, Inc. 1.1 — 1.1 — — 1.1
Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P. 12.9 ( 0.8 ) 12.1 — — 12.1
Inszone Mid, LLC and INSZ Holdings, LLC 75.1 — 75.1 — — 75.1
Internet Truckstop Group LLC 1.2 — 1.2 — — 1.2
IQN Holding Corp. 2.3 ( 0.5 ) 1.8 — — 1.8
(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 unfunded revolving and delayed draw commitments
IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P. 14.4 ( 8.1 ) 6.3 — — 6.3
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. 34.1 ( 1.1 ) 33.0 — — 33.0
ITI Holdings, Inc. 5.7 ( 4.3 ) 1.4 — — 1.4
Kaseya Inc. and Knockout Intermediate Holdings I Inc. 28.2 ( 6.9 ) 21.3 — — 21.3
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) 5.0 ( 2.4 ) 2.6 — — 2.6
Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC 3.1 — 3.1 — — 3.1
Kene Acquisition, Inc. and Kene Holdings, L.P. 8.0 — 8.0 — — 8.0
Keystone Agency Partners LLC 2.9 — 2.9 — — 2.9
Kings Buyer, LLC 1.6 ( 0.7 ) 0.9 — — 0.9
KPS Global LLC and Cool Group LLC 3.4 — 3.4 — — 3.4
Laboratories Bidco LLC and Laboratories Topco LLC 19.6 ( 7.8 ) 11.8 — — 11.8
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP 11.0 — 11.0 — — 11.0
LeanTaaS Holdings, Inc. 19.5 — 19.5 — — 19.5
Legends Hospitality Holding Company, LLC and ASM Buyer, Inc. 14.4 ( 1.7 ) 12.7 — — 12.7
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. 1.5 — 1.5 — — 1.5
Lew's Intermediate Holdings, LLC 2.3 ( 0.4 ) 1.9 — — 1.9
Lido Advisors, LLC 6.5 ( 0.8 ) 5.7 — — 5.7
Lightbeam Bidco, Inc. 3.7 ( 0.2 ) 3.5 — — 3.5
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. 5.6 — 5.6 — — 5.6
LJP Purchaser, Inc. and LJP Topco, LP 3.1 — 3.1 — — 3.1
Mai Capital Management Intermediate LLC 6.7 — 6.7 — — 6.7
Majesco and Magic Topco, L.P. 2.0 — 2.0 — — 2.0
Manna Pro Products, LLC 7.0 ( 6.8 ) 0.2 — — 0.2
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP 32.9 ( 17.1 ) 15.8 — — 15.8
McKenzie Creative Brands, LLC 4.5 ( 1.4 ) 3.1 — — 3.1
Meyer Laboratory, LLC and Meyer Parent, LLC 11.6 — 11.6 — — 11.6
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. 8.0 — 8.0 — — 8.0
Modigent, LLC and OMERS PMC Investment Holdings LLC 12.6 ( 5.4 ) 7.2 — — 7.2
Monica Holdco (US) Inc. 3.6 — 3.6 — — 3.6
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC 1.2 ( 0.4 ) 0.8 — — 0.8
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC 6.3 ( 0.2 ) 6.1 — — 6.1
MRI Software LLC 3.8 — 3.8 — — 3.8
Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc. 6.5 — 6.5 — — 6.5
NAS, LLC and Nationwide Marketing Group, LLC 3.0 ( 1.5 ) 1.5 — — 1.5
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. 24.3 ( 1.0 ) 23.3 — — 23.3
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. 12.6 — 12.6 — — 12.6
Netsmart, Inc. and Netsmart Technologies, Inc. 33.8 — 33.8 — — 33.8
New ChurcHill HoldCo LLC and Victory Topco, LP 10.2 — 10.2 — — 10.2
Next Holdco, LLC 2.4 — 2.4 — — 2.4
NMC Skincare Intermediate Holdings II, LLC 12.8 ( 5.4 ) 7.4 — — 7.4
NMN Holdings III Corp. and NMN Holdings LP 65.4 — 65.4 — — 65.4
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. 2.5 ( 2.5 ) — — — —
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC 11.2 ( 3.0 ) 8.2 — ( 5.9 ) 2.3
North Haven Stack Buyer, LLC 10.5 ( 0.5 ) 10.0 — — 10.0
North Star Acquisitionco, LLC and Toucan Bidco Limited 8.9 ( 0.4 ) 8.5 — — 8.5
Northwinds Holding, Inc. and Northwinds Services Group LLC 13.8 — 13.8 — — 13.8
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP 4.5 ( 0.4 ) 4.1 — — 4.1
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC 0.9 — 0.9 — — 0.9
OMH-HealthEdge Holdings, LLC 7.2 — 7.2 — — 7.2
OneDigital Borrower LLC 16.4 ( 0.7 ) 15.7 — — 15.7
Packaging Coordinators Midco, Inc. 15.0 — 15.0 — — 15.0
Paragon 28, Inc. and Paragon Advanced Technologies, Inc. 8.1 ( 0.1 ) 8.0 — — 8.0
(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 unfunded revolving and delayed draw commitments
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. 2.6 ( 0.1 ) 2.5 — — 2.5
Pathway Vet Alliance LLC and Jedi Group Holdings LLC 1.9 ( 0.2 ) 1.7 — — 1.7
Patriot Growth Insurance Services, LLC 2.2 ( 0.4 ) 1.8 — — 1.8
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC 2.5 — 2.5 — — 2.5
PCS MidCo, Inc. and PCS Parent, L.P. 6.7 ( 0.8 ) 5.9 — — 5.9
PDDS HoldCo, Inc. 2.4 ( 0.2 ) 2.2 — — 2.2
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC 14.5 — 14.5 — — 14.5
Pelican Products, Inc. 2.3 ( 1.6 ) 0.7 — — 0.7
People Corporation 11.1 ( 1.2 ) 9.9 — ( 4.9 ) 5.0
Perforce Software, Inc. 7.5 — 7.5 — — 7.5
Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP 1.7 — 1.7 — — 1.7
PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P. 1.1 — 1.1 — — 1.1
PestCo Holdings, LLC and PestCo, LLC 0.4 — 0.4 — — 0.4
Petrus Buyer, Inc. 1.8 — 1.8 — — 1.8
PetVet Care Centers, LLC 49.4 — 49.4 — — 49.4
Petvisor Holdings, LLC 30.2 — 30.2 — — 30.2
Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc. 4.7 — 4.7 — — 4.7
Ping Identity Holding Corp. 0.2 — 0.2 — — 0.2
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC 15.2 — 15.2 — — 15.2
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC 11.8 ( 0.5 ) 11.3 — — 11.3
Precision Concepts International LLC and Precision Concepts Canada Corporation 14.4 ( 3.6 ) 10.8 — — 10.8
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. 3.5 ( 1.2 ) 2.3 — — 2.3
Premiere Buyer, LLC 8.5 — 8.5 — — 8.5
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP 5.0 ( 0.1 ) 4.9 — — 4.9
Prime Buyer, L.L.C. 15.9 ( 4.3 ) 11.6 — — 11.6
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC 20.1 — 20.1 — — 20.1
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. 12.5 ( 0.7 ) 11.8 — — 11.8
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 — 5.5 — — 5.5
Proofpoint, Inc. 3.1 — 3.1 — — 3.1
PS Operating Company LLC and PS Op Holdings LLC 6.4 ( 5.1 ) 1.3 — ( 1.4 ) ( 0.1 )
PSC Parent, Inc. 14.8 ( 2.8 ) 12.0 — — 12.0
PYE-Barker Fire & Safety, LLC 19.7 ( 0.5 ) 19.2 — — 19.2
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC 1.6 — 1.6 — — 1.6
QF Holdings, Inc. 1.1 ( 0.6 ) 0.5 — — 0.5
Qnnect, LLC and Connector TopCo, LP 2.7 — 2.7 — — 2.7
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. 19.1 — 19.1 — — 19.1
Radius Aerospace, Inc. and Radius Aerospace Europe Limited 5.7 ( 3.4 ) 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 2.1 ( 1.4 ) 0.7 — — 0.7
Reagent Chemical & Research, LLC 2.7 — 2.7 — — 2.7
Reddy Ice LLC 21.3 ( 0.5 ) 20.8 — — 20.8
Redwood Services, LLC and Redwood Services Holdco, LLC 20.5 ( 0.2 ) 20.3 — — 20.3
Reef Lifestyle, LLC 33.1 ( 30.8 ) 2.3 — — 2.3
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. 6.9 ( 6.6 ) 0.3 — — 0.3
Relativity ODA LLC 8.8 — 8.8 — — 8.8
Repairify, Inc. and Repairify Holdings, LLC 7.3 ( 7.3 ) — — — —
Revalize, Inc. 0.9 ( 0.5 ) 0.4 — — 0.4
Rialto Management Group, LLC 1.3 ( 0.3 ) 1.0 — — 1.0
Riser Topco II, LLC 3.7 — 3.7 — — 3.7
(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 unfunded revolving and delayed draw commitments
RMS HoldCo II, LLC & RMS Group Holdings, Inc. 2.9 — 2.9 — — 2.9
Rodeo AcquisitionCo LLC 2.5 ( 1.4 ) 1.1 — — 1.1
Royal Borrower, LLC and Royal Parent, LP 14.3 ( 0.2 ) 14.1 — — 14.1
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. 15.9 ( 8.1 ) 7.8 — — 7.8
SageSure Holdings, LLC and SageSure LLC 38.3 — 38.3 — — 38.3
Sapphire Software Buyer, Inc. 5.9 — 5.9 — — 5.9
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. 15.2 ( 0.5 ) 14.7 — — 14.7
SCIH Salt Holdings Inc. 22.5 ( 0.4 ) 22.1 — — 22.1
SCM Insurance Services Inc. 4.0 — 4.0 — — 4.0
SePro Holdings, LLC 8.5 — 8.5 — — 8.5
Severin Acquisition, LLC 76.1 — 76.1 — — 76.1
SG Acquisition, Inc. 2.0 — 2.0 — — 2.0
Shermco Intermediate Holdings, Inc. 6.2 ( 2.4 ) 3.8 — — 3.8
Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC 0.7 — 0.7 — — 0.7
SIG Parent Holdings, LLC 34.5 — 34.5 — — 34.5
Silk Holdings III Corp. and Silk Holdings I Corp. 0.1 ( 0.1 ) — — — —
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC 2.1 — 2.1 — — 2.1
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
Spark Purchaser, Inc. 2.3 — 2.3 — — 2.3
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp 2.5 — 2.5 — — 2.5
St Athena Global LLC and St Athena Global Holdings Limited 4.4 — 4.4 — — 4.4
Star US Bidco LLC 15.5 — 15.5 — — 15.5
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC 2.5 — 2.5 — — 2.5
Sugar PPC Buyer LLC 3.9 — 3.9 — — 3.9
Sun Acquirer Corp. and Sun TopCo, LP 17.7 ( 0.5 ) 17.2 — — 17.2
Sundance Group Holdings, Inc. 4.4 ( 2.0 ) 2.4 — — 2.4
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation 7.6 ( 1.9 ) 5.7 — — 5.7
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. 37.9 — 37.9 — — 37.9
Superman Holdings, LLC 16.7 — 16.7 — — 16.7
SV Newco 2, Inc. and Site 2020 Incorporated 17.5 — 17.5 — — 17.5
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. 10.0 ( 0.4 ) 9.6 — — 9.6
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC 4.2 — 4.2 — — 4.2
Systems Planning and Analysis, Inc. 4.0 ( 0.8 ) 3.2 — — 3.2
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. 7.5 — 7.5 — — 7.5
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. 2.4 ( 0.7 ) 1.7 — — 1.7
TCP Hawker Intermediate LLC 12.8 — 12.8 — — 12.8
Team Acquisition Corporation 6.1 — 6.1 — — 6.1
The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc. 3.0 — 3.0 — — 3.0
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP 16.0 ( 1.2 ) 14.8 — — 14.8
The Hiller Companies, LLC 12.4 — 12.4 — — 12.4
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC 1.0 ( 0.3 ) 0.7 — — 0.7
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP 5.6 — 5.6 — — 5.6
Thermostat Purchaser III, Inc. 7.7 ( 0.4 ) 7.3 — — 7.3
THG Acquisition, LLC 6.0 ( 2.1 ) 3.9 — — 3.9
Trader Corporation and Project Auto Finco Corp. 0.6 — 0.6 — — 0.6
Transit Technologies LLC 6.3 — 6.3 — — 6.3
Triwizard Holdings, Inc. and Triwizard Parent, LP 21.0 — 21.0 — — 21.0
Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC 18.4 ( 0.1 ) 18.3 — — 18.3
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC 5.4 ( 0.2 ) 5.2 — — 5.2
TSS Buyer, LLC 0.5 — 0.5 — — 0.5
Two Six Labs, LLC 36.5 — 36.5 — — 36.5
(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 unfunded revolving and delayed draw commitments
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP 4.6 ( 0.4 ) 4.2 — — 4.2
UP Intermediate II LLC and UPBW Blocker LLC 4.2 ( 1.8 ) 2.4 — — 2.4
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. 9.9 — 9.9 — — 9.9
Valcourt Holdings II, LLC and Jobs Holdings, Inc. 5.6 — 5.6 — — 5.6
Verista, Inc. 8.0 ( 0.7 ) 7.3 — — 7.3
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC 1.6 ( 0.2 ) 1.4 — — 1.4
Victors Purchaser, LLC and WP Victors Co-Investment, L.P. 24.0 — 24.0 — — 24.0
Visual Edge Technology, Inc. 18.9 — 18.9 — — 18.9
Vobev, LLC and Vobev Holdings, LLC 2.0 — 2.0 — ( 2.0 ) —
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. 9.4 — 9.4 — — 9.4
VRC Companies, LLC 5.4 — 5.4 — — 5.4
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC 9.2 — 9.2 — — 9.2
Watermill Express, LLC and Watermill Express Holdings, LLC 4.0 ( 0.3 ) 3.7 — — 3.7
Waverly Advisors, LLC and WAAM Topco, LLC 3.7 — 3.7 — — 3.7
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. 0.7 — 0.7 — — 0.7
Wealth Enhancement Group, LLC 14.7 — 14.7 — — 14.7
WebPT, Inc. and WPT Intermediate Holdco, Inc. 0.9 ( 0.2 ) 0.7 — — 0.7
Wellington Bidco Inc. and Wellington TopCo LP 16.6 ( 0.6 ) 16.0 — — 16.0
Wellington-Altus Financial Inc. 1.2 — 1.2 — — 1.2
Wellness AcquisitionCo, Inc. 2.2 — 2.2 — — 2.2
Wellpath Holdings, Inc. 12.0 ( 12.0 ) — — — —
Wildcat BuyerCo, Inc. and Wildcat Parent, LP 6.3 ( 0.2 ) 6.1 — — 6.1
WorkWave Intermediate II, LLC 5.2 — 5.2 — — 5.2
World Insurance Associates, LLC and World Associates Holdings, LLC 9.0 — 9.0 — — 9.0
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 1.8 ( 0.1 ) 1.7 — — 1.7
WRE Sports Investments LLC 6.9 — 6.9 — — 6.9
WSHP FC Acquisition LLC and WSHP FC Holdings LLC 16.3 ( 16.3 ) — — — —
XIFIN, Inc. and ACP Charger Co-Invest LLC 5.7 ( 5.7 ) — — — —
YE Brands Holdings, LLC 3.6 ( 1.2 ) 2.4 — — 2.4
ZB Holdco LLC and ZB TopCo LLC 21.2 ( 6.0 ) 15.2 — — 15.2
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP 12.8 — 12.8 — — 12.8
Zinc Buyer Corporation 17.2 ( 0.2 ) 17.0 — — 17.0
$ 4,037.2 $ ( 472.7 ) $ 3,564.5 $ — $ ( 24.2 ) $ 3,540.3

(16) As of September 30, 2024, 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 unfunded equity commitments
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP $ 1.2 $ — $ 1.2 $ — $ 1.2
Constellation Wealth Capital Fund, L.P. 5.5 ( 2.9 ) 2.6 — 2.6
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 0.1 — 0.1 — 0.1
European Capital UK SME Debt LP 60.2 ( 54.5 ) 5.7 ( 5.7 ) —
GTCR F Buyer Corp. and GTCR (D) Investors LP 1.6 — 1.6 — 1.6
HFCP XI (Parallel - A), L.P. 7.5 — 7.5 — 7.5
High Street Buyer, Inc. and High Street Holdco LLC 38.7 — 38.7 — 38.7
Linden Structured Capital Fund II-A LP 1.9 ( 1.0 ) 0.9 — 0.9
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. 11.6 ( 9.7 ) 1.9 — 1.9
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. 0.3 — 0.3 — 0.3
PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar Investment II, L.P. 50.0 ( 12.4 ) 37.6 ( 37.6 ) —
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. 12.2 ( 10.9 ) 1.3 — 1.3
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. 2.5 — 2.5 — 2.5
Wellington-Altus Financial Inc. 2.4 — 2.4 — 2.4
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 0.2 — 0.2 — 0.2
$ 195.9 $ ( 91.4 ) $ 104.5 $ ( 43.3 ) $ 61.2

(17) As of September 30, 2024, 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 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 for more information regarding the fair value of the Company’s investments.

(19) As of September 30, 2024, the estimated net unrealized gain for federal tax purposes was $ 0.2 billion based on a tax cost basis of $ 26.0 billion. As of September 30, 2024, the estimated aggregate gross unrealized gain for federal income tax purposes was $ 1.6 billion and the estimated aggregate gross unrealized loss for federal income tax purposes was $ 1.4 billion.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Software and Services
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC (15) Payment processing solution provider First lien senior secured loan 10.88 % SOFR (Q) 5.50 % 02/2020 06/2028 $ 62.7 $ 62.7 $ 62.7 (2)(11)
First lien senior secured loan 10.87 % SOFR (M) 5.50 % 06/2022 06/2028 99.5 98.2 99.5 (2)(11)
First lien senior secured loan 10.88 % SOFR (S) 5.50 % 11/2023 06/2028 2.2 2.2 2.2 (2)(11)
Senior subordinated loan 15.39 % PIK SOFR (Q) 10.00 % 02/2020 06/2030 65.7 65.7 65.7 (2)(11)
228.8 230.1
Anaplan, Inc. (15) Provider of cloud-based connected planning platforms for business analytics First lien senior secured loan 11.85 % SOFR (Q) 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 9.45 % Euribor (Q) 5.50 % 04/2019 04/2026 4.4 4.5 4.4 (2)
First lien senior secured loan 10.88 % SOFR (S) 5.25 % 06/2021 04/2026 2.3 2.3 2.3 (2)(11)
Limited partnership units 06/2019 4,400,000 4.2 10.6 (2)(6)
11.0 17.3
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(15) Aircraft performance software provider First lien senior secured loan 10.76 % SOFR (Q) 5.25 % 01/2020 01/2025 13.2 13.2 13.2 (2)(11)
Class A membership units 01/2020 9,750,000 9.8 10.5 (2)
23.0 23.7
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 12.32 % SOFR (Q) 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 43.2 39.7 (2)
48.8 45.3
Aptean, Inc. and Aptean Acquiror Inc. Provider of CRM, ERP and supply chain software application First lien senior secured loan 9.71 % SOFR (M) 4.25 % 05/2022 04/2026 7.1 7.0 7.1 (2)(18)
Auctane, Inc. Provider of mailing and shipping solutions First lien senior secured loan 11.23 % SOFR (Q) 5.75 % 10/2021 10/2028 145.3 145.3 138.0 (2)(11)
Avalara, Inc. (15) Provider of cloud-based solutions for transaction tax compliance worldwide First lien senior secured loan 12.60 % SOFR (Q) 7.25 % 10/2022 10/2028 72.2 72.2 72.2 (2)(11)
Avetta, LLC (15) Supply chain risk management SaaS platform for global enterprise clients First lien senior secured loan 11.15 % SOFR (Q) 5.75 % 10/2023 10/2030 33.0 33.0 32.3 (2)(11)
Banyan Software Holdings, LLC and Banyan Software, LP (15) Vertical software businesses holding company First lien senior secured revolving loan 10.96 % SOFR (M) 5.50 % 01/2023 10/2025 1.4 1.4 1.4 (2)(6)(11)
First lien senior secured loan 12.46 % SOFR (M) 7.00 % 10/2020 10/2026 1.0 1.0 1.0 (2)(6)(11)
First lien senior secured loan 12.46 % SOFR (M) 7.00 % 12/2021 10/2026 0.2 0.2 0.2 (2)(6)(11)
First lien senior secured loan 12.71 % SOFR (M) 7.25 % 01/2023 10/2026 5.2 5.2 5.2 (2)(6)(11)
Preferred units 01/2022 120,999 4.1 8.7 (2)(6)
11.9 16.5
BCTO Ignition Purchaser, Inc. Enterprise software provider First lien senior secured loan 14.40 % PIK SOFR (Q) 9.00 % 04/2023 10/2030 3.5 3.5 3.4 (2)(6)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (15) Healthcare software provider First lien senior secured loan 11.59 % SOFR (Q) 6.25 % 06/2023 06/2030 15.8 15.8 15.8 (2)(11)
Class A-1 units 06/2023 1,523,000 1.5 1.5
17.3 17.3
Borrower R365 Holdings LLC (15) Provider of restaurant enterprise resource planning systems First lien senior secured loan 12.00 % SOFR (Q) 6.50 % 06/2021 06/2027 16.0 15.9 16.0 (2)(11)
First lien senior secured loan 12.00 % SOFR (Q) 6.50 % 01/2022 06/2027 2.0 1.9 2.0 (2)(11)
17.8 18.0
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC (15) Provider of payment automation solutions First lien senior secured loan 10.61 % SOFR (M) 5.25 % 05/2022 05/2029 8.1 8.1 8.1 (2)(11)
First lien senior secured loan 11.11 % SOFR (M) 5.75 % 10/2023 05/2029 4.2 4.2 4.2 (2)(11)
12.3 12.3
Businessolver.com, Inc. (15) Provider of SaaS-based benefits solutions for employers and employees First lien senior secured loan 10.93 % SOFR (M) 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 12.00 % Base Rate (Q) 3.50 % 11/2020 11/2025 2.6 2.6 2.6 (2)(11)
First lien senior secured revolving loan 9.96 % SOFR (M) 4.50 % 11/2020 11/2025 1.4 1.4 1.4 (2)(11)
Second lien senior secured loan 13.25 % SOFR (Q) 7.75 % 11/2020 11/2028 64.3 64.3 63.0 (2)(11)
Series A preferred shares 11.00 % PIK 11/2020 24,898 35.2 30.9 (2)
Series A-2 preferred shares 11.00 % PIK 12/2020 8,963 12.5 10.7 (2)
Series A-3 preferred shares 11.00 % PIK 11/2021 11,952 15.1 13.3 (2)
131.1 121.9
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 86.8 84.7 (2)(18)
First lien senior secured loan 9.99 % SOFR (Q) 4.50 % 09/2022 03/2029 15.7 15.1 15.3 (2)(11)(18)
Second lien senior secured notes 9.00 % 04/2023 09/2029 121.0 112.5 115.2 (2)(18)
Series A preferred stock 17.35 % PIK SOFR (Q) 12.00 % 09/2022 117,813 123.5 127.6 (2)(11)
Limited partnership interests 09/2022 12,250,000 12.3 18.7 (2)
350.2 361.5
Community Brands ParentCo, LLC (15) Software and payment services provider to non-profit institutions First lien senior secured loan 10.96 % SOFR (M) 5.50 % 02/2022 02/2028 10.5 10.5 10.3 (2)(11)
Class A units 12/2016 500,000 5.0 6.1 (2)
15.5 16.4
Computer Services, Inc. Infrastructure software provider to community banks First lien senior secured loan 12.13 % SOFR (Q) 6.75 % 11/2022 11/2029 33.8 33.8 33.8 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
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 11.25 % SOFR (Q) 5.75 % 05/2021 05/2028 3.9 3.9 3.9 (2)(6)(11)
First lien senior secured revolving loan 10.15 % Euribor (Q) 6.25 % 11/2021 05/2028 0.9 0.9 0.9 (2)(6)(11)
First lien senior secured revolving loan 11.25 % SOFR (Q) 5.75 % 11/2021 05/2028 0.3 0.3 0.3 (2)(6)(11)
First lien senior secured loan 11.25 % SOFR (Q) 5.75 % 05/2021 05/2028 74.1 74.1 72.6 (2)(6)(11)
First lien senior secured loan 10.19 % Euribor (Q) 6.25 % 11/2021 05/2028 0.5 0.4 0.5 (2)(6)(11)
First lien senior secured loan 10.19 % Euribor (Q) 6.25 % 11/2021 05/2028 30.0 30.1 29.7 (2)(6)
First lien senior secured loan 11.25 % SOFR (Q) 5.75 % 06/2022 05/2028 11.6 11.6 11.4 (2)(6)(11)
Common units 05/2021 483,584 4.8 9.0 (2)(6)
Series A common units 09/2022 23,340 0.2 0.4 (2)(6)
126.3 128.7
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 11.97 % SOFR (M) 6.50 % 06/2021 06/2029 155.7 155.7 143.2 (2)(11)
Limited partnership units 04/2021 59,665,989 59.7 36.2 (2)
215.4 179.4
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 10.39 % SOFR (Q) 5.00 % 07/2019 07/2026 6.2 6.2 6.2 (2)(6)(11)
First lien senior secured loan 10.39 % SOFR (Q) 5.00 % 10/2019 07/2026 4.3 4.3 4.3 (2)(6)(11)
First lien senior secured loan 12.39 % SOFR (Q) 7.00 % 09/2020 07/2026 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 10.83 % SOFR (Q) 5.50 % 09/2022 07/2026 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 11.39 % SOFR (Q) 6.00 % 09/2022 07/2026 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 11.39 % SOFR (Q) 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 0.8 (2)(6)
Common equity 07/2019 190,143 — — (2)(6)
18.8 19.3
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 10/2021 10/2026 — — — (2)(13)
Second lien senior secured loan 11.97 % SOFR (M) 6.50 % 10/2021 10/2029 137.5 137.5 132.0 (2)(11)
Series A preferred shares 10.50 % PIK 10/2021 116,413 146.0 127.1 (2)
Class A-1 common stock 10/2021 1,360,100 13.6 16.2 (2)
297.1 275.3
Coupa Holdings, LLC and Coupa Software Incorporated (15) Provider of Business Spend Management software First lien senior secured loan 12.86 % SOFR (M) 7.50 % 03/2023 02/2030 9.0 9.0 9.0 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Crosspoint Capital AS SPV, LP (15) Provider of software services that support the management and security of computing devices, applications, data, and networks First lien senior secured revolving loan 12.10 % SOFR (Q) 6.75 % 07/2023 07/2029 0.7 0.7 0.7 (2)(6)(11)
First lien senior secured loan 12.10 % SOFR (Q) 6.75 % 07/2023 07/2030 42.9 42.9 42.5 (2)(6)(11)
Limited partnership interest 8.00 % PIK 10/2023 9,249,000 9.5 9.0 (2)(6)
53.1 52.2
Datix Bidco Limited Global healthcare software company that provides software solutions for patient safety and risk management First lien senior secured loan 9.94 % SOFR (S) 4.50 % 10/2019 04/2025 4.4 4.2 4.4 (2)(6)
Second lien senior secured loan 13.19 % SOFR (S) 7.75 % 11/2022 04/2026 0.7 0.7 0.7 (2)(6)
4.9 5.1
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 12.36 % SOFR (M) 7.00 % 05/2022 02/2029 11.0 10.4 10.9 (2)
Series A preferred shares 10.50 % PIK 05/2021 129,822 169.5 150.8 (2)
Series A units 05/2021 817,194 13.3 9.1 (2)
193.2 170.8
Denali Holdco LLC and Denali Apexco LP (15) Provider of cybersecurity audit and assessment services First lien senior secured loan 10.96 % SOFR (M) 5.50 % 09/2021 09/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.03 % SOFR (M) 5.50 % 07/2022 09/2027 1.1 1.1 1.1 (2)(11)
Class A units 02/2022 2,549,000 2.5 3.2 (2)
3.7 4.4
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 11.76 % SOFR (Q) 6.25 % 08/2020 08/2025 1.2 1.2 1.2 (2)(11)(14)
First lien senior secured loan 11.78 % SOFR (Q) 6.25 % 08/2020 08/2025 14.6 14.5 14.6 (2)(11)
First lien senior secured loan 11.78 % SOFR (Q) 6.25 % 08/2020 08/2025 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.28 % SOFR (Q) 5.75 % 03/2021 08/2025 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.28 % SOFR (Q) 5.75 % 04/2021 08/2025 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.78 % SOFR (Q) 6.25 % 07/2021 08/2025 0.1 0.1 0.1 (2)(11)
Preferred stock 10.50 % PIK 04/2021 13,140 16.7 15.6 (2)
32.8 31.8
DS Admiral Bidco, LLC (15) Tax return software provider for government institutions First lien senior secured loan 11.85 % 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 11.20 % CDOR (Q) 5.75 % 12/2021 12/2026 3.8 3.8 3.8 (2)(6)(11)
First lien senior secured loan 11.21 % CDOR (Q) 5.75 % 12/2021 12/2027 8.7 8.6 8.7 (2)(6)(11)
12.4 12.5

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Echo Purchaser, Inc. (15) Software provider of mission critical security, supply chain, and collaboration solutions for highly regulated end markets First lien senior secured revolving loan 10.86 % SOFR (Q) 5.50 % 11/2023 11/2029 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 10.87 % SOFR (S) 5.50 % 11/2023 11/2029 10.7 10.7 10.4 (2)(11)
10.8 10.5
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 11.02 % SOFR (Q) 5.50 % 09/2019 09/2025 4.1 4.1 4.0 (2)(11)
First lien senior secured loan 11.03 % SOFR (Q) 5.50 % 09/2019 09/2025 60.7 60.7 58.9 (2)(11)
First lien senior secured loan 11.03 % SOFR (Q) 5.50 % 12/2020 09/2025 5.7 5.7 5.5 (2)(11)
Preferred equity 09/2019 4,599 4.6 5.8 (2)
75.1 74.2
Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc. (15) SaaS based business analytics company focused on oil and gas industry First lien senior secured loan 10.86 % SOFR (S) 5.50 % 12/2023 12/2029 134.9 134.9 132.2 (2)(11)
Preferred stock 13.50 % PIK 02/2020 30 48.5 48.5 (2)
183.4 180.7
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 10.11 % SOFR (Q) 4.50 % 06/2023 11/2028 8.4 8.1 8.4 (2)(11)
Second lien senior secured loan 12.11 % SOFR (Q) 6.50 % 11/2021 11/2029 177.9 177.9 172.6 (2)(11)
Partnership units 05/2019 5,034,483 3.2 12.1 (2)(6)
189.2 193.1
EpiServer Inc. and Episerver Sweden Holdings AB (15) Provider of web content management and digital commerce solutions First lien senior secured loan 10.75 % SOFR (Q) 5.25 % 10/2018 04/2026 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 9.43 % Euribor (Q) 5.50 % 03/2019 04/2026 5.7 5.8 5.7 (2)(6)
First lien senior secured loan 10.75 % SOFR (Q) 5.25 % 12/2021 04/2026 0.1 0.1 0.1 (2)(6)(11)
6.0 5.9
eResearch Technology, Inc. and Astorg VII Co-Invest ERT Provider of mission-critical, software-enabled clinical research solutions First lien senior secured loan 9.97 % SOFR (M) 4.50 % 11/2023 02/2027 1.0 1.0 1.0 (2)(11)(18)
Second lien senior secured loan 13.46 % SOFR (M) 8.00 % 02/2020 02/2028 17.2 16.9 17.2 (2)
Second lien senior secured loan 13.46 % SOFR (M) 8.00 % 04/2021 02/2028 30.6 29.9 30.6 (2)
Limited partnership interest 01/2020 3,988,000 4.5 5.5 (2)(6)
52.3 54.3
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 11.74 % SOFR (S) 6.25 % 06/2022 06/2028 0.8 0.8 0.7 (2)(11)
First lien senior secured loan 11.76 % SOFR (Q) 6.25 % 06/2022 06/2028 6.8 6.8 6.6 (2)(11)
Limited partner interests 06/2022 6,246,801 6.2 5.5

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
13.8 12.8
Extrahop Networks, Inc. (15) Provider of real-time wire data analytics solutions for application and infrastructure monitoring First lien senior secured loan 12.96 % SOFR (M) 7.50 % 07/2021 07/2027 22.9 22.9 22.9 (2)(11)
First lien senior secured loan 12.96 % SOFR (M) 7.50 % 03/2023 07/2027 3.9 3.9 3.9 (2)(11)
26.8 26.8
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. (15) Provider of back-office software services for the banking sector First lien senior secured loan 12.71 % SOFR (Q) 7.25 % 09/2023 09/2029 190.5 186.8 188.6 (2)(6)(11)
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 — —
Forescout Technologies, Inc. (15) Network access control solutions provider First lien senior secured loan 13.45 % SOFR (Q) 8.00 % 08/2020 08/2026 9.6 9.5 9.6 (2)(11)
First lien senior secured loan 13.45 % SOFR (Q) 8.00 % 07/2022 08/2026 13.8 13.8 13.8 (2)(11)
23.3 23.4
Genesis Acquisition Co. and Genesis Ultimate Holding Co. (15) Child care management software and services provider First lien senior secured revolving loan 10.39 % SOFR (Q) 5.00 % 07/2018 07/2025 1.5 1.5 1.5 (2)(11)
First lien senior secured loan 10.39 % SOFR (Q) 5.00 % 07/2018 07/2025 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 10.35 % SOFR (Q) 5.00 % 11/2021 07/2025 0.1 0.1 0.1 (2)(11)
Second lien senior secured loan 14.47 % SOFR (Q) 9.00 % 07/2018 07/2026 32.4 32.4 32.4 (2)(11)
Second lien senior secured loan 14.47 % SOFR (Q) 9.00 % 06/2021 07/2026 7.5 7.5 7.5 (2)(11)
Second lien senior secured loan 14.47 % SOFR (Q) 9.00 % 11/2021 07/2026 21.1 21.1 21.1 (2)(11)
Class A common stock 07/2018 8 0.8 2.4 (2)
63.6 65.2
GI Ranger Intermediate LLC (15) Provider of payment processing services and software to healthcare providers First lien senior secured revolving loan 11.21 % SOFR (Q) 5.75 % 10/2021 10/2027 2.2 2.2 2.1 (2)(11)
First lien senior secured loan 11.25 % SOFR (Q) 5.75 % 10/2021 10/2028 10.1 10.1 10.0 (2)(11)
First lien senior secured loan 11.25 % SOFR (Q) 5.75 % 03/2022 10/2028 1.8 1.8 1.7 (2)(11)
14.1 13.8
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 revolving loan 13.50 % Base Rate (Q) 5.00 % 12/2017 04/2027 0.6 0.6 0.6 (2)(11)
First lien senior secured loan 11.72 % SOFR (S) 6.00 % 12/2017 04/2027 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 11.19 % SOFR (Q) 5.50 % 04/2021 04/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.22 % SOFR (Q) 5.50 % 10/2021 04/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.13 % SOFR (Q) 5.50 % 11/2021 04/2027 3.9 3.9 3.9 (2)(11)
Senior subordinated loan 10.50 % PIK 04/2021 04/2032 48.3 48.3 44.9 (2)
Preferred units 14.00 % PIK 04/2021 1,828,645 65.6 65.6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
118.8 115.4
Guidepoint Security Holdings, LLC (15) Cybersecurity solutions provider First lien senior secured loan 11.38 % SOFR (Q) 6.00 % 10/2023 10/2029 6.8 6.8 6.6 (2)(11)
Heavy Construction Systems Specialists, LLC (15) Provider of construction software First lien senior secured loan 10.86 % SOFR (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 11.00 % SOFR (Q) 5.50 % 11/2021 11/2027 13.3 13.3 12.1 (2)(11)
First lien senior secured loan 11.00 % SOFR (Q) 5.50 % 11/2021 11/2028 59.8 59.8 54.4 (2)(11)
Senior subordinated loan 10.00 % PIK 11/2021 11/2031 109.8 109.8 89.0 (2)
Company units 11/2021 4,246,457 8.8 4.7 (2)
191.7 160.2
Hyland Software, Inc. (15) Enterprise content management software provider First lien senior secured loan 11.36 % SOFR (M) 6.00 % 09/2023 09/2030 97.5 96.2 96.1 (2)(11)
Imprivata, Inc. Provider of identity and access management solutions to the healthcare industry Second lien senior secured loan 11.60 % SOFR (Q) 6.25 % 04/2022 12/2028 16.1 16.0 15.8 (2)(11)
Inmar, Inc. Technology-driven solutions provider for retailers, wholesalers and manufacturers First lien senior secured loan 10.85 % SOFR (M) 5.50 % 06/2023 05/2026 13.4 12.9 13.2 (2)(11)(18)
IQN Holding Corp. (15) Provider of extended workforce management software First lien senior secured loan 10.64 % SOFR (Q) 5.25 % 05/2022 05/2029 1.4 1.4 1.4 (2)(11)
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 1.9 2.1 (2)
1.9 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 11.36 % ( 2.50 % PIK) SOFR (M) 6.00 % 06/2022 06/2029 4.9 4.9 4.9 (2)(11)(14)
First lien senior secured loan 11.38 % ( 2.50 % PIK) SOFR (Q) 6.00 % 06/2022 06/2029 169.1 168.9 169.1 (2)(11)
Preferred stock 11.75 % PIK 06/2022 38,798 46.2 45.7 (2)
220.0 219.7
LeanTaaS Holdings, Inc. (15) Provider of SaaS tools to optimize healthcare asset utilization First lien senior secured loan 12.86 % SOFR (M) 7.50 % 07/2022 07/2028 42.3 42.3 42.3 (2)(11)
Majesco and Magic Topco, L.P. (15) Insurance software provider First lien senior secured loan 12.60 % SOFR (Q) 7.25 % 09/2020 09/2027 0.1 0.1 0.1 (2)(11)
Class A units 9.00 % PIK 09/2020 2,539 3.4 5.9 (2)
Class B units 09/2020 570,625 — — (2)
3.5 6.0
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp (15)(16) Cybersecurity solutions provider First lien senior secured loan 10.94 % SONIA (Q) 5.75 % 05/2022 05/2029 36.3 35.2 36.3 (2)(6)(11)
First lien senior secured loan 11.21 % SOFR (M) 5.75 % 05/2022 05/2029 79.2 79.2 79.2 (2)(6)(11)
Limited partnership interest 05/2022 3,975 38.8 43.6 (2)(6)
153.2 159.1

