[10-Q] ARES CAPITAL CORP Quarterly Earnings Report

FALSE2025Q3December 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Avenu Midco LLC, First lien senior secured loan 12025-09-300001287750ACP Avenu Midco LLC, First lien senior secured loan 22025-09-300001287750arcc:ACPAvenuMidcoLLCMember2025-09-300001287750Actfy Buyer, Inc., First lien senior secured loan2025-09-300001287750Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP ., First lien senior secured loan2025-09-300001287750Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP ., First lien senior secured loan 12025-09-300001287750Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP ., Limited partnership interest2025-09-300001287750arcc:ActivateHoldingsUSCorp.AndCrossPointCapitalASSPVLPMember2025-09-300001287750Adonis Bidco Inc.., First lien senior secured loan2025-09-300001287750Adonis Bidco Inc.., First lien senior secured loan 12025-09-300001287750arcc:AdonisBidcoInc.Member2025-09-300001287750AI Titan Parent, Inc., First lien senior secured loan2025-09-300001287750Anaplan, Inc., First lien senior secured loan2025-09-300001287750APG Intermediate Holdings Corporation and APG Holdings, LLC, Class A membership units2025-09-300001287750Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc., First lien senior secured loan2025-09-300001287750Aptean, Inc. and Aptean Acquiror Inc. First lien senior secured revolving loan2025-09-300001287750Aptean, Inc. and Aptean Acquiror Inc., First lien senior secured loan2025-09-300001287750arcc:ApteanInc.AndApteanAcquirorIncMember2025-09-300001287750Artifact Bidco, Inc.., First lien senior secured loan2025-09-300001287750Aston Bidco (Holding) Limited, First lien senior secured loan2025-09-300001287750Auctane, Inc., First lien senior secured loan2025-09-300001287750Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc., First lien senior secured revolving loan2025-09-300001287750Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc.., First lien senior secured loan2025-09-300001287750Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc., Series A Preferred Shares2025-09-300001287750arcc:BanyanSoftwareHoldingsLLCAndBanyanSoftwareIntermediateInc.Member2025-09-300001287750BCTO Ignition Purchaser, Inc., Senior subordinated loan2025-09-300001287750BCTO Ignition Purchaser, Inc., Senior subordinated loan 12025-09-300001287750arcc:BCTOIgnitionPurchaserInc.Member2025-09-300001287750Bobcat Purchaser, LLC and Bobcat Topco, L.P., First lien senior secured loan2025-09-300001287750Bobcat Purchaser, LLC and Bobcat Topco, L.P., Class A-1 units2025-09-300001287750arcc:BobcatPurchaserLLCAndBobcatTopcoLPMember2025-09-300001287750Borrower R365 Holdings LLC, First lien senior secured loan 12025-09-300001287750Borrower R365 Holdings LLC, First lien senior secured loan 22025-09-300001287750arcc:BorrowerR365HoldingsLLCMember2025-09-300001287750Bottomline Technologies, Inc., First lien senior secured loan2025-09-300001287750Businessolver.com, Inc., First lien senior secured loan2025-09-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., First lien senior secured revolving loan 12025-09-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Second lien senior secured loan2025-09-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A preferred shares2025-09-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A-2 preferred shares2025-09-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A-3 preferred shares2025-09-300001287750arcc:CardinalParentIncAndPackersSoftwareIntermediateHoldingsIncMember2025-09-300001287750Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. First lien senior secured Loans2025-09-300001287750Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. Senior subordinated loan2025-09-300001287750Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. Limited partnership interests2025-09-300001287750arcc:CascadeParentInc.CascadeIntermediateIIInc.AndHaveliCascadeCoInvestIL.P.Member2025-09-300001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc., First lien senior secured revolving loan2025-09-300001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc., First lien senior secured loan2025-09-300001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc., Series A preferred stock2025-09-300001287750arcc:CentralsquareTechnologiesLLCAndSupermooseNewcoInc.Member2025-09-300001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P.., Second lien senior secured notes2025-09-300001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., Limited partnership interests2025-09-300001287750arcc:CloudSoftwareGroupIncPicardParentIncCloudSoftwareGroupHoldingsIncPicardHoldCoLLCAndElliottAltoCoInvestorAggregatorLPMember2025-09-300001287750Community Brands ParentCo, LLC, Class A units2025-09-300001287750Computer Services, Inc., First lien senior secured loan2025-09-300001287750Computer Services, Inc., First lien senior secured loan 12025-09-300001287750Computer Services, Inc., First lien senior secured loan 22025-09-300001287750arcc:ComputerServicesInc.Member2025-09-300001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., Common units2025-09-300001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., Series A common units2025-09-300001287750arcc:ConsilioMidcoLimitedCompusoftUSLLCAndConsilioInvestmentHoldingsLPMember2025-09-300001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, First lien senior secured revolving loan2025-09-300001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, Second lien senior secured loan2025-09-300001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, Limited partnership units2025-09-300001287750arcc:CoreLogicIncAndTVIIICelestialCoInvestLPMember2025-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 12025-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 22025-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 32025-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 42025-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 52025-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 62025-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 72025-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 82025-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., Preferred equity2025-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., Common equity2025-09-300001287750arcc:CoritySoftwareIncCoritySoftwareUSAIncAndCorityParentIncMember2025-09-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., First lien senior secured revolving loan2025-09-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., First lien senior secured loan 2025-09-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Second lien senior secured loan2025-09-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Series A preferred shares2025-09-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Class A-1 common stock2025-09-300001287750arcc:CornerstoneOnDemandIncAndSunshineSoftwareHoldingsIncMember2025-09-300001287750Coupa Holdings, LLC and Coupa Software Incorporated, First lien senior secured loan2025-09-300001287750Databricks, Inc., First lien senior secured loan2025-09-300001287750Datix Bidco Limited and RL Datix Holdings (USA), Inc., First lien senior secured loan 12025-09-300001287750Datix Bidco Limited and RL Datix Holdings (USA), Inc., First lien senior secured loan 22025-09-300001287750arcc:DatixBidcoLimitedAndRLDatixHoldingsUSAInc.Member2025-09-300001287750Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. First lien senior secured loan2025-09-300001287750Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. Second lien senior secured loan2025-09-300001287750Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. Series A preferred shares2025-09-300001287750Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. Series A units2025-09-300001287750arcc:DigicertInc.DcertBuyerInc.DCertPreferredHoldingsInc.AndDestinyDigitalHoldingsL.P.Member2025-09-300001287750Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured revolving loan2025-09-300001287750Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan2025-09-300001287750Diligent Corporation and Diligent Preferred Issuer, Inc., Preferred stock2025-09-300001287750arcc:DiligentCorporationAndDiligentPreferredIssuerIncMember2025-09-300001287750Doxim Inc. First lien senior secured revolving loan2025-09-300001287750Doxim Inc. First lien senior secured loan2025-09-300001287750arcc:DoximInc.Member2025-09-300001287750DriveCentric Holdings, LLC., First lien senior secured revolving loan2025-09-300001287750DriveCentric Holdings, LLC., First lien senior secured loan2025-09-300001287750arcc:DriveCentricHoldingsLLCMember2025-09-300001287750Echo Purchaser, Inc., First lien senior secured loan2025-09-300001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., First lien senior secured loan2025-09-300001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., Preferred units2025-09-300001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., Class A common units2025-09-300001287750arcc:EclipseTopcoInc.EclipseInvestorParentL.P.AndEclipseBuyerInc.Member2025-09-300001287750Edmunds Govtech, Inc., First lien senior secured revolving loan2025-09-300001287750Edmunds Govtech, Inc., First lien senior secured loan2025-09-300001287750arcc:EdmundsGovtechIncMember2025-09-300001287750Einstein Parent, Inc., First lien senior secured loan2025-09-300001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured revolving loan2025-09-300001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 12025-09-300001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 22025-09-300001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 32025-09-300001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., Preferred equity2025-09-300001287750arcc:ElemicaParentIncEZElemicaHoldingsIncMember2025-09-300001287750Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc., First lien senior secured revolving loan2025-09-300001287750Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc., First lien senior secured revolving loan 12025-09-300001287750Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc., First lien senior secured loan2025-09-300001287750Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc., Preferred stock2025-09-300001287750arcc:EnverusHoldingsIncAndTitanDIPreferredHoldingsIncMember2025-09-300001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., First lien senior secured loan2025-09-300001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., Second lien senior secured loan2025-09-300001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., Partnership units2025-09-300001287750arcc:EPPurchaserLLCAndTPGVIIIEPCoInvestIILPMember2025-09-300001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, First lien senior secured loan2025-09-300001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Limited partnership interest2025-09-300001287750arcc:EResearchTechnologyIncAndAstorgVIICoInvestERTMember2025-09-300001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., First lien senior secured revolving loan2025-09-300001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., First lien senior secured loan2025-09-300001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., Limited partner interests2025-09-300001287750arcc:ESHAResearchLLCAndRMCFVICIVXLVIIILPMember2025-09-300001287750Extrahop Networks, Inc., First lien senior secured loan 12025-09-300001287750Extrahop Networks, Inc., First lien senior secured loan 22025-09-300001287750arcc:ExtraHopNetworksIncMember2025-09-300001287750Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L., First lien senior secured loan2025-09-300001287750Flexera Software LLC, First lien senior secured loan 12025-09-300001287750Flexera Software LLC, First lien senior secured loan2025-09-300001287750Flexera Software LLC, First lien senior secured loan 22025-09-300001287750arcc:FlexeraSoftwareLLCMember2025-09-300001287750Forescout Technologies, Inc., First lien senior secured loan 2025-09-300001287750GHP-VGS Purchaser LLC, First lien senior secured loan2025-09-300001287750GI Ranger Intermediate LLC, First lien senior secured loan 12025-09-300001287750GI Ranger Intermediate LLC, First lien senior secured loan 22025-09-300001287750arcc:GIRangerIntermediateLLCMember2025-09-300001287750Goldeneye Parent, LLC, First lien senior secured loan2025-09-300001287750Guidepoint Security Holdings, LLC, First lien senior secured loan 12025-09-300001287750Guidepoint Security Holdings, LLC, First lien senior secured loan 22025-09-300001287750arcc:GuidepointSecurityHoldingsLLCMember2025-09-300001287750Heavy Construction Systems Specialists, LLC, First lien senior secured loan 12025-09-300001287750Heavy Construction Systems Specialists, LLC, First lien senior secured loan 22025-09-300001287750arcc:HeavyConstructionSystemsSpecialistsLLCMember2025-09-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured revolving loan2025-09-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured loan2025-09-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, Senior subordinated loan2025-09-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, Company units2025-09-300001287750arcc:HuskiesParentIncGIInsurityParentLLCAndGIInsurityTopcoLPMember2025-09-300001287750Hyland Software, Inc., First lien senior secured loan 2025-09-300001287750Hyphen Solutions, LLC, First lien senior secured loan 2025-09-300001287750iCapital, Inc., Common stock2025-09-300001287750Icefall Parent, Inc., First lien senior secured loan2025-09-300001287750ID.me, Inc., First lien senior secured revolving loan2025-09-300001287750ID.me, Inc., First lien senior secured loan2025-09-300001287750ID.me, Inc., Warrant to purchase shares of common stock2025-09-300001287750arcc:ID.meInc.Member2025-09-300001287750Internet Truckstop Group LLC, First lien senior secured loan2025-09-300001287750IQN Holding Corp., First lien senior secured revolving loan2025-09-300001287750IQN Holding Corp., First lien senior secured loan 2025-09-300001287750arcc:IQNHoldingCorp.Member2025-09-300001287750JAMS Holdings LP and Jams Buyer LLC, First lien senior secured loan 2025-09-300001287750JAMS Holdings LP and Jams Buyer LLC, Preferred units2025-09-300001287750arcc:JAMSHoldingsLPAndJamsBuyerLLCMember2025-09-300001287750Kairos Bidco Limited, First lien senior secured revolving loan2025-09-300001287750Kairos Bidco Limited, First lien senior secured loan 2025-09-300001287750arcc:KairosBidcoLimitedMember2025-09-300001287750Kaseya Inc. and Knockout Intermediate Holdings I Inc., Preferred stock2025-09-300001287750LeanTaaS Holdings, Inc., First lien senior secured loan2025-09-300001287750Majesco and Magic Topco, L.P., First lien senior secured loan2025-09-300001287750Majesco and Magic Topco, L.P., Class A units2025-09-300001287750Majesco and Magic Topco, L.P., Class B units2025-09-300001287750arcc:MajescoAndMagicTopcoLPMember2025-09-300001287750Metatiedot Bidco OY and Metatiedot US, LLC, First lien senior secured loan2025-09-300001287750Metatiedot Bidco OY and Metatiedot US, LLC., First lien senior secured loan 12025-09-300001287750arcc:MetatiedotBidcoOYAndMetatiedotUSLLCMember2025-09-300001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 12025-09-300001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 22025-09-300001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 32025-09-300001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, Limited partnership interest2025-09-300001287750arcc:MimecastBorrowercoIncAndMagnesiumCoInvestSCSpMember2025-09-300001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., First lien senior secured loan2025-09-300001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., Limited partner interests2025-09-300001287750arcc:MinistryBrandsHoldingsLLCAndRCPMBInvestmentsBLPMember2025-09-300001287750Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc., First lien senior secured loan2025-09-300001287750Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc., Series A preferred stock2025-09-300001287750arcc:ModernizingMedicineInc.AndModMedSoftwareMidcoHoldingsInc.Member2025-09-300001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, First lien senior secured revolving loan2025-09-300001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, First lien senior secured loan2025-09-300001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, Class A units2025-09-300001287750arcc:MoonrakerAcquisitionCoLLCAndMoonrakerHoldCoLLCMember2025-09-300001287750Motor Vehicle Software Corporation, First lien senior secured loan2025-09-300001287750MRI Software LLC., First lien senior secured revolving loan2025-09-300001287750MRI Software LLC, First lien senior secured loan 12025-09-300001287750MRI Software LLC, First lien senior secured loan 22025-09-300001287750arcc:MRISoftwareLLCMember2025-09-300001287750Netsmart, Inc. and Netsmart Technologies, Inc., First lien senior secured loan2025-09-300001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 12025-09-300001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 22025-09-300001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 32025-09-300001287750arcc:NorthStarAcquisitioncoLLCAndToucanBidcoLimitedMember2025-09-300001287750Optimizely North America Inc. and Optimizely Sweden Holdings AB, First lien senior secured loan 12025-09-300001287750Optimizely North America Inc. and Optimizely Sweden Holdings AB, First lien senior secured loan 22025-09-300001287750Optimizely North America Inc. and Optimizely Sweden Holdings AB, First lien senior secured loan 32025-09-300001287750arcc:OptimizelyNorthAmericaInc.AndOptimizelySwedenHoldingsABMember2025-09-300001287750PCMI Parent, LLC and PCMI Ultimate Holdings, LP, First lien senior secured loan2025-09-300001287750PCMI Parent, LLC and PCMI Ultimate Holdings, LP, Class A units2025-09-300001287750PCMI Parent, LLC and PCMI Ultimate Holdings, LP, Class B units2025-09-300001287750arcc:PCMIParentLLCAndPCMIUltimateHoldingsLPMember2025-09-300001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, First lien senior secured revolving loan2025-09-300001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, First lien senior secured loan2025-09-300001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Series A preferred stock2025-09-300001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Class A units2025-09-300001287750arcc:PDITAHoldingsIncPeachtreeParentIncAndInsightPDIHoldingsLLCMember2025-09-300001287750Petvisor Holdings, LLC, First lien senior secured loan 12025-09-300001287750Petvisor Holdings, LLC, First lien senior secured loan 22025-09-300001287750arcc:PetvisorHoldingsLLCMember2025-09-300001287750Ping Identity Holding Corp., First lien senior secured loan2025-09-300001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC, First lien senior secured loan 12025-09-300001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC, First lien senior secured loan 22025-09-300001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC, Common units2025-09-300001287750arcc:PluralsightIncMember2025-09-300001287750Poseidon IntermediateCo, Inc., First lien senior secured loan2025-09-300001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, First lien senior secured revolving loan2025-09-300001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, First lien senior secured loan2025-09-300001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, Senior subordinated loan2025-09-300001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, Class A units2025-09-300001287750arcc:PracticeTekPurchaserLLCPracticeTekMidCoLLCAndGSVPracticeTekHoldingsLLCMember2025-09-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured revolving loan2025-09-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 12025-09-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 22025-09-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 32025-09-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 52025-09-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 42025-09-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., Class B units2025-09-300001287750arcc:ProjectPotterBuyerLLCAndProjectPotterParentLPMember2025-09-300001287750Proofpoint, Inc., First lien senior secured loan2025-09-300001287750QBS Parent, Inc., First lien senior secured loan 12025-09-300001287750QF Holdings, Inc., First lien senior secured loan 12025-09-300001287750QF Holdings, Inc., First lien senior secured loan 22025-09-300001287750QF Holdings, Inc., First lien senior secured loan 32025-09-300001287750QF Holdings, Inc., First lien senior secured loan 42025-09-300001287750QF Holdings, Inc., First lien senior secured loan 62025-09-300001287750arcc:QFHoldingsIncMember2025-09-300001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 12025-09-300001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 22025-09-300001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 32025-09-300001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 42025-09-300001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, Class A common units2025-09-300001287750arcc:RaptorTechnologiesLLCSycamoreBidcoLTDAndRocketParentLLCMember2025-09-300001287750Regent Education, Inc., Warrant to purchase shares of common stock 12025-09-300001287750Regent Education, Inc., Warrant to purchase shares of common stock 22025-09-300001287750arcc:RegentEducationIncMember2025-09-300001287750Relativity ODA LLC, First lien senior secured loan2025-09-300001287750Revalize, Inc., First lien senior secured revolving loan2025-09-300001287750Revalize, Inc., First lien senior secured loan2025-09-300001287750arcc:RevalizeIncMember2025-09-300001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc., First lien senior secured loan 12025-09-300001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc., First lien senior secured loan 22025-09-300001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc., Class A common stock2025-09-300001287750arcc:RMSHoldcoIILLCRMSGroupHoldingsIncMember2025-09-300001287750Runway Bidco, LLC, First lien senior secured loan2025-09-300001287750Sapphire Software Buyer, Inc., First lien senior secured loan2025-09-300001287750Severin Acquisition, LLC, First lien senior secured loan2025-09-300001287750Smarsh Inc. and Skywalker TopCo, LLC, First lien senior secured revolving loan2025-09-300001287750Smarsh Inc. and Skywalker TopCo, LLC, First lien senior secured loan2025-09-300001287750Smarsh Inc. and Skywalker TopCo, LLC, Common units2025-09-300001287750arcc:SmarshIncAndSkywalkerTopCoLLCMember2025-09-300001287750SocialFlow, Inc., Warrant to purchase shares of Series C preferred stock2025-09-300001287750SoundCloud Limited, Common stock2025-09-300001287750Spaceship Purchaser, Inc., First lien senior secured revolving loan2025-09-300001287750Spaceship Purchaser, Inc., First lien senior secured loan2025-09-300001287750arcc:SpaceshipPurchaserInc.Member2025-09-300001287750Spark Purchaser, Inc., First lien senior secured loan2025-09-300001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured revolving loan2025-09-300001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured loan 32025-09-300001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured loan 12025-09-300001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured loan 22025-09-300001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, Limited partner interests2025-09-300001287750arcc:SpiritRRHoldingsIncAndWinterfellCoInvestSCSpMember2025-09-300001287750Storable, Inc. and EQT IX Co-Investment (E) SCSP, Limited partnership interests2025-09-300001287750Sundance Group Holdings, Inc., First lien senior secured revolving loan2025-09-300001287750Sundance Group Holdings, Inc., First lien senior secured loan2025-09-300001287750arcc:SundanceGroupHoldingsIncMember2025-09-300001287750Superman Holdings, LLC, First lien senior secured loan2025-09-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured revolving loan2025-09-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 12025-09-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 22025-09-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 32025-09-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., Class A-2 units2025-09-300001287750arcc:TamarackIntermediateLLCAndTamarackParentLLCMember2025-09-300001287750TCP Hawker Intermediate LLC, First lien senior secured revolving loan2025-09-300001287750TCP Hawker Intermediate LLC, First lien senior secured loan 12025-09-300001287750TCP Hawker Intermediate LLC, First lien senior secured loan 22025-09-300001287750arcc:TCPHawkerIntermediateLLCMember2025-09-300001287750Transit Technologies LLC, First lien senior secured loan 12025-09-300001287750Transit Technologies LLC, First lien senior secured loan 22025-09-300001287750arcc:TransitTechnologiesLLCMember2025-09-300001287750UKG Inc. and H&F Unite Partners, L.P., Limited partnership interests2025-09-300001287750UserZoom Technologies, Inc., First lien senior secured loan2025-09-300001287750Vamos Bidco, Inc., First lien senior secured revolving loan2025-09-300001287750Vamos Bidco, Inc., First lien senior secured loan2025-09-300001287750arcc:VamosBidcoInc.Member2025-09-300001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P., First lien senior secured loan2025-09-300001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P., Partnership units2025-09-300001287750arcc:VictorsPurchaserLLCAndWPVictorsCoInvestmentL.P.Member2025-09-300001287750Viper Bidco, Inc., First lien senior secured loan 12025-09-300001287750Viper Bidco, Inc., First lien senior secured loan 22025-09-300001287750arcc:ViperBidcoInc.Member2025-09-300001287750WebPT, Inc. and WPT Intermediate Holdco, Inc., First lien senior secured revolving loan2025-09-300001287750WebPT, Inc. and WPT Intermediate Holdco, Inc., First lien senior secured loan2025-09-300001287750WebPT, Inc. and WPT Intermediate Holdco, Inc., Senior subordinated loan2025-09-300001287750arcc:WebPTInc.AndWPTIntermediateHoldcoInc.Member2025-09-300001287750Wellington Bidco Inc. and Wellington TopCo LP, First lien senior secured revolving loan2025-09-300001287750Wellington Bidco Inc. and Wellington TopCo LP, First lien senior secured loan2025-09-300001287750Wellington Bidco Inc. and Wellington TopCo LP, Class A-2 preferred units2025-09-300001287750arcc:WellingtonBidcoInc.AndWellingtonTopCoLPMember2025-09-300001287750Wellness AcquisitionCo, Inc.., First lien senior secured revolving loan2025-09-300001287750Wellness AcquisitionCo, Inc., First lien senior secured loan2025-09-300001287750arcc:WellnessAcquisitionCoIncMember2025-09-300001287750WorkWave Intermediate II, LLC, First lien senior secured revolving loan2025-09-300001287750WorkWave Intermediate II, LLC, First lien senior secured loan 12025-09-300001287750WorkWave Intermediate II, LLC, First lien senior secured loan 22025-09-300001287750WorkWave Intermediate II, LLC, First lien senior secured loan 32025-09-300001287750WorkWave Intermediate II, LLC, First lien senior secured loan 42025-09-300001287750arcc:WorkWaveIntermediateIILLCMember2025-09-300001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, First lien senior secured loan2025-09-300001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, Series A preferred stock2025-09-300001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, Class A common units2025-09-300001287750arcc:ZenDeskIncZoroTopCoIncAndZoroTopCoLPMember2025-09-300001287750ZocDoc, Inc., First lien senior secured loan 12025-09-300001287750ZocDoc, Inc., First lien senior secured loan 22025-09-300001287750arcc:ZocDocIncMember2025-09-300001287750arcc:SoftwareAndServicesMember2025-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured revolving loan 12025-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured revolving loan 22025-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured revolving loan 32025-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured revolving loan 42025-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured loan2025-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, Class A preferred units2025-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, Class A common units2025-09-300001287750arcc:AbsoluteDentalGroupLLCAndAbsoluteDentalEquityLLCMember2025-09-300001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, First lien senior secured loan2025-09-300001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, Second lien senior secured loan2025-09-300001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, Membership units 2025-09-300001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, Class A common units2025-09-300001287750arcc:ADGLLCAndRCIVGEDCInvestorLLCMember2025-09-300001287750Advarra Holdings, Inc., First lien senior secured loan2025-09-300001287750Aerin Medical Inc., First lien senior secured loan2025-09-300001287750Aerin Medical Inc., Series G preferred shares2025-09-300001287750arcc:AerinMedicalInc.Member2025-09-300001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Series A preferred shares2025-09-300001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Preferred units2025-09-300001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Class B common units2025-09-300001287750arcc:AHRFundingHoldingsIncAndAHRParentHoldingsLPMember2025-09-300001287750Amerivet Partners Management, Inc. and AVE Holdings LP, Subordinated loan2025-09-300001287750Amerivet Partners Management, Inc. and AVE Holdings LP, Class A units2025-09-300001287750Amerivet Partners Management, Inc. and AVE Holdings LP, Class C units2025-09-300001287750arcc:AmerivetPartnersManagementIncAndAVEHoldingsLPMember2025-09-300001287750Artivion, Inc., First lien senior secured revolving loan2025-09-300001287750Artivion, Inc., First lien senior secured loan2025-09-300001287750arcc:ArtivionIncMember2025-09-300001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, First lien senior secured loan2025-09-300001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Series A preferred stock2025-09-300001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Class A units2025-09-300001287750arcc:AthenaHealthGroupIncMinervaHoldcoIncAndBCPECoInvestALPMember2025-09-300001287750Avalign Holdings, Inc. and Avalign Technologies, Inc., First lien senior secured revolving loan2025-09-300001287750Avalign Holdings, Inc. and Avalign Technologies, Inc., First lien senior secured loan2025-09-300001287750arcc:AvalignHoldingsInc.AndAvalignTechnologiesInc.Member2025-09-300001287750BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP, First lien senior secured loan2025-09-300001287750Bambino Group Holdings, LLC, Class A preferred units2025-09-300001287750Bayou Intermediate II, LLC , First lien senior secured loan2025-09-300001287750BrightStar Group Holdings, Inc., First lien senior secured revolving loan2025-09-300001287750BrightStar Group Holdings, Inc., First lien senior secured loan2025-09-300001287750arcc:BrightStarGroupHoldingsInc.Member2025-09-300001287750BVI Medical, Inc. and BVI Group Limited, First lien senior secured loan2025-09-300001287750BVI Medical, Inc. and BVI Group Limited, Ordinary shares2025-09-300001287750arcc:BVIMedicalInc.AndBVIGroupLimitedMember2025-09-300001287750Color Intermediate, LLC, First lien senior secured loan2025-09-300001287750Convey Health Solutions, Inc., First lien senior secured loan2025-09-300001287750Convey Health Solutions, Inc., First lien senior secured loan 22025-09-300001287750Convey Health Solutions, Inc., First lien senior secured loan 32025-09-300001287750arcc:ConveyHealthSolutionsIncMember2025-09-300001287750Cradle Lux Bidco S.A.R.L., First lien senior secured loan 12025-09-300001287750Cradle Lux Bidco S.A.R.L., First lien senior secured loan 22025-09-300001287750arcc:CradleLuxBidcoS.A.R.L.Member2025-09-300001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, First lien senior secured loan2025-09-300001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, Class A shares2025-09-300001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, Common units2025-09-300001287750arcc:CrownCTParentIncCrownCTHoldCoIncAndCrownCTManagementLLCMember2025-09-300001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan2025-09-300001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, Class A preferred units2025-09-300001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, Common stock2025-09-300001287750arcc:CVPHoldcoIncAndOMERSWildcatsInvestmentHoldingsLLCMember2025-09-300001287750Empower Payments Investor, LLC, First lien senior secured loan2025-09-300001287750Empower Payments Investor, LLC, First lien senior secured loan 12025-09-300001287750arcc:EmpowerPaymentsInvestorLLCMember2025-09-300001287750Evolent Health LLC and Evolent Health, Inc., First lien senior secured loan2025-09-300001287750Evolent Health LLC and Evolent Health, Inc., Series A preferred shares2025-09-300001287750arcc:EvolentHealthLLCAndEvolentHealthInc.Member2025-09-300001287750GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC, First lien senior secured loan2025-09-300001287750GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC, Class A units2025-09-300001287750arcc:GHXUltimateParentCorporationCommerceParentIncAndCommerceTopcoLLCMember2025-09-300001287750Global Medical Response, Inc. and GMR Buyer Corp., Series B preferred shares2025-09-300001287750Global Medical Response, Inc. and GMR Buyer Corp., Warrant to purchase units of common stock 12025-09-300001287750Global Medical Response, Inc. and GMR Buyer Corp., Warrants to purchase shares of common stock2025-09-300001287750Global Medical Response, Inc. and GMR Buyer Corp., Warrant to purchase units of common stock 22025-09-300001287750arcc:GlobalMedicalResponseIncAndGMRBuyerCorpMember2025-09-300001287750Himalaya TopCo LLC and BCPE Hyperlink Holdings, First lien senior secured revolving loan2025-09-300001287750Himalaya TopCo LLC and BCPE Hyperlink Holdings, First lien senior secured loan 12025-09-300001287750Himalaya TopCo LLC and BCPE Hyperlink Holdings, First lien senior secured loan 22025-09-300001287750Himalaya TopCo LLC and BCPE Hyperlink Holdings, Class A units2025-09-300001287750arcc:HimalayaTopCoLLCAndBCPEHyperlinkHoldingsMember2025-09-300001287750Honor Technology, Inc., Warrant to purchase shares of Series D-2 preferred stock2025-09-300001287750HuFriedy Group Acquisition LLC, First lien senior secured revolving loan2025-09-300001287750HuFriedy Group Acquisition LLC, First lien senior secured loan2025-09-300001287750arcc:HuFriedyGroupAcquisitionLLCMember2025-09-300001287750KBHS Acquisition, LLC (d/b/a Alita Care, LLC), First lien senior secured revolving loan2025-09-300001287750Lifescan Global Corporation, First lien senior secured loan2025-09-300001287750Lifescan Global Corporation, Second lien senior secured loan2025-09-300001287750arcc:LifescanGlobalCorporationMember2025-09-300001287750LivTech Purchaser, Inc., First lien senior secured loan2025-09-300001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC, Preferred units2025-09-300001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC, Senior preferred units2025-09-300001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC, Class A units2025-09-300001287750arcc:NapaManagementServicesCorporationAndASPNAPAHoldingsLLCMember2025-09-300001287750Next Holdco, LLC, First lien senior secured loan2025-09-300001287750NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured revolving loan2025-09-300001287750NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured loan 12025-09-300001287750NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured loan 22025-09-300001287750NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured loan 32025-09-300001287750NMN Holdings III Corp. and NMN Holdings LP, Partnership units2025-09-300001287750arcc:NMNHoldingsIIICorpAndNMNHoldingsLPMember2025-09-300001287750Nomi Health, Inc., First lien senior secured loan 12025-09-300001287750Nomi Health, Inc., First lien senior secured loan 22025-09-300001287750Nomi Health, Inc., Warrant to purchase shares of Series B preferred stock2025-09-300001287750Nomi Health, Inc., Warrant to purchase units of Class A common stock2025-09-300001287750arcc:NomiHealthIncMember2025-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 12025-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 22025-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 32025-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Preferred units2025-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Preferred stock2025-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Class A common units2025-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Common units2025-09-300001287750arcc:OlympiaAcquisitionIncOlympiaTopCoLPAndAsclepiusHoldingsLLCMember2025-09-300001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC, Second lien senior secured loan2025-09-300001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC, Class R common units2025-09-300001287750arcc:PathwayVetAllianceLLCAndJediGroupHoldingsLLCMember2025-09-300001287750PetVet Care Centers, LLC, First lien senior secured loan2025-09-300001287750PetVet Care Centers, LLC, First lien senior secured revolving loan2025-09-300001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, First lien senior secured loan2025-09-300001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, Class A units2025-09-300001287750arcc:PremiseHealthHoldingCorpAndOMERSBluejayInvestmentHoldingsLPMember2025-09-300001287750Project Alliance Buyer, LLC, First lien senior secured loan2025-09-300001287750Revival Animal Health, LLC, First lien senior secured revolving loan2025-09-300001287750Revival Animal Health, LLC, First lien senior secured loan2025-09-300001287750Revival Animal Health, LLC, First lien senior secured loan 12025-09-300001287750arcc:RevivalAnimalHealthLLCMember2025-09-300001287750SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC, Common units2025-09-300001287750SOC Telemed, Inc. and PSC Spark Holdings, LP, First lien senior secured loan2025-09-300001287750SOC Telemed, Inc. and PSC Spark Holdings, LP, Class A-2 units2025-09-300001287750SOC Telemed, Inc. and PSC Spark Holdings, LP, Warrant to purchase units of common stock2025-09-300001287750arcc:SOCTelemedIncAndPSCSparkHoldingsLPMember2025-09-300001287750Spruce Bidco II Inc., First lien senior secured loan 12025-09-300001287750Spruce Bidco II Inc., First lien senior secured loan 22025-09-300001287750Spruce Bidco II Inc., First lien senior secured loan 32025-09-300001287750arcc:SpruceBidcoIIInc.Member2025-09-300001287750Surescripts, LLC, First lien senior secured loan2025-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured revolving loan2025-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured revolving loan 12025-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured loan 12025-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured loan 22025-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Second lien senior secured loan 12025-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Second lien senior secured loan 22025-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-1 preferred shares2025-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-2 preferred shares2025-09-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-3 preferred shares2025-09-300001287750arcc:SymplrSoftwareIncAndSymplrSoftwareIntermediateHoldingsIncMember2025-09-300001287750Tempus AI, Inc., First lien senior secured loan 12025-09-300001287750Tempus AI, Inc., Common units2025-09-300001287750arcc:TempusLabsIncMember2025-09-300001287750Therapy Brands Holdings LLC, Second lien senior secured loan2025-09-300001287750U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc., Second lien senior secured loan2025-09-300001287750U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc., Common stock2025-09-300001287750arcc:USAnesthesiaPartnersIncUSAnesthesiaPartnersHoldingsIncMember2025-09-300001287750U.S. Urology Partners, LLC and General Atlantic (USU) Blocker Collection Holdco, L.P., First lien senior secured loan2025-09-300001287750U.S. Urology Partners, LLC and General Atlantic (USU) Blocker Collection Holdco, L.P. , Limited partnership interest2025-09-300001287750arcc:U.S.UrologyPartnersLLCAndGeneralAtlanticUSUBlockerCollectionHoldcoL.P.Member2025-09-300001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, First lien senior secured loan2025-09-300001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, Class A interests2025-09-300001287750arcc:UnitedDigestiveMSOParentLLCAndKolnCoInvestUnblockedLPMember2025-09-300001287750Viant Medical Holdings, Inc., First lien senior secured loan2025-09-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 12025-09-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 22025-09-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 32025-09-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 42025-09-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 52025-09-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., Class A-2 units 12025-09-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., Class A-2 units 22025-09-300001287750arcc:VPPIntermediateHoldingsLLCAndVPPGroupHoldingsLPMember2025-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured revolving loan2025-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 12025-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 22025-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, Class A preferred units2025-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, Common units2025-09-300001287750arcc:WSHPFCAcquisitionLLCMember2025-09-300001287750us-gaap:HealthcareSectorMember2025-09-300001287750Accommodations Plus Technologies LLC, First lien senior secured loan2025-09-300001287750Aero Operating LLC, First lien senior secured loan2025-09-300001287750Aero Operating LLC, First lien senior secured loan 12025-09-300001287750arcc:AeroOperatingLLCMember2025-09-300001287750Aldinger Company Inc, First lien senior secured revolving loan2025-09-300001287750Aldinger Company Inc, First lien senior secured loan 12025-09-300001287750Aldinger Company Inc, First lien senior secured loan 22025-09-300001287750Aldinger Company Inc, First lien senior secured loan 32025-09-300001287750arcc:AldingerCompanyIncMember2025-09-300001287750Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc., First lien senior secured loan2025-09-300001287750Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. Senior subordinated loan 12025-09-300001287750Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc., Senior subordinated loan 22025-09-300001287750arcc:ArgenbrightHoldingsVLLCAndAmberstoneSecurityGroupLimitedMember2025-09-300001287750ATI Restoration, LLC, First lien senior secured revolving loan2025-09-300001287750ATI Restoration, LLC, First lien senior secured loan 12025-09-300001287750ATI Restoration, LLC, First lien senior secured loan 22025-09-300001287750ATI Restoration, LLC, First lien senior secured loan 32025-09-300001287750arcc:ATIRestorationLLCMember2025-09-300001287750Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC, First lien senior secured loan2025-09-300001287750Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC, Class A-1 units2025-09-300001287750arcc:BluejackFireAcquisitionInc.AndBluejackFireHoldingsLLCMember2025-09-300001287750Bobtail AcquisitionCo, LLC , First lien senior secured revolving loan2025-09-300001287750Bobtail AcquisitionCo, LLC , First lien senior secured loan2025-09-300001287750arcc:BobtailAcquisitionCoLLCMember2025-09-300001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, First lien senior secured revolving loan2025-09-300001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, First lien senior secured loan2025-09-300001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, Second lien senior secured loan2025-09-300001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, Class A units2025-09-300001287750arcc:CapstoneAcquisitionHoldingsInc.CapstoneLogisticsHoldingsInc.AndCapstoneParentHoldingsLPMember2025-09-300001287750Compex Legal Services, Inc., First lien senior secured revolving loan2025-09-300001287750Compex Legal Services, Inc., First lien senior secured loan2025-09-300001287750arcc:CompexLegalServicesIncMember2025-09-300001287750Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P., First lien senior secured revolving loan2025-09-300001287750Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P., First lien senior secured loan2025-09-300001287750Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P., Series A units2025-09-300001287750arcc:DenaliIntermediateHoldingsInc.AndDenaliParentHoldingsL.PMember2025-09-300001287750Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC, First lien senior secured revolving loan2025-09-300001287750Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC, First lien senior secured loan2025-09-300001287750Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC, Common member units2025-09-300001287750arcc:DivisionsHoldingCorporationDivisionsInc.AndRCVTecmoInvestorLLCMember2025-09-300001287750Dorado Bidco, Inc., First lien senior secured loan2025-09-300001287750DP Flores Holdings, LLC, First lien senior secured loan2025-09-300001287750Drogon Bidco Inc. & Drogon Aggregator LP, First lien senior secured loan2025-09-300001287750Drogon Bidco Inc. & Drogon Aggregator LP, Class A-2 common units2025-09-300001287750arcc:DrogonBidcoInc.DrogonAggregatorLPMember2025-09-300001287750DTI Holdco, Inc. and OPE DTI Holdings, Inc., Class A common stock2025-09-300001287750DTI Holdco, Inc. and OPE DTI Holdings, Inc., Class B common stock2025-09-300001287750arcc:DTIHoldcoIncAndOPEDTIHoldingsIncMember2025-09-300001287750Duraserv LLC, First lien senior secured loan12025-09-300001287750Duraserv LLC, First lien senior secured loan22025-09-300001287750arcc:DuraservLLCMember2025-09-300001287750Elevation Services Parent Holdings, LLC, First lien senior secured revolving loan 12025-09-300001287750Elevation Services Parent Holdings, LLC, First lien senior secured loan 12025-09-300001287750Elevation Services Parent Holdings, LLC, First lien senior secured loan 22025-09-300001287750arcc:ElevationServicesParentHoldingsLLCMember2025-09-300001287750Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC, First lien senior secured revolving loan2025-09-300001287750Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC , First lien senior secured loan2025-09-300001287750Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC , Common stock2025-09-300001287750arcc:ElliottDavisAdvisoryLLCAndElliottDavisAdvisoryHoldCoLLCMember2025-09-300001287750EMB Purchaser, Inc., First lien senior secured loan2025-09-300001287750Firebird Acquisition Corp, Inc., First lien senior secured revolving loan2025-09-300001287750Firebird Acquisition Corp, Inc., First lien senior secured loan2025-09-300001287750Firebird Acquisition Corp, Inc., First lien senior secured loan 12025-09-300001287750arcc:FirebirdAcquisitionCorpInc.Member2025-09-300001287750FlyWheel Acquireco, Inc., First lien senior secured revolving loan2025-09-300001287750FlyWheel Acquireco, Inc.,First lien senior secured loan2025-09-300001287750arcc:FlyWheelAcquirecoIncMember2025-09-300001287750Frontline Road Safety Operations, LLC, First lien senior secured revolving loan2025-09-300001287750Frontline Road Safety Operations, LLC, First lien senior secured loan 22025-09-300001287750arcc:FrontlineRoadSafetyOperationsLLCMember2025-09-300001287750G702 Buyer, Inc. First lien senior secured loan2025-09-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured revolving loan2025-09-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured loan 12025-09-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured loan 22025-09-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured loan 32025-09-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, Class A units2025-09-300001287750arcc:HHStellaIncAndBedrockParentHoldingsLPMember2025-09-300001287750HP RSS Buyer, Inc., First lien senior secured loan 12025-09-300001287750HP RSS Buyer, Inc., First lien senior secured loan 22025-09-300001287750HP RSS Buyer, Inc., First lien senior secured loan 32025-09-300001287750arcc:HPRSSBuyerInc.Member2025-09-300001287750IRI Group Holdings, Inc. and Circana, LLC, First lien senior secured revolving loan2025-09-300001287750IRI Group Holdings, Inc. and Circana, LLC, First lien senior secured loan2025-09-300001287750arcc:IRIGroupHoldingsInc.AndCircanaLLCMember2025-09-300001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured revolving loan 12025-09-300001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured loan 12025-09-300001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured loan 22025-09-300001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., Class A units2025-09-300001287750arcc:ISQHawkeyeHoldcoIncAndISQHawkeyeHoldingsLPMember2025-09-300001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, First lien senior secured loan 12025-09-300001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, First lien senior secured loan 22025-09-300001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, Preferred units2025-09-300001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, Class A common units2025-09-300001287750arcc:KellermeyerBergensonsServicesLLCMember2025-09-300001287750Kings Buyer, LLC, First lien senior secured revolving loan2025-09-300001287750Kings Buyer, LLC, First lien senior secured loan2025-09-300001287750arcc:KingsBuyerLLCMember2025-09-300001287750KPS Global LLC and Cool Group LLC, First lien senior secured loan2025-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured revolving loan 12025-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured revolving loan 22025-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured revolving loan 32025-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 12025-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 22025-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 32025-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 42025-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC, Class A units2025-09-300001287750arcc:LaboratoriesBidcoLLCAndLaboratoriesTopcoLLCMember2025-09-300001287750LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP, First lien senior secured loan2025-09-300001287750LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP, Class A common units2025-09-300001287750arcc:LBCWoodlandsPurchaserLLCAndLBCWoodlandsHoldingsLPMember2025-09-300001287750Lightbeam Bidco, Inc., First lien senior secured revolving loan2025-09-300001287750Lightbeam Bidco, Inc., First lien senior secured loan 12025-09-300001287750Lightbeam Bidco, Inc., First lien senior secured loan 22025-09-300001287750Lightbeam Bidco, Inc.2025-09-300001287750LJP Purchaser, Inc. and LJP Topco, LP, First lien senior secured loan2025-09-300001287750LJP Purchaser, Inc. and LJP Topco, LP, Class A units2025-09-300001287750arcc:LJPPurchaserIncAndLJPTopcoLPMember2025-09-300001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., First lien senior secured loan2025-09-300001287750MSIS Holdings, Inc. and MS Precision Parent, LP, First lien senior secured revolving loan2025-09-300001287750MSIS Holdings, Inc. and MS Precision Parent, LP, First lien senior secured loan2025-09-300001287750MSIS Holdings, Inc. and MS Precision Parent, LP, Class A-1 units2025-09-300001287750arcc:MSISHoldingsInc.AndMSPrecisionParentLPMember2025-09-300001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured revolving loan2025-09-300001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 12025-09-300001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 22025-09-300001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 32025-09-300001287750arcc:NASLLCAndNationwideMarketingGroupLLCMember2025-09-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured revolving loan2025-09-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 12025-09-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 22025-09-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured notes2025-09-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., Second lien senior secured loan2025-09-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., Limited partnership interests2025-09-300001287750arcc:NeptuneBidcoUSIncAndElliottMetronCoInvestorAggregatorLPMember2025-09-300001287750Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1, Limited partner interest2025-09-300001287750North Haven Stack Buyer, LLC, First lien senior secured revolving loan2025-09-300001287750North Haven Stack Buyer, LLC, First lien senior secured loan 62025-09-300001287750North Haven Stack Buyer, LLC, First lien senior secured loan 72025-09-300001287750North Haven Stack Buyer, LLC, First lien senior secured loan 82025-09-300001287750North Haven Stack Buyer, LLC, First lien senior secured loan 92025-09-300001287750North Haven Stack Buyer, LLC, First lien senior secured loan 12025-09-300001287750North Haven Stack Buyer, LLC, First lien senior secured loan 22025-09-300001287750North Haven Stack Buyer, LLC, First lien senior secured loan 32025-09-300001287750North Haven Stack Buyer, LLC, First lien senior secured loan 42025-09-300001287750North Haven Stack Buyer, LLC, First lien senior secured loan 52025-09-300001287750arcc:NorthHavenStackBuyerLLCMember2025-09-300001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan 12025-09-300001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan 22025-09-300001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, Warrant to purchase units of Class A common units 12025-09-300001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, Warrant to purchase units of Class A common units 22025-09-300001287750arcc:PriorityWasteHoldingsLLCPriorityWasteHoldingsIndianaLLCAndPriorityWasteSuperHoldingsLLCMember2025-09-300001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, First lien senior secured loan 12025-09-300001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, First lien senior secured loan 22025-09-300001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, Class A units2025-09-300001287750arcc:PritchardIndustriesLLCAndLJPritchardTopCoHoldingsLLCMember2025-09-300001287750PS Operating Company LLC and PS Op Holdings LLC, First lien senior secured revolving loan2025-09-300001287750PS Operating Company LLC and PS Op Holdings LLC, First lien senior secured loan2025-09-300001287750PS Operating Company LLC and PS Op Holdings LLC, Common unit2025-09-300001287750arcc:PSOperatingCompanyLLCAndPSOPHoldingsLLCMember2025-09-300001287750PSC Parent, Inc., First lien senior secured revolving loan2025-09-300001287750PSC Parent, Inc., First lien senior secured loan2025-09-300001287750arcc:PSCParentInc.Member2025-09-300001287750PYE-Barker Fire & Safety, LLC, First lien senior secured revolving loan2025-09-300001287750PYE-Barker Fire & Safety, LLC, First lien senior secured loan2025-09-300001287750arcc:PYEBarkerFireSafetyLLCMember2025-09-300001287750R2 Acquisition Corp., Common stock2025-09-300001287750RE Community Holdings GP, LLC and RE Community Holdings, LP, Limited partnership interest 12025-09-300001287750RE Community Holdings GP, LLC and RE Community Holdings, LP, Limited partnership interest 22025-09-300001287750arcc:RECommunityHoldingsGPLLCAndRECommunityHoldingsLPMember2025-09-300001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., First lien senior secured revolving loan2025-09-300001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., First lien senior secured loan 12025-09-300001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., First lien senior secured loan 22025-09-300001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., Limited partner interests2025-09-300001287750arcc:RegistrarIntermediateLLCAndPSPRegistrarCoInvestmentFundLPMember2025-09-300001287750Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc., Common units2025-09-300001287750Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc., Warrants to purchase shares of common stock2025-09-300001287750arcc:ResearchNowGroupLLCAndDynataLLCAndNewInsightHoldingsInc.Member2025-09-300001287750Rodeo AcquisitionCo LLC, First lien senior secured revolving loan2025-09-300001287750Rodeo AcquisitionCo LLC, First lien senior secured loan2025-09-300001287750arcc:RodeoAcquisitionCoLLCMember2025-09-300001287750Saturn Purchaser Corp., First lien senior secured loan 12025-09-300001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., First lien senior secured loan 12025-09-300001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., First lien senior secured loan 22025-09-300001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., Class A units2025-09-300001287750arcc:SchillLandscapingAndLawnCareServicesLLCTenderLawnCareULCAndLandscapeParallelPartnersLPMember2025-09-300001287750Shermco Intermediate Holdings, Inc., First lien senior secured revolving loan2025-09-300001287750Shermco Intermediate Holdings, Inc., First lien senior secured loan 32025-09-300001287750Shermco Intermediate Holdings, Inc., First lien senior secured loan 42025-09-300001287750Shermco Intermediate Holdings, Inc., First lien senior secured loan 52025-09-300001287750Shermco Intermediate Holdings, Inc., First lien senior secured loan 12025-09-300001287750Shermco Intermediate Holdings, Inc., First lien senior secured loan 22025-09-300001287750arcc:ShermcoIntermediateHoldingsIncMember2025-09-300001287750SSE Buyer, Inc.,Supply SourceEnterprises, Inc.,Impact ProductsLLC, The SafetyZone, LLC and SSEParent, LP, Limited partnership class A-1 units2025-09-300001287750SSE Buyer, Inc.,Supply SourceEnterprises, Inc.,Impact ProductsLLC, The SafetyZone, LLC and SSEParent, LP, Limited partnership class A-2 units2025-09-300001287750arcc:SSEBuyerIncSupplySourceEnterprisesIncImpactProductsLLCTheSafetyZoneLLCAndSSEParentLPMember2025-09-300001287750Startec Equity, LLC, Member interest2025-09-300001287750SV Newco 2, Inc. and Site 2020 Incorporated, First lien senior secured loan 12025-09-300001287750SV Newco 2, Inc. and Site 2020 Incorporated, First lien senior secured loan 22025-09-300001287750SV Newco 2, Inc. and Site 2020 Incorporated, First lien senior secured loan 32025-09-300001287750arcc:SVNewco2Inc.AndSite2020IncorporatedMember2025-09-300001287750Systems Planning and Analysis, Inc., First lien senior secured revolving loan2025-09-300001287750Systems Planning and Analysis, Inc., First lien senior secured loan2025-09-300001287750arcc:SystemsPlanningAndAnalysisInc.Member2025-09-300001287750Talon Buyer Inc. and Talon Holdings SCSP, First lien senior secured loan2025-09-300001287750Talon Buyer Inc. and Talon Holdings SCSP, Class A units2025-09-300001287750arcc:TalonBuyerInc.AndTalonHoldingsSCSPMember2025-09-300001287750The Hiller Companies, LLC, First lien senior secured revolving loan2025-09-300001287750The Hiller Companies, LLC, First lien senior secured loan 12025-09-300001287750The Hiller Companies, LLC, First lien senior secured loan2025-09-300001287750The Hiller Companies, LLC, First lien senior secured loan 22025-09-300001287750arcc:TheHillerCompaniesLLCMember2025-09-300001287750Thermostat Purchaser III, Inc., First lien senior secured revolving loan2025-09-300001287750Thermostat Purchaser III, Inc., Second lien senior secured loan2025-09-300001287750arcc:ThermostatPurchaserIIIIncMember2025-09-300001287750TSS Buyer, LLC, First lien senior secured loan2025-09-300001287750TVG-MGT Upper Intermediate Holdings, LLC, Senior subordinated loan2025-09-300001287750TVG-MGT Upper Intermediate Holdings, LLC, Class A common units2025-09-300001287750arcc:TVGMGTUpperIntermediateHoldingsLLCMember2025-09-300001287750Unity Purchaser, LLC and Unity Ultimate Holdings, LP, First lien senior secured loan2025-09-300001287750Unity Purchaser, LLC and Unity Ultimate Holdings, LP, Class A-1 units2025-09-300001287750arcc:UnityPurchaserLLCAndUnityUltimateHoldingsLPMember2025-09-300001287750UP Intermediate II LLC and UPBW Blocker LLC, First lien senior secured revolving loan2025-09-300001287750UP Intermediate II LLC and UPBW Blocker LLC, First lien senior secured loan2025-09-300001287750UP Intermediate II LLC and UPBW Blocker LLC, Senior preferred units2025-09-300001287750UP Intermediate II LLC and UPBW Blocker LLC, Common units 12025-09-300001287750UP Intermediate II LLC and UPBW Blocker LLC, Common units 22025-09-300001287750arcc:UPIntermediateIILLCAndUPBWBlockerLLCMember2025-09-300001287750Valcourt Holdings II, LLC and Jobs Holdings, Inc., First lien senior secured loan2025-09-300001287750Visual Edge Technology, Inc., First lien senior secured loan 12025-09-300001287750Visual Edge Technology, Inc., First lien senior secured loan 22025-09-300001287750Visual Edge Technology, Inc., Senior preferred stock2025-09-300001287750Visual Edge Technology, Inc., Junior preferred stock2025-09-300001287750Visual Edge Technology, Inc., Warrant to purchase shares of common stock2025-09-300001287750arcc:VisualEdgeTechnologyIncMember2025-09-300001287750VRC Companies, LLC, Senior subordinated loan2025-09-300001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, First lien senior secured loan2025-09-300001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, First lien senior secured loan 12025-09-300001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, Class A preferred units2025-09-300001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, Class A common units2025-09-300001287750arcc:W.S.ConnellyCo.LLCAndWSCUltimateHoldingsLLCMember2025-09-300001287750Wash Encore Holdings, LLC, First lien senior secured loan 12025-09-300001287750Wash Encore Holdings, LLC, First lien senior secured loan 22025-09-300001287750arcc:WashEncoreHoldingsLLCMember2025-09-300001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, Class A units2025-09-300001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, Class B units2025-09-300001287750arcc:XIFINIncAndACPChargerCoInvestLLCMember2025-09-300001287750Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc., First lien senior secured revolving loan2025-09-300001287750Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc., First lien senior secured loan2025-09-300001287750arcc:ZincBuyerCorporationAndMarmicFireSafetyCo.Inc.Member2025-09-300001287750arcc:CommercialAndProfessionalServicesMember2025-09-300001287750Aduro Advisors, LLC, First lien senior secured loan2025-09-300001287750AQ Sage Buyer, LLC, First lien senior secured revolving loan2025-09-300001287750AQ Sage Buyer, LLC, First lien senior secured loan2025-09-300001287750arcc:AQSageBuyerLLCMember2025-09-300001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, First lien senior secured loan2025-09-300001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, Senior subordinated loan2025-09-300001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, Common units2025-09-300001287750arcc:BCCBlueprintHoldingsILLCAndBCCBlueprintInvestmentsLLCMember2025-09-300001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 12025-09-300001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 22025-09-300001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 32025-09-300001287750arcc:BeaconPointeHarmonyLLCMember2025-09-300001287750Clearstead Advisors, LLC, First lien senior secured revolving loan2025-09-300001287750Clearstead