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
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 13.00 % Base Rate (Q) 4.50 % 12/2021 12/2027 0.7 0.7 0.6 (2)(11)(14)
First lien senior secured revolving loan 10.96 % SOFR (M) 5.50 % 12/2021 12/2027 3.6 3.6 3.4 (2)(11)(14)
First lien senior secured loan 10.96 % SOFR (M) 5.50 % 12/2021 12/2028 39.4 39.4 37.4 (2)(11)
Limited partner interests 12/2021 9,574,000 9.6 7.8 (2)
53.3 49.2
Mitchell International, Inc. Provider of technology, connectivity, and information solutions to the property and casualty insurance industry First lien senior secured loan 9.40 % SOFR (Q) 3.75 % 06/2023 10/2028 0.1 0.1 0.1 (2)(11)(18)
Second lien senior secured loan 12.15 % SOFR (Q) 6.50 % 10/2021 10/2029 98.1 96.4 96.1 (2)(11)(18)
96.5 96.2
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (15) Leading technology solution provider for casing and auditioning to the entertainment industry First lien senior secured revolving loan 11.36 % SOFR (Q) 6.00 % 08/2022 08/2028 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.36 % SOFR (M) 6.00 % 08/2022 08/2028 24.9 24.9 24.9 (2)(11)
Class A units 8.00 % PIK 08/2022 45,320 4.9 3.9
29.9 28.9
MRI Software LLC (15) Provider of real estate and investment management software First lien senior secured loan 10.95 % SOFR (Q) 5.50 % 02/2020 02/2027 51.0 51.0 50.5 (2)(11)
First lien senior secured loan 10.95 % SOFR (Q) 5.50 % 08/2020 02/2027 24.2 24.2 23.9 (2)(11)
75.2 74.4
Netsmart, Inc. and Netsmart Technologies, Inc. Developer and operator of health care software and technology solutions First lien senior secured loan 9.22 % SOFR (M) 3.75 % 06/2022 10/2027 0.2 0.2 0.2 (2)(11)(18)
OpenMarket Inc. Provider of cloud-based mobile engagement platform First lien senior secured loan 11.86 % SOFR (Q) 6.25 % 09/2021 09/2026 14.8 14.8 14.8 (2)(6)(11)
PDDS HoldCo, Inc. (15) Provider of cloud-based dental practice management software First lien senior secured revolving loan 13.10 % SOFR (S) 7.50 % 07/2022 07/2028 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 12.96 % SOFR (S) 7.50 % 07/2022 07/2028 10.8 10.8 10.8 (2)(11)
11.0 11.0
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 10.02 % SOFR (Q) 4.50 % 03/2019 10/2024 7.6 7.6 7.5 (2)(11)
First lien senior secured loan 10.07 % SOFR (Q) 4.50 % 03/2019 10/2024 52.4 52.4 51.8 (2)(11)
Second lien senior secured loan 14.02 % SOFR (Q) 8.50 % 03/2019 10/2025 70.1 70.1 70.1 (2)(11)
Second lien senior secured loan 14.02 % SOFR (Q) 8.50 % 12/2020 10/2025 8.3 8.3 8.3 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Second lien senior secured loan 14.05 % SOFR (Q) 8.53 % 04/2021 10/2025 8.7 8.7 8.7 (2)(11)
Second lien senior secured loan 14.23 % SOFR (Q) 8.71 % 12/2021 10/2025 7.2 7.2 7.2 (2)(11)
Second lien senior secured loan 14.02 % SOFR (Q) 8.50 % 08/2023 10/2025 6.9 6.9 6.9 (2)(11)
Series A preferred stock 13.25 % PIK 03/2019 13,656 25.4 24.2 (2)
Class A units 03/2019 2,062,493 2.1 3.4 (2)
188.7 188.1
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 10.75 % SOFR (Q) 5.25 % 05/2019 05/2025 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 11.36 % SOFR (Q) 5.75 % 06/2020 05/2025 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.25 % 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 12.3
5.6 12.9
Perforce Software, Inc. (15) Developer of software used for application development First lien senior secured revolving loan 9.86 % SOFR (M) 4.50 % 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 loan 11.13 % SOFR (Q) 5.75 % 06/2022 11/2029 6.0 6.0 6.0 (2)(11)
First lien senior secured loan 11.02 % SOFR (M) 5.75 % 11/2023 11/2029 3.7 3.7 3.7 (2)(11)
9.7 9.7
Ping Identity Holding Corp. (15) Provider of identity and access management solutions First lien senior secured loan 12.36 % 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 13.52 % SOFR (Q) 8.00 % 04/2021 04/2027 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 13.56 % SOFR (Q) 8.00 % 04/2021 04/2027 106.2 106.2 94.5 (2)(11)
106.4 94.7
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 —
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC (15) Software provider for medical practitioners First lien senior secured revolving loan 9.86 % SOFR (M) 4.50 % 08/2023 08/2029 0.5 0.5 0.5 (2)(11)
First lien senior secured loan 11.36 % SOFR (M) 6.00 % 08/2023 08/2029 36.4 36.4 35.5 (2)(11)
Senior subordinated loan 14.00 % PIK 08/2023 08/2030 40.6 40.6 39.4 (2)
Class A units 8.00 % PIK 03/2021 33,220,282 23.5 33.1 (2)
101.0 108.5
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (15) Provider of practice management software to law firms First lien senior secured loan 10.46 % SOFR (M) 5.00 % 03/2021 03/2027 9.8 9.8 9.8 (2)(11)
Limited partnership units 03/2021 1,624,000 1.6 2.1 (2)
11.4 11.9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc. Provider of data visualization software for data analytics Class A common stock 08/2016 7,445 7.4 17.5 (2)
Class B common stock 08/2016 1,841,609 0.1 0.2 (2)
7.5 17.7
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 11.78 % ( 3.25 % PIK) SOFR (Q) 6.25 % 04/2021 04/2028 36.6 36.6 33.7 (2)(11)
Preferred shares 14.85 % PIK SOFR (Q) 9.50 % 04/2021 26,436 37.0 34.0 (2)(11)
73.6 67.7
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 12.11 % SOFR (M) 6.75 % 04/2020 04/2026 2.1 2.0 2.1 (2)(11)(14)
First lien senior secured loan 12.11 % SOFR (M) 6.75 % 04/2020 04/2027 43.2 43.2 43.2 (2)(11)
First lien senior secured loan 12.11 % SOFR (M) 6.75 % 10/2020 04/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 12.11 % SOFR (M) 6.75 % 11/2020 04/2027 11.9 11.9 11.9 (2)(11)
Class B units 04/2020 588,636 — 3.5 (2)
57.2 60.8
Proofpoint, Inc. (15) Cybersecurity solutions provider First lien senior secured loan 8.72 % SOFR (M) 3.25 % 06/2021 08/2028 1.0 0.9 1.0 (2)(11)(18)
Second lien senior secured loan 11.72 % 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 12.28 % SOFR (Q) 6.75 % 05/2023 05/2030 12.7 12.7 12.6 (2)(11)
QF Holdings, Inc. (15) SaaS based electronic health record software provider First lien senior secured loan 11.73 % SOFR (Q) 6.25 % 09/2019 12/2027 6.8 6.8 6.8 (2)(11)
First lien senior secured loan 11.73 % SOFR (Q) 6.25 % 08/2020 12/2027 4.9 4.9 4.9 (2)(11)
First lien senior secured loan 11.73 % SOFR (Q) 6.25 % 12/2021 12/2027 8.1 8.1 8.1 (2)(11)
First lien senior secured loan 11.73 % SOFR (Q) 6.25 % 12/2023 12/2027 5.1 5.1 5.1 (2)(11)
24.9 24.9
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 10.97 % SOFR (Q) 5.63 % 10/2021 10/2028 8.5 8.5 8.5 (2)(11)
First lien senior secured loan 10.97 % SOFR (Q) 5.63 % 04/2023 10/2028 0.1 0.1 0.1 (2)(11)
Class A common units 12/2018 2,880,582 3.5 10.0
12.1 18.6
RealPage, Inc. Provider of enterprise software solutions to the residential real estate industry Second lien senior secured loan 11.97 % SOFR (M) 6.50 % 04/2021 04/2029 84.1 83.2 84.1 (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 — —
— —

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Relativity ODA LLC (15) Electronic discovery document review software platform for use in litigations and investigations First lien senior secured loan 11.96 % 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 revolving loan 11.23 % SOFR (M) 5.75 % 05/2022 04/2027 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 11.21 % SOFR (M) 5.75 % 05/2022 04/2027 0.7 0.7 0.7 (2)(11)
0.9 0.9
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 11.75 % SOFR (Q) 6.25 % 12/2021 12/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.60 % 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 4.8 (2)
4.9 5.1
Smarsh Inc. and Skywalker TopCo, LLC (15) SaaS based communication archival service provider First lien senior secured loan 11.10 % SOFR (Q) 5.75 % 02/2022 02/2029 1.4 1.4 1.4 (2)(11)
Common units 11/2020 1,742,623 6.3 10.5 (2)
7.7 11.9
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 13.46 % SOFR (M) 8.00 % 10/2020 10/2028 105.9 105.9 105.9 (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 10.71 % SOFR (M) 5.25 % 09/2022 09/2028 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 10.70 % SOFR (Q) 5.25 % 09/2022 09/2028 2.5 2.5 2.5 (2)(11)
Limited partner interests 09/2022 1,010 10.2 13.2 (2)
12.9 15.9
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 11.93 % SOFR (S) 6.75 % 04/2021 04/2029 42.8 42.8 42.4 (2)(11)
Second lien senior secured loan 11.93 % SOFR (S) 6.75 % 03/2022 04/2029 10.3 10.3 10.2 (2)(11)
Limited partnership interests 04/2021 614,950 6.2 9.0 (2)(6)
59.3 61.6
Sundance Group Holdings, Inc. (15) Provider of cloud-based document management and collaboration solutions First lien senior secured revolving loan 11.73 % SOFR (Q) 6.25 % 07/2021 07/2027 1.5 1.4 1.5 (2)(11)
First lien senior secured loan 11.73 % SOFR (Q) 6.25 % 07/2021 07/2027 20.1 19.9 20.1 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
First lien senior secured loan 11.74 % SOFR (Q) 6.25 % 11/2022 07/2027 0.8 0.8 0.8 (2)(11)
22.1 22.4
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (15) Provider of environment, health, safety, and sustainability software First lien senior secured loan 11.28 % SOFR (Q) 5.75 % 03/2022 03/2028 34.8 34.8 34.4 (2)(11)
First lien senior secured loan 11.27 % SOFR (Q) 5.75 % 10/2023 03/2028 5.0 5.0 4.9 (2)(11)
Class A-2 units 03/2022 5,057 5.1 4.6
44.9 43.9
TCP Hawker Intermediate LLC (15) Workforce management solutions provider First lien senior secured loan 11.00 % SOFR (Q) 5.50 % 08/2019 08/2026 34.1 34.1 34.1 (2)(11)
First lien senior secured loan 11.00 % SOFR (Q) 5.50 % 12/2020 08/2026 6.5 6.5 6.5 (2)(11)
First lien senior secured loan 11.00 % SOFR (Q) 5.50 % 10/2021 08/2026 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.50 % SOFR (Q) 6.00 % 10/2023 08/2026 7.3 7.3 7.3 (2)(11)
48.0 48.0
UKG Inc. and H&F Unite Partners, L.P. (15) Provider of cloud based HCM solutions for businesses First lien senior secured revolving loan 9.11 % SOFR (M) 3.75 % 05/2019 02/2026 1.4 1.4 1.4 (2)(6)(14)
Limited partnership interests 05/2019 12,583,556 12.6 19.3 (2)(6)
14.0 20.7
UserZoom Technologies, Inc. User experience research automation software First lien senior secured loan 12.99 % SOFR (Q) 7.50 % 02/2023 04/2029 5.8 5.7 5.8 (2)(11)
WebPT, Inc. (15) Electronic medical record software provider First lien senior secured revolving loan 12.22 % SOFR (Q) 6.75 % 08/2019 01/2028 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 12.24 % 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 10.99 % 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 11.95 % SOFR (Q) 6.50 % 06/2021 06/2027 51.6 51.6 51.6 (2)(11)
First lien senior secured loan 11.95 % SOFR (Q) 6.50 % 02/2022 06/2027 18.8 18.8 18.8 (2)(11)
70.4 70.4
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (15) Provider of cloud-based customer support solutions First lien senior secured loan 11.61 % ( 2.75 % PIK) SOFR (Q) 6.25 % 12/2022 11/2028 43.6 43.6 43.6 (2)(11)
Series A preferred stock 12.50 % PIK 11/2022 27,226 31.2 30.6 (2)
Class A common units 11/2022 269,100 2.7 2.8 (2)
77.5 77.0
5,362.2 5,293.6 47.26 %
Health Care Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(15) Dental services provider First lien senior secured revolving loan 16.50 % ( 7.00 % PIK) Base Rate (Q) 8.00 % 06/2021 06/2026 0.8 0.8 0.8 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
First lien senior secured revolving loan 14.61 % ( 7.00 % PIK) SOFR (Q) 9.00 % 06/2021 06/2026 8.7 8.7 8.7 (2)(11)
First lien senior secured loan 14.61 % ( 7.00 % PIK) SOFR (Q) 9.00 % 06/2021 06/2026 54.9 54.9 54.9 (2)(11)
Class A common units 06/2021 6,580,219 4.7 7.6 (2)
69.1 72.0
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5)(15) Dental services provider First lien senior secured loan 9.50 % ( 3.00 % PIK) SOFR (S) 4.00 % 09/2016 09/2026 15.0 15.0 15.0 (2)(11)
Second lien senior secured loan 10.00 % PIK 06/2023 03/2027 32.0 32.0 32.0 (2)
Membership units 09/2016 3,000,000 — — (2)
Class A common units 06/2023 10,000,000 29.4 18.6 (2)
76.4 65.6
Advarra Holdings, Inc. (15) Provider of central institutional review boards over clinical trials First lien senior secured loan 10.61 % SOFR (M) 5.25 % 08/2022 08/2029 4.0 4.0 4.0 (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 42.0 42.0 (2)
Preferred units 8.00 % PIK 07/2022 9,900 11.1 13.3 (2)
Class B common units 07/2022 100,000 0.1 0.1 (2)
53.2 55.4
Amerivet Partners Management, Inc. and AVE Holdings LP (15) Veterinary practice management platform Subordinated loan 16.50 % PIK 11/2023 12/2030 48.4 46.9 45.5 (2)
Class C units 11/2023 7,144 1.4 1.4 (2)
48.3 46.9
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 First lien senior secured loan 8.61 % SOFR (M) 3.25 % 07/2023 02/2029 0.1 0.1 0.1 (2)(11)(18)
Series A preferred stock 10.75 % PIK 02/2022 198,505 242.8 233.1 (2)
Class A units 02/2022 10,487,951 10.5 12.8 (2)
253.4 246.0
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP Opioid treatment provider First lien senior secured loan 10.61 % SOFR (Q) 5.00 % 05/2022 06/2027 5.9 6.0 5.8 (2)(11)
Bambino Group Holdings, LLC Dental services provider Class A preferred units 12/2016 1,000,000 1.0 0.9 (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 — — (2)(10)(14)
First lien senior secured revolving loan 01/2022 11/2023 1.0 — — (2)(10)(14)
First lien senior secured loan 06/2023 08/2023 2.4 — — (2)(10)
— —
Color Intermediate, LLC Provider of pre-payment integrity software solution First lien senior secured loan 10.95 % SOFR (Q) 5.50 % 10/2022 10/2029 20.2 20.2 20.2 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Comprehensive EyeCare Partners, LLC (15) Vision care practice management company First lien senior secured revolving loan 12.11 % ( 2.50 % PIK) SOFR (Q) 6.50 % 02/2018 02/2025 1.9 1.9 1.7 (2)(11)
First lien senior secured loan 12.11 % ( 2.50 % PIK) SOFR (Q) 6.50 % 02/2018 02/2025 0.3 0.3 0.3 (2)(11)
2.2 2.0
Convey Health Solutions, Inc. Healthcare workforce management software provider First lien senior secured loan 10.70 % SOFR (Q) 5.25 % 09/2019 09/2026 2.7 2.7 2.3 (2)(6)(11)
First lien senior secured loan 10.70 % SOFR (Q) 5.25 % 02/2022 09/2026 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 10.70 % SOFR (Q) 5.25 % 10/2022 09/2026 0.1 0.1 0.1 (2)(6)(11)
2.9 2.5
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 11.00 % SOFR (Q) 5.50 % 03/2022 03/2029 24.3 24.3 23.1 (2)(11)
Class A shares 03/2022 192 1.9 1.2 (2)
Common units 03/2022 31 0.3 0.2 (2)
26.5 24.5
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (15) Veterinary hospital operator First lien senior secured loan 11.85 % SOFR (M) 6.40 % 10/2019 10/2025 32.1 32.1 32.1 (2)(11)
First lien senior secured loan 11.36 % SOFR (M) 5.90 % 04/2021 10/2025 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.36 % SOFR (M) 5.90 % 01/2022 10/2025 40.1 40.1 40.1 (2)(11)
First lien senior secured loan 11.71 % SOFR (M) 6.25 % 10/2022 10/2025 9.5 9.5 9.5 (2)(11)
Class A preferred units 15.00 % PIK 08/2023 1,508 0.9 0.9 (2)
Common stock 10/2019 41,443 14.5 24.4 (2)
97.2 107.1
Evolent Health LLC and Evolent Health, Inc. Medical technology company focused on value based care services and payment solutions Series A preferred shares 11.48 % SOFR (Q) 6.00 % 01/2023 01/2029 3,834 3.8 4.3 (2)(6)(11)
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 12.25 % SOFR (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 31.1 (2)
131.4 144.0
Global Medical Response, Inc. and GMR Buyer Corp. Emergency air medical services provider First lien senior secured loan 9.93 % SOFR (Q) 4.25 % 06/2022 10/2025 28.7 26.7 22.4 (2)(11)(18)
First lien senior secured loan 9.89 % SOFR (Q) 4.25 % 06/2022 03/2025 12.4 11.9 9.6 (2)(11)(18)
Second lien senior secured loan 12.10 % SOFR (Q) 6.75 % 12/2021 12/2029 95.4 95.4 74.4 (2)(11)
Warrant to purchase units of common stock 03/2018 03/2028 115,733 0.9 1.1 (2)
Warrant to purchase units of common stock 12/2021 12/2031 1,927 0.1 — (2)
135.0 107.5
Hanger, Inc. (15) Provider of orthotic and prosthetic equipment and services First lien senior secured loan 11.61 % SOFR (M) 6.25 % 10/2022 10/2028 53.7 53.7 53.7 (2)(11)
First lien senior secured loan 11.61 % SOFR (M) 6.25 % 10/2022 10/2028 0.1 0.1 0.1 (11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
First lien senior secured loan 11.61 % SOFR (M) 6.25 % 07/2023 10/2028 16.7 16.7 16.7 (2)(11)
Second lien senior secured loan 15.11 % SOFR (M) 9.75 % 10/2022 10/2029 110.6 110.6 110.6 (2)(11)
Second lien senior secured loan 15.11 % SOFR (M) 9.75 % 07/2023 10/2029 15.4 15.4 15.4 (2)(11)
196.5 196.5
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 — — — (2)(13)
First lien senior secured loan 11.71 % SOFR (M) 6.25 % 12/2021 04/2026 95.5 95.5 95.5 (2)(11)
First lien senior secured loan 11.71 % SOFR (M) 6.25 % 12/2022 04/2026 6.2 6.2 6.2 (2)(11)
101.7 101.7
Honor Technology, Inc. Nursing and home care provider First lien senior secured loan 15.46 % 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 Dental services provider Senior subordinated loan 09/2023 09/2029 12.2 0.7 0.4 (2)(10)
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (15) Provider of behavioral health services First lien senior secured revolving loan 12.02 % ( 1.50 % PIK) SOFR (Q) 6.50 % 03/2017 03/2026 3.2 3.2 2.9 (2)(11)
Lifescan Global Corporation Provider of blood glucose monitoring systems for home and hospital use First lien senior secured loan 11.98 % SOFR (S) 6.50 % 05/2022 12/2026 12.6 12.0 9.3 (2)(11)(18)
Second lien senior secured loan 05/2022 03/2027 0.2 0.2 0.1 (2)(10)(18)
12.2 9.4
Medline Borrower, LP (15) Manufacturer and distributor of medical supplies First lien senior secured revolving loan 10/2021 10/2026 — — — (2)(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 0.4 0.4 (2)
Class A units 04/2016 25,277 2.5 3.5 (2)
3.1 4.1
Next Holdco, LLC (15) Provider of electronic medical record and practice management software First lien senior secured loan 11.37 % SOFR (M) 6.00 % 11/2023 11/2030 6.5 6.5 6.4 (2)(11)
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 11.25 % Base Rate (S) 2.75 % 11/2018 08/2025 1.0 1.0 1.0 (2)(14)
Partnership units 11/2018 30,000 3.0 5.3 (2)
4.0 6.3
Nomi Health, Inc. Provider of software payment services for healthcare industry First lien senior secured loan 13.64 % SOFR (S) 8.25 % 07/2023 07/2028 11.4 11.4 11.1 (2)(11)
Warrant to purchase shares of Series B preferred stock 07/2023 07/2033 9,941 — — (2)
11.4 11.1

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
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)(15) Behavioral health and special education platform provider First lien senior secured loan 09/2019 02/2027 56.9 49.3 33.0 (2)(10)
First lien senior secured loan 02/2022 02/2027 11.6 10.2 6.7 (2)(10)
First lien senior secured loan 15.02 % PIK SOFR (Q) 9.50 % 01/2023 02/2027 3.2 3.1 3.2 (2)(11)
Preferred units 07/2021 04/2024 417,189 0.3 — (2)
Preferred stock 02/2022 7,983 3.1 — (2)
Class A common units 09/2019 9,549,000 9.5 — (2)
Common units 02/2022 7,584 — — (2)
75.5 42.9
OMH-HealthEdge Holdings, LLC (15) Revenue cycle management provider to the healthcare industry First lien senior secured loan 11.35 % SOFR (Q) 6.00 % 10/2023 10/2029 97.6 97.6 95.2 (2)(11)
Paragon 28, Inc. and Paragon Advanced Technologies, Inc. (15) Medical device company First lien senior secured revolving loan 9.38 % SOFR (M) 4.00 % 11/2023 11/2028 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 12.13 % ( 3.38 % PIK) SOFR (Q) 6.75 % 11/2023 11/2028 24.0 24.0 23.4 (2)(6)(11)
24.1 23.5
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (15) Veterinary hospital operator First lien senior secured revolving loan 03/2020 03/2025 — — — (2)(13)
Second lien senior secured loan 13.22 % SOFR (M) 7.75 % 03/2020 03/2028 76.3 76.3 67.9 (2)(11)
Class R common units 03/2020 6,004,768 6.0 2.7 (2)
82.3 70.6
PetVet Care Centers, LLC (15) Veterinary hospital operator First lien senior secured loan 11.36 % SOFR (M) 6.00 % 11/2023 11/2030 132.8 132.8 130.1 (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 — — — (2)(13)
First lien senior secured loan 9.25 % SOFR (Q) 3.75 % 07/2018 07/2025 8.5 8.5 8.3 (2)(11)
Second lien senior secured loan 13.00 % SOFR (Q) 7.50 % 07/2018 07/2026 67.1 66.9 65.8 (2)
Class A units 07/2018 9,775 9.8 15.1 (2)
85.2 89.2
Project Ruby Ultimate Parent Corp. Provider of care coordination and transition management software solutions First lien senior secured loan 10.22 % SOFR (M) 4.75 % 10/2023 03/2028 17.2 17.2 17.2 (2)(11)
Second lien senior secured loan 11.97 % SOFR (M) 6.50 % 03/2021 03/2029 193.1 193.1 191.1 (2)(11)
210.3 208.3
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (15) Manufacturer of biologic, metal and synthetic implants/devices First lien senior secured revolving loan 12.21 % SOFR (M) 6.75 % 07/2020 07/2026 12.4 12.4 12.4 (2)(11)
First lien senior secured loan 12.40 % SOFR (Q) 6.75 % 07/2020 07/2026 22.3 22.3 22.3 (2)(11)
34.7 34.7

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC (15) Outsourced anesthesia provider First lien senior secured loan 10.75 % SOFR (Q) 5.25 % 03/2018 03/2025 8.2 8.2 8.2 (2)(11)
Common units 03/2018 684,854 4.8 1.3 (2)
13.0 9.5
SM Wellness Holdings, Inc. and SM Holdco, LLC (15) Breast cancer screening provider Series D units 8.00 % PIK 03/2023 1,127 1.2 1.4 (2)
Series A units 08/2018 8,041 8.0 9.9 (2)
Series B units 08/2018 916,795 — — (2)
9.2 11.3
SOC Telemed, Inc. and PSC Spark Holdings, LP Provider of acute care telemedicine First lien senior secured loan 13.85 % PIK SOFR (Q) 8.50 % 08/2022 08/2027 96.0 92.6 92.2 (2)(11)
Class A-2 units 08/2022 4,812 4.9 4.6 (2)
Warrant to purchase units of common stock 08/2022 08/2029 6,118 4.7 3.3 (2)
102.2 100.1
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (15) SaaS based healthcare compliance platform provider First lien senior secured revolving loan 9.11 % SOFR (M) 3.75 % 12/2020 12/2025 2.7 2.7 2.3 (2)
First lien senior secured loan 9.98 % SOFR (Q) 4.50 % 02/2022 12/2027 12.5 12.5 11.2 (2)(11)(18)
Second lien senior secured loan 13.36 % SOFR (Q) 7.88 % 12/2020 12/2028 76.2 76.2 67.9 (2)(11)
Series C-1 preferred shares 11.00 % PIK 06/2021 75,939 105.9 84.8 (2)
Series C-2 preferred shares 11.00 % PIK 06/2021 40,115 53.0 42.4 (2)
Series C-3 preferred shares 11.00 % PIK 10/2021 16,201 20.7 16.5 (2)
271.0 225.1
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (15) Franchisor of private-pay home care for the elderly First lien senior secured loan 11.25 % SOFR (Q) 5.75 % 04/2018 04/2026 13.1 13.1 13.1 (2)(11)
Common units 04/2018 550 0.5 1.2
13.6 14.3
Tempus Labs, Inc. Provider of technology enabled precision medicine solutions First lien senior secured loan 13.65 % ( 3.25 % PIK) SOFR (Q) 8.25 % 09/2022 09/2027 72.6 72.6 72.6 (2)(11)
First lien senior secured loan 13.64 % ( 3.25 % PIK) SOFR (Q) 8.25 % 04/2023 09/2027 21.1 21.1 21.1 (2)(11)
First lien senior secured loan 13.66 % ( 3.25 % PIK) SOFR (S) 8.25 % 10/2023 09/2027 9.0 9.0 9.0 (2)(11)
Series G-4 preferred stock 10/2023 32,282 1.8 1.8 (2)
104.5 104.5
Therapy Brands Holdings LLC Provider of software solutions for the mental and behavioral health market segments Second lien senior secured loan 12.22 % SOFR (M) 6.75 % 06/2021 05/2029 29.1 28.9 27.6 (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 3.2 4.3 (2)
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc. Anesthesiology service provider Second lien senior secured loan 12.96 % SOFR (M) 7.50 % 10/2021 10/2029 147.8 147.8 133.0 (2)(11)
Common stock 12/2021 3,671,429 12.9 9.6 (2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
160.7 142.6
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (15) Gastroenterology physician group First lien senior secured loan 12.25 % SOFR (Q) 6.75 % 03/2023 03/2029 10.3 10.3 10.3 (2)(11)
Class A interests 03/2023 4,623 4.6 4.5
14.9 14.8
Viant Medical Holdings, Inc. Manufacturer of plastic and rubber components for health care equipment First lien senior secured loan 9.22 % SOFR (M) 3.75 % 05/2022 07/2025 3.9 3.8 3.9 (2)(18)
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (15) Veterinary hospital operator First lien senior secured loan 11.71 % SOFR (M) 6.25 % 12/2021 12/2027 6.1 6.1 6.1 (2)(11)
First lien senior secured loan 11.96 % SOFR (M) 6.50 % 08/2022 12/2027 9.2 9.2 9.2 (2)(11)
First lien senior secured loan 12.10 % SOFR (M) 6.75 % 08/2023 12/2027 3.0 3.0 3.0 (2)(11)
Class A-2 units 12/2021 7,524 7.5 10.8 (2)
Class A-2 units 03/2023 45 0.1 0.1 (2)
25.9 29.2
Wellpath Holdings, Inc. (15) Correctional facility healthcare operator First lien senior secured revolving loan 11.07 % SOFR (Q) 5.25 % 10/2018 10/2024 6.2 6.2 5.2 (2)(14)
First lien senior secured loan 11.32 % SOFR (Q) 5.50 % 09/2018 10/2025 30.3 30.2 25.4 (2)(18)
36.4 30.6
WSHP FC Acquisition LLC and WSHP FC Holdings LLC (15) Provider of biospecimen products for pharma research First lien senior secured revolving loan 12.00 % SOFR (Q) 6.50 % 03/2018 03/2028 15.3 15.3 14.5 (2)(11)(14)
First lien senior secured loan 12.00 % SOFR (Q) 6.50 % 03/2018 03/2028 32.7 32.7 31.1 (2)(11)
First lien senior secured loan 12.00 % SOFR (Q) 6.50 % 02/2019 03/2028 4.4 4.4 4.2 (2)(11)
First lien senior secured loan 12.00 % SOFR (Q) 6.50 % 08/2019 03/2028 13.7 13.7 13.0 (2)(11)
First lien senior secured loan 12.00 % SOFR (Q) 6.50 % 10/2019 03/2028 10.6 10.6 10.1 (2)(11)
First lien senior secured loan 12.00 % SOFR (Q) 6.50 % 10/2021 03/2028 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 12.00 % SOFR (Q) 6.50 % 11/2021 03/2028 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 12.00 % SOFR (Q) 6.50 % 07/2022 03/2028 30.8 30.8 29.2 (2)(11)
Common units 07/2022 34,163 4.9 4.5
112.6 106.8
2,914.8 2,768.9 24.72 %
Financial Services
AQ Sage Buyer, LLC (15) Provider of actuarial consulting and comprehensive wealth management services First lien senior secured loan 11.52 % SOFR (Q) 6.00 % 05/2022 01/2027 3.0 3.0 2.9 (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 12.28 % SOFR (Q) 6.75 % 09/2021 09/2027 0.2 0.2 0.2 (2)(11)
Senior subordinated loan 9.30 % PIK 09/2021 09/2026 5.5 5.5 5.5 (2)
Common units 09/2021 5,503,959 5.5 4.5 (2)
11.2 10.2
Beacon Pointe Harmony, LLC (15) Provider of comprehensive wealth management services First lien senior secured loan 10.86 % SOFR (M) 5.50 % 12/2021 12/2028 19.8 19.8 19.8 (2)(6)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
First lien senior secured loan 10.86 % SOFR (M) 5.50 % 07/2023 12/2028 1.0 1.0 1.0 (2)(6)(11)
First lien senior secured loan 11.11 % SOFR (M) 5.75 % 07/2023 12/2028 0.1 0.1 0.1 (2)(6)(11)
20.9 20.9
Cliffwater LLC (15) Provider of alternative investment advisory services First lien senior secured loan 11.36 % SOFR (M) 6.00 % 10/2023 10/2030 4.1 4.1 4.0 (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 11.50 % SOFR (Q) 6.00 % 03/2022 03/2028 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 11.50 % SOFR (Q) 6.00 % 06/2023 03/2028 0.1 0.1 0.1 (2)(6)(11)
0.2 0.2
Corient Holdings, Inc. Global wealth management firm Series A preferred stock 05/2023 41,427 41.4 45.4 (2)
CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC Mortgage company originating loans in the retail and consumer direct channels Series D preferred units 11/2023 90,577 24.9 24.9
DFC Global Facility Borrower III LLC (15) Non-bank provider of alternative financial services First lien senior secured revolving loan 12.94 % SOFR (M) 7.50 % 04/2023 04/2028 99.2 98.3 99.2 (2)(6)(9)(11)
eCapital Finance Corp. Consolidator of commercial finance businesses Senior subordinated loan 13.19 % SOFR (M) 7.75 % 01/2020 12/2025 56.0 56.0 56.0 (2)(11)
Senior subordinated loan 13.19 % SOFR (M) 7.75 % 11/2020 12/2025 5.4 5.4 5.4 (2)(11)
Senior subordinated loan 13.19 % SOFR (M) 7.75 % 01/2022 12/2025 24.3 24.3 24.3 (2)(11)
Senior subordinated loan 13.19 % SOFR (M) 7.75 % 04/2022 12/2025 55.8 55.8 55.8 (2)(11)
Senior subordinated loan 13.19 % SOFR (M) 7.75 % 10/2023 12/2025 12.3 12.3 12.3 (2)(11)
153.8 153.8
EP Wealth Advisors, LLC (15) Wealth management and financial planning firm First lien senior secured revolving loan 10.87 % SOFR (Q) 5.38 % 09/2020 09/2026 0.4 0.4 0.4 (2)(11)
First lien senior secured loan 10.87 % SOFR (Q) 5.38 % 09/2020 09/2026 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.00 % SOFR (Q) 5.50 % 09/2020 09/2026 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.00 % SOFR (Q) 5.50 % 11/2021 09/2026 0.4 0.4 0.4 (2)(11)
First lien senior secured loan 11.26 % SOFR (Q) 5.75 % 11/2022 09/2026 5.7 5.7 5.7 (2)(11)
6.7 6.7
GTCR F Buyer Corp. and GTCR (D) Investors LP (15)(16) Provider of end-to-end tech-enabled administrative services to private foundations First lien senior secured loan 11.36 % SOFR (M) 6.00 % 09/2023 09/2030 4.3 4.3 4.2 (2)(11)
Limited partnership interests 09/2023 4,588,148 4.6 4.8 (2)
8.9 9.0
HighTower Holding, LLC Provider of investment, financial and retirement planning services Senior subordinated loan 6.75 % 06/2022 04/2029 8.1 6.9 7.3 (2)(6)(18)
Ivy Hill Asset Management, L.P. (5) Asset management services Subordinated revolving loan 12.01 % SOFR (Q) 6.50 % 02/2018 01/2030 62.0 62.0 62.0 (6)(11)
Member interest (100.00% interest) 06/2009 100.00 % 1,700.5 1,924.6 (6)
1,762.5 1,986.6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Lido Advisors, LLC (15) Wealth management and financial planning firm First lien senior secured revolving loan 11.48 % SOFR (Q) 6.00 % 06/2021 06/2027 0.6 0.6 0.6 (2)(11)
First lien senior secured loan 11.53 % SOFR (Q) 6.00 % 06/2023 06/2027 1.6 1.6 1.6 (2)(11)
2.2 2.2
LS DE LLC and LM LSQ Investors LLC Asset based lender Senior subordinated loan 12.00 % ( 0.50 % PIK) 06/2015 03/2025 37.1 37.1 36.4 (2)(6)
Senior subordinated loan 12.00 % ( 0.50 % PIK) 06/2017 03/2025 3.0 3.0 3.0 (2)(6)
Membership units 06/2015 3,275,000 3.3 2.0 (6)
43.4 41.4
Monica Holdco (US) Inc. (15) Investment technology and advisory firm First lien senior secured revolving loan 12.28 % SOFR (Q) 6.75 % 01/2021 01/2026 3.6 3.6 3.6 (2)(11)
First lien senior secured loan 12.25 % SOFR (Q) 6.75 % 01/2021 01/2028 2.5 2.5 2.5 (2)(11)
6.1 6.1
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (15)(16) Provider of comprehensive wealth management services and registered investment advisor First lien senior secured loan 12.21 % SOFR (M) 6.75 % 05/2023 05/2029 3.9 3.9 3.9 (2)(6)(11)
First lien senior secured loan 12.11 % SOFR (M) 6.75 % 09/2023 05/2029 8.0 8.0 8.0 (2)(6)(11)
Limited partnership interests 09/2023 1,644,799 1.6 1.6 (6)
13.5 13.5
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (15) Provider of comprehensive wealth management services First lien senior secured loan 11.62 % SOFR (Q) 6.25 % 08/2023 08/2029 6.7 6.7 6.7 (2)(6)(11)
Preferred units 07/2023 6,431,667 6.5 6.4 (6)
13.2 13.1
Petrus Buyer, Inc. (15) Provider of REIT research data and analytics First lien senior secured loan 11.99 % 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 11.22 % SOFR (M) 5.75 % 04/2021 04/2027 9.0 9.0 9.0 (2)(6)(11)
Senior preferred stock 17.59 % ( 7.00 % PIK) SOFR (Q) 12.00 % 04/2021 65,761 74.5 78.5 (2)(6)(11)
Warrant to purchase shares of common stock 04/2021 04/2031 527,226 4.0 1.9 (2)(6)(18)
87.5 89.4
Rialto Management Group, LLC (15) Investment and asset management platform focused on real estate First lien senior secured revolving loan 11/2018 12/2025 — — — (2)(6)(13)
First lien senior secured loan 10.96 % SOFR (M) 5.50 % 11/2018 12/2025 0.3 0.3 0.3 (2)(6)(11)
First lien senior secured loan 10.96 % SOFR (M) 5.50 % 04/2021 12/2025 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 10.86 % SOFR (M) 5.50 % 12/2021 12/2025 0.1 0.1 0.1 (2)(6)(11)
0.5 0.5
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC (15) Wealth management platform First lien senior secured loan 10.78 % SOFR (S) 5.25 % 12/2023 10/2028 2.0 1.9 1.9 (2)(6)(11)
TA/WEG Holdings, LLC (15) Wealth management and financial planning firm First lien senior secured loan 11.23 % SOFR (Q) 5.75 % 10/2019 10/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.23 % SOFR (Q) 5.75 % 11/2020 10/2027 0.1 0.1 0.1 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
First lien senior secured loan 11.23 % SOFR (Q) 5.75 % 06/2021 10/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.12 % SOFR (A) 5.75 % 08/2021 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 12.22 % SOFR (M) 6.75 % 09/2022 07/2026 19.3 17.9 19.3 (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 13.50 % Base Rate (Q) 5.00 % 03/2022 03/2028 0.2 0.2 0.2 (2)(6)(11)
First lien senior secured loan 11.50 % SOFR (Q) 6.00 % 03/2022 03/2028 3.9 3.9 3.8 (2)(6)(11)
Senior subordinated loan 12.00 % PIK 03/2022 03/2029 3.4 3.4 3.2 (2)(6)
Series A preferred units 03/2022 7,199 7.2 4.0 (2)(6)
Common units 03/2022 7,199 — — (2)(6)
14.7 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 revolving loan 10.50 % SOFR (Q) 5.00 % 02/2019 02/2026 0.8 0.8 0.8 (2)(11)
First lien senior secured loan 9.95 % SOFR (Q) 4.50 % 02/2019 02/2026 37.0 37.0 36.6 (2)(11)
Class A units 8.00 % PIK 09/2019 1,443 2.1 2.8
Class A units 02/2019 245 0.2 —
Class B units 02/2019 2,167,424 — —
Class B units 02/2019 245,194 — —
40.1 40.2
Waverly Advisors, LLC and WAAM Topco, LLC (15) Wealth management and financial planning firm First lien senior secured loan 11.25 % SOFR (Q) 5.75 % 03/2022 03/2028 0.7 0.7 0.7 (2)(6)(11)
Class A units 06/2023 1,432,867 1.7 1.8 (6)
2.4 2.5
2,391.6 2,617.8 23.37 %
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 12.25 % 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 35.5
8.4 39.6
Aero Operating LLC Provider of snow removal and melting service for airports and marine terminals First lien senior secured loan 14.54 % SOFR (Q) 9.00 % 02/2020 02/2026 35.8 35.8 30.4 (2)(11)
First lien senior secured loan 14.54 % SOFR (Q) 9.00 % 12/2021 02/2026 1.1 1.1 1.0 (2)(11)
36.9 31.4
AI Fire Buyer, Inc. and AI Fire Parent LLC (15) Provider of fire safety and life safety services First lien senior secured loan 11.15 % SOFR (S) 5.50 % 03/2021 03/2027 3.9 3.9 3.9 (2)(11)
First lien senior secured loan 11.10 % SOFR (Q) 5.50 % 06/2022 03/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.14 % SOFR (S) 5.75 % 11/2023 03/2027 2.8 2.8 2.8 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Second lien senior secured loan 16.18 % PIK SOFR (Q) 10.75 % 03/2021 09/2027 53.5 53.5 53.5 (2)(11)
Second lien senior secured loan 16.18 % PIK SOFR (Q) 10.75 % 05/2022 09/2027 12.1 12.1 12.1 (2)(11)
Second lien senior secured loan 16.18 % PIK SOFR (Q) 10.75 % 06/2022 09/2027 11.7 11.7 11.7 (2)(11)
Common units 03/2021 46,990 4.7 9.7 (2)
88.8 93.8
Applied Technical Services, LLC (15) Provider engineering, testing, and inspection services to various industrial, commercial and consumer customers First lien senior secured revolving loan 13.25 % Base Rate (Q) 4.75 % 05/2022 12/2026 2.1 2.0 2.1 (2)(11)
First lien senior secured loan 11.25 % SOFR (Q) 5.75 % 05/2022 12/2026 1.0 1.0 1.0 (2)(11)
First lien senior secured loan 11.52 % SOFR (Q) 6.00 % 09/2023 12/2026 2.8 2.7 2.8 (2)(11)
5.7 5.9
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 12.78 % SOFR (Q) 7.25 % 11/2021 11/2026 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 12.78 % SOFR (Q) 7.25 % 08/2022 11/2026 6.1 5.9 6.2 (2)(6)(11)
6.0 6.3
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 4.6 (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 — — — (2)(13)
First lien senior secured loan 10.21 % SOFR (M) 4.75 % 11/2020 11/2027 0.2 0.2 0.2 (2)(11)
Second lien senior secured loan 14.21 % 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 19.0 (2)
79.1 87.5
Compex Legal Services, Inc. (15) Provider of outsourced litgated and non-litigated medical records retrieval services First lien senior secured revolving loan 10.94 % SOFR (Q) 5.45 % 05/2022 02/2025 1.1 1.0 1.1 (2)(11)
First lien senior secured loan 11.50 % SOFR (Q) 6.00 % 07/2023 02/2026 2.0 2.0 2.0 (2)(11)
3.0 3.1
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 8.6 (2)
Class B common stock 08/2014 7,500 — — (2)
7.5 8.6
Elevation Services Parent Holdings, LLC (15) Elevator service platform First lien senior secured revolving loan 11.54 % SOFR (Q) 6.00 % 12/2020 12/2026 2.6 2.6 2.5 (2)(11)(14)
First lien senior secured loan 11.54 % SOFR (Q) 6.00 % 12/2020 12/2026 10.1 10.1 9.9 (2)(11)
First lien senior secured loan 11.53 % SOFR (Q) 6.00 % 05/2022 12/2026 9.1 9.1 8.9 (2)(11)
21.8 21.3

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
FlyWheel Acquireco, Inc. (15) Professional employer organization offering human resources, compliance and risk management services First lien senior secured revolving loan 11.86 % SOFR (M) 6.50 % 05/2023 05/2028 5.5 5.5 5.4 (2)(11)
First lien senior secured loan 11.86 % SOFR (M) 6.50 % 05/2023 05/2030 52.5 52.5 52.0 (2)(11)
58.0 57.4
HH-Stella, Inc. and Bedrock Parent Holdings, LP (15) Provider of municipal solid waste transfer management services First lien senior secured revolving loan 04/2021 04/2028 — — — (2)(13)
First lien senior secured loan 11.50 % SOFR (Q) 6.00 % 04/2021 04/2028 8.9 8.9 8.9 (2)(11)
First lien senior secured loan 11.50 % SOFR (Q) 6.00 % 09/2023 04/2028 13.9 13.9 13.9 (2)(11)
Class A units 04/2021 32,982 3.3 3.2 (2)
26.1 26.0
HP RSS Buyer, Inc. (15) Provider of road striping, and road safety related services First lien senior secured loan 10.37 % SOFR (M) 5.00 % 12/2023 12/2029 12.0 12.0 11.7 (2)(11)
IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P. (15) Market research company focused on the consumer packaged goods industry First lien senior secured revolving loan 11.11 % SOFR (M) 5.75 % 08/2022 12/2027 1.7 1.7 1.7 (2)(11)(14)
First lien senior secured revolving loan 13.25 % Base Rate (M) 4.75 % 08/2022 12/2027 0.9 0.9 0.9 (2)(11)(14)
First lien senior secured loan 11.61 % ( 2.75 % PIK) SOFR (M) 6.25 % 08/2022 12/2028 217.6 217.6 217.6 (2)(11)
Class A units 08/2022 11,242 11.6 18.7 (2)
231.8 238.9
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 — — — (2)(13)
First lien senior secured loan 11.38 % SOFR (M) 6.00 % 08/2022 08/2029 4.1 4.1 4.1 (2)(11)
Class A units 09/2022 12,501 12.5 20.6 (2)
16.6 24.7
Kellermeyer Bergensons Services, LLC Provider of janitorial and facilities management services First lien senior secured loan 11.59 % SOFR (Q) 6.00 % 11/2019 11/2026 25.5 25.4 25.5 (2)(11)
First lien senior secured loan 11/2019 11/2026 30.9 30.9 20.9 (2)(10)
56.3 46.4
Kings Buyer, LLC (15) Provider of comprehensive outsourced waste management consolidation services First lien senior secured loan 11.99 % SOFR (S) 6.50 % 09/2023 10/2027 16.4 16.4 16.2 (2)(11)
KPS Global LLC and Cool Group LLC Manufacturer of walk-in cooler and freezer systems First lien senior secured loan 11.44 % SOFR (M) 5.99 % 04/2017 06/2024 5.2 5.2 5.2 (2)(11)
First lien senior secured loan 11.44 % SOFR (M) 5.99 % 11/2018 06/2024 1.4 1.4 1.4 (2)(11)
Class A units 09/2018 13,292 1.1 5.7
7.7 12.3
Laboratories Bidco LLC and Laboratories Topco LLC (15) Lab testing services for nicotine containing products First lien senior secured revolving loan 12.29 % ( 2.75 % PIK) SOFR (Q) 6.75 % 07/2021 07/2027 0.6 0.6 0.5 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
First lien senior secured revolving loan 14.25 % ( 2.75 % PIK) Base Rate (Q) 5.75 % 07/2021 07/2027 7.6 7.6 6.6 (2)(11)
First lien senior secured loan 12.27 % ( 2.75 % PIK) CDOR (Q) 6.75 % 10/2019 07/2027 24.0 23.9 20.9 (2)(11)
First lien senior secured loan 12.31 % ( 2.75 % PIK) SOFR (Q) 6.75 % 10/2019 07/2027 16.6 16.6 14.4 (2)(11)
First lien senior secured loan 12.31 % ( 2.75 % PIK) SOFR (Q) 6.75 % 10/2020 07/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 12.28 % ( 2.75 % PIK) SOFR (Q) 6.75 % 07/2021 07/2027 4.4 4.4 3.8 (2)(11)
Class A units 07/2021 3,099,335 4.6 0.9 (2)
57.8 47.2
Lightbeam Bidco, Inc. (15) Provider of yard management services First lien senior secured revolving loan 05/2023 05/2029 — — — (2)(13)
First lien senior secured loan 11.70 % SOFR (Q) 6.25 % 05/2023 05/2030 5.3 5.3 5.3 (2)(11)
First lien senior secured loan 10.86 % SOFR (S) 5.50 % 11/2023 05/2030 1.8 1.8 1.8 (2)(11)
7.1 7.1
LJP Purchaser, Inc. and LJP Topco, LP (15) Provider of non-hazardous solid waste and recycling services First lien senior secured loan 11.70 % SOFR (M) 6.25 % 09/2022 09/2028 9.7 9.7 9.7 (2)(11)
Class A units 8.00 % PIK 09/2022 5,098,000 5.6 7.1 (2)
15.3 16.8
Marmic Purchaser, LLC and Marmic Topco, L.P. (15) Provider of recurring fire protection services First lien senior secured loan 11.25 % SOFR (Q) 5.75 % 03/2021 03/2027 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 11.75 % SOFR (Q) 6.25 % 02/2022 03/2027 2.3 2.3 2.3 (2)(11)
First lien senior secured loan 11.26 % SOFR (Q) 5.75 % 02/2022 03/2027 2.5 2.5 2.5 (2)(11)
Limited partnership units 8.00 % PIK 03/2021 1,929,237 2.5 4.6 (2)
7.5 9.6
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc. Keg management solutions provider Second lien senior secured loan 14.35 % SOFR (Q) 9.00 % 08/2020 07/2025 168.3 168.3 168.3 (2)(11)
Second lien senior secured loan 14.35 % SOFR (Q) 9.00 % 08/2023 07/2025 8.6 8.6 8.6 (2)(11)
Series A preferred stock 20.00 % PIK 08/2020 1,507 1.5 3.3 (2)
Series B preferred stock 19.00 % PIK 09/2023 12,000 12.0 12.0 (2)
Common stock 12/2012 54,710 4.9 6.3 (2)
195.3 198.5
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 12.00 % SOFR (Q) 6.50 % 11/2020 06/2024 0.6 0.6 0.6 (2)(11)
First lien senior secured loan 12.00 % SOFR (Q) 6.50 % 11/2020 06/2024 6.2 6.2 6.2 (2)(11)
First lien senior secured loan 12.00 % SOFR (Q) 6.50 % 12/2021 06/2024 2.3 2.3 2.3 (2)(11)
First lien senior secured loan 12.00 % SOFR (Q) 6.50 % 05/2022 06/2024 1.3 1.3 1.3 (2)(11)
10.4 10.4

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
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 revolving loan 10/2022 10/2027 — — — (2)(13)
First lien senior secured loan 10.26 % SOFR (Q) 4.75 % 10/2022 10/2028 81.5 76.0 74.1 (2)(11)(18)
First lien senior secured loan 10.51 % SOFR (Q) 5.00 % 10/2022 04/2029 98.8 91.5 90.0 (2)(11)(18)
First lien senior secured note 9.29 % 11/2022 04/2029 52.8 51.6 49.2 (2)(18)
Second lien senior secured loan 15.26 % SOFR (Q) 9.75 % 10/2022 10/2029 221.3 221.3 210.2 (2)(11)
Limited partnership interests 10/2022 4,040,000 4.1 5.0 (2)
444.5 428.5
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 16.00 % Base Rate (Q) 7.50 % 09/2021 08/2029 119.1 119.1 119.1 (2)(11)
Limited partner interest 09/2021 9,725,000 9.7 10.5 (2)
128.8 129.6
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 11.27 % SOFR (Q) 5.75 % 05/2021 05/2027 1.2 1.2 1.2 (2)(11)
First lien senior secured loan 11.25 % SOFR (Q) 5.75 % 05/2021 05/2027 19.8 19.8 19.8 (2)(11)
First lien senior secured loan 11.27 % SOFR (Q) 5.75 % 03/2022 05/2027 6.8 6.8 6.8 (2)(11)
Common units 05/2021 884,916 0.9 3.9 (2)
28.7 31.7
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC (15) Provider of lawncare services First lien senior secured loan 11.86 % SOFR (Q) 6.50 % 12/2022 05/2028 14.7 14.6 14.7 (2)(11)
North Haven Stack Buyer, LLC (15) Provider of environmental testing services First lien senior secured revolving loan 11.03 % SOFR (Q) 5.50 % 07/2021 07/2027 1.3 1.2 1.3 (2)(11)
First lien senior secured revolving loan 13.00 % Base Rate (Q) 4.50 % 07/2021 07/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.03 % SOFR (M) 5.50 % 07/2021 07/2027 9.8 9.8 9.8 (2)(11)
First lien senior secured loan 11.01 % SOFR (Q) 5.50 % 08/2023 07/2027 1.8 1.6 1.8 (2)(11)
12.7 13.0
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC (15) Solid waste services provider First lien senior secured loan 13.39 % ( 4.00 % PIK) SOFR (Q) 8.00 % 08/2023 08/2029 25.6 25.1 25.1 (2)(11)
Warrant to purchase units of Class A common units 08/2023 08/2036 35,347 0.6 1.1 (2)
25.7 26.2
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC (15) Provider of janitorial and facilities management services First lien senior secured loan 10.97 % SOFR (S) 5.50 % 10/2021 10/2027 67.7 67.7 66.3 (2)(11)
Class A units 10/2021 7,900,000 7.9 6.3 (2)
75.6 72.6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
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 11.61 % PIK SOFR (Q) 6.00 % 12/2021 12/2026 4.5 4.5 4.5 (2)(11)
First lien senior secured loan 11.61 % PIK SOFR (Q) 6.00 % 12/2021 12/2026 15.3 15.3 15.3 (2)(11)
Common unit 12/2021 279,200 7.4 2.1 (2)
27.2 21.9
PSC Group LLC (15) Provider of operational services for US petrochemical and refining companies First lien senior secured revolving loan 07/2019 07/2025 — — — (2)(13)
First lien senior secured loan 11.53 % SOFR (Q) 6.00 % 07/2019 07/2025 34.2 34.2 34.2 (2)(11)
First lien senior secured loan 11.29 % SOFR (Q) 5.75 % 12/2021 07/2025 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 11.41 % SOFR (Q) 6.00 % 12/2021 07/2025 11.3 11.3 11.3 (2)(11)
First lien senior secured loan 11.53 % SOFR (Q) 6.00 % 04/2022 07/2025 2.4 2.4 2.4 (2)(11)
First lien senior secured loan 11.54 % SOFR (Q) 6.00 % 12/2023 07/2025 6.6 6.6 6.6 (2)(11)
54.7 54.7
R2 Acquisition Corp. Marketing services Common stock 05/2007 250,000 0.2 0.3 (2)
RC V Tecmo Investor LLC Technology based aggregator for facility maintenance services Common member units 08/2020 9,624,000 8.3 19.4 (2)
RE Community Holdings GP, LLC and RE Community Holdings, LP Operator of municipal recycling facilities Limited partnership interest 03/2011 2.49 % — — (2)
Limited partnership interest 03/2011 2.86 % — — (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 10.64 % SOFR (S) 5.00 % 08/2021 08/2027 2.7 2.7 2.6 (2)(11)
Limited partner interests 08/2021 1.13 % 2.7 2.9 (2)
5.4 5.5
Rodeo AcquisitionCo LLC (15) Provider of food inspection and recovery services First lien senior secured revolving loan 11.54 % SOFR (Q) 6.00 % 07/2021 07/2027 1.7 1.7 1.7 (2)(11)
First lien senior secured loan 11.54 % SOFR (Q) 6.00 % 07/2021 07/2027 16.8 16.8 16.4 (2)(11)
18.5 18.1
Saturn Purchaser Corp. Private aviation management company First lien senior secured loan 10.71 % SOFR (M) 5.25 % 07/2023 07/2029 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.01 % SOFR (Q) 5.50 % 07/2023 07/2029 1.7 1.7 1.7 (2)(11)
1.8 1.8
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 11.21 % SOFR (M) 5.75 % 12/2021 12/2027 0.6 0.6 0.6 (2)(11)
First lien senior secured loan 11.21 % SOFR (M) 5.75 % 12/2021 12/2027 3.5 3.5 3.4 (2)(11)
Class A units 12/2021 5,868 14.8 16.8 (2)
18.9 20.8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Shermco Intermediate Holdings, Inc. (15) Provider of electrician services First lien senior secured revolving loan 10.86 % SOFR (M) 5.50 % 05/2022 06/2026 0.1 — 0.1 (2)
First lien senior secured loan 10.86 % SOFR (M) 5.50 % 05/2022 06/2026 5.2 5.2 5.2 (2)(11)
First lien senior secured loan 10.95 % SOFR (Q) 5.50 % 09/2023 06/2026 0.4 0.4 0.4 (2)(11)
5.6 5.7
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 24.3 21.0 0.7 (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 0.7
Startec Equity, LLC (5) Communication services Member interest 04/2010 190,581 — —
Stealth Holding LLC and UCIT Online Security Inc. Live video monitoring solutions provider First lien senior secured loan 12.29 % SOFR (Q) 6.75 % 03/2021 03/2026 52.4 52.4 52.4 (2)(6)(11)
First lien senior secured loan 14.25 % Base Rate (Q) 5.75 % 03/2021 03/2026 0.8 0.8 0.8 (2)(6)(11)
First lien senior secured loan 12.29 % SOFR (Q) 6.75 % 03/2022 03/2026 5.1 5.1 5.1 (2)(6)(11)
First lien senior secured loan 12.28 % SOFR (Q) 6.75 % 06/2023 03/2026 12.4 12.4 12.4 (2)(6)(11)
70.7 70.7
Systems Planning and Analysis, Inc. (15) Provider of systems engineering and technical assistance to the US DoD First lien senior secured loan 11.33 % SOFR (Q) 6.00 % 05/2022 08/2027 1.0 1.0 1.0 (2)(11)
Thermostat Purchaser III, Inc. (15) Provider of commercial HVAC equipment maintenance and repair services First lien senior secured revolving loan 08/2021 08/2026 — — — (2)(13)
Second lien senior secured loan 12.79 % SOFR (Q) 7.25 % 08/2021 08/2029 23.0 23.0 22.3 (2)(11)
23.0 22.3
Valcourt Holdings II, LLC and Jobs Holdings, Inc. (15) Provider of window cleaning and building facade maintenance and restoration services First lien senior secured revolving loan 11/2023 01/2029 — — — (2)(13)
First lien senior secured loan 11.27 % SOFR (S) 5.75 % 11/2023 11/2029 45.0 45.0 44.1 (2)(11)
45.0 44.1
Visual Edge Technology, Inc. (5)(15) Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies First lien senior secured loan 12.50 % ( 1.25 % PIK) SOFR (Q) 7.00 % 07/2023 12/2025 33.5 32.9 33.5 (2)(11)
Senior preferred stock 10.00 % PIK 07/2023 4,737 42.1 44.1 (2)
Junior preferred stock 07/2023 6,600 — — (2)
Warrant to purchase shares of common stock 08/2017 08/2030 10,358,572 3.9 — (2)
78.9 77.6
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 5.2 4.9 (2)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Wash Encore Holdings, LLC Provider of outsourced healthcare linen management solutions First lien senior secured loan 11.44 % SOFR (Q) 5.75 % 07/2021 07/2027 97.5 97.5 97.5 (2)(11)
XIFIN, Inc. and ACP Charger Co-Invest LLC (15) Revenue cycle management provider to labs First lien senior secured revolving loan 11.25 % SOFR (Q) 5.75 % 02/2020 02/2026 5.6 5.6 5.3 (2)(11)
First lien senior secured loan 11.25 % SOFR (Q) 5.75 % 07/2021 02/2026 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.25 % SOFR (Q) 5.75 % 12/2021 02/2026 36.5 36.5 34.7 (2)(11)
Class A units 02/2020 180,000 1.8 2.4 (2)
Class B units 12/2021 46,363 0.9 0.6 (2)
44.9 43.1
2,239.1 2,251.7 20.10 %
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 (8.50% interest) 01/2017 8.50 % — — (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 16.4 (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 4.8 (2)(6)(18)
PCG-Ares Sidecar Investment II, L.P. (4)(16) Investment partnership Limited partnership interest 10/2014 100.00 % 7.2 18.1 (2)(6)
PCG-Ares Sidecar Investment, L.P. (4)(16) Investment partnership Limited partnership interest 05/2014 100.00 % 4.3 0.8 (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 13.33 % SOFR (Q) 8.00 % 07/2016 12/2036 1,327.9 1,316.3 1,288.1 (6)(12)
Membership interest 87.50 % — — (6)
1,316.3 1,288.1
1,338.3 1,329.2 11.87 %
Insurance Services
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. (15) Insurance broker First lien senior secured loan 11.03 % SOFR (Q) 5.50 % 11/2019 11/2029 38.0 37.9 37.2 (2)(11)
First lien senior secured loan 11.35 % SOFR (Q) 6.00 % 08/2023 11/2029 0.6 0.6 0.6 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
First lien senior secured loan 11.41 % SOFR (M) 6.00 % 08/2023 11/2029 1.3 1.3 1.3 (2)(11)
First lien senior secured loan 11.01 % SOFR (Q) 5.50 % 11/2023 11/2029 0.3 0.3 0.3 (2)(11)
40.1 39.4
Acrisure, LLC Independent property and casualty insurance brokerage First lien senior secured loan 9.89 % SOFR (Q) 4.50 % 10/2023 11/2030 0.2 0.2 0.2 (2)(18)
Alera Group, Inc. (15) Insurance service provider First lien senior secured loan 11.46 % SOFR (M) 6.00 % 09/2021 10/2028 46.5 46.5 46.5 (2)(11)
Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc. Insurance service provider First lien senior secured loan 9.61 % SOFR (M) 4.25 % 02/2023 02/2028 1.0 1.0 1.0 (2)(18)
AQ Sunshine, Inc. (15) Specialized insurance broker First lien senior secured loan 11.75 % SOFR (Q) 6.25 % 04/2019 04/2027 8.4 8.4 8.2 (2)(11)
First lien senior secured loan 11.75 % SOFR (Q) 6.25 % 10/2020 04/2027 5.5 5.5 5.4 (2)(11)
First lien senior secured loan 11.75 % SOFR (Q) 6.25 % 06/2021 04/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.75 % SOFR (Q) 6.25 % 01/2022 04/2027 8.9 8.9 8.7 (2)(11)
First lien senior secured loan 11.60 % SOFR (Q) 6.25 % 05/2022 04/2027 1.2 1.2 1.2 (2)(11)
First lien senior secured loan 11.71 % SOFR (S) 6.25 % 12/2023 04/2027 6.5 6.5 6.3 (2)(11)
30.6 29.9
Ardonagh Midco 2 plc and Ardonagh Midco 3 plc (15) Insurance broker and underwriting servicer First lien senior secured loan 12.81 % SONIA (S) 7.25 % 06/2020 07/2026 79.2 79.5 79.2 (2)(6)(11)
First lien senior secured loan 11.20 % Euribor (S) 7.25 % 06/2020 07/2026 7.2 7.5 7.2 (2)(6)(11)
First lien senior secured loan 11.90 % SOFR (S) 6.00 % 08/2021 07/2026 90.0 90.0 90.0 (2)(6)(11)
First lien senior secured loan 12.57 % SOFR (S) 6.75 % 08/2022 07/2026 15.6 15.6 15.6 (2)(6)(11)
First lien senior secured loan 10.70 % Euribor (S) 6.75 % 08/2022 07/2026 68.9 64.5 68.9 (2)(6)(11)
Senior subordinated loan 11.50 % 06/2020 01/2027 1.4 1.4 1.4 (2)(6)(18)
258.5 262.3
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 52.2
Captive Resources Midco, LLC (15) Provider of independent consulting services to member-owned group captives First lien senior secured loan 10.61 % ( 2.63 % PIK) SOFR (M) 5.25 % 07/2022 07/2029 0.1 0.1 0.1 (2)(11)
Daylight Beta Parent LLC and CFCo, LLC (4) Health insurance sales platform provider First lien senior secured loan 10.00 % PIK 09/2023 09/2033 12.0 12.0 12.0 (2)
First lien senior secured loan 09/2023 09/2038 20.8 0.5 0.1 (2)
Class B units 09/2023 32,391,330 — — (2)
12.5 12.1
DOXA Insurance Holdings LLC (15) Managing general agent insurance distribution platform First lien senior secured loan 10.87 % SOFR (S) 5.50 % 12/2023 12/2030 9.0 9.0 8.8 (2)(6)(11)
Foundation Risk Partners, Corp. (15) Full service independent insurance agency First lien senior secured loan 11.45 % SOFR (Q) 6.00 % 10/2021 10/2028 79.5 79.5 79.5 (2)(11)
First lien senior secured loan 11.45 % SOFR (Q) 6.00 % 04/2022 10/2028 42.8 42.8 42.8 (2)(11)
122.3 122.3
Galway Borrower LLC (15) Insurance service provider First lien senior secured revolving loan 09/2021 09/2027 — — — (2)(13)
First lien senior secured loan 10.70 % SOFR (Q) 5.25 % 09/2021 09/2028 34.8 34.8 34.2 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
34.8 34.2
Higginbotham Insurance Agency, Inc. (15) Independent retail insurance broker First lien senior secured loan 10.96 % SOFR (M) 5.50 % 08/2023 11/2028 3.6 3.6 3.5 (2)(11)
High Street Buyer, Inc. and High Street Holdco LLC (15)(16) Insurance brokerage platform First lien senior secured loan 11.25 % SOFR (Q) 5.75 % 04/2021 04/2028 22.6 22.6 22.6 (2)(11)
First lien senior secured loan 11.25 % SOFR (Q) 5.75 % 08/2021 04/2028 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.00 % SOFR (M) 5.50 % 02/2022 04/2028 18.5 18.5 18.5 (2)(11)
Series A preferred units 10.00 % PIK 04/2021 172,211,694 203.7 187.3 (2)
Series A preferred units 10.00 % PIK 12/2023 20,106,667 20.3 18.7 (2)
Series A common units 10.00 % PIK 04/2021 4,649,000 6.0 11.9 (2)
Series C common units 10.00 % PIK 04/2021 9,748,701 1.6 24.9 (2)
272.8 284.0
Inszone Mid, LLC and INSZ Holdings, LLC (15) Insurance brokerage firm First lien senior secured loan 11.11 % SOFR (M) 5.75 % 12/2023 11/2029 14.7 14.7 14.4 (2)(11)
Limited partnership interests 11/2022 2,146,088 1.7 2.1
Common units 11/2023 8,473,000 8.5 8.5
24.9 25.0
Keystone Agency Partners LLC (15) Insurance brokerage platform First lien senior secured loan 10.96 % SOFR (S) 5.50 % 12/2023 05/2027 2.8 2.7 2.7 (2)(11)
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (15) Insurance brokerage platform First lien senior secured loan 11.09 % SOFR (M) 5.75 % 11/2023 11/2029 7.5 7.5 7.3 (2)(11)
Class A2 units 11/2023 115,928 2.3 2.3 (2)
9.8 9.6
OneDigital Borrower LLC (15) Benefits broker and outsourced workflow automation platform provider for brokers First lien senior secured revolving loan 11/2020 05/2027 — — — (2)(13)
Patriot Growth Insurance Services, LLC (15) National retail insurance agency First lien senior secured loan 11.00 % SOFR (Q) 5.50 % 10/2021 10/2028 15.8 15.6 15.5 (2)(11)
People Corporation (15) Provider of group benefits, group retirement and human resources services First lien senior secured revolving loan 11.74 % CDOR (Q) 6.25 % 02/2021 02/2027 5.2 5.0 5.2 (2)(6)(11)
First lien senior secured loan 11.75 % CDOR (Q) 6.25 % 02/2021 02/2028 39.4 41.5 39.4 (2)(6)(11)
First lien senior secured loan 11.25 % CDOR (Q) 5.75 % 09/2021 02/2028 22.8 22.7 22.8 (2)(6)(11)
First lien senior secured loan 11.50 % CDOR (Q) 6.00 % 09/2023 02/2028 1.0 1.0 1.0 (2)(6)(11)
70.2 68.4
Riser Interco, LLC (15) Insurance program administrator First lien senior secured loan 11.19 % SONIA (Q) 6.00 % 10/2023 10/2029 1.1 1.0 1.1 (2)(11)
First lien senior secured loan 11.35 % SOFR (Q) 6.00 % 10/2023 10/2029 7.6 7.6 7.4 (2)(11)
8.6 8.5
SageSure Holdings, LLC and SageSure LLC (15) Insurance service provider First lien senior secured loan 11.36 % SOFR (Q) 5.75 % 01/2022 01/2028 0.3 0.3 0.3 (2)(11)
Series A units 02/2022 886 19.6 34.2
19.9 34.5

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
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 11.70 % 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 14.96 % ( 3.00 % PIK) SOFR (M) 9.50 % 11/2019 11/2024 22.0 22.0 20.3 (2)(11)
SG Acquisition, Inc. Provider of insurance solutions for car sales First lien senior secured loan 10.98 % SOFR (Q) 5.50 % 01/2020 01/2027 33.8 33.8 33.8 (2)(11)
Spring Insurance Solutions, LLC Technology-based direct to consumer sales and marketing platform for insurance products First lien senior secured loan 12.72 % SOFR (Q) 7.00 % 11/2020 11/2025 21.8 21.8 19.4 (2)(11)
THG Acquisition, LLC (15) Multi-line insurance broker First lien senior secured revolving loan 11.21 % SOFR (M) 5.75 % 12/2019 12/2025 1.3 1.3 1.3 (2)(11)(14)
First lien senior secured loan 11.21 % SOFR (M) 5.75 % 12/2019 12/2026 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.21 % SOFR (M) 5.75 % 12/2020 12/2026 14.7 14.7 14.7 (2)(11)
First lien senior secured loan 10.96 % SOFR (M) 5.50 % 12/2021 12/2026 25.9 25.9 25.6 (2)(11)
42.0 41.7
1,113.4 1,176.0 10.50 %
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 10.4 — — (2)(10)
Aimbridge Acquisition Co., Inc. Hotel operator Second lien senior secured loan 12.96 % SOFR (M) 7.50 % 02/2019 02/2027 22.5 22.3 21.4 (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 8.71 % SOFR (M) 3.25 % 10/2020 10/2025 0.4 0.4 0.4 (2)
First lien senior secured revolving loan 10.75 % Base Rate (Q) 2.25 % 10/2020 10/2025 1.6 1.6 1.6 (2)
Second lien senior secured loan 14.11 % 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 3.4 5.5 (2)
61.8 63.9
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (15) Provider of residential HVAC, plumbing, and electrical maintenance and repair services First lien senior secured revolving loan 14.00 % Base Rate (Q) 5.50 % 10/2023 10/2029 0.3 0.3 0.3 (2)(11)
First lien senior secured revolving loan 11.87 % SOFR (Q) 6.50 % 10/2023 10/2029 0.4 0.4 0.4 (2)(11)
First lien senior secured loan 12.40 % ( 2.00 % PIK) SOFR (Q) 7.00 % 10/2023 10/2030 148.5 148.5 144.8 (2)(11)
Series B common units 10/2023 262,165 7.2 7.2
156.4 152.7
ATI Restoration, LLC (15) Provider of disaster recovery services First lien senior secured revolving loan 12.50 % Base Rate (Q) 4.00 % 07/2020 07/2026 2.3 2.3 2.3 (2)(11)(14)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
First lien senior secured revolving loan 10.52 % SOFR (Q) 5.00 % 07/2020 07/2026 5.0 5.0 5.0 (2)(11)(14)
First lien senior secured loan 10.52 % SOFR (Q) 5.00 % 07/2020 07/2026 32.7 32.7 32.7 (2)(11)
First lien senior secured loan 10.52 % SOFR (M) 5.00 % 05/2022 07/2026 48.4 48.4 48.4 (2)(11)
First lien senior secured loan 10.54 % SOFR (Q) 5.00 % 09/2023 07/2026 2.3 2.3 2.3 (2)(11)
90.7 90.7
Belfor Holdings, Inc. (15) Disaster recovery services provider First lien senior secured revolving loan 11/2023 11/2028 — — — (2)(13)
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 11.48 % SOFR (Q) 6.00 % 12/2021 12/2027 1.4 1.4 1.2 (2)(11)
First lien senior secured loan 11.99 % SOFR (Q) 6.50 % 12/2021 12/2027 3.1 3.1 2.9 (2)(11)
First lien senior secured loan 12.22 % SOFR (Q) 6.75 % 03/2023 12/2027 6.1 6.1 5.6 (2)(11)
Class A units 12/2021 4,296 4.3 3.8
14.9 13.5
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (15) Provider of commercial HVAC equipment maintenance and repair services First lien senior secured loan 10.37 % SOFR (Q) 5.00 % 05/2022 05/2028 28.0 28.0 28.0 (2)(11)
Common stock 05/2022 290 2.9 7.7 (2)
30.9 35.7
CST Holding Company (15) Provider of ignition interlock devices First lien senior secured revolving loan 11.96 % SOFR (M) 6.50 % 11/2022 11/2028 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 11.96 % SOFR (M) 6.50 % 11/2022 11/2028 11.6 11.6 11.6 (2)(11)
11.8 11.8
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (15) Provider of plumbing and HVAC services First lien senior secured revolving loan 11.28 % SOFR (Q) 5.75 % 11/2020 11/2025 11.2 11.2 11.2 (2)(11)(14)
First lien senior secured loan 11.29 % SOFR (Q) 5.75 % 11/2020 11/2026 47.7 47.7 47.7 (2)(11)
First lien senior secured loan 11.29 % SOFR (Q) 5.75 % 04/2021 11/2026 77.3 77.3 77.3 (2)(11)
First lien senior secured loan 11.29 % SOFR (Q) 5.75 % 11/2021 11/2026 24.9 24.9 24.9 (2)(11)
Preferred units 15.00 % PIK 07/2023 231 2.7 2.7 (2)
Class A units 11/2020 6,447 22.9 43.0 (2)
186.7 206.8
Eternal Aus Bidco Pty Ltd (15) Operator of cemetery, crematoria and funeral services First lien senior secured loan 10.70 % ( 2.50 % PIK) BBSY (Q) 6.25 % 11/2023 10/2029 7.4 7.1 7.4 (2)(6)(11)
Excel Fitness Consolidator LLC (15) Fitness facility operator First lien senior secured loan 11.00 % SOFR (Q) 5.50 % 08/2023 04/2029 3.6 3.5 3.5 (2)(11)
Flint OpCo, LLC (15) Provider of residential HVAC and plumbing services First lien senior secured loan 10.60 % SOFR (Q) 5.25 % 08/2023 08/2030 5.5 5.5 5.4 (2)(11)
GroundWorks, LLC (15) Provider of residential foundation repair and water management services First lien senior secured loan 11.90 % SOFR (Q) 6.50 % 03/2023 03/2030 11.3 11.0 11.3 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
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 12.10 % SOFR (Q) 6.75 % 04/2023 04/2030 19.4 19.4 19.4 (2)(11)
Class A common units 04/2023 4,424 4.4 4.0 (2)
23.8 23.4
Helios Service Partners, LLC and Astra Service Partners, LLC (15) Critical HVAC, refrigeration, and plumbing services for commercial businesses First lien senior secured revolving loan 11.62 % SOFR (Q) 6.00 % 08/2023 03/2027 0.2 0.2 0.2 (2)(11)(14)
First lien senior secured loan 11.87 % SOFR (Q) 6.25 % 08/2023 03/2027 7.6 7.6 7.4 (2)(11)
7.8 7.6
Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P. (15) Provider of residential roofing and exterior repair and replacement services First lien senior secured loan 12.20 % SOFR (Q) 6.75 % 12/2022 12/2028 13.8 13.8 13.8 (2)(6)(11)
First lien senior secured loan 11.50 % CDOR (Q) 6.00 % 11/2023 12/2028 1.1 1.1 1.2 (2)(6)(11)
Class A units 12/2022 9,524,000 9.5 12.4 (2)
24.4 27.4
Jenny C Acquisition, Inc. Health club franchisor Senior subordinated loan 8.00 % PIK 04/2019 04/2025 1.7 1.7 1.7 (2)
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (15) Franchising platform offering adolescent development programs First lien senior secured loan 13.00 % SOFR (Q) 7.50 % 12/2022 12/2027 16.0 16.0 16.0 (2)(11)
Limited partnership interests 12/2022 1,972,732 2.0 1.9
18.0 17.9
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 13.75 % Base Rate (Q) 5.25 % 08/2022 08/2027 2.2 2.2 2.2 (2)(11)
First lien senior secured loan 11.63 % SOFR (Q) 6.25 % 08/2022 08/2028 3.5 3.5 3.5 (2)(11)
First lien senior secured loan 11.64 % SOFR (Q) 6.25 % 09/2023 08/2028 2.9 2.9 2.9 (2)(11)
Class A units 08/2022 1,001 9.7 13.5 (2)
18.3 22.1
Movati Athletic (Group) Inc. Premier health club operator First lien senior secured loan 11.51 % CDOR (Q) 6.00 % 10/2017 10/2024 4.7 4.9 4.7 (2)(6)(11)
Northwinds Holding, Inc. and Northwinds Services Group LLC (15) Provider of HVAC and plumbing services First lien senior secured loan 12.18 % SOFR (Q) 6.50 % 05/2023 05/2029 25.1 25.1 25.1 (2)(11)
Common units 05/2023 1,845,385 2.4 2.6 (2)
27.5 27.7
OTG Management, LLC Airport restaurant operator Class A preferred units 08/2016 3,000,000 25.3 2.0 (2)
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 2.0
PestCo Holdings, LLC and PestCo, LLC (15) Provider of pest control services to the residential and commercial markets First lien senior secured loan 12.03 % SOFR (Q) 6.50 % 02/2023 02/2028 1.7 1.7 1.7 (2)(11)
Class A units 01/2023 134 1.7 2.2
3.4 3.9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC (15) Hotel operator First lien senior secured loan 12.41 % SOFR (Q) 7.00 % 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 11.24 % SOFR (Q) 5.75 % 04/2023 11/2026 2.0 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 12.14 % SOFR (Q) 6.50 % 12/2020 12/2025 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 12.14 % SOFR (S) 6.50 % 12/2021 12/2025 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 12.06 % SOFR (Q) 6.50 % 09/2022 12/2025 5.1 5.1 5.1 (2)(11)
First lien senior secured loan 12.00 % SOFR (Q) 6.50 % 05/2023 12/2025 2.1 2.1 2.1 (2)(11)
Series D units 8.00 % PIK 12/2020 19,592,999 22.1 52.5
29.6 60.0
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 12.72 % SOFR (M) 7.25 % 08/2020 08/2024 47.0 47.4 47.4 (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 11.14 % SOFR (M) 5.50 % 10/2022 10/1/2027 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 10.81 % CDOR (Q) 5.38 % 07/2018 7/1/2025 0.6 0.6 0.6 (2)(11)
First lien senior secured revolving loan 10.88 % SOFR (Q) 5.38 % 07/2018 07/2025 0.5 0.5 0.5 (2)(11)
First lien senior secured loan 10.83 % SOFR (Q) 5.33 % 03/2020 07/2025 1.4 1.4 1.4 (2)(11)
Class A units 07/2018 37,020 3.8 7.7
6.3 10.2
The Alaska Club Partners, LLC, Athletic Club Partners LLC and The Alaska Club, Inc. (15) Premier health club operator First lien senior secured loan 11.97 % SOFR (M) 6.50 % 12/2019 12/2024 12.3 12.3 12.3 (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 11.78 % SOFR (S) 6.25 % 12/2021 12/2027 5.9 5.9 5.9 (2)(11)
First lien senior secured loan 11.82 % SOFR (S) 6.25 % 12/2021 12/2027 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 11.93 % SOFR (Q) 6.25 % 08/2022 12/2027 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 12.31 % SOFR (Q) 6.75 % 04/2023 12/2027 1.6 1.6 1.6 (2)(11)
First lien senior secured loan 11.77 % SOFR (Q) 6.25 % 10/2023 12/2027 5.3 5.3 5.3 (2)(11)
Class A units 12/2021 7,765,119 7.8 13.4
Class C units 03/2023 333,510 — 0.6
21.0 27.2