Advisors, LLC, First lien senior secured loan2025-09-300001287750arcc:ClearsteadAdvisorsLLCMember2025-09-300001287750Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 12025-09-300001287750Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 22025-09-300001287750Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 32025-09-300001287750arcc:ConveraInternationalHoldingsLimitedAndConveraInternationalFinancialSARLMember2025-09-300001287750CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC, Series D preferred units2025-09-300001287750CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC, Series B-3 units2025-09-300001287750arcc:CrossCountryMortgageLLCAndCrossCountryHoldcoLLCMember2025-09-300001287750eCapital Finance Corp., Senior subordinated loan 12025-09-300001287750eCapital Finance Corp., Senior subordinated loan 22025-09-300001287750eCapital Finance Corp., Senior subordinated loan 32025-09-300001287750eCapital Finance Corp., Senior subordinated loan 42025-09-300001287750eCapital Finance Corp., Senior subordinated loan 52025-09-300001287750eCapital Finance Corp., Senior subordinated loan 62025-09-300001287750eCapital Finance Corp., Senior subordinated loan 72025-09-300001287750eCapital Finance Corp., Senior subordinated loan 82025-09-300001287750arcc:ECapitalFinanceCorpMember2025-09-300001287750Endeavor Bidco LLC and Endeavor TopCo, Inc., First lien senior secured loan 12025-09-300001287750Endeavor Bidco LLC and Endeavor TopCo, Inc., First lien senior secured loan 22025-09-300001287750Endeavor Bidco LLC and Endeavor TopCo, Inc., Class A common units2025-09-300001287750arcc:EndeavorBidcoLLCAndEndeavorTopCoInc.Member2025-09-300001287750EP Wealth Advisors, LLC, First lien senior secured loan 12025-09-300001287750EP Wealth Advisors, LLC, First lien senior secured loan 22025-09-300001287750arcc:EPWealthAdvisorsLLCMember2025-09-300001287750GAPCO AIV InterHodlco (CP), L.P., Senior subordinated loan2025-09-300001287750Grit Buyer, Inc. and Integrum Grit Co-Invest LP, First lien senior secured revolving loan2025-09-300001287750Grit Buyer, Inc. and Integrum Grit Co-Invest LP, First lien senior secured loan2025-09-300001287750Grit Buyer, Inc. and Integrum Grit Co-Invest LP, Limited partnership interests2025-09-300001287750arcc:GritBuyerInc.AndIntegrumGritCoInvestLPMember2025-09-300001287750GTCR F Buyer Corp. and GTCR (D) Investors LP, First lien senior secured loan2025-09-300001287750GTCR F Buyer Corp. and GTCR (D) Investors LP, First lien senior secured loan 12025-09-300001287750GTCR F Buyer Corp. and GTCR (D) Investors LP, Limited partnership interests2025-09-300001287750arcc:GTCRFBuyerCorpAndGTCRDInvestorsLPMember2025-09-300001287750HighTower Holding, LLC, Senior subordinated loan2025-09-300001287750Ivy Hill Asset Management, L.P., Subordinated revolving loan2025-09-300001287750Ivy Hill Asset Management, L.P., Member interest2025-09-300001287750arcc:IvyHillAssetManagementLPMember2025-09-300001287750Lido Advisors, LLC, First lien senior secured revolving loan2025-09-300001287750Lido Advisors, LLC, First lien senior secured loan 12025-09-300001287750Lido Advisors, LLC, First lien senior secured loan 22025-09-300001287750Lido Advisors, LLC, First lien senior secured loan 32025-09-300001287750Lido Advisors, LLC, First lien senior secured loan 42025-09-300001287750Lido Advisors, LLC, First lien senior secured loan 52025-09-300001287750Lido Advisors, LLC, Class Z Preferred Units2025-09-300001287750Lido Advisors, LLC, Class A-0 common units2025-09-300001287750arcc:LidoAdvisorsLLCMember2025-09-300001287750Mai Capital Management Intermediate LLC, First lien senior secured revolving loan2025-09-300001287750Mai Capital Management Intermediate LLC, First lien senior secured loan2025-09-300001287750arcc:MaiCapitalManagementIntermediateLLCMember2025-09-300001287750MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd.Z2 preferred shares2025-09-300001287750MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd.Z2 preferred shares 12025-09-300001287750MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd. Membership interest2025-09-300001287750arcc:MCAccelerateCoInvestFeederLPAndMCCIFWealthManagementUKLtdMember2025-09-300001287750Medlar Bidco Limited, First lien senior secured loan2025-09-300001287750Medlar Bidco Limited, First lien senior secured loan 12025-09-300001287750arcc:MedlarBidcoLimitedMember2025-09-300001287750Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP, First lien senior secured loan2025-09-300001287750Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP, Limited partnership interests2025-09-300001287750arcc:MeritFinancialGroupLLCAndCWCFundICoInvestMFALPMember2025-09-300001287750Monica Holdco (US) Inc., First lien senior secured loan12025-09-300001287750Monica Holdco (US) Inc., First lien senior secured loan22025-09-300001287750Monica Holdco (US) Inc., First lien senior secured loan32025-09-300001287750arcc:MonicaHoldcoUSIncMember2025-09-300001287750Nexus Buyer LLC, Second lien senior secured loan2025-09-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan2025-09-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 12025-09-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 22025-09-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 32025-09-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., Limited partnership interests2025-09-300001287750arcc:PathstoneFamilyOfficeLLCAndKelsoXITailwindCoInvestmentLPMember2025-09-300001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, First lien senior secured loan2025-09-300001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, Preferred units2025-09-300001287750arcc:PCIASPV3LLCAndASERoyalAggregatorLLCMember2025-09-300001287750PCS MidCo, Inc. and PCS Parent, L.P., First lien senior secured loan2025-09-300001287750PCS MidCo, Inc. and PCS Parent, L.P., Class A units2025-09-300001287750arcc:PCSMidCoInc.AndPCSParentL.P.Member2025-09-300001287750Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP, First lien senior secured loan2025-09-300001287750Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP, Limited partnership interest2025-09-300001287750arcc:PerigonWealthManagementLLCPerigonWealthAdvisorsHoldingsCompanyLLCAndCWCFundICoInvestPrismLPMember2025-09-300001287750Petrus Buyer, Inc., First lien senior secured loan 12025-09-300001287750Petrus Buyer, Inc., First lien senior secured loan 22025-09-300001287750Petrus Buyer, Inc., First lien senior secured loan 32025-09-300001287750arcc:PetrusBuyerInc.Member2025-09-300001287750RFS Opco LLC, First lien senior secured loan12025-09-300001287750RFS Opco LLC, First lien senior secured loan22025-09-300001287750arcc:RFSOpcoLLCMember2025-09-300001287750Rialto Management Group, LLC, First lien senior secured revolving loan2025-09-300001287750Rialto Management Group, LLC, First lien senior secured loan 2025-09-300001287750arcc:RialtoManagementGroupLLCMember2025-09-300001287750RWA Wealth Partners, LLC, First lien senior secured revolving loan2025-09-300001287750RWA Wealth Partners, LLC, First lien senior secured loan2025-09-300001287750arcc:RWAWealthPartnersLLCMember2025-09-300001287750Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC, First lien senior secured revolving loan2025-09-300001287750Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC, First lien senior secured loan 12025-09-300001287750Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC, First lien senior secured loan 22025-09-300001287750arcc:StewardPartnersGlobalAdvisoryLLCAndStewardPartnersInvestmentAdvisoryLLCMember2025-09-300001287750The Edelman Financial Center, LLC, Second lien senior secured loan2025-09-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured revolving loan2025-09-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured loan2025-09-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured loan 12025-09-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Senior subordinated loan2025-09-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Series A preferred units2025-09-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Common units2025-09-300001287750arcc:TheMatherGroupLLCTVGTMGTopcoIncAndTVGTMGHoldingsLLCMember2025-09-300001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, First lien senior secured loan2025-09-300001287750TPG IX Cardiff Debt HoldCo I, LLC, TPG IX Cardiff Debt Holdco II, LLC, TPG IX Cardiff CI I, L.P., and TPG IX Cardiff CI II, L.P., First lien senior secured loan2025-09-300001287750TPG IX Cardiff Debt HoldCo I, LLC, TPG IX Cardiff Debt Holdco II, LLC, TPG IX Cardiff CI I, L.P., and TPG IX Cardiff CI II, L.P., Limited partnership interest2025-09-300001287750arcc:TPGIXCardiffDebtHoldCoILLCTPGIXCardiffDebtHoldcoIILLCTPGIXCardiffCIIL.P.AndTPGIXCardiffCIIIL.P.Member2025-09-300001287750Waverly Advisors, LLC and WAAM Topco, LLC, First lien senior secured revolving loan2025-09-300001287750Waverly Advisors, LLC and WAAM Topco, LLC, First lien senior secured loan 12025-09-300001287750Waverly Advisors, LLC and WAAM Topco, LLC, First lien senior secured loan 22025-09-300001287750Waverly Advisors, LLC and WAAM Topco, LLC, First lien senior secured loan 32025-09-300001287750Waverly Advisors, LLC and WAAM Topco, LLC, Class A units2025-09-300001287750arcc:WaverlyAdvisorsLLCAndWAAMTopcoLLCMember2025-09-300001287750Wealth Enhancement Group, LLC, First lien senior secured loan2025-09-300001287750Wealth Enhancement Group, LLC, First lien senior secured loan 12025-09-300001287750Wealth Enhancement Group, LLC, First lien senior secured loan 22025-09-300001287750Wealth Enhancement Group, LLC, First lien senior secured loan 32025-09-300001287750Wealth Enhancement Group, LLC, First lien senior secured loan 42025-09-300001287750Wealth Enhancement Group, LLC, First lien senior secured loan 62025-09-300001287750arcc:WealthEnhancementGroupLLCMember2025-09-300001287750Wellington-Altus Financial Inc., First lien senior secured revolving loan2025-09-300001287750Wellington-Altus Financial Inc., First lien senior secured loan2025-09-300001287750Wellington-Altus Financial Inc., Common stock2025-09-300001287750arcc:WellingtonAltusFinancialInc.Member2025-09-300001287750Wharf Street Ratings Acquisition LLC, First lien senior secured loan2025-09-300001287750us-gaap:FinancialServicesSectorMember2025-09-30000128775015484880 Canada Inc. and 15484910 Canada Inc., First lien senior secured revolving loan2025-09-30000128775015484880 Canada Inc. and 15484910 Canada Inc., First lien senior secured loan2025-09-30000128775015484880 Canada Inc. and 15484910 Canada Inc., Senior subordinated loan2025-09-30000128775015484880 Canada Inc. and 15484910 Canada Inc., Class A2 shares2025-09-300001287750arcc:A15484880CanadaInc.And15484910CanadaInc.Member2025-09-300001287750Acrisure, LLC, First lien senior secured loan2025-09-300001287750AQ Sunshine, Inc., First lien senior secured revolving loan2025-09-300001287750AQ Sunshine, Inc., First lien senior secured loan2025-09-300001287750arcc:AQSunshineIncMember2025-09-300001287750Ardonagh Midco 3 Limited, Ardonagh Group Finco Pty Limited, and MDCP Co-Investors (Jade I), L.P., First lien senior secured loan2025-09-300001287750Ardonagh Midco 3 Limited, Ardonagh Group Finco Pty Limited, and MDCP Co-Investors (Jade I), L.P., Limited partnership interest2025-09-300001287750arcc:ArdonaghMidco3LimitedArdonaghGroupFincoPtyLimitedAndMDCPCoInvestorsJadeIL.P.Member2025-09-300001287750Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc., First lien senior secured revolving loan2025-09-300001287750Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc., First lien senior secured loan2025-09-300001287750arcc:BellwetherBuyerL.L.C.AndBellwetherTopcoVBuyerInc.Member2025-09-300001287750Benecon Midco II LLC and Benecon Holdings, LLC, First lien senior secured loan2025-09-300001287750Benecon Midco II LLC and Benecon Holdings, LLC, Class A units2025-09-300001287750arcc:BeneconMidcoIILLCAndBeneconHoldingsLLCMember2025-09-300001287750Captive Resources Midco, LLC, First lien senior secured loan2025-09-300001287750Daylight Beta Parent LLC and CFCo, LLC, First lien senior secured loan 12025-09-300001287750Daylight Beta Parent LLC and CFCo, LLC, First lien senior secured loan 22025-09-300001287750Daylight Beta Parent LLC and CFCo, LLC, Class B units2025-09-300001287750arcc:DaylightBetaParentLLCAndCFCoLLCMember2025-09-300001287750Diamond Mezzanine 24 LLC, First lien senior secured revolving loan2025-09-300001287750Diamond Mezzanine 24 LLC, First lien senior secured loan2025-09-300001287750arcc:DiamondMezzanine24LLCMember2025-09-300001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP, First lien senior secured revolving loan2025-09-300001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP, First lien senior secured loan2025-09-300001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP, Limited partnership interest2025-09-300001287750arcc:DOXAInsuranceHoldingsLLCAndRocketCoInvestSLPMember2025-09-300001287750Forza Insurance Holdings, LLC, First lien senior secured loan2025-09-300001287750Foundation Risk Partners, Corp., First lien senior secured loan 12025-09-300001287750Foundation Risk Partners, Corp., First lien senior secured loan 22025-09-300001287750Foundation Risk Partners, Corp., First lien senior secured loan 32025-09-300001287750Foundation Risk Partners, Corp., First lien senior secured loan 42025-09-300001287750arcc:FoundationRiskPartnersCorpMember2025-09-300001287750Galway Borrower LLC, First lien senior secured revolving loan2025-09-300001287750Galway Borrower LLC, First lien senior secured loan2025-09-300001287750arcc:GalwayBorrowerLLCMember2025-09-300001287750Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc., First lien senior secured revolving loan2025-09-300001287750Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc., First lien senior secured loan2025-09-300001287750arcc:GestionABSBidcoInc.ABSBidcoHoldingsInc.Member2025-09-300001287750Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc., First lien senior secured loan 12025-09-300001287750Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc., First lien senior secured loan 22025-09-300001287750Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc., Series A preferred shares2025-09-300001287750arcc:HigginbothamInsuranceAgencyInc.AndHIGIntermediateInc.Member2025-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 12025-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 22025-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 32025-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 42025-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 12025-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 22025-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 32025-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 42025-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A common units2025-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC, Series C common units2025-09-300001287750arcc:HighStreetBuyerIncAndHighStreetHoldcoLLCMember2025-09-300001287750Inszone Mid, LLC and INSZ Holdings, LLC, First lien senior secured loan 12025-09-300001287750Inszone Mid, LLC and INSZ Holdings, LLC, First lien senior secured loan 22025-09-300001287750Inszone Mid, LLC and INSZ Holdings, LLC, Limited partnership interests2025-09-300001287750Inszone Mid, LLC and INSZ Holdings, LLC, Common units2025-09-300001287750arcc:InszoneMidLLCAndINSZHoldingsLLCMember2025-09-300001287750King Risk Partners, LLC, First lien senior secured loan2025-09-300001287750Koala Investment Holdings, Inc, First lien senior secured loan 2025-09-300001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured revolving loan2025-09-300001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured loan2025-09-300001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, Class A2 units2025-09-300001287750arcc:OakBridgeInsuranceAgencyLLCAndMapleAcquisitionHoldingsLPMember2025-09-300001287750OneDigital Borrower LLC, First lien senior secured revolving loan2025-09-300001287750Patriot Growth Insurance Services, LLC, First lien senior secured loan2025-09-300001287750People Corporation, First lien senior secured revolving loan2025-09-300001287750People Corporation, First lien senior secured revolving loan 22025-09-300001287750People Corporation, First lien senior secured loan 12025-09-300001287750People Corporation, First lien senior secured loan 22025-09-300001287750People Corporation, First lien senior secured loan 32025-09-300001287750People Corporation, First lien senior secured loan 42025-09-300001287750arcc:PeopleCorporationMember2025-09-300001287750SageSure Holdings, LLC and SageSure LLC, First lien senior secured loan 12025-09-300001287750SageSure Holdings, LLC and SageSure LLC, First lien senior secured loan 22025-09-300001287750SageSure Holdings, LLC and SageSure LLC, First lien senior secured loan 32025-09-300001287750SageSure Holdings, LLC and SageSure LLC, Series A units2025-09-300001287750arcc:SageSureHoldingsLLCInsightCatastropheGroupLLCMember2025-09-300001287750SCM Insurance Services Inc., First lien senior secured loan2025-09-300001287750SelectQuote, Inc. and SQ ABS Issuer, LLC, First lien senior secured notes 12025-09-300001287750SelectQuote, Inc. and SQ ABS Issuer, LLC, First lien senior secured notes 22025-09-300001287750SelectQuote, Inc. and SQ ABS Issuer, LLC, First lien senior secured loan2025-09-300001287750SelectQuote, Inc. and SQ ABS Issuer, LLC, Warrant to purchase shares of common stock2025-09-300001287750arcc:SelectQuoteInc.AndSQABSIssuerLLCMember2025-09-300001287750SG Acquisition, Inc., First lien senior secured loan2025-09-300001287750SIG Parent Holdings, LLC, First lien senior secured loan2025-09-300001287750Slaine Holdings LLC, Senior subordinated loan2025-09-300001287750THG Acquisition, LLC, First lien senior secured revolving loan2025-09-300001287750THG Acquisition, LLC, First lien senior secured loan 22025-09-300001287750arcc:THGAcquisitionLLCMember2025-09-300001287750Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC, First lien senior secured loan2025-09-300001287750World Insurance Associates, LLC and World Associates Holdings, LLC, First lien senior secured loan2025-09-300001287750us-gaap:InsuranceSectorMember2025-09-300001287750Aimbridge Topco, LLC, Common Units2025-09-300001287750American Residential Services L.L.C. and Aragorn Parent Holdings LP, Series A preferred units2025-09-300001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured revolving loan2025-09-300001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured loan2025-09-300001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, Series B common units2025-09-300001287750arcc:ApexServicePartnersLLCMember2025-09-300001287750Belfor Holdings, Inc., First lien senior secured revolving loan2025-09-300001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured revolving loan 12025-09-300001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured revolving loan 22025-09-300001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured loan 12025-09-300001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured loan 22025-09-300001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, Class A units2025-09-300001287750arcc:ClarionHomeServicesGroupLLCAndLBCBreezeHoldingsLLCMember2025-09-300001287750ClubCorp Holdings, Inc. ., First lien senior secured loan2025-09-300001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured revolving loan2025-09-300001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured loan 12025-09-300001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured loan 22025-09-300001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., Common stock2025-09-300001287750arcc:CMGHoldCoLLCAndCMGBuyerHoldingsIncMember2025-09-300001287750Concert Golf Partners Holdco LLC, First lien senior secured loan2025-09-300001287750Concert Golf Partners Holdco LLC, First lien senior secured loan12025-09-300001287750arcc:ConcertGolfPartnersHoldcoLLCMember2025-09-300001287750CST Holding Company, First lien senior secured loan 12025-09-300001287750CST Holding Company, First lien senior secured loan 22025-09-300001287750arcc:CSTHoldingCompanyMember2025-09-300001287750Davidson Hotel Company LLC, First lien senior secured loan2025-09-300001287750Equinox Holdings, Inc., First lien senior secured loan2025-09-300001287750Equinox Holdings, Inc., Second lien senior secured loan2025-09-300001287750arcc:EquinoxHoldingsInc.Member2025-09-300001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured revolving loan2025-09-300001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured loan2025-09-300001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, Preferred units2025-09-300001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, Class A units2025-09-300001287750arcc:EssentialServicesHoldingCorporationAndOMERSMahomesInvestmentHoldingsLLCMember2025-09-300001287750Eternal Aus Bidco Pty Ltd, First lien senior secured loan2025-09-300001287750Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc., First lien senior secured loan 12025-09-300001287750Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc., First lien senior secured loan 22025-09-300001287750arcc:ExcelFitnessConsolidatorLLCHealthBuyerLLCAndExcelFitnessHoldingsInc.Member2025-09-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, First lien senior secured revolving loan2025-09-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, First lien senior secured loan2025-09-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, Common units2025-09-300001287750arcc:FitnessVenturesHoldingsInc.AndMeaningfulPartnersFitnessVenturesCoInvestmentLPMember2025-09-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured revolving loan2025-09-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 12025-09-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 22025-09-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 32025-09-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 42025-09-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., Series A preferred stock2025-09-300001287750arcc:FlinnScientificIncAndWCIQuantumHoldingsIncMember2025-09-300001287750Flint OpCo, LLC, First lien senior secured loan 12025-09-300001287750Flint OpCo, LLC, First lien senior secured loan 22025-09-300001287750arcc:FlintOpCoLLCMember2025-09-300001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, First lien senior secured revolving loan2025-09-300001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, First lien senior secured loan2025-09-300001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, Class A common units2025-09-300001287750arcc:GSSEERGroupBorrowerLLCAndGSSEERGroupHoldingsLLCMember2025-09-300001287750Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured revolving loan2025-09-300001287750Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured loan2025-09-300001287750Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured loan12025-09-300001287750arcc:HeliosServicePartnersLLCAndAstraServicePartnersLLCMember2025-09-300001287750HGC Holdings, LLC, First lien senior secured loan2025-09-300001287750IFH Franchisee Holdings, LLC, First lien senior secured revolving loan2025-09-300001287750IFH Franchisee Holdings, LLC, First lien senior secured loan2025-09-300001287750arcc:IFHFranchiseeHoldingsLLCMember2025-09-300001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P., First lien senior secured revolving loan2025-09-300001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P., First lien senior secured loan 12025-09-300001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P., First lien senior secured loan 22025-09-300001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P., First lien senior secured loan 32025-09-300001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P., First lien senior secured loan 42025-09-300001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P., Class A units2025-09-300001287750arcc:InfinityHomeServicesHoldcoInc.DAngeloSonsConstructionLimitedAndIHSParentHoldingsL.P.Member2025-09-300001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., First lien senior secured loan 12025-09-300001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., First lien senior secured loan 22025-09-300001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., Limited partnership interests2025-09-300001287750arcc:LeviathanIntermediateHoldcoLLCAndLeviathanHoldingsLPMember2025-09-300001287750LHS Borrower, LLC and LH Equity Investors, L.P. and Leaf Home, LLC and GC Fund IV Blocker LLC, First lien senior secured loan 12025-09-300001287750LHS Borrower, LLC and LH Equity Investors, L.P. and Leaf Home, LLC and GC Fund IV Blocker LLC, Limited partnership interests2025-09-300001287750arcc:LHSBorrowerLLCAndLHEquityInvestorsL.P.AndLeafHomeLLCAndGCFundIVBlockerLLCMember2025-09-300001287750ME Equity LLC, Common stock2025-09-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured revolving loan2025-09-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured loan 12025-09-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured loan 22025-09-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, Preferred units2025-09-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, Class A units2025-09-300001287750arcc:ModigentLLCAndOMERSPMCInvestmentHoldingsLLCMember2025-09-300001287750Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., First lien senior secured revolving loan2025-09-300001287750Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., First lien senior secured revolving loan2025-09-300001287750Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., First lien senior secured loan2025-09-300001287750Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., Class A preferred units2025-09-300001287750Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., Class B common units2025-09-300001287750arcc:MustangProspectsHoldcoLLCMustangProspectsPurchaserLLCAndSenskeAcquisitionInc.Member2025-09-300001287750North Haven Fairway Buyer, LLC and Fairway Lawns, LLC, First lien senior secured revolving loan2025-09-300001287750North Haven Fairway Buyer, LLC and Fairway Lawns, LLC, First lien senior secured loan 12025-09-300001287750North Haven Fairway Buyer, LLC and Fairway Lawns, LLC, First lien senior secured loan 22025-09-300001287750North Haven Fairway Buyer, LLC and Fairway Lawns, LLC, First lien senior secured loan 32025-09-300001287750arcc:NorthHavenFairwayBuyerLLCAndFairwayLawnsLLCMember2025-09-300001287750Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured loan12025-09-300001287750Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured loan2025-09-300001287750Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured loan22025-09-300001287750Northwinds Holding, Inc. and Northwinds Services Group LLC, Common units2025-09-300001287750arcc:NorthwindsHoldingIncAndNorthwindsServicesGroupLLCMember2025-09-300001287750OTG Concessions Management, LLC and Octa Parent Holdings, LLC, Second lien notes2025-09-300001287750OTG Concessions Management, LLC and Octa Parent Holdings, LLC, Participation rights2025-09-300001287750arcc:OTGManagementLLCMember2025-09-300001287750PestCo Holdings, LLC and PestCo, LLC, First lien senior secured loan 12025-09-300001287750PestCo Holdings, LLC and PestCo, LLC, Class A units2025-09-300001287750arcc:PestCoHoldingsLLCAndPestCoLLCMember2025-09-300001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc., First lien senior secured revolving loan2025-09-300001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc., First lien senior secured loan2025-09-300001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc., Common stock2025-09-300001287750arcc:PinnacleMEPIntermediateHoldcoLLCAndBPCPPinnacleHoldingsInc.Member2025-09-300001287750Premiere Buyer, LLC, First lien senior secured loan2025-09-300001287750Premiere Buyer, LLC, First lien senior secured loan12025-09-300001287750arcc:PremiereBuyerLLCMember2025-09-300001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC, First lien senior secured loan 12025-09-300001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC, First lien senior secured loan 22025-09-300001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC, Preferred membership units2025-09-300001287750arcc:PyramidManagementAdvisorsLLCAndPyramidInvestorsLLCMember2025-09-300001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P., First lien senior secured loan 12025-09-300001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P., First lien senior secured loan 22025-09-300001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P., Limited partnership interest2025-09-300001287750arcc:QuickQuackCarWashHoldingsLLCAndKKRGameChangerCoInvestFeederIIL.P.Member2025-09-300001287750Radiant Intermediate Holding, LLC, First lien senior secured loan2025-09-300001287750Redwood Services LP, First lien senior secured revolving loan2025-09-300001287750Redwood Services LP, First lien senior secured loan 12025-09-300001287750arcc:RedwoodServicesLPMember2025-09-300001287750Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc., First lien senior secured loan2025-09-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 12025-09-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 22025-09-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 42025-09-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured loan 22025-09-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., Class A units2025-09-300001287750arcc:TaymaxGroupLPTaymaxGroupGPLLCPFSalemCanadaULCAndTCPFitParentLPMember2025-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured revolving loan2025-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 12025-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 22025-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 32025-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 42025-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 52025-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, Class A units2025-09-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, Class C units2025-09-300001287750arcc:TheArcticomGroupLLCAndAMCPMechanicalHoldingsLPMember2025-09-300001287750Triwizard Holdings, Inc. and Triwizard Parent, LP, First lien senior secured revolving loan 12025-09-300001287750Triwizard Holdings, Inc. and Triwizard Parent, LP, Class A-2 common units2025-09-300001287750arcc:TriwizardHoldingsInc.AndTriwizardParentLPMember2025-09-300001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured revolving loan2025-09-300001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured loan 12025-09-300001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured loan 22025-09-300001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, Class B common units2025-09-300001287750arcc:VertexServicePartnersLLCAndVertexServicePartnersHoldingsLLCMember2025-09-300001287750Vista Higher Learning, LLC, First lien senior secured loan2025-09-300001287750YE Brands Holdings, LLC, First lien senior secured revolving loan2025-09-300001287750YE Brands Holdings, LLC, First lien senior secured loan 12025-09-300001287750YE Brands Holdings, LLC, First lien senior secured loan 22025-09-300001287750YE Brands Holdings, LLC, First lien senior secured loan 32025-09-300001287750YE Brands Holdings, LLC, First lien senior secured loan 42025-09-300001287750arcc:YEBrandsHoldingsLLCMember2025-09-300001287750ZBS Mechanical Group Co-Invest Fund 2, LLC and ZBS Mechanical Group Co-Invest II Fund 2, LLC, Membership interest 12025-09-300001287750ZBS Mechanical Group Co-Invest Fund 2, LLC and ZBS Mechanical Group Co-Invest II Fund 2, LLC, Membership interest 22025-09-300001287750arcc:ZBSMechanicalGroupCoInvestFund2LLCAndZBSMechanicalGroupCoInvestIIFund2LLCMember2025-09-300001287750arcc:ConsumerServicesMember2025-09-300001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., First lien senior secured loan2025-09-300001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Second lien senior secured loan2025-09-300001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Class A preferred units2025-09-300001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Series A preferred shares2025-09-300001287750arcc:BalrogAcquisitionInc.BalrogTopcoInc.AndBalrogParentL.P.Member2025-09-300001287750Bamboo Purchaser, Inc., First lien senior secured loan2025-09-300001287750BGI Purchaser, Inc., First lien senior secured revolving loan2025-09-300001287750BGI Purchaser, Inc., First lien senior secured loan2025-09-300001287750arcc:BGIPurchaserInc.Member2025-09-300001287750Blazing Star Parent, LLC., First lien senior secured loan2025-09-300001287750BR PJK Produce, LLC, First lien senior secured loan 12025-09-300001287750BR PJK Produce, LLC, First lien senior secured loan 22025-09-300001287750arcc:BRPJKProduceLLCMember2025-09-300001287750BradyPlus Holdings, LLC, First lien senior secured loan2025-09-300001287750City Line Distributors LLC and City Line Investments LLC, First lien senior secured loan2025-09-300001287750City Line Distributors LLC and City Line Investments LLC, Class A units2025-09-300001287750arcc:CityLineDistributorsLLCAndCityLineInvestmentsLLCMember2025-09-300001287750DecoPac, Inc. and KCAKE Holdings Inc., First lien senior secured revolving loan2025-09-300001287750DecoPac, Inc. and KCAKE Holdings Inc., First lien senior secured loan2025-09-300001287750DecoPac, Inc. and KCAKE Holdings Inc., Common stock2025-09-300001287750arcc:DecoPacIncAndKCAKEHoldingsIncMember2025-09-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured revolving loan2025-09-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 12025-09-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 22025-09-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 32025-09-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 42025-09-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., Common units2025-09-300001287750arcc:DisplayHoldingCompanyIncSaldonHoldingsIncAndFastsignsHoldingsIncMember2025-09-300001287750FS Squared Holding Corp. and FS Squared, LLC, First lien senior secured revolving loan2025-09-300001287750FS Squared Holding Corp. and FS Squared, LLC, First lien senior secured loan2025-09-300001287750arcc:FSSquaredHoldingCorpAndFSSquaredLLCMember2025-09-300001287750GPM Investments, LLC and ARKO Corp., Common stock2025-09-300001287750GPM Investments, LLC and ARKO Corp., Warrant to purchase common stock2025-09-300001287750arcc:GPMInvestmentsLLCAndARKOCorpMember2025-09-300001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured revolving loan2025-09-300001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured loan2025-09-300001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, Limited partnership interest2025-09-300001287750arcc:HillsDistributionIncHillsIntermediateFTHoldingsLLCAndGMPHillsLPMember2025-09-300001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P., First lien senior secured loan2025-09-300001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P., Limited partnership interests2025-09-300001287750arcc:LJPerimeterBuyerIncAndLJPerimeterCoInvestLPMember2025-09-300001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 12025-09-300001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 22025-09-300001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, Class A common units2025-09-300001287750arcc:MarconeYellowstoneBuyerIncAndMarconeYellowstoneHoldingsLLCMember2025-09-300001287750Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP, First lien senior secured revolving loan2025-09-300001287750Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP, Series A preferred stock2025-09-300001287750Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP, Class A-1 units2025-09-300001287750arcc:MavisTireExpressServicesTopcoCorpMetisHoldCoIncAndMetisTopCoLPMember2025-09-300001287750Monolith Brands Group, Inc., Series A-1 preferred stock2025-09-300001287750Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP, Limited partnership interests2025-09-300001287750Mountaineer Merger Corporation, First lien senior secured revolving loan2025-09-300001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured revolving loan2025-09-300001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured loan 12025-09-300001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured loan2025-09-300001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, Class B limited liability company interest2025-09-300001287750arcc:MrGreensIntermediateLLCFloridaVegInvestmentsLLCMRGTexasLLCAndRestaurantProduceAndServicesBlockerLLCMember2025-09-300001287750North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC, First lien senior secured loan2025-09-300001287750North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC, Class A units2025-09-300001287750arcc:NorthHavenFalconBuyerLLCAndNorthHavenFalconHoldingCompanyLLCMember2025-09-300001287750Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc., First lien senior secured loan2025-09-300001287750Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc., Class B common stock2025-09-300001287750arcc:PhoenixYWBuyerInc.AndPhoenixYWParentInc.Member2025-09-300001287750Reddy Ice LLC, First lien senior secured revolving loan 12025-09-300001287750Reddy Ice LLC, First lien senior secured revolving loan 22025-09-300001287750Reddy Ice LLC, First lien senior secured revolving loan 32025-09-300001287750Reddy Ice LLC, First lien senior secured loan2025-09-300001287750arcc:ReddyIceLLCMember2025-09-300001287750Royal Borrower, LLC and Royal Parent, LP, First lien senior secured revolving loan2025-09-300001287750Royal Borrower, LLC and Royal Parent, LP, First lien senior secured loan2025-09-300001287750Royal Borrower, LLC and Royal Parent, LP, Class A preferred units2025-09-300001287750arcc:RoyalBorrowerLLCAndRoyalParentLPMember2025-09-300001287750SFE Intermediate Holdco LLC, First lien senior secured loan 12025-09-300001287750SFE Intermediate Holdco LLC, First lien senior secured loan 22025-09-300001287750SFE Intermediate Holdco LLC, First lien senior secured loan 32025-09-300001287750arcc:SFEIntermediateHoldcoLLCMember2025-09-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 12025-09-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 22025-09-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 32025-09-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 42025-09-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 52025-09-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., Common stock2025-09-300001287750arcc:ShurCoAcquisitionIncAndShurCoHoldCoIncMember2025-09-300001287750US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P., First lien senior secured loan2025-09-300001287750US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P., Limited partner interests2025-09-300001287750arcc:USSaltInvestorsLLCAndEmeraldLakePearlAcquisitionALPMember2025-09-300001287750VRS Buyer, Inc., First lien senior secured loan2025-09-300001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured revolving loan2025-09-300001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured loan2025-09-300001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., Common units2025-09-300001287750arcc:WorldwideProduceAcquisitionLLCAndREPWWPCoinvestIVLPMember2025-09-300001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured revolving loan2025-09-300001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured loan 12025-09-300001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured loan 22025-09-300001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured loan 32025-09-300001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured loan 42025-09-300001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured loan 52025-09-300001287750ZB Holdco LLC and ZB TopCo LLC, Series A units2025-09-300001287750arcc:ZBHoldcoLLCAndZBTopCoLLCMember2025-09-300001287750arcc:RetailingAndDistributionMember2025-09-30000128775022 HoldCo Limited, Senior subordinated loan2025-09-3000012877503 Step Sports LLC and 3 Step Holdings, LLC, First lien senior secured loan2025-09-300001287750Aventine Intermediate LLC & Aventine Holdings II LLC, First lien senior secured loan2025-09-300001287750Aventine Intermediate LLC & Aventine Holdings II LLC, Second lien senior secured loan2025-09-300001287750arcc:AventineIntermediateLLCAventineHoldingsIILLCMember2025-09-300001287750Axiomatic, LLC, Class A-1 units2025-09-300001287750Bad Vibes Forever, LLC and Bad Vibes Forever Publishing, LLC, First lien senior secured loan2025-09-300001287750CFC Funding LLC, Loan instrument units2025-09-300001287750CMW Parent LLC (fka Black Arrow, Inc.), Series A units2025-09-300001287750Dundee Eros, LP, Limited partnership interest2025-09-300001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 12025-09-300001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 22025-09-300001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 32025-09-300001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Ordinary shares2025-09-300001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Warrant to purchase shares of ordinary shares 12025-09-300001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Warrant to purchase shares of ordinary shares 22025-09-300001287750arcc:EagleFootballHoldingsBidCoLimitedAndEagleFootballHoldingsLimitedMember2025-09-300001287750FEH Group, LLC., Warrant to purchase shares of ordinary shares 12025-09-300001287750FEH Group, LLC., Warrant to purchase shares of ordinary shares 22025-09-300001287750FEH Group, LLC., Warrant to purchase shares of ordinary shares 32025-09-300001287750arcc:FEHGroupLLCMember2025-09-300001287750Fever Labs, Inc., First lien senior secured revolving loan2025-09-300001287750Fever Labs, Inc., First lien senior secured loan2025-09-300001287750Fever Labs, Inc., Series B redeemable preferred stock2025-09-300001287750Fever Labs, Inc., Series E-5 Convertible Shares2025-09-300001287750Fever Labs, Inc., Warrant to purchase shares of common stock2025-09-300001287750arcc:FeverLabsInc.Member2025-09-300001287750Global Music Rights, LLC, First lien senior secured loan2025-09-300001287750GSM Rights Fund II LP, Class B Interest2025-09-300001287750League One Volleyball Clubs, LLC and League One Volleyball, Inc., Series B preferred stock2025-09-300001287750League One Volleyball Clubs, LLC and League One Volleyball, Inc., Series C preferred stock2025-09-300001287750League One Volleyball Clubs, LLC and League One Volleyball, Inc., Warrant to purchase shares of common stock2025-09-300001287750arcc:LeagueOneVolleyballClubsLLCAndLeagueOneVolleyballInc.Member2025-09-300001287750Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P., First lien senior secured revolving loan2025-09-300001287750Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P., First lien senior secured loan 12025-09-300001287750Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P., First lien senior secured loan 22025-09-300001287750Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P. ,Limited partnership interest2025-09-300001287750arcc:LegendsHospitalityHoldingCompanyLLCASMBuyerInc.LegendsASMHoldcoILLCAndStadiumCoinvestBIIIL.P.Member2025-09-300001287750LiveBarn Inc., Middle preferred shares2025-09-300001287750Miami Beckham United LLC, Class A preferred units2025-09-300001287750Miami Beckham United LLC, Class B preferred units2025-09-300001287750arcc:MiamiBeckhamUnitedLLCMember2025-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 12025-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 22025-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 32025-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 42025-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 52025-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 62025-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 72025-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 82025-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC, Class A units2025-09-300001287750arcc:ProductionResourceGroupLLCAndPRGIIILLCMember2025-09-300001287750Professional Fighters League, LLC and PFL MMA, Inc., First lien senior secured loan2025-09-300001287750Professional Fighters League, LLC and PFL MMA, Inc., Second lien senior secured loan2025-09-300001287750Professional Fighters League, LLC and PFL MMA, Inc., Series E preferred stock2025-09-300001287750Professional Fighters League, LLC and PFL MMA, Inc., Warrant to purchase shares of common stock 12025-09-300001287750Professional Fighters League, LLC and PFL MMA, Inc., Warrant to purchase shares of common stock 22025-09-300001287750arcc:ProfessionalFightersLeagueLLCAndPFLMMAIncMember2025-09-300001287750Sandlot Action Sports, LLC., Common units2025-09-300001287750Shout! Factory, LLC First lien senior secured revolving loan2025-09-300001287750Shout! Factory, LLC First lien senior secured loan2025-09-300001287750arcc:ShoutFactoryLLCMember2025-09-300001287750South Florida Motorsports, LLC, Class A common interest2025-09-300001287750Storm Investment S.a.r.l., First lien senior secured loan2025-09-300001287750Storm Investment S.a.r.l., Class A redeemable shares2025-09-300001287750Storm Investment S.a.r.l., Class B redeemable shares2025-09-300001287750Storm Investment S.a.r.l., Class C redeemable shares2025-09-300001287750Storm Investment S.a.r.l., Class D redeemable shares2025-09-300001287750Storm Investment S.a.r.l., Class E redeemable shares2025-09-300001287750Storm Investment S.a.r.l., Class F redeemable shares2025-09-300001287750Storm Investment S.a.r.l., Class G redeemable shares2025-09-300001287750Storm Investment S.a.r.l., Class H redeemable shares2025-09-300001287750Storm Investment S.a.r.l., Class I redeemable shares2025-09-300001287750Storm Investment S.a.r.l., Ordinary shares2025-09-300001287750arcc:StormInvestmentS.a.r.l.AndAtleticoHoldcoS.L.Member2025-09-300001287750The Teaching Company Holdings, Inc., Preferred stock2025-09-300001287750The Teaching Company Holdings, Inc., Common stock2025-09-300001287750arcc:TheTeachingCompanyHoldingsIncMember2025-09-300001287750WRE Sports Investments LLC., First lien senior secured loan2025-09-300001287750arcc:SportsMediaAndEntertainmentMember2025-09-300001287750ACAS Equity Holdings Corporation, Common stock2025-09-300001287750Constellation Wealth Capital Fund, L.P.,Limited partner interests2025-09-300001287750CREST Exeter Street Solar 2004-1, Preferred shares2025-09-300001287750CWC Fund I Co-Invest (ALTI) LP, Limited partnership interest2025-09-300001287750European Capital UK SME Debt LP, Limited partnership interest2025-09-300001287750HCI Equity, LLC, Member interest2025-09-300001287750Linden Structured Capital Fund II-A LP., Limited partnership interest2025-09-300001287750Partnership Capital Growth Investors III, L.P., Limited partnership interest2025-09-300001287750PCG-Ares Sidecar Investment II, L.P., Limited partnership interest2025-09-300001287750PCG-Ares Sidecar Investment, L.P., Limited partnership interest2025-09-300001287750Piper Jaffray Merchant Banking Fund I, L.P., Limited partnership interest2025-09-300001287750Senior Direct Lending Program, LLC, Subordinated certificates2025-09-300001287750Senior Direct Lending Program, LLC, Membership interest2025-09-300001287750arcc:SeniorDirectLendingProgramLLCMember2025-09-300001287750arcc:InvestmentFundsAndVehiclesMember2025-09-300001287750AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp, First lien senior secured revolving loan2025-09-300001287750AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp, First lien senior secured loan2025-09-300001287750arcc:AeriTekGlobalUSAcquisitionInc.AeriTekGlobalHoldingsLLCAndMinusFortyQBDCorpMember2025-09-300001287750AI Aqua Merger Sub, Inc.., First lien senior secured loan2025-09-300001287750Airx Climate Solutions, Inc., First lien senior secured loan2025-09-300001287750Airx Climate Solutions, Inc., First lien senior secured loan 12025-09-300001287750arcc:AirxClimateSolutionsInc.Member2025-09-300001287750Align Precision Group, LLC and Align Precision Topco, L.P., First lien senior secured loan2025-09-300001287750Align Precision Group, LLC and Align Precision Topco, L.P., Class A-2 Units2025-09-300001287750arcc:AlignPrecisionGroupLLCMember2025-09-300001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC, First lien senior secured loan 12025-09-300001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC, First lien senior secured loan 22025-09-300001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC, First lien senior secured loan 32025-09-300001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC, First lien senior secured loan 42025-09-300001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC, Membership Interest2025-09-300001287750arcc:AllclearCommercialInc.AllclearMilitaryInc.AllclearSpaceInc.AndAllclearGroupLLCMember2025-09-300001287750Arrowhead Holdco Company and Arrowhead GS Holdings, Inc., First lien senior secured loan2025-09-300001287750Arrowhead Holdco Company and Arrowhead GS Holdings, Inc., Common stock2025-09-300001287750arcc:ArrowheadHoldcoCompanyAndArrowheadGSHoldingsIncMember2025-09-300001287750BGIF IV Fearless Utility Services, Inc., First lien senior secured revolving loan2025-09-300001287750BGIF IV Fearless Utility Services, Inc., First lien senior secured loan2025-09-300001287750arcc:BGIFIVFearlessUtilityServicesInc.Member2025-09-300001287750Burgess Point Purchaser Corporation, First lien senior secured loan2025-09-300001287750CPIG Holdco Inc., First lien senior secured loan2025-09-300001287750DFS Holding Company, Inc., First lien senior secured loan2025-09-300001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, First lien senior secured revolving loan 12025-09-300001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, First lien senior secured loan2025-09-300001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, Common units2025-09-300001287750arcc:DynamicNCAerospaceHoldingsLLCAndDynamicNCInvestmentHoldingsLPMember2025-09-300001287750EIS Legacy Holdco, LLC, First lien senior secured loan2025-09-300001287750ESCP PPG Holdings, LLC, Class A-1 units2025-09-300001287750ESCP PPG Holdings, LLC, Class A-2 units2025-09-300001287750arcc:ESCPPPGHoldingsLLCMember2025-09-300001287750Generator US Buyer, Inc. and Total Power Limited, First lien senior secured revolving loan2025-09-300001287750Generator US Buyer, Inc. and Total Power Limited, First lien senior secured loan 12025-09-300001287750Generator US Buyer, Inc. and Total Power Limited, First lien senior secured loan 22025-09-300001287750arcc:GeneratorUSBuyerInc.AndTotalPowerLimitedMember2025-09-300001287750Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC, First lien senior secured revolving loan2025-09-300001287750Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC, Member Units2025-09-300001287750arcc:GroundPenetratingRadarSystemsLLCAndRCVIBuckeyeHoldingsLLCMember2025-09-300001287750GSV Purchaser, Inc., First lien senior secured loan 2025-09-300001287750Harvey Tool Company, LLC, First lien senior secured loan 12025-09-300001287750Harvey Tool Company, LLC, First lien senior secured loan 22025-09-300001287750arcc:HarveyToolCompanyLLCMember2025-09-300001287750Helix Acquisition Holdings, Inc., First lien senior secured loan2025-09-300001287750Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC, First lien senior secured revolving loan2025-09-300001287750Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC, First lien senior secured revolving loan 22025-09-300001287750Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC, First lien senior secured loan2025-09-300001287750arcc:HorizonAvionicsBuyerLLCAndHorizonCTSBuyerLLCMember2025-09-300001287750HPCC Parent, Inc. and Patriot Container Corp., First lien senior secured loan2025-09-300001287750HPCC Parent, Inc. and Patriot Container Corp., Common stock2025-09-300001287750arcc:HPCCParentInc.AndPatriotContainerCorp.Member2025-09-300001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Senior subordinated loan2025-09-300001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Class A common stock2025-09-300001287750arcc:ImagingBusinessMachinesLLCAndScannerHoldingsCorporationMember2025-09-300001287750JSG II, Inc. and Checkers USA, Inc., First lien senior secured revolving loan2025-09-300001287750JSG II, Inc. and Checkers USA, Inc., First lien senior secured loan2025-09-300001287750arcc:JSGIIInc.AndCheckersUSAIncMember2025-09-300001287750Kene Acquisition, Inc. and Kene Holdings, L.P., First lien senior secured loan2025-09-300001287750Kene Acquisition, Inc. and Kene Holdings, L.P., Class A units2025-09-300001287750arcc:KeneAcquisitionIncAndKeneHoldingsLPMember2025-09-300001287750LTG Acquisition, Inc., Class A membership units2025-09-300001287750NCWS Intermediate, Inc. and NCWS Holdings LP, Class A-2 common units2025-09-300001287750OPH NEP Investment, LLC, First lien senior secured loan2025-09-300001287750OPH NEP Investment, LLC, Senior subordinated loan2025-09-300001287750OPH NEP Investment, LLC, Class B common units2025-09-300001287750arcc:OPHNEPInvestmentLLCMember2025-09-300001287750Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC, Second lien senior secured loan2025-09-300001287750Paris US Holdco, Inc. & 1001028292 Ontario Inc., First lien senior secured revolving loan2025-09-300001287750Paris US Holdco, Inc. & 1001028292 Ontario Inc., First lien senior secured revolving loan12025-09-300001287750arcc:ParisUSHoldcoInc.1001028292OntarioInc.Member2025-09-300001287750Pave America Holding, LLC , First lien senior secured revolving loan2025-09-300001287750Pave America Holding, LLC , First lien senior secured loan2025-09-300001287750arcc:PaveAmericaHoldingLLCMember2025-09-300001287750PumpTech, LLC and Impel CV-B, LP, First lien senior secured revolving loan2025-09-300001287750PumpTech, LLC and Impel CV-B, LP, First lien senior secured revolving loan 22025-09-300001287750PumpTech, LLC and Impel CV-B, LP, First lien senior secured loan2025-09-300001287750PumpTech, LLC and Impel CV-B, LP, Limited partnership interest2025-09-300001287750arcc:PumpTechLLCAndImpelCVBLPMember2025-09-300001287750Qnnect, LLC and Connector TopCo, LP, Limited partnership interests2025-09-300001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured revolving loan 12025-09-300001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured revolving loan 22025-09-300001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured loan2025-09-300001287750arcc:RadiusAerospaceIncAndRadiusAerospaceEuropeLimitedMember2025-09-300001287750Radwell Parent, LLC, First lien senior secured revolving loan2025-09-300001287750Radwell Parent, LLC, First lien senior secured loan 2025-09-300001287750arcc:RadwellParentLLCMember2025-09-300001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation,First lien senior secured revolving loan2025-09-300001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, First lien senior secured revolving loan2025-09-300001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, First lien senior secured loan 2025-09-300001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, First lien senior secured revolving loan 22025-09-300001287750arcc:SunkRockFoundryPartnersLPHatterasElectricalManufacturingHoldingCompanyAndSigmaElectricManufacturingCorporationMember2025-09-300001287750Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P., First lien senior secured loan2025-09-300001287750Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P., Series A common units2025-09-300001287750arcc:SunvairAerospaceGroupInc.AndGBHeliosHoldingsL.P.Member2025-09-300001287750Titan BW Borrower L.P. First lien senior secured loan First lien senior secured loan2025-09-300001287750Two Six Labs, LLC, First lien senior secured revolving loan2025-09-300001287750Two Six Labs, LLC, First lien senior secured loan2025-09-300001287750arcc:TwoSixLabsLLCMember2025-09-300001287750Werner Finco LP, First lien senior secured loan2025-09-300001287750arcc:CapitalGoodsMember2025-09-300001287750Abzena Holdings, Inc. and Astro Group Holdings Ltd., Class A ordinary shares2025-09-300001287750Alcami Corporation and ACM Note Holdings, LLC, First lien senior secured loan2025-09-300001287750Alcami Corporation and ACM Note Holdings, LLC, Senior subordinated loan2025-09-300001287750arcc:AlcamiCorporationAndACMHoldingsILLCMember2025-09-300001287750Bamboo US BidCo LLC, First lien senior secured loan2025-09-300001287750Bamboo US BidCo LLC, First lien senior secured loan12025-09-300001287750arcc:BambooUSBidCoLLCMember2025-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured revolving loan2025-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 12025-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 22025-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 32025-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Preferred units2025-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Series A preferred shares2025-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Class A common units2025-09-300001287750arcc:CobaltBuyerSubIncCobaltHoldingsILPAndCobaltIntermediateIIncMember2025-09-300001287750CCreek Parent, Inc. and Creek Feeder, L.P., First lien senior secured revolving loan2025-09-300001287750CCreek Parent, Inc. and Creek Feeder, L.P., First lien senior secured loan 2025-09-300001287750Creek Parent, Inc. and Creek Feeder, L.P., Limited partnership interest2025-09-300001287750arcc:CreekParentInc.AndCreekFeederL.P.Member2025-09-300001287750Gula Buyer Inc. and Gula Co-Invest II, L.P., First lien senior secured loan, 0.0932, SOFR (M), 0.05, 45590, 48122, 125200000, 125200000, 1252000002025-09-300001287750Gula Buyer Inc. and Gula Co-Invest II, L.P., Common units2025-09-300001287750arcc:GulaBuyerInc.AndGulaCoInvestIIL.P.Member2025-09-300001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured revolving loan 12025-09-300001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured revolving loan 22025-09-300001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured loan 12025-09-300001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured loan 22025-09-300001287750arcc:NMCSkincareIntermediateHoldingsIILLCMember2025-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured revolving loan2025-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 12025-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 22025-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 32025-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 42025-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., Senior subordinated loan 32025-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., Class A preferred units2025-09-300001287750arcc:NorthAmericanScienceAssociatesLLCCardinalPurchaserLLCAndCardinalTopcoHoldingsLPMember2025-09-300001287750Verista, Inc., First lien senior secured revolving loan2025-09-300001287750WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P., First lien senior secured loan2025-09-300001287750WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P., Limited partnership interest2025-09-300001287750arcc:WCIBXCPurchaserLLCAndWCIBXCInvestmentHoldingsL.P.Member2025-09-300001287750arcc:PharmaceuticalsBiotechnologyAndLifeSciencesMember2025-09-300001287750Apex Clean Energy TopCo, LLC, Class A common units2025-09-300001287750Apex Clean Energy TopCo, LLC, Class B common units2025-09-300001287750arcc:ApexCleanEnergyTopCoLLCMember2025-09-300001287750BNZ TopCo B.V.,Senior subordinated loan2025-09-300001287750PosiGen, Inc., Warrant to purchase shares of series D-1 preferred stock2025-09-300001287750PosiGen, Inc., Warrant to purchase shares of common stock2025-09-300001287750arcc:PosiGenIncMember2025-09-300001287750Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC, First lien senior secured loan2025-09-300001287750Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC, Senior subordinated loan2025-09-300001287750arcc:SunrunAtlasDepositor20192LLCAndSunrunAtlasHoldings20192LLCMember2025-09-300001287750Sunrun Luna Holdco 2021, LLC, Senior subordinated revolving loan 12025-09-300001287750Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC, First lien senior secured loan2025-09-300001287750Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC, Senior subordinated loan2025-09-300001287750arcc:SunrunXanaduIssuer20191LLCAndSunrunXanaduHoldings20191LLCMember2025-09-300001287750arcc:IndependentPowerAndRenewableElectricityProducersMember2025-09-300001287750Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC, First lien senior secured loan 12025-09-300001287750Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC, First lien senior secured loan 22025-09-300001287750Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC, Common units2025-09-300001287750arcc:AdonisAcquisitionHoldingsLLCAndAdonisAcquisitionHoldingsParentLLCMember2025-09-300001287750AP Adhesives Holdings, LLC, First lien senior secured loan2025-09-300001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured revolving loan2025-09-300001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured loan2025-09-300001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured loan 12025-09-300001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, Class A units2025-09-300001287750arcc:ASPRPacAcquisitionCoLLCAndASPRPacHoldingsLPMember2025-09-300001287750Bulab Holdings, Inc. and Buckman PPC Co-Invest LP, First lien senior secured loan2025-09-300001287750Bulab Holdings, Inc. and Buckman PPC Co-Invest LP, First lien senior secured loan 12025-09-300001287750Bulab Holdings, Inc. and Buckman PPC Co-Invest LP, Limited partnership interest2025-09-300001287750arcc:BulabHoldingsInc.AndBuckmanPPCCoInvestLPMember2025-09-300001287750Halex Holdings, Inc., Common stock2025-09-300001287750Meyer Laboratory, LLC and Meyer Parent, LLC, First lien senior secured revolving loan2025-09-300001287750Meyer Laboratory, LLC and Meyer Parent, LLC, First lien senior secured loan2025-09-300001287750Meyer Laboratory, LLC and Meyer Parent, LLC, Common units2025-09-300001287750arcc:MeyerLaboratoryLLCAndMeyerParentLLCMember2025-09-300001287750MP Midco Holdings, LLC and MP Topco Holdings, LLC (fka H-Food Holdings, LLC), First lien senior secured loan2025-09-300001287750MP Midco Holdings, LLC and MP Topco Holdings, LLC (fka H-Food Holdings, LLC) Common units2025-09-300001287750arcc:MPMidcoHoldingsLLCAndMPTopcoHoldingsLLCFkaHFoodHoldingsLLCMember2025-09-300001287750NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP, First lien senior secured revolving loan 12025-09-300001287750NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP, First lien senior secured revolving loan 22025-09-300001287750NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP, First lien senior secured loan2025-09-300001287750NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP, Limited partnership interest2025-09-300001287750arcc:NCPMSIBuyerInc.AndNCPMSICoInvestLPMember2025-09-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured revolving loan 12025-09-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured revolving loan 22025-09-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 12025-09-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 22025-09-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., Class A