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
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 3.2 (2)
TSS Buyer, LLC (15) Provider of outsourced testing, inspection, certification, and compliance services to healthcare and life sciences end markets First lien senior secured loan 11.00 % SOFR (S) 5.50 % 07/2023 06/2029 1.8 1.8 1.8 (2)(11)
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (15) Provider of residential roofing repair & replacement First lien senior secured loan 10.89 % SOFR (S) 5.50 % 11/2023 11/2030 7.8 7.8 7.6 (2)(11)
Class B common units 11/2023 212 0.2 0.2
8.0 7.8
YE Brands Holdings, LLC (15) Sports camp operator First lien senior secured revolving loan 10.96 % SOFR (M) 5.50 % 10/2021 10/2027 1.2 1.2 1.2 (2)(11)
First lien senior secured loan 10.95 % SOFR (Q) 5.50 % 10/2021 10/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.20 % SOFR (Q) 5.75 % 06/2022 10/2027 8.1 8.1 8.1 (2)(11)
First lien senior secured loan 11.20 % SOFR (Q) 5.75 % 09/2023 10/2027 3.7 3.7 3.7 (2)(11)
13.1 13.1
ZBS Mechanical Group Co-Invest Fund 2, LLC Provider of residential HVAC and plumbing services Membership interest 10/2021 2,771,000 1.4 11.0
921.8 975.1 8.71 %
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 1,335,610 131.6 188.0
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 88.5 88.5 88.5 (2)
Class A1 units 04/2021 80,518,630 80.9 216.9
169.4 305.4
Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc. (15) Owner of natural gas facilities Class A common stock 07/2022 3,059,533 23.3 16.9 (6)(18)
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 75.2
Riverview Power LLC Operator of natural gas and oil fired power generation facilities First lien senior secured loan 14.50 % SOFR (Q) 9.00 % 08/2021 06/2024 32.5 32.3 32.5 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
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 12.29 % ( 7.89 % PIK) SOFR (Q) 6.90 % 11/2019 11/2025 159.2 159.2 159.2 (2)(11)
159.3 159.3
Sunrun Luna Holdco 2021, LLC (15) Residential solar energy provider Senior subordinated revolving loan 8.92 % SOFR (S) 3.50 % 03/2022 04/2024 30.0 30.0 28.2 (2)(6)
Senior subordinated revolving loan 13.51 % SOFR (Q) 7.88 % 03/2022 04/2024 20.0 20.0 18.8 (2)(6)
50.0 47.0
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 % ( 6.00 % PIK) SOFR (Q) 6.90 % 06/2019 07/2030 75.4 75.4 73.2 (2)(11)
75.7 73.5
899.4 970.4 8.66 %
Consumer Durables and Apparel
Badger Sportswear Acquisition, LLC Provider of team uniforms and athletic wear Second lien senior secured loan 14.54 % SOFR (Q) 9.00 % 09/2016 06/2024 56.8 56.8 54.0 (2)(11)
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 loan 7.37 % SOFR (Q) 2.00 % 10/2018 10/2025 80.6 76.6 79.0 (2)(11)
Membership interests 10/2018 279,392 2.9 — (2)
79.5 79.0
DRS Holdings III, Inc. and DRS Holdings I, Inc. (15) Footwear and orthopedic foot-care brand First lien senior secured loan 11.75 % SOFR (Q) 6.25 % 11/2019 11/2025 27.1 27.1 26.5 (2)(11)
First lien senior secured loan 11.75 % SOFR (M) 6.25 % 06/2021 11/2025 24.9 24.9 24.5 (2)(11)
Common stock 11/2019 8,549 8.5 8.3 (2)
60.5 59.3
Implus Footcare, LLC Provider of footwear and other accessories First lien senior secured loan 13.25 % SOFR (Q) 7.75 % 06/2016 07/2024 1.3 1.3 1.2 (2)(11)
First lien senior secured loan 13.25 % SOFR (Q) 7.75 % 06/2017 07/2024 117.1 116.0 106.6 (2)(11)
First lien senior secured loan 13.25 % SOFR (Q) 7.75 % 07/2018 07/2024 5.0 5.0 4.6 (2)(11)
122.3 112.4
Johnnie-O Inc. and Johnnie-O Holdings Inc. Apparel retailer First lien senior secured loan 11.79 % SOFR (Q) 6.25 % 03/2022 03/2027 19.0 18.4 19.0 (2)(11)
First lien senior secured loan 11.79 % 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 4.5 (2)
Warrant to purchase shares of common stock 03/2022 03/2032 93,577 1.5 2.9 (2)
27.7 30.4
Lew's Intermediate Holdings, LLC (15) Outdoor brand holding company First lien senior secured loan 10.39 % SOFR (Q) 5.00 % 02/2021 02/2028 1.0 1.0 0.9 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Pelican Products, Inc. (15) Flashlights manufacturer First lien senior secured revolving loan 9.50 % SOFR (S) 4.00 % 12/2021 12/2026 0.9 0.9 0.8 (2)(11)
Second lien senior secured loan 13.36 % SOFR (Q) 7.75 % 12/2021 12/2029 60.0 60.0 55.2 (2)(11)
60.9 56.0
Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC Sports equipment manufacturing company First lien senior secured loan 11.75 % SOFR (Q) 6.25 % 12/2020 12/2026 49.2 49.2 49.2 (2)(11)
First lien senior secured loan 11.75 % SOFR (Q) 6.25 % 11/2021 12/2026 0.1 0.1 0.1 (2)(11)
49.3 49.3
Reef Lifestyle, LLC (15) Apparel retailer First lien senior secured revolving loan 15.38 % ( 4.25 % PIK) SOFR (M) 10.00 % 10/2018 10/2027 23.6 23.6 20.3 (2)(11)(14)
First lien senior secured revolving loan 15.39 % ( 4.25 % PIK) SOFR (Q) 10.00 % 07/2020 10/2027 2.6 2.6 2.2 (2)(11)(14)
First lien senior secured loan 15.39 % ( 4.25 % PIK) SOFR (Q) 10.00 % 10/2018 10/2027 22.4 22.4 19.2 (2)(11)
First lien senior secured loan 15.39 % ( 4.25 % PIK) SOFR (Q) 10.00 % 07/2020 10/2027 2.4 2.4 2.1 (2)(11)
51.0 43.8
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 — —
Warrant to purchase units 04/2010 12/2050 3,157,895 — —
— —
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 10.78 % PIK SOFR (Q) 5.25 % 05/2023 04/2024 19.2 19.2 15.5 (2)(6)(11)
First lien senior secured loan 10.89 % PIK SOFR (Q) 5.25 % 10/2023 04/2024 11.9 8.5 9.7 (2)(11)
Second lien senior secured loan 10/2015 10/2024 135.5 112.5 27.1 (2)(10)
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)
140.2 52.3
SVP-Singer Holdings Inc. and SVP-Singer Holdings LP Manufacturer of consumer sewing machines First lien senior secured loan 07/2021 07/2028 44.0 39.0 27.7 (2)(10)
Class A common units 07/2021 6,264,706 26.1 — (2)
65.1 27.7
Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. (4) Designer, marketer, and distributor of rain and cold weather products First lien senior secured loan 9.47 % SOFR (M) 4.00 % 12/2019 06/2024 1.6 1.6 1.6 (2)(11)
First lien senior secured loan 11.47 % SOFR (M) 6.00 % 12/2019 12/2024 2.2 2.2 2.1 (2)(11)
Common stock 12/2019 861,000 6.0 — (2)
9.8 3.7
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 10.47 % SOFR (M) 5.00 % 12/2017 12/2026 2.0 1.9 2.0 (2)(11)(18)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Second lien senior secured loan 15.72 % ( 2.00 % PIK) SOFR (M) 10.25 % 07/2018 04/2027 146.3 146.3 146.3 (2)(11)
Class A units 07/2018 1,400 1.4 1.5 (2)
149.6 149.8
877.9 718.6 6.42 %
Media and Entertainment
22 HoldCo Limited (15) Sports and entertainment platform Senior subordinated loan 12.96 % PIK SONIA (S) 7.50 % 08/2023 08/2033 38.8 38.4 37.6 (2)(6)(11)
3 Step Sports LLC and 3 Step Holdings, LLC (15) Provider of integrated youth sports solutions First lien senior secured revolving loan 13.33 % SOFR (Q) 8.00 % 10/2023 10/2028 0.4 0.4 0.4 (2)(11)
First lien senior secured loan 13.46 % ( 1.50 % PIK) SOFR (S) 8.00 % 10/2023 10/2029 12.4 12.4 11.9 (2)(11)
Series D preferred units 10/2023 226,110 3.7 3.7
16.5 16.0
Aventine Intermediate LLC & Aventine Holdings II LLC Media and production company First lien senior secured loan 11.47 % ( 4.00 % PIK) SOFR (Q) 6.00 % 12/2021 06/2027 10.0 10.0 9.4 (2)(11)
Senior subordinated loan 10.25 % PIK 12/2021 12/2030 43.5 43.5 34.8 (2)
53.5 44.2
Axiomatic, LLC Premiere e-sports and video game investment platform Class A-1 units 05/2022 500,000 5.0 5.7
CFC Funding LLC SME-related SPV Loan instrument units 9.75 % PIK 07/2023 16,680 16.7 16.2 (6)
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 16.00 % PIK 12/2022 12/2028 0.5 0.5 0.5 (2)(6)
Senior subordinated loan 16.00 % PIK 12/2022 12/2028 24.3 24.3 24.0 (2)(6)
Senior subordinated loan 13.33 % ( 8.00 % PIK) SOFR (S) 8.00 % 12/2022 12/2028 47.3 47.3 45.0 (2)(6)(11)
Ordinary shares 09/2023 494 4.4 3.3 (2)(6)
Warrant to purchase shares of ordinary shares 12/2022 11/2028 180 — 3.9 (2)(6)
Warrant to purchase shares of ordinary shares 12/2022 11/2028 199 — 1.4 (2)(6)
76.5 78.1
Global Music Rights, LLC (15) Music right management company First lien senior secured loan 11.20 % SOFR (Q) 5.75 % 08/2021 08/2028 0.1 0.1 0.1 (2)(11)
League One Volleyball, Inc. Operator of youth volleyball clubs Series B preferred stock 07/2023 194 — — (2)
LiveBarn Inc. Provider of Live & On Demand broadcasting of amateur and youth sporting events Middle preferred shares 08/2023 4,902,988 17.3 17.3 (2)(6)
MailSouth, Inc. Provider of shared mail marketing services First lien senior secured loan 05/2022 04/2024 8.7 5.8 1.0 (2)(10)
Miami Beckham United LLC American professional soccer club Class A preferred units 9.50 % PIK 09/2021 85,000 103.2 103.2
Class B preferred units 9.50 % PIK 06/2023 42,500 44.6 44.6
147.8 147.8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
OUTFRONT Media Inc. Provider of out-of-home advertising Series A convertible perpetual preferred stock 7.00 % 04/2020 25,000 25.0 29.6 (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 13.96 % ( 5.50 % PIK) SOFR (M) 8.50 % 08/2018 08/2024 43.2 43.2 43.2 (2)(11)
First lien senior secured loan 12.96 % ( 2.50 % PIK) SOFR (M) 7.50 % 07/2020 08/2024 15.3 15.3 15.3 (2)(11)
First lien senior secured loan 12.96 % ( 2.50 % PIK) SOFR (M) 7.50 % 06/2021 08/2024 0.8 0.8 0.8 (2)(11)
First lien senior secured loan 12.96 % ( 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 46.1 (2)
71.7 112.9
Professional Fighters League, LLC and PFL MMA, Inc. Mixed martial arts league First lien senior secured loan 12.00 % PIK 01/2021 01/2026 19.3 18.6 19.3 (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 1.7 (2)
Warrant to purchase shares of common stock 11/2022 11/2029 68,787 0.2 0.2 (2)
21.3 22.1
Storm Investment S.a.r.l. Spanish futbol club First lien senior secured loan 3.75 % 06/2021 06/2029 68.1 73.6 68.1 (2)(6)
Ordinary shares 06/2021 3,958 — 0.2 (2)(6)
Class A redeemable shares 06/2021 3,297,791 1.6 5.6 (2)(6)
Class B redeemable shares 06/2021 3,297,791 1.6 5.6 (2)(6)
Class C redeemable shares 06/2021 3,297,791 1.6 5.6 (2)(6)
Class D redeemable shares 06/2021 3,297,791 1.6 5.6 (2)(6)
Class E redeemable shares 06/2021 3,297,791 1.6 5.6 (2)(6)
Class F redeemable shares 06/2021 3,297,791 1.6 5.6 (2)(6)
Class G redeemable shares 06/2021 3,297,791 1.6 5.6 (2)(6)
Class H redeemable shares 06/2021 3,297,791 1.6 5.6 (2)(6)
Class I redeemable shares 06/2021 3,297,791 1.6 5.6 (2)(6)
88.0 118.7
The Teaching Company Holdings, Inc. Education publications provider Preferred stock 09/2006 10,663 1.1 2.3 (2)
Common stock 09/2006 15,393 — 0.1 (2)
1.1 2.4

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
584.7 649.7 5.80 %
Retailing and Distribution
Bamboo Purchaser, Inc. Provider of nursery, garden, and greenhouse products First lien senior secured loan 12.00 % SOFR (Q) 6.50 % 11/2021 11/2027 17.8 17.8 16.9 (2)(11)
BradyIFS Holdings, LLC (15) Distributor of foodservice disposables and janitorial sanitation products First lien senior secured loan 11.38 % SOFR (Q) 6.00 % 10/2023 10/2029 123.0 123.0 120.5 (2)(11)
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (15) Provider of visual communications solutions First lien senior secured loan 11.11 % SOFR (M) 5.65 % 03/2019 03/2025 15.5 15.5 15.5 (2)(11)
First lien senior secured loan 11.11 % SOFR (M) 5.65 % 08/2019 03/2025 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.11 % SOFR (M) 5.65 % 06/2021 03/2025 0.1 0.1 0.1 (2)(11)
Common units 03/2019 600 0.6 1.7 (2)
16.3 17.4
GPM Investments, LLC and ARKO Corp. Convenience store operator Common stock 12/2020 2,088,478 19.8 17.2 (2)(18)
Warrant to purchase common stock 12/2020 12/2025 1,088,780 1.6 1.2 (2)(18)
21.4 18.4
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (15) Distributor of HVAC, plumbing, and water heater equipment, parts, supplies and fixtures First lien senior secured revolving loan 9.87 % SOFR (Q) 4.50 % 11/2023 11/2029 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.37 % SOFR (S) 6.00 % 11/2023 11/2029 3.5 3.5 3.4 (2)(11)
Limited partnership interest 8.00 % PIK 11/2023 5,441,000 5.4 5.4 (2)
9.0 8.9
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC Distributor of OEM appliance aftermarket parts First lien senior secured loan 11.75 % SOFR (Q) 6.25 % 06/2021 06/2028 0.4 0.4 0.4 (2)(11)
First lien senior secured loan 11.75 % 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 6.8 (2)
6.7 7.4
Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP (15) Auto parts retailer First lien senior secured revolving loan 8.87 % SOFR (M) 3.25 % 05/2021 05/2026 11.2 11.2 11.2 (2)(14)
Series A preferred stock 7.00 % PIK 05/2021 68,601 82.5 82.5 (2)
Class A-1 units 05/2021 24,586 24.6 34.3 (2)
118.3 128.0
McKenzie Creative Brands, LLC (15) Designer, manufacturer and distributor of hunting-related supplies First lien senior secured revolving loan 12.21 % SOFR (M) 6.75 % 09/2014 09/2025 1.6 1.6 1.6 (2)(11)
First lien senior secured loan 12.29 % SOFR (Q) 6.75 % 09/2014 09/2025 84.5 84.5 84.5 (2)(8)(11)
First lien senior secured loan 12.29 % SOFR (Q) 6.75 % 09/2014 09/2025 5.5 5.5 5.5 (2)(11)
91.6 91.6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Monolith Brands Group, Inc. E-commerce platform focused on consolidating DTC branded businesses Series A-1 preferred stock 04/2022 701,255 15.5 10.2 (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 27.6
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 13.52 % ( 3.75 % PIK) SOFR (Q) 8.00 % 05/2021 05/2027 26.2 26.2 21.2 (2)(11)
Class A units 05/2021 50,000 5.0 —
31.2 21.2
Reddy Ice LLC (15) Packaged ice manufacturer and distributor First lien senior secured revolving loan 07/2019 07/2025 — — — (2)(13)
First lien senior secured loan 10.57 % SOFR (Q) 5.00 % 07/2019 07/2025 60.6 60.6 60.6 (2)(11)
First lien senior secured loan 10.57 % SOFR (Q) 5.00 % 11/2020 07/2025 4.2 4.2 4.2 (2)(11)
First lien senior secured loan 10.57 % SOFR (Q) 5.00 % 10/2021 07/2025 0.9 0.9 0.9 (2)(11)
First lien senior secured loan 10.46 % SOFR (M) 5.00 % 12/2023 07/2025 2.5 2.5 2.5 (2)(11)
First lien senior secured loan 11.46 % SOFR (S) 6.00 % 12/2023 07/2025 1.5 1.5 1.5 (2)(11)
69.7 69.7
SCIH Salt Holdings Inc. (15) Salt and packaged ice melt manufacturer and distributor First lien senior secured revolving loan 9.46 % SOFR (M) 4.00 % 03/2020 12/2026 3.7 3.6 3.7 (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 12.19 % CDOR (M) 6.75 % 12/2022 12/2029 12.4 12.1 12.4 (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 11.00 % SOFR (Q) 5.50 % 07/2021 07/2028 26.1 26.1 26.1 (2)(11)
Limited partner interests 07/2021 0.40 % 0.8 0.7 (2)
26.9 26.8
583.9 580.7 5.18 %
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 9.09 % SOFR (M) 3.75 % 06/2021 07/2028 1.0 1.0 1.0 (2)(11)(18)
Airx Climate Solutions, Inc. (15) Provider of commercial HVAC equipment and services First lien senior secured loan 11.68 % SOFR (Q) 6.25 % 11/2023 11/2029 9.9 9.9 9.7 (2)(11)
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 6.8 2.5 3.9 (2)(10)
Arrowhead Holdco Company and Arrowhead GS Holdings, Inc. Distributor of non-discretionary, mission-critical aftermarket replacement parts First lien senior secured loan 10.05 % 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)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
5.2 0.1
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 12.03 % SOFR (Q) 6.50 % 05/2022 10/2025 1.8 1.7 1.7 (2)(11)(14)
First lien senior secured loan 12.01 % SOFR (Q) 6.50 % 05/2022 10/2025 1.0 1.0 1.0 (2)(11)
2.7 2.7
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 10.71 % SOFR (M) 5.25 % 07/2022 07/2029 22.1 20.7 20.8 (2)(11)(18)
CPIG Holdco Inc. Distributor of engineered fluid power and complex machined solutions First lien senior secured loan 12.49 % SOFR (Q) 7.00 % 04/2023 04/2028 14.7 14.7 14.7 (2)(11)
Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc. (15) Manufacturer of pumps, valves, and fluid control components for industrial markets First lien senior secured revolving loan 10/2023 10/2029 — — — (2)(13)
First lien senior secured loan 11.40 % SOFR (Q) 6.00 % 10/2023 10/2030 38.8 38.8 37.8 (2)(11)
38.8 37.8
DFS Holding Company, Inc. (15) Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry First lien senior secured loan 12.46 % SOFR (M) 7.00 % 01/2023 01/2029 2.1 2.0 2.1 (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 12.53 % SOFR (Q) 7.00 % 12/2020 12/2025 3.7 3.7 3.7 (2)(11)
First lien senior secured loan 12.54 % SOFR (Q) 7.00 % 12/2020 12/2026 21.4 21.4 21.4 (2)(11)
Common units 12/2020 9,773,000 9.8 8.7
34.9 33.8
EPS NASS Parent, Inc. (15) Provider of maintenance and engineering services for electrical infrastructure First lien senior secured revolving loan 11.25 % SOFR (Q) 5.75 % 04/2021 04/2026 1.2 1.2 1.2 (2)(11)(14)
First lien senior secured loan 11.25 % SOFR (Q) 5.75 % 04/2021 04/2028 0.2 0.2 0.2 (2)(11)
1.4 1.4
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 4.4 (2)
Class A-2 units 12/2016 3,500 3.5 — (2)
5.8 4.4
Harvey Tool Company, LLC (15) Manufacturer of cutting tools used in the metalworking industry First lien senior secured loan 11.12 % SOFR (Q) 5.50 % 10/2021 10/2027 3.6 3.6 3.6 (2)(11)
Helix Acquisition Holdings, Inc. Manufacturer of springs, fasteners and custom components First lien senior secured loan 12.45 % SOFR (Q) 7.00 % 03/2023 03/2030 11.9 11.9 11.9 (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 % ( 7.00 % PIK) 01/2017 12/2028 17.2 17.0 17.2 (2)
Class A common stock 01/2017 48,544 13.5 48.2
30.5 65.4

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
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 — — — (2)(13)
First lien senior secured loan 9.75 % SOFR (Q) 4.25 % 08/2019 08/2026 40.2 40.2 40.2 (2)(11)
Class A units 08/2019 4,549,000 0.5 8.5 (2)
40.7 48.7
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 11.60 % SOFR (Q) 6.25 % 06/2021 06/2027 27.3 27.3 22.1 (2)(11)
NCWS Intermediate, Inc. and NCWS Holdings LP Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market First lien senior secured loan 11.53 % SOFR (Q) 6.00 % 12/2020 12/2026 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 11.53 % SOFR (Q) 6.00 % 11/2021 12/2026 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 12.03 % SOFR (Q) 6.50 % 11/2021 12/2026 96.3 96.3 96.3 (2)(11)
First lien senior secured loan 12.03 % SOFR (Q) 6.50 % 12/2021 12/2026 13.9 13.9 13.9 (2)(11)
Class A-2 common units 12/2020 12,296,000 12.9 28.0 (2)
123.4 138.5
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 12.11 % SOFR (M) 6.75 % 06/2021 06/2029 55.3 55.3 54.7 (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 11.46 % SOFR (M) 6.00 % 08/2021 08/2027 11.5 11.5 11.4 (2)(6)(11)
First lien senior secured loan 11.46 % SOFR (M) 6.00 % 04/2022 08/2027 3.9 3.9 3.9 (2)(6)(11)
Class A units 08/2021 88,420 13.4 24.8 (2)
28.8 40.1
Qnnect, LLC and Connector TopCo, LP (15) Manufacturer of highly engineered hermetic packaging products First lien senior secured loan 12.38 % SOFR (Q) 7.00 % 11/2022 11/2029 10.7 10.7 10.7 (2)(11)
Limited partnership interests 11/2022 992,500 9.9 11.4 (2)
20.6 22.1
Radius Aerospace, Inc. and Radius Aerospace Europe Limited (15) Metal fabricator in the aerospace industry First lien senior secured revolving loan 11.23 % SOFR (M) 5.75 % 03/2019 03/2025 0.5 0.5 0.5 (2)(6)(11)
First lien senior secured revolving loan 10.94 % SONIA (M) 5.75 % 11/2019 03/2025 0.8 0.8 0.8 (2)(6)(11)
1.3 1.3

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value % of Net Assets
Distributor of maintenance, repair, and operations parts First lien senior secured revolving loan 12.10 % SOFR (Q) 6.75 % 12/2022 04/2028 0.9 0.8 0.9 (2)(11)
First lien senior secured loan 12.10 % SOFR (Q) 6.75 % 12/2022 04/2029 0.1 0.1 0.1 (2)(11)
0.9 1.0
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 — — — (2)(11)(13)
Two Six Labs, LLC (15) Provider of information operations, cyber, and data analytics products and services for government and defense contracts First lien senior secured loan 11.35 % SOFR (Q) 6.00 % 10/2023 08/2027 8.6 8.6 8.6 (2)(11)
497.6 550.4 4.91 %
Energy
Calyx Energy III, LLC Oil and gas exploration company First lien senior secured loan 13.47 % SOFR (M) 8.00 % 08/2022 01/2027 43.3 43.3 43.3 (2)(11)
First lien senior secured loan 16.47 % SOFR (M) 11.00 % 06/2023 01/2027 5.0 4.9 5.0 (2)(11)
First lien senior secured loan 16.46 % SOFR (M) 11.00 % 08/2023 01/2027 10.1 9.8 10.1 (2)(11)
58.0 58.4
Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC (15) Private oil exploration and production company First lien senior secured loan 14.45 % 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 11.69 % BKBM (Q) 6.00 % 05/2022 07/2027 30.7 30.5 30.7 (2)(6)(11)
Common units 07/2022 17,616,667 5.9 10.0 (2)(6)
36.4 40.7
Halcon Holdings, LLC Operator of development, exploration, and production oil company First lien senior secured loan 12.94 % SOFR (Q) 7.50 % 11/2021 11/2025 11.4 11.3 11.4 (2)
HighPeak Energy, Inc. Oil and gas exploration and production company First lien senior secured loan 13.00 % SOFR (A) 7.50 % 09/2023 09/2026 91.9 89.8 91.9 (2)(6)(11)
Murchison Oil and Gas, LLC and Murchison Holdings, LLC Exploration and production company First lien senior secured loan 14.00 % SOFR (Q) 8.50 % 06/2022 06/2026 78.3 78.3 78.3 (2)(11)
Preferred units 8.00 % 06/2022 41,000 41.0 52.0
119.3 130.3
Offen, Inc. Distributor of fuel, lubricants, diesel exhaust fluid, and premium additives First lien senior secured loan 10.38 % SOFR (M) 5.00 % 05/2022 06/2026 0.1 0.1 0.1 (2)
SilverBow Resources, Inc. Oil and gas producer Common stock 06/2022 369,760 10.1 10.8 (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 15.10 % SOFR (M) 9.50 % 03/2017 11/2024 27.3 27.3 27.3 (2)(11)
First lien senior secured loan 15.10 % SOFR (M) 9.50 % 06/2020 11/2024 6.0 6.0 6.0 (2)(11) Radwell Parent, LLC (15)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
First lien senior secured loan 15.10 % SOFR (M) 9.50 % 11/2020 11/2024 5.0 4.9 5.0 (2)(11)
Class A units 11/2020 347,900 32.8 61.1 (2)
71.0 99.4
445.3 492.3 4.40 %
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 15.4 (2)
7.5 15.6
Berner Food & Beverage, LLC (15) Supplier of dairy-based food and beverage products First lien senior secured revolving loan 13.00 % Base Rate (Q) 4.50 % 07/2021 07/2026 0.5 0.5 0.5 (2)(11)
First lien senior secured revolving loan 11.03 % SOFR (Q) 5.50 % 07/2021 07/2026 0.3 0.3 0.3 (2)(11)
0.8 0.8
Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4)(15) Health food company First lien senior secured loan 11.60 % SOFR (Q) 6.25 % 12/2020 12/2025 26.6 26.6 26.6 (2)(11)
Common units 03/2019 14,850 11.5 17.3 (2)
38.1 43.9
CHG PPC Parent LLC & PPC CHG Blocker LLC Diversified food products manufacturer Second lien senior secured loan 12.22 % SOFR (M) 6.75 % 12/2021 12/2029 94.6 94.6 94.6 (2)(11)
Common units 12/2021 59 3.0 3.8 (2)
97.6 98.4
Demakes Borrower, LLC (15) Value-added protein manufacturer First lien senior secured loan 11.60 % SOFR (S) 6.25 % 12/2023 12/2029 6.3 6.3 6.1 (2)(11)
Florida Food Products, LLC Provider of plant extracts and juices First lien senior secured loan 10.47 % SOFR (M) 5.00 % 10/2021 10/2028 0.5 0.4 0.4 (2)(11)
First lien senior secured loan 10.36 % SOFR (M) 5.00 % 06/2022 10/2028 0.4 0.4 0.4 (2)(11)
Second lien senior secured loan 13.47 % SOFR (M) 8.00 % 10/2021 10/2029 71.8 71.8 66.0 (2)(11)
72.6 66.8
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)
3.0 —
Gotham Greens Holdings, PBC (15) Producer of vegetables and culinary herbs for restaurants and retailers First lien senior secured loan 14.33 % ( 2.00 % PIK) SOFR (M) 8.88 % 06/2022 12/2026 37.5 37.5 37.5 (2)(11)
Series E-1 preferred stock 6.00 % PIK 06/2022 177,332 14.2 15.2 (2)
Series E-1 preferred stock 06/2022 11,273 — — (2)
Warrant to purchase shares of Series E-1 preferred stock 06/2022 06/2032 78,216 — — (2)
51.7 52.7
KNPC HoldCo, LLC Producer of trail mix and mixed nut snack products First lien senior secured loan 11.00 % SOFR (Q) 5.50 % 04/2022 10/2029 5.6 5.6 5.6 (2)(11)
First lien senior secured loan 12.25 % SOFR (Q) 6.75 % 12/2022 10/2029 1.3 1.3 1.3 (2)(11)
First lien senior secured loan 11.48 % SOFR (Q) 6.00 % 11/2023 10/2029 2.8 2.8 2.8 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
9.7 9.7
Manna Pro Products, LLC (15) Manufacturer and supplier of specialty nutrition and care products for animals First lien senior secured revolving loan 11.46 % SOFR (M) 6.00 % 12/2020 12/2026 5.1 5.1 4.8 (2)(11)
Max US Bidco Inc. Manufacturer of premium dry dog food First lien senior secured loan 10.35 % SOFR (Q) 5.00 % 10/2023 10/2030 1.0 0.9 0.9 (2)(18)
RB Holdings InterCo, LLC (15) Manufacturer of pet food and treats First lien senior secured revolving loan 10.53 % SOFR (Q) 5.00 % 05/2022 05/2028 1.8 1.8 1.8 (2)(11)
First lien senior secured loan 10.52 % SOFR (Q) 5.00 % 05/2022 05/2028 11.4 11.4 11.3 (2)(11)
13.2 13.1
RF HP SCF Investor, LLC Branded specialty food company Membership interest 12/2016 10.08 % 12.5 29.5 (2)(6)
Sugar PPC Buyer LLC (15) Manufacturer and distributor of food products First lien senior secured loan 11.34 % SOFR (M) 6.00 % 10/2023 10/2030 12.4 12.4 12.1 (2)(11)
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 12.68 % ( 1.00 % PIK) SOFR (Q) 7.25 % 12/2020 12/2025 76.1 76.1 69.3 (2)(11)
Warrant to purchase shares of common stock 02/2019 02/2034 57,827 — — (2)
76.1 69.3
Triton Water Holdings, Inc. Producer and provider of bottled water brands First lien senior secured loan 8.86 % SOFR (Q) 3.25 % 03/2021 03/2028 1.0 1.0 1.0 (2)(11)(18)
Senior subordinated loan 6.25 % 03/2021 04/2029 0.1 0.1 0.1 (2)(18)
1.1 1.1
Watermill Express, LLC and Watermill Express Holdings, LLC Owner and operator of self-service water and ice stations First lien senior secured loan 10.50 % SOFR (Q) 5.00 % 04/2021 04/2027 20.9 20.9 20.9 (2)(11)
Class A units 8.00 % PIK 04/2021 282,200 3.5 4.5
24.4 25.4
Winebow Holdings, Inc. and The Vintner Group, Inc. Importer and distributor of wine First lien senior secured loan 11.71 % SOFR (M) 6.25 % 04/2021 07/2025 27.7 27.7 26.6 (2)(11)
460.7 476.8 4.26 %
Consumer Staples Distribution and Retail
Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. Manufacturer and distributor of specialty bakery ingredients First lien senior secured loan 9.97 % SOFR (M) 4.50 % 07/2023 09/2028 16.4 16.4 16.4 (2)(11)
Second lien senior secured loan 12.47 % SOFR (M) 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 6.6 12.9 (2)
Series A preferred shares 11.00 % PIK 09/2021 08/2051 21,921 28.3 28.3 (2)
80.8 87.1
BR PJK Produce, LLC (15) Specialty produce distributor First lien senior secured loan 11.46 % SOFR (Q) 6.00 % 12/2023 11/2027 1.4 1.3 1.4 (2)(11)
City Line Distributors LLC and City Line Investments LLC (15) Specialty food distributor First lien senior secured loan 11.46 % SOFR (M) 6.00 % 08/2023 08/2028 3.2 3.2 3.1 (2)(11)
Class A units 8.00 % PIK 08/2023 3,473,000 3.5 3.8 (2)
6.7 6.9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Continental Café, LLC and Infinity Ovation Yacht Charters, LLC (15) Diversified contract food service provider First lien senior secured revolving loan 11.45 % SOFR (M) 6.00 % 11/2021 11/2027 1.1 1.1 1.1 (2)(11)
First lien senior secured loan 11.46 % SOFR (M) 6.00 % 11/2021 11/2027 6.3 6.3 6.3 (2)(11)
First lien senior secured loan 11.44 % SOFR (M) 6.00 % 04/2023 11/2027 1.3 1.3 1.3 (2)(11)
First lien senior secured loan 11.71 % SOFR (M) 6.25 % 06/2023 11/2027 1.6 1.6 1.6 (2)(11)
10.3 10.3
DecoPac, Inc. and KCAKE Holdings Inc. (15) Supplier of cake decorating solutions and products to in-store bakeries First lien senior secured revolving loan 11.49 % SOFR (M) 6.00 % 05/2021 05/2026 4.9 4.9 4.9 (2)(11)
First lien senior secured loan 11.50 % SOFR (Q) 6.00 % 05/2021 05/2028 147.1 147.1 147.1 (2)(11)
Common stock 05/2021 9,599 9.6 10.2 (2)
161.6 162.2
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 — — — (2)(13)
First lien senior secured loan 10.71 % 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 33.1 (2)
11.2 33.2
JWC/KI Holdings, LLC Foodservice sales and marketing agency Membership units 11/2015 5,000 5.0 11.4 (2)
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (15)(16) Distributor of specialty foods First lien senior secured loan 12.03 % SOFR (Q) 6.50 % 10/2022 10/2028 39.9 39.9 39.6 (2)(11)
Limited partnership interests 10/2022 9,683,991 9.7 9.8 (2)
49.6 49.4
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 — — — (2)(13)
First lien senior secured loan 11.70 % SOFR (M) 6.25 % 05/2023 05/2029 9.7 9.7 9.7 (2)(11)
Class B limited liability company interest 05/2023 17.71 % 9.6 10.0 (2)
19.3 19.7
SFE Intermediate Holdco LLC Provider of outsourced foodservice to K-12 school districts First lien senior secured loan 11.50 % SOFR (Q) 6.00 % 07/2017 07/2026 6.2 6.2 6.2 (2)(11)
First lien senior secured loan 11.50 % SOFR (Q) 6.00 % 09/2018 07/2026 9.9 9.9 9.9 (2)(11)
First lien senior secured loan 11.50 % SOFR (Q) 6.00 % 03/2022 07/2026 0.4 0.4 0.4 (2)(11)
16.5 16.5
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (15)(16) Fresh and specialty food distributor First lien senior secured revolving loan 11.60 % SOFR (Q) 6.25 % 02/2023 01/2029 0.8 0.8 0.8 (2)(11)(14)
First lien senior secured loan 11.60 % SOFR (Q) 6.25 % 02/2023 01/2029 7.4 7.4 7.3 (2)(11)
Common units 01/2023 1,673,000 1.7 1.8
9.9 9.9
ZB Holdco LLC and ZB TopCo LLC (15) Distributor of Mediterranean food and beverages First lien senior secured revolving loan 02/2022 02/2028 — — — (2)(13)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
First lien senior secured loan 11.50 % SOFR (Q) 6.00 % 02/2022 02/2028 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 11.50 % SOFR (Q) 6.00 % 08/2023 02/2028 3.9 3.9 3.9 (2)(11)
Series A units 06/2023 4,699 4.0 5.1 (2)
8.1 9.2
380.3 417.2 3.72 %
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 11.75 % SOFR (Q) 6.25 % 12/2021 11/2025 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.75 % SOFR (Q) 6.25 % 12/2022 11/2025 5.1 5.1 4.9 (2)(11)
Preferred units 11/2020 4,113,113 5.1 1.8 (2)
Preferred units 11/2020 1,095,046 1.1 0.5 (2)
Class A common units 11/2020 5,208,159 — — (2)
11.4 7.3
Continental Acquisition Holdings, Inc. Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets First lien senior secured loan 12.50 % ( 5.50 % PIK) SOFR (Q) 7.00 % 01/2021 01/2027 36.2 36.2 31.2 (2)(11)
First lien senior secured loan 12.50 % PIK SOFR (Q) 7.00 % 12/2021 01/2027 5.4 5.4 4.6 (2)(11)
41.6 35.8
Eckler Purchaser LLC (5) Restoration parts and accessories provider for classic automobiles Class A common units 07/2012 67,972 — — (2)
Faraday Buyer, LLC (15) Manufacturer and supplier for the power utility and automotive markets worldwide First lien senior secured loan 11.35 % SOFR (Q) 6.00 % 11/2023 10/2028 63.3 63.3 62.1 (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 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 — — — (2)(13)
Second lien senior secured loan 13.52 % SOFR (Q) 8.00 % 11/2020 11/2028 70.4 70.4 70.4 (2)(11)
Co-invest units 11/2020 59,230 5.9 5.6 (2)
76.3 76.0
New ChurcHill HoldCo LLC and Victory Topco, LP (15) Operator of collision repair centers First lien senior secured revolving loan 10.87 % SOFR (Q) 5.50 % 11/2023 11/2029 0.3 0.3 0.3 (2)(11)
First lien senior secured loan 10.87 % SOFR (Q) 5.50 % 11/2023 11/2029 9.1 9.1 8.9 (2)(11)
Class A-2 common units 11/2023 20,170 2.0 2.0 (2)
11.4 11.2
Sun Acquirer Corp. and Sun TopCo, LP (15) Automotive parts and repair services retailer First lien senior secured revolving loan 11.22 % SOFR (M) 5.75 % 09/2021 09/2027 1.7 1.7 1.7 (2)(11)(14)
First lien senior secured loan 11.22 % SOFR (M) 5.75 % 09/2021 09/2028 51.8 51.8 51.3 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
First lien senior secured loan 11.22 % 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 9.1 (2)
66.8 67.3
Wand Newco 3, Inc. Collision repair company Second lien senior secured loan 12.71 % SOFR (M) 7.25 % 02/2019 02/2027 121.8 120.8 121.8 (2)
393.9 381.5 3.41 %
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 A ordinary shares 05/2021 2,476,744 5.7 4.5 (2)(6)
ADMA Biologics Inc. Biopharmaceutical company First lien senior secured loan 11.88 % SOFR (S) 6.50 % 12/2023 12/2027 6.5 6.4 6.4 (2)(6)(11)
Alcami Corporation and ACM Note Holdings, LLC (15) Outsourced drug development services provider First lien senior secured loan 12.46 % SOFR (M) 7.00 % 12/2022 12/2028 9.4 9.4 9.4 (2)(11)
Senior subordinated loan 10.00 % PIK 12/2022 06/2029 21.0 21.0 21.0 (2)
30.4 30.4
Athyrium Buffalo LP Biotechnology company engaging in the development, manufacture, and commercialization of novel neuromodulators Limited partnership interests 06/2022 7,628,966 7.6 7.4 (2)(6)
Limited partnership interests 08/2023 3,756,395 3.8 3.6 (2)(6)
11.4 11.0
Bamboo US BidCo LLC (15) Biopharmaceutical company First lien senior secured loan 11.38 % SOFR (Q) 6.00 % 09/2023 09/2030 29.4 29.4 28.5 (2)(11)
Caerus Midco 3 S.à r.l. (15) Provider of market intelligence and analysis for the pharmaceutical industry First lien senior secured revolving loan 11.11 % SOFR (M) 5.75 % 10/2022 05/2029 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 11.13 % SOFR (Q) 5.75 % 10/2022 05/2029 7.1 7.0 7.1 (2)(6)(11)
7.1 7.2
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 11.47 % SOFR (M) 6.00 % 10/2021 10/2027 2.7 2.7 2.7 (2)(11)
First lien senior secured loan 11.47 % SOFR (M) 6.00 % 10/2021 10/2028 31.5 31.5 31.2 (2)(11)
First lien senior secured loan 11.47 % SOFR (M) 6.00 % 06/2023 10/2028 11.5 11.5 11.4 (2)(11)
Series A preferred shares 15.59 % PIK SOFR (Q) 10.00 % 10/2021 60,236 81.1 81.1 (2)(11)
Preferred units 8.00 % PIK 10/2021 10/2051 3,020 3.6 4.1 (2)
Class A common units 10/2021 30,500 — 0.1 (2)
130.4 130.6
NMC Skincare Intermediate Holdings II, LLC (15) Developer, manufacturer and marketer of skincare products First lien senior secured revolving loan 11.46 % ( 1.00 % PIK) SOFR (M) 6.00 % 10/2018 11/2026 1.0 1.0 0.9 (2)(11)
First lien senior secured loan 11.44 % ( 1.00 % PIK) SOFR (M) 6.00 % 10/2018 11/2026 30.5 30.5 29.0 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
First lien senior secured loan 11.44 % ( 1.00 % PIK) SOFR (M) 6.00 % 05/2022 11/2026 4.6 4.6 4.4 (2)(11)
36.1 34.3
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 11.28 % SOFR (Q) 5.75 % 09/2020 09/2027 47.1 47.1 47.1 (2)(11)
First lien senior secured loan 11.28 % SOFR (Q) 5.75 % 12/2020 09/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.28 % SOFR (Q) 5.75 % 02/2021 09/2027 2.5 2.5 2.5 (2)(11)
First lien senior secured loan 11.28 % SOFR (Q) 5.75 % 09/2021 09/2027 0.1 0.1 0.1 (2)(11)
Senior subordinated loan 11.00 % PIK 03/2023 03/2025 1.5 1.5 1.5 (2)
Class A preferred units 8.00 % PIK 09/2020 13,528 17.5 41.1 (2)
68.8 92.4
Verista, Inc. (15) Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector First lien senior secured revolving loan 11.38 % SOFR (Q) 6.00 % 05/2022 02/2027 1.3 1.1 1.3 (2)(11)
First lien senior secured loan 11.39 % SOFR (Q) 6.00 % 05/2022 02/2027 0.8 0.8 0.8 (2)(11)
1.9 2.1
Vertice Pharma UK Parent Limited Manufacturer and distributor of generic pharmaceutical products Preferred shares 12/2015 40,662 — — (6)
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. (15) Manufacturer of monoclonal antibodies First lien senior secured loan 11.64 % SOFR (S) 6.25 % 11/2023 11/2030 5.0 5.0 4.9 (2)(11)
Limited partnership interest 11/2023 1,529,000 1.5 1.5 (2)
6.5 6.4
334.1 353.8 3.16 %
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 11.64 % 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 8.7 (2)
19.7 8.8
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 10.65 % SOFR (Q) 5.00 % 12/2021 05/2025 0.1 0.1 0.1 (2)(11)(18)
First lien senior secured loan 9.34 % SOFR (Q) 3.69 % 06/2022 05/2025 26.1 24.6 20.8 (2)(18)
First lien senior secured loan 9.65 % SOFR (Q) 4.00 % 07/2022 05/2025 3.3 3.1 2.6 (2)(18)
Second lien senior secured loan 12.54 % SOFR (Q) 7.00 % 11/2018 03/2026 73.0 73.0 58.4 (2)
Common units 11/2018 5,827 5.8 —
106.6 81.9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
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 9.71 % SOFR (M) 4.25 % 07/2019 07/2026 1.4 1.4 1.4 (2)(6)(11)
First lien senior secured revolving loan 8.33 % Euribor (M) 4.50 % 07/2019 07/2026 1.2 1.2 1.2 (2)(6)
First lien senior secured loan 8.45 % Euribor (Q) 4.50 % 07/2019 07/2026 4.9 5.0 4.9 (2)(6)
First lien senior secured loan 9.78 % SOFR (Q) 4.25 % 07/2019 07/2026 14.7 14.7 14.7 (2)(6)(11)
First lien senior secured loan 8.45 % Euribor (Q) 4.50 % 08/2019 07/2026 1.5 1.5 1.5 (2)(6)
Class A units 07/2019 6,762,668 6.8 9.4 (2)(6)
30.6 33.1
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 12.21 % SOFR (M) 6.75 % 12/2020 12/2026 22.8 22.8 21.9 (2)(11)
First lien senior secured loan 12.21 % 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 4.6 3.3 (2)
Class C units 12/2020 4,772 — — (2)
27.7 25.5
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC Manufacturer of specialized acrylic and polycarbonate sheets First lien senior secured loan 9.64 % SOFR (Q) 4.00 % 12/2018 12/2025 22.4 21.6 21.3 (2)(11)(18)
Second lien senior secured loan 12.89 % SOFR (Q) 7.25 % 12/2018 12/2026 55.0 55.0 52.2 (2)(11)
Preferred units 15.00 % PIK 10/2023 841 0.1 — (2)
Co-Invest units 12/2018 5,969 0.6 0.3 (2)
77.3 73.8
Precision Concepts International LLC and Precision Concepts Canada Corporation (15) Manufacturer of diversified packaging solutions and plastic injection molded products First lien senior secured loan 11.95 % SOFR (Q) 6.50 % 01/2019 01/2026 11.6 11.6 11.5 (2)(6)(11)
First lien senior secured loan 11.95 % SOFR (Q) 6.50 % 06/2021 01/2026 0.1 0.1 0.1 (2)(6)(11)
First lien senior secured loan 11.95 % SOFR (Q) 6.50 % 05/2022 01/2026 0.1 0.1 0.1 (2)(6)(11)
11.8 11.7
SCI PH Parent, Inc. Industrial container manufacturer, reconditioner and servicer Series B shares 08/2018 11 1.1 1.9 (2)
Vobev, LLC and Vobev Holdings, LLC (15) Producer and filler of aluminum beverage cans First lien senior secured loan 12.48 % SOFR (M) 7.00 % 04/2023 04/2028 8.9 8.9 7.3 (2)(11)
First lien senior secured loan 13.23 % ( 4.00 % PIK) SOFR (Q) 7.75 % 04/2023 04/2028 50.7 50.7 41.6 (2)(11)
Warrant to purchase shares of ordinary shares 04/2023 11/2033 4,378 — — (2)
Warrant to purchase units of class B units 11/2023 04/2028 49,344 — 3.2 (2)
59.6 52.1
334.4 288.8 2.58 %
Technology Hardware and Equipment