units2025-09-300001287750arcc:NelipakHoldingCompanyNelipakEuropeanHoldingsCooperatiefUAKNPAKHoldingsLPAndPAKNKNetherlandsTreasuryBVMember2025-09-300001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 12025-09-300001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 22025-09-300001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class A preferred units2025-09-300001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class C units2025-09-300001287750arcc:NovipaxBuyerLLCAndNovipaxParentHoldingCompanyLLCMember2025-09-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, First lien senior secured loan2025-09-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Second lien senior secured loan2025-09-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Preferred units2025-09-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Preferred units 12025-09-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Co-Invest units2025-09-300001287750arcc:PlaskolitePPCIntermediateIILLCAndPlaskolitePPCBlockerLLCMember2025-09-300001287750Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 42025-09-300001287750Reagent Chemical & Research, LLC, First lien senior secured revolving loan2025-09-300001287750Reagent Chemical & Research, LLC, First lien senior secured loan2025-09-300001287750arcc:ReagentChemicalResearchLLCMember2025-09-300001287750SCI PH Parent, Inc., Series B shares2025-09-300001287750Sterilex LLC , First lien senior secured loan2025-09-300001287750arcc:MaterialsSectorMember2025-09-300001287750Bowhunter Holdings, LLC, Common units2025-09-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., First lien senior secured loan2025-09-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., Senior subordinated loan 12025-09-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., Senior subordinated loan 22025-09-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., Class A limited partnership interests2025-09-300001287750arcc:CentricBrandsLLCAndCentricBrandsGPLLCMember2025-09-300001287750DRS Holdings III, Inc. and DRS Holdings I, Inc., First lien senior secured loan 12025-09-300001287750DRS Holdings III, Inc. and DRS Holdings I, Inc., Common stock2025-09-300001287750arcc:DRSHoldingsIIIIncAndDRSHoldingsIIncMember2025-09-300001287750Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc, First lien senior secured revolving loan2025-09-300001287750Implus Footcare, LLC, First lien senior secured loan 42025-09-300001287750Implus Footcare, LLC, First lien senior secured loan 22025-09-300001287750Implus Footcare, LLC, First lien senior secured loan 32025-09-300001287750arcc:ImplusFootcareLLCMember2025-09-300001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., First lien senior secured loan2025-09-300001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., Series A convertible preferred stock2025-09-300001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., Warrant to purchase shares of common stock2025-09-300001287750arcc:JohnnieOIncAndJohnnieOHoldingsIncMember2025-09-300001287750Lew's Intermediate Holdings, LLC, First lien senior secured revolving loan2025-09-300001287750Lew's Intermediate Holdings, LLC, First lien senior secured loan2025-09-300001287750arcc:LewsIntermediateHoldingsLLCMember2025-09-300001287750Pelican Products, Inc., First lien senior secured revolving loan2025-09-300001287750Pelican Products, Inc., Second lien senior secured loan2025-09-300001287750arcc:PelicanProductsIncMember2025-09-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured revolving loan2025-09-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured loan 12025-09-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured loan 22025-09-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured loan 32025-09-300001287750Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC, First lien senior secured loan 22025-09-300001287750Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC, Limited partnership interest2025-09-300001287750arcc:RawlingsSportingGoodsCompanyInc.AndSEPDiamondFundL.P.Member2025-09-300001287750Reef Lifestyle, LLC, First lien senior secured revolving loan 12025-09-300001287750Reef Lifestyle, LLC, First lien senior secured revolving loan 22025-09-300001287750Reef Lifestyle, LLC, First lien senior secured loan 12025-09-300001287750Reef Lifestyle, LLC, First lien senior secured loan 22025-09-300001287750arcc:ReefLifestyleLLCMember2025-09-300001287750S Toys Holdings LLC (fka The Step2 Company, LLC), Common units2025-09-300001287750S Toys Holdings LLC (fka The Step2 Company, LLC), Class B common units2025-09-300001287750S Toys Holdings LLC (fka The Step2 Company, LLC), Warrant to purchase units2025-09-300001287750arcc:SToysHoldingsLLCFkaTheStep2CompanyLLCMember2025-09-300001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, First lien senior secured loan 12025-09-300001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, First lien senior secured loan 22025-09-300001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, First lien senior secured loan 32025-09-300001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, Class A common units2025-09-300001287750arcc:ShoesForCrewsGlobalLLCAndShoesForCrewsHoldingsLLCMember2025-09-300001287750Sport Maska Inc. First lien senior secured revolving loan 12025-09-300001287750Sport Maska Inc. First lien senior secured revolving loan 22025-09-300001287750Sport Maska Inc. First lien senior secured loan2025-09-300001287750arcc:SportMaskaIncMember2025-09-300001287750St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured revolving loan2025-09-300001287750St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured loan 12025-09-300001287750St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured loan 22025-09-300001287750arcc:StAthenaGlobalLLCAndStAthenaGlobalHoldingsLimitedMember2025-09-300001287750Team Acquisition Corporation, First lien senior secured loan2025-09-300001287750Team Acquisition Corporation, First lien senior secured loan 22025-09-300001287750arcc:TeamAcquisitionCorporationMember2025-09-300001287750arcc:ConsumerDurablesAndApparelSectorMember2025-09-300001287750American Seafoods Group LLC and American Seafoods Partners LLC, Class A units2025-09-300001287750American Seafoods Group LLC and American Seafoods Partners LLC, Warrant to purchase units of Class A units2025-09-300001287750arcc:AmericanSeafoodsGroupLLCAndAmericanSeafoodsPartnersLLCMember2025-09-300001287750Badia Spices, LLC, First lien senior secured loan2025-09-300001287750Berner Food & Beverage, LLC, First lien senior secured revolving loan2025-09-300001287750Berner Food & Beverage, LLC, First lien senior secured loan2025-09-300001287750arcc:BernerFoodBeverageLLCMember2025-09-300001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P., First lien senior secured loan2025-09-300001287750CHG PPC Parent LLC & PPC CHG Blocker LLC, Common units2025-09-300001287750Demakes Enterprises, LLC, First lien senior secured loan2025-09-300001287750Florida Food Products, LLC, First lien senior secured loan 12025-09-300001287750Florida Food Products, LLC, First lien senior secured loan 22025-09-300001287750Florida Food Products, LLC, Second lien senior secured loan2025-09-300001287750arcc:FloridaFoodProductsLLCMember2025-09-300001287750Forward Keystone Holdings, LP, Senior subordinated loan2025-09-300001287750Forward Keystone Holdings, LP, Common units2025-09-300001287750arcc:ForwardKeystoneHoldingsLPMember2025-09-300001287750Gotham Greens Holdings, PBC, First lien senior secured loan2025-09-300001287750Gotham Greens Holdings, PBC, First lien senior secured loan 22025-09-300001287750Gotham Greens Holdings, PBC, Series E-1 preferred stock2025-09-300001287750Gotham Greens Holdings, PBC, Warrant to purchase shares of Series E-1 preferred stock2025-09-300001287750arcc:GothamGreensHoldingsPBCMember2025-09-300001287750HBH Buyer, LLC , First lien senior secured loan2025-09-300001287750KNPC HoldCo, LLC, First lien senior secured loan 12025-09-300001287750KNPC HoldCo, LLC, First lien senior secured loan 22025-09-300001287750KNPC HoldCo, LLC, First lien senior secured loan 32025-09-300001287750KNPC HoldCo, LLC, First lien senior secured loan 42025-09-300001287750arcc:KNPCHoldCoLLCMember2025-09-300001287750Max US Bidco Inc., First lien senior secured loan2025-09-300001287750Primo Water Holdings Inc / Triton Water Holdings Inc, First lien senior secured loan2025-09-300001287750Primo Water Holdings Inc / Triton Water Holdings Inc, Senior subordinated loan2025-09-300001287750arcc:PrimoWaterHoldingsIncTritonWaterHoldingsIncMember2025-09-300001287750RB Holdings InterCo, LLC, First lien senior secured revolving loan2025-09-300001287750RB Holdings InterCo, LLC, First lien senior secured loan2025-09-300001287750arcc:RBHoldingsInterCoLLCMember2025-09-300001287750Spindrift Beverage Co., Inc. and SBC Aggregator LP, First lien senior secured loan2025-09-300001287750Spindrift Beverage Co., Inc. and SBC Aggregator LP, Limited partnership units2025-09-300001287750arcc:SpindriftBeverageCo.Inc.AndSBCAggregatorLPMember2025-09-300001287750Sugar PPC Buyer LLC, First lien senior secured loan2025-09-300001287750Sugar PPC Buyer LLC, First lien senior secured loan 12025-09-300001287750arcc:SugarPPCBuyerLLCMember2025-09-300001287750Teasdale Foods, Inc. and Familia Group Holdings Inc., First lien senior secured loan2025-09-300001287750Teasdale Foods, Inc. and Familia Group Holdings Inc., Warrant to purchase shares of common stock2025-09-300001287750arcc:TeasdaleFoodsIncAndFamiliaGroupHoldingsIncMember2025-09-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured revolving loan2025-09-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 12025-09-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 22025-09-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 32025-09-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 42025-09-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC, Class A units2025-09-300001287750arcc:WatermillExpressLLCAndWatermillExpressHoldingsLLCMember2025-09-300001287750us-gaap:FoodAndBeverageSectorMember2025-09-300001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 12025-09-300001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 22025-09-300001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Preferred units 12025-09-300001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Preferred units 22025-09-300001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Class A common units2025-09-300001287750arcc:AutomotiveKeysGroupLLCAndAutomotiveKeysInvestorLLCMember2025-09-300001287750Collision SP Subco, LLC, First lien senior secured revolving loan2025-09-300001287750Collision SP Subco, LLC, First lien senior secured loan 12025-09-300001287750Collision SP Subco, LLC, First lien senior secured loan 22025-09-300001287750arcc:CollisionSPSubcoLLCMember2025-09-300001287750Continental Acquisition Holdings, Inc., First lien senior secured loan 12025-09-300001287750Continental Acquisition Holdings, Inc., First lien senior secured loan 22025-09-300001287750Continental Acquisition Holdings, Inc., Class A units2025-09-300001287750arcc:ContinentalAcquisitionHoldingsIncMember2025-09-300001287750Faraday Buyer, LLC, First lien senior secured loan 12025-09-300001287750Faraday Buyer, LLC, First lien senior secured loan 22025-09-300001287750arcc:FaradayBuyerLLCMember2025-09-300001287750Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc., Warrant to purchase shares of Class A common stock2025-09-300001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, Co-invest units2025-09-300001287750New ChurcHill HoldCo LLC and Victory Topco, LP, First lien senior secured loan2025-09-300001287750New ChurcHill HoldCo LLC and Victory Topco, LP, Class A-2 common units2025-09-300001287750arcc:NewChurcHillHoldCoLLCAndVictoryTopcoLPMember2025-09-300001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured revolving loan2025-09-300001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 12025-09-300001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 22025-09-300001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 32025-09-300001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 42025-09-300001287750Sun Acquirer Corp. and Sun TopCo, LP, Class A units2025-09-300001287750arcc:SunAcquirerCorpAndSunTopCoLPMember2025-09-300001287750Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP, First lien senior secured revolving loan 12025-09-300001287750Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP, First lien senior secured revolving loan 22025-09-300001287750Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP, First lien senior secured loan 12025-09-300001287750Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP, First lien senior secured loan 22025-09-300001287750Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP, Limited partnership interests2025-09-300001287750arcc:TelleTireAutoServiceLLCAndNextHorizonCapitalTireCoSPVLPMember2025-09-300001287750Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, First lien senior secured revolving loan2025-09-300001287750Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, First lien senior secured loan2025-09-300001287750Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, Class A common units2025-09-300001287750arcc:TruckLiteCo.LLCEccoHoldingsCorp.AndClarienceTechnologiesLLCMember2025-09-300001287750arcc:AutomobilesAndComponentsSectorMember2025-09-300001287750Beacon Wellness Brands, Inc. and CDI Holdings I Corp., First lien senior secured loan2025-09-300001287750Beacon Wellness Brands, Inc. and CDI Holdings I Corp., Common stock2025-09-300001287750arcc:BeaconWellnessBrandsIncAndCDIHoldingsICorpMember2025-09-300001287750Foundation Consumer Brands, LLC, First lien senior secured loan 12025-09-300001287750Foundation Consumer Brands, LLC, First lien senior secured loan 22025-09-300001287750arcc:FoundationConsumerBrandsLLCMember2025-09-300001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., First lien senior secured loan 12025-09-300001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., First lien senior secured loan 22025-09-300001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., Preferred units2025-09-300001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., Class B common units2025-09-300001287750arcc:LifeStylesBidcoLtdLifestylesIntermediateHoldcoLtdAndLifeStylesParentLPMember2025-09-300001287750pH Beauty Holdings III, Inc., First lien senior secured loan2025-09-300001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured revolving loan2025-09-300001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured loan2025-09-300001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., Limited partner interests2025-09-300001287750arcc:PremierSpecialtiesInc.AndRMCFVCIVXLIVL.P.Member2025-09-300001287750RD Holdco Inc., Senior subordinated loan 12025-09-300001287750RD Holdco Inc., Senior subordinated loan 22025-09-300001287750RD Holdco Inc., Common stock2025-09-300001287750arcc:RDHoldcoIncMember2025-09-300001287750Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured revolving loan2025-09-300001287750Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured loan 22025-09-300001287750Silk Holdings III Corp. and Silk Holdings I Corp., Common stock2025-09-300001287750arcc:SilkHoldingsIIICorpAndSilkHoldingsICorpMember2025-09-300001287750TCI Buyer LLC and TCI Holdings, LP, First lien senior secured loan2025-09-300001287750TCI Buyer LLC and TCI Holdings, LP, Common stock2025-09-300001287750arcc:TCIBuyerLLCAndTCIHoldingsLPMember2025-09-300001287750Walnut Parent, Inc., First lien senior secured loan 12025-09-300001287750Walnut Parent, Inc., First lien senior secured loan 22025-09-300001287750arcc:WalnutParentIncMember2025-09-300001287750WU Holdco, Inc., First lien senior secured loan2025-09-300001287750arcc:HouseholdAndPersonalProductsMember2025-09-300001287750GNZ Energy Bidco Limited and Galileo Co-investment Trust I, First lien senior secured loan2025-09-300001287750GNZ Energy Bidco Limited and Galileo Co-investment Trust I, Common units2025-09-300001287750arcc:GNZEnergyBidcoLimitedAndGalileoCoInvestmentTrustIMember2025-09-300001287750HighPeak Energy, Inc., First lien senior secured loan2025-09-300001287750Murchison Oil and Gas, LLC and Murchison Holdings, LLC, Preferred units2025-09-300001287750Phoenix Operating LLC First lien senior secured loan2025-09-300001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 22025-09-300001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 32025-09-300001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 42025-09-300001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 12025-09-300001287750VPROP Operating, LLC and V SandCo, LLC, Class A units2025-09-300001287750arcc:GNZEnergyBidcoLimitedAndGalileoCoInvestmentTrustIHighPeakEnergyMurchisonOilAndGasAndHoldingsPhoenixOperatingVPROPOperatingAndVSandcoMember2025-09-300001287750us-gaap:EnergySectorMember2025-09-300001287750Ferrellgas, L.P. and Ferrellgas Partners, L.P., Senior preferred units2025-09-300001287750Ferrellgas, L.P. and Ferrellgas Partners, L.P., Class B units2025-09-300001287750arcc:FerrellgasLPAndFerrelgasPartnersLPMember2025-09-300001287750Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc.2025-09-300001287750Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc., Class A common stock2025-09-300001287750arcc:OpalFuelsIntermediateHoldCoLLCAndOpalFuelsInc.Member2025-09-300001287750arcc:GasUtilitiesMember2025-09-300001287750Everspin Technologies, Inc., Warrant to purchase shares of common stock2025-09-300001287750Excelitas Technologies Corp, First lien senior secured loan2025-09-300001287750FL Hawk Intermediate Holdings, Inc, First lien senior secured loan2025-09-300001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 12025-09-300001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 22025-09-300001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 32025-09-300001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., Limited partnership interests2025-09-300001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., Class A-2 units2025-09-300001287750arcc:PerkinElmerUSLLCAndNMPolarisCoInvestLPMember2025-09-300001287750Repairify, Inc. and Repairify Holdings, LLC, First lien senior secured revolving loan2025-09-300001287750Repairify, Inc. and Repairify Holdings, LLC, First lien senior secured loan2025-09-300001287750Repairify, Inc. and Repairify Holdings, LLC, Class A common units2025-09-300001287750arcc:RepairifyIncAndRepairifyHoldingsLLCMember2025-09-300001287750arcc:TechnologyHardwareAndEquipmentMember2025-09-300001287750Expereo USA, Inc. and Ristretto Bidco B.V.2025-09-300001287750arcc:TelecommunicationServicesMember2025-09-300001287750Nordic Ferry Infrastructure AS, Senior subordinated loan 12025-09-300001287750Nordic Ferry Infrastructure AS, Senior subordinated loan 22025-09-300001287750arcc:NordicFerryInfrastructureASMember2025-09-300001287750Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. First lien senior secured revolving loan2025-09-300001287750Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. First lien senior secured loan2025-09-300001287750Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. Limited partnership interest2025-09-300001287750arcc:NordicFerryInfrastructureASAndZeppelinUSBuyerInc.AndProvidenceEquityPartnersIXCL.PMember2025-09-300001287750arcc:TransportationMember2025-09-300001287750CAD, Canadian Imperial Bank of Commerce, 10/24/20252025-09-300001287750EGP, Canadian Imperial Bank of Commerce, 6/11/20272025-09-300001287750EURO, Canadian Imperial Bank of Commerce, 10/24/20252025-09-300001287750EURO, Royal Bank of Canada, 10/24/20252025-09-300001287750EGP, Royal Bank of Canada, 8/21/20262025-09-300001287750EGP, Canadian Imperial Bank of Commerce, 10/24/20252025-09-300001287750CAD, Canadian Imperial Bank of Commerce, 3/31/20282025-09-300001287750EURO, Canadian Imperial Bank of Commerce, 6/11/20272025-09-300001287750EGP, Royal Bank of Canada, 10/24/20252025-09-300001287750YEN, Royal Bank of Canada, 1/31/20282025-09-300001287750CAD, Canadian Imperial Bank of Commerce, 3/31/20272025-09-300001287750CAD, Royal Bank of Canada, 1/31/20282025-09-300001287750EGP, Royal Bank of Canada, 7/28/20282025-09-300001287750EGP, Canadian Imperial Bank of Commerce, 7/28/20282025-09-300001287750CAD, Royal Bank of Canada, 10/24/20252025-09-300001287750EGP, Royal Bank of Canada, 6/27/20282025-09-300001287750NZD, Royal Bank of Canada, 10/24/20252025-09-300001287750EGP, Canadian Imperial Bank of Commerce, 8/31/20262025-09-300001287750EURO, Canadian Imperial Bank of Commerce, 8/14/20282025-09-300001287750AUD, Canadian Imperial Bank of Commerce, 11/17/20262025-09-300001287750NOK, Canadian Imperial Bank of Commerce, 10/24/20252025-09-300001287750arcc:InterestRateSwap1Member2025-09-300001287750us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberarcc:January2027NotesMember2025-09-300001287750arcc:InterestRateSwap2Member2025-09-300001287750us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberarcc:March2029NotesMember2025-09-300001287750arcc:InterestRateSwap3Member2025-09-300001287750us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberarcc:July2029NotesMember2025-09-300001287750arcc:InterestRateSwap4Member2025-09-300001287750us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberarcc:September2030NotesMember2025-09-300001287750arcc:InterestRateSwap5Member2025-09-300001287750us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberarcc:January2031NotesMember2025-09-300001287750arcc:InterestRateSwap6Member2025-09-300001287750us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberarcc:March2032NotesMember2025-09-300001287750us-gaap:InterestRateSwapMember2025-09-300001287750Align Precision Group, LLC and Align Precision Topco, L.P.2025-01-012025-09-300001287750Align Precision Group, LLC and Align Precision Topco, L.P.2025-09-300001287750Apex Clean Energy TopCo, LLC2025-01-012025-09-300001287750Apex Clean Energy TopCo, LLC2025-09-300001287750APG Intermediate Holdings Corporation and APG Holdings, LLC2025-01-012025-09-300001287750APG Intermediate Holdings Corporation and APG Holdings, LLC2025-09-300001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P.2025-01-012025-09-300001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P.2025-09-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.2025-01-012025-09-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.2025-09-300001287750Daylight Beta Parent LLC and CFCo, LLC2025-01-012025-09-300001287750Daylight Beta Parent LLC and CFCo, LLC2025-09-300001287750ESCP PPG Holdings, LLC2025-01-012025-09-300001287750ESCP PPG Holdings, LLC2025-09-300001287750European Capital UK SME Debt LP2025-01-012025-09-300001287750European Capital UK SME Debt LP2025-09-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP2025-01-012025-09-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP2025-09-300001287750OPH NEP Investment, LLC2025-01-012025-09-300001287750OPH NEP Investment, LLC2025-09-300001287750Partnership Capital Growth Investors III, L.P.2025-01-012025-09-300001287750Partnership Capital Growth Investors III, L.P.2025-09-300001287750PCG-Ares Sidecar Investment, L.P.2025-01-012025-09-300001287750PCG-Ares Sidecar Investment, L.P.2025-09-300001287750PCG-TAC-CV, LP (fka PCG-Ares Sidecar Investment II, L.P.)2025-01-012025-09-300001287750PCG-TAC-CV, LP (fka PCG-Ares Sidecar Investment II, L.P.)2025-09-300001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC2025-01-012025-09-300001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC2025-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC2025-01-012025-09-300001287750Production Resource Group, L.L.C. and PRG III, LLC2025-09-300001287750Shoes For Crews Global, LLC and Shoes for Crews Holdings, LLC2025-01-012025-09-300001287750Shoes For Crews Global, LLC and Shoes for Crews Holdings, LLC2025-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC2025-01-012025-09-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC2025-09-300001287750ACAS Equity Holdings Corporation2025-01-012025-09-300001287750ACAS Equity Holdings Corporation2025-09-300001287750ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.2025-01-012025-09-300001287750ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.2025-09-300001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC2025-01-012025-09-300001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC2025-09-300001287750Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC2025-01-012025-09-300001287750Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC2025-09-300001287750Halex Holdings, Inc.2025-01-012025-09-300001287750Halex Holdings, Inc.2025-09-300001287750HCI Equity, LLC2025-01-012025-09-300001287750HCI Equity, LLC2025-09-300001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation2025-01-012025-09-300001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation2025-09-300001287750Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC2025-01-012025-09-300001287750Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC2025-09-300001287750Ivy Hill Asset Management, L.P.2025-01-012025-09-300001287750Ivy Hill Asset Management, L.P.2025-09-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC2025-01-012025-09-300001287750Olympia 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LLC2025-09-300001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC2025-09-300001287750Clearstead Advisors, LLC2025-09-300001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P.2025-09-300001287750ClubCorp Holdings, Inc.2025-09-300001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc.2025-09-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.2025-09-300001287750Collision SP Subco, LLC2025-09-300001287750Compex Legal Services, Inc.2025-09-300001287750Computer Services, Inc.2025-09-300001287750Concert Golf Partners Holdco LLC2025-09-300001287750Convera International Holdings Limited and Convera International Financial S.A R.L.2025-09-300001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP2025-09-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc.2025-09-300001287750Cornerstone OnDemand, Inc. 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LLC2025-09-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc.2025-09-300001287750Flint OpCo, LLC2025-09-300001287750FlyWheel Acquireco, Inc.2025-09-300001287750Forescout Technologies, Inc.2025-09-300001287750Forward Keystone Holdings, LP2025-09-300001287750Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc.2025-09-300001287750Foundation Consumer Brands, LLC2025-09-300001287750Foundation Risk Partners, Corp.2025-09-300001287750Frontline Road Safety Operations, LLC2025-09-300001287750FS Squared Holding Corp. and FS Squared, LLC2025-09-300001287750G702 Buyer, Inc.2025-09-300001287750Galway Borrower LLC2025-09-300001287750Generator US Buyer, Inc. and Total Power Limited2025-09-300001287750Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc.2025-09-300001287750GHP-VGS Purchaser LLC2025-09-300001287750GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC2025-09-300001287750GI Ranger Intermediate LLC2025-09-300001287750Global Music Rights, LLC2025-09-300001287750GNZ Energy Bidco Limited and Galileo Co-investment Trust I2025-09-300001287750Goldeneye Parent, LLC2025-09-300001287750Grit Buyer, Inc. and Integrum Grit Co-Invest LP 12025-09-300001287750Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC2025-09-300001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC2025-09-300001287750GSV Purchaser, Inc.2025-09-300001287750GTCR Everest Borrower, LLC2025-09-300001287750GTCR F Buyer Corp. and GTCR (D) Investors LP2025-09-300001287750Guidepoint Security Holdings, LLC2025-09-300001287750Harvey Tool Company, LLC2025-09-300001287750HBH BUYER, LLC2025-09-300001287750Heavy Construction Systems Specialists, LLC2025-09-300001287750Helios Service Partners, LLC and Astra Service Partners, LLC2025-09-300001287750Help/Systems Holdings, Inc.2025-09-300001287750HGC Holdings, LLC2025-09-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP2025-09-300001287750Higginbotham Insurance Agency, Inc.2025-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC2025-09-300001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC2025-09-300001287750Hills Distribution, Inc.2025-09-300001287750Himalaya TopCo LLC2025-09-300001287750Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC2025-09-300001287750HP RSS Buyer, Inc.2025-09-300001287750HPCC Parent, Inc. and Patriot Container Corp.2025-09-300001287750HuFriedy Group Acquisition LLC2025-09-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP2025-09-300001287750Hyland Software, Inc.2025-09-300001287750Hyphen Solutions, LLC2025-09-300001287750Icefall Parent, Inc.2025-09-300001287750ID.me, Inc.2025-09-300001287750IFH Franchisee Holdings, LLC2025-09-300001287750Implus Footcare, LLC2025-09-300001287750Infinity Home Services HoldCo, Inc. and IHS Parent Holdings, L.P.2025-09-300001287750Innovative Systems L.L.C.2025-09-300001287750Inszone Mid, LLC and INSZ Holdings, LLC2025-09-300001287750Internet Truckstop Group LLC2025-09-300001287750IQN Holding Corp.2025-09-300001287750IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P.2025-09-300001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P.2025-09-300001287750JAMS Holdings LP and Jams Buyer LLC2025-09-300001287750JSG II, Inc. and Checkers USA, Inc.2025-09-300001287750Kairos Bidco Limited2025-09-300001287750KBHS Acquisition, LLC (d/b/a Alita Care, LLC)2025-09-300001287750Kene Acquisition, Inc. and Kene Holdings, L.P.2025-09-300001287750King Risk Partners, LLC2025-09-300001287750Kings Buyer, LLC2025-09-300001287750Koala Investment Holdings, Inc.2025-09-300001287750KPS Global LLC and Cool Group LLC2025-09-300001287750Laboratories Bidco LLC and Laboratories Topco LLC2025-09-300001287750LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP2025-09-300001287750LeanTaaS Holdings, Inc.2025-09-300001287750Legends Hospitality Holding Company, LLC and Stadium Coinvest (B)-III, L.P.2025-09-300001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.2025-09-300001287750Lew's Intermediate Holdings, LLC2025-09-300001287750LHS Borrower, LLC2025-09-300001287750Lido Advisors, LLC2025-09-300001287750LivTech Purchaser, Inc.2025-09-300001287750LJP Purchaser, Inc. and LJP Topco, LP2025-09-300001287750LOBOS PARENT, INC.2025-09-300001287750Mai Capital Management Intermediate LLC2025-09-300001287750Majesco and Magic Topco, L.P.2025-09-300001287750Manna Pro Products, LLC2025-09-300001287750Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP2025-09-300001287750Medlar Bidco Limited2025-09-300001287750Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP2025-09-300001287750Metatiedot Bidco OY and Metatiedot US, LLC2025-09-300001287750Meyer Laboratory, LLC and Meyer Parent, LLC2025-09-300001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P.2025-09-300001287750Modernizing Medicine, Inc. 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and Elliott Metron Co-Investor Aggregator L.P.2025-09-300001287750Netsmart, Inc. and Netsmart Technologies, Inc.2025-09-300001287750New Churchill Holdco LLC2025-09-300001287750Next Holdco, LLC2025-09-300001287750NMC Skincare Intermediate Holdings II, LLC2025-09-300001287750NMN Holdings III Corp. and NMN Holdings LP2025-09-300001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.2025-09-300001287750North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC2025-09-300001287750North Haven Stack Buyer, LLC2025-09-300001287750North Star Acquisitionco, LLC and Toucan Bidco Limited2025-09-300001287750Northwinds Holding, Inc. and Northwinds Services Group LLC2025-09-300001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP2025-09-300001287750Odevo AB2025-09-300001287750OneDigital Borrower LLC2025-09-300001287750Optimizely North America Inc. and Optimizely Sweden Holdings AB2025-09-300001287750Paris US Holdco, Inc. & 1001028292 Ontario Inc.2025-09-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.2025-09-300001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC2025-09-300001287750Patriot Growth Insurance Services, LLC2025-09-300001287750Pave America Holding, LLC2025-09-300001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC2025-09-300001287750PCMI Parent, LLC and PCMI Ultimate Holdings, LP2025-09-300001287750PCS MidCo, Inc. and PCS Parent, L.P.2025-09-300001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC2025-09-300001287750Pelican Products, Inc.2025-09-300001287750People Corporation2025-09-300001287750Perforce Software, Inc.2025-09-300001287750Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP2025-09-300001287750PestCo Holdings, LLC and PestCo, LLC2025-09-300001287750Petrus Buyer, Inc.2025-09-300001287750PetVet Care Centers, LLC2025-09-300001287750Petvisor Holdings, LLC2025-09-300001287750Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc.2025-09-300001287750Ping Identity Holding Corp.2025-09-300001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc.2025-09-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC2025-09-300001287750Pluralsight, Inc.2025-09-300001287750Poseidon IntermediateCo, Inc.2025-09-300001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC2025-09-300001287750Precision Concepts International LLC and Precision Concepts Canada Corporation2025-09-300001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.2025-09-300001287750Premiere Buyer, LLC2025-09-300001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP2025-09-300001287750Project Alliance Buyer, LLC2025-09-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P.2025-09-300001287750Proofpoint, Inc.2025-09-300001287750PSC Group LLC2025-09-300001287750PumpTech, LLC and Impel CV-B, LP2025-09-300001287750PYE-Barker Fire & Safety, LLC2025-09-300001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC2025-09-300001287750QBS Parent, Inc.2025-09-300001287750QF Holdings, Inc.2025-09-300001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P.2025-09-300001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited2025-09-300001287750Radwell Parent, LLC2025-09-300001287750RailPros Parent, LLC2025-09-300001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC2025-09-300001287750Raven Acquisition Holdings, LLC2025-09-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P.2025-09-300001287750RB Holdings InterCo, LLC2025-09-300001287750Reagent Chemical & Research, LLC2025-09-300001287750Reddy Ice LLC2025-09-300001287750Redwood Services LP2025-09-300001287750Reef Lifestyle, LLC2025-09-300001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.2025-09-300001287750Relativity ODA LLC2025-09-300001287750Repairify, Inc. and Repairify Holdings, LLC2025-09-300001287750Revalize, Inc.2025-09-300001287750Revival Animal Health, LLC2025-09-300001287750RFS Opco LLC2025-09-300001287750Rialto Management Group, LLC2025-09-300001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc.2025-09-300001287750Rodeo AcquisitionCo LLC2025-09-300001287750Royal Borrower, LLC and Royal Parent, LP2025-09-300001287750Runway Bidco, LLC2025-09-300001287750RWA Wealth Partners, LLC2025-09-300001287750SageSure Holdings, LLC and SageSure LLC2025-09-300001287750Sapphire Software Buyer, Inc.2025-09-300001287750Saturn Purchaser Corp.2025-09-300001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P.2025-09-300001287750SCIH Salt Holdings Inc.2025-09-300001287750SCM Insurance Services Inc.2025-09-300001287750Severin 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Connelly & Co., LLC and WSC Ultimate Holdings, LLC2025-09-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC2025-09-300001287750Waverly Advisors, LLC and WAAM Topco, LLC2025-09-300001287750WCI-BXC Purchaser, LLC2025-09-300001287750Wealth Enhancement Group, LLC2025-09-300001287750WebPT, Inc.2025-09-300001287750Wellington Bidco Inc. and Wellington TopCo LP2025-09-300001287750Wellington-Altus Financial Inc.2025-09-300001287750Wellness AcquisitionCo, Inc.2025-09-300001287750Wharf Street Ratings Acquisition LLC2025-09-300001287750WorkWave Intermediate II, LLC2025-09-300001287750World Insurance Associates, LLC2025-09-300001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.2025-09-300001287750WRE Sports Investments LLC2025-09-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC2025-09-300001287750WU Holdco, Inc.2025-09-300001287750YE Brands Holdings, LLC2025-09-300001287750ZB Holdco LLC and ZB TopCo LLC2025-09-300001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP2025-09-300001287750Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P.2025-09-300001287750Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc.2025-09-300001287750ZocDoc, Inc.2025-09-300001287750arcc:RevolvingAndDelayedDrawLoanCommitmentsMember2025-09-300001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP 12025-09-300001287750Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. 12025-09-300001287750Constellation Wealth Capital Fund, L.P.2025-09-300001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 12025-09-300001287750Grit Buyer, Inc. and Integrum Grit Co-Invest LP2025-09-300001287750GSM Rights Fund II LP2025-09-300001287750GTCR F Buyer Corp. and GTCR (D) Investors LP 12025-09-300001287750HFCP XI (Parallel - A), L.P.2025-09-300001287750High Street Buyer, Inc. and High Street Holdco LLC 12025-09-300001287750Linden Structured Capital Fund II-A LP2025-09-300001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. 12025-09-300001287750NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP 12025-09-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P 1.2025-09-300001287750PCG-Ares Sidecar Investment, L.P. and PCG-Ares Sidecar Investment II, L.P.2025-09-300001287750PumpTech, LLC and Impel CV-B, LP 12025-09-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. 12025-09-300001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. 12025-09-300001287750Spindrift Beverage Co., Inc. and SBC Aggregator LP 12025-09-300001287750Wellington-Altus Financial Inc. 12025-09-300001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 12025-09-300001287750Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. 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12024-12-310001287750Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, First lien senior secured loan 22024-12-310001287750Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, First lien senior secured loan 32024-12-310001287750Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua, Limited partnership units2024-12-310001287750arcc:AnaquaParentHoldingsIncAstorgVIICoInvestAnaquaMember2024-12-310001287750APG Intermediate Holdings Corporation and APG Holdings, LLC, First lien senior secured loan2024-12-310001287750APG Intermediate Holdings Corporation and APG Holdings, LLC, Class A membership units2024-12-310001287750arcc:APGIntermediateHoldingsCorporationAndAPGHoldingsLLCMember2024-12-310001287750Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc., First lien senior secured loan2024-12-310001287750Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc., Series A preferred shares2024-12-310001287750arcc:ApprissHealthLLCAndApprissHealthIntermediateHoldingsIncMember2024-12-310001287750Aptean, Inc. and Aptean Acquiror Inc., First lien senior secured loan2024-12-310001287750Artifact Bidco, Inc., First lien senior secured loan2024-12-310001287750Auctane, Inc., First lien senior secured loan2024-12-310001287750Avalara, Inc., First lien senior secured loan2024-12-310001287750Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured revolving loan2024-12-310001287750Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured loan 12024-12-310001287750Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured loan 22024-12-310001287750Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured loan 32024-12-310001287750Banyan Software Holdings, LLC and Banyan Software, LP, First lien senior secured loan 42024-12-310001287750Banyan Software Holdings, LLC and Banyan Software, LP, Preferred units2024-12-310001287750arcc:BanyanSoftwareHoldingsLLCAndBanyanSoftwareLPMember2024-12-310001287750BCPE Pequod Buyer, Inc., First lien senior secured loan2024-12-310001287750BCTO Ignition Purchaser, Inc., First lien senior secured loan2024-12-310001287750Bobcat Purchaser, LLC and Bobcat Topco, L.P., First lien senior secured loan2024-12-310001287750Bobcat Purchaser, LLC and Bobcat Topco, L.P., Class A-1 units2024-12-310001287750arcc:BobcatPurchaserLLCAndBobcatTopcoLPMember2024-12-310001287750Borrower R365 Holdings LLC, First lien senior secured loan 12024-12-310001287750Borrower R365 Holdings LLC, First lien senior secured loan 22024-12-310001287750arcc:BorrowerR365HoldingsLLCMember2024-12-310001287750Bottomline Technologies, Inc. and Legal Spend Holdings, LLC, First lien senior secured loan 12024-12-310001287750Bottomline Technologies, Inc. and Legal Spend Holdings, LLC, First lien senior secured loan 22024-12-310001287750arcc:BottomlineTechnologiesIncAndLegalSpendHoldingsLLCMember2024-12-310001287750Businessolver.com, Inc., First lien senior secured loan2024-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., First lien senior secured loan2024-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. Second lien senior secured loan2024-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. Series A-2 preferred shares2024-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. Series A-3 preferred shares2024-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. Series A preferred shares2024-12-310001287750arcc:CardinalParentIncAndPackersSoftwareIntermediateHoldingsIncMember2024-12-310001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc., First lien senior secured revolving loan2024-12-310001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc., First lien senior secured loan2024-12-310001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc., Series A preferred stock2024-12-310001287750arcc:CentralsquareTechnologiesLLCAndSupermooseNewcoInc.Member2024-12-310001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., First lien senior secured notes2024-12-310001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., First lien senior secured loan 2024-12-310001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., Second lien senior secured notes2024-12-310001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., Limited partnership interests2024-12-310001287750arcc:CloudSoftwareGroupIncPicardParentIncCloudSoftwareGroupHoldingsIncPicardHoldCoLLCAndElliottAltoCoInvestorAggregatorLPMember2024-12-310001287750Community Brands ParentCo, LLC, Class A units2024-12-310001287750Computer Services, Inc., First lien senior secured loan 12024-12-310001287750Computer Services, Inc., First lien senior secured loan 32024-12-310001287750Computer Services, Inc., First lien senior secured loan 22024-12-310001287750arcc:ComputerServicesInc.Member2024-12-310001287750Conservice Midco, LLC., Second lien senior secured notes2024-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured revolving loan 2024-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured revolving loan 12024-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured revolving loan 22024-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan2024-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 12024-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 22024-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 32024-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., First lien senior secured loan 42024-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., Common units2024-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., Series A common units2024-12-310001287750arcc:ConsilioMidcoLimitedCompusoftUSLLCAndConsilioInvestmentHoldingsLPMember2024-12-310001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, Second lien senior secured loan2024-12-310001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, Limited partnership units2024-12-310001287750arcc:CoreLogicIncAndTVIIICelestialCoInvestLPMember2024-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 12024-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 22024-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 32024-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 42024-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 52024-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 62024-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., Preferred equity2024-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., Common equity2024-12-310001287750arcc:CoritySoftwareIncCoritySoftwareUSAIncAndCorityParentIncMember2024-12-310001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., First lien senior secured revolving loan2024-12-310001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., First lien senior secured loan2024-12-310001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Second lien senior secured loan2024-12-310001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Series A preferred shares2024-12-310001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Class A-1 common stock2024-12-310001287750arcc:CornerstoneOnDemandIncAndSunshineSoftwareHoldingsIncMember2024-12-310001287750Coupa Holdings, LLC and Coupa Software Incorporated, First lien senior secured loan2024-12-310001287750Databricks, Inc., First lien senior secured loan2024-12-310001287750Datix Bidco Limited and RL Datix Holdings (USA), Inc., First lien senior secured revolving loan 12024-12-310001287750Datix Bidco Limited and RL Datix Holdings (USA), Inc., First lien senior secured revolving loan 22024-12-310001287750Datix Bidco Limited and RL Datix Holdings (USA), Inc., First lien senior secured loan 12024-12-310001287750Datix Bidco Limited and RL Datix Holdings (USA), Inc., First lien senior secured loan 22024-12-310001287750arcc:DatixBidcoLimitedAndRLDatixHoldingsUSAIncMember2024-12-310001287750Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Second lien senior secured loan2024-12-310001287750Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Series A preferred shares2024-12-310001287750Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P., Series A units2024-12-310001287750arcc:DcertBuyerIncDCertPreferredHoldingsIncAndDestinyDigitalHoldingsLPMember2024-12-310001287750Denali Holdco LLC and Denali Apexco LP, First lien senior secured loan 22024-12-310001287750Denali Holdco LLC and Denali Apexco LP, Class A units2024-12-310001287750arcc:DenaliHoldcoLLCAndDenaliApexcoLPMember2024-12-310001287750Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan2024-12-310001287750Diligent Corporation and Diligent Preferred Issuer, Inc., Preferred stock2024-12-310001287750arcc:DiligentCorporationAndDiligentPreferredIssuerIncMember2024-12-310001287750DriveCentric Holdings, LLC., First lien senior secured loan2024-12-310001287750Echo Purchaser, Inc., First lien senior secured revolving loan2024-12-310001287750Echo Purchaser, Inc., First lien senior secured loan2024-12-310001287750arcc:EchoPurchaserIncMember2024-12-310001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., First lien senior secured loan2024-12-310001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., Preferred units2024-12-310001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., Class A common units2024-12-310001287750arcc:EclipseTopcoInc.EclipseInvestorParentL.P.AndEclipseBuyerInc.Member2024-12-310001287750Edmunds Govtech, Inc., First lien senior secured revolving loan2024-12-310001287750Edmunds Govtech, Inc., First lien senior secured loan2024-12-310001287750arcc:EdmundsGovtechIncMember2024-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured revolving loan2024-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 12024-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 22024-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 32024-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., Preferred equity2024-12-310001287750arcc:ElemicaParentIncEZElemicaHoldingsIncMember2024-12-310001287750Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc., First lien senior secured revolving loan 12024-12-310001287750Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc., First lien senior secured revolving loan 22024-12-310001287750Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc., First lien senior secured loan2024-12-310001287750Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc., Preferred stock2024-12-310001287750arcc:EnverusHoldingsIncAndTitanDIPreferredHoldingsIncMember2024-12-310001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., First lien senior secured loan2024-12-310001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., Second lien senior secured loan2024-12-310001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., Partnership units2024-12-310001287750arcc:EPPurchaserLLCAndTPGVIIIEPCoInvestIILPMember2024-12-310001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, First lien senior secured loan2024-12-310001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Second lien senior secured loan 12024-12-310001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Second lien senior secured loan 22024-12-310001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Limited partnership interest2024-12-310001287750arcc:EResearchTechnologyIncAndAstorgVIICoInvestERTMember2024-12-310001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., First lien senior secured revolving loan 12024-12-310001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., First lien senior secured loan2024-12-310001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., Limited partner interests2024-12-310001287750arcc:ESHAResearchLLCAndRMCFVICIVXLVIIILPMember2024-12-310001287750Extrahop Networks, Inc., First lien senior secured loan 12024-12-310001287750Extrahop Networks, Inc., First lien senior secured loan 22024-12-310001287750arcc:ExtraHopNetworksIncMember2024-12-310001287750Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L., First lien senior secured loan2024-12-310001287750Forescout Technologies, Inc., First lien senior secured loan2024-12-310001287750GI Ranger Intermediate LLC, First lien senior secured revolving loan2024-12-310001287750GI Ranger Intermediate LLC, First lien senior secured loan 12024-12-310001287750GI Ranger Intermediate LLC, First lien senior secured loan 22024-12-310001287750arcc:GIRangerIntermediateLLCMember2024-12-310001287750GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, First lien senior secured loan2024-12-310001287750GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, Senior subordinated loan2024-12-310001287750GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC, Preferred units2024-12-310001287750arcc:GraphPADSoftwareLLCInsightfulScienceIntermediateILLCAndInsightfulScienceHoldingsLLCMember2024-12-310001287750Guidepoint Security Holdings, LLC, First lien senior secured loan 12024-12-310001287750Guidepoint Security Holdings, LLC, First lien senior secured loan 22024-12-310001287750arcc:GuidepointSecurityHoldingsLLCMember2024-12-310001287750Heavy Construction Systems Specialists, LLC, First lien senior secured loan 12024-12-310001287750Heavy Construction Systems Specialists, LLC, First lien senior secured loan 22024-12-310001287750arcc:HeavyConstructionSystemsSpecialistsLLCMember2024-12-310001287750Help/Systems Holdings, Inc., First lien senior secured revolving loan 2024-12-310001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured revolving loan2024-12-310001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured loan2024-12-310001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, Senior subordinated loan2024-12-310001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, Company units2024-12-310001287750arcc:HuskiesParentIncGIInsurityParentLLCAndGIInsurityTopcoLPMember2024-12-310001287750Hyland Software, Inc., First lien senior secured revolving loan2024-12-310001287750Hyland Software, Inc., First lien senior secured loan2024-12-310001287750arcc:HylandSoftwareInc.Member2024-12-310001287750Icefall Parent, Inc., First lien senior secured loan2024-12-310001287750Internet Truckstop Group LLC, First lien senior secured loan2024-12-310001287750IQN Holding Corp., First lien senior secured revolving loan2024-12-310001287750IQN Holding Corp., First lien senior secured loan2024-12-310001287750arcc:IQNHoldingCorp.Member2024-12-310001287750IV Rollover Holdings, LLC, Class B units2024-12-310001287750IV Rollover Holdings, LLC, Class X units2024-12-310001287750arcc:IVRolloverHoldingsLLCMember2024-12-310001287750Kaseya Inc. and Knockout Intermediate Holdings I Inc., First lien senior secured revolving loan2024-12-310001287750Kaseya Inc. and Knockout Intermediate Holdings I Inc., First lien senior secured loan2024-12-310001287750Kaseya Inc. and Knockout Intermediate Holdings I Inc., Preferred stock2024-12-310001287750arcc:KaseyaIncAndKnockoutIntermediateHoldingsIIncMember2024-12-310001287750LeanTaaS Holdings, Inc., First lien senior secured loan 12024-12-310001287750LeanTaaS Holdings, Inc., First lien senior secured loan 22024-12-310001287750arcc:LeanTaaSHoldingsInc.Member2024-12-310001287750Majesco and Magic Topco, L.P., First lien senior secured loan2024-12-310001287750Majesco and Magic Topco, L.P., Class A units2024-12-310001287750Majesco and Magic Topco, L.P., Class B units2024-12-310001287750arcc:MajescoAndMagicTopcoLPMember2024-12-310001287750Metatiedot Bidco OY and Metatiedot US, LLC, First lien senior secured revolving loan2024-12-310001287750Metatiedot Bidco OY and Metatiedot US, LLC, First lien senior secured loan 12024-12-310001287750Metatiedot Bidco OY and Metatiedot US, LLC, First lien senior secured loan 22024-12-310001287750arcc:MetatiedotBidcoOYAndMetatiedotUSLLCMember2024-12-310001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 12024-12-310001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 22024-12-310001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 32024-12-310001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, Limited partnership interest2024-12-310001287750arcc:MimecastBorrowercoIncAndMagnesiumCoInvestSCSpMember2024-12-310001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., First lien senior secured loan2024-12-310001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., Limited partner interests2024-12-310001287750arcc:MinistryBrandsHoldingsLLCAndRCPMBInvestmentsBLPMember2024-12-310001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, First lien senior secured revolving loan2024-12-310001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, First lien senior secured loan2024-12-310001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, Class A units2024-12-310001287750arcc:MoonrakerAcquisitionCoLLCAndMoonrakerHoldCoLLCMember2024-12-310001287750MRI Software LLC, First lien senior secured loan 12024-12-310001287750MRI Software LLC, First lien senior secured loan 22024-12-310001287750MRI Software LLC, First lien senior secured loan 32024-12-310001287750arcc:MRISoftwareLLCMember2024-12-310001287750Netsmart, Inc. and Netsmart Technologies, Inc., First lien senior secured loan2024-12-310001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured revolving loan2024-12-310001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 12024-12-310001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 22024-12-310001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 32024-12-310001287750arcc:NorthStarAcquisitioncoLLCAndToucanBidcoLimitedMember2024-12-310001287750OpenMarket Inc., First lien senior secured loan2024-12-310001287750Optimizely North America Inc. and Optimizely Sweden Holdings AB, First lien senior secured loan 12024-12-310001287750Optimizely North America Inc. and Optimizely Sweden Holdings AB, First lien senior secured loan 22024-12-310001287750Optimizely North America Inc. and Optimizely Sweden Holdings AB, First lien senior secured loan 32024-12-310001287750arcc:OptimizelyNorthAmericaInc.AndOptimizelySwedenHoldingsABMember2024-12-310001287750PDDS HoldCo, Inc., First lien senior secured revolving loan2024-12-310001287750PDDS HoldCo, Inc., First lien senior secured loan2024-12-310001287750arcc:PDDSHoldCoIncMember2024-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, First lien senior secured loan 12024-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, First lien senior secured loan 22024-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Series A preferred stock2024-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Class A units2024-12-310001287750arcc:PDITAHoldingsIncPeachtreeParentIncAndInsightPDIHoldingsLLCMember2024-12-310001287750Perforce Software, Inc., First lien senior secured revolving loan2024-12-310001287750Petvisor Holdings, LLC, First lien senior secured revolving loan2024-12-310001287750Petvisor Holdings, LLC, First lien senior secured loan 12024-12-310001287750Petvisor Holdings, LLC, First lien senior secured loan 2aker HoldCo LLC, Class A units2024-12-310001287750Petvisor Holdings, LLC, First lien senior secured loan 22024-12-310001287750Petvisor Holdings, LLC, First lien senior secured loan 32024-12-310001287750arcc:PetvisorHoldingsLLCMember2024-12-310001287750Ping Identity Holding Corp., First lien senior secured loan2024-12-310001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC., First lien senior secured loan2024-12-310001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC., First lien senior secured loan 12024-12-310001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC., Common units2024-12-310001287750arcc:PluralsightLLCAndPluralsightHoldingsLLCAndParadigmaticHoldcoLLCMember2024-12-310001287750Poplicus Incorporated, Warrant to purchase shares of Series C preferred stock2024-12-310001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, First lien senior secured revolving loan2024-12-310001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, First lien senior secured loan2024-12-310001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, Senior subordinated loan2024-12-310001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, Class A units2024-12-310001287750arcc:PracticeTekPurchaserLLCPracticeTekMidCoLLCAndGSVPracticeTekHoldingsLLCMember2024-12-310001287750ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P., First lien senior secured revolving loan2024-12-310001287750ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P., First lien senior secured loan 12024-12-310001287750ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P., First lien senior secured loan 22024-12-310001287750ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P., Limited partnership units2024-12-310001287750arcc:ProfitSolvPurchaserIncAndPSCoInvestLPMember2024-12-310001287750Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc., Class A common stock2024-12-310001287750Project Alpha Intermediate Holding, Inc. and Qlik Parent, Inc., Class B common stock2024-12-310001287750arcc:ProjectAlphaIntermediateHoldingIncAndQlikParentIncMember2024-12-310001287750Project Essential Bidco, Inc. and Project Essential Super Parent, Inc., First lien senior secured loan2024-12-310001287750Project Essential Bidco, Inc. and Project Essential Super Parent, Inc., Preferred shares2024-12-310001287750arcc:ProjectEssentialBidcoIncAndProjectEssentialSuperParentIncMember2024-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 12024-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 22024-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 32024-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 42024-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., Class B units2024-12-310001287750arcc:ProjectPotterBuyerLLCAndProjectPotterParentLPMember2024-12-310001287750Proofpoint, Inc., First lien senior secured loan2024-12-310001287750QBS Parent, Inc., First lien senior secured loan2024-12-310001287750QF Holdings, Inc., First lien senior secured revolving loan2024-12-310001287750QF Holdings, Inc., First lien senior secured loan 12024-12-310001287750QF Holdings, Inc., First lien senior secured loan 22024-12-310001287750QF Holdings, Inc., First lien senior secured loan 32024-12-310001287750QF Holdings, Inc., First lien senior secured loan 42024-12-310001287750QF Holdings, Inc., First lien senior secured loan 52024-12-310001287750arcc:QFHoldingsIncMember2024-12-310001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 12024-12-310001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 22024-12-310001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 32024-12-310001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 42024-12-310001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, Class A common units2024-12-310001287750arcc:RaptorTechnologiesLLCSycamoreBidcoLTDAndRocketParentLLCMember2024-12-310001287750Regent Education, Inc., Warrant to purchase shares of common stock2024-12-310001287750Relativity ODA LLC, First lien senior secured loan2024-12-310001287750Revalize, Inc., First lien senior secured revolving loan2024-12-310001287750Revalize, Inc., First lien senior secured loan2024-12-310001287750arcc:RevalizeIncMember2024-12-310001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc., First lien senior secured loan 12024-12-310001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc., First lien senior secured loan 22024-12-310001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc., Class A common stock2024-12-310001287750arcc:RMSHoldcoIILLCRMSGroupHoldingsIncMember2024-12-310001287750Runway Bidco, LLC, First lien senior secured loan2024-12-310001287750Sapphire Software Buyer, Inc., First lien senior secured loan2024-12-310001287750Severin Acquisition, LLC, First lien senior secured loan2024-12-310001287750Smarsh Inc. and Skywalker TopCo, LLC, First lien senior secured revolving loan2024-12-310001287750Smarsh Inc. and Skywalker TopCo, LLC, First lien senior secured loan2024-12-310001287750Smarsh Inc. and Skywalker TopCo, LLC, Common units2024-12-310001287750arcc:SmarshIncAndSkywalkerTopCoLLCMember2024-12-310001287750SocialFlow, Inc., Warrant to purchase shares of Series C preferred stock2024-12-310001287750SoundCloud Limited, Common stock2024-12-310001287750Spaceship Purchaser, Inc., First lien senior secured loan2024-12-310001287750Spark Purchaser, Inc., First lien senior secured loan2024-12-310001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured loan 12024-12-310001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured loan 22024-12-310001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, Limited partner interests2024-12-310001287750arcc:SpiritRRHoldingsIncAndWinterfellCoInvestSCSpMember2024-12-310001287750Storable, Inc. and EQT IX Co-Investment (E) SCSP, Second lien senior secured loan 12024-12-310001287750Storable, Inc. and EQT IX Co-Investment (E) SCSP, Second lien senior secured loan 22024-12-310001287750Storable, Inc. and EQT IX Co-Investment (E) SCSP, Limited partnership interests2024-12-310001287750arcc:StorableIncAndEQTIXCoInvestmentESCSPMember2024-12-310001287750Sundance Group Holdings, Inc., First lien senior secured revolving loan2024-12-310001287750Sundance Group Holdings, Inc., First lien senior secured loan 12024-12-310001287750arcc:SundanceGroupHoldingsIncMember2024-12-310001287750Superman Holdings, LLC., First lien senior secured loan2024-12-310001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 12024-12-310001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 32024-12-310001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 52024-12-310001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., Class A-2 units2024-12-310001287750arcc:TamarackIntermediateLLCAndTamarackParentLLCMember2024-12-310001287750TCP Hawker Intermediate LLC, First lien senior secured loan 12024-12-310001287750TCP Hawker Intermediate LLC, First lien senior secured loan 22024-12-310001287750TCP Hawker Intermediate LLC, First lien senior secured loan 32024-12-310001287750TCP Hawker Intermediate LLC, First lien senior secured loan 42024-12-310001287750arcc:TCPHawkerIntermediateLLCMember2024-12-310001287750Transit Technologies LLC., First lien senior secured loan2024-12-310001287750UKG Inc. and H&F Unite Partners, L.P., Limited partnership interests2024-12-310001287750UserZoom Technologies, Inc., First lien senior secured loan2024-12-310001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P., First lien senior secured revolving loan2024-12-310001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P., First lien senior secured loan2024-12-310001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P., Partnership units2024-12-310001287750arcc:VictorsPurchaserLLCAndWPVictorsCoInvestmentL.P.Member2024-12-310001287750Viper Bidco, Inc., First lien senior secured loan 12024-12-310001287750Viper Bidco, Inc., First lien senior secured loan 22024-12-310001287750arcc:ViperBidcoInc.Member2024-12-310001287750WebPT, Inc. and WPT Intermediate Holdco, Inc., First lien senior secured revolving loan 12024-12-310001287750WebPT, Inc. and WPT Intermediate Holdco, Inc., First lien senior secured revolving loan 22024-12-310001287750WebPT, Inc. and WPT Intermediate Holdco, Inc., First lien senior secured loan2024-12-310001287750WebPT, Inc. and WPT Intermediate Holdco, Inc., Senior subordinated loan2024-12-310001287750arcc:WebPTInc.AndWPTIntermediateHoldcoInc.Member2024-12-310001287750Wellington Bidco Inc. and Wellington TopCo LP, First lien senior secured revolving loan2024-12-310001287750Wellington Bidco Inc. and Wellington TopCo LP, First lien senior secured loan2024-12-310001287750Wellington Bidco Inc. and Wellington TopCo LP, Class A-2 preferred units2024-12-310001287750arcc:WellingtonBidcoInc.AndWellingtonTopCoLPMember2024-12-310001287750Wellness AcquisitionCo, Inc., First lien senior secured loan 12024-12-310001287750Wellness AcquisitionCo, Inc., First lien senior secured loan 22024-12-310001287750arcc:WellnessAcquisitionCoIncMember2024-12-310001287750WorkWave Intermediate II, LLC, First lien senior secured revolving loan2024-12-310001287750WorkWave Intermediate II, LLC, First lien senior secured loan 12024-12-310001287750WorkWave Intermediate II, LLC, First lien senior secured loan 22024-12-310001287750WorkWave Intermediate II, LLC, First lien senior secured loan 32024-12-310001287750arcc:WorkWaveIntermediateIILLCMember2024-12-310001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, First lien senior secured loan2024-12-310001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, Series A preferred stock2024-12-310001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, Class A common units2024-12-310001287750arcc:ZenDeskIncZoroTopCoIncAndZoroTopCoLPMember2024-12-310001287750ZocDoc, Inc., First lien senior secured loan2024-12-310001287750arcc:SoftwareAndServicesMember2024-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured revolving loan 12024-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured loan2024-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, Class A preferred units2024-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, Class A common units2024-12-310001287750arcc:AbsoluteDentalGroupLLCAndAbsoluteDentalEquityLLCMember2024-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, First lien senior secured loan2024-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, Second lien senior secured loan2024-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, Membership units2024-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, Class A common units2024-12-310001287750arcc:ADGLLCGEDCEquityLLCAndRCIVGEDCInvestorLLCMember2024-12-310001287750Advarra Holdings, Inc., First lien senior secured loan2024-12-310001287750Aerin Medical Inc., First lien senior secured loan2024-12-310001287750Aerin Medical Inc., Series G preferred shares2024-12-310001287750arcc:AerinMedicalInc.Member2024-12-310001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Series A preferred shares2024-12-310001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Preferred units2024-12-310001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Class B common units2024-12-310001287750arcc:AHRFundingHoldingsIncAndAHRParentHoldingsLPMember2024-12-310001287750Amerivet Partners Management, Inc. and AVE Holdings LP, Subordinated loan2024-12-310001287750Amerivet Partners Management, Inc. and AVE Holdings LP, Class A units2024-12-310001287750Amerivet Partners Management, Inc. and AVE Holdings LP, Class C units2024-12-310001287750arcc:AmerivetPartnersManagementIncAndAVEHoldingsLPMember2024-12-310001287750Artivion, Inc., First lien senior secured revolving loan2024-12-310001287750Artivion, Inc., First lien senior secured loan2024-12-310001287750arcc:ArtivionIncMember2024-12-310001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, First lien senior secured loan2024-12-310001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Series A preferred stock2024-12-310001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Class A units2024-12-310001287750arcc:AthenaHealthGroupIncMinervaHoldcoIncAndBCPECoInvestALPMember2024-12-310001287750Avalign Holdings, Inc. and Avalign Technologies, Inc., First lien senior secured revolving loan2024-12-310001287750Avalign Holdings, Inc. and Avalign Technologies, Inc., First lien senior secured loan2024-12-310001287750arcc:AvalignHoldingsInc.AndAvalignTechnologiesInc.Member2024-12-310001287750BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP, First lien senior secured loan2024-12-310001287750Bambino Group Holdings, LLC, Class A preferred units2024-12-310001287750Center for Autism and Related Disorders, LLC, First lien senior secured revolving loan 12024-12-310001287750Center for Autism and Related Disorders, LLC, First lien senior secured revolving loan 22024-12-310001287750Center for Autism and Related Disorders, LLC, First lien senior secured loan2024-12-310001287750arcc:CenterForAutismAndRelatedDisordersLLCMember2024-12-310001287750Color Intermediate, LLC, First lien senior secured loan2024-12-310001287750Comprehensive EyeCare Partners, LLC, First lien senior secured revolving loan2024-12-310001287750Comprehensive EyeCare Partners, LLC, First lien senior secured loan2024-12-310001287750arcc:ComprehensiveEyeCarePartnersLLCMember2024-12-310001287750Convey Health Solutions, Inc., First lien senior secured loan 12024-12-310001287750Convey Health Solutions, Inc., First lien senior secured loan 22024-12-310001287750Convey Health Solutions, Inc., First lien senior secured loan 32024-12-310001287750arcc:ConveyHealthSolutionsIncMember2024-12-310001287750Cradle Lux Bidco S.A.R.L., First lien senior secured loan 12024-12-310001287750Cradle Lux Bidco S.A.R.L., First lien senior secured loan 22024-12-310001287750arcc:CradleLuxBidcoS.A.R.L.Member2024-12-310001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, First lien senior secured revolving loan2024-12-310001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, First lien senior secured loan2024-12-310001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, Class A shares2024-12-310001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, Common units2024-12-310001287750arcc:CrownCTParentIncCrownCTHoldCoIncAndCrownCTManagementLLCMember2024-12-310001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan2024-12-310001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, Class A preferred units2024-12-310001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, Common stock2024-12-310001287750arcc:CVPHoldcoIncAndOMERSWildcatsInvestmentHoldingsLLCMember2024-12-310001287750Empower Payments Investor, LLC, First lien senior secured loan2024-12-310001287750Evolent Health LLC and Evolent Health, Inc., Series A preferred shares2024-12-310001287750GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC, Second lien senior secured loan2024-12-310001287750GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC, Class A units2024-12-310001287750arcc:GHXUltimateParentCorporationCommerceParentIncAndCommerceTopcoLLCMember2024-12-310001287750Global Medical Response, Inc. and GMR Buyer Corp., First lien senior secured loan2024-12-310001287750Global Medical Response, Inc. and GMR Buyer Corp., Series B preferred shares2024-12-310001287750Global Medical Response, Inc. and GMR Buyer Corp., Warrant to purchase units of common stock 12024-12-310001287750Global Medical Response, Inc. and GMR Buyer Corp., Warrant to purchase units of common stock 22024-12-310001287750Global Medical Response, Inc. and GMR Buyer Corp., Warrants to purchase shares of common stock2024-12-310001287750arcc:GlobalMedicalResponseIncAndGMRBuyerCorpMember2024-12-310001287750HealthEdge Software, Inc., First lien senior secured loan 12024-12-310001287750Honor Technology, Inc., Warrant to purchase shares of Series D-2 preferred stock2024-12-310001287750HuFriedy Group Acquisition LLC, First lien senior secured revolving loan2024-12-310001287750HuFriedy Group Acquisition LLC, First lien senior secured loan2024-12-310001287750arcc:HuFriedyGroupAcquisitionLLCMember2024-12-310001287750KBHS Acquisition, LLC (d/b/a Alita Care, LLC), First lien senior secured revolving loan 12024-12-310001287750KBHS Acquisition, LLC (d/b/a Alita Care, LLC), First lien senior secured revolving loan 22024-12-310001287750KBHS Acquisition, LLC (d/b/a Alita Care, LLC), First lien senior secured revolving loan 32024-12-310001287750arcc:KBHSAcquisitionLLCDbaAlitaCareLLCMember2024-12-310001287750Lifescan Global Corporation, First lien senior secured loan2024-12-310001287750Lifescan Global Corporation, Second lien senior secured loan2024-12-310001287750arcc:LifescanGlobalCorporationMember2024-12-310001287750LivTech Purchaser, Inc., First lien senior secured loan2024-12-310001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC, Preferred units2024-12-310001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC, Senior preferred units2024-12-310001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC, Class A units2024-12-310001287750arcc:NapaManagementServicesCorporationAndASPNAPAHoldingsLLCMember2024-12-310001287750Next Holdco, LLC, First lien senior secured loan2024-12-310001287750NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured revolving loan2024-12-310001287750NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured loan2024-12-310001287750NMN Holdings III Corp. and NMN Holdings LP, Partnership units2024-12-310001287750arcc:NMNHoldingsIIICorpAndNMNHoldingsLPMember2024-12-310001287750Nomi Health, Inc., First lien senior secured loan 12024-12-310001287750Nomi Health, Inc., First lien senior secured loan 22024-12-310001287750Nomi Health, Inc., Warrant to purchase shares of Series B preferred stock2024-12-310001287750Nomi Health, Inc., Warrant to purchase units of Class A common stock2024-12-310001287750arcc:NomiHealthIncMember2024-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 32024-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 12024-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, First lien senior secured loan 22024-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Preferred units2024-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Preferred stock2024-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Class A common units2024-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Common units2024-12-310001287750arcc:OlympiaAcquisitionIncOlympiaTopCoLPAndAsclepiusHoldingsLLCMember2024-12-310001287750OMH-HealthEdge Holdings, LLC, First lien senior secured loan2024-12-310001287750Paragon 28, Inc. and Paragon Advanced Technologies, Inc., First lien senior secured revolving loan2024-12-310001287750Paragon 28, Inc. and Paragon Advanced Technologies, Inc., First lien senior secured loan2024-12-310001287750arcc:Paragon28IncAndParagonAdvancedTechnologiesIncMember2024-12-310001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC, First lien senior secured revolving loan2024-12-310001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC, Second lien senior secured loan2024-12-310001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC, Class R common units2024-12-310001287750arcc:PathwayVetAllianceLLCAndJediGroupHoldingsLLCMember2024-12-310001287750PetVet Care Centers, LLC, First lien senior secured loan2024-12-310001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, First lien senior secured revolving loan2024-12-310001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, First lien senior secured loan2024-12-310001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP, Class A units2024-12-310001287750arcc:PremiseHealthHoldingCorpAndOMERSBluejayInvestmentHoldingsLPMember2024-12-310001287750RTI Surgical, Inc. and Pioneer Surgical Technology, Inc., First lien senior secured revolving loan2024-12-310001287750RTI Surgical, Inc. and Pioneer Surgical Technology, Inc., First lien senior secured loan2024-12-310001287750arcc:RTISurgicalIncAndPioneerSurgicalTechnologyIncMember2024-12-310001287750SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC, Common units2024-12-310001287750SM Wellness Holdings, Inc. and SM Holdco, LLC, Series D units2024-12-310001287750SM Wellness Holdings, Inc. and SM Holdco, LLC, Series A units2024-12-310001287750SM Wellness Holdings, Inc. and SM Holdco, LLC, Series B units2024-12-310001287750arcc:SMWellnessHoldingsIncAndSMHoldcoIncMember2024-12-310001287750SOC Telemed, Inc. and PSC Spark Holdings, LP, First lien senior secured loan2024-12-310001287750SOC Telemed, Inc. and PSC Spark Holdings, LP, Class A-2 units2024-12-310001287750SOC Telemed, Inc. and PSC Spark Holdings, LP, Warrant to purchase units of common stock2024-12-310001287750arcc:SOCTelemedIncAndPSCSparkHoldingsLPMember2024-12-310001287750Surescripts, LLC, First lien senior secured loan2024-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured revolving loan2024-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured loan 12024-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured loan 22024-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Second lien senior secured loan 12024-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Second lien senior secured loan 22024-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-1 preferred shares2024-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-2 preferred sharess2024-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-2 preferred shares2024-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-3 preferred shares2024-12-310001287750arcc:SymplrSoftwareIncAndSymplrSoftwareIntermediateHoldingsIncMember2024-12-310001287750Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC, First lien senior secured loan2024-12-310001287750Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC, Common units2024-12-310001287750arcc:SynergyHomeCareFranchisingLLCAndNPSynergyHoldingsLLCMember2024-12-310001287750Tempus AI, Inc., First lien senior secured loan 12024-12-310001287750Tempus AI, Inc., First lien senior secured loan 22024-12-310001287750Tempus AI, Inc., First lien senior secured loan 32024-12-310001287750Tempus AI, Inc., Common units2024-12-310001287750arcc:TempusAIInc.Member2024-12-310001287750Therapy Brands Holdings LLC, Second lien senior secured loan2024-12-310001287750U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc., Second lien senior secured loan2024-12-310001287750U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc., Common stock2024-12-310001287750arcc:USAnesthesiaPartnersIncUSAnesthesiaPartnersHoldingsIncMember2024-12-310001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, First lien senior secured revolving loan2024-12-310001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, First lien senior secured loan2024-12-310001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, Class A interests2024-12-310001287750arcc:UnitedDigestiveMSOParentLLCAndKolnCoInvestUnblockedLPMember2024-12-310001287750Viant Medical Holdings, Inc., First lien senior secured loan2024-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 12024-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 22024-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 32024-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 42024-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., Class A-2 units 12024-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., Class A-2 units 22024-12-310001287750arcc:VPPIntermediateHoldingsLLCAndVPPGroupHoldingsLPMember2024-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured revolving loan2024-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 12024-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 22024-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 32024-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 42024-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 52024-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 62024-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 72024-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, Class A preferred units2024-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, Common units2024-12-310001287750arcc:WSHPFCAcquisitionLLCMember2024-12-310001287750us-gaap:HealthcareSectorMember2024-12-310001287750Aduro Advisors, LLC, First lien senior secured loan2024-12-310001287750AQ Sage Buyer, LLC, First lien senior secured revolving loan2024-12-310001287750AQ Sage Buyer, LLC, First lien senior secured loan2024-12-310001287750arcc:AQSageBuyerLLCMember2024-12-310001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, First lien senior secured loan2024-12-310001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, Senior subordinated loan2024-12-310001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, Common units2024-12-310001287750arcc:BCCBlueprintHoldingsILLCAndBCCBlueprintInvestmentsLLCMember2024-12-310001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 12024-12-310001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 22024-12-310001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 32024-12-310001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 42024-12-310001287750arcc:BeaconPointeHarmonyLLCMember2024-12-310001287750Cliffwater LLC, First lien senior secured loan2024-12-310001287750Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 12024-12-310001287750Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 22024-12-310001287750Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 32024-12-310001287750arcc:ConveraInternationalHoldingsLimitedAndConveraInternationalFinancialSARLMember2024-12-310001287750Corient Holdings, Inc., Series A preferred stock2024-12-310001287750CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC, Series D preferred units2024-12-310001287750DFC Global Facility Borrower III LLC, First lien senior secured revolving loan2024-12-310001287750eCapital Finance Corp., Senior subordinated loan 12024-12-310001287750eCapital Finance Corp., Senior subordinated loan 22024-12-310001287750eCapital Finance Corp., Senior subordinated loan 32024-12-310001287750eCapital Finance Corp., Senior subordinated loan 42024-12-310001287750eCapital Finance Corp., Senior subordinated loan 52024-12-310001287750eCapital Finance Corp., Senior subordinated loan 62024-12-310001287750eCapital Finance Corp., Senior subordinated loan 72024-12-310001287750arcc:ECapitalFinanceCorpMember2024-12-310001287750Endeavor Bidco LLC and Endeavor TopCo, Inc., First lien senior secured loan2024-12-310001287750Endeavor Bidco LLC and Endeavor TopCo, Inc., Class A common units2024-12-310001287750arcc:EndeavorBidcoLLCAndEndeavorTopCoInc.Member2024-12-310001287750EP Wealth Advisors, LLC, First lien senior secured loan 12024-12-310001287750EP Wealth Advisors, LLC, First lien senior secured loan 22024-12-310001287750arcc:EPWealthAdvisorsLLCMember2024-12-310001287750GTCR F Buyer Corp. and GTCR (D) Investors LP, First lien senior secured loan2024-12-310001287750GTCR F Buyer Corp. and GTCR (D) Investors LP, Limited partnership interests2024-12-310001287750arcc:GTCRFBuyerCorpAndGTCRDInvestorsLPMember2024-12-310001287750HighTower Holding, LLC, Senior subordinated loan2024-12-310001287750Ivy Hill Asset Management, L.P., Member interest2024-12-310001287750Lido Advisors, LLC, First lien senior secured revolving loan2024-12-310001287750Lido Advisors, LLC, First lien senior secured loan 12024-12-310001287750Lido Advisors, LLC, First lien senior secured loan 22024-12-310001287750Lido Advisors, LLC, First lien senior secured loan 32024-12-310001287750arcc:LidoAdvisorsLLCMember2024-12-310001287750Mai Capital Management Intermediate LLC, First lien senior secured revolving loan2024-12-310001287750Mai Capital Management Intermediate LLC, First lien senior secured loan2024-12-310001287750arcc:MaiCapitalManagementIntermediateLLCMember2024-12-310001287750Monica Holdco (US) Inc., First lien senior secured loan 12024-12-310001287750Monica Holdco (US) Inc., First lien senior secured loan 22024-12-310001287750arcc:MonicaHoldcoUSIncMember2024-12-310001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured revolving loan2024-12-310001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 12024-12-310001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 22024-12-310001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 32024-12-310001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., Limited partnership interests2024-12-310001287750arcc:PathstoneFamilyOfficeLLCAndKelsoXITailwindCoInvestmentLPMember2024-12-310001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, First lien senior secured loan2024-12-310001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, Preferred units2024-12-310001287750arcc:PCIASPV3LLCAndASERoyalAggregatorLLCMember2024-12-310001287750PCS MidCo, Inc. and PCS Parent, L.P., First lien senior secured revolving loan2024-12-310001287750PCS MidCo, Inc. and PCS Parent, L.P., First lien senior secured loan2024-12-310001287750PCS MidCo, Inc. and PCS Parent, L.P., Class A units2024-12-310001287750arcc:PCSMidCoInc.AndPCSParentL.P.Member2024-12-310001287750Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP, First lien senior secured loan2024-12-310001287750Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP, Limited partnership interest2024-12-310001287750arcc:PerigonWealthManagementLLCPerigonWealthAdvisorsHoldingsCompanyLLCAndCWCFundICoInvestPrismLPMember2024-12-310001287750Petrus Buyer, Inc., First lien senior secured loan2024-12-310001287750Priority Holdings, LLC and Priority Technology Holdings, Inc., Warrant to purchase shares of common stock2024-12-310001287750RFS Opco LLC, First lien senior secured loan2024-12-310001287750Rialto Management Group, LLC, First lien senior secured revolving loan2024-12-310001287750Rialto Management Group, LLC, First lien senior secured loan 32024-12-310001287750arcc:RialtoManagementGroupLLCMember2024-12-310001287750RWA Wealth Partners, LLC, First lien senior secured loan2024-12-310001287750 Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC, First lien senior secured loan 12024-12-310001287750Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC, First lien senior secured loan 22024-12-310001287750arcc:StewardPartnersGlobalAdvisoryLLCAndStewardPartnersInvestmentAdvisoryLLCMember2024-12-310001287750The Edelman Financial Center, LLC, Second lien senior secured loan2024-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured revolving loan2024-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured loan2024-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Senior subordinated loan2024-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Series A preferred units2024-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Common units2024-12-310001287750arcc:TheMatherGroupLLCTVGTMGTopcoIncAndTVGTMGHoldingsLLCMember2024-12-310001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, First lien senior secured loan2024-12-310001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class A preferred units2024-12-310001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class A common units2024-12-310001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class B common units 12024-12-310001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, Class B common units 22024-12-310001287750arcc:TheUltimusGroupMidcoLLCTheUltimusGroupLLCAndTheUltimusGroupAggregatorLPMember2024-12-310001287750TPG IX Cardiff CI II, L.P., Limited partnership interest2024-12-310001287750Waverly Advisors, LLC and WAAM Topco, LLC, First lien senior secured loan 12024-12-310001287750Waverly Advisors, LLC and WAAM Topco, LLC, First lien senior secured loan 22024-12-310001287750Waverly Advisors, LLC and WAAM Topco, LLC, Class A units2024-12-310001287750arcc:WaverlyAdvisorsLLCAndWAAMTopcoLLCMember2024-12-310001287750Wealth Enhancement Group, LLC, First lien senior secured loan 12024-12-310001287750Wealth Enhancement Group, LLC, First lien senior secured loan 22024-12-310001287750Wealth Enhancement Group, LLC, First lien senior secured loan 32024-12-310001287750Wealth Enhancement Group, LLC, First lien senior secured loan 42024-12-310001287750Wealth Enhancement Group, LLC, First lien senior secured loan 52024-12-310001287750arcc:WealthEnhancementGroupLLCMember2024-12-310001287750Wellington-Altus Financial Inc., First lien senior secured loan2024-12-310001287750Wellington-Altus Financial Inc., Common stock2024-12-310001287750arcc:WellingtonAltusFinancialInc.Member2024-12-310001287750us-gaap:FinancialServicesSectorMember2024-12-310001287750Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC, Class A common units2024-12-310001287750Aero Operating LLC, First lien senior secured loan 12024-12-310001287750Aero Operating LLC, First lien senior secured loan 22024-12-310001287750arcc:AeroOperatingLLCMember2024-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured revolving loan2024-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 12024-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 22024-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, First lien senior secured loan 32024-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, Second lien senior secured loan 12024-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, Second lien senior secured loan 22024-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, Second lien senior secured loan 32024-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC, Common units2024-12-310001287750arcc:AIFireBuyerIncAndAIFireParentLLCMember2024-12-310001287750Aldinger Company Inc, First lien senior secured loan2024-12-310001287750AMCP Clean Acquisition Company, LLC, First lien senior secured loan 12024-12-310001287750AMCP Clean Acquisition Company, LLC, First lien senior secured loan 22024-12-310001287750arcc:AMCPCleanAcquisitionCompanyLLCMember2024-12-310001287750Applied Technical Services, LLC, First lien senior secured revolving loan2024-12-310001287750Applied Technical Services, LLC, First lien senior secured loan 12024-12-310001287750Applied Technical Services, LLC, First lien senior secured loan 22024-12-310001287750Applied Technical Services, LLC, First lien senior secured loan 32024-12-310001287750arcc:AppliedTechnicalServicesLLCMember2024-12-310001287750Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc., First lien senior secured loan2024-12-310001287750Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc., Senior subordinated loan 12024-12-310001287750Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc., Senior subordinated loan 22024-12-310001287750Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc., Senior subordinated loan 32024-12-310001287750arcc:ArgenbrightHoldingsVLLCAndAmberstoneSecurityGroupLimitedMember2024-12-310001287750ATI Restoration, LLC, First lien senior secured revolving loan2024-12-310001287750ATI Restoration, LLC, First lien senior secured loan 12024-12-310001287750ATI Restoration, LLC, First lien senior secured loan 22024-12-310001287750ATI Restoration, LLC, First lien senior secured loan 32024-12-310001287750arcc:ATIRestorationLLCMember2024-12-310001287750Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP, First lien senior secured revolving loan2024-12-310001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, First lien senior secured loan2024-12-310001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, Second lien senior secured loan2024-12-310001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, Class A units2024-12-310001287750arcc:CapstoneAcquisitionHoldingsInc.CapstoneLogisticsHoldingsInc.AndCapstoneParentHoldingsLPMember2024-12-310001287750Compex Legal Services, Inc., First lien senior secured revolving loan 12024-12-310001287750Compex Legal Services, Inc., First lien senior secured loan2024-12-310001287750arcc:CompexLegalServicesIncMember2024-12-310001287750Dorado Bidco, Inc., First lien senior secured loan2024-12-310001287750DP Flores Holdings, LLC, First lien senior secured loan2024-12-310001287750Drogon Bidco Inc. & Drogon Aggregator LP, First lien senior secured loan2024-12-310001287750Drogon Bidco Inc. & Drogon Aggregator LP, Class A-2 common units 2024-12-310001287750arcc:DrogonBidcoInc.DrogonAggregatorLPMember2024-12-310001287750DTI Holdco, Inc. and OPE DTI Holdings, Inc., Class A common stock2024-12-310001287750DTI Holdco, Inc. and OPE DTI Holdings, Inc., Class B common stock2024-12-310001287750arcc:DTIHoldcoIncAndOPEDTIHoldingsIncMember2024-12-310001287750Duraserv LLC, First lien senior secured loan2024-12-310001287750Elevation Services Parent Holdings, LLC, First lien senior secured revolving loan2024-12-310001287750Elevation Services Parent Holdings, LLC, First lien senior secured loan 22024-12-310001287750Elevation Services Parent Holdings, LLC, First lien senior secured loan 32024-12-310001287750arcc:ElevationServicesParentHoldingsLLCMember2024-12-310001287750FlyWheel Acquireco, Inc., First lien senior secured revolving loan2024-12-310001287750FlyWheel Acquireco, Inc., First lien senior secured loan2024-12-310001287750arcc:FlyWheelAcquirecoIncMember2024-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured revolving loan2024-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured loan 12024-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured loan 22024-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, First lien senior secured loan 32024-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP, Class A units2024-12-310001287750arcc:HHStellaIncAndBedrockParentHoldingsLPMember2024-12-310001287750HP RSS Buyer, Inc., First lien senior secured loan 12024-12-310001287750HP RSS Buyer, Inc., First lien senior secured loan 22024-12-310001287750arcc:HPRSSBuyerInc.Member2024-12-310001287750IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P., First lien senior secured revolving loan 22024-12-310001287750IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P., First lien senior secured loan2024-12-310001287750arcc:IRIGroupHoldingsInc.CircanaLLCAndIRINPDCoInvestAggregatorL.PMember2024-12-310001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured revolving loan2024-12-310001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured loan 12024-12-310001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured loan 22024-12-310001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., Class A units2024-12-310001287750arcc:ISQHawkeyeHoldcoIncAndISQHawkeyeHoldingsLPMember2024-12-310001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, First lien senior secured loan 12024-12-310001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, First lien senior secured loan 22024-12-310001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, Preferred units2024-12-310001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, Class A common units2024-12-310001287750arcc:KellermeyerBergensonsServicesLLCAndKBSTopCoLLCMember2024-12-310001287750Kings Buyer, LLC, First lien senior secured revolving loan2024-12-310001287750Kings Buyer, LLC, First lien senior secured loan2024-12-310001287750arcc:KingsBuyerLLCMember2024-12-310001287750KPS Global LLC and Cool Group LLC, First lien senior secured loan 12024-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured revolving loan 12024-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured revolving loan 22024-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 12024-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 22024-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 32024-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 42024-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, Class A units2024-12-310001287750arcc:LaboratoriesBidcoLLCAndLaboratoriesTopcoLLCMember2024-12-310001287750LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP, First lien senior secured loan2024-12-310001287750LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP, Class A common units2024-12-310001287750arcc:LBCWoodlandsPurchaserLLCAndLBCWoodlandsHoldingsLPMember2024-12-310001287750Lightbeam Bidco, Inc., First lien senior secured revolving loan2024-12-310001287750Lightbeam Bidco, Inc., First lien senior secured loan 12024-12-310001287750Lightbeam Bidco, Inc., First lien senior secured loan 22024-12-310001287750arcc:LightbeamBidcoIncMember2024-12-310001287750LJP Purchaser, Inc. and LJP Topco, LP, First lien senior secured loan2024-12-310001287750LJP Purchaser, Inc. and LJP Topco, LP, Class A units2024-12-310001287750arcc:LJPPurchaserIncAndLJPTopcoLPMember2024-12-310001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Second lien senior secured loan 12024-12-310001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Second lien senior secured loan 22024-12-310001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Series A preferred stock2024-12-310001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Series B preferred stock2024-12-310001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., Common stock2024-12-310001287750arcc:MicrostarLogisticsLLCMicrostarGlobalAssetManagementLLCMStarHoldingCorporationAndKegstarUSAIncMember2024-12-310001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured revolving loan2024-12-310001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 12024-12-310001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 22024-12-310001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 32024-12-310001287750arcc:NASLLCAndNationwideMarketingGroupLLCMember2024-12-310001287750Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1, Limited partner interest2024-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured revolving loan2024-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 12024-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 22024-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured note2024-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., Second lien senior secured loan2024-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., Limited partnership interests2024-12-310001287750arcc:NeptuneBidcoUSIncAndElliottMetronCoInvestorAggregatorLPMember2024-12-310001287750North Haven Stack Buyer, LLC, First lien senior secured revolving loan2024-12-310001287750North Haven Stack Buyer, LLC, First lien senior secured loan 12024-12-310001287750North Haven Stack Buyer, LLC, First lien senior secured loan 32024-12-310001287750North Haven Stack Buyer, LLC, First lien senior secured loan 42024-12-310001287750North Haven Stack Buyer, LLC, First lien senior secured loan 52024-12-310001287750arcc:NorthHavenStackBuyerLLCMember2024-12-310001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan 12024-12-310001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan 22024-12-310001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, Warrant to purchase units of Class A common units 12024-12-310001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, Warrant to purchase units of Class A common units 22024-12-310001287750arcc:PriorityWasteHoldingsLLCPriorityWasteHoldingsIndianaLLCAndPriorityWasteSuperHoldingsLLCMember2024-12-310001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, First lien senior secured loan 12024-12-310001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, First lien senior secured loan 22024-12-310001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, Class A units2024-12-310001287750arcc:PritchardIndustriesLLCAndLJPritchardTopCoHoldingsLLCMember2024-12-310001287750PS Operating Company LLC and PS Op Holdings LLC, First lien senior secured revolving loan2024-12-310001287750PS Operating Company LLC and PS Op Holdings LLC, First lien senior secured loan2024-12-310001287750PS Operating Company LLC and PS Op Holdings LLC, Common unit2024-12-310001287750arcc:PSOperatingCompanyLLCAndPSOPHoldingsLLCMember2024-12-310001287750PSC Parent, Inc., First lien senior secured revolving loan 12024-12-310001287750PSC Parent, Inc., First lien senior secured loan2024-12-310001287750arcc:PSCGroupLLCMember2024-12-310001287750PYE-Barker Fire & Safety, LLC, First lien senior secured revolving loan2024-12-310001287750PYE-Barker Fire & Safety, LLC, First lien senior secured loan2024-12-310001287750arcc:PYEBarkerFireSafetyLLCMember2024-12-310001287750R2 Acquisition Corp., Common stock2024-12-310001287750RC V Tecmo Investor LLC, Common member units2024-12-310001287750RE Community Holdings GP, LLC and RE Community Holdings, LP, Limited partnership interest 12024-12-310001287750RE Community Holdings GP, LLC and RE Community Holdings, LP, Limited partnership interest 22024-12-310001287750arcc:RECommunityHoldingsGPLLCAndRECommunityHoldingsLPMember2024-12-310001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., First lien senior secured revolving loan2024-12-310001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., First lien senior secured loan2024-12-310001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., Limited partner interests2024-12-310001287750arcc:RegistrarIntermediateLLCAndPSPRegistrarCoInvestmentFundLPMember2024-12-310001287750Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc., Common units2024-12-310001287750Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc., Warrants to purchase shares of common stock2024-12-310001287750arcc:ResearchNowGroupLLCAndDynataLLCAndNewInsightHoldingsInc.Member2024-12-310001287750Rodeo AcquisitionCo LLC, First lien senior secured revolving loan2024-12-310001287750Rodeo AcquisitionCo LLC, First lien senior secured loan2024-12-310001287750arcc:RodeoAcquisitionCoLLCMember2024-12-310001287750Saturn Purchaser Corp., First lien senior secured loan2024-12-310001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., First lien senior secured revolving loan2024-12-310001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., First lien senior secured loan2024-12-310001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P., Class A units2024-12-310001287750arcc:SchillLandscapingAndLawnCareServicesLLCTenderLawnCareULCAndLandscapeParallelPartnersLPMember2024-12-310001287750Shermco Intermediate Holdings, Inc., First lien senior secured revolving loan 12024-12-310001287750Shermco Intermediate Holdings, Inc., First lien senior secured loan 12024-12-310001287750Shermco Intermediate Holdings, Inc., First lien senior secured loan 22024-12-310001287750arcc:ShermcoIntermediateHoldingsIncMember2024-12-310001287750SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP, Limited partnership class A-1 units2024-12-310001287750SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP, Limited partnership class A-2 units2024-12-310001287750arcc:SSEBuyerIncSupplySourceEnterprisesIncImpactProductsLLCTheSafetyZoneLLCAndSSEParentLPMember2024-12-310001287750Startec Equity, LLC, Member interest2024-12-310001287750SV Newco 2, Inc. and Site 2020 Incorporated, First lien senior secured loan2024-12-310001287750Systems Planning and Analysis, Inc., First lien senior secured loan2024-12-310001287750The Hiller Companies, LLC, First lien senior secured loan2024-12-310001287750Thermostat Purchaser III, Inc., First lien senior secured revolving loan 12024-12-310001287750Thermostat Purchaser III, Inc., First lien senior secured revolving loan 22024-12-310001287750Thermostat Purchaser III, Inc., Second lien senior secured loan2024-12-310001287750arcc:ThermostatPurchaserIIIIncMember2024-12-310001287750TSS Buyer, LLC, First lien senior secured loan2024-12-310001287750UP Intermediate II LLC and UPBW Blocker LLC, First lien senior secured revolving loan2024-12-310001287750UP Intermediate II LLC and UPBW Blocker LLC, First lien senior secured loan2024-12-310001287750UP Intermediate II LLC and UPBW Blocker LLC, Common units 12024-12-310001287750UP Intermediate II LLC and UPBW Blocker LLC, Common units 22024-12-310001287750arcc:UPIntermediateIILLCAndUPBWBlockerLLCMember2024-12-310001287750Valcourt Holdings II, LLC and Jobs Holdings, Inc., First lien senior secured loan2024-12-310001287750Visual Edge Technology, Inc., First lien senior secured loan2024-12-310001287750Visual Edge Technology, Inc. ,Senior preferred stock2024-12-310001287750Visual Edge Technology, Inc., Senior preferred stock2024-12-310001287750Visual Edge Technology, Inc., Junior preferred stock2024-12-310001287750Visual Edge Technology, Inc., Warrant to purchase shares of common stock2024-12-310001287750arcc:VisualEdgeTechnologyIncMember2024-12-310001287750VRC Companies, LLC, Senior subordinated loan2024-12-310001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, First lien senior secured loan2024-12-310001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, Class A preferred units2024-12-310001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, Class A common units2024-12-310001287750arcc:W.S.ConnellyCo.LLCAndWSCUltimateHoldingsLLCMember2024-12-310001287750Wash Encore Holdings, LLC, First lien senior secured loan 12024-12-310001287750Wash Encore Holdings, LLC, First lien senior secured loan 22024-12-310001287750arcc:WashEncoreHoldingsLLCMember2024-12-310001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured revolving loan2024-12-310001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured loan 12024-12-310001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, First lien senior secured loan 22024-12-310001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, Class A units2024-12-310001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, Class B units2024-12-310001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, Class C units2024-12-310001287750arcc:XIFINIncAndACPChargerCoInvestLLCMember2024-12-310001287750Zinc Buyer Corporation, First lien senior secured revolving loan2024-12-310001287750Zinc Buyer Corporation, First lien senior secured loan2024-12-310001287750arcc:ZincBuyerCorporationMember2024-12-310001287750arcc:CommercialAndProfessionalServicesMember2024-12-310001287750Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 12024-12-310001287750Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 22024-12-310001287750Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 32024-12-310001287750Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc., First lien senior secured loan 42024-12-310001287750arcc:AccessionRiskManagementGroupIncAndRSCInsuranceBrokerageIncMember2024-12-310001287750Acrisure, LLC, First lien senior secured loan2024-12-310001287750Alera Group, Inc., First lien senior secured loan 12024-12-310001287750Alera Group, Inc., First lien senior secured loan 22024-12-310001287750arcc:AleraGroupInc.Member2024-12-310001287750AQ Sunshine, Inc., First lien senior secured revolving loan2024-12-310001287750AQ Sunshine, Inc., First lien senior secured loan2024-12-310001287750arcc:AQSunshineIncMember2024-12-310001287750Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 12024-12-310001287750Ardonagh Midco 2 plc and Ardonagh Midco 3 plc, First lien senior secured loan 22024-12-310001287750arcc:ArdonaghMidco2PlcAndArdonaghMidco3PlcMember2024-12-310001287750Benecon Midco II LLC and Benecon Holdings, LLC, First lien senior secured loan2024-12-310001287750Benecon Midco II LLC and Benecon Holdings, LLC, Class A units2024-12-310001287750arcc:BeneconMidcoIILLCAndBeneconHoldingsLLCMember2024-12-310001287750Captive Resources Midco, LLC, First lien senior secured loan2024-12-310001287750Daylight Beta Parent LLC and CFCo, LLC, First lien senior secured loan 12024-12-310001287750Daylight Beta Parent LLC and CFCo, LLC, First lien senior secured loan 22024-12-310001287750Daylight Beta Parent LLC and CFCo, LLC, Class B units2024-12-310001287750arcc:DaylightBetaParentLLCAndCFCoLLCMember2024-12-310001287750Diamond Mezzanine 24 LLC,First lien senior secured revolving loan2024-12-310001287750Diamond Mezzanine 24 LLC,First lien senior secured loan2024-12-310001287750arcc:DiamondMezzanine24LLCMember2024-12-310001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP, First lien senior secured loan 12024-12-310001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP, Limited partnership interest2024-12-310001287750arcc:DOXAInsuranceHoldingsLLCAndRocketCoInvestSLPMember2024-12-310001287750Foundation Risk Partners, Corp., First lien senior secured loan 12024-12-310001287750Foundation Risk Partners, Corp., First lien senior secured loan 22024-12-310001287750Foundation Risk Partners, Corp., First lien senior secured loan 32024-12-310001287750Foundation Risk Partners, Corp., First lien senior secured loan 42024-12-310001287750arcc:FoundationRiskPartnersCorpMember2024-12-310001287750Galway Borrower LLC, First lien senior secured revolving loan2024-12-310001287750Galway Borrower LLC, First lien senior secured loan2024-12-310001287750arcc:GalwayBorrowerLLCMember2024-12-310001287750Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc., First lien senior secured loan2024-12-310001287750Higginbotham Insurance Agency, Inc., First lien senior secured loan 12024-12-310001287750Higginbotham Insurance Agency, Inc., First lien senior secured loan 22024-12-310001287750Higginbotham Insurance Agency, Inc., Series A preferred shares2024-12-310001287750arcc:HigginbothamInsuranceAgencyInc.Member2024-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 12024-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 22024-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 32024-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 12024-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 22024-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 32024-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 42024-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A common units2024-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series C common units2024-12-310001287750arcc:HighStreetBuyerIncAndHighStreetHoldcoLLCMember2024-12-310001287750Inszone Mid, LLC and INSZ Holdings, LLC, First lien senior secured loan 12024-12-310001287750Inszone Mid, LLC and INSZ Holdings, LLC, First lien senior secured loan 22024-12-310001287750Inszone Mid, LLC and INSZ Holdings, LLC, Limited partnership interests2024-12-310001287750Inszone Mid, LLC and INSZ Holdings, LLC, Common units2024-12-310001287750arcc:InszoneMidLLCAndINSZHoldingsLLCMember2024-12-310001287750Keystone Agency Partners LLC ,First lien senior secured revolving loan2024-12-310001287750Keystone Agency Partners LLC, First lien senior secured loan 12024-12-310001287750Keystone Agency Partners LLC, First lien senior secured loan 22024-12-310001287750arcc:KeystoneAgencyPartnersLLCMember2024-12-310001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured revolving loan2024-12-310001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured loan2024-12-310001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, Class A2 units2024-12-310001287750arcc:OakBridgeInsuranceAgencyLLCAndMapleAcquisitionHoldingsLPMember2024-12-310001287750OneDigital Borrower LLC, First lien senior secured revolving loan2024-12-310001287750Patriot Growth Insurance Services, LLC, First lien senior secured revolving loan2024-12-310001287750Patriot Growth Insurance Services, LLC, First lien senior secured loan2024-12-310001287750arcc:PatriotGrowthInsuranceServicesLLCMember2024-12-310001287750People Corporation, First lien senior secured revolving loan2024-12-310001287750People Corporation, First lien senior secured loan 12024-12-310001287750People Corporation, First lien senior secured loan 22024-12-310001287750People Corporation, First lien senior secured loan 32024-12-310001287750arcc:PeopleCorporationMember2024-12-310001287750Riser Topco II, LLC, First lien senior secured loan 12024-12-310001287750Riser Topco II, LLC, First lien senior secured loan 22024-12-310001287750Riser Topco II, LLC, First lien senior secured loan 32024-12-310001287750Riser Topco II, LLC, First lien senior secured loan 42024-12-310001287750arcc:RiserIntercoLLCMember2024-12-310001287750SageSure Holdings, LLC and SageSure LLC, First lien senior secured loan2024-12-310001287750SageSure Holdings, LLC and SageSure LLC, Series A units2024-12-310001287750arcc:SageSureHoldingsLLCAndSageSureLLCMember2024-12-310001287750SCM Insurance Services Inc., First lien senior secured loan2024-12-310001287750SelectQuote, Inc. and SQ ABS Issuer, LLC,First lien senior secured notes 12024-12-310001287750SelectQuote, Inc. and SQ ABS Issuer, LLC,First lien senior secured notes 22024-12-310001287750SelectQuote, Inc., First lien senior secured loan2024-12-310001287750SelectQuote, Inc. and SQ ABS Issuer, LLC, Warrant to purchase shares of common stock2024-12-310001287750arcc:SelectQuoteInc.AndSQABSIssuerLLCMember2024-12-310001287750SG Acquisition, Inc., First lien senior secured loan2024-12-310001287750SIG Parent Holdings, LLC, First lien senior secured loan2024-12-310001287750Spring Insurance Solutions, LLC, First lien senior secured loan2024-12-310001287750THG Acquisition, LLC, First lien senior secured revolving loan2024-12-310001287750THG Acquisition, LLC, First lien senior secured loan 22024-12-310001287750arcc:THGAcquisitionLLCMember2024-12-310001287750Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC, First lien senior secured revolving loan2024-12-310001287750World Insurance Associates, LLC and World Associates Holdings, LLC, First lien senior secured loan2024-12-310001287750us-gaap:InsuranceSectorMember2024-12-310001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., First lien senior secured loan2024-12-310001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Second lien senior secured loan2024-12-310001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Class A preferred units2024-12-310001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Series A preferred shares2024-12-310001287750arcc:BalrogAcquisitionInc.BalrogTopcoInc.AndBalrogParentL.P.Member2024-12-310001287750Bamboo Purchaser, Inc., First lien senior secured loan2024-12-310001287750BGI Purchaser, Inc., First lien senior secured revolving loan2024-12-310001287750BGI Purchaser, Inc., First lien senior secured loan2024-12-310001287750arcc:BGIPurchaserInc.Member2024-12-310001287750BR PJK Produce, LLC, First lien senior secured loan 12024-12-310001287750BR PJK Produce, LLC, First lien senior secured loan 22024-12-310001287750arcc:BRPJKProduceLLCMember2024-12-310001287750BradyPlus Holdings, LLC, First lien senior secured loan 12024-12-310001287750BradyPlus Holdings, LLC, First lien senior secured loan 22024-12-310001287750arcc:BradyPlusHoldingsLLCMember2024-12-310001287750City Line Distributors LLC and City Line Investments LLC, First lien senior secured loan2024-12-310001287750City Line Distributors LLC and City Line Investments LLC, Class A units2024-12-310001287750arcc:CityLineDistributorsLLCAndCityLineInvestmentsLLCMember2024-12-310001287750DecoPac, Inc. and KCAKE Holdings Inc., First lien senior secured revolving loan2024-12-310001287750DecoPac, Inc. and KCAKE Holdings Inc., First lien senior secured loan2024-12-310001287750DecoPac, Inc. and KCAKE Holdings Inc., Common stock2024-12-310001287750arcc:DecoPacIncAndKCAKEHoldingsIncMember2024-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured revolving loan2024-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 12024-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 22024-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 32024-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 42024-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., Common units2024-12-310001287750arcc:DisplayHoldingCompanyIncSaldonHoldingsIncAndFastsignsHoldingsIncMember2024-12-310001287750FS Squared Holding Corp. and FS Squared, LLC, First lien senior secured revolving loan2024-12-310001287750FS Squared Holding Corp. and FS Squared, LLC, First lien senior secured loan2024-12-310001287750FS Squared Holding Corp. and FS Squared, LLC, Class A units2024-12-310001287750arcc:FSSquaredHoldingCorpAndFSSquaredLLCMember2024-12-310001287750GPM Investments, LLC and ARKO Corp., Warrant to purchase common stock2024-12-310001287750GPM Investments, LLC and ARKO Corp.,Warrant to purchase common stock2024-12-310001287750arcc:GPMInvestmentsLLCAndARKOCorpMember2024-12-310001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured revolving loan2024-12-310001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured loan2024-12-310001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, Limited partnership interest2024-12-310001287750arcc:HillsDistributionIncHillsIntermediateFTHoldingsLLCAndGMPHillsLPMember2024-12-310001287750JWC/KI Holdings, LLC, Membership units2024-12-310001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P., First lien senior secured loan2024-12-310001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P., Limited partnership interests2024-12-310001287750arcc:LJPerimeterBuyerIncAndLJPerimeterCoInvestLPMember2024-12-310001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 12024-12-310001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 22024-12-310001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, Class A common units2024-12-310001287750arcc:MarconeYellowstoneBuyerIncAndMarconeYellowstoneHoldingsLLCMember2024-12-310001287750Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP, First lien senior secured revolving loan 12024-12-310001287750Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP, Series A preferred stock2024-12-310001287750Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP, Class A-1 units2024-12-310001287750arcc:MavisTireExpressServicesTopcoCorpMetisHoldCoIncAndMetisTopCoLPMember2024-12-310001287750McKenzie Creative Brands, LLC, First lien senior secured revolving loan2024-12-310001287750McKenzie Creative Brands, LLC, First lien senior secured loan 12024-12-310001287750McKenzie Creative Brands, LLC, First lien senior secured loan 22024-12-310001287750arcc:McKenzieCreativeBrandsLLCMember2024-12-310001287750Monolith Brands Group, Inc., Series A-1 preferred stock2024-12-310001287750Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP, Limited partnership interests2024-12-310001287750Mountaineer Merger Corporation, First lien senior secured revolving loan2024-12-310001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured revolving loan2024-12-310001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured loan2024-12-310001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, Class B limited liability company interest2024-12-310001287750arcc:MrGreensIntermediateLLCFloridaVegInvestmentsLLCMRGTexasLLCAndRestaurantProduceAndServicesBlockerLLCMember2024-12-310001287750North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC, First lien senior secured loan2024-12-310001287750North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC, Class A units2024-12-310001287750arcc:NorthHavenFalconBuyerLLCAndNorthHavenFalconHoldingCompanyLLCMember2024-12-310001287750Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc., First lien senior secured loan2024-12-310001287750Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc., Class B common stock2024-12-310001287750arcc:PhoenixYWBuyerInc.AndPhoenixYWParentInc.Member2024-12-310001287750Reddy Ice LLC, First lien senior secured revolving loan2024-12-310001287750Reddy Ice LLC, First lien senior secured loan2024-12-310001287750arcc:ReddyIceLLCMember2024-12-310001287750Royal Borrower, LLC and Royal Parent, LP, First lien senior secured revolving loan2024-12-310001287750Royal Borrower, LLC and Royal Parent, LP, First lien senior secured loan2024-12-310001287750Royal Borrower, LLC and Royal Parent, LP, LLC, Class A preferred units2024-12-310001287750arcc:RoyalBorrowerLLCAndRoyalParentLPMember2024-12-310001287750SCIH Salt Holdings Inc., First lien senior secured revolving loan 12024-12-310001287750SCIH Salt Holdings Inc., First lien senior secured revolving loan 22024-12-310001287750arcc:SCIHSaltHoldingsInc.Member2024-12-310001287750SFE Intermediate Holdco LLC, First lien senior secured loan 12024-12-310001287750SFE Intermediate Holdco LLC, First lien senior secured loan 22024-12-310001287750SFE Intermediate Holdco LLC, First lien senior secured loan 32024-12-310001287750arcc:SFEIntermediateHoldcoLLCMember2024-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 12024-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 22024-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 32024-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 42024-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 52024-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., Common stock2024-12-310001287750arcc:ShurCoAcquisitionIncAndShurCoHoldCoIncMember2024-12-310001287750US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P., First lien senior secured loan2024-12-310001287750US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P., Limited partner interests2024-12-310001287750arcc:USSaltInvestorsLLCAndEmeraldLakePearlAcquisitionALPMember2024-12-310001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.2024-12-310001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured loan2024-12-310001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., Common units2024-12-310001287750arcc:WorldwideProduceAcquisitionLLCAndREPWWPCoinvestIVLPMember2024-12-310001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured revolving loan2024-12-310001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured loan 12024-12-310001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured loan 22024-12-310001287750ZB Holdco LLC and ZB TopCo LLC, First lien senior secured loan 32024-12-310001287750ZB Holdco LLC and ZB TopCo LLC, Series A units2024-12-310001287750arcc:ZBHoldcoLLCZBParentLLCMember2024-12-310001287750arcc:ConsumerStaplesDistributionAndRetailMember2024-12-310001287750ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc., First lien senior secured loan2024-12-310001287750Aimbridge Acquisition Co., Inc., Second lien senior secured loan2024-12-310001287750American Residential Services L.L.C. and Aragorn Parent Holdings LP ,First lien senior secured revolving loan 12024-12-310001287750American Residential Services L.L.C. and Aragorn Parent Holdings LP ,First lien senior secured revolving loan 22024-12-310001287750American Residential Services L.L.C. and Aragorn Parent Holdings LP, Second lien senior secured loan2024-12-310001287750American Residential Services L.L.C. and Aragorn Parent Holdings LP, Series A preferred units2024-12-310001287750arcc:AmericanResidentialServicesLLCAndAragornParentHoldingsLPMember2024-12-310001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured revolving loan2024-12-310001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured loan2024-12-310001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, Series B common units2024-12-310001287750arcc:ApexServicePartnersLLCAndApexServicePartnersHoldingsLLCMember2024-12-310001287750Belfor Holdings, Inc., First lien senior secured revolving loan2024-12-310001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured revolving loan2024-12-310001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured loan 12024-12-310001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured loan 22024-12-310001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured loan 32024-12-310001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, Class A units2024-12-310001287750arcc:ClarionHomeServicesGroupLLCAndLBCBreezeHoldingsLLCMember2024-12-310001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured revolving loan 12024-12-310001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured loan 12024-12-310001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured loan 22024-12-310001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., Common stock2024-12-310001287750arcc:CMGHoldCoLLCAndCMGBuyerHoldingsIncMember2024-12-310001287750Concert Golf Partners Holdco LLC, First lien senior secured loan2024-12-310001287750CST Holding Company, First lien senior secured revolving loan 22024-12-310001287750CST Holding Company, First lien senior secured loan2024-12-310001287750arcc:CSTHoldingCompanyMember2024-12-310001287750Davidson Hotel Company LLC, First lien senior secured revolving loan2024-12-310001287750Davidson Hotel Company LLC, First lien senior secured loan2024-12-310001287750arcc:DavidsonHotelCompanyLLCMember2024-12-310001287750Equinox Holdings, Inc., First lien senior secured loan2024-12-310001287750Equinox Holdings, Inc., Second lien senior secured loan2024-12-310001287750arcc:EquinoxHoldingsInc.Member2024-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured revolving loan2024-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured loan2024-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, Preferred units2024-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, Class A units2024-12-310001287750arcc:EssentialServicesHoldingCorporationAndOMERSMahomesInvestmentHoldingsLLCMember2024-12-310001287750Eternal Aus Bidco Pty Ltd, First lien senior secured loan2024-12-310001287750Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc., First lien senior secured loan 12024-12-310001287750Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc., First lien senior secured loan 22024-12-310001287750arcc:ExcelFitnessConsolidatorLLCHealthBuyerLLCAndExcelFitnessHoldingsInc.Member2024-12-310001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, First lien senior secured revolving loan2024-12-310001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, First lien senior secured revolving loan 12024-12-310001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, First lien senior secured loan2024-12-310001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, Common