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Amortized Cost Fair Value
Chariot Buyer LLC (15) Provider of smart access solutions across residential and commercial properties Second lien senior secured loan 12.21 % SOFR (M) 6.75 % 11/2021 11/2029 135.5 135.4 134.1 (2)(11)
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 13.00 % Base Rate (Q) 4.50 % 03/2022 03/2028 1.5 1.5 1.5 (11)
First lien senior secured revolving loan 10.96 % SOFR (M) 5.50 % 03/2022 03/2028 2.0 2.0 1.9 (2)(11)
First lien senior secured revolving loan 13.00 % Base Rate (Q) 4.50 % 03/2022 03/2028 2.3 2.3 2.3 (2)(11)
First lien senior secured loan 10.96 % SOFR (M) 5.50 % 03/2022 03/2028 34.7 34.7 33.6 (2)(11)
40.5 39.3
Micromeritics Instrument Corp. (15) Scientific instrument manufacturer First lien senior secured loan 9.93 % SOFR (Q) 4.50 % 12/2019 12/2025 18.4 18.4 18.4 (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 12.13 % SOFR (Q) 6.75 % 03/2023 03/2029 17.4 17.4 17.4 (2)(11)
First lien senior secured loan 11.11 % SOFR (Q) 5.75 % 10/2023 03/2029 2.8 2.8 2.8 (2)(11)
Limited partnership interests 03/2023 0.62 % 9.9 12.6 (2)
Class A-2 units 01/2022 34,832 4.8 4.5
34.9 37.3
Repairify, Inc. and Repairify Holdings, LLC (15) Provider of automotive diagnostics scans and solutions First lien senior secured revolving loan 10.70 % SOFR (Q) 5.00 % 06/2021 06/2027 4.8 4.8 4.7 (2)(11)
Class A common units 06/2021 163,820 4.9 4.4 (2)
9.7 9.1
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 02/2020 02/2027 — — — (2)(13)
First lien senior secured loan 11.10 % SOFR (Q) 5.75 % 02/2020 02/2027 18.5 18.5 18.5 (2)(11)
First lien senior secured loan 11.10 % SOFR (Q) 5.75 % 11/2021 02/2027 2.5 2.5 2.5 (2)(11)
First lien senior secured loan 11.10 % SOFR (Q) 5.75 % 05/2022 02/2027 0.2 0.2 0.2 (2)(11)
First lien senior secured loan 11.13 % SOFR (Q) 5.75 % 11/2023 02/2027 5.5 5.5 5.5 (2)(11)
Limited partnership interests 02/2020 17,655 1.5 5.7 (2)
28.2 32.4
267.5 270.6 2.42 %
Household and Personal Products
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. (15) Provider of personal care appliances First lien senior secured loan 11.21 % 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

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value
Foundation Consumer Brands, LLC Pharmaceutical holding company of over the counter brands First lien senior secured loan 11.79 % SOFR (Q) 6.25 % 02/2021 02/2027 13.5 13.2 13.5 (2)(11)
First lien senior secured loan 11.75 % SOFR (Q) 6.25 % 06/2023 02/2027 0.2 0.2 0.2 (2)(11)
13.4 13.7
LifeStyles Bidco Ltd., Lifestyles Intermediate Holdco Ltd. and LifeStyles Parent, L.P. Provider of intimate wellness products First lien senior secured loan 12.10 % SOFR (Q) 6.75 % 11/2022 11/2028 18.5 18.5 18.5 (2)(6)(11)
First lien senior secured loan 11.89 % SOFR (S) 6.50 % 12/2023 11/2028 8.9 8.9 8.9 (2)(6)(11)
Preferred units 8.00 % PIK 11/2022 3,178 3.5 3.5 (2)(6)
Class B common units 11/2022 32,105 — 1.8 (2)(6)
30.9 32.7
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 12.46 % SOFR (M) 7.00 % 08/2021 08/2027 0.7 0.7 0.6 (2)(11)
First lien senior secured loan 12.46 % ( 3.50 % PIK) SOFR (M) 7.00 % 08/2021 08/2027 27.3 27.3 24.3 (2)(11)
Limited partner interests 08/2021 4.58 % 5.0 1.0 (2)
33.0 25.9
RD Holdco Inc. (5) Manufacturer and marketer of carpet cleaning machines Senior subordinated loan 01/2017 10/2026 28.0 22.0 13.4 (2)(10)
Senior subordinated loan 04/2023 10/2026 1.0 0.9 0.5 (2)(10)
Common stock 01/2017 458,596 14.0 —
36.9 13.9
Silk Holdings III Corp. and Silk Holdings I Corp. (15) Producer of personal care products First lien senior secured revolving loan 11.35 % SOFR (Q) 6.00 % 05/2023 05/2029 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 13.10 % SOFR (Q) 7.75 % 05/2023 05/2029 16.7 16.7 16.7 (2)(11)
Common stock 05/2023 14,199 14.2 26.7 (2)
31.0 43.5
Walnut Parent, Inc. Manufacturer of natural solution pest and animal control products First lien senior secured loan 11.00 % SOFR (Q) 5.50 % 11/2020 11/2027 14.4 14.4 14.3 (2)(11)
First lien senior secured loan 11.00 % SOFR (Q) 5.50 % 04/2022 11/2027 0.1 0.1 0.1 (2)(11)
14.5 14.4
169.5 151.7 1.35 %
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 10.50 % SOFR (Q) 4.89 % 05/2022 11/2024 9.1 8.9 7.0 (2)(11)(18)
Second lien senior secured loan 05/2022 11/2025 0.2 0.2 0.1 (2)(10)
9.1 7.1
Emergency Communications Network, LLC (15) Provider of mission critical emergency mass notification solutions First lien senior secured revolving loan 14.13 % ( 6.25 % PIK) SOFR (Q) 8.75 % 06/2017 06/2024 7.2 7.2 6.3 (2)(11)

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 14.13 % ( 6.25 % PIK) SOFR (Q) 8.75 % 06/2017 06/2024 51.1 51.1 44.5 (2)(11)
58.3 50.8
67.4 57.9 0.52 %
Transportation
Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc. 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 11.23 % SOFR (S) 6.05 % 06/2021 06/2027 26.5 26.5 26.5 (2)(11)
First lien senior secured loan 11.23 % SOFR (S) 6.05 % 06/2022 06/2027 0.1 0.1 0.1 (2)(11)
First lien senior secured loan 11.23 % SOFR (S) 6.05 % 03/2023 06/2027 6.2 6.2 6.2 (2)(11)
Common stock 06/2021 75,990 7.6 18.3 (2)
40.4 51.1
40.4 51.1 0.46 %
Education
Excelligence Holdings Corp. Developer, manufacturer and retailer of educational products First lien senior secured loan 11.50 % SOFR (Q) 6.00 % 04/2017 01/2024 9.1 9.1 9.1 (2)(11)
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (15) Distributor of instructional products, services and resources First lien senior secured revolving loan 10.97 % SOFR (M) 5.50 % 08/2018 08/2024 3.6 3.6 3.6 (2)(11)(14)
First lien senior secured revolving loan 13.00 % Base Rate (Q) 4.50 % 08/2018 08/2024 5.6 5.6 5.6 (2)(11)(14)
First lien senior secured loan 11.11 % SOFR (Q) 5.50 % 07/2017 08/2024 29.3 29.3 29.3 (2)(11)
First lien senior secured loan 11.11 % 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 1.2 (2)
40.3 40.8
49.4 49.9 0.45 %
Total Investments $ 22,667.6 $ 22,873.7 (19) 204.23 %

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 $ 200 € 190 Royal Bank of Canada January 26, 2024 $ ( 7 )
Foreign currency forward contract $ 140 £ 116 Royal Bank of Canada January 26, 2024 ( 7 )
Foreign currency forward contract $ 120 CAD 168 Royal Bank of Canada January 26, 2024 ( 4 )
Foreign currency forward contract $ 114 CAD 153 Royal Bank of Canada January 18, 2024 ( 1 )
Foreign currency forward contract $ 69 £ 56 Royal Bank of Canada August 21, 2026 ( 1 )
Foreign currency forward contract $ 41 NZD 71 Royal Bank of Canada January 26, 2024 ( 4 )
Foreign currency forward contract $ 9 $ 10 Royal Bank of Canada January 26, 2024 —
Foreign currency forward contract $ 7 AUD 10 Royal Bank of Canada November 17, 2026 —
Foreign currency forward contract $ 3 CAD 4 Canadian Imperial Bank of Commerce January 26, 2024 —
Total $ ( 24 )

Interest rate swaps

Description Hedged Item Company Receives Company Pays Counterparty Maturity Date Notional Amount Fair Value Upfront Payments/Receipts Change in Unrealized Appreciation / (Depreciation)
Interest rate swap January 2027 Notes 7.000 % SOFR + 2.585 % Wells Fargo Bank, N.A. 1/15/2027 $ 600 $ 10 $ — $ 10
Interest rate swap January 2027 Notes 7.000 % SOFR + 2.573 % Wells Fargo Bank, N.A. 1/15/2027 300 5 — 5
Total $ 900 $ 15 $ — $ 15

(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, 2023 represented 204 % of the Company’s net assets or 96 % 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.

(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, 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 Year Ended December 31, 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) As of December 31, 2023 — Fair Value
Apex Clean Energy TopCo, LLC $ 33.1 $ — $ — $ — $ — $ — $ — $ — $ 4.5 $ 188.0
APG Intermediate Holdings Corporation and APG Holdings, LLC — 0.1 — 1.4 — — — — 2.0 23.7
Blue Wolf Capital Fund II, L.P. — — — — — — — — — —
Bragg Live Food Products, LLC and SPC Investment Co., L.P. 1.6 3.9 — 3.4 — — 0.1 — 7.2 43.9
Daylight Beta Parent LLC and CFCo, LLC — — — 0.4 — — — — ( 0.3 ) 12.1
ESCP PPG Holdings, LLC — — — — — — — — 1.3 4.4
European Capital UK SME Debt LP — 9.8 — — — 7.4 — — ( 0.3 ) 16.4
PCG-Ares Sidecar Investment, L.P. — — — — — — — — — 0.8
PCG-Ares Sidecar Investment II, L.P. 0.1 — — — — — — — 2.5 18.1
Production Resource Group, L.L.C. and PRG III, LLC — 1.3 — 10.9 — — — — 11.7 112.9
Shock Doctor, Inc. and Shock Doctor Holdings, LLC 3.3 3.4 11.6 0.2 — — — ( 10.2 ) 5.7 —
Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. — — — 0.4 — — — — — 3.7
$ 38.1 $ 18.5 $ 11.6 $ 16.7 $ — $ 7.4 $ 0.1 $ ( 10.2 ) $ 34.3 $ 424.0

(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, 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 Year Ended December 31, 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) As of December 31, 2023 — Fair Value
Absolute Dental Group LLC and Absolute Dental Equity, LLC $ 22.1 $ 16.0 $ — $ 8.6 $ — $ — $ 0.2 $ — $ ( 7.4 ) $ 72.0
ACAS Equity Holdings Corporation — — — — — — — — — 0.4
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. — — — — — — — — — —
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC 25.3 0.1 — 2.2 — — 0.1 — ( 10.7 ) 65.6
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 — — — 9.2 — — — — 86.6 305.4
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation 11.5 — — 2.2 — 0.3 0.7 — 5.3 65.4
Ivy Hill Asset Management, L.P. 470.2 755.1 — 29.3 — 243.0 — — 70.4 1,986.6
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC 4.9 0.1 — — — — 0.1 — ( 6.5 ) 42.9
Potomac Intermediate Holdings II LLC — — — — — — — — ( 68.0 ) 75.2
PS Operating Company LLC and PS Op Holdings LLC — 0.2 — 2.2 — — 0.1 — ( 6.2 ) 21.9
RD Holdco Inc. 0.9 — — — — — — — 2.7 13.9
S Toys Holdings LLC (fka The Step2 Company, LLC) — — — — — — — 0.5 ( 0.1 ) —
Senior Direct Lending Program, LLC 178.9 136.7 — 173.8 8.8 — 4.5 0.1 ( 2.7 ) 1,288.1
SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc. 25.6 7.9 — 2.4 — — — — ( 38.2 ) 52.3
Startec Equity, LLC — — — — — — — — — —
Visual Edge Technology, Inc. — 0.1 — 2.2 — 2.2 — — 2.6 77.6
VPROP Operating, LLC and V SandCo, LLC — 4.5 — 6.2 — 6.7 — — ( 12.2 ) 99.4
$ 739.4 $ 920.7 $ — $ 238.3 $ 8.8 $ 252.2 $ 5.7 $ 0.6 $ 15.6 $ 4,166.7
  • 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).

(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, 23 % 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, 2023.

(7) Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to 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 $ 40.2 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 $ 34.4 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 $ 34.4 secured borrowing, at fair value, included in “secured borrowings” in the accompanying consolidated balance sheet. As of December 31, 2023, the interest rate in effect for the secured borrowing was 12.94 %.

(10) Loan was on non-accrual status as of December 31, 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 December 31, 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 December 31, 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 December 31, 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.

(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 unfunded revolving and delayed draw commitments
22 HoldCo Limited $ 14.0 $ — $ 14.0 $ — $ — $ 14.0
3 Step Sports LLC 10.4 ( 0.4 ) 10.0 — — 10.0
Absolute Dental Group LLC and Absolute Dental Equity, LLC 12.1 ( 9.5 ) 2.6 — — 2.6
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. 9.6 — 9.6 — — 9.6
Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC 4.1 ( 4.1 ) — — — —
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC 20.0 — 20.0 — — 20.0
Advarra Holdings, Inc. 0.4 — 0.4 — — 0.4
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC 24.5 — 24.5 — — 24.5
AI Fire Buyer, Inc. and AI Fire Parent LLC 12.9 — 12.9 — — 12.9
AIM Acquisition, LLC 1.8 — 1.8 — — 1.8
Airx Climate Solutions, Inc. 5.2 — 5.2 — — 5.2
Alcami Corporation and ACM Note Holdings, LLC 2.6 — 2.6 — — 2.6
Alera Group, Inc. 12.0 — 12.0 — — 12.0
American Residential Services L.L.C. and Aragorn Parent Holdings LP 4.5 ( 2.0 ) 2.5 — — 2.5
AmeriVet Partners Management, Inc. 14.3 — 14.3 — — 14.3
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 and Apex Service Partners Holdings, LLC 34.8 ( 0.7 ) 34.1 — — 34.1
APG Intermediate Holdings Corporation and APG Holdings, LLC 0.1 — 0.1 — — 0.1
Applied Technical Services, LLC 3.6 ( 2.1 ) 1.5 — — 1.5
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. 0.1 — 0.1 — — 0.1
AQ Sage Buyer, LLC 5.2 — 5.2 — — 5.2
AQ Sunshine, Inc. 12.8 — 12.8 — — 12.8
Ardonagh Midco 2 plc and Ardonagh Midco 3 plc 15.6 — 15.6 — — 15.6
Argenbright Holdings V, LLC and Amberstone Security Group Limited 2.5 — 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 53.7 ( 8.5 ) 45.2 — — 45.2
Avalara, Inc. 2.7 — 2.7 — — 2.7
Avetta, LLC 3.9 — 3.9 — — 3.9
Bamboo US BidCo LLC 14.4 — 14.4 — — 14.4
Banyan Software Holdings, LLC and Banyan Software, LP 7.3 ( 1.4 ) 5.9 — — 5.9
Beacon Pointe Harmony, LLC 4.9 — 4.9 — — 4.9
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. 0.9 — 0.9 — — 0.9
Belfor Holdings, Inc. 58.5 ( 6.2 ) 52.3 — — 52.3
Benecon Midco II LLC and Locutus Holdco LLC 4.5 — 4.5 — — 4.5
Berner Food & Beverage, LLC 1.7 ( 0.8 ) 0.9 — — 0.9
BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC 3.0 ( 1.9 ) 1.1 — — 1.1
Bobcat Purchaser, LLC and Bobcat Topco, L.P. 2.5 — 2.5 — — 2.5
Borrower R365 Holdings LLC 2.3 — 2.3 — — 2.3
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC 2.3 — 2.3 — — 2.3
BR PJK Produce, LLC 2.7 — 2.7 — — 2.7
BradyIFS Holdings, LLC 17.7 — 17.7 — — 17.7
Bragg Live Food Products, LLC and SPC Investment Co., L.P. 4.4 — 4.4 — — 4.4
Businessolver.com, Inc. 1.4 — 1.4 — — 1.4
Caerus Midco 3 S.à r.l. 2.3 ( 0.1 ) 2.2 — — 2.2
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 ( 4.0 ) 1.0 — — 1.0
Center for Autism and Related Disorders, LLC 9.5 ( 9.5 ) — — — —
Centric Brands LLC and Centric Brands GP LLC 8.6 — 8.6 — — 8.6
Chariot Buyer LLC 12.3 — 12.3 — — 12.3
(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 unfunded revolving and delayed draw commitments
Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC 9.5 — 9.5 — — 9.5
City Line Distributors LLC and City Line Investments LLC 1.7 — 1.7 — — 1.7
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC 8.0 ( 1.4 ) 6.6 — — 6.6
Cliffwater LLC 1.0 — 1.0 — — 1.0
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. 24.4 — 24.4 — — 24.4
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. 6.3 ( 2.7 ) 3.6 — — 3.6
Community Brands ParentCo, LLC 7.2 — 7.2 — — 7.2
Compex Legal Services, Inc. 3.6 ( 1.1 ) 2.5 — — 2.5
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. 11.3 ( 5.1 ) 6.2 — — 6.2
Continental Café, LLC and Infinity Ovation Yacht Charters, LLC 1.8 ( 1.1 ) 0.7 — — 0.7
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 ( 0.5 ) 38.2 — — 38.2
Coupa Holdings, LLC and Coupa Software Incorporated 0.9 — 0.9 — — 0.9
Coyote Buyer, LLC 5.8 — 5.8 — — 5.8
Crosspoint Capital AS SPV, LP 3.6 ( 0.7 ) 2.9 — — 2.9
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
Cube Industrials Buyer, Inc. and Cube A&D Buyer Inc. 5.1 ( 1.1 ) 4.0 — — 4.0
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC 18.0 — 18.0 — — 18.0
DecoPac, Inc. and KCAKE Holdings Inc. 16.5 ( 4.9 ) 11.6 — — 11.6
Demakes Borrower, LLC 1.8 — 1.8 — — 1.8
Denali Holdco LLC and Denali Apexco LP 10.5 — 10.5 — — 10.5
DFC Global Facility Borrower III LLC 76.1 ( 64.5 ) 11.6 — — 11.6
DFS Holding Company, Inc. 0.3 — 0.3 — — 0.3
Diligent Corporation and Diligent Preferred Issuer, Inc. 2.2 ( 1.2 ) 1.0 — — 1.0
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. 2.3 — 2.3 — — 2.3
DOXA Insurance Holdings, LLC 14.0 — 14.0 — — 14.0
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 9.6 ( 3.8 ) 5.8 — — 5.8
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP 7.1 ( 3.7 ) 3.4 — — 3.4
Echo Purchaser, Inc. 3.9 ( 0.1 ) 3.8 — — 3.8
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. 4.1 ( 4.1 ) — — — —
Elevation Services Parent Holdings, LLC 17.1 ( 2.7 ) 14.4 — — 14.4
Emergency Communications Network, LLC 7.2 ( 7.2 ) — — — —
Enverus Holdings, Inc. 17.8 — 17.8 — — 17.8
EP Wealth Advisors, LLC 8.3 ( 0.4 ) 7.9 — — 7.9
EpiServer Inc. and Episerver Sweden Holdings AB 9.5 — 9.5 — — 9.5
EPS NASS Parent, Inc. 1.4 ( 1.2 ) 0.2 — — 0.2
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. 1.1 ( 0.8 ) 0.3 — — 0.3
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC 28.0 ( 22.3 ) 5.7 — — 5.7
Eternal Aus Bidco Pty Ltd 1.4 — 1.4 — — 1.4
Excel Fitness Consolidator LLC 1.8 — 1.8 — — 1.8
Extrahop Networks, Inc. 11.0 — 11.0 — — 11.0
Faraday Buyer, LLC 5.1 — 5.1 — — 5.1
(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 unfunded revolving and delayed draw commitments
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. 17.9 — 17.9 — — 17.9
FL Hawk Intermediate Holdings, Inc. 0.5 — 0.5 — — 0.5
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. 14.5 ( 9.2 ) 5.3 — — 5.3
Flint OpCo, LLC 3.5 — 3.5 — — 3.5
FlyWheel Acquireco, Inc. 8.2 ( 5.5 ) 2.7 — — 2.7
Forescout Technologies, Inc. 16.0 — 16.0 — — 16.0
Foundation Risk Partners, Corp. 45.2 — 45.2 — — 45.2
FS Squared Holding Corp. and FS Squared, LLC 9.6 ( 0.5 ) 9.1 — — 9.1
Galway Borrower LLC 8.8 ( 0.4 ) 8.4 — — 8.4
GC Waves Holdings, Inc. 0.1 — 0.1 — — 0.1
Genesis Acquisition Co. and Genesis Ultimate Holding Co. 1.5 ( 1.5 ) — — — —
GI Ranger Intermediate LLC 9.2 ( 2.2 ) 7.0 — — 7.0
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 12.9 — 12.9 — ( 12.9 ) —
GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC 1.2 ( 0.6 ) 0.6 — — 0.6
GroundWorks, LLC 0.6 — 0.6 — — 0.6
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC 9.6 — 9.6 — — 9.6
GTCR F Buyer Corp. and GTCR (D) Investors LP 1.6 — 1.6 — — 1.6
Guidepoint Security Holdings, LLC 3.4 — 3.4 — — 3.4
Hanger, Inc. 27.1 — 27.1 — — 27.1
Harvey Tool Company, LLC 24.5 — 24.5 — — 24.5
HealthEdge Software, Inc. 7.2 ( 0.3 ) 6.9 — — 6.9
Heavy Construction Systems Specialists, LLC 4.0 — 4.0 — — 4.0
Helios Service Partners, LLC and Astra Service Partners, LLC 3.5 ( 0.2 ) 3.3 — — 3.3
Help/Systems Holdings, Inc. 15.0 — 15.0 — — 15.0
HGC Holdings, LLC 7.5 — 7.5 — — 7.5
HH-Stella, Inc. and Bedrock Parent Holdings, LP 12.4 ( 0.3 ) 12.1 — — 12.1
Higginbotham Insurance Agency, Inc. 1.8 — 1.8 — — 1.8
High Street Buyer, Inc. and High Street Holdco LLC 21.5 — 21.5 — — 21.5
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC 9.5 ( 0.2 ) 9.3 — — 9.3
Hills Distribution, Inc. 2.2 ( 0.1 ) 2.1 — — 2.1
HP RSS Buyer, Inc. 5.1 — 5.1 — — 5.1
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP 13.3 ( 13.3 ) — — — —
Hyland Software, Inc. 2.0 — 2.0 — — 2.0
Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P. 16.3 — 16.3 — — 16.3
Inszone Mid, LLC and INSZ Holdings, LLC 18.9 — 18.9 — — 18.9
IQN Holding Corp. 4.8 — 4.8 — — 4.8
IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P. 14.4 ( 2.7 ) 11.7 — — 11.7
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. 9.1 ( 0.3 ) 8.8 — — 8.8
ITI Holdings, Inc. 5.7 ( 4.3 ) 1.4 — — 1.4
Kaseya Inc. and Knockout Intermediate Holdings I Inc. 30.5 ( 6.9 ) 23.6 — — 23.6
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. 18.9 ( 0.4 ) 18.5 — — 18.5
Keystone Agency Partners LLC 10.4 — 10.4 — — 10.4
Kings Buyer, LLC 1.6 — 1.6 — — 1.6
Laboratories Bidco LLC and Laboratories Topco LLC 19.6 ( 8.2 ) 11.4 — — 11.4
LeanTaaS Holdings, Inc. 43.5 — 43.5 — — 43.5
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. 1.5 — 1.5 — — 1.5
Lew's Intermediate Holdings, LLC 2.3 — 2.3 — — 2.3
Lido Advisors, LLC 5.2 ( 0.6 ) 4.6 — — 4.6
Lightbeam Bidco, Inc. 5.2 ( 0.2 ) 5.0 — — 5.0
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. 5.6 — 5.6 — — 5.6
LJP Purchaser, Inc. and LJP Topco, LP 3.1 — 3.1 — — 3.1
Majesco and Magic Topco, L.P. 2.0 — 2.0 — — 2.0
(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 unfunded revolving and delayed draw commitments
Manna Pro Products, LLC 7.0 ( 5.1 ) 1.9 — — 1.9
Marmic Purchaser, LLC and Marmic Topco, L.P. 2.7 — 2.7 — — 2.7
Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP 32.9 ( 14.8 ) 18.1 — — 18.1
McKenzie Creative Brands, LLC 4.5 ( 1.6 ) 2.9 — — 2.9
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. 8.0 ( 4.3 ) 3.7 — — 3.7
Modigent, LLC and OMERS PMC Investment Holdings LLC 12.6 ( 2.2 ) 10.4 — — 10.4
Monica Holdco (US) Inc. 3.6 ( 3.6 ) — — — —
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC 10.1 ( 0.1 ) 10.0 — — 10.0
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC 6.3 ( 0.2 ) 6.1 — — 6.1
MRI Software LLC 6.1 — 6.1 — — 6.1
NAS, LLC and Nationwide Marketing Group, LLC 3.0 ( 0.6 ) 2.4 — — 2.4
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. 10.4 ( 2.6 ) 7.8 — — 7.8
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. 12.6 ( 0.2 ) 12.4 — — 12.4
New Churchill Holdco LLC 15.2 ( 0.3 ) 14.9 — — 14.9
Next Holdco, LLC 2.4 — 2.4 — — 2.4
NMC Skincare Intermediate Holdings II, LLC 12.7 ( 1.0 ) 11.7 — — 11.7
NMN Holdings III Corp. and NMN Holdings LP 12.5 ( 2.1 ) 10.4 — — 10.4
North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC 2.7 ( 1.2 ) 1.5 — — 1.5
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC 8.6 — 8.6 — — 8.6
North Haven Stack Buyer, LLC 6.6 ( 1.3 ) 5.3 — — 5.3
Northwinds Holding, Inc. and Northwinds Services Group LLC 9.1 — 9.1 — — 9.1
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP 4.8 — 4.8 — — 4.8
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC 0.9 — 0.9 — — 0.9
OMH-HealthEdge Holdings, LLC 7.2 — 7.2 — — 7.2
OneDigital Borrower LLC 16.4 ( 0.7 ) 15.7 — — 15.7
Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc. 0.1 — 0.1 — — 0.1
Paragon 28, Inc. 8.1 ( 0.1 ) 8.0 — — 8.0
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. 1.2 — 1.2 — — 1.2
Pathway Vet Alliance LLC and Jedi Group Holdings LLC 1.9 ( 0.2 ) 1.7 — — 1.7
Patriot Growth Insurance Services, LLC 2.2 — 2.2 — — 2.2
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC 2.7 — 2.7 — — 2.7
PDDS HoldCo, Inc. 1.6 ( 0.2 ) 1.4 — — 1.4
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC 7.6 ( 7.6 ) — — — —
Pegasus Global Enterprise Holdings, LLC, Mekone Blocker Acquisition, Inc. and Mekone Parent, LLC 11.6 — 11.6 — — 11.6
Pelican Products, Inc. 2.3 ( 0.9 ) 1.4 — — 1.4
People Corporation 19.3 ( 5.2 ) 14.1 — — 14.1
Perforce Software, Inc. 7.5 ( 1.1 ) 6.4 — — 6.4
PestCo Holdings, LLC and PestCo, LLC 0.9 — 0.9 — — 0.9
Petrus Buyer, Inc. 2.7 — 2.7 — — 2.7
PetVet Care Centers, LLC 49.4 — 49.4 — — 49.4
Petvisor Holdings, LLC 57.5 — 57.5 — — 57.5
Ping Identity Holding Corp. 0.2 — 0.2 — — 0.2
Pluralsight, Inc. 0.3 ( 0.2 ) 0.1 — — 0.1
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC 12.3 ( 0.5 ) 11.8 — — 11.8
Precision Concepts International LLC and Precision Concepts Canada Corporation 14.4 — 14.4 — — 14.4
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. 3.5 ( 0.7 ) 2.8 — — 2.8
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP 36.0 ( 0.6 ) 35.4 — — 35.4
(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 unfunded revolving and delayed draw commitments
Prime Buyer, L.L.C. 15.9 — 15.9 — — 15.9
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC 8.0 — 8.0 — — 8.0
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC 32.4 — 32.4 — — 32.4
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 6.0 ( 4.4 ) 1.6 — — 1.6
PSC Group LLC 14.8 ( 2.4 ) 12.4 — — 12.4
PushPay USA Inc. 3.6 — 3.6 — — 3.6
PYE-Barker Fire & Safety, LLC 14.9 — 14.9 — — 14.9
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC 1.6 — 1.6 — — 1.6
QF Holdings, Inc. 1.1 — 1.1 — — 1.1
Qnnect, LLC and Connector TopCo, LP 2.7 — 2.7 — — 2.7
Radius Aerospace, Inc. and Radius Aerospace Europe Limited 2.8 ( 1.3 ) 1.5 — — 1.5
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 2.1 ( 1.8 ) 0.3 — — 0.3
Reddy Ice LLC 8.7 ( 1.5 ) 7.2 — — 7.2
Redwood Services, LLC and Redwood Services Holdco, LLC 6.7 — 6.7 — — 6.7
Reef Lifestyle, LLC 32.1 ( 28.1 ) 4.0 — — 4.0
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. 6.9 — 6.9 — — 6.9
Relativity ODA LLC 3.8 — 3.8 — — 3.8
Repairify, Inc. and Repairify Holdings, LLC 7.3 ( 4.8 ) 2.5 — — 2.5
Revalize, Inc. 0.9 ( 0.2 ) 0.7 — — 0.7
Rialto Management Group, LLC 1.3 ( 0.3 ) 1.0 — — 1.0
Riser Merger Sub, Inc. 4.6 — 4.6 — — 4.6
RMS HoldCo II, LLC & RMS Group Holdings, Inc. 2.9 — 2.9 — — 2.9
Rodeo AcquisitionCo LLC 2.5 ( 1.7 ) 0.8 — — 0.8
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. 15.9 ( 12.4 ) 3.5 — — 3.5
SageSure Holdings, LLC and SageSure LLC 3.1 — 3.1 — — 3.1
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. 1.6 ( 0.6 ) 1.0 — — 1.0
SCIH Salt Holdings Inc. 22.5 ( 4.0 ) 18.5 — — 18.5
SCM Insurance Services Inc. 4.1 — 4.1 — — 4.1
Shermco Intermediate Holdings, Inc. 6.5 ( 0.1 ) 6.4 — — 6.4
Silk Holdings III Corp. and Silk Holdings I Corp. 0.1 ( 0.1 ) — — — —
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC 2.1 — 2.1 — — 2.1
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 3.3 ( 0.2 ) 3.1 — — 3.1
Star US Bidco LLC 15.5 — 15.5 — — 15.5
Steward Partners Global Advisory, LLC 2.9 — 2.9 — — 2.9
Sugar PPC Buyer LLC 3.4 — 3.4 — — 3.4
Sun Acquirer Corp. and Sun TopCo, LP 19.6 ( 2.1 ) 17.5 — — 17.5
Sundance Group Holdings, Inc. 3.0 ( 1.5 ) 1.5 — — 1.5
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon 6.0 ( 0.5 ) 5.5 — — 5.5
Sunrun Luna Holdco 2021, LLC 75.0 ( 50.0 ) 25.0 — — 25.0
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. 7.0 ( 2.6 ) 4.4 — — 4.4
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC 4.2 — 4.2 — — 4.2
Systems Planning and Analysis, Inc. 4.0 — 4.0 — — 4.0
TA/WEG Holdings, LLC 2.0 — 2.0 — — 2.0
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. 13.5 — 13.5 — — 13.5
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. 1.7 ( 1.1 ) 0.6 — — 0.6
(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 unfunded revolving and delayed draw commitments
TCP Hawker Intermediate LLC 16.0 — 16.0 — — 16.0
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 13.7 ( 5.9 ) 7.8 — — 7.8
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC 1.3 ( 0.2 ) 1.1 — — 1.1
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. 7.7 ( 0.3 ) 7.4 — — 7.4
THG Acquisition, LLC 9.2 ( 1.3 ) 7.9 — — 7.9
Trader Corporation and Project Auto Finco Corp. 0.6 — 0.6 — — 0.6
Triwizard Holdings, Inc. and Triwizard Parent, LP 11.0 — 11.0 — — 11.0
TSS Buyer, LLC 0.8 — 0.8 — — 0.8
Two Six Labs, LLC 10.2 — 10.2 — — 10.2
UKG Inc. and H&F Unite Partners, L.P. 25.0 ( 1.5 ) 23.5 — — 23.5
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
Valcourt Holdings II, LLC 31.8 ( 0.7 ) 31.1 — — 31.1
Verista, Inc. 8.0 ( 1.3 ) 6.7 — — 6.7
Verscend Holding Corp. 22.5 — 22.5 — — 22.5
Vertex Service Partners, LLC 9.1 — 9.1 — — 9.1
Visual Edge Technology, Inc. 18.9 — 18.9 — — 18.9
Vobev, LLC and Vobev Holdings, LLC 1.8 — 1.8 — — 1.8
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. 11.9 — 11.9 — — 11.9
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 0.1 — 0.1 — — 0.1
WCI-BXC Purchaser, LLC 0.7 — 0.7 — — 0.7
WebPT, Inc. 0.9 ( 0.2 ) 0.7 — — 0.7
Wellness AcquisitionCo, Inc. 3.9 — 3.9 — — 3.9
Wellpath Holdings, Inc. 12.0 ( 7.5 ) 4.5 — — 4.5
Wildcat BuyerCo, Inc. and Wildcat Parent, LP 6.3 ( 0.2 ) 6.1 — — 6.1
WorkWave Intermediate II, LLC 5.2 — 5.2 — — 5.2
World Insurance Associates, LLC 13.3 — 13.3 — — 13.3
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 4.0 ( 1.0 ) 3.0 — — 3.0
WSHP FC Acquisition LLC and WSHP FC Holdings LLC 16.3 ( 16.3 ) — — — —
XIFIN, Inc. and ACP Charger Co-Invest LLC 5.6 ( 5.6 ) — — — —
YE Brands Holdings, LLC 2.3 ( 1.2 ) 1.1 — — 1.1
ZB Holdco LLC and ZB TopCo LLC 13.1 ( 1.4 ) 11.7 — — 11.7
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP 12.8 — 12.8 — — 12.8
$ 2,766.3 $ ( 482.1 ) $ 2,284.2 $ — $ ( 12.9 ) $ 2,271.3

(16) As of December 31, 2023, 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 unfunded equity commitments
Apex Clean Energy TopCo, LLC $ 3.2 $ — $ 3.2 $ — $ 3.2
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP 1.2 — 1.2 — 1.2
European Capital UK SME Debt LP 57.4 ( 51.9 ) 5.5 ( 5.4 ) 0.1
GTCR F Buyer Corp. and GTCR (D) Investors LP 1.6 — 1.6 — 1.6
HFCP XI (Parallel - A), L.P. 7.5 — 7.5 — 7.5
High Street Buyer, Inc. and High Street Holdco LLC 44.5 — 44.5 — 44.5
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
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. 0.4 — 0.4 — 0.4
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
$ 168.9 $ ( 64.3 ) $ 104.6 $ ( 43.0 ) $ 61.6

(17) As of December 31, 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 $ 60 . See Note 4 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 for more information regarding the fair value of the Company’s investments.

(19) As of December 31, 2023, the estimated net unrealized loss for federal tax purposes was $ 0.4 billion based on a tax cost basis of $ 22.5 billion. As of December 31, 2023, the estimated aggregate gross unrealized loss for federal income tax purposes was $ 1.7 billion and the estimated aggregate gross unrealized gain for federal income tax purposes was $ 1.3 billion.

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, 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 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 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
Issuances of common stock (net of offering and underwriting costs) 11 — 215 — 215
Shares issued in connection with dividend reinvestment plan 1 — 17 — 17
Net investment income — — — 289 289
Net realized losses on investments, foreign currency and other transactions — — — ( 76 ) ( 76 )
Net unrealized gains on investments, foreign currency and other transactions — — — 287 287
Dividends declared and payable ($ 0.48 per share) — — — ( 271 ) ( 271 )
Balance at September 30, 2023 569 $ 1 $ 10,505 $ 309 $ 10,815
Issuances of common stock (net of offering and underwriting costs) 12 — 236 — 236
Shares issued in connection with dividend reinvestment plan 1 — 17 — 17
Net investment income — — — 345 345
Net realized gains on investments, foreign currency and other transactions — — — 28 28
Net unrealized gains on investments, foreign currency and other transactions — — — 40 40
Dividends declared and payable ($ 0.48 per share) — — — ( 280 ) ( 280 )
Tax reclassification of stockholders’ equity in accordance with GAAP — — ( 20 ) 20 —
Balance at December 31, 2023 582 $ 1 $ 10,738 $ 462 $ 11,201
Issuances of common stock (net of offering and underwriting costs) 5 — 85 — 85
Shares issued in connection with dividend reinvestment plan 1 — 21 — 21
Net investment income — — — 325 325
Net realized losses on investments, foreign currency, extinguishment of debt and other transactions — — — ( 32 ) ( 32 )
Net unrealized gains on investments, foreign currency and other transactions — — — 156 156
Conversion of 2024 Convertible Notes 20 — 407 — 407
Dividends declared and payable ($ 0.48 per share) — — — ( 291 ) ( 291 )
Balance at March 31, 2024 608 $ 1 $ 11,251 $ 620 $ 11,872
Issuances of common stock (net of offering and underwriting costs) 21 — 449 — 449
Shares issued in connection with dividend reinvestment plan 1 — 21 — 21
Net investment income — — — 358 358
Net realized gains on investments, foreign currency and other transactions — — — 12 12
Net unrealized losses on investments, foreign currency and other transactions — — — ( 48 ) ( 48 )
Dividends declared and payable ($ 0.48 per share) — — — ( 300 ) ( 300 )
Balance at June 30, 2024 630 $ 1 $ 11,721 $ 642 $ 12,364
Issuances of common stock (net of offering and underwriting costs) 15 — 302 — 302
Shares issued in connection with dividend reinvestment plan 1 — 21 — 21
Net investment income — — — 361 361
Net realized losses on investments, foreign currency and other transactions — — — ( 24 ) ( 24 )
Net unrealized gains on investments, foreign currency and other transactions — — — 57 57
Dividends declared and payable ($0.48 per share) — — — ( 308 ) ( 308 )
Balance at September 30, 2024 646 $ 1 $ 12,044 $ 728 $ 12,773

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(in millions)

(unaudited)

For the Nine Months Ended September 30, — 2024 2023
OPERATING ACTIVITIES:
Net increase in stockholders' equity resulting from operations $ 1,165 $ 1,109
Adjustments to reconcile net increase in stockholders’ equity resulting from operations:
Net realized losses on investments, foreign currency and other transactions 30 207
Net unrealized gains on investments, foreign currency and other transactions ( 165 ) ( 395 )
Realized loss on extinguishment of debt 14 —
Net gains on interest rate swaps accounted for as hedge instruments and the related hedged items ( 1 ) —
Net accretion of discount on investments ( 14 ) ( 12 )
PIK interest ( 150 ) ( 119 )
Collections of PIK interest 67 44
PIK dividends ( 189 ) ( 145 )
Collections of PIK dividends 17 11
Amortization of debt issuance costs 25 23
Net amortization of premium on notes payable ( 5 ) ( 3 )
Proceeds from sales and repayments of investments and other transactions 6,737 4,024
Purchases of investments ( 9,469 ) ( 3,852 )
Changes in operating assets and liabilities:
Interest receivable ( 14 ) ( 29 )
Other assets ( 10 ) ( 29 )
Operating lease right-of-use asset 3 7
Base management fee payable 12 2
Income based fee payable 2 2
Capital gains incentive fee payable 18 40
Interest and facility fees payable ( 13 ) ( 20 )
Payable to participants 9 43
Accounts payable and other liabilities 75 ( 27 )
Operating lease liabilities ( 4 ) ( 11 )
Net cash (used in) provided by operating activities ( 1,860 ) 870
FINANCING ACTIVITIES:
Borrowings on debt 10,649 3,011
Repayments and repurchases of debt ( 8,681 ) ( 3,702 )
Debt issuance costs ( 38 ) ( 17 )
Repayment of 2024 Convertible Notes ( 10 ) —
Net proceeds from issuance of common stock 836 919
Dividends paid ( 836 ) ( 768 )
Secured borrowings, net — ( 45 )
Net cash provided by (used in) financing activities 1,920 ( 602 )
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 60 268
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 564 337
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 624 $ 605
Supplemental Information:
Interest paid during the period $ 513 $ 412
Taxes, including excise tax, paid during the period $ 58 $ 29
Dividends declared and payable during the period $ 899 $ 798

See accompanying notes to consolidated financial statements.

ARES CAPITAL CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2024

(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) 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, 2024.

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 September 30, 2024 and December 31, 2023, there was $ 22 and $ 36 , respectively, of cash denominated in foreign currencies included within “cash and cash equivalents” or “restricted cash” in the accompanying consolidated balance sheet.