units2024-12-310001287750arcc:FitnessVenturesHoldingsInc.AndMeaningfulPartnersFitnessVenturesCoInvestmentLPMember2024-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured revolving loan2024-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 12024-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 22024-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 32024-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., Series A preferred stock2024-12-310001287750arcc:FlinnScientificIncAndWCIQuantumHoldingsIncMember2024-12-310001287750Flint OpCo, LLC, First lien senior secured loan 12024-12-310001287750Flint OpCo, LLC, First lien senior secured loan 22024-12-310001287750arcc:FlintOpCoLLCMember2024-12-310001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, First lien senior secured loan2024-12-310001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, Class A common units2024-12-310001287750arcc:GSSEERGroupBorrowerLLCAndGSSEERGroupHoldingsLLCMember2024-12-310001287750Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured revolving loan2024-12-310001287750Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured loan 12024-12-310001287750Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured loan 22024-12-310001287750arcc:HeliosServicePartnersLLCAndAstraServicePartnersLLCMember2024-12-310001287750IFH Franchisee Holdings, LLC, First lien senior secured revolving loan2024-12-310001287750IFH Franchisee Holdings, LLC, First lien senior secured loan2024-12-310001287750arcc:IFHFranchiseeHoldingsLLCMember2024-12-310001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured revolving loan 12024-12-310001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured revolving loan 22024-12-310001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 12024-12-310001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 22024-12-310001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., First lien senior secured loan 32024-12-310001287750Infinity Home Services HoldCo, Inc., D&S Amalco and IHS Parent Holdings, L.P., Class A units2024-12-310001287750arcc:InfinityHomeServicesHoldCoIncAndIHSParentHoldingsLPMember2024-12-310001287750Jenny C Acquisition, Inc., Senior subordinated loan2024-12-310001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., First lien senior secured loan2024-12-310001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., Limited partnership interests2024-12-310001287750arcc:LeviathanIntermediateHoldcoLLCAndLeviathanHoldingsLPMember2024-12-310001287750ME Equity LLC, Common stock2024-12-310001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured revolving loan 12024-12-310001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured loan 12024-12-310001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured loan 22024-12-310001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, Class A units2024-12-310001287750arcc:ModigentLLCAndOMERSPMCInvestmentHoldingsLLCMember2024-12-310001287750Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., First lien senior secured loan2024-12-310001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, Class A preferred units2024-12-310001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, Class B common units2024-12-310001287750arcc:MustangProspectsHoldcoLLCMustangProspectsPurchaserLLCAndSenskeAcquisitionInc.Member2024-12-310001287750North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC , First lien senior secured revolving loan2024-12-310001287750North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC , First lien senior secured loan 12024-12-310001287750North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC , First lien senior secured loan 22024-12-310001287750arcc:NorthHavenFairwayBuyerLLCFairwayLawnsLLCAndCommandPestControlLLCMember2024-12-310001287750Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured revolving loan2024-12-310001287750Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured loan2024-12-310001287750Northwinds Holding, Inc. and Northwinds Services Group LLC, Common units2024-12-310001287750arcc:NorthwindsHoldingIncAndNorthwindsServicesGroupLLCMember2024-12-310001287750OTG Concessions Management, LLC and Octa Parent Holdings, LLC, Second lien notes2024-12-310001287750OTG Concessions Management, LLC and Octa Parent Holdings, LLC, Participation rights2024-12-310001287750arcc:OTGConcessionsManagementLLCAndOctaParentHoldingsLLCMember2024-12-310001287750PestCo Holdings, LLC and PestCo, LLC, First lien senior secured loan2024-12-310001287750PestCo Holdings, LLC and PestCo, LLC, First lien senior secured loan 22024-12-310001287750PestCo Holdings, LLC and PestCo, LLC, Class A units2024-12-310001287750arcc:PestCoHoldingsLLCAndPestCoLLCMember2024-12-310001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc., First lien senior secured revolving loan2024-12-310001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc., First lien senior secured loan2024-12-310001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc., Common stock2024-12-310001287750arcc:PinnacleMEPIntermediateHoldcoLLCAndBPCPPinnacleHoldingsInc.Member2024-12-310001287750Premiere Buyer, LLC, First lien senior secured loan2024-12-310001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC, First lien senior secured loan 12024-12-310001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC, First lien senior secured loan 22024-12-310001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC, Preferred membership units2024-12-310001287750arcc:PyramidManagementAdvisorsLLCAndPyramidInvestorsLLCMember2024-12-310001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P., First lien senior secured loan2024-12-310001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P., Limited partnership interest2024-12-310001287750arcc:QuickQuackCarWashHoldingsLLCAndKKRGameChangerCoInvestFeederIIL.P.Member2024-12-310001287750Radiant Intermediate Holding, LLC, First lien senior secured loan2024-12-310001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured revolving loan2024-12-310001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 12024-12-310001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 22024-12-310001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 32024-12-310001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 42024-12-310001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 52024-12-310001287750Redwood Services, LLC and Redwood Services Holdco, LLC, First lien senior secured loan 62024-12-310001287750Redwood Services, LLC and Redwood Services Holdco, LLC, Series D units2024-12-310001287750arcc:RedwoodServicesLLCAndRedwoodServicesHoldcoLLCMember2024-12-310001287750Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc., First lien senior secured loan2024-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 12024-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 22024-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 32024-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured revolving loan 42024-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured loan 12024-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., First lien senior secured loan 22024-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P., Class A units2024-12-310001287750arcc:TaymaxGroupLPTaymaxGroupGPLLCPFSalemCanadaULCAndTCPFitParentLPMember2024-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured revolving loan 12024-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 12024-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 22024-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 32024-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 42024-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, First lien senior secured loan 52024-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, Class A units2024-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, Class C units2024-12-310001287750arcc:TheArcticomGroupLLCAndAMCPMechanicalHoldingsLPMember2024-12-310001287750Triwizard Holdings, Inc. and Triwizard Parent, LP, First lien senior secured revolving loan2024-12-310001287750Triwizard Holdings, Inc. and Triwizard Parent, LP, Class A-2 common units2024-12-310001287750arcc:TriwizardHoldingsInc.AndTriwizardParentLPMember2024-12-310001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured revolving loan2024-12-310001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured loan 12024-12-310001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured loan 22024-12-310001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, Class B common units2024-12-310001287750arcc:VertexServicePartnersLLCAndVertexServicePartnersHoldingsLLCMember2024-12-310001287750Wrench Group LLC, First lien senior secured loan2024-12-310001287750YE Brands Holdings, LLC, First lien senior secured revolving loan2024-12-310001287750YE Brands Holdings, LLC, First lien senior secured loan 12024-12-310001287750YE Brands Holdings, LLC, First lien senior secured loan 22024-12-310001287750YE Brands Holdings, LLC, First lien senior secured loan 32024-12-310001287750YE Brands Holdings, LLC, First lien senior secured loan 42024-12-310001287750arcc:YEBrandsHoldingsLLCMember2024-12-310001287750ZBS Mechanical Group Co-Invest Fund 2, LLC, Membership interest2024-12-310001287750arcc:ConsumerServicesMember2024-12-310001287750ACAS Equity Holdings Corporation, Common stock2024-12-310001287750Constellation Wealth Capital Fund, L.P., Limited partner interests2024-12-310001287750CREST Exeter Street Solar 2004-1, Preferred shares2024-12-310001287750CWC Fund I Co-Invest (ALTI) LP, Limited partnership interest2024-12-310001287750European Capital UK SME Debt LP, Limited partnership interest2024-12-310001287750HCI Equity, LLC, Member interest2024-12-310001287750Linden Structured Capital Fund II-A LP, Limited partnership interest2024-12-310001287750Partnership Capital Growth Investors III, L.P., Limited partnership interest2024-12-310001287750PCG-Ares Sidecar Investment II, L.P., Limited partnership interest2024-12-310001287750PCG-Ares Sidecar Investment, L.P., Limited partnership interest2024-12-310001287750Piper Jaffray Merchant Banking Fund I, L.P., Limited partnership interest2024-12-310001287750Senior Direct Lending Program, LLC, Subordinated certificates2024-12-310001287750Senior Direct Lending Program, LLC, Membership interest2024-12-310001287750arcc:SeniorDirectLendingProgramLLCMember2024-12-310001287750arcc:InvestmentFundsAndVehiclesMember2024-12-31000128775022 HoldCo Limited, Senior subordinated loan2024-12-3100012877503 Step Sports LLC, First lien senior secured loan2024-12-310001287750Aventine Intermediate LLC & Aventine Holdings II LLC, First lien senior secured loan2024-12-310001287750Aventine Intermediate LLC & Aventine Holdings II LLC, First lien senior secured loan 22024-12-310001287750arcc:AventineIntermediateLLCAventineHoldingsIILLCMember2024-12-310001287750Axiomatic, LLC, Class A-1 units2024-12-310001287750Broadcast Music, Inc., First lien senior secured loan2024-12-310001287750CFC Funding LLC, Loan instrument units2024-12-310001287750CMW Parent LLC (fka Black Arrow, Inc.), Series A units2024-12-310001287750Dundee Eros, LP, Catalog of premier music intellectual property2024-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 12024-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 22024-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 32024-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Ordinary shares2024-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Warrant to purchase shares of ordinary shares 12024-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Warrant to purchase shares of ordinary shares 22024-12-310001287750arcc:EagleFootballHoldingsBidCoLimitedAndEagleFootballHoldingsLimitedMember2024-12-310001287750Fever Labs, Inc., First lien senior secured revolving loan2024-12-310001287750Fever Labs, Inc., First lien senior secured loan2024-12-310001287750Fever Labs, Inc., Series E-5 Convertible Shares2024-12-310001287750arcc:FeverLabsInc.Member2024-12-310001287750FinEquity Holdings, LLC, Class A common interest 12024-12-310001287750FinEquity Holdings, LLC, Class A common interest 22024-12-310001287750FinEquity Holdings, LLC, Class A common interest 32024-12-310001287750arcc:FinEquityHoldingsLLCMember2024-12-310001287750Global Music Rights, LLC, First lien senior secured loan 22024-12-310001287750League One Volleyball, Inc., Series B preferred stock2024-12-310001287750League One Volleyball, Inc., Series C preferred stock2024-12-310001287750arcc:LeagueOneVolleyballInc.Member2024-12-310001287750Legends Hospitality Holding Company, LLC and ASM Buyer, Inc., First lien senior secured revolving loan2024-12-310001287750Legends Hospitality Holding Company, LLC and ASM Buyer, Inc., First lien senior secured loan2024-12-310001287750arcc:LegendsHospitalityHoldingCompanyLLCAndASMBuyerInc.Member2024-12-310001287750LiveBarn Inc., Middle preferred shares2024-12-310001287750Miami Beckham United LLC, Class A preferred units2024-12-310001287750Miami Beckham United LLC, Class B preferred units2024-12-310001287750arcc:MiamiBeckhamUnitedLLCMember2024-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 12024-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 22024-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 32024-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 42024-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 52024-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC, Class A units2024-12-310001287750arcc:ProductionResourceGroupLLCAndPRGIIILLCMember2024-12-310001287750Professional Fighters League, LLC and PFL MMA, Inc., First lien senior secured loan2024-12-310001287750Professional Fighters League, LLC and PFL MMA, Inc., Second lien senior secured loan2024-12-310001287750Professional Fighters League, LLC and PFL MMA, Inc., Series E preferred stock2024-12-310001287750Professional Fighters League, LLC and PFL MMA, Inc., Warrant to purchase shares of common stock 12024-12-310001287750Professional Fighters League, LLC and PFL MMA, Inc., Warrant to purchase shares of common stock 22024-12-310001287750arcc:ProfessionalFightersLeagueLLCAndPFLMMAIncMember2024-12-310001287750Sandlot Action Sports, LLC, Common units2024-12-310001287750South Florida Motorsports, LLC, Class A common interest2024-12-310001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., First lien senior secured loan2024-12-310001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Senior subordinated loan2024-12-310001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Ordinary shares 2024-12-310001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class A redeemable shares2024-12-310001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class B redeemable shares2024-12-310001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class C redeemable shares2024-12-310001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class D redeemable shares2024-12-310001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class E redeemable shares2024-12-310001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class F redeemable shares2024-12-310001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class G redeemable shares2024-12-310001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class H redeemable shares2024-12-310001287750Storm Investment S.a.r.l. and Atletico Holdco, S.L., Class I redeemable shares2024-12-310001287750arcc:StormInvestmentS.a.r.l.AndAtleticoHoldcoS.L.Member2024-12-310001287750The Teaching Company Holdings, Inc., Preferred stock2024-12-310001287750The Teaching Company Holdings, Inc., Common stock2024-12-310001287750arcc:TheTeachingCompanyHoldingsIncMember2024-12-310001287750WRE Sports Investments LLC,First lien senior secured loan 12024-12-310001287750WRE Sports Investments LLC,First lien senior secured loan 22024-12-310001287750arcc:WRESportsInvestmentsLLCMember2024-12-310001287750arcc:SportsMediaAndEntertainmentMember2024-12-310001287750Apex Clean Energy TopCo, LLC, Class A common units2024-12-310001287750BNZ TopCo B.V., Senior subordinated loan2024-12-310001287750PosiGen, Inc., Warrant to purchase shares of series D-1 preferred stock2024-12-310001287750PosiGen, Inc., Warrant to purchase shares of common stock2024-12-310001287750arcc:PosiGenIncMember2024-12-310001287750Potomac Intermediate Holdings II LLC, Series A units2024-12-310001287750Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC, First lien senior secured loan2024-12-310001287750Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC, Senior subordinated loan2024-12-310001287750arcc:SunrunAtlasDepositor20192LLCAndSunrunAtlasHoldings20192LLCMember2024-12-310001287750Sunrun Luna Holdco 2021, LLC, Senior subordinated loan2024-12-310001287750Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC, First lien senior secured loan2024-12-310001287750Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC, Senior subordinated loan2024-12-310001287750arcc:SunrunXanaduIssuer20191LLCAndSunrunXanaduHoldings20191LLCMember2024-12-310001287750arcc:PowerGenerationMember2024-12-310001287750AI Aqua Merger Sub, Inc., First lien senior secured loan2024-12-310001287750Airx Climate Solutions, Inc., First lien senior secured revolving loan2024-12-310001287750Airx Climate Solutions, Inc., First lien senior secured loan2024-12-310001287750arcc:AirxClimateSolutionsInc.Member2024-12-310001287750API Commercial Inc., API Military Inc., and API Space Intermediate, Inc., First lien senior secured loan2024-12-310001287750Arrowhead Holdco Company and Arrowhead GS Holdings, Inc., First lien senior secured loan2024-12-310001287750Arrowhead Holdco Company and Arrowhead GS Holdings, Inc., Common stock2024-12-310001287750arcc:ArrowheadHoldcoCompanyAndArrowheadGSHoldingsIncMember2024-12-310001287750BGIF IV Fearless Utility Services, Inc., First lien senior secured revolving loan2024-12-310001287750BGIF IV Fearless Utility Services, Inc., First lien senior secured loan2024-12-310001287750arcc:BGIFIVFearlessUtilityServicesInc.Member2024-12-310001287750BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC, First lien senior secured revolving loan 22024-12-310001287750BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC, First lien senior secured loan 22024-12-310001287750arcc:BlueHaloFinancingHoldingsLLCBlueHaloGlobalHoldingsLLCAndBlueHaloLLCMember2024-12-310001287750Burgess Point Purchaser Corporation, First lien senior secured loan2024-12-310001287750CPIG Holdco Inc., First lien senior secured loan2024-12-310001287750DFS Holding Company, Inc., First lien senior secured loan2024-12-310001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, First lien senior secured revolving loan2024-12-310001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, First lien senior secured loan2024-12-310001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, Common units2024-12-310001287750arcc:DynamicNCAerospaceHoldingsLLCAndDynamicNCInvestmentHoldingsLPMember2024-12-310001287750EIS Legacy Holdco, LLC, First lien senior secured loan2024-12-310001287750ESCP PPG Holdings, LLC, Class A-1 units2024-12-310001287750ESCP PPG Holdings, LLC, Class A-2 units2024-12-310001287750arcc:ESCPPPGHoldingsLLCMember2024-12-310001287750Generator US Buyer, Inc. and Total Power Limited, First lien senior secured loan 12024-12-310001287750Generator US Buyer, Inc. and Total Power Limited, First lien senior secured loan 22024-12-310001287750GSV Purchaser, Inc., First lien senior secured loan2024-12-310001287750Harvey Tool Company, LLC, First lien senior secured loan 32024-12-310001287750Harvey Tool Company, LLC, First lien senior secured loan 42024-12-310001287750arcc:HarveyToolCompanyLLCMember2024-12-310001287750Helix Acquisition Holdings, Inc., First lien senior secured loan2024-12-310001287750Helix Acquisition Holdings, Inc., First lien senior secured loan 22024-12-310001287750HPCC Parent, Inc. and Patriot Container Corp, First lien senior secured loan2024-12-310001287750HPCC Parent, Inc. and Patriot Container Corp, Common stock2024-12-310001287750arcc:HPCCParentInc.AndPatriotContainerCorp.Member2024-12-310001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Senior subordinated loan2024-12-310001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Class A common stock2024-12-310001287750arcc:ImagingBusinessMachinesLLCAndScannerHoldingsCorporationMember2024-12-310001287750Kene Acquisition, Inc. and Kene Holdings, L.P., First lien senior secured loan2024-12-310001287750Kene Acquisition, Inc. and Kene Holdings, L.P., Class A units2024-12-310001287750arcc:KeneAcquisitionIncAndKeneHoldingsLPMember2024-12-310001287750LTG Acquisition, Inc., Class A membership units2024-12-310001287750Maverick Acquisition, Inc., First lien senior secured loan2024-12-310001287750NCWS Intermediate, Inc. and NCWS Holdings LP, Class A-2 common units2024-12-310001287750OPH NEP Investment, LLC, Senior subordinated loan2024-12-310001287750OPH NEP Investment, LLC, Class B common units2024-12-310001287750arcc:OPHNEPInvestmentLLCMember2024-12-310001287750Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC, Second lien senior secured loan2024-12-310001287750Paris US Holdco, Inc. & 1001028292 Ontario Inc., First lien senior secured loan2024-12-310001287750Qnnect, LLC and Connector TopCo, LP, First lien senior secured loan2024-12-310001287750Qnnect, LLC and Connector TopCo, LP, First lien senior secured loan 22024-12-310001287750Qnnect, LLC and Connector TopCo, LP, Limited partnership interests2024-12-310001287750arcc:QnnectLLCAndConnectorTopCoLPMember2024-12-310001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured revolving loan2024-12-310001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured revolving loan 12024-12-310001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured loan2024-12-310001287750arcc:RadiusAerospaceIncAndRadiusAerospaceEuropeLimitedMember2024-12-310001287750Radwell Parent, LLC, First lien senior secured revolving loan2024-12-310001287750Radwell Parent, LLC, First lien senior secured loan2024-12-310001287750arcc:RadwellParentLLCMember2024-12-310001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, First lien senior secured revolving loan2024-12-310001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, First lien senior secured loan2024-12-310001287750arcc:SunkRockFoundryPartnersLPHatterasElectricalManufacturingHoldingCompanyAndSigmaElectricManufacturingCorporationMember2024-12-310001287750Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P., First lien senior secured loan2024-12-310001287750Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P., Series A common units2024-12-310001287750arcc:SunvairAerospaceGroupInc.AndGBHeliosHoldingsL.P.Member2024-12-310001287750Two Six Labs, LLC, First lien senior secured loan2024-12-310001287750arcc:CapitalGoodsMember2024-12-310001287750Abzena Holdings, Inc. and Astro Group Holdings Ltd., A ordinary shares2024-12-310001287750ADMA Biologics Inc., First lien senior secured loan2024-12-310001287750Alcami Corporation and ACM Note Holdings, LLC., First lien senior secured revolving loan2024-12-310001287750Alcami Corporation and ACM Note Holdings, LLC, First lien senior secured loan2024-12-310001287750Alcami Corporation and ACM Note Holdings, LLC, Senior subordinated loan2024-12-310001287750arcc:AlcamiCorporationAndACMNoteHoldingsLLCMember2024-12-310001287750Athyrium Buffalo LP, Limited partnership interests 12024-12-310001287750Athyrium Buffalo LP, Limited partnership interests 22024-12-310001287750arcc:AthyriumBuffaloLPMember2024-12-310001287750Bamboo US BidCo LLC, First lien senior secured loan2024-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured revolving loan2024-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 12024-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 22024-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 32024-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Preferred units2024-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Series A preferred shares2024-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Class A common units2024-12-310001287750arcc:CobaltBuyerSubIncCobaltHoldingsILPAndCobaltIntermediateIIncMember2024-12-310001287750Creek Parent, Inc. and Creek Feeder, L.P., First lien senior secured loan2024-12-310001287750Creek Parent, Inc. and Creek Feeder, L.P., Limited partnership interest2024-12-310001287750arcc:CreekParentInc.AndCreekFeederL.P.Member2024-12-310001287750Gula Buyer Inc., First lien senior secured loan2024-12-310001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured revolving loan 12024-12-310001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured revolving loan 22024-12-310001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured loan 12024-12-310001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured loan 22024-12-310001287750arcc:NMCSkincareIntermediateHoldingsIILLCMember2024-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured revolving loan2024-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 12024-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 22024-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 32024-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 42024-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., Senior subordinated loan2024-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., Senior subordinated loan 22024-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., Class A preferred units2024-12-310001287750arcc:NorthAmericanScienceAssociatesLLCCardinalPurchaserLLCAndCardinalTopcoHoldingsLPMember2024-12-310001287750Verista, Inc., First lien senior secured revolving loan2024-12-310001287750Verista, Inc., First lien senior secured loan2024-12-310001287750arcc:VeristaInc.Member2024-12-310001287750Vertice Pharma UK Parent Limited, Preferred shares2024-12-310001287750WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P., First lien senior secured loan2024-12-310001287750WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P., Limited partnership interest2024-12-310001287750arcc:WCIBXCPurchaserLLCAndWCIBXCInvestmentHoldingsL.P.Member2024-12-310001287750arcc:PharmaceuticalsBiotechnologyAndLifeSciencesMember2024-12-310001287750760203 N.B. LTD., First lien senior secured loan2024-12-310001287750Bowhunter Holdings, LLC, Common units2024-12-310001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., First lien senior secured loan2024-12-310001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., Senior subordinated loan 12024-12-310001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., Senior subordinated loan 22024-12-310001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., Class A LP interests2024-12-310001287750arcc:CentricBrandsLLCCentricBrandsTopCoLLCAndCentricBrandsL.P.Member2024-12-310001287750DRS Holdings III, Inc. and DRS Holdings I, Inc., First lien senior secured loan 12024-12-310001287750DRS Holdings III, Inc. and DRS Holdings I, Inc., First lien senior secured loan 22024-12-310001287750DRS Holdings III, Inc. and DRS Holdings I, Inc., Common stock2024-12-310001287750arcc:DRSHoldingsIIIIncAndDRSHoldingsIIncMember2024-12-310001287750Implus Footcare, LLC, First lien senior secured loan 12024-12-310001287750Implus Footcare, LLC, First lien senior secured loan 22024-12-310001287750Implus Footcare, LLC, First lien senior secured loan 32024-12-310001287750arcc:ImplusFootcareLLCMember2024-12-310001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., First lien senior secured loan 2024-12-310001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., Series A convertible preferred stock2024-12-310001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., Warrant to purchase shares of common stock2024-12-310001287750arcc:JohnnieOIncAndJohnnieOHoldingsIncMember2024-12-310001287750Lew's Intermediate Holdings, LLC, First lien senior secured revolving loan2024-12-310001287750Lew's Intermediate Holdings, LLC, First lien senior secured loan2024-12-310001287750arcc:LewsIntermediateHoldingsLLCMember2024-12-310001287750Pelican Products, Inc., First lien senior secured revolving loan2024-12-310001287750Pelican Products, Inc., Second lien senior secured loan2024-12-310001287750arcc:PelicanProductsIncMember2024-12-310001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured revolving loan2024-12-310001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured loan2024-12-310001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured loan 2024-12-310001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured loan 12024-12-310001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured loan 22024-12-310001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured loan 32024-12-310001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., Limited partnership interest2024-12-310001287750arcc:RawlingsSportingGoodsCompanyIncAndEastonDiamondSportsLLCMember2024-12-310001287750Reef Lifestyle, LLC, First lien senior secured revolving loan 12024-12-310001287750Reef Lifestyle, LLC, First lien senior secured revolving loan 22024-12-310001287750Reef Lifestyle, LLC, First lien senior secured loan 12024-12-310001287750Reef Lifestyle, LLC, First lien senior secured loan 22024-12-310001287750arcc:ReefLifestyleLLCMember2024-12-310001287750S Toys Holdings LLC (fka The Step2 Company, LLC), Common units2024-12-310001287750S Toys Holdings LLC (fka The Step2 Company, LLC), Class B common units2024-12-310001287750S Toys Holdings LLC (fka The Step2 Company, LLC), Warrant to purchase units2024-12-310001287750arcc:SToysHoldingsLLCFkaTheStep2CompanyLLCMember2024-12-310001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, First lien senior secured loan 12024-12-310001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, First lien senior secured loan 22024-12-310001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, First lien senior secured loan 32024-12-310001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, Class A common units2024-12-310001287750arcc:ShoesForCrewsGlobalLLCAndShoesForCrewsHoldingsLLCMember2024-12-310001287750St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured revolving loan2024-12-310001287750St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured loan2024-12-310001287750St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured loan 12024-12-310001287750arcc:StAthenaGlobalLLCAndStAthenaGlobalHoldingsLimitedMember2024-12-310001287750SVP-Singer Holdings Inc. and SVP-Singer Holdings LP, Class A common units2024-12-310001287750Team Acquisition Corporation, First lien senior secured loan2024-12-310001287750arcc:ConsumerDurablesAndApparelSectorMember2024-12-310001287750American Seafoods Group LLC and American Seafoods Partners LLC, Class A units2024-12-310001287750American Seafoods Group LLC and American Seafoods Partners LLC, Warrant to purchase units of Class A units2024-12-310001287750arcc:AmericanSeafoodsGroupLLCAndAmericanSeafoodsPartnersLLCMember2024-12-310001287750Badia Spices, LLC, First lien senior secured loan2024-12-310001287750Berner Food & Beverage, LLC, First lien senior secured revolving loan2024-12-310001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P., First lien senior secured loan2024-12-310001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P., Common units2024-12-310001287750arcc:BraggLiveFoodProductsLLCAndSPCInvestmentCoLPMember2024-12-310001287750CHG PPC Parent LLC & PPC CHG Blocker LLC, Common units2024-12-310001287750Demakes Borrower, LLC, First lien senior secured loan2024-12-310001287750Florida Food Products, LLC, First lien senior secured loan 12024-12-310001287750Florida Food Products, LLC, First lien senior secured loan 22024-12-310001287750Florida Food Products, LLC, Second lien senior secured loan2024-12-310001287750arcc:FloridaFoodProductsLLCMember2024-12-310001287750Gotham Greens Holdings, PBC, First lien senior secured loan2024-12-310001287750Gotham Greens Holdings, PBC, Series E-1 preferred stock 12024-12-310001287750Gotham Greens Holdings, PBC, Warrant to purchase shares of Series E-1 preferred stock2024-12-310001287750arcc:GothamGreensHoldingsPBCMember2024-12-310001287750KNPC HoldCo, LLC, First lien senior secured loan2024-12-310001287750KNPC HoldCo, LLC, First lien senior secured loan 12024-12-310001287750KNPC HoldCo, LLC, First lien senior secured loan 22024-12-310001287750KNPC HoldCo, LLC, First lien senior secured loan 32024-12-310001287750arcc:KNPCHoldCoLLCMember2024-12-310001287750Manna Pro Products, LLC, First lien senior secured revolving loan 12024-12-310001287750Manna Pro Products, LLC, First lien senior secured revolving loan 22024-12-310001287750arcc:MannaProProductsLLCMember2024-12-310001287750Max US Bidco Inc., First lien senior secured loan2024-12-310001287750RB Holdings InterCo, LLC, First lien senior secured revolving loan2024-12-310001287750RB Holdings InterCo, LLC, First lien senior secured loan2024-12-310001287750arcc:RBHoldingsInterCoLLCMember2024-12-310001287750Sugar PPC Buyer LLC, First lien senior secured loan2024-12-310001287750Teasdale Foods, Inc. and Familia Group Holdings Inc., First lien senior secured loan2024-12-310001287750Teasdale Foods, Inc. and Familia Group Holdings Inc., Warrant to purchase shares of common stock2024-12-310001287750arcc:TeasdaleFoodsIncAndFamiliaGroupHoldingsIncMember2024-12-310001287750Triton Water Holdings, Inc., First lien senior secured loan2024-12-310001287750Triton Water Holdings, Inc., Senior subordinated loan2024-12-310001287750arcc:TritonWaterHoldingsIncMember2024-12-310001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured revolving loan 12024-12-310001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured revolving loan 22024-12-310001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 12024-12-310001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 22024-12-310001287750Watermill Express, LLC and Watermill Express Holdings, LLC, Class A units2024-12-310001287750arcc:WatermillExpressLLCAndWatermillExpressHoldingsLLCMember2024-12-310001287750us-gaap:FoodAndBeverageSectorMember2024-12-310001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 12024-12-310001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 22024-12-310001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Preferred units 12024-12-310001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Preferred units 22024-12-310001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Class A common units2024-12-310001287750arcc:AutomotiveKeysGroupLLCAndAutomotiveKeysInvestorLLCMember2024-12-310001287750Collision SP Subco, LLC, First lien senior secured revolving loan2024-12-310001287750Collision SP Subco, LLC, First lien senior secured loan2024-12-310001287750arcc:CollisionSPSubcoLLCMember2024-12-310001287750Continental Acquisition Holdings, Inc., First lien senior secured loan 12024-12-310001287750Continental Acquisition Holdings, Inc., First lien senior secured loan 22024-12-310001287750arcc:ContinentalAcquisitionHoldingsIncMember2024-12-310001287750Eckler Purchaser LLC, Class A common units2024-12-310001287750Faraday Buyer, LLC, First lien senior secured loan 12024-12-310001287750Faraday Buyer, LLC, First lien senior secured loan 22024-12-310001287750arcc:FaradayBuyerLLCMember2024-12-310001287750Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc., Warrant to purchase shares of Class A common stock2024-12-310001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, First lien senior secured revolving loan2024-12-310001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, Second lien senior secured loan2024-12-310001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, Co-invest units2024-12-310001287750arcc:HighlineAftermarketAcquisitionLLCHighlineAftermarketSCAcquisitionIncAndHighlinePPCBlockerLLCMember2024-12-310001287750New ChurcHill HoldCo LLC and Victory Topco, LP, First lien senior secured loan2024-12-310001287750New ChurcHill HoldCo LLC and Victory Topco, LP, Class A-2 common units2024-12-310001287750arcc:NewChurcHillHoldCoLLCAndVictoryTopcoLPMember2024-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured revolving loan2024-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 12024-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 22024-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 32024-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 42024-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, Class A units2024-12-310001287750arcc:SunAcquirerCorpAndSunTopCoLPMember2024-12-310001287750Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, First lien senior secured loan2024-12-310001287750Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, Class A common units2024-12-310001287750arcc:TruckLiteCo.LLCEccoHoldingsCorp.AndClarienceTechnologiesLLCMember2024-12-310001287750arcc:AutomobilesAndComponentsSectorMember2024-12-310001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured revolving loan2024-12-310001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured loan2024-12-310001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured loan 12024-12-310001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, Class A units2024-12-310001287750arcc:ASPRPacAcquisitionCoLLCAndASPRPacHoldingsLPMember2024-12-310001287750Halex Holdings, Inc., Common stock2024-12-310001287750H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan2024-12-310001287750H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 12024-12-310001287750H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 22024-12-310001287750H-Food Holdings, LLC and Matterhorn Parent, LLC, Second lien senior secured loan2024-12-310001287750H-Food Holdings, LLC and Matterhorn Parent, LLC, Common units2024-12-310001287750arcc:HFoodHoldingsLLCAndMatterhornParentLLCMember2024-12-310001287750Meyer Laboratory, LLC and Meyer Parent, LLC, First lien senior secured loan2024-12-310001287750Meyer Laboratory, LLC and Meyer Parent, LLC, Common units2024-12-310001287750arcc:MeyerLaboratoryLLCAndMeyerParentLLCMember2024-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured revolving loan 12024-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured revolving loan 22024-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 12024-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 22024-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., Class A units2024-12-310001287750arcc:NelipakHoldingCompanyNelipakEuropeanHoldingsCooperatiefUAKNPAKHoldingsLPAndPAKNKNetherlandsTreasuryBVMember2024-12-310001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 12024-12-310001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 22024-12-310001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class A preferred units2024-12-310001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class C units2024-12-310001287750arcc:NovipaxBuyerLLCAndNovipaxParentHoldingCompanyLLCMember2024-12-310001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, First lien senior secured loan2024-12-310001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Second lien senior secured loan2024-12-310001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Preferred units2024-12-310001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Co-Invest units2024-12-310001287750arcc:PlaskolitePPCIntermediateIILLCAndPlaskolitePPCBlockerLLCMember2024-12-310001287750Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured revolving loan 12024-12-310001287750Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured revolving loan 22024-12-310001287750Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 12024-12-310001287750Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 22024-12-310001287750Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 32024-12-310001287750arcc:PrecisionConceptsInternationalLLCAndPrecisionConceptsCanadaCorporationMember2024-12-310001287750Reagent Chemical & Research, LLC, First lien senior secured revolving loan2024-12-310001287750Reagent Chemical & Research, LLC, First lien senior secured loan2024-12-310001287750arcc:ReagentChemicalResearchLLCMember2024-12-310001287750SCI PH Parent, Inc., Series B shares2024-12-310001287750Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 12024-12-310001287750Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 22024-12-310001287750Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 32024-12-310001287750Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 42024-12-310001287750Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 52024-12-310001287750Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 62024-12-310001287750Vobev, LLC and Vobev Holdings, LLC, Warrant to purchase shares of ordinary shares2024-12-310001287750Vobev, LLC and Vobev Holdings, LLC, Warrant to purchase units of class B units2024-12-310001287750arcc:VobevLLCAndVobevHoldingsLLCMember2024-12-310001287750arcc:MaterialsSectorMember2024-12-310001287750Beacon Wellness Brands, Inc. and CDI Holdings I Corp., First lien senior secured loan2024-12-310001287750Beacon Wellness Brands, Inc. and CDI Holdings I Corp., Common stock2024-12-310001287750arcc:BeaconWellnessBrandsIncAndCDIHoldingsICorpMember2024-12-310001287750Foundation Consumer Brands, LLC, First lien senior secured loan 12024-12-310001287750Foundation Consumer Brands, LLC, First lien senior secured loan 22024-12-310001287750arcc:FoundationConsumerBrandsLLCMember2024-12-310001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., First lien senior secured loan 12024-12-310001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., First lien senior secured loan 22024-12-310001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., Preferred units2024-12-310001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., Class B common units2024-12-310001287750arcc:LifeStylesBidcoLtd.LifestylesUSHoldcoInc.AndLifeStylesParentL.P.Member2024-12-310001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured revolving loan2024-12-310001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured loan2024-12-310001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., Limited partner interests2024-12-310001287750arcc:PremierSpecialtiesInc.AndRMCFVCIVXLIVL.P.Member2024-12-310001287750RD Holdco Inc., Senior subordinated loan 12024-12-310001287750RD Holdco Inc., Senior subordinated loan 22024-12-310001287750RD Holdco Inc., Common stock2024-12-310001287750arcc:RDHoldcoIncMember2024-12-310001287750Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured revolving loan2024-12-310001287750Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured loan 12024-12-310001287750Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured loan 22024-12-310001287750Silk Holdings III Corp. and Silk Holdings I Corp., Common stock2024-12-310001287750arcc:SilkHoldingsIIICorp.AndSilkHoldingsICorpOneMember2024-12-310001287750TCI Buyer LLC and TCI Holdings, LP, First lien senior secured loan2024-12-310001287750TCI Buyer LLC and TCI Holdings, LP, Common stock2024-12-310001287750arcc:TCIBuyerLLCAndTCIHoldingsLPMember2024-12-310001287750Walnut Parent, Inc., First lien senior secured loan 12024-12-310001287750Walnut Parent, Inc., First lien senior secured loan 22024-12-310001287750arcc:WalnutParentIncMember2024-12-310001287750arcc:HouseholdAndPersonalProductsMember2024-12-310001287750GNZ Energy Bidco Limited and Galileo Co-investment Trust I, First lien senior secured loan2024-12-310001287750GNZ Energy Bidco Limited and Galileo Co-investment Trust I, Common units2024-12-310001287750arcc:GNZEnergyBidcoLimitedAndGalileoCoInvestmentTrustIMember2024-12-310001287750HighPeak Energy, Inc., First lien senior secured loan2024-12-310001287750Murchison Oil and Gas, LLC and Murchison Holdings, LLC, First lien senior secured loan2024-12-310001287750Murchison Holdings, LLC2024-12-310001287750Offen, Inc., First lien senior secured loan2024-12-310001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 12024-12-310001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 22024-12-310001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 32024-12-310001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 42024-12-310001287750VPROP Operating, LLC and V SandCo, LLC, Class A units2024-12-310001287750arcc:VPROPOperatingLLCAndVSandCoLLCMember2024-12-310001287750us-gaap:EnergySectorMember2024-12-310001287750Chariot Buyer LLC, First lien senior secured loan2024-12-310001287750Everspin Technologies, Inc., Warrant to purchase shares of common stock2024-12-310001287750Excelitas Technologies Corp., First lien senior secured loan2024-12-310001287750FL Hawk Intermediate Holdings, Inc., First lien senior secured loan2024-12-310001287750ITI Holdings, Inc., First lien senior secured revolving loan 12024-12-310001287750ITI Holdings, Inc., First lien senior secured revolving loan 22024-12-310001287750ITI Holdings, Inc., First lien senior secured loan2024-12-310001287750arcc:ITIHoldingsIncMember2024-12-310001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 12024-12-310001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 22024-12-310001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 32024-12-310001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., Class A-2 units2024-12-310001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., Limited partnership interests2024-12-310001287750arcc:PerkinElmerUSLLCAndNMPolarisCoInvestLPMember2024-12-310001287750Repairify, Inc. and Repairify Holdings, LLC, First lien senior secured revolving loan2024-12-310001287750Repairify, Inc. and Repairify Holdings, LLC, Class A common units2024-12-310001287750arcc:RepairifyIncAndRepairifyHoldingsLLCMember2024-12-310001287750arcc:TechnologyHardwareAndEquipmentMember2024-12-310001287750Ferrellgas, L.P. and Ferrellgas Partners, L.P., Senior preferred units2024-12-310001287750Ferrellgas, L.P. and Ferrellgas Partners, L.P., Class B units2024-12-310001287750arcc:FerrellgasLPAndFerrelgasPartnersLPMember2024-12-310001287750Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc., First lien senior secured loan2024-12-310001287750Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc., Class A common stock2024-12-310001287750arcc:OpalFuelsIntermediateHoldCoLLCAndOpalFuelsInc.Member2024-12-310001287750arcc:GasUtilitiesMember2024-12-310001287750Expereo USA, Inc. and Ristretto Bidco B.V., First lien senior secured loan2024-12-310001287750arcc:TelecommunicationServicesMember2024-12-310001287750Nordic Ferry Infrastructure AS, Senior subordinated loan 12024-12-310001287750Nordic Ferry Infrastructure AS Senior subordinated loan 22024-12-310001287750arcc:NordicFerryInfrastructureASMember2024-12-310001287750arcc:TransportationMember2024-12-310001287750EUR, CIBC - Toronto, Company Settlement Date 01/24/20252024-12-310001287750CAD, CIBC - Toronto, Company Settlement Date 01/24/20252024-12-310001287750EUR, RBC - Toronto, Company Settlement Date 01/24/20252024-12-310001287750NOK, RBC - Toronto, Company Settlement Date 01/24/20252024-12-310001287750CAD, RBC - Toronto, Company Settlement Date 01/21/20252024-12-310001287750EGP, RBC - Toronto, Company Settlement Date 08/21/20262024-12-310001287750EGP, RBC - Toronto, Company Settlement Date 01/24/20252024-12-310001287750EGP, CIBC - Toronto, Company Settlement Date 01/24/20252024-12-310001287750NZD, RBC - Toronto, Company Settlement Date 01/24/20252024-12-310001287750CAD, RBC - Toronto, Company Settlement Date 01/24/20252024-12-310001287750EGP, CIBC - Toronto, Company Settlement Date 08/21/20262024-12-310001287750AUD, CIBC - Toronto, Company Settlement Date 11/17/20262024-12-310001287750NOK, CIBC - Toronto, Company Settlement Date 01/24/20252024-12-310001287750arcc:InterestRateSwap1Member2024-12-310001287750us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberarcc:January2027NotesMember2024-12-310001287750arcc:InterestRateSwap1Memberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2024-12-310001287750arcc:InterestRateSwap2Member2024-12-310001287750us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberarcc:March2029NotesMember2024-12-310001287750arcc:InterestRateSwap2Memberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2024-12-310001287750arcc:InterestRateSwap3Member2024-12-310001287750us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberarcc:July2029NotesMember2024-12-310001287750arcc:InterestRateSwap3Memberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2024-12-310001287750us-gaap:InterestRateSwapMember2024-12-310001287750Apex Clean Energy TopCo, LLC2024-01-012024-12-310001287750Apex Clean Energy TopCo, LLC2024-12-310001287750APG Intermediate Holdings Corporation and APG Holdings, LLC2024-01-012024-12-310001287750APG Intermediate Holdings Corporation and APG Holdings, LLC2024-12-310001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P.2024-01-012024-12-310001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P.2024-12-310001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.2024-01-012024-12-310001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.2024-12-310001287750Daylight Beta Parent LLC and CFCo, LLC2024-01-012024-12-310001287750Daylight Beta Parent LLC and CFCo, LLC2024-12-310001287750ESCP PPG Holdings, LLC2024-01-012024-12-310001287750ESCP PPG Holdings, LLC2024-12-310001287750European Capital UK SME Debt LP2024-01-012024-12-310001287750European Capital UK SME Debt LP2024-12-310001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP2024-01-012024-12-310001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP2024-12-310001287750OPH NEP Investment, LLC2024-01-012024-12-310001287750OPH NEP Investment, LLC2024-12-310001287750PCG-Ares Sidecar Investment II, L.P.2024-01-012024-12-310001287750PCG-Ares Sidecar Investment II, L.P.2024-12-310001287750PCG-Ares Sidecar Investment, L.P.2024-01-012024-12-310001287750PCG-Ares Sidecar Investment, L.P.2024-12-310001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC2024-01-012024-12-310001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC2024-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC2024-01-012024-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC2024-12-310001287750Shoes For crews Global, LLC and Shoes for crews Holdings, LLC2024-01-012024-12-310001287750Shoes For crews Global, LLC and Shoes for crews Holdings, LLC2024-12-310001287750Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.2024-01-012024-12-310001287750Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.2024-12-310001287750us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC2024-01-012024-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC2024-12-310001287750ACAS Equity Holdings Corporation2024-01-012024-12-310001287750ACAS Equity Holdings Corporation2024-12-310001287750ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.2024-01-012024-12-310001287750ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.2024-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC2024-01-012024-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC2024-12-310001287750Eckler Industries, Inc. and Eckler Purchaser LLC2024-01-012024-12-310001287750Eckler Industries, Inc. and Eckler Purchaser LLC2024-12-310001287750Halex Holdings, Inc.2024-01-012024-12-310001287750Halex Holdings, Inc.2024-12-310001287750HCI Equity, LLC2024-01-012024-12-310001287750HCI Equity, LLC2024-12-310001287750Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC2024-01-012024-12-310001287750Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC2024-12-310001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation2024-01-012024-12-310001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation2024-12-310001287750Ivy Hill Asset Management, L.P.2024-01-012024-12-310001287750Ivy Hill Asset Management, L.P.2024-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC2024-01-012024-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC2024-12-310001287750Potomac Intermediate Holdings II LLC2024-01-012024-12-310001287750Potomac Intermediate Holdings II LLC2024-12-310001287750PS Operating Company LLC and PS Op Holdings LLC2024-01-012024-12-310001287750PS Operating Company LLC and PS Op Holdings LLC2024-12-310001287750RD Holdco Inc.2024-01-012024-12-310001287750RD Holdco Inc.2024-12-310001287750S Toys Holdings LLC (fka The Step2 Company, LLC)2024-01-012024-12-310001287750S Toys Holdings LLC (fka The Step2 Company, LLC)2024-12-310001287750Senior Direct Lending Program, LLC2024-01-012024-12-310001287750Senior Direct Lending Program, LLC2024-12-310001287750Startec Equity, LLC2024-01-012024-12-310001287750Startec Equity, LLC2024-12-310001287750SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc.2024-01-012024-12-310001287750SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc.2024-12-310001287750Visual Edge Technology, Inc.2024-01-012024-12-310001287750Visual Edge Technology, Inc.2024-12-310001287750VPROP Operating, LLC and V SandCo, LLC2024-01-012024-12-310001287750VPROP Operating, LLC and V SandCo, LLC2024-12-310001287750us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-12-310001287750arcc:NonQualifyingAssetsMemberus-gaap:CustomerConcentrationRiskMemberarcc:InvestmentsAtFairValueAndOtherNonQualifyingAssetsMember2024-01-012024-12-310001287750McKenzie Creative Brands, LLC, First lien senior secured loan, First Out Tranche2024-12-310001287750DFC Global Facility Borrower III LLC, First lien senior secured revolving loan, Secured borrowing2024-12-3100012877503 Step Sports LLC2024-12-310001287750760203 N.B. LTD.2024-12-310001287750Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc.2024-12-310001287750Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC2024-12-310001287750Actfy Buyer, Inc.2024-12-310001287750Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP2024-12-310001287750Aduro Advisors, LLC2024-12-310001287750Advarra Holdings, Inc.2024-12-310001287750Aerin Medical Inc.2024-12-310001287750AI Fire Buyer, Inc. and AI Fire Parent LLC2024-12-310001287750AI Titan Parent, Inc.2024-12-310001287750Airx Climate Solutions, Inc.2024-12-310001287750Alcami Corporation and ACM Note Holdings, LLC2024-12-310001287750Aldinger Company Inc2024-12-310001287750Alera Group, Inc.2024-12-310001287750AMCP Clean Acquisition Company, LLC2024-12-310001287750American Residential Services L.L.C. and Aragorn Parent Holdings LP2024-12-310001287750Amerivet Partners Management, Inc. and AVE Holdings LP2024-12-310001287750Anaplan, Inc.2024-12-310001287750Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua2024-12-310001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC2024-12-310001287750Applied Technical Services, LLC2024-12-310001287750Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.2024-12-310001287750Aptean, Inc. and Aptean Acquiror Inc.2024-12-310001287750AQ Sage Buyer, LLC2024-12-310001287750AQ Sunshine, Inc.2024-12-310001287750Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc.2024-12-310001287750Artifact Bidco, Inc.2024-12-310001287750Artivion, Inc.2024-12-310001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP2024-12-310001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (1)2024-12-310001287750ATI Restoration, LLC2024-12-310001287750Avalara, Inc.2024-12-310001287750Avalign Holdings, Inc. and Avalign Technologies, Inc.2024-12-310001287750Badia Spices, LLC2024-12-310001287750Bamboo US BidCo LLC2024-12-310001287750Banyan Software Holdings, LLC and Banyan Software, LP2024-12-310001287750BCPE Pequod Buyer, Inc.2024-12-310001287750Beacon Pointe Harmony, LLC2024-12-310001287750Beacon Wellness Brands, Inc. and CDI Holdings I Corp.2024-12-310001287750Belfor Holdings, Inc.2024-12-310001287750Benecon Midco II LLC and Benecon Holdings, LLC2024-12-310001287750Berner Food & Beverage, LLC2024-12-310001287750BGI Purchaser, Inc.2024-12-310001287750BGIF IV Fearless Utility Services, Inc.2024-12-310001287750BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC2024-12-310001287750BNZ TopCo B.V.2024-12-310001287750Bobcat Purchaser, LLC and Bobcat Topco, L.P.2024-12-310001287750Borrower R365 Holdings LLC2024-12-310001287750Bottomline Technologies, Inc. and Legal Spend Holdings, LLC2024-12-310001287750BradyPlus Holdings, LLC2024-12-310001287750Broadcast Music, Inc.2024-12-310001287750Businessolver.com, 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LLC2024-12-310001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP2024-12-310001287750Echo Purchaser, Inc.2024-12-310001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc.2024-12-310001287750Edmunds Govtech, Inc.2024-12-310001287750EIS Legacy Holdco, LLC2024-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc.2024-12-310001287750Elevation Services Parent Holdings, LLC2024-12-310001287750Empower Payments Investor, LLC2024-12-310001287750Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc.2024-12-310001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT2024-12-310001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P.2024-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC2024-12-310001287750Eternal Aus Bidco Pty Ltd2024-12-310001287750Evolent Health LLC and Evolent Health, Inc.2024-12-310001287750Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc.2024-12-310001287750Excelitas Technologies Corp.2024-12-310001287750Expereo USA, Inc. and Ristretto Bidco B.V.2024-12-310001287750Extrahop Networks, Inc.2024-12-310001287750Faraday Buyer, LLC2024-12-310001287750Fever Labs, Inc.2024-12-310001287750Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L.2024-12-310001287750FL Hawk Intermediate Holdings, Inc.2024-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc.2024-12-310001287750Flint OpCo, LLC2024-12-310001287750FlyWheel Acquireco, Inc.2024-12-310001287750Forescout Technologies, Inc.2024-12-310001287750Foundation Risk Partners, Corp.2024-12-310001287750FS Squared Holding Corp. and FS Squared, LLC2024-12-310001287750Galway Borrower LLC2024-12-310001287750Generator US Buyer, Inc. and Total Power Limited2024-12-310001287750Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc.2024-12-310001287750GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, 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(1)2024-12-310001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC2024-12-310001287750Patriot Growth Insurance Services, LLC2024-12-310001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC2024-12-310001287750PCS MidCo, Inc. and PCS Parent, L.P.2024-12-310001287750PDDS HoldCo, Inc.2024-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC2024-12-310001287750Pelican Products, Inc.2024-12-310001287750People Corporation2024-12-310001287750Perforce Software, Inc.2024-12-310001287750Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP2024-12-310001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P.2024-12-310001287750PestCo Holdings, LLC and PestCo, LLC2024-12-310001287750Petrus Buyer, Inc.2024-12-310001287750PetVet Care Centers, LLC2024-12-310001287750Petvisor Holdings, LLC2024-12-310001287750Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc.2024-12-310001287750Ping Identity Holding Corp.2024-12-310001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc.2024-12-310001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC2024-12-310001287750Precision Concepts International LLC and Precision Concepts Canada Corporation2024-12-310001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.2024-12-310001287750Premiere Buyer, LLC2024-12-310001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP2024-12-310001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC2024-12-310001287750ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P.2024-12-310001287750Project Essential Bidco, Inc. and Project Essential Super Parent, Inc.2024-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P.2024-12-310001287750Proofpoint, Inc.2024-12-310001287750PSC Parent, Inc.2024-12-310001287750PYE-Barker Fire & Safety, LLC2024-12-310001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC2024-12-310001287750QBS Parent, Inc.2024-12-310001287750QF Holdings, Inc.2024-12-310001287750Qnnect, LLC and Connector TopCo, LP2024-12-310001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P.2024-12-310001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited2024-12-310001287750Radwell Parent, LLC2024-12-310001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC2024-12-310001287750Raven Acquisition Holdings, LLC2024-12-310001287750Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC2024-12-310001287750RB Holdings InterCo, LLC2024-12-310001287750Reagent Chemical & Research, LLC2024-12-310001287750Reddy Ice LLC2024-12-310001287750Redwood Services, LLC and Redwood Services Holdco, LLC2024-12-310001287750Reef Lifestyle, LLC2024-12-310001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.2024-12-310001287750Relativity ODA LLC2024-12-310001287750Repairify, Inc. and Repairify Holdings, LLC2024-12-310001287750Revalize, Inc.2024-12-310001287750RFS Opco LLC2024-12-310001287750Rialto Management Group, LLC2024-12-310001287750Riser Topco II, LLC2024-12-310001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc.2024-12-310001287750Rodeo AcquisitionCo LLC2024-12-310001287750Royal Borrower, LLC and Royal Parent, LP2024-12-310001287750RTI Surgical, Inc. and Pioneer Surgical Technology, Inc.2024-12-310001287750Runway Bidco, LLC2024-12-310001287750RWA Wealth Partners, LLC2024-12-310001287750SageSure Holdings, LLC and SageSure LLC2024-12-310001287750SAPPHIRE SOFTWARE BUYER, INC.2024-12-310001287750Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. 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Connelly & Co., LLC and WSC Ultimate Holdings, LLC2024-12-310001287750Watermill Express, LLC and Watermill Express Holdings, LLC2024-12-310001287750Waverly Advisors, LLC and WAAM Topco, LLC2024-12-310001287750WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P.2024-12-310001287750Wealth Enhancement Group, LLC2024-12-310001287750WebPT, Inc. and WPT Intermediate Holdco, Inc.2024-12-310001287750Wellington Bidco Inc. and Wellington TopCo LP2024-12-310001287750Wellington-Altus Financial Inc. (2)2024-12-310001287750Wellness AcquisitionCo, Inc.2024-12-310001287750WorkWave Intermediate II, LLC2024-12-310001287750World Insurance Associates, LLC and World Associates Holdings, LLC2024-12-310001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (1)2024-12-310001287750WRE Sports Investments LLC2024-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC2024-12-310001287750XIFIN, Inc. and ACP Charger Co-Invest LLC2024-12-310001287750YE Brands Holdings, LLC2024-12-310001287750ZB Holdco LLC and ZB TopCo LLC2024-12-310001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP2024-12-310001287750Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc.2024-12-310001287750arcc:RevolvingAndDelayedDrawLoanCommitmentsMember2024-12-310001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP2024-12-310001287750Constellation Wealth Capital Fund, L.P.2024-12-310001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP2024-12-310001287750GTCR F Buyer Corp. and GTCR (D) Investors LP2024-12-310001287750HFCP XI (Parallel - A), L.P.2024-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC2024-12-310001287750Linden Structured Capital Fund II-A LP2024-12-310001287750LJ Perimeter Buyer, Inc. and 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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, 2025