Restricted cash primarily relates to cash held as collateral for interest rate swaps and 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 — September 30, 2024 December 31, 2023
Cash and cash equivalents $ 486 $ 535
Restricted cash 138 29
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ 624 $ 564

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.

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 (the “Valuation Designee”) to perform the fair value determinations for investments held by the Company without readily available market quotations, subject to the oversight of the Company’s board of directors. All investments are recorded at their fair value.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, 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 least quarterly at fair value as determined in good faith by 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 providers (“IVPs”) 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 Valuation Designee, and a portion of the Company’s investment portfolio at fair value is subject to review by an IVP each quarter as discussed further below. However, the Company may use these IVPs to review the value of its investments more frequently, including in connection with the occurrence of significant events or changes in value affecting a particular investment. 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 Valuation Designee 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 Valuation Designee 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 the Company’s portfolio, substantially all of the Company’s portfolio investments are valued at fair value as determined in good faith by 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 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 Valuation Designee.

• For portfolio investments selected for review by an IVP,

◦ Relevant information related to the portfolio investment is made available by the Valuation Designee to the IVP, who does not independently verify such information.

◦ The IVP reviews and analyzes the information provided by the Valuation Designee, along with relevant market and economic data, and independently determines a range of values for each of the selected portfolio investments.

◦ The IVP provides its analysis to the Valuation Designee to support the IVP’s valuation methodology and calculations.

• The valuation committee of the Valuation Designee 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 IVPs, where applicable.

• For portfolio investments selected for review by an IVP, a positive assurance opinion or independent valuation report is issued by the IVP that confirms the fair value determined by the Valuation Designee for a selected portfolio investment is within the range of values independently calculated by such IVP.

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.

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 follows the guidance in ASC Topic 815, Derivatives and Hedging , when accounting for derivative instruments. The Company designated certain interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship, and as a result, the change in fair value of the hedging instruments and hedged items are recorded in interest expense and recognized as components of “interest and credit facility fees” in the Company’s consolidated statement of operations. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the corresponding fixed rate debt. For all other derivatives, the Company does not utilize hedge accounting and values such 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 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 an operating lease pursuant to which it is leasing office facilities from a third party with a remaining term of approximately three years . The operating lease is 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 lease does 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 for tax treatment 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. As of September 30, 2024 and December 31, 2023, the Company recorded deferred tax liabilities of $ 71 and $ 87 , respectively, included within “accounts payable and other liabilities” in the accompanying consolidated balance sheet, for certain of the Company’s taxable consolidated subsidiaries.

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.

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 “FASB”). ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”),” which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact to 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 1.0 x debt to equity. For all assets financed using leverage up to 1.0 x 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 more 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 fee it received that were 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 fee and capital gains incentive fee 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 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.

The base management fee, income based fee and capital gains incentive fee for the three and nine months ended September 30, 2024 and 2023 were as follows:

For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Base management fee $ 96 $ 81 $ 274 $ 239
Income based fee $ 92 $ 83 $ 273 $ 238
Capital gains incentive fee(1) $ 7 $ 42 $ 19 $ 40

(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 nine months ended September 30, 2024 and 2023. In addition, in accordance with GAAP, the Company had cumulatively accrued a capital gains incentive fee of $ 106 as of September 30, 2024. 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 September 30, 2024, 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 fee and capital gains incentive fee 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 fee and capital gains incentive fee 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 fee and capital gains incentive fee 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.

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 the compensation 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 IVP); 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, but not limited to, payments to third party vendors for financial information services); offerings of the Company’s common stock and other securities (including, but not limited to, costs of rating agencies); investment advisory and management fees; administration fees payable under the administration agreement; 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 (including, but not limited to, payments to third party vendors for financial information services); transfer agent and custodial fees; registration fees; listing fees; taxes; independent directors’ fees and expenses; costs of preparing and filing reports or other documents required by governmental bodies (including 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 and other records that the Company is required to maintain and preparing all reports and other materials required to be filed with the SEC or any other regulatory authority, including reports to stockholders. 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 the Company’s 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 the Company’s 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 nine months ended September 30, 2024, the Company incurred $ 3 and $ 9 , respectively, and $ 4 and $ 10 , respectively, for the comparable periods in 2023, in administrative and other fees, including certain costs that are reimbursable under the investment advisory and management agreement or the administration agreement. As of September 30, 2024 and December 31, 2023, $ 5 and $ 4 , 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 September 30, 2024 and December 31, 2023, investments consisted of the following:

As of — September 30, 2024 December 31, 2023
Amortized Cost(1) Fair Value Amortized Cost(1) Fair Value
First lien senior secured loans(2) $ 13,927 $ 13,684 $ 10,313 $ 10,081
Second lien senior secured loans 2,859 2,755 3,980 3,753
Subordinated certificates of the SDLP(3) 1,231 1,159 1,316 1,288
Senior subordinated loans 1,443 1,414 1,150 1,096
Preferred equity 2,666 2,685 2,457 2,460
Ivy Hill Asset Management, L.P.(4) 1,729 1,954 1,763 1,987
Other equity 1,718 2,267 1,689 2,209
Total $ 25,573 $ 25,918 $ 22,668 $ 22,874

(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 $ 8,137 and $ 8,020 respectively, as of September 30, 2024, and $ 5,786 and $ 5,667 , respectively, as of December 31, 2023.

(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 19 and 22 different borrowers as of September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023 were as follows:

As of — September 30, 2024 December 31, 2023
Industry
Software and Services 25.4 % 23.2 %
Health Care Services 12.8 12.1
Commercial and Professional Services 10.7 9.8
Financial Services(1) 10.0 11.5
Insurance Services 5.8 5.1
Consumer Services 4.8 4.3
Investment Funds and Vehicles(2) 4.7 5.8
Power Generation 3.5 4.2
Retailing and Distribution 3.3 2.5
Media and Entertainment 3.2 2.8
Capital Goods 2.8 2.4
Consumer Durables and Apparel 2.2 3.1
Consumer Staples Distribution and Retail 2.0 1.8
Energy 1.5 2.2
Pharmaceuticals, Biotechnology and Life Sciences 1.4 1.5
Other 5.9 7.7
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 19 and 22 different borrowers as of September 30, 2024 and December 31, 2023, respectively. The portfolio companies in the SDLP are in industries similar to the companies in the Company’s portfolio.

As of — September 30, 2024 December 31, 2023
Geographic Region
West(1) 24.2 % 24.3 %
Midwest 24.1 24.7
Southeast 18.4 18.5
Mid-Atlantic 14.7 13.3
Northeast(2) 12.3 13.2
International 6.3 6.0
Total 100.0 % 100.0 %

(1) Includes the Company’s investment in the SDLP, which represented 4.5 % and 5.6 % of the total investment portfolio at fair value as of September 30, 2024 and December 31, 2023, respectively.

(2) Includes the Company’s investment in IHAM, which represented 7.5 % and 8.7 % of the total investment portfolio at fair value as of September 30, 2024 and December 31, 2023, respectively.

As of September 30, 2024 and December 31, 2023, loans on non-accrual status represented 1.3 % of the total investments at amortized cost (or 0.6 % at fair value) and 1.3 % at amortized cost (or 0.6 % at fair value), respectively.

Ivy Hill Asset Management, L.P.

Ivy Hill Asset Management, L.P. (“IHAM”), a wholly owned portfolio company of the Company, is an asset manager and an SEC-registered investment adviser. As of September 30, 2024, IHAM had assets under management of approximately $ 13.2 billion. As of September 30, 2024, IHAM managed 21 vehicles (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 September 30, 2024 and December 31, 2023 was $ 2,304 and $ 2,288 , respectively. For the three and nine months ended September 30, 2024, IHAM had management and incentive fee income of $ 13 and $ 41 , respectively, and investment-related income of $ 75 and $ 266 , respectively, which included net realized gains or losses on investments and other transactions. For the three and nine months ended September 30, 2023, IHAM had management and incentive fee income of $ 15 and $ 42 , respectively, and investment-related income of $ 80 and $ 236 , 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 September 30, 2024 and December 31, 2023 were as follows:

As of — September 30, 2024 December 31, 2023
Amortized Cost Fair Value Amortized Cost Fair Value
Subordinated loan(1) $ 28 $ 28 $ 62 $ 62
Equity 1,701 1,926 1,701 1,925
Total investment in IHAM $ 1,729 $ 1,954 $ 1,763 $ 1,987

(1) The Company has provided a commitment to fund up to $ 500 to IHAM, of which the availability is solely at the Company’s discretion.

The interest income and dividend income that the Company earned from IHAM for the three and nine months ended September 30, 2024 and 2023 were as follows:

For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Interest income $ 1 $ 5 $ 2 $ 28
Dividend income $ 69 $ 62 $ 204 $ 179

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 nine months ended September 30, 2024 and 2023, IHAM or certain of the IHAM Vehicles purchased $ 301 and $ 842 , respectively, of loans from the Company. For the nine months ended September 30, 2024 and 2023, the Company recognized $ 1 and $ 12 , respectively, of net realized losses from these sales. During the nine months ended September 30, 2024 and 2023, IHAM or certain IHAM Vehicles sold $ 32 and $ 26 , respectively, of investments to the Company.

The yields at amortized cost and fair value of the Company’s investments in IHAM as of September 30, 2024 and December 31, 2023 were as follows:

As of — September 30, 2024 December 31, 2023
Amortized Cost Fair Value Amortized Cost Fair Value
Subordinated loan 11.3 % 11.3 % 12.0 % 12.0 %
Equity(1) 16.2 % 14.3 % 15.1 % 13.3 %

(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 September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023 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 Consolidated IHAM 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.

As of September 30, 2024 — IHAM Consolidated IHAM Vehicles(1) Eliminations Consolidated
Selected Balance Sheet Information:
Assets
Investments at fair value(2) $ 2,249 $ 8,421 $ ( 2,212 ) $ 8,458
Cash and cash equivalents 4 831 — 835
Other assets 72 126 ( 57 ) 141
Total assets $ 2,325 $ 9,378 $ ( 2,269 ) $ 9,434
Liabilities
Debt $ 453 $ 6,696 $ — $ 7,149
Subordinated note from ARCC 28 — — 28
Subordinated notes(3) — 1,242 ( 927 ) 315
Other liabilities 11 151 ( 14 ) 148
Total liabilities 492 8,089 ( 941 ) 7,640
Equity
Contributed capital 1,701 — — 1,701
Accumulated earnings 188 — — 188
Net unrealized losses on investments and foreign currency transactions(4) ( 56 ) — — ( 56 )
Non-controlling interests in Consolidated IHAM Vehicles(5) — 1,289 ( 1,328 ) ( 39 )
Total equity 1,833 1,289 ( 1,328 ) 1,794
Total liabilities and equity $ 2,325 $ 9,378 $ ( 2,269 ) $ 9,434
As of December 31, 2023 — IHAM Consolidated IHAM Vehicles(1) Eliminations Consolidated
Selected Balance Sheet Information:
Assets
Investments at fair value(2) $ 2,274 $ 9,392 $ ( 2,265 ) $ 9,401
Cash and cash equivalents 9 707 — 716
Other assets 70 100 ( 68 ) 102
Total assets $ 2,353 $ 10,199 $ ( 2,333 ) $ 10,219
Liabilities
Debt $ 462 $ 7,459 $ — $ 7,921
Subordinated note from ARCC 62 — — 62
Subordinated notes(3) — 1,280 ( 992 ) 288
Other liabilities 17 189 ( 16 ) 190
Total liabilities 541 8,928 ( 1,008 ) 8,461
Equity
Contributed capital 1,701 — — 1,701
Accumulated earnings 126 — — 126
Net unrealized losses on investments and foreign currency transactions(4) ( 15 ) — — ( 15 )
Non-controlling interests in Consolidated IHAM Vehicles(5) — 1,271 ( 1,325 ) ( 54 )
Total equity 1,812 1,271 ( 1,325 ) 1,758
Total liabilities and equity $ 2,353 $ 10,199 $ ( 2,333 ) $ 10,219

(1) Consolidated for GAAP purposes only.

(2) The determination of such fair value is determined in accordance with IHAM’s valuation process (separate and apart from the Company’s valuation process described elsewhere herein). The amortized cost of IHAM’s total investments as of September 30, 2024 and December 31, 2023 was $ 2,304 and $ 2,288 , respectively. The amortized cost of the total investments of IHAM on a consolidated basis as of September 30, 2024 and December 31, 2023 was $ 8,597 and $ 9,619 , 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) As of September 30, 2024 and December 31, 2023, net unrealized losses of $ 53 and $ 13 , respectively, have been eliminated upon consolidation and the elimination is included in “non-controlling interests in Consolidated IHAM Vehicles” in the selected balance sheet information.

(5) Non-controlling interests in Consolidated IHAM Vehicles includes net unrealized depreciation in the Consolidated IHAM Vehicles of $ 139 and $ 221 as of September 30, 2024 and December 31, 2023, respectively.

For the Three Months Ended September 30, 2024 — IHAM Consolidated IHAM Vehicles(1) Eliminations Consolidated
Selected Statement of Operations Information:
Revenues
Investment income $ 77 $ 251 $ ( 75 ) $ 253
Management fees and other income 13 2 ( 12 ) 3
Total revenues 90 253 ( 87 ) 256
Expenses
Interest expense 10 139 — 149
Distributions to subordinated notes — 49 ( 37 ) 12
Management fees and other expenses 4 14 ( 12 ) 6
Total expenses 14 202 ( 49 ) 167
Net operating income 76 51 ( 38 ) 89
Net realized losses on investments and foreign currency ( 2 ) ( 39 ) 2 ( 39 )
Net unrealized (losses) gains on investments, foreign currency and other transactions ( 8 ) 41 10 43
Total net realized and unrealized (losses) gains on investments, foreign currency and other transactions ( 10 ) 2 12 4
Net income 66 53 ( 26 ) 93
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles — 53 ( 26 ) 27
Net income attributable to Ivy Hill Asset Management, L.P. $ 66 $ — $ — $ 66
For the Nine Months Ended September 30, 2024 — IHAM Consolidated IHAM Vehicles(1) Eliminations Consolidated
Selected Statement of Operations Information:
Revenues
Investment income $ 263 $ 784 $ ( 257 ) $ 790
Management fees and other income 41 8 ( 38 ) 11
Total revenues 304 792 ( 295 ) 801
Expenses
Interest expense 30 432 — 462
Distributions to subordinated notes — 154 ( 114 ) 40
Management fees and other expenses 11 47 ( 38 ) 20
Total expenses 41 633 ( 152 ) 522
Net operating income 263 159 ( 143 ) 279
Net realized gains (losses) on investments and foreign currency 3 ( 113 ) ( 7 ) ( 117 )
Net realized loss on extinguishment of debt — ( 1 ) — ( 1 )
Net unrealized (losses) gains on investments, foreign currency and other transactions ( 41 ) 88 40 87
Total net realized and unrealized losses on investments, foreign currency and other transactions ( 38 ) ( 26 ) 33 ( 31 )
Net income 225 133 ( 110 ) 248
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles — 133 ( 110 ) 23
Net income attributable to Ivy Hill Asset Management, L.P. $ 225 $ — $ — $ 225
For the Three Months Ended September 30, 2023 — IHAM Consolidated IHAM Vehicles(1) Eliminations Consolidated
Selected Statement of Operations Information:
Revenues
Investment income $ 87 $ 285 $ ( 87 ) $ 285
Management fees and other income 15 3 ( 14 ) 4
Total revenues 102 288 ( 101 ) 289
Expenses
Interest expense 15 152 — 167
Distributions to subordinated notes — 52 ( 40 ) 12
Management fees and other expenses 3 19 ( 14 ) 8
Total expenses 18 223 ( 54 ) 187
Net operating income 84 65 ( 47 ) 102
Net realized losses on investments and other transactions ( 7 ) ( 16 ) 8 ( 15 )
Net unrealized gains on investments and other transactions 2 46 ( 4 ) 44
Total net realized and unrealized (losses) gains on investments and other transactions ( 5 ) 30 4 29
Net income 79 95 ( 43 ) 131
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles — 95 ( 43 ) 52
Net income attributable to Ivy Hill Asset Management, L.P. $ 79 $ — $ — $ 79
For the Nine Months Ended September 30, 2023 — IHAM Consolidated IHAM Vehicles(1) Eliminations Consolidated
Selected Statement of Operations Information:
Revenues
Investment income $ 253 $ 813 $ ( 251 ) $ 815
Management fees and other income 42 6 ( 40 ) 8
Total revenues 295 819 ( 291 ) 823
Expenses
Interest expense 50 424 — 474
Distributions to subordinated notes — 141 ( 110 ) 31
Management fees and other expenses 11 55 ( 40 ) 26
Total expenses 61 620 ( 150 ) 531
Net operating income 234 199 ( 141 ) 292
Net realized losses on investments and other transactions ( 17 ) ( 26 ) 8 ( 35 )
Net unrealized gains on investments and other transactions 19 76 ( 23 ) 72
Total net realized and unrealized gains on investments and other transactions 2 50 ( 15 ) 37
Net income 236 249 ( 156 ) 329
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles — 249 ( 156 ) 93
Net income attributable to Ivy Hill Asset Management, L.P. $ 236 $ — $ — $ 236

(1) Consolidated for GAAP purposes only.

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. 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 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 the SDLP Certificates. As of September 30, 2024 and December 31, 2023, the Company and a client of Varagon owned 87.5 % and 12.5 %, respectively, of the outstanding SDLP Certificates.

As of September 30, 2024 and December 31, 2023, 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 the SDLP Certificates, and Varagon and its clients will provide capital to the SDLP in the form of senior notes, intermediate funding notes and the 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 — September 30, 2024 December 31, 2023
Total capital funded to the SDLP(1) $ 4,900 $ 5,361
Total capital funded to the SDLP by the Company(1) $ 1,274 $ 1,328
Total unfunded capital commitments to the SDLP(2) $ 291 $ 260
Total unfunded capital commitments to the SDLP by the Company(2) $ 68 $ 60

(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 and the Company’s yield on its investment in the SDLP Certificates at amortized cost and fair value as of September 30, 2024 and December 31, 2023 were as follows:

As of — September 30, 2024 December 31, 2023
Amortized Cost Fair Value Amortized Cost Fair Value
Investment in the SDLP Certificates $ 1,231 $ 1,159 $ 1,316 $ 1,288
Yield on the investment in the SDLP Certificates 12.9 % 13.7 % 13.6 % 13.9 %

The interest income from the Company’s investment in the SDLP Certificates and capital structuring service fees and other income earned for the three and nine months ended September 30, 2024 and 2023 were as follows:

For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Interest income $ 43 $ 43 $ 131 $ 129
Capital structuring service fees and other income $ 4 $ 1 $ 9 $ 8

As of September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023, one of the loans was on non-accrual status. Below is a summary of the SDLP’s portfolio.

As of — September 30, 2024 December 31, 2023
Total first lien senior secured loans(1)(2) $ 4,889 $ 5,431
Largest loan to a single borrower(1) $ 367 $ 370
Total of five largest loans to borrowers(1) $ 1,686 $ 1,650
Number of borrowers in the SDLP 19 22
Commitments to fund delayed draw loans(3) $ 291 $ 260

(1) At principal amount.

(2) First lien senior secured loans include certain loans that the SDLP classifies as “unitranche” loans. As of September 30, 2024 and December 31, 2023, the total principal amount of loans in the SDLP portfolio that the SDLP classified as “unitranche” loans was $ 4,181 and $ 4,558 , 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 September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023 are presented below:

As of — September 30, 2024 December 31, 2023
Selected Balance Sheet Information:
Investments at fair value (amortized cost of $ 4,724 and $ 5,267 , respectively) $ 4,581 $ 5,129
Other assets 169 192
Total assets $ 4,750 $ 5,321
Senior notes $ 3,319 $ 3,705
Intermediate funding notes 125 139
Other liabilities 130 136
Total liabilities 3,574 3,980
Subordinated certificates and members’ capital 1,176 1,341
Total liabilities and members’ capital $ 4,750 $ 5,321
For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Selected Statement of Operations Information:
Total investment income $ 137 $ 145 $ 420 $ 421
Interest expense 74 76 228 217
Other expenses 5 7 13 19
Total expenses 79 83 241 236
Net investment income 58 62 179 185
Net realized and unrealized (losses) gains on investments ( 25 ) 6 ( 97 ) ( 79 )
Net increase in members’ capital resulting from operations $ 33 $ 68 $ 82 $ 106

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 September 30, 2024, the aggregate principal amount outstanding of the senior securities issued by the Company was $ 13,487 and the Company’s asset coverage was 195 %.

The Company’s outstanding debt as of September 30, 2024 and December 31, 2023 was as follows:

As of
September 30, 2024 December 31, 2023
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 $ 4,513 (2) $ 1,713 $ 1,713 $ 4,758 (2) $ 1,413 $ 1,413
Revolving Funding Facility 1,775 822 822 1,775 863 863
SMBC Funding Facility 800 (3) 492 492 800 (3) 401 401
BNP Funding Facility 1,265 784 784 865 575 575
2024-1 CLO Notes(4) 476 476 473 (5) — — —
2024 Convertible Notes — — — (5) 403 403 402 (5)
June 2024 Notes — — — (5) 900 900 899 (5)
March 2025 Notes 600 600 600 (5) 600 600 599 (5)
July 2025 Notes 1,250 1,250 1,252 (5) 1,250 1,250 1,255 (5)
January 2026 Notes 1,150 1,150 1,148 (5) 1,150 1,150 1,146 (5)
July 2026 Notes 1,000 1,000 995 (5) 1,000 1,000 993 (5)
January 2027 Notes 900 900 909 (5)(6) 900 900 905 (5)(6)
June 2027 Notes 500 500 496 (5) 500 500 495 (5)
June 2028 Notes 1,250 1,250 1,248 (5) 1,250 1,250 1,247 (5)
March 2029 Notes 1,000 1,000 1,005 (5)(6) — — —
July 2029 Notes 850 850 871 (5)(6) — — —
November 2031 Notes 700 700 692 (5) 700 700 691 (5)
Total $ 18,029 $ 13,487 $ 13,500 $ 16,851 $ 11,905 $ 11,884

(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 to a maximum of $ 6,732 and $ 7,137 , as of September 30, 2024 and December 31, 2023, respectively.

(3) Provides for a feature that allows ACJB (as defined below), under certain circumstances, to increase the size of the SMBC Funding Facility to a maximum of $ 1,000 .

(4) Excludes the CLO Subordinated Notes (as defined below), which were retained by the Company and, as such, are eliminated in consolidation. See “Debt Securitization” below for more information.

(5) Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. In March 2024, the Company repaid in full the 2024 Convertible Notes (as defined below) upon their maturity. In June 2024, the Company repaid in full the June 2024 Notes (as defined below) upon their maturity.

(6) The carrying value of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes (each as defined below) as of September 30, 2024 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the January 2027 Notes as of December 31, 2023 includes an adjustment as a result of an effective hedge accounting relationship. See Note 6 for more information on the interest rate swaps.

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 September 30, 2024 were 5.2 % and 3.5 years, respectively, and as of

December 31, 2023 were 4.8 % and 3.0 years, respectively. The weighted average stated interest rate of all the Company’s debt outstanding as of September 30, 2024 and December 31, 2023 includes the impact of interest rate swaps. See Note 6 for more information on the interest rate swaps.

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 $ 4,513 at any one time outstanding. The Revolving Credit Facility consists of a $ 3,400 revolving tranche and a $ 1,113 term loan tranche. As of September 30, 2024, 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:

Total Aggregate Principal Amount Committed/ Outstanding End of Revolving Period Maturity Date
Revolving tranche $ 3,024 April 12, 2028 April 12, 2029
269 March 31, 2026 March 31, 2027
107 March 31, 2025 March 31, 2026
3,400
Term loan tranche 974 April 12, 2029
70 April 19, 2028
41 March 31, 2027
28 March 31, 2026
1,113
$ 4,513

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 $ 6,732 . 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 September 30, 2024, the Company was in compliance in all material respects with the terms of the Revolving Credit Facility.

As of September 30, 2024 and December 31, 2023, there was $ 1,713 and $ 1,413 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 September 30, 2024 and December 31, 2023, the Company had $ 53 and $ 60 , 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 September 30, 2024, there was $ 2,747 , available for borrowing (net of letters of credit issued) under the Revolving Credit Facility, subject to borrowing base restrictions.

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 documents 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. As of September 30, 2024, the one, three and six month SOFR was 4.85%, 4.59% and 4.25%, respectively. As of September 30, 2024, 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 (as defined below) under the Revolving Funding Facility, those held by ACJB under the SMBC Funding Facility, those held by AFB (as defined below) under the BNP Funding Facility and those held by ARCC CLO I (as defined below), each as described below, and certain other investments.

For the three and nine months ended September 30, 2024 and 2023, 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 September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Stated interest expense $ 33 $ 26 $ 78 $ 94
Credit facility fees 3 3 10 9
Amortization of debt issuance costs 2 2 7 6
Total interest and credit facility fees expense $ 38 $ 31 $ 95 $ 109
Cash paid for interest expense $ 31 $ 28 $ 92 $ 103
Average stated interest rate 7.22 % 7.25 % 7.33 % 6.64 %
Average outstanding balance $ 1,818 $ 1,479 $ 1,420 $ 1,885

Letter of Credit Facility

In May 2023, the Company and Deutsche Bank AG New York Branch (the “DB Issuer”) entered into an uncommitted continuing agreement (the “Letter of Credit Facility”), which allows the DB 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 DB 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 September 30, 2024 and December 31, 2023, the DB Issuer had $ 118 and $ 69 , respectively, 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. See Note 14 for a subsequent event relating to the Revolving Funding Facility.

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 documents governing the Revolving Funding Facility. As of September 30, 2024, the Company and Ares Capital CP were in compliance in all material respects with the terms of the Revolving Funding Facility.

As of September 30, 2024 and December 31, 2023, there was $ 822 and $ 863 outstanding, respectively, under the Revolving Funding Facility. 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 documents 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.

For the three and nine months ended September 30, 2024 and 2023, 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 September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Stated interest expense $ 17 $ 16 $ 41 $ 44
Credit facility fees 1 1 5 4
Amortization of debt issuance costs 1 1 3 3
Total interest and credit facility fees expense $ 19 $ 18 $ 49 $ 51
Cash paid for interest expense $ 16 $ 16 $ 42 $ 43
Average stated interest rate 7.34 % 7.46 % 7.42 % 6.96 %
Average outstanding balance $ 872 $ 863 $ 721 $ 847

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 March 28, 2027 and March 28, 2029, 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 September 30, 2024, the Company and ACJB were in compliance in all material respects with the terms of the SMBC Funding Facility.

As of September 30, 2024 and December 31, 2023, there was $ 492 and $ 401 outstanding, respectively, under the SMBC Funding Facility. Since March 28, 2024, the interest rate charged on the SMBC Funding Facility is based on an applicable spread of either (i) 2.50 % over one month SOFR or (ii) 1.50 % over a “base rate” (as defined in the documents governing the SMBC Funding Facility). From April 28, 2023 to March 27, 2024, 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 SOFR plus a credit spread adjustment of 0.10 % or (ii) 0.75 % or 1.00 % over a “base rate”, 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 London Interbank Offered Rate (“LIBOR”) or (ii) 0.75 % or 1.00 % over a “base rate”, in each case, determined monthly based on the amount of the average borrowings outstanding under the SMBC Funding Facility. 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 nine months ended September 30, 2024 and 2023, 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:

For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Stated interest expense $ 10 $ 7 $ 22 $ 21
Credit facility fees — 1 2 2
Amortization of debt issuance costs 1 1 2 2
Total interest and credit facility fees expense $ 11 $ 9 $ 26 $ 25
Cash paid for interest expense $ 9 $ 7 $ 21 $ 21
Average stated interest rate 7.80 % 7.34 % 8.11 % 6.78 %
Average outstanding balance $ 482 $ 401 $ 356 $ 414

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 $ 1,265 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 July 26, 2027 and July 26, 2029, 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 September 30, 2024, the Company and AFB were in compliance in all material respects with the terms of the BNP Funding Facility.

As of September 30, 2024 and December 31, 2023, there was $ 784 and $ 575 , respectively, outstanding under the BNP Funding Facility. Since July 25, 2024, the interest rate charged on the BNP Funding Facility is based on an applicable SOFR or a “base rate” (as defined in the documents governing the BNP Funding Facility) plus a margin of (i) 2.10 % during the reinvestment period and (ii) 2.60 % following the reinvestment period. From April 12, 2024 to July 24, 2024, the interest rate charged on the BNP Funding Facility was based on an applicable SOFR or a “base rate” plus a margin of (i) 2.50 % during the reinvestment period and (ii) 3.00 % following the reinvestment period. From February 2, 2024 to April 11, 2024, the interest rate charged on the BNP Funding Facility was based on an applicable SOFR or a “base rate” plus a margin of (i) 2.65 % during the reinvestment period and (ii) 3.15 % following the reinvestment period. From April 20, 2023 to February 1, 2024, the interest rate charged on the BNP Funding Facility was based on an applicable SOFR or a “base rate” plus a margin of (i) 2.80 % 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 an applicable LIBOR or a “base rate” plus a margin of (i) 1.80 % during the reinvestment period and (ii) 2.30 % following the reinvestment period. As of September 30, 2024, the applicable spread in effect was 2.10 %. 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 nine months ended September 30, 2024 and 2023, 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 September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Stated interest expense $ 12 $ 10 $ 35 $ 23
Credit facility fees 1 — 1 1
Amortization of debt issuance costs 1 — 1 1
Total interest and credit facility fees expense $ 14 $ 10 $ 37 $ 25
Cash paid for interest expense $ 11 $ 10 $ 34 $ 22
Average stated interest rate 7.52 % 8.32 % 7.76 % 7.75 %
Average outstanding balance $ 623 $ 493 $ 587 $ 401

Debt Securitization

2024-1 CLO Notes

In May 2024, the Company, through its wholly owned, consolidated subsidiary, Ares Direct Lending CLO 1 LLC (“ARCC CLO I”), completed a $ 702 term debt securitization (the “2024 Debt Securitization”). The 2024 Debt Securitization is also known as a collateralized loan obligation and is an on-balance sheet financing incurred by the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes offered in the 2024 Debt Securitization (collectively, the “2024-1 CLO Notes”) were issued by ARCC CLO I pursuant to the indenture governing the 2024-1 CLO Notes (the “CLO Indenture”) and include (i) $ 406 of Class A Senior Floating Rate Notes (the “Class A CLO Notes”); (ii) $ 70 of Class B Senior Floating Rate Notes (the “Class B CLO Notes” and, together with the Class A CLO Notes, the “CLO Secured Notes”); and (iii) $ 226 of Subordinated Notes (the “CLO Subordinated Notes”). The Company retained all of the CLO Subordinated Notes, as such, the CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the 2024-1 CLO Notes as of September 30, 2024:

Class Type Principal Outstanding Maturity Date Interest Rate Credit Rating
Class A CLO Notes Senior Secured Floating Rate $ 406 April 25, 2036 SOFR+ 1.80 % AAA(sf)
Class B CLO Notes Senior Secured Floating Rate 70 April 25, 2036 SOFR+ 2.20 % AA(sf)
Total CLO Secured Notes 476
CLO Subordinated Notes Subordinated 226 April 25, 2036 None Not Rated
Total 2024-1 CLO Notes $ 702

The CLO Secured Notes are the secured obligation of ARCC CLO I and are backed by a diversified portfolio of first lien senior secured loans contributed by the Company to ARCC CLO I pursuant to the terms of a contribution agreement. The CLO Indenture contains certain conditions pursuant to which additional loans can be acquired by ARCC CLO I, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the CLO Secured Notes. The CLO Subordinated Notes, which were retained by the Company, are the unsecured obligations of ARCC CLO I. Through April 25, 2028, all principal collections received on the underlying collateral may be used by ARCC CLO I to purchase new collateral under the direction of the Company’s investment adviser in its capacity as asset manager to ARCC CLO I under an asset management agreement and in accordance with the Company’s investment strategy, including additional collateral that may be purchased from the Company, pursuant to the terms of a master purchase and sale agreement between the Company as seller and ARCC CLO I as buyer.

The CLO Indenture includes customary covenants and defaults. The 2024-1 CLO Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company’s investment adviser serves as asset manager to ARCC CLO I under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. The Company’s investment adviser has waived its right to receive such fees but may rescind such waiver with respect to the CLO Secured Notes at any time.

The interest rate charged on the CLO Secured Notes is based on SOFR plus a blended weighted average spread of 1.86 %. For the three and nine months ended September 30, 2024, the components of interest expense, cash paid for interest

expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the CLO Secured Notes were as follows.

For the Three Months Ended September 30, 2024 For the Nine Months Ended September 30, 2024
Stated interest expense $ 9 $ 13
Amortization of debt issuance costs — —
Total interest expense $ 9 $ 13
Cash paid for interest expense $ — $ —
Average stated interest rate 7.32 % 7.26 %
Average outstanding balance $ 476 $ 226

See Note 14 for a subsequent event relating to an additional term debt securitization.

2024 Convertible Unsecured Notes

In March 2024, the Company repaid in full the $ 403 in aggregate principal amount of unsecured convertible notes, which bore interest at a rate of 4.625 % per year, payable semi-annually (the “2024 Convertible Notes”) upon their maturity, resulting in a realized loss on extinguishment of debt of $ 14 . In accordance with the indenture governing the 2024 Convertible Notes, the Company settled the repayment of the 2024 Convertible Notes with a combination of cash and shares of its common stock. Approximately $ 393 of aggregate principal amount was settled with approximately 20 shares of the Company’s common stock and the remaining $ 10 was settled with available cash.

For the three and nine months ended September 30, 2024 and 2023, the components of interest expense and cash paid for interest expense for the 2024 Convertible Notes were as follows.

For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Stated interest expense $ — $ 5 $ 3 $ 14
Accretion of original issue discount — 1 — 2
Total interest expense $ — $ 6 $ 3 $ 16
Cash paid for interest expense $ — $ — $ 9 $ 9

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 September 30, 2024 are listed below.

Unsecured Notes Aggregate Principal Amount Issued Effective Stated Interest Rate Original Issuance Date Maturity Date
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) $ 900 7.678 % August 3, 2023 January 15, 2027
June 2027 Notes $ 500 2.875 % January 13, 2022 June 15, 2027
June 2028 Notes $ 1,250 2.875 % June 10, 2021 June 15, 2028
March 2029 Notes(1) $ 1,000 7.223 % January 23, 2024 March 1, 2029
July 2029 Notes(1) $ 850 6.740 % May 13, 2024 July 15, 2029
November 2031 Notes $ 700 3.200 % November 4, 2021 November 15, 2031

(1) The effective stated interest rates for the January 2027 Notes, the March 2029 Notes and the July 2029 Notes include the impact of interest rate swaps.

In June 2024, the Company repaid in full the $ 900 in aggregate principal amount outstanding of unsecured notes (the “June 2024 Notes”) upon their maturity. The June 2024 Notes bore interest at a rate of 4.200 % per annum, payable semi-annually.

In connection with certain of the unsecured notes issued by the Company, the Company has entered into interest rate swap agreements to more closely align the interest rates of such liabilities with the Company’s investment portfolio, which consists primarily of floating rate loans. Under the interest rate swap agreements, the Company receives a fixed interest rate and pays a floating interest rate of one-month SOFR plus an applicable spread, as disclosed below. The Company designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. Certain information related to the Company’s interest rate swap instruments as of September 30, 2024 is presented below.

Description Hedged Item Company Receives Company Pays Maturity Date Notional Amount
Interest rate swap January 2027 Notes 7.000 % SOFR + 2.581 % January 15, 2027 $ 900
Interest rate swap March 2029 Notes 5.875 % SOFR + 2.023 % March 1, 2029 $ 1,000
Interest rate swap July 2029 Notes 5.950 % SOFR + 1.643 % July 15, 2029 $ 850

See Note 6 for more information on the interest rate swaps.

For the three and nine months ended September 30, 2024 and 2023, 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 were as follows.

For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Stated interest expense(1) $ 102 $ 69 $ 298 $ 193
Amortization of debt issuance costs 4 4 12 11
Net amortization of original issue premium/discount ( 2 ) ( 2 ) ( 5 ) ( 5 )
Total interest expense $ 104 $ 71 $ 305 $ 199
Cash paid for interest expense(1) $ 162 $ 80 $ 315 $ 214

(1) Includes the impact of the interest rate swaps.

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 September 30, 2024, the Company was in compliance in all material respects with the terms of the respective indentures governing each of the Unsecured Notes.

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 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 derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures.

Foreign Currency Forward Contracts

Certain information related to the Company’s foreign currency forward derivative instruments as of September 30, 2024 and December 31, 2023 is presented below.

Derivative Instrument As of September 30, 2024 — Notional Amount Maturity Date Gross Amount of Recognized Assets Gross Amount of Recognized Liabilities Balance Sheet Location of Net Amounts
Foreign currency forward contract € 156 October 25, 2024 $ 170 $ ( 174 ) Accounts payable and other liabilities
Foreign currency forward contract CAD 155 October 25, 2024 113 ( 115 ) Accounts payable and other liabilities
Foreign currency forward contract CAD 153 October 18, 2024 113 ( 114 ) Accounts payable and other liabilities
Foreign currency forward contract € 94 October 25, 2024 103 ( 105 ) Accounts payable and other liabilities
Foreign currency forward contract NZD 66 October 25, 2024 39 ( 42 ) Accounts payable and other liabilities
Foreign currency forward contract NOK 63 October 25, 2024 6 ( 6 ) Accounts payable and other liabilities
Foreign currency forward contract £ 61 August 21, 2026 75 ( 78 ) Accounts payable and other liabilities
Foreign currency forward contract £ 59 October 25, 2024 76 ( 79 ) Accounts payable and other liabilities
Foreign currency forward contract £ 57 October 25, 2024 74 ( 77 ) Accounts payable and other liabilities
Foreign currency forward contract CAD 53 October 25, 2024 39 ( 40 ) Accounts payable and other liabilities
Foreign currency forward contract AUD 21 November 17, 2026 14 ( 14 ) Accounts payable and other liabilities
Foreign currency forward contract £ 9 August 21, 2026 11 ( 11 ) Accounts payable and other liabilities
Foreign currency forward contract £ 3 August 21, 2026 4 ( 4 ) Accounts payable and other liabilities
Total $ 837 $ ( 859 )
Derivative Instrument As of December 31, 2023 — Notional Amount Maturity Date Gross Amount of Recognized Assets Gross Amount of Recognized Liabilities Balance Sheet Location of Net Amounts
Foreign currency forward contract € 190 January 26, 2024 $ 200 $ ( 207 ) Accounts payable and other liabilities
Foreign currency forward contract CAD 168 January 26, 2024 120 ( 124 ) Accounts payable and other liabilities
Foreign currency forward contract CAD 153 January 18, 2024 114 ( 115 ) Accounts payable and other liabilities
Foreign currency forward contract £ 116 January 26, 2024 140 ( 147 ) Accounts payable and other liabilities
Foreign currency forward contract NZD 71 January 26, 2024 41 ( 45 ) Accounts payable and other liabilities
Foreign currency forward contract £ 56 August 21, 2026 69 ( 70 ) Accounts payable and other liabilities
Foreign currency forward contract $ 10 January 26, 2024 9 ( 9 ) Accounts payable and other liabilities
Foreign currency forward contract AUD 10 November 17, 2026 7 ( 7 ) Accounts payable and other liabilities
Foreign currency forward contract CAD 4 January 26, 2024 3 ( 3 ) Accounts payable and other liabilities
Total $ 703 $ ( 727 )

As of September 30, 2024 and December 31, 2023, the counterparties to each of the Company’s foreign currency forward contracts were Canadian Imperial Bank of Commerce or Royal Bank of Canada.

Net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the three and nine months ended September 30, 2024 and 2023 is in the following location in the consolidated statements of operations:

Derivative Instrument Statement Location For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Foreign currency forward contract Net realized gains (losses) from foreign currency and other transactions $ ( 9 ) $ ( 7 ) $ ( 10 ) $ ( 39 )
Foreign currency forward contract Net unrealized gains (losses) from foreign currency and other transactions $ ( 16 ) $ 26 $ 4 $ 44

Interest Rate Swaps

In connection with certain of the unsecured notes issued by the Company, the Company has entered into interest rate swap agreements to more closely align the interest rates of such liabilities with the Company’s investment portfolio, which consists primarily of floating rate loans. Under the interest rate swap agreements, the Company receives a fixed interest rate and pays a floating interest rate of one-month SOFR plus an applicable spread, as disclosed below. The Company designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. As of September 30, 2024 and December 31, 2023, the counterparty to all of the Company’s interest rate swap agreements was Wells Fargo Bank, N.A. Certain information related to the Company’s interest rate swap instruments as of September 30, 2024 is presented below.

Description Hedged Item Company Receives Company Pays Maturity Date Notional Amount
Interest rate swap January 2027 Notes 7.000 % SOFR + 2.581 % January 15, 2027 $ 900
Interest rate swap March 2029 Notes 5.875 % SOFR + 2.023 % March 1, 2029 $ 1,000
Interest rate swap July 2029 Notes 5.950 % SOFR + 1.643 % July 15, 2029 $ 850

See Note 5 for more information on the January 2027 Notes, the March 2029 Notes and the July 2029 Notes.