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, 44th 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 23, 2025
Common stock, $0.001 par value						715,726,600

ARES CAPITAL CORPORATION

INDEX

Part I.			Financial Information
Item 1.			Financial Statements
			Consolidated Balance Sheet as of September 30, 2025 (unaudited) and December 31, 2024			3
			Consolidated Statement of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited)			4
			Consolidated Schedule of Investments as of September 30, 2025 (unaudited) and December 31, 2024			5
			Consolidated Statement of Stockholders’ Equity for the three and nine months ended September 30, 2025 (unaudited) and the year ended December 31, 2024			154
			Consolidated Statement of Cash Flows for the three and nine months ended September 30, 2025 and 2024 (unaudited)			155
			Notes to Consolidated Financial Statements (unaudited)			156
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			199
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			234
Item 4.			Controls and Procedures			235
Part II.			Other Information
Item 1.			Legal Proceedings			236
Item 1A.			Risk Factors			236
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			236
Item 3.			Defaults Upon Senior Securities			237
Item 4.			Mine Safety Disclosures			237
Item 5.			Other Information			237
Item 6.			Exhibits			238
			Signatures			239

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(in millions, except per share data)

			As of
			September 30, 2025						December 31, 2024
			(unaudited)
ASSETS
Investments at fair value
Non-controlled/non-affiliate company investments			$	24,552					$	22,145
Non-controlled affiliate company investments			599						707
Controlled affiliate company investments			3,542						3,868
Total investments at fair value (amortized cost of $28,567 and $26,374, respectively)			28,693						26,720
Cash and cash equivalents			1,036						635
Restricted cash			218						225
Interest receivable			256						292
Receivable for open trades			375						224
Other assets			228						158
Total assets			$	30,806					$	28,254
LIABILITIES
Debt			$	15,605					$	13,727
Base management fee payable			108						100
Income based fee payable			88						91
Capital gains incentive fee payable			97						105
Interest and facility fees payable			129						170
Payable to participants			112						163
Interest rate swap collateral payable			106						62
Payable for open trades			1						236
Accounts payable and other liabilities			214						121
Deferred tax liabilities			24						92
Secured borrowings			—						32
Total liabilities			16,484						14,899
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share, 1,000 common shares authorized; 716 and 672 common shares issued and outstanding, respectively			1						1
Capital in excess of par value			13,470						12,502
Accumulated undistributed earnings			851						852
Total stockholders’ equity			14,322						13,355
Total liabilities and stockholders’ equity			$	30,806					$	28,254
NET ASSETS PER SHARE			$	20.01					$	19.89

See accompanying notes to consolidated financial statements.

3

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(in millions, except per share data)

(unaudited)

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2025						2024						2025						2024
INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest income (excluding payment-in-kind (“PIK”) interest income)			$	462					$	465					$	1,326					$	1,312
PIK interest income			50						43						137						128
Capital structuring service fees			47						33						123						115
Dividend income (excluding PIK dividend income)			6						14						17						47
PIK dividend income			62						66						203						185
Other income			31						16						65						40
Total investment income from non-controlled/non-affiliate company investments			658						637						1,871						1,827
From non-controlled affiliate company investments:
Interest income (excluding PIK interest income)			4						6						13						14
PIK interest income			4						3						13						9
Capital structuring service fees			—						1						—						3
Dividend income (excluding PIK dividend income)			—						—						—						1
Other income			—						1						—						2
Total investment income from non-controlled affiliate company investments			8						11						26						29
From controlled affiliate company investments:
Interest income (excluding PIK interest income)			36						46						116						144
PIK interest income			5						5						15						13
Capital structuring service fees			1						4						5						6
Dividend income (excluding PIK dividend income)			73						70						220						205
PIK dividend income			—						1						2						3
Other income			1						1						4						4
Total investment income from controlled affiliate company investments			116						127						362						375
Total investment income			782						775						2,259						2,231
EXPENSES:
Interest and credit facility fees			209						195						583						528
Base management fee			108						96						314						274
Income based fee			88						92						259						273
Capital gains incentive fee			13						7						(8)						19
Administrative and other fees			4						3						12						9
Other general and administrative			11						9						28						24
Total expenses			433						402						1,188						1,127
NET INVESTMENT INCOME BEFORE INCOME TAXES			349						373						1,071						1,104
Income tax expense, including excise taxes			11						12						26						30
NET INVESTMENT INCOME			338						361						1,045						1,074
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses):
Non-controlled/non-affiliate company investments			(14)						(15)						114						(43)
Non-controlled affiliate company investments			—						—						8						(6)
Controlled affiliate company investments			261						(4)						150						24
Foreign currency and other transactions			(13)						(5)						(21)						(5)
Income tax expense on net realized gains			(72)						—						(116)						(30)
Net realized gains (losses)			162						(24)						135						(60)
Net unrealized gains (losses):
Non-controlled/non-affiliate company investments			87						70						6						130
Non-controlled affiliate company investments			(25)						21						(75)						34
Controlled affiliate company investments			(244)						(12)						(150)						(18)
Foreign currency and other transactions			30						(17)						(24)						3
Net change in deferred tax liabilities			56						(5)						69						16
Net unrealized gains (losses)			(96)						57						(174)						165
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions			66						33						(39)						105
Realized loss on extinguishment of debt			—						—						—						(14)
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS			$	404					$	394					$	1,006					$	1,165
Basic and diluted net income per common share (see Note 10)			$	0.57					$	0.62					$	1.45					$	1.90
Weighted average shares of common stock outstanding (see Note 10)			709						635						694						614

See accompanying notes to consolidated financial statements.

4

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Software and Services
ACP Avenu Midco LLC (13)						Provider of technology solutions and hardware to U.S. state and local governments and motor vehicle agencies						First lien senior secured loan						9.29%			SOFR (Q)			5.00%						04/2025						10/2029									$	13.2					$	13.0					$	13.2		(2)(9)
												First lien senior secured loan						9.32%			SOFR (Q)			5.00%						08/2025						10/2029									18.9						18.6						18.9			(2)(9)
																																																			31.6						32.1
Actfy Buyer, Inc. (13)						Software provider of end to end fraud management workflow solutions						First lien senior secured loan						9.16%			SOFR (M)			5.00%						05/2024						05/2031									62.8						62.8						62.8			(2)(9)
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP (13)						Provider of software services that support the management and security of computing devices, applications, data, and networks						First lien senior secured loan						9.80%			SOFR (Q)			5.50%						07/2023						07/2030									42.2						42.2						42.2			(2)(6)(9)
												First lien senior secured loan						9.50%			SOFR (Q)			5.50%						09/2024						07/2030									6.9						6.9						6.9			(2)(6)(9)
												Limited partnership interest																		10/2023												9,249,000									10.2						13.1			(2)(6)
																																																			59.3						62.2
Adonis Bidco Inc. (13)						Provider of intellectual property management lifecycle software						First lien senior secured loan						9.50%			SOFR (Q)			5.50%						02/2025						02/2032									11.1						11.1						11.1			(2)(9)
												First lien senior secured loan						9.75% (3.00% PIK)			SOFR (Q)			5.75%						02/2025						02/2032									233.7						233.7						233.7			(2)(9)
																																																			244.8						244.8
AI Titan Parent, Inc. (13)						Provider of plant maintenance / scheduling software						First lien senior secured loan						8.66%			SOFR (M)			4.50%						08/2024						08/2031									4.5						4.5						4.5			(2)(9)
Anaplan, Inc. (13)						Provider of cloud-based connected planning platforms for business analytics						First lien senior secured loan						8.70%			SOFR (M)			4.50%						06/2022						06/2029									5.8						5.8						5.8			(2)(9)
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)						Aircraft performance software provider						Class A membership units																		01/2020												9,750,000									9.8						7.6			(2)
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (13)						Software platform for identification, prevention and management of substance use disorder						First lien senior secured loan						9.02%			SOFR (M)			4.75%						05/2021						05/2027									2.8						2.8						2.8			(2)(9)
Aptean, Inc. and Aptean Acquiror Inc. (13)						Provider of CRM, ERP and supply chain software application						First lien senior secured revolving loan						8.91%			SOFR (Q)			4.75%						01/2024						01/2031									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.89%			SOFR (Q)			4.75%						01/2024						01/2031									30.9						30.8						30.9			(2)(9)
																																																			30.9						31.0
Artifact Bidco, Inc. (13)						Supply chain risk management SaaS platform for global enterprise clients						First lien senior secured loan						8.25%			SOFR (Q)			4.25%						05/2024						07/2031									18.9						18.9						18.9			(2)(9)
Aston Bidco (Holding) Limited						Provider of enterprise software solutions						First lien senior secured loan						10.32%			SONIA (Q)			6.00%						07/2025						07/2032									110.1						108.2						110.1			(2)(6)(9)
Auctane, Inc.						Provider of mailing and shipping solutions						First lien senior secured loan						10.14%			SOFR (S)			5.75%						10/2021						10/2028									143.5						143.5						139.1			(2)(9)
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. (13)(14)						Vertical software businesses holding company						First lien senior secured loan						9.41%			SOFR (M)			5.25%						01/2025						01/2031									141.6						141.6						141.6			(2)(6)(9)

See accompanying notes to consolidated financial statements.

5

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.41%			SOFR (Q)			5.25%						04/2025						01/2031									9.7						9.7						9.7			(2)(6)(9)
												Series A preferred shares						14.00% PIK												01/2025												75,000									81.3						81.4			(2)(6)
																																																			232.6						232.7
BCTO Ignition Purchaser, Inc.						Enterprise software provider						Senior subordinated loan						11.83% PIK			SOFR (Q)			7.50%						04/2023						10/2030									4.3						4.3						4.3			(2)(9)
												Senior subordinated loan						11.83% PIK			SOFR (Q)			7.50%						03/2025						10/2030									2.4						2.4						2.4			(2)(9)
																																																			6.7						6.7
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (13)						Healthcare software provider						First lien senior secured loan						8.74%			SOFR (Q)			4.75%						06/2023						06/2030									15.6						15.6						15.6			(2)(9)
												Class A-1 units																		06/2023												1,729,228									1.7						1.9
																																																			17.3						17.5
Borrower R365 Holdings LLC (13)						Provider of restaurant enterprise resource planning systems						First lien senior secured loan						10.15%			SOFR (Q)			6.00%						06/2021						06/2027									15.9						15.8						15.9			(2)(9)
												First lien senior secured loan						10.15%			SOFR (Q)			6.00%						01/2022						06/2027									1.9						1.9						1.9			(2)(9)
																																																			17.7						17.8
Bottomline Technologies, Inc. (13)						Provider of payment automation solutions						First lien senior secured loan						8.50%			SOFR (Q)			4.50%						04/2025						05/2029									16.6						16.6						16.6			(2)(9)
Businessolver.com, Inc. (13)						Provider of SaaS-based benefits solutions for employers and employees						First lien senior secured loan						9.60%			SOFR (Q)			5.50%						12/2021						12/2027									1.7						1.7						1.7			(2)(9)
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. (13)						Provider of software and technology-enabled content and analytical solutions to insurance brokers						First lien senior secured loan						8.65%			SOFR (Q)			4.50%						04/2024						11/2027									16.7						16.2						16.5			(2)(9)(16)
												Second lien senior secured loan						11.91%			SOFR (Q)			7.75%						11/2020						11/2028									71.6						71.2						71.6			(2)(9)
												Series A preferred shares						11.00% PIK												11/2020												24,898									42.3						39.3			(2)
												Series A-2 preferred shares						11.00% PIK												12/2020												8,963									15.0						14.0			(2)
												Series A-3 preferred shares						11.00% PIK												11/2021												11,952									18.2						16.9			(2)
																																																			162.9						158.3
Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P.						Provider of database management services						First lien senior secured loan						9.91%			SOFR (S)			5.75%						09/2025						09/2031									29.9						29.9						29.4			(2)(9)
												Senior subordinated loan						13.00% PIK												09/2025						09/2033									24.1						24.1						23.7			(2)
												Limited partnership interests																		09/2025												5,324,000									5.3						5.3			(2)
																																																			59.3						58.4
Centralsquare Technologies, LLC and Supermoose Newco, Inc. (13)						Provider of mission-critical software solutions for the public sector						First lien senior secured revolving loan																		04/2024						04/2030									—						—						—			(2)(9)(11)
												First lien senior secured loan						10.41% (3.38% PIK)			SOFR (M)			6.25%						04/2024						04/2030									144.6						144.6						144.6			(2)(9)
												Series A preferred stock						15.00% PIK												04/2024												83,332									103.3						103.3			(2)
																																																			247.9						247.9

See accompanying notes to consolidated financial statements.

6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. (13)						Provider of server, application and desktop virtualization, networking, software as a service, and cloud computing technologies						Second lien senior secured notes						9.00%												04/2023						09/2029									121.0						114.4						125.1			(2)(16)
												Limited partnership interests																		09/2022												12,250,000									12.3						34.8			(2)
																																																			126.7						159.9
Community Brands ParentCo, LLC						Software and payment services provider to non-profit institutions						Class A units																		12/2016												500,000									5.0						1.6			(2)
Computer Services, Inc. (13)						Infrastructure software provider to community banks						First lien senior secured loan						9.42%			SOFR (Q)			5.25%						11/2022						11/2029									33.2						33.2						33.2			(2)(9)
												First lien senior secured loan						9.42%			SOFR (Q)			5.25%						02/2024						11/2029									5.3						5.3						5.3			(2)(9)
												First lien senior secured loan						8.92%			SOFR (Q)			4.75%						09/2024						11/2029									0.1						0.1						0.1			(2)(9)
																																																			38.6						38.6
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P.						Provider of sales software for the interior design industry						Common units																		05/2021												483,584									4.8						10.1			(2)(6)
												Series A common units																		09/2022												23,340									0.2						0.5			(2)(6)
																																																			5.0						10.6
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (13)						Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors						First lien senior secured revolving loan						7.68%			SOFR (M)			3.25%						06/2021						03/2028									12.7						12.7						12.7			(2)
												Second lien senior secured loan						10.78%			SOFR (M)			6.50%						06/2021						06/2029									155.7						155.7						154.4			(2)(9)(16)
												Limited partnership units																		04/2021												59,665,989									59.7						49.5			(2)
																																																			228.1						216.6
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (13)						Provider of environmental, health and safety software to track compliance data						First lien senior secured revolving loan						9.08%			SOFR (Q)			4.75%						07/2019						07/2026									0.7						0.7						0.7			(2)(6)(9)
												First lien senior secured loan						9.04%			SOFR (Q)			4.75%						07/2019						07/2026									6.1						6.1						6.1			(2)(6)(9)
												First lien senior secured loan						9.04%			SOFR (Q)			4.75%						10/2019						07/2026									4.3						4.3						4.3			(2)(6)(9)
												First lien senior secured loan						9.04%			SOFR (Q)			4.75%						09/2020						07/2026									0.1						0.1						0.1			(2)(6)(9)
												First lien senior secured loan						9.04%			SOFR (Q)			4.75%						09/2022						07/2026									0.2						0.2						0.2			(2)(6)(9)
												First lien senior secured loan						9.04%			SOFR (Q)			4.75%						04/2023						07/2026									7.6						7.6						7.6			(2)(6)(9)
												First lien senior secured loan						9.04%			SOFR (Q)			4.75%						11/2024						07/2026									4.0						4.0						4.0			(2)(6)(9)
												First lien senior secured loan						9.04%			SOFR (Q)			4.75%						01/2025						07/2026									4.0						4.0						4.0			(2)(6)(9)
												Preferred equity						9.00% PIK												07/2019												198									0.3						1.1			(2)(6)
												Common equity																		07/2019												190,143									—						—			(2)(6)
																																																			27.3						28.1
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (13)						Provider of a cloud-based, SaaS platform for talent management						First lien senior secured revolving loan						7.27%			SOFR (M)			3.00%						10/2021						10/2026									8.4						8.4						8.0			(2)(12)

See accompanying notes to consolidated financial statements.

7

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						8.03%			SOFR (M)			3.75%						06/2024						10/2028									16.5						15.0						15.8			(2)(9)(16)
												Second lien senior secured loan						10.78%			SOFR (M)			6.50%						10/2021						10/2029									137.5						137.5						123.7			(2)(9)
												Series A preferred shares						10.50% PIK												10/2021												116,413									170.2						142.9			(2)
												Class A-1 common stock																		10/2021												1,360,100									13.6						20.6			(2)
																																																			344.7						311.0
Coupa Holdings, LLC and Coupa Software Incorporated (13)						Provider of Business Spend Management software						First lien senior secured loan						9.56%			SOFR (Q)			5.25%						03/2023						02/2030									8.9						8.9						8.9			(2)(9)
Databricks, Inc.						Cloud-based data and AI platform that helps companies scale and manage data						First lien senior secured loan						8.72%			SOFR (M)			4.50%						12/2024						01/2031									0.1						0.1						0.1			(2)
Datix Bidco Limited and RL Datix Holdings (USA), Inc. (13)						Global healthcare software company that provides software solutions for patient safety and risk management						First lien senior secured loan						9.54%			SOFR (S)			5.25%						04/2024						04/2031									104.6						104.6						104.6			(2)(6)(9)
												First lien senior secured loan						9.27%			SONIA (S)			5.25%						04/2024						04/2031									57.0						53.1						57.0			(2)(6)(9)
																																																			157.7						161.6
Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. (13)						Provider of internet security tools and solutions						First lien senior secured loan						9.91%			SOFR (M)			5.75%						07/2025						07/2030									125.0						123.2						123.2			(2)(9)
												Second lien senior secured loan						11.16%			SOFR (M)			7.00%						05/2022						02/2029									20.3						18.0						18.4			(2)(16)
												Series A preferred shares						10.50% PIK												05/2021												129,822									197.5						169.9			(2)
												Series A units																		05/2021												817,194									13.3						14.8			(2)
																																																			352.0						326.3
Diligent Corporation and Diligent Preferred Issuer, Inc. (13)						Provider of secure SaaS solutions for board and leadership team documents						First lien senior secured revolving loan						9.20%			SOFR (Q)			5.00%						04/2024						08/2030									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						9.20%			SOFR (Q)			5.00%						04/2024						08/2030									23.5						23.4						23.3			(2)(9)
												Preferred stock						10.50% PIK												04/2021												13,140									20.6						20.1			(2)
																																																			44.2						43.6
Doxim Inc. (13)						Enterprise content management provider						First lien senior secured revolving loan						10.65%			SOFR (M)			6.50%						09/2025						11/2027									0.3						0.3						0.3			(2)(6)(9)(12)
												First lien senior secured loan						10.65%			SOFR (M)			6.50%						09/2025						11/2027									84.7						84.7						83.9			(2)(6)(9)
																																																			85.0						84.2
DriveCentric Holdings, LLC (13)						Provider of CRM software to the automotive dealership industry						First lien senior secured loan						8.63%			SOFR (M)			4.50%						08/2024						08/2031									12.1						12.1						12.1			(2)(9)
												First lien senior secured loan						8.66%			SOFR (M)			4.50%						07/2025						08/2031									11.6						11.6						11.5			(2)(9)
																																																			23.7						23.6
Echo Purchaser, Inc. (13)						Software provider of mission critical security, supply chain, and collaboration solutions for highly regulated end markets						First lien senior secured loan						9.66%			SOFR (M)			5.50%						11/2023						11/2029									11.4						11.4						11.4			(2)(9)

See accompanying notes to consolidated financial statements.

8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (13)						Payment processing solution provider						First lien senior secured loan						8.68%			SOFR (M)			4.50%						09/2024						09/2031									196.1						196.1						196.1			(2)(9)
												Preferred units						12.50% PIK												09/2024												656									7.2						7.2			(2)
												Class A common units																		09/2024												563									0.6						0.6			(2)
																																																			203.9						203.9
Edmunds Govtech, Inc. (13)						Provider of ERP software solutions for local governments						First lien senior secured revolving loan						7.75%			SOFR (Q)			3.75%						02/2024						02/2030									1.7						1.7						1.7			(2)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						02/2024						02/2031									21.6						21.6						21.6			(2)(9)
																																																			23.3						23.3
Einstein Parent, Inc. (13)						Provider of SaaS based collaborative work management software						First lien senior secured loan						10.83%			SOFR (Q)			6.50%						01/2025						01/2031									45.9						45.9						45.9			(2)(9)
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (13)						SaaS based supply chain management software provider focused on chemical markets						First lien senior secured revolving loan						9.83%			SOFR (M)			5.50%						05/2024						09/2026									7.1						7.1						7.1			(2)(9)
												First lien senior secured loan						9.97%			SOFR (Q)			5.50%						09/2019						09/2026									59.4						59.4						59.4			(2)(9)
												First lien senior secured loan						9.97%			SOFR (Q)			5.50%						12/2020						09/2026									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						9.84%			SOFR (Q)			5.50%						05/2024						09/2026									4.9						4.9						4.9			(2)(9)
												Preferred equity																		09/2019												4,599									4.6						5.8			(2)
																																																			81.6						82.8
Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc. (13)						SaaS based business analytics company focused on oil and gas industry						First lien senior secured revolving loan						9.64%			SOFR (M)			5.50%						12/2023						12/2029									0.3						0.3						0.3			(2)(9)
												First lien senior secured revolving loan						9.64%			SOFR (M)			5.50%						06/2024						12/2029									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.67%			SOFR (M)			5.50%						12/2023						12/2029									138.2						138.2						138.2			(2)(9)
												Preferred stock						13.50% PIK												02/2020												13									27.3						27.7			(2)
																																																			165.9						166.3
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						8.78%			SOFR (M)			4.50%						06/2023						11/2028									57.8						57.5						56.0			(2)(9)
												Second lien senior secured loan						10.76%			SOFR (Q)			6.50%						11/2021						11/2029									89.0						89.0						83.6			(2)(9)
												Partnership units																		05/2019												5,034,483									3.0						5.8			(2)(6)
																																																			149.5						145.4
eResearchTechnology, Inc. and Astorg VII Co-Invest ERT (13)						Provider of mission-critical, software-enabled clinical research solutions						First lien senior secured loan						8.91%			SOFR (M)			4.75%						01/2025						01/2032									181.9						181.9						181.9			(2)(9)
												Limited partnership interest																		01/2020												3,988,000									4.5						9.8			(2)(6)
																																																			186.4						191.7
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. (13)						Provider of nutritional information and software as a services (SaaS) compliance solutions						First lien senior secured revolving loan						9.72%			SOFR (S)			5.50%						06/2022						06/2028									0.3						0.3						0.3			(2)(9)
												First lien senior secured loan						9.65%			SOFR (S)			5.50%						06/2022						06/2028									6.7						6.7						6.7			(2)(9)

See accompanying notes to consolidated financial statements.

9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Limited partner interests																		06/2022												6,246,801									6.2						7.9
																																																			13.2						14.9
Extrahop Networks, Inc. (13)						Provider of real-time wire data analytics solutions for application and infrastructure monitoring						First lien senior secured loan						10.76%			SOFR (M)			6.50%						07/2021						07/2027									35.2						35.2						35.2			(2)(9)
												First lien senior secured loan						10.76%			SOFR (M)			6.50%						03/2023						07/2027									3.9						3.9						3.9			(2)(9)
																																																			39.1						39.1
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L.						Provider of back-office software services for the banking sector						First lien senior secured loan						11.29%			SOFR (Q)			7.25%						09/2023						09/2029									52.6						51.9						52.6			(2)(6)(9)
Flexera Software LLC (13)						Provider of IT asset management, SaaS management and cloud optimization software products to enterprises						First lien senior secured loan						8.96%			SOFR (M)			4.75%						08/2025						08/2032									18.6						18.6						18.5			(2)(9)
												First lien senior secured loan						6.63%			Euribor (M)			4.75%						08/2025						08/2032									6.8						6.8						6.8			(2)(9)
																																																			25.4						25.3
Forescout Technologies, Inc. (13)						Network access control solutions provider						First lien senior secured loan						9.20%			SOFR (Q)			5.00%						05/2024						05/2031									13.5						13.5						13.3			(2)(9)
GHP-VGS Purchaser LLC (13)						Provider of assessment software and third party appraisal services						First lien senior secured loan						9.06%			SOFR (Q)			4.75%						04/2025						04/2032									14.3						14.3						14.1			(2)(9)
GI Ranger Intermediate LLC (13)						Provider of payment processing services and software to healthcare providers						First lien senior secured loan						10.01%			SOFR (M)			5.75%						10/2021						10/2028									9.9						9.9						9.6			(2)(9)
												First lien senior secured loan						10.01%			SOFR (M)			5.75%						03/2022						10/2028									3.1						3.1						3.0			(2)(9)
																																																			13.0						12.6
Goldeneye Parent, LLC (13)						Provider of clinical trial financial solutions						First lien senior secured loan						9.16%			SOFR (M)			5.00%						03/2025						03/2032									17.4						17.4						17.3			(2)(9)
Guidepoint Security Holdings, LLC (13)						Cybersecurity solutions provider						First lien senior secured loan						9.41%			SOFR (M)			5.25%						10/2023						10/2029									6.7						6.7						6.7			(2)(9)
												First lien senior secured loan						9.41%			SOFR (M)			5.25%						12/2024						10/2029									2.4						2.4						2.4			(2)(9)
																																																			9.1						9.1
Heavy Construction Systems Specialists, LLC (13)						Provider of construction software						First lien senior secured loan						8.75%			SOFR (Q)			4.75%						11/2021						11/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						03/2024						11/2028									13.8						13.8						13.8			(2)(9)
																																																			13.9						13.9
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (13)						Insurance software provider						First lien senior secured revolving loan						9.51%			SOFR (M)			5.25%						11/2021						11/2027									9.4						9.4						9.2			(2)(9)
												First lien senior secured loan						9.51%			SOFR (M)			5.25%						11/2021						11/2028									58.7						58.7						57.5			(2)(9)
												Senior subordinated loan						10.00% PIK												11/2021						11/2031									130.6						130.6						117.5			(2)
												Company units																		11/2021												4,246,457									8.8						4.1			(2)
																																																			207.5						188.3
Hyland Software, Inc. (13)						Enterprise content management software provider						First lien senior secured loan						9.16%			SOFR (M)			5.00%						09/2023						09/2030									95.8						94.8						95.8			(2)(9)
Hyphen Solutions, LLC (13)						Provider of residential construction supply chain management software						First lien senior secured loan						8.66%			SOFR (M)			4.50%						08/2025						08/2032									12.0						11.9						11.9			(2)(9)

See accompanying notes to consolidated financial statements.

10

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
iCapital, Inc.						Provider of platform solutions that increase access to alternative investments for institutional investors and wealth managers						Common stock																		04/2025												71,430									1.0						1.0			(2)
Icefall Parent, Inc. (13)						Provider of customer engagement software and integrated payments solutions						First lien senior secured loan						8.81%			SOFR (M)			4.50%						01/2024						01/2030									16.2						16.2						16.2			(2)(9)
ID.me, LLC and ID.me, Inc. (13)						Provider of remote digital identity verification solutions						First lien senior secured loan						10.25% (5.25% PIK)												01/2025						01/2031									120.0						111.5						110.2			(2)
												Series E preferred units																		08/2025												10,827,926									16.0						16.0			(2)
												Warrant to purchase shares of common stock																		01/2025						01/2035						6,924,708									9.6						10.2			(2)
																																																			137.1						136.4
Internet Truckstop Group LLC (13)						Provider of freight-moving lifecycle software						First lien senior secured loan						9.40%			SOFR (Q)			5.25%						06/2024						04/2027									39.5						39.3						39.5			(2)(9)
IQN Holding Corp. (13)						Provider of extended workforce management software						First lien senior secured revolving loan						9.25%			SOFR (Q)			5.25%						05/2022						05/2028									1.1						1.1						1.1			(2)(9)
												First lien senior secured loan						9.75% (3.13% PIK)			SOFR (Q)			5.75%						05/2022						05/2029									1.4						1.4						1.4			(2)(9)
																																																			2.5						2.5
JAMS Holdings LP and Jams Buyer LLC (13)						Provider of IT operations management and cybersecurity software						First lien senior secured loan						9.50%			SOFR (Q)			5.50%						06/2025						06/2032									14.4						14.4						14.2			(2)(9)
												Preferred units						8.00% PIK												06/2025												1,001,000									1.0						1.3			(2)
																																																			15.4						15.5
Kairos Bidco Limited (13)						Provider of financial data analytics software						First lien senior secured revolving loan						9.08%			SOFR (Q)			4.75%						07/2025						07/2032									0.3						0.3						0.3			(2)(6)(9)
												First lien senior secured loan						9.06%			SOFR (M)			4.75%						07/2025						07/2032									24.8						24.8						24.6			(2)(6)(9)
																																																			25.1						24.9
Kaseya Inc. and Knockout Intermediate Holdings I Inc.						Provider of cloud-based software and technology solutions for small and medium sized businesses						Preferred stock						14.62% PIK			SOFR (S)			10.75%						06/2022												21,289									31.8						31.8			(2)(9)
LeanTaaS Holdings, Inc. (13)						Provider of SaaS tools to optimize healthcare asset utilization						First lien senior secured loan						11.75%			SOFR (Q)			7.75%						07/2022						07/2028									71.5						71.5						71.5			(2)(9)
Majesco and Magic Topco, L.P. (13)						Insurance software provider						First lien senior secured loan						8.75%			SOFR (M)			4.75%						09/2020						09/2028									17.9						17.9						17.9			(2)(9)
												Class A units						9.00% PIK												09/2020												2,539									3.9						6.4			(2)
												Class B units																		09/2020												570,625									—						—			(2)
																																																			21.8						24.3
Metatiedot Bidco OY and Metatiedot US, LLC (13)						Enterprise content management platform						First lien senior secured loan						7.28%			Euribor (Q)			5.25%						11/2024						11/2031									8.2						7.4						8.2			(2)(6)(9)
												First lien senior secured loan						9.45%			SOFR (Q)			5.25%						11/2024						11/2031									5.2						5.2						5.2			(2)(6)(9)
																																																			12.6						13.4
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp						Cybersecurity solutions provider						First lien senior secured loan						8.66%			SOFR (M)			4.50%						05/2022						05/2029									14.2						14.2						14.2			(2)(6)(9)

See accompanying notes to consolidated financial statements.

11

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						8.47%			SONIA (Q)			4.50%						05/2022						05/2029									37.7						34.6						37.7			(2)(6)(9)
												First lien senior secured loan						8.66%			SOFR (M)			4.50%						03/2024						05/2029									5.1						5.1						5.1			(2)(6)(9)
												Limited partnership interest																		05/2022												3,975									39.8						45.5			(2)(6)
																																																			93.7						102.5
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. (13)						Software and payment services provider to faith-based institutions						First lien senior secured loan						9.76%			SOFR (M)			5.50%						12/2021						12/2028									38.7						38.7						37.9			(2)(9)
												Limited partner interests																		12/2021												9,574,000									9.6						5.7			(2)
																																																			48.3						43.6
Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc. (13)						Provider of practice management, EHR, and RCM software to medical specialists						First lien senior secured loan						8.75% (2.25% PIK)			SOFR (Q)			4.75%						04/2025						04/2032									70.1						70.1						69.4			(2)(9)
												Series A preferred stock						13.00% PIK												04/2025												24,499									25.0						24.4			(2)
																																																			95.1						93.8
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (13)						Leading technology solution provider for casing and auditioning to the entertainment industry						First lien senior secured revolving loan						9.87%			SOFR (Q)			5.75%						08/2022						08/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.87%			SOFR (Q)			5.75%						08/2022						08/2028									24.4						24.4						24.4			(2)(9)
												Class A units						8.00% PIK												08/2022												45,320									5.8						3.9
																																																			30.3						28.4
Motor Vehicle Software Corporation (13)						Provider of electronic registration and titling software to auto dealers						First lien senior secured loan						8.50%			SOFR (Q)			4.50%						01/2025						01/2032									82.3						82.3						82.3			(2)(9)
MRI Software LLC (13)						Provider of real estate and investment management software						First lien senior secured revolving loan						8.75%			SOFR (Q)			4.75%						02/2020						02/2027									0.4						0.4						0.4			(2)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						02/2020						02/2027									13.3						13.3						13.3			(2)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						08/2020						02/2027									23.8						23.8						23.8			(2)(9)
																																																			37.5						37.5
Netsmart, Inc. and Netsmart Technologies, Inc. (13)						Developer and operator of health care software and technology solutions						First lien senior secured loan						9.11% (2.45% PIK)			SOFR (M)			4.95%						08/2024						08/2031									32.9						32.9						32.9			(2)(9)
North Star Acquisitionco, LLC and Toucan Bidco Limited (13)						Literacy solution software provider for grades k-12						First lien senior secured loan						8.64%			NIBOR (Q)			4.50%						04/2024						05/2029									6.3						5.7						6.3			(2)(6)
												First lien senior secured loan						8.47%			SONIA (Q)			4.50%						04/2024						05/2029									5.5						5.3						5.5			(2)(6)
												First lien senior secured loan						8.50%			SOFR (Q)			4.50%						04/2024						05/2029									11.9						11.9						12.0			(2)(6)(9)
																																																			22.9						23.8
Optimizely North America Inc. and Optimizely Sweden Holdings AB (13)						Provider of web content management and digital commerce solutions						First lien senior secured loan						9.16%			SOFR (M)			5.00%						10/2024						10/2031									5.6						5.6						5.6			(2)(6)(9)
												First lien senior secured loan						7.15%			Euribor (M)			5.25%						10/2024						10/2031									2.2						2.0						2.2			(2)(6)(9)
												First lien senior secured loan						9.47%			SONIA (M)			5.50%						10/2024						10/2031									1.0						0.9						1.0			(2)(6)(9)
																																																			8.5						8.8

See accompanying notes to consolidated financial statements.

12

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
PCMI Parent, LLC and PCMI Ultimate Holdings, LP (13)						Developer and provider of administration software for managing service contracts and extended warranty products						First lien senior secured loan						9.52%			SOFR (Q)			5.50%						03/2025						03/2032									21.1						21.1						21.1			(2)(9)
												Class A units						9.00% PIK												03/2025												1,014									1.1						1.2			(2)
												Class B units																		03/2025												241,447									—						—			(2)
																																																			22.2						22.3
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (13)						Provider of enterprise management software for the convenience retail and petroleum wholesale market						First lien senior secured revolving loan						9.81%			SOFR (Q)			5.50%						02/2024						02/2031									1.0						1.0						1.0			(2)(9)
												First lien senior secured loan						9.81%			SOFR (Q)			5.50%						01/2024						02/2031									8.8						8.8						8.8			(2)(9)
												Series A preferred stock						13.25% PIK												03/2019												13,656									32.1						32.4			(2)
												Class A units																		03/2019												2,062,493									2.1						5.0			(2)
																																																			44.0						47.2
Petvisor Holdings, LLC (13)						Provider of veterinarian-focused SaaS solutions						First lien senior secured loan						9.50%			SOFR (Q)			5.50%						06/2022						11/2029									6.0						6.0						6.0			(2)(9)
												First lien senior secured loan						9.74%			SOFR (Q)			5.50%						11/2023						11/2029									13.7						13.7						13.7			(2)(9)
																																																			19.7						19.7
Ping Identity Holding Corp. (13)						Provider of identity and access management solutions						First lien senior secured loan						8.75%			SOFR (Q)			4.75%						10/2022						10/2029									11.2						11.2						11.2			(2)(9)
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC (4)(13)						Online education learning platform						First lien senior secured loan						8.70% (1.50% PIK)			SOFR (Q)			4.50%						08/2024						08/2029									21.6						21.6						21.6			(2)(9)
												First lien senior secured loan						5.85% PIK			SOFR (Q)			1.65%						08/2024						08/2029									21.6						21.6						21.6			(2)(9)
												Common units																		08/2024												6,356,812									14.3						3.3			(2)
																																																			57.5						46.5
Poseidon IntermediateCo, Inc. (13)						Provider of practice management software to law firms						First lien senior secured loan						8.64%			SOFR (M)			4.50%						06/2025						06/2032									28.1						28.1						28.0			(2)(9)
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC (13)						Software provider for medical practitioners						First lien senior secured revolving loan						8.66%			SOFR (M)			4.50%						08/2023						08/2029									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						9.91%			SOFR (M)			5.75%						08/2023						08/2029									36.3						36.3						36.3			(2)(9)
												Senior subordinated loan						14.00% PIK												08/2023						08/2030									51.8						51.8						51.8			(2)
												Class A units						8.00% PIK												03/2021												33,220,282									27.6						33.8			(2)
																																																			116.2						122.4
Project Potter Buyer, LLC and Project Potter Parent, L.P. (13)						Software solutions provider to the ready-mix concrete industry						First lien senior secured revolving loan																		06/2025						04/2027									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						04/2020						04/2027									42.4						42.4						42.4			(2)(9)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						10/2020						04/2027									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						11/2020						04/2027									11.6						11.6						11.6			(2)(9)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						07/2024						04/2027									17.7						17.7						17.7			(2)(9)

See accompanying notes to consolidated financial statements.

13

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						06/2025						04/2027									25.6						25.6						25.6			(2)(9)
												Class B units																		04/2020												588,636									—						3.3			(2)
																																																			97.4						100.7
Proofpoint, Inc. (13)						Cybersecurity solutions provider						First lien senior secured loan						7.16%			SOFR (M)			3.00%						06/2021						08/2028									1.0						0.9						1.0			(2)(9)(16)
QBS Parent, Inc. (13)						Provider of vertical software solutions and related implementation, migration, and integration services						First lien senior secured loan						8.50%			SOFR (Q)			4.50%						11/2024						06/2032									15.4						15.4						15.3			(2)(9)
QF Holdings, Inc. (13)						SaaS based electronic health record software provider						First lien senior secured loan						9.06%			SOFR (Q)			4.75%						09/2019						12/2027									6.7						6.7						6.7			(2)(9)
												First lien senior secured loan						9.04%			SOFR (Q)			4.75%						08/2020						12/2027									4.8						4.8						4.8			(2)(9)
												First lien senior secured loan						9.06%			SOFR (Q)			4.75%						12/2021						12/2027									8.1						8.1						8.1			(2)(9)
												First lien senior secured loan						8.95%			SOFR (Q)			4.75%						12/2023						12/2027									5.0						5.0						5.0			(2)(9)
												First lien senior secured loan						9.16%			SOFR (Q)			4.75%						03/2025						12/2027									5.5						5.5						5.5			(2)(9)
																																																			30.1						30.1
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC (13)						Provider of SaaS-based safety and security software to the K-12 school market						First lien senior secured loan						9.25%			SOFR (Q)			5.25%						10/2021						10/2028									8.3						8.3						8.3			(2)(9)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						04/2023						10/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						05/2024						10/2028									8.0						8.0						8.0			(2)(9)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						12/2024						10/2028									24.8						24.8						24.8			(2)(9)
												Class A common units																		12/2018												2,880,582									3.5						10.9
																																																			44.7						52.1
Regent Education, Inc.						Provider of software solutions designed to optimize the financial aid and enrollment processes						Warrant to purchase shares of common stock																		12/2016						12/2026						5,393,194									—						—
												Warrant to purchase shares of common stock																		12/2016						12/2026						987									—						—
																																																			—						—
Relativity ODA LLC (13)						Electronic discovery document review software platform for use in litigations and investigations						First lien senior secured loan						8.66%			SOFR (M)			4.50%						07/2024						05/2029									6.6						6.6						6.6			(2)(9)
Revalize, Inc. (13)						Developer and operator of software providing configuration, price and quote capabilities						First lien senior secured revolving loan						9.90%			SOFR (Q)			5.75%						05/2022						04/2029									0.6						0.6						0.5			(2)(9)
												First lien senior secured loan						10.65% (1.75% PIK)			SOFR (Q)			6.50%						05/2022						04/2029									0.7						0.7						0.6			(2)(9)
																																																			1.3						1.1
RMS HoldCo II, LLC & RMS Group Holdings, Inc. (13)						Developer of revenue cycle management solutions, process automation, analytics and integration for the healthcare industry						First lien senior secured loan						9.81%			SOFR (Q)			5.50%						12/2021						12/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.66%			SOFR (M)			5.50%						08/2022						12/2028									0.2						0.2						0.2			(2)(9)
												Class A common stock																		12/2021												566									5.5						2.1			(2)

See accompanying notes to consolidated financial statements.

14

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			5.8						2.4
Runway Bidco, LLC (13)						Provider of workload automation software						First lien senior secured loan						9.00%			SOFR (Q)			5.00%						12/2024						12/2031									42.6						42.2						42.2			(2)(9)
Sapphire Software Buyer, Inc. (13)						Provider of application security testing solutions						First lien senior secured loan						8.87%			SOFR (S)			5.00%						09/2024						09/2031									31.6						31.6						31.6			(2)(9)
Severin Acquisition, LLC (13)						Provider of student information system software solutions to the K-12 education market in North America						First lien senior secured loan						9.16% (2.25% PIK)			SOFR (M)			5.00%						09/2024						10/2031									140.4						140.4						139.0			(2)(9)
Smarsh Inc. and Skywalker TopCo, LLC (13)						SaaS based communication archival service provider						First lien senior secured revolving loan						8.85%			SOFR (M)			4.75%						02/2022						02/2029									0.6						0.6						0.6			(2)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						02/2022						02/2029									3.4						3.4						3.4			(2)(9)
												Common units																		11/2020												1,742,623									6.3						9.7			(2)
																																																			10.3						13.7
SocialFlow, Inc.						Social media optimization platform provider						Warrant to purchase shares of Series C preferred stock																		01/2016						01/2026						215,331									—						—
SoundCloud Limited						Platform for receiving, sending, and distributing music						Common stock																		08/2017												73,422									0.4						0.7			(2)(6)
Spaceship Purchaser, Inc. (13)						SaaS based website builder and hosting platform						First lien senior secured revolving loan																		10/2024						10/2031									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.00%			SOFR (S)			5.00%						10/2024						10/2031									100.2						100.2						100.2			(2)(9)
																																																			100.2						100.2
Spark Purchaser, Inc. (13)						Software platform for Medicare application process						First lien senior secured loan						9.50%			SOFR (Q)			5.50%						04/2024						04/2031									30.5						30.5						30.5			(2)(9)
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp (13)						Provider of data, analytics, news, and workflow tools to customers in the counter-cyclical distressed debt space						First lien senior secured revolving loan																		09/2022						09/2028									—						—						—			(2)(9)(11)
												First lien senior secured loan						8.60%			SOFR (Q)			4.50%						09/2022						09/2028									2.5						2.5						2.5			(2)(9)
												First lien senior secured loan						8.88%			SOFR (Q)			4.50%						12/2023						09/2028									1.6						1.6						1.6			(2)(9)
												First lien senior secured loan						8.88%			SOFR (Q)			4.50%						05/2025						09/2028									0.8						0.8						0.8			(2)(9)
												Limited partner interests																		09/2022												1,010									10.2						20.2			(2)
																																																			15.1						25.1
Storable, Inc. and EQT IX Co-Investment (E) SCSP						Payment management system solutions and web services for the self-storage industry						Limited partnership interests																		04/2021												614,950									5.7						12.5			(2)(6)
Sundance Group Holdings, Inc. (13)						Provider of cloud-based document management and collaboration solutions						First lien senior secured revolving loan						8.50%			SOFR (Q)			4.50%						09/2024						07/2029									1.0						1.0						1.0			(2)(9)
												First lien senior secured loan						8.50%			SOFR (Q)			4.50%						09/2024						07/2029									4.0						4.0						4.0			(2)(9)
																																																			5.0						5.0
Superman Holdings, LLC (13)						Provider of ERP software for the construction industry						First lien senior secured loan						8.50%			SOFR (Q)			4.50%						08/2024						08/2031									42.6						42.6						42.6			(2)(9)
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (13)						Provider of environment, health, safety, and sustainability software						First lien senior secured loan						9.15%			SOFR (M)			5.00%						03/2022						03/2028									34.2						34.2						34.2			(2)(9)

See accompanying notes to consolidated financial statements.

15

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.20%			SOFR (M)			5.00%						10/2023						03/2028									10.8						10.8						10.8			(2)(9)
												First lien senior secured loan						9.15%			SOFR (M)			5.00%						06/2024						03/2028									5.8						5.8						5.8			(2)(9)
												First lien senior secured loan						9.19%			SOFR (M)			5.00%						07/2025						03/2029									7.6						7.6						7.6			(2)(9)
												Class A-2 units																		03/2022												5,057									5.1						7.8
																																																			63.5						66.2
TCP Hawker Intermediate LLC (13)						Workforce management solutions provider						First lien senior secured revolving loan						7.75%			SOFR (Q)			3.75%						11/2024						08/2029									3.4						3.4						3.4			(2)(9)
												First lien senior secured loan						9.00%			SOFR (Q)			5.00%						08/2019						08/2029									50.3						50.3						50.3			(2)(9)
												First lien senior secured loan						9.00%			SOFR (Q)			5.00%						11/2024						08/2029									2.0						2.0						2.0			(2)(9)
																																																			55.7						55.7
Transit Technologies LLC (13)						Provider of transportation management software and specialty telematics solutions						First lien senior secured loan						8.85%			SOFR (Q)			4.75%						08/2024						08/2031									12.0						12.0						12.0			(2)(9)
												First lien senior secured loan						8.63%			SOFR (M)			4.50%						09/2025						08/2031									8.0						8.0						7.9			(2)(9)
																																																			20.0						19.9
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						31.9			(2)(6)
UserZoom Technologies, Inc.						User experience research automation software						First lien senior secured loan						11.63%			SOFR (Q)			7.50%						02/2023						04/2029									5.8						5.8						5.9			(2)(9)
Vamos Bidco, Inc. (13)						Provider of software and data services to the alcoholic beverage industry						First lien senior secured revolving loan						8.95%			SOFR (Q)			4.75%						01/2025						01/2032									0.8						0.8						0.8			(2)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						01/2025						01/2032									18.2						18.2						18.0			(2)(9)
																																																			19.0						18.8
Victors Purchaser, LLC and WP Victors Co-Investment, L.P. (13)						Third-party maintenance provider for hardware and data center infrastructure						First lien senior secured loan						8.75%			SOFR (Q)			4.75%						08/2024						08/2031									6.6						6.6						6.6			(2)(9)
												Partnership units																		08/2024												2,482,000									2.5						2.9			(2)
																																																			9.1						9.5
Viper Bidco, Inc. (13)						Provider of SaaS based supply chain risk management solutions						First lien senior secured loan						8.75%			SOFR (Q)			4.75%						11/2024						11/2031									17.7						17.7						17.7			(2)(9)
												First lien senior secured loan						8.72%			SONIA (Q)			4.75%						11/2024						11/2031									11.0						10.3						11.0			(2)(9)
																																																			28.0						28.7
WebPT, Inc. and WPT Intermediate Holdco, Inc. (13)						Electronic medical record software provider						First lien senior secured revolving loan						10.55%			SOFR (Q)			6.25%						08/2019						01/2028									0.7						0.7						0.7			(2)(9)
												First lien senior secured loan						10.55%			SOFR (Q)			6.25%						08/2019						01/2028									0.1						0.1						0.1			(2)(9)
												Senior subordinated loan						13.25% PIK												05/2024						05/2029									72.0						72.0						66.9			(2)
																																																			72.8						67.7
Wellington Bidco Inc. and Wellington TopCo LP (13)						Provider of ERP and payments software for local governments						First lien senior secured revolving loan						8.75%			SOFR (Q)			4.75%						06/2024						06/2030									0.6						0.6						0.6			(2)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						06/2024						06/2030									4.0						4.0						4.0			(2)(9)
												Class A-2 preferred units																		06/2024												2,323,000									2.4						2.8			(2)
																																																			7.0						7.4

See accompanying notes to consolidated financial statements.