As a result of the Company’s designation of the interest rate swaps as hedging instruments in qualifying fair value hedge accounting relationships, the Company is required to fair value the hedging instruments and the related hedged items, with the changes in the fair value of each being recorded in interest expense. The net gain related to the fair value hedges was approximately $ 1 and $ 1 for the three and nine months ended September 30, 2024, respectively, which is included in “interest and credit facility fees” in the Company’s consolidated statement of operations. The balance sheet impact of fair valuing the interest rate swaps as of September 30, 2024 and December 31, 2023 is presented below:

Derivative Instrument As of September 30, 2024 — Notional Amount Maturity Date Gross Amount of Recognized Assets Gross Amount of Recognized Liabilities Balance Sheet Location of Amounts
Interest rate swap(1) $ 900 January 15, 2027 $ 18 $ — Other assets
Interest rate swap(2) $ 1,000 March 1, 2029 22 — Other assets
Interest rate swap(3) $ 850 July 15, 2029 37 — Other assets
Total $ 77 $ —

(1) The asset related to the fair value of the interest rate swaps was offset by an $ 18 increase to the carrying value of the January 2027 Notes.

(2) The asset related to the fair value of the interest rate swap was offset by a $ 21 increase to the carrying value of the March 2029 Notes.

(3) The asset related to the fair value of the interest rate swap was offset by a $ 37 increase to the carrying value of the July 2029 Notes.

Derivative Instrument As of December 31, 2023 — Notional Amount Maturity Date Gross Amount of Recognized Assets Gross Amount of Recognized Liabilities Balance Sheet Location of Amounts
Interest rate swap(1) $ 900 January 15, 2027 $ 15 $ — Other assets
Total $ 15 $ —

(1) The asset related to the fair value of the interest rate swaps was offset by a $ 15 increase to the carrying value of the January 2027 Notes.

7. COMMITMENTS AND CONTINGENCIES

Investment Commitments

The Company has various commitments to fund investments in its portfolio as described below. As of September 30, 2024 and December 31, 2023, 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 — September 30, 2024 December 31, 2023
Total revolving loan commitments $ 2,025 $ 1,814
Less: funded commitments ( 473 ) ( 482 )
Less: unavailable revolving loan commitments due to borrowing base or other covenant restrictions ( 8 ) —
Total net unfunded revolving loan commitments 1,544 1,332
Total delayed draw loan commitments 2,012 952
Less: unavailable delayed draw loan commitments due to borrowing base or other covenant restrictions ( 16 ) ( 13 )
Total net unfunded delayed draw loan commitments 1,996 939
Total net unfunded revolving and delayed draw loan commitments $ 3,540 $ 2,271

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 September 30, 2024 were commitments to issue up to $ 491 in letters of credit through a financial intermediary on behalf of certain portfolio companies. As of September 30, 2024, the Company had $ 48 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, $ 25 expire in 2024, $ 22 expire in 2025 and $ 1 expire in 2026.

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 September 30, 2024 and December 31, 2023, the Company was party to agreements to fund equity investment commitments as follows:

As of — September 30, 2024 December 31, 2023
Total equity commitments $ 196 $ 169
Less: funded equity commitments ( 92 ) ( 64 )
Total unfunded equity commitments 104 105
Less: equity commitments substantially at discretion of the Company ( 43 ) ( 43 )
Total net unfunded equity commitments $ 61 $ 62

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 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 currently obligated under an operating lease pursuant to which it is leasing office facilities from a third party with a remaining term of approximately three years and for the nine months ended September 30, 2023, the Company was obligated under a number of operating leases pursuant to which it was leasing office facilities from third parties with remaining terms ranging from approximately one to four years . For such operating lease, the Company had previously entered into subleases. The components of operating lease expense for the three and nine months ended September 30, 2024 and 2023 were as follows:

For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Operating lease costs $ 1 $ 3 $ 3 $ 7
Less: sublease income ( 1 ) ( 3 ) ( 3 ) ( 7 )
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 nine months ended September 30, 2024 and 2023 were as follows:

For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Cash paid for amounts included in the measurement of operating lease liabilities $ 2 $ 4 $ 6 $ 12
Operating ROU assets obtained in exchange for operating lease liabilities $ 1 $ 2 $ 3 $ 6

Supplemental balance sheet information as of September 30, 2024 and December 31, 2023 related to operating leases were as follows:

As of — September 30, 2024 December 31, 2023
Operating lease ROU assets $ 7 $ 10
Operating lease liabilities $ 13 $ 17
Weighted average remaining lease term (in years) 2.2 2.9
Weighted average discount rate 5.2 % 4.8 %

The following table shows future minimum lease payments under the Company’s operating leases and a reconciliation to the operating lease liability as of September 30, 2024:

Amount
2024 $ 2
2025 6
2026 6
Total lease payments 14
Less imputed interest ( 1 )
Total operating lease liabilities $ 13

The following table shows future expected rental payments to be received under the Company’s subleases where the Company is the sublessor as of September 30, 2024:

Amount
2024 $ 1
2025 4
2026 4
Total $ 9

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 Valuation Designee continues to employ the net asset valuation policy and procedures that have been reviewed by the Company’s board of directors in connection with their designation of the Company’s investment adviser as the valuation designee and 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 Valuation Designee 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. EV 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 Valuation Designee 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 EV. 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 Valuation Designee 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 EV of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, 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.

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 September 30, 2024:

Fair Value Measurements Using — Total Level 1 Level 2 Level 3
Cash and cash equivalents $ 486 $ 486 $ — $ —
Restricted cash $ 138 $ 138 $ — $ —
Investments not measured at net asset value $ 25,909 $ 33 $ 720 $ 25,156
Investments measured at net asset value(1) 9
Total investments $ 25,918
Unfunded revolving and delayed draw loan commitments(2) $ ( 25 ) $ — $ — $ ( 25 )
Derivatives:
Foreign currency forward contracts $ ( 22 ) $ — $ ( 22 ) $ —
Interest rate swaps $ 77 $ — $ 77 $ —

(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 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, 2023:

Fair Value Measurements Using — Total Level 1 Level 2 Level 3
Cash and cash equivalents $ 535 $ 535 $ — $ —
Restricted cash $ 29 $ 29 $ — $ —
Investments not measured at net asset value $ 22,868 $ 48 $ 736 $ 22,084
Investments measured at net asset value(1) 6
Total investments $ 22,874
Unfunded revolving and delayed draw loan commitments(2) $ ( 32 ) $ — $ — $ ( 32 )
Derivatives:
Foreign currency forward contracts $ ( 24 ) $ — $ ( 24 ) $ —
Interest rate swaps $ 15 $ — $ 15 $ —

(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 Valuation Designee used to value the majority of the Company’s investments categorized within Level 3 as of September 30, 2024 and December 31, 2023. The tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the Valuation Designee’s determination of fair values.

As of September 30, 2024
Unobservable Input
Asset Category Fair Value Primary Valuation Techniques Input Estimated Range Weighted Average (1)
First lien senior secured loans $ 13,176 Yield analysis Market yield 4.7 % - 23.2 % 11.0 %
Second lien senior secured loans 2,551 Yield analysis Market yield 9.8 % - 22.1 % 13.5 %
Subordinated certificates of the SDLP 1,159 Discounted cash flow analysis Discount rate 10.8 % - 13.5 % 12.0 %
Senior subordinated loans 1,406 Yield analysis Market yield 9.3 % - 18.2 % 13.2 %
Preferred equity 2,685 Yield analysis Market yield 7.0 % - 18.0 % 13.3 %
EV market multiple analysis EBITDA multiple 2.6 x - 27.0 x 14.5 x
Ivy Hill Asset Management, L.P.(2) 1,954 Discounted cash flow analysis Discount rate 9.9 % - 20.9 % 11.7 %
Other equity 2,225 EV market multiple analysis EBITDA multiple 5.8 x - 34.6 x 14.2 x
Total investments $ 25,156

(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.

As of December 31, 2023
Unobservable Input
Asset Category Fair Value Primary Valuation Techniques Input Estimated Range Weighted Average (1)
First lien senior secured loans $ 9,584 Yield analysis Market yield 6.4 % - 35.0 % 12.7 %
Second lien senior secured loans 3,536 Yield analysis Market yield 10.0 % - 37.3 % 14.8 %
Subordinated certificates of the SDLP 1,288 Discounted cash flow analysis Discount rate 12.3 % - 14.6 % 13.3 %
Senior subordinated loans 1,073 Yield analysis Market yield 8.0 % - 19.2 % 14.6 %
Preferred equity 2,456 Yield analysis Market yield 7.0 % - 20.0 % 14.5 %
EV market multiple analysis EBITDA multiple 4.3 x - 32.5 x 15.2 x
Ivy Hill Asset Management, L.P.(2) 1,987 Discounted cash flow analysis Discount rate 11.6 % - 32.6 % 14.2 %
Other equity 2,160 EV market multiple analysis EBITDA multiple 5.3 x - 33.8 x 14.8 x
Total investments $ 22,084

(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 nine months ended September 30, 2024:

As of and For the Three Months Ended September 30, 2024
Balance as of June 30, 2024 $ 24,302
Net realized losses ( 20 )
Net unrealized gains 73
Purchases 3,279
Sales ( 846 )
Repayments ( 1,663 )
PIK interest and dividends 111
Net accretion of discount on investments 3
Net transfers in and/or out of Level 3 ( 83 )
Balance as of September 30, 2024 $ 25,156
As of and For the Nine Months Ended September 30, 2024
Balance as of December 31, 2023 $ 22,084
Net realized losses ( 33 )
Net unrealized gains 132
Purchases 9,395
Sales ( 1,957 )
Repayments ( 4,718 )
PIK interest and dividends 329
Net accretion of discount on investments 7
Net transfers in and/or out of Level 3 ( 83 )
Balance as of September 30, 2024 $ 25,156

Investments were transferred into and out of Level 3 during the three and nine months ended September 30, 2024. 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 September 30, 2024, the net unrealized appreciation on the investments that use Level 3 inputs was $ 366 .

For the three and nine months ended September 30, 2024, 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 September 30, 2024, and reported within the net unrealized gains (losses) on investments, foreign currency and other transactions in the Company’s consolidated statement of operations was $ 39 and $ 126 , respectively.

The following tables present changes in investments that use Level 3 inputs as of and for the three and nine months ended September 30, 2023:

As of and For the Three Months Ended September 30, 2023
Balance as of June 30, 2023 $ 20,757
Net realized losses ( 86 )
Net unrealized gains 246
Purchases 1,395
Sales ( 136 )
Repayments ( 1,029 )
PIK interest and dividends 74
Net accretion of discount on investments 1
Net transfers in and/or out of Level 3 ( 24 )
Balance as of September 30, 2023 $ 21,198
As of and For the Nine Months Ended September 30, 2023
Balance as of December 31, 2022 $ 21,361
Net realized losses ( 174 )
Net unrealized gains 329
Purchases 3,634
Sales ( 993 )
Repayments ( 3,024 )
PIK interest and dividends 255
Net accretion of discount on investments 7
Net transfers in and/or out of Level 3 ( 197 )
Balance as of September 30, 2023 $ 21,198

Investments were transferred into and out of Level 3 during the three and nine months ended September 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 September 30, 2023, the net unrealized appreciation on the investments that use Level 3 inputs was $ 110 .

For the three and nine months ended September 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 September 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 $ 215 and $ 354 , respectively.

The following are the carrying and fair values of the Company’s debt obligations as of September 30, 2024 and December 31, 2023. 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
September 30, 2024 December 31, 2023
Carrying Value(1) Fair Value(6) Carrying Value(1) Fair Value(6)
Revolving Credit Facility $ 1,713 $ 1,713 $ 1,413 $ 1,413
Revolving Funding Facility 822 822 863 863
SMBC Funding Facility 492 492 401 401
BNP Funding Facility 784 784 575 575
2024-1 CLO Notes (principal amount outstanding of $ 476 and $ 0 , respectively)(2) 473 (3) 476 — —
2024 Convertible Notes (principal amount outstanding of $ 0 and $ 403 , respectively) — — 402 (3) 417
June 2024 Notes (principal amount outstanding of $ 0 and $ 900 , respectively) — — 899 (3) 893
March 2025 Notes (principal amount outstanding of $ 600 ) 600 (3) 597 599 (3) 587
July 2025 Notes (principal amount outstanding of $ 1,250 ) 1,252 (3) 1,232 1,255 (3) 1,198
January 2026 Notes (principal amount outstanding of $ 1,150 ) 1,148 (3) 1,133 1,146 (3) 1,107
July 2026 Notes (principal amount outstanding of $ 1,000 ) 995 (3) 951 993 (3) 913
January 2027 Notes (principal amount outstanding of $ 900 ) 909 (3)(4) 937 905 (3)(4) 927
June 2027 Notes (principal amount outstanding of $ 500 ) 496 (3) 473 495 (3) 458
June 2028 Notes (principal amount outstanding of $ 1,250 ) 1,248 (3) 1,153 1,247 (3) 1,109
March 2029 Notes (principal amount outstanding of $ 1,000 and $ 0 , respectively) 1,005 (3)(4) 1,025 — —
July 2029 Notes (principal amount outstanding of $ 850 and $ 0 , respectively) 871 (3)(4) 873 — —
November 2031 Notes (principal amount outstanding of $ 700 ) 692 (3) 608 691 (3) 586
Total $ 13,500 (5) $ 13,269 $ 11,884 (5) $ 11,447

(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) Excludes the CLO Subordinated Notes, which were retained by the Company and, as such, are eliminated in consolidation. See Note 5 for more information on the CLO Subordinated Notes.

(3) Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance.

(4) The carrying value of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes as of September 30, 2024 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the January 2027 Notes as of December 31, 2023 includes an adjustment as a result of an effective hedge accounting relationship. See Notes 5 and 6 for more information.

(5) Total principal amount of debt outstanding totaled $ 13,487 and $ 11,905 as of September 30, 2024 and December 31, 2023, respectively.

(6) 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 nine months ended September 30, 2024:

Issuances of Common Stock Number of Shares Issued Gross Proceeds Underwriting Fees/Offering Expenses Net Proceeds Average Offering Price Per Share(1)
“At the market” offerings 40.6 $ 844.0 $ 8.8 $ 835.2 $ 20.81
Total 40.6 $ 844.0 $ 8.8 $ 835.2

(1) Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses.

“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. Under the Equity Distribution Agreements, common stock with an aggregate offering amount of $ 695 remained available for issuance as of September 30, 2024.

Conversion of the 2024 Convertible Notes

In March 2024, in connection with the repayment of the 2024 Convertible Notes, the Company issued approximately 20 shares of its common stock at a conversion price of $ 20.12 per share for a total value of $ 407 . See Note 5 for more information relating to the repayment of the 2024 Convertible Notes.

Dividend Reinvestment Plan

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 September 30, 2024, the expiration date of the stock repurchase program was February 15, 2025. The program may be suspended, extended, modified or discontinued at any time. As of September 30, 2024, there was $ 1,000 available for repurchases under the stock repurchase program.

During the nine months ended September 30, 2024 and 2023, the Company did not repurchase any shares of the Company’s common stock under the stock repurchase program.

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 nine months ended September 30, 2024 and 2023:

For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Net increase in stockholders’ equity resulting from operations—basic $ 394 $ 500 $ 1,165 $ 1,109
Adjustment for interest expense on 2024 Convertible Notes(1) — 4 — 13
Net increase in stockholders’ equity resulting from operations—diluted $ 394 $ 504 $ 1,165 $ 1,122
Weighted average shares of common stock outstanding—basic 635 562 614 548
Assumed conversion of 2024 Convertible Notes(2) — 20 — 20
Weighted average shares of common stock outstanding—diluted 635 582 614 568
Net increase in stockholders’ equity resulting from operations per share—basic $ 0.62 $ 0.89 $ 1.90 $ 2.03
Net increase in stockholders’ equity resulting from operations per share—diluted $ 0.62 $ 0.87 $ 1.90 $ 1.98

(1) Includes the impact of the income based fee.

(2) In March 2024, in connection with the repayment of the 2024 Convertible Notes, the Company issued approximately 20 shares of common stock. See Note 5 for more information relating to the repayment of the 2024 Convertible Notes.

For the purpose of calculating diluted net increase in stockholders’ equity resulting from operations per share for the three and nine months ended September 30, 2023, the Company utilized the if-converted method which assumed full share settlement for the aggregate value of the then outstanding 2024 Convertible Notes.

11. DIVIDENDS AND DISTRIBUTIONS

The following table summarizes the Company’s dividends declared and payable during the nine months ended September 30, 2024 and 2023:

Date declared Record date Payment date Per share amount Total amount
July 30, 2024 September 13, 2024 September 30, 2024 $ 0.48 $ 308
May 1, 2024 June 14, 2024 June 28, 2024 0.48 300
February 7, 2024 March 15, 2024 March 29, 2024 0.48 291
Total dividends declared and payable for the nine months ended September 30, 2024 $ 1.44 $ 899
July 25, 2023 September 15, 2023 September 29, 2023 $ 0.48 $ 271
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 nine months ended September 30, 2023 $ 1.44 $ 798

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 nine months ended September 30, 2024 and 2023, was as follows:

For the Nine Months Ended September 30, — 2024 2023
Shares issued 3.0 1.7
Average issue price per share $ 20.87 $ 19.17
Shares purchased by plan agent to satisfy dividends declared and payable during the period for stockholders — 0.8 (1)
Average purchase price per share $ — $ 18.35

(1) Shares were purchased in April 2023.

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 nine months ended September 30, 2024, the Company’s investment adviser or its affiliates incurred and the Company reimbursed such expenses totaling $ 2 and $ 9 , respectively. For the three and nine months ended September 30, 2023, the Company’s investment adviser or its affiliates incurred and the Company reimbursed such expenses totaling $ 1 and $ 4 , 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 nine months ended September 30, 2024, amounts payable to the Company under these agreements totaled $ 0 and $ 0 , respectively. For the three and nine months ended September 30, 2023, amounts payable to the Company under these agreements totaled $ 0 and $ 0 , respectively.

See Notes 3, 4 and 5 for descriptions of other related party transactions.

13. FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights as of and for the nine months ended September 30, 2024 and 2023:

Per Share Data: As of and For the Nine Months Ended September 30, — 2024 2023
Net asset value at beginning of period(1) $ 19.24 $ 18.40
Issuances of common stock 0.06 0.01
Conversion of 2024 Convertible Notes 0.01 —
Net investment income for period(2) 1.70 1.68
Net realized and unrealized gains for period(2) 0.20 0.34
Net increase in stockholders' equity resulting from operations 1.97 2.03
Total distributions to stockholders ( 1.44 ) ( 1.44 )
Net asset value at end of period(1) $ 19.77 $ 18.99
Per share market value at end of period $ 20.94 $ 19.47
Total return based on market value(3) 12.12 % 13.81 %
Total return based on net asset value(4) 10.48 % 11.37 %
Shares outstanding at end of period 646 569
Ratio/Supplemental Data:
Net assets at end of period $ 12,773 $ 10,815
Ratio of operating expenses to average net assets(5)(6) 12.45 % 12.80 %
Ratio of net investment income to average net assets(5)(7) 11.87 % 11.95 %
Portfolio turnover rate(5) 38 % 24 %

(1) The net assets used equals the total stockholders’ equity on the consolidated balance sheet.

(2) Weighted average basic per share data.

(3) For the nine months ended September 30, 2024, the total return based on market value equaled the increase of the ending market value at September 30, 2024 of $ 20.94 per share from the ending market value at December 31, 2023 of $ 20.03 per share plus the declared and payable dividends of $ 1.44 per share for the nine months ended September 30, 2024, divided by the market value at December 31, 2023. For the nine months ended September 30, 2023, the total return based on market value equaled the increase of the ending market value at September 30, 2023 of $ 19.47 per share from the ending market value at December 31, 2022 of $ 18.47 per share plus the declared and payable dividends of $ 1.44 per share for the nine months ended September 30, 2023, divided by the market value at December 31, 2022. The Company’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results.

(4) For the nine months ended September 30, 2024, 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 $ 1.44 per share for the nine months ended September 30, 2024, divided by the beginning net asset value for the period. For the nine months ended September 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 $ 1.44 per share for the nine months ended September 30, 2023, 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.

(5) The ratios reflect an annualized amount.

(6) For the nine months ended September 30, 2024 and 2023, the ratio of operating expenses to average net assets consisted of the following:

For the Nine Months Ended September 30, — 2024 2023
Base management fee 3.03 % 3.14 %
Income based fee and capital gains incentive fee 3.22 3.64 %
Interest and credit facility fees 5.83 5.59 %
Other operating expenses 0.37 0.43 %
Total operating expenses 12.45 % 12.80 %

(7) 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 nine months ended September 30, 2024, except as discussed below.

On October 8, 2024, the Company and Ares Capital CP entered into an agreement to amend the Revolving Funding Facility. The amendment, among other things, (a) increased the commitments under the Revolving Funding Facility from $ 1,775 to $ 2,150 , (b) extended the end of the reinvestment period from December 29, 2024 to October 8, 2027, (c) extended the stated maturity date from December 29, 2026 to October 8, 2029 and (d) adjusted the interest rate charged on the Revolving Funding Facility from an applicable SOFR plus a credit spread adjustment of 0.10 % or a “base rate” plus an applicable spread of 1.90 % per annum to an applicable SOFR or a “base rate” (as defined in the documents governing the Revolving Funding Facility) plus an applicable spread of 2.00 % per annum and with no credit spread adjustment. The other terms of the Revolving Funding Facility remained materially unchanged.

In October 2024, the Company, through a wholly owned and consolidated subsidiary, priced a $ 544 term debt securitization. The transaction is expected to close in November 2024, subject to customary closing conditions. A term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by the Company, which is consolidated by the Company and subject to its overall asset coverage requirement.

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 a protracted decline in the liquidity of credit markets on our business;

• 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;

• political and regulatory conditions that contribute to uncertainty and market volatility including the impact of the upcoming U.S. presidential election and legislative, regulatory, trade and policy changes associated with a new administration;

• the impact of supply chain constraints on our portfolio companies and the global economy;

• uncertainty surrounding global financial stability;

• ongoing conflicts in the Middle East ;

• the disruption of global shipping activities;

• the Russia-Ukraine war 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 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;

• 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;

• the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments; and

• the fluctuations in global interest rates.

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, 2023 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) 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 September 30, 2024, 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 $47.2 billion and total proceeds from such exited investments of approximately $60.4 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 September 30, 2024, our realized gains have exceeded our realized losses by approximately $0.9 billion (excluding a one-time gain on the acquisition of Allied Capital Corporation in April 2010 (the “Allied Acquisition”) and realized gains/losses from the extinguishment of debt and other transactions). For the same time period, our average annualized net realized gain rate was approximately 0.8% (excluding a one-time gain on the Allied Acquisition and realized gains/losses from the extinguishment of debt and other transactions). Net realized gain/loss rates for 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

During the third quarter of 2024, leveraged corporate credit markets posted positive returns, driven by sustained economic growth, a healthy level of corporate earnings and further stability in the capital markets and U.S. banking system. With easing inflationary measures, the Federal Reserve softened its monetary policies and lowered the federal funds rate in support of its goals of maximum employment and returning inflation to its two percent objective.

PORTFOLIO AND INVESTMENT ACTIVITY

Our investment activity for the three months ended September 30, 2024 and 2023 is presented below.

(dollar amounts in millions) For the Three Months Ended September 30, — 2024 2023
New investment commitments(1):
New portfolio companies $ 881 $ 827
Existing portfolio companies 3,038 771
Total new investment commitments(2) $ 3,919 $ 1,598
Less:
Investment commitments exited(3) (2,598) (1,280)
Net investment commitments $ 1,321 $ 318
Principal amount of investments funded:
First lien senior secured loans(4) $ 3,009 $ 1,014
Second lien senior secured loans 41 32
Subordinated certificates of the SDLP(5) 89 12
Senior subordinated loans 44 76
Preferred equity 17 132
Ivy Hill Asset Management, L.P.(6) 41 122
Other equity 42 32
Total $ 3,283 $ 1,420
Principal amount of investments sold or repaid:
First lien senior secured loans(4) $ 1,816 $ 631
Second lien senior secured loans 308 174
Subordinated certificates of the SDLP(5) 134 42
Senior subordinated loans 66 142
Preferred equity 154 26
Ivy Hill Asset Management, L.P.(6) 36 264
Other equity 28 22
Total $ 2,542 $ 1,301
Number of new investment commitments(7) 74 50
Average new investment commitment amount $ 53 $ 32
Weighted average term for new investment commitments (in months) 74 67
Percentage of new investment commitments at floating rates 95 % 84 %
Percentage of new investment commitments at fixed rates 4 % 12 %
Weighted average yield of debt and other income producing securities(8):
Funded during the period at amortized cost 10.3 % 12.6 %
Funded during the period at fair value(9) 10.4 % 12.5 %
Exited or repaid during the period at amortized cost 11.8 % 12.3 %
Exited or repaid during the period at fair value(9) 12.1 % 12.4 %

(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 nine months ended September 30, 2024 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 $2.7 billion and $1.2 billion for the three months ended September 30, 2024 and 2023, respectively.

(3) Includes both funded and unfunded commitments. For the three months ended September 30, 2024 and 2023, investment commitments exited included exits of unfunded commitments of $333 million and $230 million, respectively.

(4) For the three months ended September 30, 2024 and 2023, net repayments of first lien secured revolving loans were $55 million and $94 million, respectively.

(5) See “Senior Direct Lending Program” below and Note 4 to our consolidated financial statements for the three and nine months ended September 30, 2024 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 nine months ended September 30, 2024 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 September 30, 2024 and December 31, 2023, our investments consisted of the following:

As of — September 30, 2024 December 31, 2023
(in millions) Amortized Cost(1) Fair Value Amortized Cost(1) Fair Value
First lien senior secured loans(2) $ 13,927 $ 13,684 $ 10,313 $ 10,081
Second lien senior secured loans 2,859 2,755 3,980 3,753
Subordinated certificates of the SDLP(3) 1,231 1,159 1,316 1,288
Senior subordinated loans 1,443 1,414 1,150 1,096
Preferred equity 2,666 2,685 2,457 2,460
Ivy Hill Asset Management, L.P.(4) 1,729 1,954 1,763 1,987
Other equity 1,718 2,267 1,689 2,209
Total $ 25,573 $ 25,918 $ 22,668 $ 22,874

(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 $8.1 billion and $8.0 billion, respectively, as of September 30, 2024, and $5.8 billion and $5.7 billion, respectively, as of December 31, 2023.

(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 19 and 22 different borrowers as of September 30, 2024 and December 31, 2023, 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 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 nine months ended September 30, 2024 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 September 30, 2024 and December 31, 2023 were as follows:

As of — September 30, 2024 December 31, 2023
Amortized Cost Fair Value Amortized Cost Fair Value
Debt and other income producing securities(1) 11.7 % 11.7 % 12.5 % 12.5 %
Total portfolio(2) 10.7 % 10.5 % 11.3 % 11.2 %
First lien senior secured loans(3) 10.6 % 10.8 % 11.7 % 11.9 %
Second lien senior secured loans(3) 12.4 % 12.9 % 12.7 % 13.4 %
Subordinated certificates of the SDLP(3)(6) 12.9 % 13.7 % 13.6 % 13.9 %
Senior subordinated loans(3) 12.3 % 12.6 % 12.5 % 13.1 %
Ivy Hill Asset Management L.P.(4) 16.2 % 14.3 % 15.1 % 13.3 %
Other income producing equity securities(5) 11.2 % 11.0 % 11.3 % 11.2 %

(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” of investments 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:

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 September 30, 2024 and December 31, 2023:

As of
September 30, 2024 December 31, 2023
(dollar amounts in millions) Fair Value % Number of Companies % Fair Value % Number of Companies %
Grade 4 $ 4,334 16.7 % 58 10.8 % $ 4,222 18.5 % 64 12.7 %
Grade 3 20,853 80.5 428 80.0 17,174 75.1 386 76.4
Grade 2 564 2.2 28 5.3 1,333 5.8 35 6.9
Grade 1 167 0.6 21 3.9 145 0.6 20 4.0
Total $ 25,918 100.0 % 535 100.0 % $ 22,874 100.0 % 505 100.0 %

As of September 30, 2024 and December 31, 2023, the weighted average grade of the investments in our portfolio at fair value was 3.1 and 3.1, respectively.

As of September 30, 2024 and December 31, 2023, loans on non-accrual status represented 1.3% of the total investments at amortized cost (or 0.6% at fair value) and 1.3% at amortized cost (or 0.6% at fair value), respectively.

Ivy Hill Asset Management, L.P.

Ivy Hill Asset Management, L.P. (“IHAM”), our wholly owned portfolio company, is an asset manager and an SEC-registered investment adviser. As of September 30, 2024, IHAM had assets under management of approximately $13.2 billion. As of September 30, 2024, IHAM managed 21 vehicles (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 September 30, 2024 and December 31, 2023 was $2,304 million and $2,288 million, respectively. For the three and nine months ended September 30, 2024, IHAM had management and incentive fee income of $13 million and $41 million, respectively, and other investment-related income of $75 million and $266 million, respectively, which included net realized gains or losses on investments and other transactions. For the three and nine months ended September 30, 2023, IHAM had management and incentive fee income of $15 million and $42 million, respectively, and investment-related income of $80 million and $236 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 September 30, 2024 and December 31, 2023 were as follows:

As of — September 30, 2024 December 31, 2023
(in millions) Amortized Cost Fair Value Amortized Cost Fair Value
Subordinated loan(1) $ 28 $ 28 $ 62 $ 62
Equity 1,701 1,926 1,701 1,925
Total investment in IHAM $ 1,729 $ 1,954 $ 1,763 $ 1,987

(1) We have provided a commitment to fund up to $500 million to IHAM, of which the availability is solely at our discretion.

The interest income and dividend income that we earned from IHAM for the three and nine months ended September 30, 2024 and 2023 were as follows:

(in millions) For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Interest income $ 1 $ 5 $ 2 $ 28
Dividend income $ 69 $ 62 $ 204 $ 179

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 nine months ended September 30, 2024 and 2023, IHAM or certain of the IHAM Vehicles purchased $301 million and $842 million, respectively, of loans from us. For the nine months ended September 30, 2024 and 2023, we recognized $1 million and $12 million, respectively, of net realized losses from these sales. During the nine months ended September 30, 2024 and 2023, IHAM or certain IHAM Vehicles sold $32 million and $26 million, respectively, of investments to us.

The yields at amortized cost and fair value of our investments in IHAM as of September 30, 2024 and December 31, 2023 were as follows:

As of — September 30, 2024 December 31, 2023
Amortized Cost Fair Value Amortized Cost Fair Value
Subordinated loan 11.3 % 11.3 % 12.0 % 12.0 %
Equity(1) 16.2 % 14.3 % 15.1 % 13.3 %

(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.

Selected Financial Information

Pursuant to Rule 4-08(g) of Regulation S-X, selected financial information of IHAM, in conformity with U.S. generally accepted accounting principles (“GAAP”), as of and for the three and nine months ended September 30, 2024 and 2023 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 Consolidated IHAM 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.

(in millions) As of September 30, 2024 — IHAM Consolidated IHAM Vehicles(1) Eliminations Consolidated
Selected Balance Sheet Information:
Assets
Investments at fair value(2) $ 2,249 $ 8,421 $ (2,212) $ 8,458
Cash and cash equivalents 4 831 — 835
Other assets 72 126 (57) 141
Total assets $ 2,325 $ 9,378 $ (2,269) $ 9,434
Liabilities
Debt $ 453 $ 6,696 $ — $ 7,149
Subordinated note from ARCC 28 — — 28
Subordinated notes(3) — 1,242 (927) 315
Other liabilities 11 151 (14) 148
Total liabilities 492 8,089 (941) 7,640
Equity
Contributed capital 1,701 — — 1,701
Accumulated earnings 188 — — 188
Net unrealized losses on investments and foreign currency transactions(4) (56) — — (56)
Non-controlling interests in Consolidated IHAM Vehicles(5) — 1,289 (1,328) (39)
Total equity 1,833 1,289 (1,328) 1,794
Total liabilities and equity $ 2,325 $ 9,378 $ (2,269) $ 9,434
(in millions) As of December 31, 2023 — IHAM Consolidated IHAM Vehicles(1) Eliminations Consolidated
Selected Balance Sheet Information:
Assets
Investments at fair value(2) $ 2,274 $ 9,392 $ (2,265) $ 9,401
Cash and cash equivalents 9 707 — 716
Other assets 70 100 (68) 102
Total assets $ 2,353 $ 10,199 $ (2,333) $ 10,219
Liabilities
Debt $ 462 $ 7,459 $ — $ 7,921
Subordinated note from ARCC 62 — — 62
Subordinated notes(3) — 1,280 (992) 288
Other liabilities 17 189 (16) 190
Total liabilities 541 8,928 (1,008) 8,461
Equity
Contributed capital 1,701 — — 1,701
Accumulated earnings 126 — — 126
Net unrealized losses on investments and foreign currency transactions(4) (15) — — (15)
Non-controlling interests in Consolidated IHAM Vehicles(5) — 1,271 (1,325) (54)
Total equity 1,812 1,271 (1,325) 1,758
Total liabilities and equity $ 2,353 $ 10,199 $ (2,333) $ 10,219

(1) Consolidated for GAAP purposes only.

(2) The determination of such fair value is determined in accordance with IHAM’s valuation process (separate and apart from our valuation process described elsewhere herein). The amortized cost of IHAM’s total investments as of September 30, 2024 and December 31, 2023 was $2,304 million and $2,288 million, respectively. The amortized cost of the total investments of IHAM on a consolidated basis as of September 30, 2024 and December 31, 2023 was $8,597 million and $9,619 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) As of September 30, 2024 and December 31, 2023, net unrealized losses of $53 million and $13 million, respectively, have been eliminated upon consolidation and the elimination is included in “non-controlling interests in Consolidated IHAM Vehicles” in the selected balance sheet information.

(5) Non-controlling interests in Consolidated IHAM Vehicles includes net unrealized depreciation in the Consolidated IHAM Vehicles of $139 million and $221 million as of September 30, 2024 and December 31, 2023, respectively.

(in millions) For the Three Months Ended September 30, 2024 — IHAM Consolidated IHAM Vehicles(1) Eliminations Consolidated
Selected Statement of Operations Information:
Revenues
Investment income $ 77 $ 251 $ (75) $ 253
Management fees and other income 13 2 (12) 3
Total revenues 90 253 (87) 256
Expenses
Interest expense 10 139 — 149
Distributions to subordinated notes — 49 (37) 12
Management fees and other expenses 4 14 (12) 6
Total expenses 14 202 (49) 167
Net operating income 76 51 (38) 89
Net realized losses on investments and foreign currency (2) (39) 2 (39)
Net unrealized (losses) gains on investments, foreign currency and other transactions (8) 41 10 43
Total net realized and unrealized (losses) gains on investments, foreign currency and other transactions (10) 2 12 4
Net income 66 53 (26) 93
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles — 53 (26) 27
Net income attributable to Ivy Hill Asset Management, L.P. $ 66 $ — $ — $ 66
(in millions) For the Nine Months Ended September 30, 2024 — IHAM Consolidated IHAM Vehicles(1) Eliminations Consolidated
Selected Statement of Operations Information:
Revenues
Investment income $ 263 $ 784 $ (257) $ 790
Management fees and other income 41 8 (38) 11
Total revenues 304 792 (295) 801
Expenses
Interest expense 30 432 — 462
Distributions to subordinated notes — 154 (114) 40
Management fees and other expenses 11 47 (38) 20
Total expenses 41 633 (152) 522
Net operating income 263 159 (143) 279
Net realized gains (losses) on investments and foreign currency 3 (113) (7) (117)
Net realized loss on extinguishment of debt — (1) — (1)
Net unrealized (losses) gains on investments, foreign currency and other transactions (41) 88 40 87
Total net realized and unrealized (losses) gains on investments, foreign currency and other transactions (38) (26) 33 (31)
Net income 225 133 (110) 248
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles — 133 (110) 23
Net income attributable to Ivy Hill Asset Management, L.P. $ 225 $ — $ — $ 225
(in millions) For the Three Months Ended September 30, 2023 — IHAM Consolidated IHAM Vehicles(1) Eliminations Consolidated
Selected Statement of Operations Information:
Revenues
Investment income $ 87 $ 285 $ (87) $ 285
Management fees and other income 15 3 (14) 4
Total revenues 102 288 (101) 289
Expenses
Interest expense 15 152 — 167
Distributions to subordinated notes — 52 (40) 12
Management fees and other expenses 3 19 (14) 8
Total expenses 18 223 (54) 187
Net operating income 84 65 (47) 102
Net realized losses on investments and other transactions (7) (16) 8 (15)
Net unrealized gains on investments and other transactions 2 46 (4) 44
Total net realized and unrealized (losses) gains on investments and other transactions (5) 30 4 29
Net income 79 95 (43) 131
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles — 95 (43) 52
Net income attributable to Ivy Hill Asset Management, L.P. $ 79 $ — $ — $ 79
(in millions) For the Nine Months Ended September 30, 2023 — IHAM Consolidated IHAM Vehicles(1) Eliminations Consolidated
Selected Statement of Operations Information:
Revenues
Investment income $ 253 $ 813 $ (251) $ 815
Management fees and other income 42 6 (40) 8
Total revenues 295 819 (291) 823
Expenses
Interest expense 50 424 — 474
Distributions to subordinated notes — 141 (110) 31
Management fees and other expenses 11 55 (40) 26
Total expenses 61 620 (150) 531
Net operating income 234 199 (141) 292
Net realized losses on investments and other transactions (17) (26) 8 (35)
Net unrealized gains on investments and other transactions 19 76 (23) 72
Total net realized and unrealized gains on investments and other transactions 2 50 (15) 37
Net income 236 249 (156) 329
Less: Net income attributable to non-controlling interests in Consolidated IHAM Vehicles — 249 (156) 93
Net income attributable to Ivy Hill Asset Management, L.P. $ 236 $ — $ — $ 236

(1) Consolidated for GAAP purposes only.

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. 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 the SDLP Certificates. As of September 30, 2024 and December 31, 2023, we and a client of Varagon owned 87.5% and 12.5%, respectively, of the outstanding SDLP Certificates.

As of September 30, 2024 and December 31, 2023, 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 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.

(in millions) As of — September 30, 2024 December 31, 2023
Total capital funded to the SDLP(1) $ 4,900 $ 5,361
Total capital funded to the SDLP by the Company(1) $ 1,274 $ 1,328
Total unfunded capital commitments to the SDLP(2) $ 291 $ 260
Total unfunded capital commitments to the SDLP by the Company(2) $ 68 $ 60

(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 our SDLP Certificates and our yield on our investment in the SDLP Certificates at amortized cost and fair value as of September 30, 2024 and December 31, 2023 were as follows:

As of — September 30, 2024 December 31, 2023
(dollar amounts in millions) Amortized Cost Fair Value Amortized Cost Fair Value
Investment in the SDLP Certificates $ 1,231 $ 1,159 $ 1,316 $ 1,288
Yield on the investment in the SDLP Certificates 12.9 % 13.7 % 13.6 % 13.9 %

The interest income from our investment in the SDLP Certificates and capital structuring service fees and other income earned for the three and nine months ended September 30, 2024 and 2023 were as follows:

(in millions) For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Interest income $ 43 $ 43 $ 131 $ 129
Capital structuring service fees and other income $ 4 $ 1 $ 9 $ 8

As of September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023, one of the loans was on non-accrual status. Below is a summary of the SDLP’s portfolio as of September 30, 2024 and December 31, 2023:

(dollar amounts in millions) As of — September 30, 2024 December 31, 2023
Total first lien senior secured loans(1)(2) $ 4,889 $ 5,431
Weighted average yield on first lien senior secured loans(3) 10.0 % 10.4 %
Largest loan to a single borrower(1) $ 367 $ 370
Total of five largest loans to borrowers(1) $ 1,686 $ 1,650
Number of borrowers in the SDLP 19 22
Commitments to fund delayed draw loans(4) $ 291 $ 260

(1) At principal amount.