16

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Wellness AcquisitionCo, Inc. (13)						Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry						First lien senior secured revolving loan																		02/2025						01/2029									—						—						—			(2)(9)(11)
												First lien senior secured loan						8.93%			SOFR (Q)			4.75%						02/2025						01/2029									18.3						18.3						18.3			(2)(9)
																																																			18.3						18.3
WorkWave Intermediate II, LLC (13)						Provider of cloud-based field services and fleet management solutions						First lien senior secured revolving loan						9.75%			SOFR (Q)			5.75%						09/2025						09/2032									0.3						0.3						0.3			(2)(9)
												First lien senior secured loan						10.60% (3.25% PIK)			SOFR (Q)			6.50%						06/2021						06/2027									54.4						54.4						53.8			(2)(9)
												First lien senior secured loan						10.50% (3.25% PIK)			SOFR (Q)			6.50%						02/2022						06/2027									19.8						19.8						19.6			(2)(9)
												First lien senior secured loan						10.60% (3.25% PIK)			SOFR (Q)			6.50%						03/2024						06/2027									6.6						6.6						6.5			(2)(9)
												First lien senior secured loan						10.25% (3.13% PIK)			SOFR (Q)			6.25%						09/2025						09/2032									62.2						62.2						61.6			(2)(9)
																																																			143.3						141.8
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (13)						Provider of cloud-based customer support solutions						First lien senior secured loan						9.00%			SOFR (Q)			5.00%						12/2022						11/2028									32.7						32.7						32.7			(2)(9)
												Series A preferred stock						13.50% PIK			SOFR (Q)			9.50%						11/2022												19,398									27.9						27.9			(2)(9)
												Class A common units																		11/2022												269,100									2.7						2.5			(2)
																																																			63.3						63.1
ZocDoc, Inc. (13)						Healthcare marketplace connecting patients and providers						First lien senior secured loan						9.46%			SOFR (Q)			5.25%						05/2024						07/2030									64.9						64.9						63.6			(2)(9)
												First lien senior secured loan						9.25%			SOFR (M)			5.25%						07/2025						07/2030									1.6						1.6						1.6			(2)(9)
																																																			66.5						65.2
																																																			6,661.3						6,653.3						46.46%
Health Care Equipment and Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(13)						Dental services provider						First lien senior secured revolving loan						6.13% PIK												06/2021						06/2026									1.4						1.4						1.3			(2)(9)
												First lien senior secured revolving loan						4.78% PIK												06/2021						06/2026									18.5						18.5						16.6			(2)(9)
												First lien senior secured revolving loan						4.63% PIK												06/2021						06/2026									0.8						0.8						0.7			(2)(9)
												First lien senior secured revolving loan						4.63% PIK												06/2021						06/2026									0.8						0.8						0.7			(2)(9)
												First lien senior secured loan						4.63% PIK												09/2024						06/2026									44.4						44.4						40.0			(2)(9)
												Class A preferred units																		09/2024												20,000,000									16.2						—			(2)
												Class A common units																		06/2021												6,553,553									4.7						—			(2)
																																																			86.8						59.3
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5)(13)						Dental services provider						First lien senior secured loan						11.15% (3.00% PIK)			SOFR (Q)			7.00%						09/2016						09/2026									15.7						15.7						15.7			(2)(9)

See accompanying notes to consolidated financial statements.

17

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Second lien senior secured loan						5.00% PIK												06/2023						03/2027									49.7						49.7						45.2			(2)
												Membership units																		09/2016												3,000,000									—						—			(2)
												Class A common units																		06/2023												7,604,889									29.4						—			(2)
																																																			94.8						60.9
Advarra Holdings, Inc. (13)						Provider of central institutional review boards over clinical trials						First lien senior secured loan						8.66%			SOFR (M)			4.50%						08/2022						09/2031									4.0						4.0						4.0			(2)(9)
Aerin Medical Inc. (13)						Developer and manufacturer of non-invasive nasal treatment solutions						First lien senior secured loan						11.25% (3.88% PIK)			SOFR (M)			7.25%						12/2024						12/2030									15.6						15.4						15.6			(2)(9)
												Series G preferred shares																		12/2024												877,379									1.0						1.0			(2)
																																																			16.4						16.6
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									52.1						52.1			(2)
						Provider of Revenue Cycle Management solutions to hospitals						Preferred units						8.00% PIK												07/2022												9,900									12.7						11.6			(2)
												Class B common units																		07/2022												100,000									0.1						—			(2)
																																																			64.9						63.7
Amerivet Partners Management, Inc. and AVE Holdings LP						Veterinary practice management platform						Subordinated loan						8.25% PIK												11/2023						12/2030									74.8						73.8						62.1			(2)
												Class A units																		03/2024												2,922									2.9						—			(2)
												Class C units																		11/2023												7,144									1.4						—			(2)
																																																			78.1						62.1
Artivion, Inc. (13)						Manufacturer, processor and distributor of medical devices and implantable human tissues						First lien senior secured revolving loan						7.79%			SOFR (Q)			3.50%						01/2024						01/2031									0.9						0.9						0.9			(2)(6)(9)
												First lien senior secured loan						9.04%			SOFR (Q)			4.75%						01/2024						01/2031									11.5						11.5						11.5			(2)(6)(9)
																																																			12.4						12.4
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (13)(14)						Revenue cycle management provider to the physician practices and acute care hospitals						First lien senior secured loan						6.91%			SOFR (M)			2.75%						07/2023						02/2029									0.1						0.1						0.1			(2)(9)(16)
												Series A preferred stock						10.75% PIK												02/2022												198,505									293.1						293.1			(2)
												Class A units																		02/2022												10,487,951									10.5						14.8			(2)
																																																			303.7						308.0
Avalign Holdings, Inc. and Avalign Technologies, Inc. (13)						Full-service contract manufacturer of medical device components for the orthopedic OEM industry						First lien senior secured revolving loan						10.66%			SOFR (M)			6.50%						03/2024						12/2028									1.6						1.6						1.4			(2)(9)
												First lien senior secured loan						11.45% (3.63% PIK)			SOFR (Q)			7.25%						03/2024						12/2028									39.7						39.7						34.9			(2)(9)
																																																			41.3						36.3
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP						Opiod treatment provider						First lien senior secured loan						9.26%			SOFR (Q)			5.00%						05/2022						06/2027									5.8						5.9						5.0			(2)(9)
Bambino Group Holdings, LLC						Dental services provider						Class A preferred units																		12/2016												1,000,000									1.0						0.8			(2)

See accompanying notes to consolidated financial statements.

18

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Bayou Intermediate II, LLC (13)						Developer and manufacturer of vascular medical devices						First lien senior secured loan						8.75%			SOFR (Q)			4.75%						09/2025						09/2032									25.7						25.7						25.4			(2)(9)
BrightStar Group Holdings, Inc. (13)						Provider of private-pay home care services for patients						First lien senior secured revolving loan						9.00%			SOFR (Q)			5.00%						02/2025						03/2032									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						9.05%			SOFR (Q)			5.00%						02/2025						03/2032									26.9						26.9						26.9			(2)(9)
																																																			27.1						27.1
BVI Medical, Inc. and BVI Group Limited (13)						Developer, manufacturer, and distributor of diverse ophthalmic surgical products						First lien senior secured loan						10.41% (5.00% PIK)			SOFR (M)			6.25%						03/2025						03/2032									139.9						139.9						137.1			(2)(6)(9)
												Ordinary shares																		03/2025												3,742									5.0						4.1			(2)(6)
																																																			144.9						141.2
Color Intermediate, LLC						Provider of pre-payment integrity software solution						First lien senior secured loan						8.85%			SOFR (Q)			4.75%						10/2022						10/2029									19.8						19.8						19.8			(2)(9)
Convey Health Solutions, Inc.						Healthcare workforce management software provider						First lien senior secured loan						9.35% (3.94% PIK)			SOFR (Q)			5.25%						09/2019						07/2029									1.9						1.9						1.5			(2)(9)
												First lien senior secured loan						9.35% (3.94% PIK)			SOFR (Q)			5.25%						02/2022						07/2029									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.35% (3.94% PIK)			SOFR (Q)			5.25%						10/2022						07/2029									0.1						0.1						0.1			(2)(9)
																																																			2.1						1.7
Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. (13)						Provider of consumables and equipment for ART and IVF procedures						First lien senior secured loan						9.77%			SOFR (S)			5.50%						11/2024						11/2031									2.9						2.9						2.9			(2)(6)(9)
												First lien senior secured loan						7.60%			Euribor (S)			5.50%						11/2024						11/2031									12.3						11.4						12.5			(2)(6)(9)
																																																			14.3						15.4
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC (13)						Provider of medical devices and services for the treatment of positional plagiocephaly						First lien senior secured loan						9.65%			SOFR (Q)			5.50%						03/2022						03/2029									23.8						23.8						23.8			(2)(9)
												Class A shares																		03/2022												192									1.9						2.6			(2)
												Common units																		03/2022												31									0.3						0.4			(2)
																																																			26.0						26.8
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (13)						Veterinary hospital operator						First lien senior secured loan						8.91%			SOFR (M)			4.75%						06/2024						06/2031									31.9						31.9						31.9			(2)(9)
												Class A preferred units																		08/2023												3,678									2.6						1.9			(2)
												Common stock																		10/2019												41,443									14.5						21.8			(2)
																																																			49.0						55.6
Empower Payments Investor, LLC (13)						Financial communication and payment solutions provider						First lien senior secured loan						8.75%			SOFR (Q)			4.75%						03/2024						03/2031									32.7						32.2						32.7			(2)(9)
												First lien senior secured loan						8.74%			SOFR (Q)			4.75%						06/2025						03/2031									8.8						8.8						8.8			(2)(9)
																																																			41.0						41.5
Evolent Health LLC and Evolent Health, Inc. (13)						Medical technology company focused on value based care services and payment solutions						First lien senior secured loan						9.96%			SOFR (Q)			5.50%						12/2024						12/2029									31.2						31.2						31.2			(2)(6)(9)
												Second lien senior secured loan						10.39%			SOFR (M)			6.00%						08/2025						12/2029									3.8						3.7						3.8			(2)(6)(9)
																																																			34.9						35.0

See accompanying notes to consolidated financial statements.

19

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC (13)						On-demand supply chain automation solutions provider to the healthcare industry						First lien senior secured loan						8.75%			SOFR (Q)			4.75%						12/2024						12/2031									231.0						231.0						231.0			(2)(9)
												Class A units																		06/2017												15,706,534									12.9						47.4			(2)
																																																			243.9						278.4
Global Medical Response, Inc. and GMR Buyer Corp.						Emergency air medical services provider						Series B preferred shares						15.00% PIK												05/2024												63,277									75.3						77.3			(2)
												Warrant to purchase units of common stock																		03/2018						03/2028						115,733									0.9						1.5			(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									—						40.5			(2)
																																																			76.3						119.3
Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP (13)						Provider of software solutions to healthcare payors						First lien senior secured revolving loan																		06/2025						06/2032									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.41% (2.25% PIK)			SOFR (M)			5.25%						06/2025						06/2032									231.3						231.3						229.0			(2)(9)
												First lien senior secured loan						9.41% (2.25% PIK)			SOFR (M)			5.25%						09/2025						06/2032									20.6						20.6						20.3			(2)(9)
												Class A units																		09/2025												259,900									2.6						2.6			(2)
																																																			254.5						251.9
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 (13)						Manufacturer of surgical dental equipment and sterile instruments						First lien senior secured revolving loan																		05/2024						05/2031									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.67%			SOFR (Q)			5.50%						05/2024						05/2031									74.7						74.7						74.7			(2)(9)
																																																			74.7						74.7
KBHS Acquisition, LLC (d/b/a Alita Care, LLC)						Provider of behavioral health services						First lien senior secured revolving loan																		03/2017						03/2027									4.2						4.3						3.2			(2)(8)
Lifescan Global Corporation						Provider of blood glucose monitoring systems for home and hospital use						First lien senior secured loan																		05/2022						12/2026									4.8						3.5						4.6			(2)(8)(16)
												Second lien senior secured loan																		05/2022						03/2027									0.2						0.2						0.1			(2)(8)
																																																			3.7						4.7
LivTech Purchaser, Inc. (13)						Provider of senior care end-to-end software, payments and RCM platform						First lien senior secured loan						9.15%			SOFR (Q)			5.00%						11/2024						11/2031									9.3						9.3						9.3			(2)(9)
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						3.7			(2)
																																																			3.1						4.3
Next Holdco, LLC (13)						Provider of electronic medical record and practice management software						First lien senior secured loan						9.48%			SOFR (Q)			5.25%						11/2023						11/2030									6.4						6.4						6.4			(2)(9)

See accompanying notes to consolidated financial statements.

20

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
NMN Holdings III Corp. and NMN Holdings LP (13)						Provider of complex rehabilitation technology solutions for patients with mobility loss						First lien senior secured revolving loan																		07/2024						07/2031									—						—						—			(2)(11)
												First lien senior secured loan						8.66%			SOFR (M)			4.50%						07/2024						07/2031									165.5						165.5						165.5			(2)(9)
												First lien senior secured loan						7.76%			CORRA (S)			5.00%						09/2025						07/2031									13.3						13.4						13.3			(2)(9)
												First lien senior secured loan						9.03%			SOFR (M)			4.75%						09/2025						07/2031									7.2						7.2						7.2			(2)(9)
												Partnership units																		11/2018												30,000									3.0						8.0			(2)
																																																			189.1						194.0
Nomi Health, Inc.						Provider of software payment services for healthcare industry						First lien senior secured loan						12.54%			SOFR (Q)			8.25%						07/2023						07/2028									11.4						11.4						11.7			(2)(9)
												First lien senior secured loan						12.54%			SOFR (Q)			8.25%						06/2024						07/2028									6.8						6.8						7.0			(2)(9)
												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									—						—			(2)
																																																			18.2						18.7
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5)(13)						Behavioral health and special education platform provider						First lien senior secured loan						13.65% PIK			SOFR (Q)			9.50%						01/2023						02/2027									4.1						4.1						4.1			(2)(9)
												First lien senior secured loan																		09/2019						02/2027									71.6						49.3						24.3			(2)(8)
												First lien senior secured loan																		02/2022						02/2027									14.6						10.2						5.0			(2)(8)
												Preferred units																		07/2021												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)
																																																			76.2						33.4
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (13)						Veterinary hospital operator						Second lien senior secured loan																		03/2020						06/2028									81.0						75.5						52.7			(2)(8)
												Class R common units																		03/2020												6,004,768									6.0						—			(2)
																																																			81.5						52.7
PetVet Care Centers, LLC (13)						Veterinary hospital operator						First lien senior secured loan						10.16%			SOFR (M)			6.00%						11/2023						11/2030									130.5						130.5						114.8			(2)(9)
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (13)						Provider of employer-sponsored onsite health and wellness clinics and pharmacies						First lien senior secured revolving loan																		02/2024						03/2030									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						02/2024						03/2031									53.8						53.8						53.8			(2)(9)
												Class A units																		07/2018												9,775									9.8						22.4			(2)
																																																			63.6						76.2
Project Alliance Buyer, LLC (13)						Provider of technology solutions for specialty medication management						First lien senior secured loan						9.20%			SOFR (Q)			5.00%						08/2025						08/2031									10.9						10.9						10.7			(2)(9)
Revival Animal Health, LLC (13)						B2B distributor of animal health products						First lien senior secured revolving loan						10.00%			SOFR (Q)			6.00%						01/2025						01/2028									1.1						1.1						1.1			(2)(9)
												First lien senior secured loan						10.10%			SOFR (Q)			6.00%						01/2025						01/2028									26.8						26.8						26.6			(2)(9)
												First lien senior secured loan						10.00%			SOFR (Q)			6.00%						04/2025						01/2028									2.0						2.0						2.0			(2)(9)

See accompanying notes to consolidated financial statements.

21

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			29.9						29.7
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC						Outsourced anesthesia provider						Common units																		03/2018												684,854									4.8						2.9			(2)
SOC Telemed, Inc. and PSC Spark Holdings, LP						Provider of acute care telemedicine						First lien senior secured loan						11.54% (2.00% PIK)			SOFR (Q)			7.50%						08/2022						08/2027									108.9						107.1						102.4			(2)(9)
												Class A-2 units																		08/2022												4,812									4.9						1.4			(2)
												Warrant to purchase units of common stock																		08/2022						08/2029						6,118									4.7						0.3			(2)
																																																			116.7						104.1
Spruce Bidco II Inc. (13)						Provider of medical devices relating to dialysis treatments and services for kidney disease						First lien senior secured loan						7.68%			CORRA (Q)			5.00%						01/2025						01/2032									27.3						26.1						27.3			(2)(9)
												First lien senior secured loan						6.00%			TONA (S)			5.25%						01/2025						01/2032									27.4						26.1						27.4			(2)(9)
												First lien senior secured loan						9.13%			SOFR (Q)			5.00%						01/2025						01/2032									195.4						195.4						195.4			(2)(9)
																																																			247.6						250.1
Surescripts, LLC (13)						Healthcare network for e-prescription routing, patient eligibility checks, and secure exchange of medical records						First lien senior secured loan						8.00%			SOFR (M)			4.00%						11/2024						11/2031									5.0						5.0						5.0			(2)(9)
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (13)						SaaS based healthcare compliance platform provider						First lien senior secured revolving loan						8.06%			SOFR (Q)			3.75%						12/2020						12/2027									0.8						0.8						0.7			(2)
												First lien senior secured revolving loan						10.00%			Base Rate (Q)			2.75%						12/2020						12/2027									3.1						3.1						2.8			(2)
												First lien senior secured loan						8.91%			SOFR (Q)			4.50%						02/2022						12/2027									28.5						27.9						25.6			(2)(9)(16)
												First lien senior secured loan						9.66%			SOFR (Q)			5.25%						04/2024						12/2027									17.2						17.2						15.8			(2)(9)
												Second lien senior secured loan						12.28%			SOFR (Q)			7.88%						12/2020						12/2028									76.2						76.2						70.1			(2)(9)
												Second lien senior secured loan						14.41% (4.00% PIK)			SOFR (Q)			10.00%						04/2024						12/2028									54.6						54.6						52.9			(2)(9)
												Series C-1 preferred shares						11.00% PIK												06/2021												75,939									127.5						108.4			(2)
												Series C-2 preferred shares						11.00% PIK												06/2021												40,115									63.9						54.3			(2)
												Series C-3 preferred shares						11.00% PIK												10/2021												16,201									24.9						21.2			(2)
																																																			396.1						351.8
Tempus AI, Inc.						Provider of technology enabled precision medicine solutions						First lien senior secured loan						12.25% (3.25% PIK)			SOFR (Q)			8.25%						02/2025						02/2030									31.6						31.6						31.6			(2)(6)(9)
												Common units																		10/2023												60,821									1.9						4.9			(2)(6)(16)
																																																			33.5						36.5
Therapy Brands Holdings LLC						Provider of software solutions for the mental and behavioral health market segments						Second lien senior secured loan						11.03%			SOFR (M)			6.75%						06/2021						05/2029									29.1						29.0						24.7			(2)(9)
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc.						Anesthesiology service provider						Second lien senior secured loan						11.89%			SOFR (M)			7.50%						10/2021						10/2029									147.8						147.8						147.8			(2)(9)
												Common stock																		12/2021												3,671,429									12.9						9.8			(2)
																																																			160.7						157.6

See accompanying notes to consolidated financial statements.

22

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
U.S. Urology Partners, LLC and General Atlantic (USU) Blocker Collection Holdco, L.P. (13)						Integrated urologic care platform						First lien senior secured loan						8.50%			SOFR (Q)			4.50%						04/2025						04/2032									10.8						10.8						10.8			(2)(9)
												Limited partnership interest																		04/2025												2,190,000									2.2						3.0			(2)
																																																			13.0						13.8
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (13)						Gastroenterology physician group						First lien senior secured loan						9.76%			SOFR (Q)			5.75%						03/2023						03/2029									10.4						10.4						10.4			(2)(9)
												Class A interests																		03/2023												4,623									4.6						7.2
																																																			15.0						17.6
Viant Medical Holdings, Inc.						Manufacturer of plastic and rubber components for health care equipment						First lien senior secured loan						8.16%			SOFR (M)			4.00%						10/2024						10/2031									5.0						5.0						5.0			(2)(16)
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (13)						Veterinary hospital operator						First lien senior secured loan						10.01%			SOFR (M)			5.75%						12/2021						12/2027									6.0						6.0						6.0			(2)(9)
												First lien senior secured loan						10.01%			SOFR (M)			5.75%						08/2022						12/2027									9.0						9.0						9.0			(2)(9)
												First lien senior secured loan						9.91%			SOFR (M)			5.75%						08/2023						12/2027									12.3						12.3						12.3			(2)(9)
												First lien senior secured loan						9.91%			SOFR (M)			5.75%						03/2024						12/2027									2.6						2.6						2.6			(2)(9)
												First lien senior secured loan						9.41%			SOFR (M)			5.25%						01/2025						12/2027									2.7						2.7						2.7			(2)(9)
												Class A-2 units																		12/2021												7,524									7.5						12.4			(2)
												Class A-2 units																		03/2023												45									0.1						0.1			(2)
																																																			40.2						45.1
WSHP FC Acquisition LLC and WSHP FC Holdings LLC (13)						Provider of biospecimen products for pharma research						First lien senior secured revolving loan																		03/2018						03/2028									—						—						—			(2)(9)(11)
												First lien senior secured loan						12.23% (6.00% PIK)			SOFR (M)			8.00%						08/2025						04/2030									74.6						74.6						74.6			(2)(9)
												First lien senior secured loan						12.00% PIK												08/2025						03/2030									22.5						19.3						18.7			(2)
												Class A preferred units																		11/2024												455									0.3						—
												Common units																		07/2022												35,299									5.0						0.5
																																																			99.2						93.8
																																																			3,536.1						3,409.0						23.80%
Commercial and Professional Services
Accommodations Plus Technologies LLC (13)						Provider of outsourced crew accommodations and logistics management solutions to the airline industry						First lien senior secured loan						8.70%			SOFR (Q)			4.50%						05/2025						05/2032									77.8						77.8						77.0			(2)(9)
Aero Operating LLC						Provider of snow removal and melting service for airports and marine terminals						First lien senior secured loan						13.44% (2.00% PIK)			SOFR (Q)			9.00%						02/2020						02/2026									36.3						36.3						36.3			(2)(9)
												First lien senior secured loan						13.44% (2.00% PIK)			SOFR (Q)			9.00%						12/2021						02/2026									1.2						1.2						1.2			(2)(9)
																																																			37.5						37.5
Aldinger Company Inc (13)						Provider of outsourced calibration and repair services						First lien senior secured revolving loan						9.36%			SOFR (Q)			5.25%						07/2024						07/2027									0.5						0.5						0.5			(2)(9)

See accompanying notes to consolidated financial statements.

23

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						07/2024						07/2027									35.7						35.7						35.7			(2)(9)
												First lien senior secured loan						9.41%			SOFR (Q)			5.25%						03/2025						07/2027									10.7						10.7						10.7			(2)(9)
												First lien senior secured loan						9.45%			SOFR (Q)			5.25%						08/2025						07/2027									3.2						3.2						3.2			(2)(9)
																																																			50.1						50.1
Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc.						Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services						First lien senior secured loan						9.42%			SOFR (Q)			5.00%						04/2024						09/2028									48.9						48.9						48.9			(2)(6)(9)
												Senior subordinated loan						13.52% (6.94% PIK)			SOFR (Q)			9.25%						11/2021						11/2028									2.1						2.1						2.1			(2)(6)(9)
												Senior subordinated loan						13.68% (6.94% PIK)			SOFR (Q)			9.25%						08/2022						11/2028									8.5						8.0						8.6			(2)(6)(9)
																																																			59.0						59.6
ATI Restoration, LLC (13)						Provider of disaster recovery services						First lien senior secured revolving loan						9.89%			SOFR (Q)			5.50%						07/2020						07/2026									8.7						8.7						8.7			(2)(9)(12)
												First lien senior secured loan						9.88%			SOFR (Q)			5.50%						07/2020						07/2026									32.1						32.1						32.1			(2)(9)
												First lien senior secured loan						9.78%			SOFR (M)			5.50%						05/2022						07/2026									47.5						47.5						47.5			(2)(9)
												First lien senior secured loan						9.86%			SOFR (Q)			5.50%						09/2023						07/2026									11.8						11.8						11.8			(2)(9)
																																																			100.1						100.1
Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC (13)						Provider of fire and life safety services including inspection and repair						First lien senior secured loan						8.91%			SOFR (M)			4.75%						01/2025						01/2031									6.9						6.9						6.9			(2)(9)
												Class A-1 units																		01/2025												1,368									1.4						1.6			(2)
																																																			8.3						8.5
Bobtail AcquisitionCo, LLC (13)						Provider of non-hazardous liquid waste collection, transportation, processing, recycling, reclamation, and disposal services						First lien senior secured revolving loan						8.77%			SOFR (S)			4.75%						09/2025						09/2031									0.2						0.2						0.2			(2)(12)
												First lien senior secured loan						8.92%			SOFR (M)			4.75%						09/2025						09/2031									28.3						28.3						28.0			(2)
																																																			28.5						28.2
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP (13)						Outsourced supply chain solutions provider to operators of distribution centers						First lien senior secured revolving loan																		08/2024						05/2029									—						—						—			(2)(9)(11)
												First lien senior secured loan						8.76%			SOFR (M)			4.50%						08/2024						11/2029									6.5						6.5						6.5			(2)(9)
												Second lien senior secured loan						12.76%			SOFR (M)			8.50%						08/2024						11/2030									87.5						87.5						87.5			(2)(9)
												Class A units																		11/2020												10,581									7.3						17.1			(2)
																																																			101.3						111.1
Compex Legal Services, Inc. (13)						Provider of outsourced litigated and non-litigated medical records retrieval services						First lien senior secured revolving loan						9.78%			SOFR (Q)			5.45%						05/2022						02/2026									2.5						2.5						2.5			(2)(9)
												First lien senior secured loan						10.42%			SOFR (Q)			6.00%						07/2023						02/2026									1.9						1.9						1.9			(2)(9)
																																																			4.4						4.4
Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. (13)						Provider of business decisioning data and analytics						First lien senior secured revolving loan																		08/2025						08/2032									—						—						—			(2)(9)(11)

See accompanying notes to consolidated financial statements.

24

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.67%			SOFR (M)			5.50%						08/2025						08/2032									379.5						379.5						375.7			(2)(9)
												Series A units						8.00% PIK												08/2025												540,800									5.5						5.4			(2)
																																																			385.0						381.1
Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC (13)						Technology based aggregator for facility maintenance services						First lien senior secured revolving loan																		04/2025						04/2032									—						—						—			(2)(9)(11)
												First lien senior secured loan						8.50%			SOFR (Q)			4.50%						04/2025						04/2032									110.0						110.0						110.0			(2)(9)
												Common member units																		08/2020												9,624,000									7.7						17.6			(2)
																																																			117.7						127.6
Dorado Bidco, Inc. (13)						Provider of consumer and market insights for the food and beverage industry						First lien senior secured loan						8.41%			SOFR (M)			4.25%						09/2024						09/2031									7.7						7.7						7.7			(2)(9)
DP Flores Holdings, LLC (13)						Benefits administrator of tax-advantaged reimbursement plans						First lien senior secured loan						10.66% (3.25% PIK)			SOFR (M)			6.50%						09/2024						09/2030									27.7						27.6						27.7			(2)(9)
Drogon Bidco Inc. & Drogon Aggregator LP (13)						Provider of fire safety and life safety services						First lien senior secured loan						8.91%			SOFR (M)			4.75%						08/2024						08/2031									19.7						19.7						19.7			(2)(9)
												Class A-2 common units																		08/2024												1,850,000									1.9						1.9			(2)
																																																			21.6						21.6
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						12.4			(2)
												Class B common stock																		08/2014												7,500									—						—			(2)
																																																			7.5						12.4
Duraserv LLC (13)						Provider of commercial loading dock maintenance and remodeling services						First lien senior secured loan						8.89%			SOFR (M)			4.75%						06/2024						06/2031									29.1						29.1						29.1			(2)(9)
												First lien senior secured loan						8.89%			SOFR (M)			4.75%						03/2025						06/2031									0.8						0.8						0.8			(2)(9)
																																																			29.9						29.9
Elevation Services Parent Holdings, LLC (13)						Elevator service platform						First lien senior secured revolving loan						10.90%			SOFR (Q)			6.50%						12/2020						12/2028									2.8						2.8						2.6			(2)(9)(12)
												First lien senior secured loan						10.95%			SOFR (Q)			6.50%						12/2020						12/2028									10.0						10.0						9.3			(2)(9)
												First lien senior secured loan						10.92%			SOFR (Q)			6.50%						05/2022						12/2028									13.8						13.8						12.9			(2)(9)
																																																			26.6						24.8
Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC (13)						Provider of tax, comprehensive assurance and consulting services						First lien senior secured revolving loan						8.73%			SOFR (M)			4.75%						07/2025						07/2031									2.0						2.0						2.0			(2)(9)
												First lien senior secured loan						8.87%			SOFR (S)			4.75%						07/2025						07/2031									24.9						24.9						24.6			(2)(9)
												Common stock																		07/2025												4,273,000									4.3						4.3
																																																			31.2						30.9
EMB Purchaser, Inc. (13)						Provider of fire and life safety solutions						First lien senior secured loan						8.59%			SOFR (Q)			4.50%						03/2025						03/2032									93.0						93.0						93.0			(2)(9)
Firebird Acquisition Corp, Inc. (13)						Provider of fire safety and life safety services						First lien senior secured revolving loan																		01/2025						02/2032									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.31% (2.75% PIK)			SOFR (Q)			5.00%						01/2025						02/2032									16.0						16.0						16.0			(2)(9)
												First lien senior secured loan						8.71%			SOFR (M)			4.50%						01/2025						02/2032									1.4						1.4						1.4			(2)(9)

See accompanying notes to consolidated financial statements.

25

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			17.4						17.4
FlyWheel Acquireco, Inc. (13)						Professional employer organization offering human resources, compliance and risk management services						First lien senior secured revolving loan						10.66%			SOFR (M)			6.50%						05/2023						05/2028									2.2						2.2						2.2			(2)(9)
												First lien senior secured loan						10.66%			SOFR (M)			6.50%						05/2023						05/2030									51.6						51.6						51.6			(2)(9)
																																																			53.8						53.8
Frontline Road Safety Operations, LLC (13)						Provider of pavement marking services to roadways						First lien senior secured revolving loan						9.07%			SOFR (Q)			4.75%						03/2025						03/2032									0.3						0.3						0.3			(2)(12)
												First lien senior secured loan						9.32% (2.00% PIK)			SOFR (Q)			5.00%						03/2025						03/2032									65.7						65.7						65.7			(2)
																																																			66.0						66.0
G702 Buyer, Inc. (13)						Provider of standardized contracts and forms platform for the architecture, engineering, and construction industry						First lien senior secured loan						8.75%			SOFR (Q)			4.75%						07/2025						07/2031									10.5						10.5						10.4			(2)(9)
HH-Stella, Inc. and Bedrock Parent Holdings, LP (13)						Provider of municipal solid waste transfer management services						First lien senior secured revolving loan						9.65%			SOFR (Q)			5.50%						04/2021						04/2027									1.3						1.3						1.3			(2)(9)(12)
												First lien senior secured loan						9.65%			SOFR (Q)			5.50%						04/2021						04/2028									8.7						8.7						8.7			(2)(9)
												First lien senior secured loan						9.66%			SOFR (Q)			5.50%						09/2023						04/2028									21.6						21.6						21.6			(2)(9)
												First lien senior secured loan						9.65%			SOFR (Q)			5.50%						04/2024						04/2028									17.7						17.7						17.7			(2)(9)
												Class A units																		04/2021												32,982									3.3						3.5			(2)
																																																			52.6						52.8
HP RSS Buyer, Inc. (13)						Provider of road striping, and road safety related services						First lien senior secured loan						9.00%			SOFR (Q)			5.00%						12/2023						12/2029									16.8						16.8						16.8			(2)(9)
												First lien senior secured loan						8.87%			SOFR (Q)			4.75%						03/2024						12/2029									6.7						6.7						6.7			(2)(9)
												First lien senior secured loan						8.92%			SOFR (Q)			4.75%						07/2025						12/2029									0.1						0.1						0.1			(2)(9)
																																																			23.6						23.6
IRI Group Holdings, Inc. and Circana, LLC (13)						Market research company focused on the consumer packaged goods industry						First lien senior secured revolving loan																		04/2025						12/2028									—						—						—			(2)(11)
												First lien senior secured loan						8.66%			SOFR (M)			4.50%						04/2025						12/2029									159.9						159.8						159.9			(2)(9)
																																																			159.8						159.9
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. (13)						Provider of commercial and industrial waste processing and disposal services						First lien senior secured revolving loan						8.87%			SOFR (M)			4.68%						08/2022						08/2030									3.4						3.4						3.4			(2)(9)(12)
												First lien senior secured loan						8.87%			SOFR (M)			4.68%						08/2022						08/2031									4.9						4.9						4.9			(2)(9)
												First lien senior secured loan						8.87%			SOFR (M)			4.68%						08/2024						08/2031									3.9						3.9						3.9			(2)(9)
												Class A units																		09/2022												13,324									14.0						23.6			(2)
																																																			26.2						35.8
Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC						Provider of janitorial and facilities management services						First lien senior secured loan						9.71% PIK			SOFR (Q)			5.25%						11/2019						11/2028									44.8						44.8						44.8			(2)(9)

See accompanying notes to consolidated financial statements.

26

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan																		12/2023						11/2028									15.2						13.9						4.3			(2)(8)
												Preferred units																		03/2024												4,042,767									7.7						—			(2)
												Class A common units																		03/2024												4,042,767									—						—			(2)
																																																			66.4						49.1
Kings Buyer, LLC (13)						Provider of comprehensive outsourced waste management consolidation services						First lien senior secured revolving loan						11.50%			Base Rate (Q)			4.25%						09/2023						10/2027									1.5						1.5						1.4			(2)(9)
												First lien senior secured loan						9.65%			SOFR (Q)			5.25%						09/2023						10/2027									16.2						16.2						15.4			(2)(9)
																																																			17.7						16.8
KPS Global LLC and Cool Group LLC (13)						Manufacturer of walk-in cooler and freezer systems						First lien senior secured loan						8.75%			SOFR (Q)			4.75%						09/2024						09/2030									5.2						5.2						5.2			(2)(9)
Laboratories Bidco LLC and Laboratories Topco LLC (13)						Lab testing services for nicotine containing products						First lien senior secured revolving loan						6.20%			SOFR (Q)			1.75%						07/2021						07/2029									14.8						14.4						11.5			(2)(9)
												First lien senior secured revolving loan						8.00%			Base Rate (Q)			0.75%						07/2021						07/2029									4.6						4.5						3.6			(2)(9)
												First lien senior secured revolving loan						8.00%			Base Rate (Q)			0.75%						07/2021						07/2029									6.0						6.0						4.7			(9)
												First lien senior secured loan						4.35%			CORRA (Q)			1.75%						10/2019						07/2029									23.9						24.3						18.6			(2)(9)
												First lien senior secured loan						5.90%			SOFR (Q)			1.75%						10/2019						07/2029									17.4						16.9						13.6			(2)(9)
												First lien senior secured loan						5.90%			SOFR (Q)			1.75%						10/2020						07/2029									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						5.86%			SOFR (Q)			1.75%						07/2021						07/2029									4.6						4.5						3.6			(2)(9)
												Class A units																		07/2021												3,099,335									4.6						—			(2)
																																																			75.3						55.7
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (13)						Provider of human resources and workforce management solutions						First lien senior secured loan						9.31%			SOFR (Q)			5.00%						07/2024						07/2031									19.0						19.0						18.8			(2)(9)
												Class A common units																		07/2024												1,205,000									1.2						0.9			(2)
																																																			20.2						19.7
Lightbeam Bidco, Inc. (13)						Provider of yard management services						First lien senior secured revolving loan																		05/2023						05/2029									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.31%			SOFR (Q)			5.00%						05/2023						05/2030									5.2						5.2						5.2			(2)(9)
												First lien senior secured loan						9.20%			SOFR (Q)			5.00%						11/2023						05/2030									3.3						3.3						3.3			(2)(9)
																																																			8.5						8.5
LJP Purchaser, Inc. and LJP Topco, LP (13)						Provider of non-hazardous solid waste and recycling services						First lien senior secured loan						10.39%			SOFR (Q)			6.25%						09/2022						09/2028									10.3						10.3						10.3			(2)(9)
												Class A units						8.00% PIK												09/2022												5,098,000									6.5						6.5			(2)
																																																			16.8						16.8
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc.						Keg management solutions provider						First lien senior secured loan						12.50%			SOFR (Q)			8.50%						12/2024						12/2030									135.1						135.1						135.1			(2)(9)
MSIS Holdings, Inc. and MS Precision Parent, LP (13)						Provider of heavy industrial machinery maintenance and repair services						First lien senior secured revolving loan																		03/2025						03/2031									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.00%			SOFR (Q)			5.00%						03/2025						03/2031									23.6						23.6						23.6			(2)(9)

See accompanying notes to consolidated financial statements.

27

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Class A-1 units																		03/2025												1,184,000									1.2						1.3			(2)
																																																			24.8						24.9
NAS, LLC and Nationwide Marketing Group, LLC (13)						Buying and marketing services organization for appliance, furniture and consumer electronics dealers						First lien senior secured revolving loan						10.94%			SOFR (Q)			6.50%						11/2020						04/2026									1.9						1.9						1.9			(2)(9)
												First lien senior secured loan						10.96%			SOFR (Q)			6.50%						11/2020						04/2026									6.1						6.1						6.1			(2)(9)
												First lien senior secured loan						10.96%			SOFR (Q)			6.50%						12/2021						04/2026									2.3						2.3						2.3			(2)(9)
												First lien senior secured loan						10.96%			SOFR (Q)			6.50%						05/2022						04/2026									1.3						1.3						1.3			(2)(9)
																																																			11.6						11.6
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. (13)						Provider of audience insights, data and analytics to entertainment industry						First lien senior secured revolving loan																		10/2022						10/2027									—						—						—			(2)(11)
												First lien senior secured loan						9.18%			SOFR (Q)			4.75%						10/2022						10/2028									80.1						76.5						76.1			(2)(9)(16)
												First lien senior secured loan						9.43%			SOFR (Q)			5.00%						10/2022						04/2029									97.1						92.2						92.3			(2)(9)(16)
												First lien senior secured notes						9.29%												11/2022						04/2029									52.8						51.9						51.8			(2)(16)
												Second lien senior secured loan						14.18%			SOFR (Q)			9.75%						10/2022						10/2029									203.4						203.2						203.4			(2)(9)
												Limited partnership interests																		10/2022												4,040,000									4.1						6.5			(2)
																																																			427.9						430.1
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						Limited partner interest																		09/2021												9,725,000									9.7						13.1			(2)
North Haven Stack Buyer, LLC (13)						Provider of environmental testing services						First lien senior secured revolving loan						8.95%			SOFR (Q)			4.75%						07/2021						07/2031									2.7						2.6						2.7			(2)(9)
												First lien senior secured revolving loan						11.00%			Base Rate (Q)			3.75%						07/2021						07/2031									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						8.95%			SOFR (Q)			4.75%						07/2021						07/2027									14.4						14.4						14.4			(2)(9)
												First lien senior secured loan						8.95%			SOFR (Q)			4.75%						08/2023						07/2027									4.7						4.7						4.7			(2)(9)
												First lien senior secured loan						8.95%			SOFR (Q)			4.75%						06/2024						07/2027									10.7						10.6						10.7			(2)(9)
												First lien senior secured loan						8.95%			SOFR (Q)			4.75%						06/2024						07/2027									0.3						0.3						0.3			(2)
												First lien senior secured loan						8.95%			SOFR (Q)			4.75%						06/2025						07/2031									0.3						0.3						0.3			(2)(9)
												First lien senior secured loan						8.95%			SOFR (Q)			4.75%						06/2025						07/2027									3.3						3.3						3.3			(2)(9)
												First lien senior secured loan						8.95%			SOFR (Q)			4.75%						06/2025						07/2027									0.2						0.2						0.2			(2)
												First lien senior secured loan						8.95%			SOFR (Q)			4.75%						07/2025						07/2027									8.3						8.3						8.3			(2)(9)
																																																			44.9						45.1
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC						Solid waste services provider						First lien senior secured loan						12.29%			SOFR (Q)			8.00%						08/2023						08/2029									35.0						34.6						32.5			(2)(9)
												First lien senior secured loan						12.29%			SOFR (Q)			8.00%						06/2024						08/2029									11.1						10.4						10.4			(2)(9)
												Warrant to purchase units of Class A common units																		08/2023						08/2036						38,235									0.6						2.1			(2)

See accompanying notes to consolidated financial statements.

28

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Warrant to purchase units of Class A common units																		06/2024						06/2036						6,400									0.9						0.3			(2)
																																																			46.5						45.3
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC						Provider of janitorial and facilities management services						First lien senior secured loan						9.90%			SOFR (Q)			5.75%						10/2021						10/2027									66.5						66.5						63.8			(2)(9)
												First lien senior secured loan						10.15%			SOFR (Q)			6.00%						11/2023						10/2027									18.9						18.9						18.3			(2)(9)
												Class A units																		10/2021												8,749,201									9.0						5.0			(2)
																																																			94.4						87.1
PS Operating Company LLC and PS Op Holdings LLC (5)						Specialty distributor and solutions provider to the swine and poultry markets						First lien senior secured revolving loan																		12/2021						12/2026									4.9						3.8						1.6			(2)(8)
												First lien senior secured loan																		12/2021						12/2026									18.6						15.5						5.9			(2)(8)
												Common unit																		12/2021												279,200									7.4						—			(2)
																																																			26.7						7.5
PSC Parent, Inc. (13)						Provider of operational services for US petrochemical and refining companies						First lien senior secured revolving loan						9.41%			SOFR (M)			5.25%						04/2024						04/2030									1.6						1.6						1.6			(2)(9)(12)
												First lien senior secured loan						9.15%			SOFR (M)			5.00%						04/2024						04/2031									53.7						53.7						53.7			(2)(9)
																																																			55.3						55.3
PYE-Barker Fire & Safety, LLC (13)						Provider of fire protection services and products						First lien senior secured revolving loan						8.50%			SOFR (Q)			4.50%						05/2024						05/2030									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						8.50%			SOFR (Q)			4.50%						05/2024						05/2031									15.8						15.8						15.8			(2)(9)
																																																			16.3						16.3
R2 Acquisition Corp.						Marketing services						Common stock																		05/2007												250,000									0.2						0.4			(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. (13)						Provider of FDA registration and consulting services						First lien senior secured revolving loan						9.17%			SOFR (Q)			5.00%						08/2021						08/2029									4.6						4.6						4.6			(2)(9)
												First lien senior secured loan						9.20%			SOFR (Q)			5.00%						08/2021						08/2029									3.5						3.5						3.5			(2)(9)
												First lien senior secured loan						9.11%			SOFR (Q)			5.00%						03/2025						08/2029									5.5						5.5						5.4			(2)(9)
												Limited partner interests																		08/2021												1.09%									2.7						1.9			(2)
																																																			16.3						15.4
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 (13)						Provider of food inspection and recovery services						First lien senior secured revolving loan						9.81%			SOFR (Q)			5.50%						07/2021						07/2027									2.1						2.1						2.1			(2)(9)
												First lien senior secured loan						9.85%			SOFR (Q)			5.50%						07/2021						07/2027									16.5						16.5						16.5			(2)(9)
																																																			18.6						18.6

See accompanying notes to consolidated financial statements.

29

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Saturn Purchaser Corp. (13)						Private aviation management company						First lien senior secured loan						9.16%			SOFR (M)			4.85%						07/2023						07/2030									1.7						1.7						1.7			(2)(9)
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. (13)(14)						Provider of landscape design and planning, and snow removal services						First lien senior secured loan						10.01%			SOFR (M)			5.75%						12/2021						12/2027									3.4						3.4						3.4			(2)(9)
												First lien senior secured loan						10.01%			SOFR (M)			5.75%						03/2024						12/2027									1.5						1.5						1.5			(2)(9)
												Class A units																		12/2021												8,464									21.5						45.1			(2)
																																																			26.4						50.0
Shermco Intermediate Holdings, Inc. (13)						Provider of electrician services						First lien senior secured revolving loan						8.87%			SOFR (S)			5.00%						05/2022						12/2026									1.0						1.0						1.0			(2)(12)
												First lien senior secured loan						8.87%			SOFR (S)			5.00%						05/2022						12/2026									5.1						5.1						5.1			(2)(9)
												First lien senior secured loan						8.92%			SOFR (S)			5.00%						09/2023						12/2026									1.9						1.9						1.9			(2)(9)
												First lien senior secured loan						9.22%			SOFR (Q)			5.00%						12/2024						12/2026									2.2						2.2						2.2			(2)(9)
												First lien senior secured loan						8.87%			SOFR (S)			5.00%						04/2025						12/2026									1.1						1.1						1.1			(2)(9)
												First lien senior secured loan						9.24%			SOFR (Q)			5.00%						06/2025						06/2027									2.5						2.5						2.5			(2)(9)
																																																			13.8						13.8
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									—						—
SV Newco 2, Inc. and Site 2020 Incorporated (13)						Provider of outsourced traffic control safety services						First lien senior secured loan						11.00%			Base Rate (Q)			3.75%						05/2024						06/2031									2.7						2.7						2.7			(2)(6)(9)
												First lien senior secured loan						8.75%			SOFR (M)			4.75%						05/2024						06/2031									33.8						33.8						33.8			(2)(6)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						09/2025						06/2031									2.5						2.5						2.5			(2)(6)(9)
																																																			39.0						39.0
Systems Planning and Analysis, Inc. (13)						Provider of systems engineering and technical assistance to the US DoD						First lien senior secured revolving loan						8.90%			SOFR (M)			4.75%						05/2022						08/2027									0.4						0.3						0.4			(2)(9)
												First lien senior secured loan						8.92%			SOFR (S)			4.75%						05/2022						08/2027									1.0						1.0						1.0			(2)(9)
																																																			1.3						1.4
Talon Buyer Inc. and Talon Holdings SCSP (13)						Provider of fire safety and life safety services						First lien senior secured loan						8.82%			SOFR (Q)			4.50%						07/2025						07/2032									16.2						16.2						16.0			(2)(9)
												Class A units																		07/2025												6,445,000									6.4						6.4			(2)(6)
																																																			22.6						22.4
The Hiller Companies, LLC (13)						Provider of fire protection and life safety products						First lien senior secured revolving loan																		06/2024						06/2030									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.29%			SOFR (Q)			5.00%						06/2024						06/2030									48.4						48.4						48.4			(2)(9)
												First lien senior secured loan						9.05%			SOFR (Q)			4.75%						07/2025						06/2030									2.1						2.1						2.1			(2)(9)
																																																			50.5						50.5

See accompanying notes to consolidated financial statements.

30

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Thermostat Purchaser III, Inc. (13)						Provider of commercial HVAC equipment maintenance and repair services						First lien senior secured revolving loan																		08/2021						08/2028									—						—						—			(2)(11)
												Second lien senior secured loan						11.60%			SOFR (Q)			7.25%						08/2021						08/2029									23.0						23.0						23.0			(2)(9)
																																																			23.0						23.0
TSS Buyer, LLC (13)						Provider of outsourced testing, inspection, certification, and compliance services to healthcare and life sciences end markets						First lien senior secured loan						9.96%			SOFR (Q)			5.50%						07/2023						06/2029									2.2						2.2						2.2			(2)(9)
TVG-MGT Upper Intermediate Holdings, LLC						Management consulting firm servicing education, technology and public sectors						Senior subordinated loan						14.00% PIK												08/2025						08/2031									24.8						24.8						24.1			(2)
												Class A common units																		08/2025												2,712									4.1						4.1			(2)
																																																			28.9						28.2
Unity Purchaser, LLC and Unity Ultimate Holdings, LP (13)						Provider of specialty mechanical services for critical HVAC, plumbing, and related systems						First lien senior secured loan						9.00%			SOFR (Q)			5.00%						01/2025						01/2031									10.6						10.6						10.6			(2)(9)
												Class A-1 units																		01/2025												2,068,000									2.1						2.5			(2)
																																																			12.7						13.1
UP Intermediate II LLC and UPBW Blocker LLC (13)						Provider of essential mechanical, electrical and plumbing services to commercial customers						First lien senior secured revolving loan																		03/2024						03/2031									—						—						—			(2)(9)(11)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						07/2025						03/2032									15.2						15.2						15.2			(2)(9)
												Senior preferred units						15.00% PIK												07/2025												10,340									1.1						1.1			(2)
												Common units																		03/2024												60,470									6.0						6.6			(2)
												Common units																		09/2024												3,918									0.3						0.4			(2)
																																																			22.6						23.3
Valcourt Holdings II, LLC and Jobs Holdings, Inc. (13)						Provider of window cleaning and building facade maintenance and restoration services						First lien senior secured loan						9.40%			SOFR (Q)			5.00%						11/2023						11/2029									55.4						55.4						55.4			(2)(9)
Visual Edge Technology, Inc. (5)						Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies						First lien senior secured loan						11.35% (1.25% PIK)			SOFR (Q)			7.00%						07/2023						12/2025									33.7						33.6						33.7			(2)(9)
												First lien senior secured loan						16.48% (6.25% PIK)			SOFR (Q)			12.00%						07/2023						12/2025									7.1						7.1						7.1			(2)(9)
												Senior preferred stock																		07/2023												4,737									50.0						20.6			(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)
																																																			94.6						61.4
VRC Companies, LLC (13)						Provider of records and information management services						Senior subordinated loan						12.00% (2.00% PIK)												05/2022						06/2028									5.3						5.3						5.3			(2)

See accompanying notes to consolidated financial statements.

31

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC (13)						Provider of agronomics products for landscapers, contractors and golf course end users						First lien senior secured loan						9.00%			SOFR (Q)			5.00%						05/2024						05/2030									23.5						23.5						23.5			(2)(9)
												First lien senior secured loan						9.00%			SOFR (Q)			5.00%						04/2025						05/2030									2.0						2.0						2.0			(2)(9)
												Class A preferred units						10.00% PIK												05/2024												9,260									1.1						1.1
												Class A common units																		05/2024												862									—						0.4
																																																			26.6						27.0
Wash Encore Holdings, LLC						Provider of outsourced healthcare linen management solutions						First lien senior secured loan						10.96%			SOFR (Q)			6.50%						07/2021						07/2027									95.8						95.8						95.8			(2)(9)
												First lien senior secured loan						10.76%			SOFR (M)			6.50%						07/2024						07/2027									16.5						16.3						16.5			(2)(9)
																																																			112.1						112.3
XIFIN, Inc. and ACP Charger Co-Invest LLC						Revenue cycle management provider to labs						Class A units																		02/2020												180,000									1.8						2.8			(2)
												Class B units																		12/2021												46,363									0.9						1.3			(2)
																																																			2.7						4.1
Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. (13)						Provider of recurring fire protection services						First lien senior secured revolving loan																		07/2024						07/2031									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.05%			SOFR (Q)			4.75%						07/2024						07/2031									12.5						12.5						12.5			(2)(9)
																																																			12.5						12.5
																																																			3,319.2						3,277.1						22.88%
Financial Services
Aduro Advisors, LLC (13)						Provider of fund administration services						First lien senior secured loan						8.75%			SOFR (Q)			4.75%						07/2024						07/2030									8.2						8.2						8.2			(2)(9)
AQ Sage Buyer, LLC (13)						Provider of actuarial consulting and comprehensive wealth management services						First lien senior secured revolving loan						10.14%			SOFR (Q)			6.00%						05/2022						01/2028									0.1						0.1						0.1			(2)(6)(9)
												First lien senior secured loan						10.12%			SOFR (Q)			6.00%						05/2022						01/2028									3.5						3.5						3.5			(2)(6)(9)
																																																			3.6						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						10.92%			SOFR (Q)			6.75%						09/2021						09/2027									0.2						0.2						0.2			(2)(9)
												Senior subordinated loan						9.30% PIK												09/2021						09/2026									6.5						6.5						6.5			(2)
												Common units																		09/2021												6,692,157									6.7						12.0			(2)
																																																			13.4						18.7
Beacon Pointe Harmony, LLC (13)						Provider of comprehensive wealth management services						First lien senior secured loan						8.91%			SOFR (M)			4.75%						12/2021						12/2028									9.5						9.5						9.5			(2)(6)(9)
												First lien senior secured loan						8.91%			SOFR (M)			4.75%						07/2023						12/2028									3.8						3.8						3.8			(2)(6)(9)
												First lien senior secured loan						8.91%			SOFR (M)			4.75%						06/2024						12/2028									2.2						2.2						2.2			(2)(6)(9)
																																																			15.5						15.5
Clearstead Advisors, LLC (13)						A leading wealth management firm focused on serving institutional and high net-worth private clients						First lien senior secured revolving loan						8.67%			SOFR (M)			4.50%						05/2025						02/2028									0.3						0.3						0.3			(2)(6)(9)

See accompanying notes to consolidated financial statements.