(2) First lien senior secured loans include certain loans that the SDLP classifies as “unitranche” loans. As of September 30, 2024 and December 31, 2023, the total principal amount of loans in the SDLP portfolio that the SDLP classified as “unitranche” loans was $4,181 million and $4,558 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 September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and 2023 are presented below:

(in millions) As of — September 30, 2024 December 31, 2023
Selected Balance Sheet Information:
Investments at fair value (amortized cost of $4,724 and $5,267, respectively) $ 4,581 $ 5,129
Other assets 169 192
Total assets $ 4,750 $ 5,321
Senior notes $ 3,319 $ 3,705
Intermediate funding notes 125 139
Other liabilities 130 136
Total liabilities 3,574 3,980
Subordinated certificates and members’ capital 1,176 1,341
Total liabilities and members’ capital $ 4,750 $ 5,321
(in millions) For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Selected Statement of Operations Information:
Total investment income $ 137 $ 145 $ 420 $ 421
Interest expense 74 76 228 217
Other expenses 5 7 13 19
Total expenses 79 83 241 236
Net investment income 58 62 179 185
Net realized and unrealized (losses) gains on investments (25) 6 (97) (79)
Net increase in members’ capital resulting from operations $ 33 $ 68 $ 82 $ 106

SDLP Loan Portfolio as of September 30, 2024

(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 08/2028 10.5 % $ 277.6 $ 247.1
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 04/2030 9.6 % 279.7 279.7
FS Squared Holding Corp. (3)(4) Provider of on-site vending and micro market solutions 03/2026 10.3 % 320.8 320.8
Harvey Tool Company, LLC (3) Manufacturer of cutting tools used in the metalworking industry 10/2027 10.3 % 268.1 268.1
HGC Holdings, LLC (3) Operator of golf facilities 06/2026 10.1 % 360.1 360.1
ISQ Hawkeye Holdco, Inc. (3)(4) Provider of commercial and industrial waste processing and disposal services 08/2031 9.6 % 309.2 309.2
Manna Pro Products, LLC (3) Manufacturer and supplier of specialty nutrition and care products for animals 12/2026 10.9 % 265.5 223.0
NMN Holdings III Corp. (3)(4) Provider of complex rehabilitation technology solutions for patients with mobility loss 07/2031 9.3 % 229.5 227.2
North Haven Falcon Buyer, LLC (3)(4) Manufacturer of aftermarket golf cart parts and accessories 05/2027 8.1 % 234.3 185.1
Penn Power Group LLC Distributor of aftermarket parts to the heavy-duty truck industry 12/2027 10.7 % 32.9 32.9
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 08/2027 10.9 % 254.1 254.1
Pritchard Industries, LLC (3)(4) Provider of janitorial and facilities management services 10/2027 10.7 % 243.3 238.4
Qnnect, LLC (3)(4) Manufacturer of highly engineered hermetic packaging products 11/2029 11.8 % 276.3 276.3
SePro Holdings, LLC (3) Provider of specialty chemicals for aquatics, turf and ornamental horticulture 07/2030 10.5 % 118.6 116.2
THG Acquisition, LLC (3) Multi-line insurance broker 12/2026 10.7 % 323.9 323.9
Triwizard Holdings, Inc. (4) Parking management and hospitality services provider 06/2029 10.1 % 248.6 248.4
Valcourt Holdings II, LLC (3) Provider of window cleaning and building facade maintenance and restoration services 11/2029 11.0 % 314.4 314.4
Walnut Parent, Inc. (3) Manufacturer of natural solution pest and animal control products 11/2027 10.4 % 367.3 356.3
$ 4,888.5 $ 4,581.2

(1) Represents the weighted average annual stated interest rate as of September 30, 2024. All interest rates are payable in cash, except for portions of the stated interest rates which are PIK for investments in Arrowhead Holdco Company.

(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 September 30, 2024.

SDLP Loan Portfolio as of December 31, 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 08/2028 10.0 % $ 271.6 $ 244.4
Benecon Midco II LLC (3)(4) Employee benefits provider for small and mid-size employers 12/2026 10.7 % 170.2 170.2
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 04/2029 11.2 % 273.5 273.5
Emergency Communications Network, LLC (3) Provider of mission critical emergency mass notification solutions 06/2024 14.1 % 252.3 219.5
Excelligence Holdings Corp. (3) Developer, manufacturer and retailer of educational products 01/2024 11.5 % 145.4 145.4
FS Squared Holding Corp. (3)(4) Provider of on-site vending and micro market solutions 03/2025 10.8 % 323.3 323.3
Harvey Tool Company, LLC (3) Manufacturer of cutting tools used in the metalworking industry 10/2027 11.0 % 256.6 254.0
HGC Holdings, LLC (3) Operator of golf facilities 06/2026 11.2 % 232.0 232.0
ISQ Hawkeye Holdco, Inc. (3)(4) Provider of commercial and industrial waste processing and disposal services 08/2029 11.4 % 295.6 295.6
Manna Pro Products, LLC (3) Manufacturer and supplier of specialty nutrition and care products for animals 12/2026 11.5 % 267.5 251.5
NCWS Intermediate, Inc. (3)(4) Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market 12/2026 11.6 % 279.7 279.7
North Haven Falcon Buyer, LLC (3)(4) Manufacturer of aftermarket golf cart parts and accessories 05/2027 13.5 % 224.5 181.8
Pegasus Global Enterprise Holdings, LLC (3)(4) Provider of plant maintenance and scheduling software 05/2025 10.7 % 334.9 334.9
Penn Detroit Diesel Allison, LLC Distributor of aftermarket parts to the heavy-duty truck industry 12/2027 11.7 % 32.9 32.9
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 08/2027 11.5 % 256.1 253.5
Pritchard Industries, LLC (3)(4) Provider of janitorial and facilities management services 10/2027 11.0 % 245.2 240.3
Qnnect, LLC (3)(4) Manufacturer of highly engineered hermetic packaging products 11/2029 12.4 % 278.3 278.3
THG Acquisition, LLC (3) Multi-line insurance broker 12/2026 11.2 % 325.5 325.3
Triwizard Holdings, Inc. (4) Parking management and hospitality services provider 06/2029 11.7 % 169.2 169.2
Valcourt Holdings II, LLC (3) Provider of window cleaning and building facade maintenance and restoration services 11/2029 11.3 % 262.5 257.3
Walnut Parent, Inc. (3) Manufacturer of natural solution pest and animal control products 11/2027 11.0 % 370.2 366.5
$ 5,431.3 $ 5,129.1

(1) Represents the weighted average annual stated interest rate as of December 31, 2023. 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 North Haven Falcon Buyer, LLC.

(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, 2023.

RESULTS OF OPERATIONS

For the three and nine months ended September 30, 2024 and 2023

Operating results for the three and nine months ended September 30, 2024 and 2023 were as follows:

(in millions) For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Total investment income $ 775 $ 655 $ 2,231 $ 1,907
Total expenses 402 363 1,127 975
Net investment income before income taxes 373 292 1,104 932
Income tax expense, including excise tax 12 3 60 11
Net investment income 361 289 1,044 921
Net realized losses on investments, foreign currency and other transactions (24) (76) (30) (207)
Net unrealized gains on investments, foreign currency and other transactions 57 287 165 395
Realized loss on extinguishment of debt — — (14) —
Net increase in stockholders’ equity resulting from operations $ 394 $ 500 $ 1,165 $ 1,109

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

(in millions) For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Interest income from investments $ 568 $ 495 $ 1,620 $ 1,441
Capital structuring service fees 38 20 124 51
Dividend income 151 128 441 372
Other income 18 12 46 43
Total investment income $ 775 $ 655 $ 2,231 $ 1,907

Interest income from investments for the three months ended September 30, 2024 increased from the comparable period in 2023 primarily as a result of the increase in the average size of our portfolio. The weighted average yield on our portfolio for the three months ended September 30, 2024 remained largely consistent with the comparable period in 2023. Interest income from investments for the nine months ended September 30, 2024 increased from the comparable period in 2023 primarily due to the increase in the average size of our portfolio as well as the impact of higher interest rates. The average size and weighted average yield of our portfolio at amortized cost for the three and nine months ended September 30, 2024 and 2023 were as follows:

(dollar amounts in millions) For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Average size of portfolio(1) $ 25,141 $ 21,775 $ 23,878 $ 21,690
Weighted average yield on portfolio 11.3 % 11.3 % 11.4 % 11.1 %

(1) Includes non-interest earning investments.

Capital structuring service fees for the three and nine months ended September 30, 2024 increased from the comparable periods in 2023 primarily due to an increase in new investment commitments. The lower weighted average capital structuring service fee percentage during the three and nine months ended September 30, 2024 was primarily due to a higher percentage of new investment commitments to existing portfolio companies, which generally resulted in lower fee opportunities as compared to the comparable periods in 2023. The new investment commitments and weighted average capital structuring service fee percentages for the three and nine months ended September 30, 2024 and 2023 were as follows:

(dollar amounts in millions) For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
New investment commitments(1) $ 3,209 $ 1,347 $ 8,762 $ 2,889
Weighted average capital structuring service fee percentages(1) 1.2 % 1.5 % 1.4 % 1.8 %

(1) Excludes $669 million and $129 million of new investment commitments sold to third party lenders during the three months ended September 30, 2024 and 2023, respectively, and $2,255 million and $289 million during the nine months ended September 30, 2024 and 2023, respectively. Excludes $41 million and $304 million of investment commitments sold to IHAM for the three and nine months ended September 30, 2024, respectively, and $122 million and $405 million, respectively, for the comparable periods in 2023.

Dividend income for the three and nine months ended September 30, 2024 and 2023 were as follows:

(in millions) For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Dividend income received from IHAM $ 69 $ 62 $ 204 $ 179
Recurring dividend income 77 62 216 172
Non-recurring dividend income 5 4 21 21
Total dividend income $ 151 $ 128 $ 441 $ 372

Dividend income received from IHAM for the three and nine months ended September 30, 2024 increased from the comparable periods in 2023 primarily due to the increased earnings from the IHAM Vehicles as a result of higher interest rates. Recurring dividend income for the three and nine months ended September 30, 2024 increased from the comparable periods in 2023 primarily due to an increase in yielding preferred equity investments.

Operating Expenses

(in millions) For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Interest and credit facility fees $ 195 $ 145 $ 528 $ 425
Base management fee 96 81 274 239
Income based fee 92 83 273 238
Capital gains incentive fee(1) 7 42 19 40
Administrative and other fees 3 4 9 10
Other general and administrative 9 8 24 23
Total expenses $ 402 $ 363 $ 1,127 $ 975

(1) Calculated in accordance with GAAP as discussed below.

Interest and credit facility fees for the three and nine months ended September 30, 2024 and 2023, were comprised of the following:

(in millions) For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Stated interest expense(1) $ 183 $ 133 $ 490 $ 389
Credit facility fees 5 5 18 16
Amortization of debt issuance costs 9 8 25 23
Net amortization of premium on notes payable (2) (1) (5) (3)
Total interest and credit facility fees $ 195 $ 145 $ 528 $ 425

(1) Includes the impact of the interest rate swaps for the three and nine months ended September 30, 2024 and 2023.

Stated interest expense for the three and nine months ended September 30, 2024 increased from the comparable periods in 2023 primarily due to the increase in the average principal amount of debt outstanding and the impact of higher interest rates on our floating debt obligations. Average debt outstanding and weighted average stated interest rate on our debt outstanding for the three and nine months ended September 30, 2024 and 2023 were as follows:

(dollar amounts in millions) For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Average debt outstanding $ 13,470 $ 11,373 $ 12,656 $ 11,429
Weighted average stated interest rate on debt outstanding(1) 5.4 % 4.7 % 5.1 % 4.5 %

(1) The weighted average stated interest rate on our debt outstanding for the three and nine months ended September 30, 2024 includes the impact of interest rate swaps. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2024, for more information on the interest rate swaps.

The base management fee for the three and nine months ended September 30, 2024 increased from the comparable periods in 2023 primarily due to the increase in the average size of our portfolio.

The income based fee for the three and nine months ended September 30, 2024 increased from the comparable periods in 2023 primarily due to the pre-incentive fee net investment income, as defined in the investment advisory and management agreement, for the three and nine months ended September 30, 2024 being higher than in the comparable periods in 2023.

For the three and nine months ended September 30, 2024, the capital gains incentive fee calculated in accordance with GAAP was $7 million and $19 million, respectively, compared to $42 million and $40 million, respectively, in the comparable periods in 2023. The capital gains incentive fee accrual for the nine months ended September 30, 2024 changed from the comparable period in 2023 primarily due to net gains on investments, foreign currency, other transactions and the extinguishment of debt of $121 million compared to net gains of $188 million for the comparable period in 2023. 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 September 30, 2024, there was $106 million of capital gains incentive fee accrued in accordance with GAAP. As of September 30, 2024, 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 nine months ended September 30, 2024, for more information on the base management fee, income based fee and capital gains incentive fee.

Cash payment of any income based fee and capital gains incentive fee 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 fee and capital gains incentive fee 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 fee and capital gains incentive fee 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. See Note 3 to our consolidated financial statements for the three and nine months ended September 30, 2024, 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 nine months ended September 30, 2024, for more information on the administrative and other fees.

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 nine months ended September 30, 2024, we recorded a net expense of $7 million and $24 million, respectively, for U.S. federal excise tax. For the three and nine months ended September 30, 2023, we recorded an expense of $2 million and $17 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 nine months ended September 30, 2024, we recorded a net tax expense of $5 million and $37 million, respectively, for these subsidiaries. For the three and nine months ended September 30, 2023, we recorded a net tax expense (benefit) of $1 million and $(6) 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 nine months ended September 30, 2024 and 2023 were comprised of the following:

(in millions) For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Sales, repayments or exits of investments(1) $ 2,514 $ 1,223 $ 4,005 $ 4,075
Net realized gains (losses) on investments:
Gross realized gains $ 72 $ 22 $ 276 $ 89
Gross realized losses (91) (94) (301) (249)
Total net realized losses on investments $ (19) $ (72) $ (25) $ (160)

(1) Includes $266 million and $301 million of loans sold to IHAM and certain vehicles managed by IHAM during the three and nine months ended September 30, 2024, respectively, and $151 million and $842 million during the comparable periods in 2023, respectively. There were no net realized gains (losses) on these transaction with IHAM during the three months ended September 30, 2024. Net realized losses of $1 million were recorded on these

transactions with IHAM during the nine months ended September 30, 2024. Net realized losses of $1 million and $12 million were recorded on these transactions with IHAM during the three and nine months ended September 30, 2023, respectively. See Note 4 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on IHAM and its managed vehicles.

The net realized losses on investments during the three months ended September 30, 2024 consisted of the following:

(in millions) Portfolio Company Net Realized Gains (Losses)
Pegasus Global Enterprise Holdings, LLC $ 20
RF HP SCF Investor, LLC 19
Emergency Communications Network, LLC (22)
Pluralsight, Inc. (60)
Other, net 24
Total $ (19)

During the three months ended September 30, 2024, we also recognized net realized losses on foreign currency and other transactions of $5 million.

The net realized losses on investments during the three months ended September 30, 2023 consisted of the following:

(in millions) Portfolio Company Net Realized Gains (Losses)
Benefytt Technologies, Inc. $ (17)
JDC Healthcare Management, LLC (20)
Visual Edge Technology, Inc. (47)
Other, net 12
Total $ (72)

During the three months ended September 30, 2023, we also recognized net realized losses on foreign currency and other transactions of $4 million.

The net realized losses on investments during the nine months ended September 30, 2024 consisted of the following:

(in millions) Portfolio Company Net Realized Gains (Losses)
Heelstone Renewable Energy, LLC $ 146
Benecon Midco II LLC 24
Pegasus Global Enterprise Holdings, LLC 20
RF HP SCF Investor, LLC 19
Kellermeyer Bergensons Services, LLC (11)
SVP-Singer Holdings Inc. (19)
OTG Management, LLC (20)
SSE Buyer, Inc. (21)
Emergency Communications Network, LLC (22)
Pluralsight, Inc. (60)
SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc. (119)
Other, net 38
Total $ (25)

During the nine months ended September 30, 2024, we also recognized net realized losses on foreign currency and

other transactions of $5 million.

During the nine months ended September 30, 2024, we repaid in full the 2024 Convertible Notes (as defined below) upon their maturity with a combination of cash and shares of our common stock, resulting in a realized loss on extinguishment of debt of approximately $14 million.

The net realized losses on investments during the nine months ended September 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)
Benefytt Technologies, Inc. (17)
JDC Healthcare Management, LLC (20)
Visual Edge Technology, Inc. (48)
National College of Business and Technology Inc. & Leeds IV Advisors, Inc. (48)
ADG, LLC (83)
Other, net 50
Total $ (160)

During the nine months ended September 30, 2023, we also recognized net realized losses on foreign currency and other transactions of $47 million.

Net Unrealized Gains/Losses

We value our portfolio investments at least 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 nine months ended September 30, 2024 and 2023, were comprised of the following:

(in millions) For the Three Months Ended September 30, — 2024 2023 For the Nine Months Ended September 30, — 2024 2023
Unrealized appreciation $ 306 $ 307 $ 667 $ 576
Unrealized depreciation (257) (143) (516) (396)
Net unrealized depreciation reversed related to net realized gains or losses(1) 25 96 11 162
Total net unrealized gains on investments $ 74 $ 260 $ 162 $ 342

(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 periods.

The changes in net unrealized appreciation and depreciation on investments during the three months ended September 30, 2024 consisted of the following:

(in millions) Portfolio Company Net Unrealized Appreciation (Depreciation)
Potomac Intermediate Holdings II LLC $ 67
Apex Clean Energy TopCo, LLC 20
High Street Buyer, Inc. and High Street Holdco LLC 14
Cloud Software Group, Inc. 13
Redwood Services, LLC 12
VPROP Operating, LLC and V SandCo, LLC (11)
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. (12)
Production Resource Group, L.L.C. (12)
ADG, LLC (16)
Vobev, LLC and Vobev Holdings, LLC (20)
Senior Direct Lending Program, LLC (42)
Other, net 36
Total $ 49

During the three months ended September 30, 2024, we also recognized net unrealized losses on foreign currency and other transactions of $17 million.

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

(in millions) Portfolio Company Net Unrealized Appreciation (Depreciation)
Global Medical Response, Inc. and GMR Buyer Corp. $ 19
Storm Investment S.a.r.l. 16
Centric Brands LLC and Centric Brands GP LLC 13
Ivy Hill Asset Management, L.P. 11
Neptune Bidco US Inc. 11
SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc. (19)
Other, net 113
Total $ 164

During the three months ended September 30, 2023, we also recognized net unrealized gains on foreign currency and other transactions of $27 million.

The changes in net unrealized appreciation and depreciation on investments during the nine months ended September 30, 2024 consisted of the following:

(in millions) Portfolio Company Net Unrealized Appreciation (Depreciation)
Potomac Intermediate Holdings II LLC $ 105
Redwood Services, LLC 36
SageSure Holdings, LLC 34
Apex Clean Energy TopCo, LLC 30
Global Medical Response, Inc. and GMR Buyer Corp. 29
Cloud Software Group, Inc. 26
Centric Brands LLC 21
High Street Buyer, Inc. and High Street Holdco LLC 16
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP 15
Bragg Live Food Products, LLC 14
Neptune Bidco US Inc. 14
GHX Ultimate Parent Corporation 13
Silk Holdings III Corp. and Silk Holdings I Corp. 12
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc. 11
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP 11
VPROP Operating, LLC and V SandCo, LLC (11)
Project Potter Buyer, LLC and Project Potter Parent, L.P. (11)
American Seafoods Group LLC and American Seafoods Partners LLC (12)
PS Operating Company LLC (12)
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. (15)
ADG, LLC (19)
Production Resource Group, L.L.C. (28)
Vobev, LLC and Vobev Holdings, LLC (28)
H-Food Holdings, LLC (37)
Senior Direct Lending Program, LLC (44)
Other, net (19)
Total $ 151

During the nine months ended September 30, 2024, we also recognized net unrealized gains on foreign currency and other transactions of $3 million.

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

(in millions) Portfolio Company Net Unrealized Appreciation (Depreciation)
Ivy Hill Asset Management, L.P. $ 41
Heelstone Renewable Energy, LLC 31
Cloud Software Group, Inc. 25
Storm Investment S.a.r.l. 21
Cornerstone OnDemand, Inc. 13
Production Resource Group, L.L.C. 12
Benecon Midco II LLC 12
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP 12
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. 11
Daylight Beta Parent LLC and CFCo, LLC (12)
GPM Investments, LLC and ARKO Corp. (12)
Senior Direct Lending Program, LLC (18)
Center for Autism and Related Disorders, LLC (19)
Potomac Intermediate Holdings II LLC (19)
SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc. (36)
Other, net 118
Total $ 180

During the nine months ended September 30, 2023, we also recognized net unrealized gains on foreign currency and other transactions of $53 million.

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 our credit facilities (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 and debt securitizations, 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 September 30, 2024, we had $ 486 million in cash and cash equivalents and $13.5 billion in total aggregate principal amount of debt outstanding ($13.5 billion at carrying value) and our asset coverage was 195 %. Subject to borrowing base and other restrictions, we had approximately $4.5 billion available for additional borrowings under the Facilities as of September 30, 2024.

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 September 30, 2024 and December 31, 2023, our total equity market capitalization was $13.5 billion and $11.7 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 nine months ended September 30, 2024:

(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)
“At the market” offerings 40.6 $ 844.0 $ 8.8 $ 835.2 $ 20.81
Total 40.6 $ 844.0 $ 8.8 $ 835.2

(1) Represents the gross offering price per share before deducting underwriting discounts and commissions and offering expenses.

“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 $ 695 million remained available for issuance as of September 30, 2024.

Conversion of the 2024 Convertible Notes

In March 2024, in connection with the repayment of the 2024 Convertible Notes, we issued approximately 20 million shares of our common stock at a conversion price of $20.12 per share for a total value of $ 407 million. See Note 5 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information relating to the repayment of the 2024 Convertible Notes.

Dividend Reinvestment Plan

See Note 11 to our consolidated financial statements for the three and nine months ended September 30, 2024 for information regarding shares of common stock issued or purchased in accordance with our dividend reinvestment plan.

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 September 30, 2024, the expiration date of the stock repurchase program was February 15, 2025. The program may be suspended, extended, modified or discontinued at any time. As of September 30, 2024, there was $1.0 billion available for additional repurchases under the program.

During the nine months ended September 30, 2024 and 2023, 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 three quarters of the year ending December 31, 2024 and each fiscal quarter for the fiscal years ended December 31, 2023 and 2022, 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 24, 2024, the last reported closing sales price of our common stock on the

NASDAQ Global Select Market was $21.67 per share, which represented a premium of approximately 9.61% to the net asset value per share reported by us as of September 30, 2024.

Net Asset Price Range High Sales Price Premium (Discount) to Net Asset Low Sales Price Premium (Discount) to Net Asset Cash Dividend Per
Value(1) High Low Value(2) Value(2) Share(3)
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 ended 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
Fourth Quarter $ 19.24 $ 20.21 $ 18.66 5.04 % ( 3.01 ) % $ 0.48
Year ended December 31, 2024
First Quarter $ 19.53 $ 20.82 $ 19.94 6.61 % 2.10 % $ 0.48
Second Quarter $ 19.61 $ 21.58 $ 20.24 10.05 % 3.21 % $ 0.48
Third Quarter $ 19.77 $ 21.28 $ 19.80 7.64 % 0.15 % $ 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.

Debt Capital Activities

Our debt obligations consisted of the following as of September 30, 2024 and December 31, 2023:

As of
September 30, 2024 December 31, 2023
(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 $ 4,513 (2) $ 1,713 $ 1,713 $ 4,758 (2) $ 1,413 $ 1,413
Revolving Funding Facility 1,775 822 822 1,775 863 863
SMBC Funding Facility 800 (3) 492 492 800 (3) 401 401
BNP Funding Facility 1,265 784 784 865 575 575
2024-1 CLO Notes(4) 476 476 473 (5) — — —
2024 Convertible Notes — — — (5) 403 403 402 (5)
June 2024 Notes — — — (5) 900 900 899 (5)
March 2025 Notes 600 600 600 (5) 600 600 599 (5)
July 2025 Notes 1,250 1,250 1,252 (5) 1,250 1,250 1,255 (5)
January 2026 Notes 1,150 1,150 1,148 (5) 1,150 1,150 1,146 (5)
July 2026 Notes 1,000 1,000 995 (5) 1,000 1,000 993 (5)
January 2027 Notes 900 900 909 (5)(6) 900 900 905 (5)(6)
June 2027 Notes 500 500 496 (5) 500 500 495 (5)
June 2028 Notes 1,250 1,250 1,248 (5) 1,250 1,250 1,247 (5)
March 2029 Notes 1,000 1,000 1,005 (5)(6) — — —
July 2029 Notes 850 850 871 (5)(6) — — —
November 2031 Notes 700 700 692 (5) 700 700 691 (5)
Total $ 18,029 $ 13,487 $ 13,500 $ 16,851 $ 11,905 $ 11,884

(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 to a maximum of $6.7 billion and $7.1 billion, as of September 30, 2024 and December 31, 2023, 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) Excludes the CLO Subordinated Notes (as defined below), which were retained by us and, as such, are eliminated in consolidation. See “Debt Securitization” below for more information.

(5) Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. In March 2024, we repaid in full the 2024 Convertible Notes (as defined below) upon their maturity. In June 2024,we repaid in full the June 2024 Notes (as defined below) upon their maturity.

(6) The carrying value of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes (each as defined below) as of September 30, 2024 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the January 2027 Notes as of December 31, 2023 includes an adjustment 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, 2024 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, 2024 were 5.2 % and 3.5 years, respectively, and as of December 31, 2023 were 4.8% and 3.0 years, respectively. The weighted average stated interest rate of all our debt outstanding as of September 30, 2024 and December 31, 2023 includes the impact of interest rate swaps. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on the interest rate swaps.

The ratio of total principal amount of debt outstanding to stockholders’ equity as of September 30, 2024 was 1.06:1.00 compared to 1.07:1.00 as of December 31, 2023.

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 $4.5 billion at any one time outstanding. The Revolving Credit Facility consists of a $3.4 billion revolving tranche and a $1.1 billion term loan tranche. As of September 30, 2024, 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 $ 3,024 April 12, 2028 April 12, 2029
269 March 31, 2026 March 31, 2027
107 March 31, 2025 March 31, 2026
3,400
Term loan tranche 974 April 12, 2029
70 April 19, 2028
41 March 31, 2027
28 March 31, 2026
1,113
$ 4,513

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 $6.7 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 documents 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, 2024, 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, 2024, there was $1.7 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 documents 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, 2024, there was $ 822 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. See “Recent Developments,” as well as Note 14 to our consolidated financial statements for the three and nine months ended September 30, 2024, for a subsequent event relating to 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 March 28, 2027 and March 28, 2029, 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 (i) 2.50 % over one month SOFR or (ii) 1.50 % over a “base rate” (as defined in the documents governing the SMBC Funding Facility). 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, 2024, there was $ 492 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 $ 1,265 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 July 26, 2027 and July 26, 2029, respectively. The reinvestment period and the stated maturity date are both subject to a one-year extension by mutual agreement. The interest rate charged on the BNP Funding Facility was based on applicable SOFR, or a “base rate” (as defined in the documents governing the BNP Funding Facility) plus a margin of (i) 2.10 % during the reinvestment period and (ii) 2.60 % following the reinvestment period. As of September 30, 2024, the applicable spread in effect was 2.10 %. 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, 2024, there was $ 784 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.

Debt Securitization

2024-1 CLO Notes

In May 2024, we, through our wholly owned consolidated subsidiary, Ares Direct Lending CLO 1 LLC (“ARCC CLO I”), completed a $702 million term debt securitization (the “2024 Debt Securitization”). The 2024 Debt Securitization is also known as a collateralized loan obligation and is an on-balance sheet financing incurred by us, which is consolidated by us for financial reporting purposes and subject to our overall asset coverage requirement. The notes offered in the 2024 Debt Securitization (collectively, the “2024-1 CLO Notes”) were issued by ARCC CLO I pursuant to the indenture governing 2024-1 CLO Notes (the “CLO Indenture”) and include (i) $406 million of Class A Senior Floating Rate Notes (the “Class A CLO Notes”); (ii) $70 million of Class B Senior Floating Rate Notes (the “Class B CLO Notes” and, together with the Class A CLO Notes, the “CLO Secured Notes”); and (iii) $226 million of Subordinated Notes (the “CLO Subordinated Notes”). We retained all of the CLO Subordinated Notes, as such, the CLO Subordinated Notes are eliminated in consolidation. The following table presents information on the 2024-1 CLO Notes as of September 30, 2024 (dollar amounts in millions):

Class Type Principal Outstanding Maturity Date Interest Rate Credit Rating
Class A CLO Notes Senior Secured Floating Rate $ 406 April 25, 2036 SOFR+ 1.80 % AAA(sf)
Class B CLO Notes Senior Secured Floating Rate 70 April 25, 2036 SOFR+ 2.20 % AA(sf)
Total CLO Secured Notes 476
CLO Subordinated Notes Subordinated 226 April 25, 2036 None Not Rated
Total 2024-1 CLO Notes $ 702

The CLO Secured Notes are the secured obligation of ARCC CLO I and are backed by a diversified portfolio of first lien senior secured loans contributed by us to ARCC CLO I pursuant to the terms of a contribution agreement. The interest rate charged on the CLO Secured Notes is based on SOFR plus a blended weighted average spread of 1.86 %. The CLO Subordinated Notes, which were retained by us, are the unsecured obligations of ARCC CLO I.

Our investment adviser serves as asset manager to ARCC CLO I under an asset management agreement and is entitled to receive certain management fees for providing these services under the agreement. Our investment adviser has waived its right to receive such fees but may rescind such waiver with respect to the CLO Secured Notes at any time.

See “Recent Developments,” as well as Note 14 to our consolidated financial statements for the three and nine months ended September 30, 2024 for a subsequent event relating to an additional term debt securitization.

2024 Convertible Unsecured Notes

In March 2024, we repaid in full the $ 403 million in aggregate principal amount of unsecured convertible notes which bore interest at a rate of 4.625 % per year, payable semi-annually (the “ 2024 Convertible Notes ”) upon their maturity, resulting in a realized loss on extinguishment of debt of $ 14 million. In accordance with the indenture governing the 2024 Convertible Notes, we settled the repayment of the 2024 Convertible Notes with a combination of cash and shares of our common stock. Approximately $ 393 million of aggregate principal amount was settled with approximately 20 million shares of our common stock and the remaining $ 10 million was settled with available cash.

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, 2024 are listed below.

(dollar amounts in millions) Unsecured Notes Aggregate Principal Amount Issued Effective Stated Interest Rate Original Issuance Date Maturity Date
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) $ 900 7.678 % August 3, 2023 January 15, 2027
June 2027 Notes $ 500 2.875 % January 13, 2022 June 15, 2027
June 2028 Notes $ 1,250 2.875 % June 10, 2021 June 15, 2028
March 2029 Notes(1) $ 1,000 7.223 % January 23, 2024 March 1, 2029
July 2029 Notes(1) $ 850 6.740 % May 13, 2024 July 15, 2029
November 2031 Notes $ 700 3.200 % November 4, 2021 November 15, 2031

(1) The effective stated interest rates of the January 2027 Notes, the March 2029 Notes and the July 2029 Notes include the impact of interest rate swaps.

In June 2024, we repaid in full the $ 900 million in aggregate principal amount outstanding of unsecured notes (the “June 2024 Notes”) upon their maturity. The June 2024 Notes bore interest at a rate of 4.200% per annum, payable semi-annually.

In connection with certain of the unsecured notes issued by us, we have entered into interest rate swap agreements to more closely align the interest rates of such liabilities with our investment portfolio, which consists primarily of floating rate loans. We designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. Certain information related to our interest rate swap instruments as of September 30, 2024 is presented below.

(dollar amounts in millions) Description Hedged Item Company Receives Company Pays Maturity Date Notional Amount
Interest rate swap January 2027 Notes 7.000 % SOFR + 2.581 % January 15, 2027 $ 900
Interest rate swap March 2029 Notes 5.875 % SOFR + 2.023 % March 1, 2029 $ 1,000
Interest rate swap July 2029 Notes 5.950 % SOFR + 1.643 % July 15, 2029 $ 850

See Note 5 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on our debt obligations.

As of September 30, 2024, we were in compliance in all material respects with the indentures governing the Unsecured Notes.

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 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

On October 8, 2024, we and Ares Capital CP entered into an agreement to amend the Revolving Funding Facility. The amendment, among other things, (a) increased the commitments under the Revolving Funding Facility from $1,775 million to $2,150 million, (b) extended the end of the reinvestment period from December 29, 2024 to October 8, 2027, (c) extended the stated maturity date from December 29, 2026 to October 8, 2029 and (d) adjusted the interest rate charged on the Revolving Funding Facility from an applicable SOFR plus a credit spread adjustment of 0.10% or a “base rate” plus an applicable spread of 1.90% per annum to an applicable SOFR or a “base rate” (as defined in the documents governing the Revolving Funding Facility) plus an applicable spread of 2.00% per annum and with no credit spread adjustment. The other terms of the Revolving Funding Facility remained materially unchanged.

In October 2024, we, through a wholly owned and consolidated subsidiary, priced a $544 million term debt securitization. The transaction is expected to close in November 2024, subject to customary closing conditions. A term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by us, which is consolidated by us and subject to our overall asset coverage requirement.

From October 1, 2024 through October 24, 2024, we made new investment commitments of approximately $408 million, of which approximately $320 million were funded. Of the approximately $408 million in new investment commitments, 55% were in first lien senior secured loans, 19% were in senior subordinated loans and 26% were in our subordinated loan investment in IHAM. All of the approximately $408 million in new investment commitments were floating rate. The weighted average yield of debt and other income producing securities funded during the period at amortized cost was 10.8% and the weighted average yield on total investments funded during the period at amortized cost was 10.8%. 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 October 1, 2024 through October 24, 2024, we exited approximately $1.2 billion of investment commitments, including $458 million of loans sold to IHAM or certain vehicles managed by IHAM. Of the approximately $1.2 billion of exited investment commitments, 60% were first lien senior secured loans, 28% were second lien senior secured loans, 1% were subordinated certificates of the SDLP and 11% were our subordinated loan investment in IHAM. All of the approximately $1.2

billion 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 11.3% and the weighted average yield on total investments exited or repaid during the period at amortized cost was 11.3%. Of the approximately $1.2 billion of investment commitments exited from October 1, 2024 through October 24, 2024, we recognized total net realized gains of approximately $4 million, with no realized gains or losses recognized from the sale of loans to IHAM or certain vehicles managed by IHAM.

In addition, as of October 24, 2024, we had an investment backlog of approximately $2.8 billion. 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. The consummation of any of the investments in this backlog 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 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 nine months ended September 30, 2024 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.

Pursuant to Rule 2a-5 under the Investment Company Act, our board of directors designated our investment adviser as our valuation designee (the “Valuation Designee”) to perform the fair value determinations for investments held by us without readily available market quotations, subject to the oversight of our board of directors. All investments are recorded at their fair value.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, 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 least quarterly at fair value as determined in good faith by the Valuation Designee, subject to the oversight of our board of directors, based on, among other things, the input of our independent third‑party valuation providers (“IVPs”) 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 Valuation Designee, and a portion of our investment portfolio at fair value is subject to review by an IVP each quarter, as discussed further below. However, we may use these IVPs to review the value of our investments more frequently, including in connection with the occurrence of significant events or changes in value affecting a particular investment. 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, the Valuation Designee 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, the Valuation Designee 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 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.

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 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 the valuation committee of the Valuation Designee.

• For portfolio investments selected for review by an IVP,

◦ Relevant information related to the portfolio investment is made available by the Valuation Designee to the IVP, who does not independently verify such information.

◦ The IVP reviews and analyzes the information provided by the Valuation Designee, along with relevant market and economic data, and independently determines a range of values for each of the selected portfolio investments.

◦ The IVP provides its analysis to the Valuation Designee to support the IVP’s valuation methodology and calculations.

• The valuation committee of the Valuation Designee 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 IVPs, where applicable.

• For portfolio investments selected for review by an IVP, a positive assurance opinion or independent valuation report is issued by the IVP that confirms the fair value determined by the Valuation Designee for a selected portfolio investment is within the range of values independently calculated by such IVP.

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 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. 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, the Valuation Designee continues to employ the net asset valuation policy and procedures that have been reviewed by our board of directors in connection with their designation of our investment adviser as the valuation designee and 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, the Valuation Designee 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. EV 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 Valuation Designee 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 EV. 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, the Valuation Designee 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 EV of the portfolio company. As debt investments held by us are substantially illiquid with no active transaction market, 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 nine months ended September 30, 2024 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 fluctuations in global interest rates, inflationary pressures, the Russia-Ukraine war and more recently the ongoing conflicts in the Middle East 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 more 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, 2023, filed with the SEC on February 7, 2024.

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 nine months ended September 30, 2024 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, 2023, filed with the SEC on February 7, 2024.

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 September 30, 2024, 69% 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 5% of our total investments at fair value), 14% bore interest at fixed rates, 9% were non-income producing, 1% were on non-accrual status and 7% was our equity investment in IHAM which generally pays a quarterly dividend. Additionally, excluding our investment in the SDLP Certificates, 99% of the remaining variable rate investments at fair value contained interest rate floors. The Facilities and the 2024-1 CLO Notes bear interest at variable rates with no interest rate floors. The Unsecured Notes bear interest at fixed rates, except that the January 2027 Notes, the March 2029 Notes and the July 2029 Notes have been swapped from a fixed rate to a floating rate through interest rate swaps. See Note 5 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on our debt obligations. See Note 6 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on the interest rate swaps.

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 September 30, 2024 balance sheet, the following table shows the annualized 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(1) Net Income(2)
Up 300 basis points $ 541 $ 211 $ 330
Up 200 basis points $ 360 $ 141 $ 219
Up 100 basis points $ 180 $ 70 $ 110
Down 100 basis points $ (179) $ (70) $ (109)
Down 200 basis points $ (359) $ (141) $ (218)
Down 300 basis points $ (536) $ (211) $ (325)

(1) Includes the impact to interest expense related to the interest rate swaps.

(2) Excludes the impact of the income based fee. See Note 3 to our consolidated financial statements for the three and nine months ended September 30, 2024 for more information on the income based fee.

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 September 30, 2024. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of September 30, 2024, 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 September 30, 2024 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we, our executive officers, directors and our investment adviser, its affiliates and/or any of their respective principals and employees are subject to legal proceedings, including those arising from our investments in our portfolio companies, and as a result, incur significant costs and expenses in connection with such legal proceedings. Legal proceedings may increase to the extent we find it necessary to foreclose or otherwise enforce remedies with respect to loans that are in default, which borrowers may seek to resist by asserting counterclaims and defenses against us or our investment adviser.

We and our investment adviser are also subject to extensive regulation, which, from time to time, results in requests for information from us or our investment adviser or regulatory proceedings or investigations against us or our investment adviser, respectively. We incur significant costs and expenses in connection with any such information requests, proceedings and investigations.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, 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, 2023, 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.

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.

Dividend Reinvestment Plan

During the quarter ended September 30, 2024, as part of our dividend reinvestment plan for our common stockholders, we did not purchase shares of our common stock in the open market in order to satisfy the reinvestment portion of our dividends.

Stock Repurchase Program

In January 2024, our board of directors authorized an amendment to our existing stock repurchase program to extend the expiration date of the program from February 15, 2024 to February 15, 2025. 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, 2025, 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 September 30, 2024, there were no repurchases of our common stock under our stock repurchase program. As of September 30, 2024, 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 September 30, 2024, 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.”

Item 6. Exhibits.

EXHIBIT INDEX

Exhibit Number Description
3.1 Articles of Amendment and Restatement, as amended (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).
3.2 Third Amended and Restated Bylaws, as amended (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).
10.1 Eighth Amendment to the Revolving Credit and Security Agreement, dated as of July 25, 2024, 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 (incorporated by reference to Exhibit 10.6 to the Company’s Form 10-Q (File No. 814-00663), filed on July 30, 2024).
10.2 Amendment No. 17 to Loan and Servicing Agreement, dated as of October 8, 2024, among Ares Capital CP Funding LLC, as the borrower, Ares Capital Corporation, as the servicer, Wells Fargo Bank, National Association, as the agent, Wells Fargo Bank, National Association, as a lender, Bank of America, N.A, as a lender, Sampension Livsforsikring A/S, as a lender, Arkitekternes Pensionskasse, as a lender, Pensionskassen for Jordbrugsakademikere og Dyrlæger, as a lender, Pensionskassen for Teknikum og Diplomingeniører, as a lender, Canadian Imperial Bank of Commerce, as a lender, U.S. Bank Trust Company, National Association, as trustee and U.S. Bank National Association, as bank and collateral custodian (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on October 11, 2024).
10.3 Equity Distribution Agreement, dated as of July 30, 2024, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and Truist Securities, Inc. (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on July 30, 2024).
10.4 Equity Distribution Agreement, dated as of July 30, 2024, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and Jefferies LLC (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-00663), filed on July 30, 2024).
10.5 Equity Distribution Agreement, dated as of July 30, 2024, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and Mizuho Securities USA LLC (incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K (File No. 814-00663), filed on July 30, 2024).
10. 6 Equity Distribution Agreement, dated as of July 30, 2024, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and RBC Capital Markets, LLC (incorporated by reference to Exhibit 10.4 to the Company’s Form 8-K (File No. 814-00663), filed on July 30, 2024).
10. 7 Equity Distribution Agreement, dated as of July 30, 2024, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and Regions Securities LLC (incorporated by reference to Exhibit 10.5 to the Company’s Form 8-K (File No. 814-00663), filed on July 30, 2024).
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
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  • 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.

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.

Date: October 30, 2024 ARES CAPITAL CORPORATION — By /s/ R. KIPP DEVEER
R. Kipp deVeer Chief Executive Officer
Date: October 30, 2024 By /s/ SCOTT C. LEM
Scott C. Lem Chief Financial Officer and Treasurer
Date: October 30, 2024 By /s/ PAUL CHO
Paul Cho Chief Accounting Officer

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