32

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						8.79%			SOFR (S)			4.50%						05/2025						02/2028									8.4						8.4						8.4			(2)(6)(9)
																																																			8.7						8.7
Convera International Holdings Limited and Convera International Financial S.A R.L. (13)						Provider of B2B international payment and FX risk management solutions						First lien senior secured loan						10.15%			SOFR (Q)			6.00%						03/2022						03/2028									0.1						0.1						0.1			(2)(6)(9)
												First lien senior secured loan						10.15%			SOFR (Q)			6.00%						06/2023						03/2028									0.1						0.1						0.1			(2)(6)(9)
												First lien senior secured loan						10.15%			SOFR (Q)			6.00%						11/2024						03/2028									8.8						8.8						8.8			(2)(6)(9)
																																																			9.0						9.0
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						30.4
												Series B-3 units																		08/2025												11,069									3.1						3.1
																																																			28.0						33.5
eCapital Finance Corp.						Consolidator of commercial finance businesses						Senior subordinated loan						12.13%			SOFR (M)			7.75%						01/2020						12/2028									56.0						55.4						56.0			(2)(9)
												Senior subordinated loan						12.13%			SOFR (M)			7.75%						11/2020						12/2028									5.4						5.3						5.4			(2)(9)
												Senior subordinated loan						12.13%			SOFR (M)			7.75%						01/2022						12/2028									24.3						24.1						24.3			(2)(9)
												Senior subordinated loan						12.17%			SOFR (M)			7.75%						04/2022						12/2028									55.8						55.2						55.8			(2)(9)
												Senior subordinated loan						12.13%			SOFR (M)			7.75%						10/2023						12/2028									12.3						12.2						12.3			(2)(9)
												Senior subordinated loan						12.13%			SOFR (M)			7.75%						10/2024						12/2028									42.1						41.8						42.2			(2)(9)
												Senior subordinated loan						12.88%			SOFR (M)			8.50%						12/2024						12/2028									21.9						21.7						21.9			(2)(9)
												Senior subordinated loan						11.52%			SOFR (M)			7.25%						09/2025						10/2029									5.8						5.8						5.8			(2)(9)
																																																			221.5						223.7
Endeavor Bidco LLC and Endeavor TopCo, Inc.						Global securities finance trading platform						First lien senior secured loan						8.25%			SOFR (Q)			4.25%						08/2024						08/2029									6.1						6.1						6.1			(2)(9)
												First lien senior secured loan						8.25%			SOFR (Q)			4.25%						07/2025						08/2029									5.9						5.9						5.8			(2)(9)
												Class A common units																		08/2024												1,859									1.9						2.7
																																																			13.9						14.6
EP Wealth Advisors, LLC						Wealth management and financial planning firm						First lien senior secured loan						9.00%			SOFR (Q)			5.00%						09/2020						09/2029									0.6						0.6						0.6			(2)(9)
												First lien senior secured loan						9.00%			SOFR (Q)			5.00%						11/2022						09/2029									0.2						0.2						0.2			(2)(9)
																																																			0.8						0.8
GAPCO AIV Interholdco (CP), L.P.						Wealth management and financial planning firm						Senior subordinated loan						10.89% PIK			SOFR (Q)			6.75%						03/2025						03/2033									48.2						48.2						48.2			(2)(6)(9)
Grit Buyer, Inc. and Integrum Grit Co-Invest LP (13)(14)						Specialized finance and accounting advisory firm						First lien senior secured revolving loan						8.82%			SOFR (Q)			4.50%						07/2025						07/2031									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.81%			SOFR (Q)			4.50%						07/2025						07/2032									56.2						56.2						55.3			(2)(9)
												Limited partnership interests																		07/2025												4,420,500									3.5						3.5			(2)(6)
																																																			59.8						58.9
GTCR F Buyer Corp. and GTCR (D) Investors LP (13)(14)						Provider of end-to-end tech-enabled administrative services to private foundations						First lien senior secured loan						9.00%			SOFR (Q)			5.00%						09/2023						09/2030									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						9.00%			SOFR (Q)			5.00%						11/2024						09/2030									0.6						0.6						0.6			(2)(9)

See accompanying notes to consolidated financial statements.

33

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Limited partnership interests																		09/2023												4,873,286									4.9						9.7			(2)
																																																			11.1						15.9
HighTower Holding, LLC						Provider of investment, financial and retirement planning services						Senior subordinated loan						6.75%												06/2022						04/2029									8.1						7.2						8.0			(2)(6)(16)
Ivy Hill Asset Management, L.P. (5)						Asset management services						Subordinated revolving loan						10.67%			SOFR (Q)			6.50%						02/2018						01/2030									99.0						99.0						99.0			(6)(9)
												Member interest																		06/2009												100%									1,700.5						1,919.1			(6)
																																																			1,799.5						2,018.1
Lido Advisors, LLC (13)						Wealth management and financial planning firm						First lien senior secured revolving loan						8.87%			SOFR (Q)			4.75%						06/2021						05/2032									2.1						2.1						2.1			(2)(9)
												First lien senior secured loan						9.06%			SOFR (Q)			4.75%						06/2021						05/2032									2.3						2.3						2.3			(2)(9)
												First lien senior secured loan						9.81%			SOFR (Q)			5.50%						06/2021						05/2032									2.9						2.9						2.9			(2)(9)
												First lien senior secured loan						8.87%			SOFR (Q)			4.75%						06/2023						05/2032									6.0						6.0						6.0			(2)(9)
												First lien senior secured loan						8.99%			SOFR (Q)			4.75%						11/2024						05/2032									7.5						7.5						7.5			(2)(9)
												First lien senior secured loan						8.93%			SOFR (Q)			4.75%						05/2025						05/2032									2.6						2.6						2.6			(2)(9)
												Class Z Preferred Units						7.00% PIK												08/2025												9,671,180									10.1						10.0
												Class A-0 common units																		08/2025												4,835,590									5.0						5.0
																																																			38.5						38.4
Mai Capital Management Intermediate LLC (13)						Provider of comprehensive wealth management services and registered investment advisor						First lien senior secured revolving loan						8.75%			SOFR (Q)			4.75%						08/2024						08/2031									0.4						0.4						0.4			(2)(6)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						08/2024						08/2031									10.8						10.8						10.8			(2)(6)(9)
																																																			11.2						11.2
MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd.						Global wealth management firm						Z1 preferred shares						12.00% PIK												08/2025						08/2031						12,901									12.8						12.8			(2)(6)
												Z2 preferred shares						12.00% (6.00% PIK)												08/2025						08/2031						12,901									12.8						12.8			(2)(6)
												Membership interest																		08/2025												1,000									—						—			(2)(6)
																																																			25.6						25.6
Medlar Bidco Limited (13)						Provider of fund and corporate services to alternative assets industry						First lien senior secured loan						9.13%			SONIA (S)			5.00%						12/2024						05/2032									27.2						26.9						26.8			(2)(6)
												First lien senior secured loan						6.97%			Euribor (Q)			5.00%						12/2024						05/2032									33.8						32.7						33.3			(2)(6)
																																																			59.6						60.1
Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP (13)						Registered investment adviser platform						First lien senior secured loan						9.00%			SOFR (Q)			5.00%						08/2025						08/2032									12.5						12.5						12.4			(2)(6)(9)
												Limited partnership interests																		08/2025												4,655,000									4.7						4.7			(6)
																																																			17.2						17.1
Monica Holdco (US), Inc. (13)						Investment technology and advisory firm						First lien senior secured loan						9.90%			SOFR (Q)			5.75%						01/2021						07/2030									2.5						2.5						2.5			(2)(6)(9)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						08/2024						07/2030									2.7						2.7						2.7			(2)(6)(9)

See accompanying notes to consolidated financial statements.

34

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.40%			SOFR (Q)			5.25%						07/2025						07/2030									4.3						4.3						4.3			(2)(6)(9)
																																																			9.5						9.5
Nexus Buyer LLC						Provider of FDIC-insured deposit placement services						Second lien senior secured loan						9.91%			SOFR (M)			5.75%						08/2025						02/2032									124.9						123.8						124.6			(2)(16)
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (13)(14)						Provider of comprehensive wealth management services and registered investment advisor						First lien senior secured loan						9.26%			SOFR (M)			5.00%						05/2023						05/2029									4.8						4.8						4.8			(2)(6)(9)
												First lien senior secured loan						9.26%			SOFR (M)			5.00%						09/2023						05/2029									7.9						7.9						7.9			(2)(6)(9)
												First lien senior secured loan						9.26%			SOFR (M)			5.00%						06/2024						05/2029									0.3						0.3						0.3			(2)(6)(9)
												First lien senior secured loan						9.26%			SOFR (M)			5.00%						12/2024						05/2029									4.0						4.0						4.0			(2)(6)(9)
												Limited partnership interests																		09/2023												1,965,100									2.0						2.7			(6)
																																																			19.0						19.7
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (13)						Provider of comprehensive wealth management services						First lien senior secured loan						9.25%			SOFR (Q)			5.25%						08/2023						08/2029									8.4						8.4						8.4			(2)(6)(9)
												Preferred units																		07/2023												6,431,667									6.5						8.2			(6)
																																																			14.9						16.6
PCS MidCo, Inc. and PCS Parent, L.P. (13)						Provider of 401K recordkeeping software solutions						First lien senior secured loan						9.75%			SOFR (Q)			5.75%						03/2024						03/2030									8.6						8.6						8.6			(2)(9)
												Class A units																		03/2024												785,000									0.8						0.7			(2)
																																																			9.4						9.3
Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP (13)						Wealth management and financial planning firm						First lien senior secured loan						8.91%			SOFR (M)			4.75%						03/2024						03/2031									3.8						3.8						3.8			(2)(6)(9)
												Limited partnership interest																		03/2024												2,374,000									2.4						2.5			(6)
																																																			6.2						6.3
Petrus Buyer, Inc. (13)						Provider of REIT research data and analytics						First lien senior secured revolving loan						8.82%			SOFR (Q)			4.50%						11/2022						10/2029									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						8.80%			SOFR (Q)			4.50%						11/2022						10/2029									6.5						6.5						6.5			(2)(9)
												First lien senior secured loan						8.72%			SOFR (Q)			4.50%						02/2025						10/2029									1.2						1.2						1.2			(2)(9)
																																																			7.9						7.9
RFS Opco LLC (13)						Provider of wealth management services						First lien senior secured loan						8.75%			SOFR (Q)			4.75%						04/2024						04/2031									18.5						18.5						18.5			(2)(6)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						12/2024						04/2031									6.9						6.9						6.9			(2)(6)(9)
																																																			25.4						25.4
Rialto Management Group, LLC (13)						Investment and asset management platform focused on real estate						First lien senior secured revolving loan																		12/2024						12/2030									—						—						—			(2)(6)(9)(11)
												First lien senior secured loan						9.16%			SOFR (M)			5.00%						12/2024						12/2030									22.9						22.8						22.9			(2)(6)(9)
																																																			22.8						22.9
RWA Wealth Partners, LLC (13)						Provider of comprehensive wealth management services						First lien senior secured revolving loan						8.75%			SOFR (Q)			4.75%						11/2024						11/2030									0.1						0.1						0.1			(2)(6)(9)
												First lien senior secured loan						8.95%			SOFR (Q)			4.75%						11/2024						11/2030									8.5						8.5						8.5			(2)(6)(9)
																																																			8.6						8.6

See accompanying notes to consolidated financial statements.

35

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC (13)						Wealth management platform						First lien senior secured revolving loan						8.91%			SOFR (S)			4.75%						06/2025						10/2028									0.1						0.1						0.1			(2)(6)(9)
												First lien senior secured loan						8.92%			SOFR (M)			4.75%						12/2023						10/2028									4.9						4.8						4.9			(2)(6)(9)
												First lien senior secured loan						8.91%			SOFR (M)			4.75%						06/2025						10/2028									0.6						0.6						0.6			(2)(6)(9)
																																																			5.5						5.6
The Edelman Financial Center, LLC						Provider of investment, financial and retirement planning services						Second lien senior secured loan						9.41%			SOFR (M)			5.25%						05/2024						10/2028									0.1						0.1						0.1			(2)(6)(16)
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (13)						Provider of comprehensive wealth management services						First lien senior secured revolving loan						11.75%			Base Rate (Q)			4.50%						03/2022						03/2028									0.3						0.3						0.3			(2)(6)(9)
												First lien senior secured loan						9.65%			SOFR (Q)			5.50%						03/2022						03/2028									3.9						3.9						3.9			(2)(6)(9)
												First lien senior secured loan						10.19%			SOFR (Q)			5.75%						05/2025						03/2028									0.5						0.5						0.5			(2)(6)(9)
												Senior subordinated loan						12.00% PIK												03/2022						03/2029									4.2						4.2						4.2			(2)(6)
												Series A preferred units																		03/2022												7,199									7.2						6.8			(2)(6)
												Common units																		03/2022												7,199									—						—			(2)(6)
																																																			16.1						15.7
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (13)						Provider of asset-servicing capabilities for fund managers						First lien senior secured loan						8.75%			SOFR (Q)			4.75%						07/2025						07/2032									22.1						22.1						21.9			(2)(9)
TPG IX Cardiff Debt HoldCo I, LLC, TPG IX Cardiff Debt Holdco II, LLC, TPG IX Cardiff CI I, L.P., and TPG IX Cardiff CI II, L.P.						Provider of comprehensive wealth management services						First lien senior secured loan						10.30%			SOFR (Q)			6.00%						01/2025						01/2033									11.4						11.4						11.4			(2)(6)(9)
												Limited partnership interest																		11/2024												5,719,511									5.8						6.7			(2)(6)
																																																			17.2						18.1
Waverly Advisors, LLC and WAAM Topco, LLC (13)						Wealth management and financial planning firm						First lien senior secured revolving loan						9.90%			SOFR (Q)			5.75%						03/2022						03/2028									0.8						0.8						0.8			(2)(6)(9)
												First lien senior secured loan						9.90%			SOFR (Q)			5.75%						03/2022						03/2028									0.7						0.7						0.7			(2)(6)(9)
												First lien senior secured loan						9.65%			SOFR (Q)			5.50%						03/2024						03/2028									5.0						5.0						5.0			(2)(6)(9)
												First lien senior secured loan						9.21%			SOFR (Q)			5.00%						01/2025						03/2028									18.4						18.4						18.4			(2)(6)(9)
												Class A units																		06/2023												1,432,867									1.7						3.8			(6)
																																																			26.6						28.7
Wealth Enhancement Group, LLC (13)						Wealth management and financial planning firm						First lien senior secured loan						8.79%			SOFR (Q)			4.50%						10/2019						10/2028									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						8.79%			SOFR (M)			4.50%						11/2020						10/2028									1.9						1.9						1.9			(2)(9)
												First lien senior secured loan						8.79%			SOFR (Q)			4.50%						06/2021						10/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.79%			SOFR (Q)			4.50%						08/2021						10/2028									0.9						0.9						0.9			(2)(9)
												First lien senior secured loan						8.79%			SOFR (Q)			4.50%						02/2024						10/2028									16.6						16.6						16.6			(2)(9)
												First lien senior secured loan						8.78%			SOFR (Q)			4.50%						12/2024						10/2028									5.4						5.4						5.4			(2)(9)
																																																			25.4						25.4

See accompanying notes to consolidated financial statements.

36

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Wellington-Altus Financial Inc. (13)(14)						Wealth management and advisory firm						First lien senior secured revolving loan																		08/2024						08/2030									—						—						—			(2)(6)(9)(11)
												First lien senior secured loan						7.99%			CORRA (Q)			5.00%						08/2024						08/2030									0.8						0.8						0.8			(2)(6)(9)
												Common stock																		08/2024												74,001									2.6						3.2			(2)(6)
																																																			3.4						4.0
Wharf Street Ratings Acquisition LLC (13)						Global credit rating agency						First lien senior secured loan						8.91%			SOFR (M)			4.75%						09/2025						09/2032									18.3						18.3						18.1			(2)(9)
																																																			2,782.7						3,026.2						21.13%
Insurance
15484880 Canada Inc. and 15484910 Canada Inc. (13)						Independent insurance broker						First lien senior secured revolving loan						8.06%			CORRA (Q)			5.25%						04/2025						04/2031									0.3						0.3						0.3			(2)(6)(9)
												First lien senior secured loan						8.27%			CORRA (M)			5.25%						04/2025						04/2031									28.1						27.3						28.1			(2)(6)(9)
												Senior subordinated loan						14.00% PIK												04/2025						04/2035									14.0						13.7						14.0			(2)(6)
												Class A2 shares																		04/2025												19,825,189									13.8						14.2			(2)(6)
																																																			55.1						56.6
Acrisure, LLC						Independent property and casualty insurance brokerage						First lien senior secured loan						7.16%			SOFR (M)			3.00%						10/2023						11/2030									0.3						0.3						0.3			(2)(16)
AQ Sunshine, Inc. (13)						Specialized insurance broker						First lien senior secured revolving loan						9.25%			SOFR (Q)			5.25%						07/2024						07/2030									1.9						1.9						1.9			(2)(9)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						07/2024						07/2031									115.1						115.1						115.1			(2)(9)
																																																			117.0						117.0
Ardonagh Midco 3 Limited, Ardonagh Group Finco Pty Limited, Ardonagh Finco LLC, Ardonagh Finco B.V., and MDCP Co-Investors (Jade I), L.P.						Insurance broker and underwriting servicer						First lien senior secured loan						6.94%			SOFR (Q)			2.75%						01/2025						02/2031									35.9						35.9						35.7			(2)(6)(16)
												Limited partnership interest																		06/2025												17,510,000									24.1						26.7			(2)(6)
																																																			60.0						62.4
Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. (13)						Insurance program administrator						First lien senior secured revolving loan						8.66%			SOFR (Q)			4.50%						04/2025						04/2032									0.8						0.8						0.8			(2)(9)
												First lien senior secured loan						8.64%			SOFR (M)			4.50%						04/2025						04/2032									14.7						14.7						14.7			(2)(9)
																																																			15.5						15.5
Benecon Midco II LLC and Benecon Holdings, LLC (13)						Employee benefits provider for small and mid-size employers						First lien senior secured loan						8.74%			SOFR (M)			4.75%						01/2024						01/2031									82.5						82.5						82.5			(2)(9)
												Class A units																		01/2024												7,796,550									27.1						34.2
																																																			109.6						116.7
Captive Resources Midco, LLC (13)						Provider of independent consulting services to member-owned group captives						First lien senior secured loan						8.66%			SOFR (M)			4.50%						07/2022						07/2029									5.8						5.8						5.8			(2)(9)
Daylight Beta Parent LLC and CFCo, LLC (4)						Health insurance sales platform provider						First lien senior secured loan																		09/2023						09/2033									14.3						12.0						1.2			(2)(8)
												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						1.2

See accompanying notes to consolidated financial statements.

37

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Diamond Mezzanine 24 LLC (13)						Property and casualty insurance underwriting and distribution platform						First lien senior secured revolving loan						9.22%			SOFR (Q)			5.00%						10/2024						10/2030									0.3						0.3						0.3			(2)(9)
												First lien senior secured loan						9.31%			SOFR (Q)			5.00%						10/2024						10/2030									19.4						19.4						19.4			(2)(9)
																																																			19.7						19.7
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (13)(14)						Managing general agent insurance distribution platform						First lien senior secured revolving loan						9.25%			SOFR (Q)			5.25%						12/2023						12/2029									0.2						0.2						0.2			(2)(6)(9)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						12/2023						12/2030									17.2						17.2						17.2			(2)(6)(9)
												Limited partnership interest																		03/2024												1,348,309									1.3						1.9			(2)(6)
																																																			18.7						19.3
Forza Insurance Holdings, LLC						Operator of insurance brands and platforms						First lien senior secured loan						9.50%			SOFR (Q)			5.50%						02/2025						02/2030									38.8						38.8						38.8			(2)(9)
Foundation Risk Partners, Corp. (13)						Full service independent insurance agency						First lien senior secured loan						8.75%			SOFR (Q)			4.75%						10/2021						10/2030									78.0						78.0						78.0			(2)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						04/2022						10/2030									9.3						9.3						9.3			(2)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						11/2023						10/2030									17.3						17.3						17.3			(2)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						05/2024						10/2030									16.3						16.3						16.3			(2)(9)
																																																			120.9						120.9
Galway Borrower LLC (13)						Insurance service provider						First lien senior secured revolving loan						8.49%			SOFR (Q)			4.50%						09/2021						09/2028									2.3						2.3						2.3			(2)(9)(12)
												First lien senior secured loan						8.50%			SOFR (Q)			4.50%						09/2021						09/2028									33.4						33.4						33.4			(2)(9)
																																																			35.7						35.7
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. (13)						Insurance broker						First lien senior secured revolving loan						7.57%			CORRA (M)			5.00%						03/2024						03/2031									0.3						0.3						0.3			(2)(6)(9)
												First lien senior secured loan						7.80%			CORRA (Q)			5.00%						03/2024						03/2031									9.6						9.8						9.6			(2)(6)(9)
																																																			10.1						9.9
Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc. (13)						Independent retail insurance broker						First lien senior secured loan						8.67%			SOFR (M)			4.50%						08/2023						11/2028									5.3						5.3						5.3			(2)(9)
												First lien senior secured loan						8.91%			SOFR (M)			4.75%						03/2024						11/2028									3.0						3.0						3.0			(2)(9)
												Series A preferred shares						10.50%												12/2024												1,000									1.0						1.0			(2)
																																																			9.3						9.3
High Street Buyer, Inc. and High Street Holdco LLC (13)(14)						Insurance brokerage platform						First lien senior secured loan						9.25%			SOFR (Q)			5.25%						04/2021						04/2028									22.2						22.2						22.2			(2)(9)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						08/2021						04/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						02/2022						04/2028									19.5						19.5						19.5			(2)(9)
												First lien senior secured loan						8.50%			SOFR (Q)			4.50%						03/2024						04/2028									25.6						25.6						25.6			(2)(9)
												Series A preferred units						10.00% PIK												04/2021												172,211,694									241.8						241.8			(2)
												Series A preferred units						10.00% PIK												12/2023												20,106,667									24.1						24.1			(2)
												Series A preferred units						10.00% PIK												04/2024												1,386,667									1.6						1.6			(2)
												Series A preferred units						10.00% PIK												07/2024												4,506,667									5.1						5.1			(2)
												Series A common units						10.00% PIK												04/2021												5,562,381									9.7						17.7			(2)

See accompanying notes to consolidated financial statements.

38

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Series C common units						10.00% PIK												04/2021												10,043,368									3.6						31.9			(2)
																																																			353.3						389.6
Inszone Mid, LLC and INSZ Holdings, LLC (13)						Insurance brokerage firm						First lien senior secured loan						9.27%			SOFR (Q)			5.25%						12/2023						11/2029									26.8						26.8						26.8			(2)(9)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						07/2024						11/2029									24.7						24.7						24.7			(2)(9)
												Limited partnership interests																		11/2022												2,146,088									1.7						3.5
												Common units																		11/2023												8,473,000									8.5						13.8
																																																			61.7						68.8
King Risk Partners, LLC (13)						Retail insurance brokerage firm						First lien senior secured loan						8.66%			SOFR (M)			4.50%						04/2025						04/2031									10.0						10.0						9.9			(2)(9)
Koala Investment Holdings, Inc. (13)						Insurance brokerage platform						First lien senior secured loan						8.50%			SOFR (M)			4.50%						08/2025						08/2032									24.2						24.2						24.0			(2)(9)
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (13)						Insurance brokerage platform						First lien senior secured loan						9.97%			SOFR (M)			5.75%						11/2023						11/2029									10.9						10.9						10.9			(2)(9)
												First lien senior secured loan						9.27%			SOFR (M)			5.00%						06/2025						11/2029									1.0						1.0						1.0			(2)(9)
												Class A2 units																		11/2023												115,928									2.3						2.9			(2)
																																																			14.2						14.8
OneDigital Borrower LLC (13)						Benefits broker and outsourced workflow automation platform provider for brokers						First lien senior secured revolving loan																		11/2020						05/2027									—						—						—			(2)(11)
Patriot Growth Insurance Services, LLC (13)						National retail insurance agency						First lien senior secured loan						9.15%			SOFR (Q)			5.00%						10/2021						10/2028									15.5						15.4						15.5			(2)(9)
People Corporation (13)						Provider of group benefits, group retirement and human resources services						First lien senior secured revolving loan						8.27%			CORRA (Q)			5.25%						02/2021						02/2027									3.7						3.8						3.7			(2)(6)(9)
												First lien senior secured revolving loan						8.24%			CDOR (M)			5.25%						02/2021						02/2027									0.7						0.8						0.7			(2)(6)(9)
												First lien senior secured loan						8.27%			CORRA (Q)			5.25%						02/2021						02/2028									41.4						45.4						41.4			(2)(6)(9)
												First lien senior secured loan						8.27%			CORRA (Q)			5.25%						09/2021						02/2028									24.3						25.3						24.3			(2)(6)(9)
												First lien senior secured loan						8.27%			CORRA (Q)			5.25%						09/2023						02/2028									14.6						14.8						14.6			(2)(6)(9)
												First lien senior secured loan						8.00%			CORRA (Q)			5.00%						12/2024						02/2028									5.4						5.4						5.4			(2)(6)(9)
																																																			95.5						90.1
SageSure Holdings, LLC and SageSure LLC (13)						Insurance service provider						First lien senior secured loan						9.03%			SOFR (M)			4.75%						08/2024						01/2030									51.8						51.8						51.8			(2)(9)
												First lien senior secured loan						9.27%			SOFR (M)			5.00%						01/2025						01/2030									38.5						38.5						38.5			(2)(9)
												First lien senior secured loan						9.03%			SOFR (M)			4.75%						01/2025						01/2030									59.4						59.4						59.4			(2)(9)
												Series A units																		05/2025												710									70.0						75.9
																																																			219.7						225.6
SCM Insurance Services Inc. (13)						Provider of claims management, claims investigation & support and risk management solutions for the Canadian property and casualty insurance industry						First lien senior secured loan						8.89%			CORRA (M)			6.25%						06/2022						08/2026									19.7						20.3						19.7			(2)(6)(9)
SelectQuote, Inc. and SQ ABS Issuer, LLC						Direct to consumer insurance distribution platform						First lien senior secured notes						9.65%												10/2024						10/2039									1.5						1.5						1.5			(2)
												First lien senior secured notes						7.80%												10/2024						10/2039									2.3						2.3						2.3			(2)

See accompanying notes to consolidated financial statements.

39

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						10.76%			SOFR (M)			6.50%						10/2024						09/2027									9.1						8.6						9.1			(2)(9)
												Warrant to purchase shares of common stock																		10/2024						10/2028						179,068									—						—			(2)
																																																			12.4						12.9
SG Acquisition, Inc. (13)						Provider of insurance solutions for car sales						First lien senior secured loan						9.05%			SOFR (Q)			4.75%						04/2024						04/2030									44.8						44.8						44.8			(2)(9)
SIG Parent Holdings, LLC (13)						Independent insurance brokerage						First lien senior secured loan						8.91%			SOFR (M)			4.75%						08/2024						08/2031									57.7						57.7						57.7			(2)(9)
Slaine Holdings LLC (13)						Holding company of insurance service providers						Senior subordinated loan						10.91%			SOFR (M)			6.75%						05/2025						05/2030									49.2						49.2						48.2			(2)(9)
THG Acquisition, LLC (13)						Multi-line insurance broker						First lien senior secured revolving loan						11.00%			Base Rate (Q)			3.75%						10/2024						10/2031									7.5						7.5						7.5			(9)
												First lien senior secured loan						8.91%			SOFR (M)			4.75%						10/2024						10/2031									36.6						36.6						36.6			(2)(9)
																																																			44.1						44.1
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC (13)						Insurance brokerage firm						First lien senior secured loan						6.75%			SOFR (Q)			2.75%						03/2024						05/2031									0.1						0.1						0.1			(2)(16)
World Insurance Associates, LLC and World Associates Holdings, LLC (13)						Insurance service provider						First lien senior secured loan						9.00%			SOFR (Q)			5.00%						10/2023						04/2030									9.8						9.7						9.8			(2)(9)
																																																			1,661.3						1,704.7						11.90%
Consumer Services
Aimbridge Topco, LLC						Hotel operator						Common Units																		03/2025												56,310									3.3						3.4			(2)
American Residential Services L.L.C. and Aragorn Parent Holdings LP						Heating, ventilation and air conditioning services provider						Series A preferred units						10.00% PIK												10/2020												2,531,500									4.1						7.2			(2)
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (13)						Provider of residential HVAC, plumbing, and electrical maintenance and repair services						First lien senior secured revolving loan																		10/2023						10/2029									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.19%			SOFR (Q)			5.00%						09/2024						10/2030									200.5						200.2						200.5			(2)(9)
												Series B common units																		10/2023												262,165									7.2						11.4
																																																			207.4						211.9
Belfor Holdings, Inc. (13)						Disaster recovery services provider						First lien senior secured revolving loan																		11/2023						11/2028									—						—						—			(2)(11)
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC (13)						Provider of HVAC and plumbing services to residential and commercial customers						First lien senior secured revolving loan						10.30%			SOFR (Q)			6.00%						12/2021						12/2027									0.8						0.8						0.8			(2)(9)
												First lien senior secured revolving loan						12.25%			Base Rate (Q)			5.00%						12/2021						12/2027									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						12.41% (6.00% PIK)			SOFR (Q)			8.00%						12/2021						12/2027									3.4						3.4						3.3			(2)(9)
												First lien senior secured loan						12.38% (6.25% PIK)			SOFR (Q)			8.25%						03/2023						12/2027									6.7						6.7						6.5			(2)(9)
												Class A units																		12/2021												4,296									4.3						2.7
																																																			15.3						13.4
ClubCorp Holdings, Inc. (13)						Operator of golf and country clubs						First lien senior secured loan						9.16%			SOFR (M)			5.00%						07/2025						07/2032									40.7						40.7						40.5			(2)(9)

See accompanying notes to consolidated financial statements.

40

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (13)						Provider of commercial HVAC equipment maintenance and repair services						First lien senior secured revolving loan						8.52%			SOFR (S)			4.50%						05/2022						11/2030									0.9						0.9						0.9			(2)(9)
												First lien senior secured loan						8.63%			SOFR (Q)			4.50%						05/2022						11/2030									28.7						28.7						28.7			(2)(9)
												First lien senior secured loan						8.65%			SOFR (Q)			4.50%						11/2023						11/2030									2.8						2.8						2.8			(2)(9)
												Common stock																		05/2022												302									3.1						9.5			(2)
																																																			35.5						41.9
Concert Golf Partners Holdco LLC (13)						Golf club owner and operator						First lien senior secured loan						8.66%			SOFR (M)			4.50%						04/2024						03/2031									4.0						4.0						4.0			(2)(9)
												First lien senior secured loan						8.66%			SOFR (M)			4.50%						03/2025						03/2031									34.5						34.5						34.5			(2)(9)
																																																			38.5						38.5
CST Holding Company (13)						Provider of ignition interlock devices						First lien senior secured loan						9.26%			SOFR (M)			5.00%						11/2022						11/2028									11.4						11.4						11.4			(2)(9)
												First lien senior secured loan						9.26%			SOFR (M)			5.00%						07/2024						11/2028									0.1						0.1						0.1			(2)(9)
																																																			11.5						11.5
Davidson Hotel Company LLC (13)						Provider of hotel operations solutions and advisory services						First lien senior secured loan						9.16%			SOFR (M)			5.00%						10/2024						10/2031									8.3						8.3						8.3			(2)(9)
Equinox Holdings, Inc.						Operator of luxury, full-service health fitness clubs						First lien senior secured loan						12.25% (4.13% PIK)			SOFR (Q)			8.25%						03/2024						03/2029									45.7						44.9						45.7			(2)(9)
												Second lien senior secured loan						16.00% PIK												03/2024						06/2027									4.4						4.3						4.4			(2)
																																																			49.2						50.1
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (13)						Provider of plumbing and HVAC services						First lien senior secured revolving loan						9.19%			SOFR (Q)			5.00%						06/2024						06/2030									3.9						3.9						3.8			(2)(9)(12)
												First lien senior secured loan						9.32%			SOFR (Q)			5.00%						06/2024						06/2031									151.5						151.4						148.5			(2)(9)
												Preferred units						15.00% PIK												07/2023												685									8.9						8.9			(2)
												Class A units																		11/2020												6,447									22.9						28.3			(2)
																																																			187.1						189.5
Eternal Aus Bidco Pty Ltd (13)						Operator of cemetery, crematoria and funeral services						First lien senior secured loan						9.85%			BBSY (Q)			6.25%						11/2023						11/2029									7.5						7.4						7.5			(2)(6)(9)
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. (13)						Fitness facility operator						First lien senior secured loan						9.50%			SOFR (Q)			5.50%						08/2023						04/2029									5.4						5.3						5.4			(2)(9)
												First lien senior secured loan						9.50%			SOFR (Q)			5.50%						05/2024						04/2029									0.9						0.9						0.9			(2)(9)
																																																			6.2						6.3
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP (4)						Crunch Fitness franchisee						First lien senior secured revolving loan						8.15%			SOFR (M)			4.00%						08/2024						08/2030									2.5						2.5						2.5			(2)(9)
												First lien senior secured loan						9.14%			SOFR (M)			5.00%						08/2024						08/2031									10.5						10.5						10.5			(2)(9)
												Common units																		07/2024												11,957,000									12.0						12.2			(2)
																																																			25.0						25.2
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (13)						Distributor of instructional products, services and resources						First lien senior secured revolving loan						9.78%			SOFR (M)			5.50%						08/2018						04/2026									9.9						9.9						9.8			(2)(9)(12)
												First lien senior secured loan						9.76%			SOFR (Q)			5.50%						07/2017						04/2026									28.7						28.7						28.4			(2)(9)
												First lien senior secured loan						9.76%			SOFR (Q)			5.50%						08/2018						04/2026									1.1						1.1						1.1			(2)(9)

See accompanying notes to consolidated financial statements.

41

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.76%			SOFR (Q)			5.50%						06/2024						04/2026									7.4						7.4						7.3			(2)(9)
												First lien senior secured loan						10.07%			SOFR (Q)			5.50%						05/2025						04/2026									5.0						5.0						4.9			(2)(9)
												Series A preferred stock																		10/2014												1,272									0.7						0.8			(2)
																																																			52.8						52.3
Flint OpCo, LLC (13)						Provider of residential HVAC and plumbing services						First lien senior secured loan						8.92%			SOFR (Q)			4.75%						08/2023						08/2030									6.9						6.9						6.9			(2)(9)
												First lien senior secured loan						8.99%			SOFR (M)			4.75%						05/2024						08/2030									2.6						2.6						2.6			(2)(9)
																																																			9.5						9.5
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (13)						Provider of commercial and residential HVAC, electrical, and plumbing services						First lien senior secured revolving loan																		04/2023						04/2029									—						—						—			(2)(9)(11)
												First lien senior secured loan						10.75%			SOFR (Q)			6.75%						04/2023						04/2030									24.4						24.4						24.4			(2)(9)
												Class A common units																		04/2023												4,424									4.4						3.1			(2)
																																																			28.8						27.5
Helios Service Partners, LLC and Astra Service Partners, LLC (13)						Critical HVAC, refrigeration, and plumbing services for commercial businesses						First lien senior secured revolving loan						9.27%			SOFR (Q)			5.00%						08/2023						03/2027									1.2						1.2						1.2			(2)(9)(12)
												First lien senior secured loan						9.09%			SOFR (Q)			5.00%						08/2023						03/2027									10.6						10.6						10.6			(2)(9)
												First lien senior secured loan						9.37%			SOFR (Q)			5.00%						01/2024						03/2027									3.0						3.0						3.0			(2)(9)
																																																			14.8						14.8
HGC Holdings, LLC (13)						Operator of golf facilities						First lien senior secured loan						8.64%			SOFR (M)			4.50%						06/2025						06/2029									67.5						67.5						67.0			(2)(9)
IFH Franchisee Holdings, LLC (13)						Operator of fitness centers						First lien senior secured revolving loan						8.21%			SOFR (Q)			4.00%						12/2024						12/2029									4.3						4.3						4.3			(2)(9)
												First lien senior secured loan						9.71%			SOFR (Q)			5.50%						12/2024						12/2029									54.9						54.9						54.9			(2)(9)
																																																			59.2						59.2
Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. (13)						Provider of residential roofing and exterior repair and replacement services						First lien senior secured revolving loan						12.25%			Base Rate (Q)			5.00%						12/2022						12/2028									0.7						0.7						0.7			(2)(6)(9)
												First lien senior secured loan						10.00%			SOFR (Q)			6.00%						12/2022						12/2028									14.6						14.6						14.6			(2)(6)(9)
												First lien senior secured loan						10.00%			SOFR (Q)			6.00%						11/2023						12/2028									6.3						6.3						6.3			(2)(6)(9)
												First lien senior secured loan						8.45%			CORRA (Q)			6.00%						11/2023						12/2028									1.3						1.3						1.3			(2)(6)(9)
												First lien senior secured loan						9.50%			SOFR (Q)			5.50%						10/2024						12/2028									5.5						5.5						5.5			(2)(6)(9)
												Class A units																		12/2022												9,524,000									9.5						11.3			(2)(6)
																																																			37.9						39.7
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (13)						Franchising platform offering adolescent development programs						First lien senior secured loan						10.00%			SOFR (Q)			6.00%						12/2022						12/2027									30.0						30.0						30.0			(2)(9)
												First lien senior secured loan						10.00%			SOFR (Q)			6.00%						01/2025						12/2027									1.4						1.4						1.4			(2)(9)
												Limited partnership interests																		12/2022												2,149,690									2.1						2.7
																																																			33.5						34.1

See accompanying notes to consolidated financial statements.

42

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
LHS Borrower, LLC and LH Equity Investors, L.P. and Leaf Home, LLC and GC Fund IV Blocker LLC						Provider of direct-to-consumer residential home improvement solutions						First lien senior secured loan						9.41%			SOFR (M)			5.25%						09/2025						09/2031									173.3						173.3						171.6			(2)(9)
												Limited partnership interest																		09/2025												64,787									67.3						65.4			(2)
																																																			240.6						237.0
ME Equity LLC						Franchisor in the massage industry						Common stock																		09/2012												3,000,000									3.0						4.7			(2)
Modigent, LLC and OMERS PMC Investment Holdings LLC (13)						Provider of commercial HVAC services						First lien senior secured revolving loan						9.00%			SOFR (Q)			5.00%						08/2022						08/2027									2.2						2.2						2.2			(2)(9)
												First lien senior secured loan						9.00%			SOFR (Q)			5.00%						08/2022						08/2028									12.3						12.2						12.3			(2)(9)
												First lien senior secured loan						9.00%			SOFR (Q)			5.00%						09/2023						08/2028									6.3						6.3						6.3			(2)(9)
												Preferred units						14.00% PIK												05/2025												82									0.9						0.9			(2)
												Class A units																		08/2022												1,001									9.7						11.8			(2)
																																																			31.3						33.5
Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc. (13)						Provider of lawn care, tree care and pest control services						First lien senior secured revolving loan																		06/2024						06/2031									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.03%			SOFR (Q)			5.00%						06/2024						06/2031									27.8						27.8						27.8			(2)(9)
												First lien senior secured loan						9.17%			SOFR (Q)			5.00%						08/2025						06/2031									0.9						0.9						0.9			(2)(9)
												Class A preferred units																		09/2024												678									0.7						0.7
												Class B common units																		09/2024												677,504									0.3						0.3
																																																			29.7						29.7
North Haven Fairway Buyer, LLC and Fairway Lawns, LLC (13)						Provider of lawncare services						First lien senior secured revolving loan						9.06%			SOFR (Q)			5.00%						12/2022						05/2028									4.3						4.3						4.3			(2)(9)
												First lien senior secured loan						9.13%			SOFR (Q)			5.00%						12/2022						05/2028									17.6						17.5						17.6			(2)(9)
												First lien senior secured loan						9.18%			SOFR (Q)			5.00%						06/2024						05/2028									4.1						4.1						4.1			(2)(9)
												First lien senior secured loan						9.32%			SOFR (Q)			5.00%						02/2025						05/2028									10.1						10.1						10.1			(2)(9)
																																																			36.0						36.1
Northwinds Holding, Inc. and Northwinds Services Group LLC (13)						Provider of HVAC and plumbing services						First lien senior secured loan						9.71%			SOFR (Q)			5.25%						05/2023						05/2029									26.8						26.8						26.8			(2)(9)
												First lien senior secured loan						9.62%			SOFR (Q)			5.25%						08/2024						05/2029									6.2						6.2						6.2			(2)(9)
												First lien senior secured loan						9.58%			SOFR (Q)			5.25%						06/2025						05/2029									0.8						0.8						0.8			(2)(9)
												Common units																		05/2023												2,911,607									4.0						5.3			(2)
																																																			37.8						39.1
OTG Concessions Management, LLC and Octa Parent Holdings, LLC						Airport restaurant operator						Second lien notes						10.00% PIK												02/2024						02/2031									8.8						8.8						8.2			(2)
												Participation rights																		02/2024						02/2054						1									—						—			(2)
																																																			8.8						8.2
PestCo Holdings, LLC and PestCo, LLC (13)						Provider of pest control services to the residential and commercial markets						First lien senior secured loan						8.91%			SOFR (M)			4.75%						08/2025						08/2030									18.0						18.0						17.9			(2)(9)
												Class A units																		01/2023												139									1.9						2.8

See accompanying notes to consolidated financial statements.

43

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			19.9						20.7
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. (13)						Provider of commercial and residential HVAC, electrical & plumbing services						First lien senior secured revolving loan						9.46%			SOFR (Q)			5.25%						10/2024						10/2030									1.3						1.3						1.2			(2)(9)
												First lien senior secured loan						9.52%			SOFR (Q)			5.25%						10/2024						10/2030									6.6						6.6						6.3			(2)(9)
												Common stock																		10/2024												667									0.7						0.2			(2)
																																																			8.6						7.7
Premiere Buyer, LLC (13)						Third-party residential property manager for multi-family residential properties in the United States						First lien senior secured loan						8.83%			SOFR (Q)			4.50%						05/2024						05/2031									5.5						5.5						5.5			(2)(9)
												First lien senior secured loan						8.83%			SOFR (Q)			4.50%						04/2025						05/2031									1.0						1.0						1.0			(2)(9)
																																																			6.5						6.5
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC (13)						Hotel operator						First lien senior secured loan						9.57%			SOFR (Q)			5.25%						01/2023						01/2028									7.5						7.5						7.5			(2)(9)
												First lien senior secured loan						9.57%			SOFR (Q)			5.25%						10/2024						01/2028									2.6						2.6						2.6			(2)(9)
												Preferred membership units						8.00% PIK												07/2016												996,833									1.2						3.1
																																																			11.3						13.2
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. (13)						Car wash operator						First lien senior secured loan						8.91%			SOFR (M)			4.75%						05/2024						06/2031									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						8.91%			SOFR (M)			4.75%						06/2025						06/2031									2.5						2.5						2.5			(2)(9)
												Limited partnership interest																		06/2024												11,184,000									11.2						13.1			(2)
																																																			19.3						21.2
Radiant Intermediate Holding, LLC						Provider of HVAC, plumbing and electrical services						First lien senior secured loan						10.30%			SOFR (Q)			6.00%						04/2023						11/2026									2.1						2.1						1.9			(2)(9)
Redwood Services LP (13)						Provider of residential HVAC and plumbing services						First lien senior secured revolving loan																		06/2025						06/2032									—						—						—			(2)(9)(11)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						06/2025						06/2032									26.6						26.6						26.4			(2)(9)
																																																			26.6						26.4
Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc.						Provider of safety systems for business and residential customers						First lien senior secured loan						11.69%			SOFR (M)			7.25%						08/2020						05/2025									24.0						24.0						24.0			(2)(9)
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. (13)						Planet Fitness franchisee						First lien senior secured revolving loan						9.39%			SOFR (M)			5.13%						07/2018						07/2026									0.2						0.2						0.2			(2)(9)
												First lien senior secured revolving loan						9.92%			SOFR (M)			5.50%						01/2024						07/2026									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.35%			SOFR (M)			5.08%						03/2020						07/2026									1.3						1.3						1.3			(2)(9)
												First lien senior secured loan						9.76%			SOFR (M)			5.50%						01/2024						07/2026									0.4						0.4						0.4			(2)(9)
												Class A units																		07/2018												37,020									3.8						9.5
																																																			5.8						11.5

See accompanying notes to consolidated financial statements.

44

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP (13)						Refrigeration, heating, ventilation and air conditioning services provider						First lien senior secured revolving loan						12.19% (4.50% PIK)			SOFR (M)			8.00%						12/2021						12/2027									12.1						12.1						12.0			(2)(9)
												First lien senior secured loan						12.16% (4.50% PIK)			SOFR (M)			8.00%						12/2021						12/2027									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						12.16% (4.50% PIK)			SOFR (M)			8.00%						08/2022						12/2027									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						12.16% (4.50% PIK)			SOFR (M)			8.00%						04/2023						12/2027									1.7						1.7						1.6			(2)(9)
												First lien senior secured loan						12.16% (4.50% PIK)			SOFR (M)			8.00%						10/2023						12/2027									5.5						5.5						5.4			(2)(9)
												First lien senior secured loan						12.16% (4.50% PIK)			SOFR (M)			8.00%						08/2024						12/2027									10.9						10.9						10.8			(2)(9)
												Class A units																		12/2021												8,493,698									8.5						7.4
												Class C units																		03/2023												333,510									—						—
																																																			39.1						37.6
Triwizard Holdings, Inc. and Triwizard Parent, LP (13)						Parking management and hospitality services provider						First lien senior secured revolving loan						9.23%			SOFR (Q)			5.00%						06/2023						06/2029									4.2						4.2						4.2			(2)(9)(12)
												Class A-2 common units																		06/2023												30,000									3.0						5.0			(2)
																																																			7.2						9.2
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (13)						Provider of residential roofing repair & replacement						First lien senior secured revolving loan						10.00%			SOFR (Q)			6.00%						11/2023						11/2030									1.3						1.3						1.2			(2)(9)(12)
												First lien senior secured loan						10.00%			SOFR (Q)			6.00%						11/2023						11/2030									15.1						15.1						14.5			(2)(9)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						10/2024						11/2030									2.9						2.9						2.8			(2)(9)
												Class B common units																		11/2023												212									0.2						0.3
																																																			19.5						18.8
Vista Higher Learning, LLC						Developer of print and digital language learning solutions for K–12 and higher education institutions						First lien senior secured loan						8.77%			SOFR (S)			4.75%						09/2025						09/2031									33.1						33.1						32.7			(2)(9)
YE Brands Holdings, LLC (13)						Sports camp operator						First lien senior secured revolving loan						8.75%			SOFR (Q)			4.75%						10/2021						10/2027									0.6						0.6						0.6			(2)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						10/2021						10/2027									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						06/2022						10/2027									7.9						7.9						7.9			(2)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						09/2023						10/2027									3.6						3.6						3.6			(2)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						01/2024						10/2027									2.8						2.8						2.8			(2)(9)
																																																			15.0						15.0
ZBS Mechanical Group Co-Invest Fund 2, LLC and ZBS Mechanical Group Co-Invest II Fund 2, LLC						Provider of residential HVAC and plumbing services						Membership interest																		10/2021												2,771,000									1.4						7.3
												Membership interest																		02/2025												264,161									0.3						1.4
																																																			1.7						8.7
																																																			1,570.4						1,602.7						11.19%
Consumer Distribution and Retail

See accompanying notes to consolidated financial statements.

45

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P.						Manufacturer and distributor of specialty bakery ingredients						First lien senior secured loan						8.78%			SOFR (M)			4.50%						07/2023						09/2028									16.1						16.1						16.1			(2)(9)
												Second lien senior secured loan						11.28%			SOFR (M)			7.00%						09/2021						09/2029									29.5						29.5						29.5			(2)(9)
												Class A preferred units						8.00% PIK												09/2021						08/2051						5,484									7.6						9.2			(2)
												Series A preferred shares						11.00% PIK												09/2021						08/2051						21,921									34.3						34.3			(2)
																																																			87.5						89.1
Bamboo Purchaser, Inc.						Provider of nursery, garden, and greenhouse products						First lien senior secured loan																		11/2021						11/2027									17.4						17.4						5.9			(2)(8)
BGI Purchaser, Inc. (13)						Developer and manufacturer of customized natural and clean flavorings for the food & beverage end market						First lien senior secured revolving loan						8.20%			SOFR (Q)			4.00%						05/2024						05/2030									12.6						12.6						12.6			(2)(9)
												First lien senior secured loan						9.20%			SOFR (Q)			5.00%						05/2024						05/2031									10.5						10.5						10.5			(2)(9)
																																																			23.1						23.1
Blazing Star Parent, LLC						Retail pharmacy provider						First lien senior secured loan						11.20%			SOFR (Q)			7.00%						08/2025						08/2030									100.7						100.7						99.2			(2)(9)
BR PJK Produce, LLC						Specialty produce distributor						First lien senior secured loan						10.69%			SOFR (Q)			6.25%						12/2023						11/2027									4.0						4.0						4.0			(2)(9)
												First lien senior secured loan						10.69%			SOFR (Q)			6.25%						09/2024						11/2027									0.7						0.7						0.7			(2)(9)
																																																			4.7						4.7
BradyPlus Holdings, LLC (13)						Distributor of foodservice disposables and janitorial sanitation products						First lien senior secured loan						9.31%			SOFR (Q)			5.00%						10/2023						10/2029									128.2						128.2						128.2			(2)(9)
City Line Distributors LLC and City Line Investments LLC (13)						Specialty food distributor						First lien senior secured loan						10.54%			SOFR (Q)			6.00%						08/2023						08/2028									4.4						4.4						4.4			(2)(9)
												Class A units						8.00% PIK												08/2023												4,172,852									4.9						5.3			(2)
																																																			9.3						9.7
DecoPac, Inc. and KCAKE Holdings Inc. (13)						Supplier of cake decorating solutions and products to in-store bakeries						First lien senior secured revolving loan						9.43%			SOFR (M)			5.25%						05/2021						05/2030									5.5						5.5						5.5			(2)(9)
												First lien senior secured loan						9.41%			SOFR (M)			5.25%						09/2024						05/2030									170.5						170.5						170.5			(2)(9)
												Common stock																		05/2021												9,599									7.4						14.5			(2)
																																																			183.4						190.5
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (13)						Provider of visual communications solutions						First lien senior secured revolving loan						10.26%			SOFR (M)			6.00%						03/2019						03/2026									0.6						0.6						0.6			(2)(9)
												First lien senior secured loan						10.26%			SOFR (M)			6.00%						03/2019						03/2026									15.2						15.2						15.2			(2)(9)
												First lien senior secured loan						10.26%			SOFR (M)			6.00%						08/2019						03/2026									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						10.26%			SOFR (M)			6.00%						06/2021						03/2026									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						10.26%			SOFR (M)			6.00%						01/2024						03/2026									8.0						8.0						8.0			(2)(9)
												Common units																		03/2019												600									0.6						1.1			(2)
																																																			24.6						25.1
FS Squared Holding Corp. and FS Squared, LLC (13)						Provider of on-site vending and micro market solutions						First lien senior secured revolving loan																		12/2024						12/2030									—						—						—			(2)(9)(11)
												First lien senior secured loan						8.93%			SOFR (Q)			4.75%						12/2024						12/2030									87.7						87.7						87.7			(2)(9)
																																																			87.7						87.7

See accompanying notes to consolidated financial statements.

46

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
GPM Investments, LLC and ARKO Corp.						Convenience store operator						Common stock																		12/2020												2,088,478									19.8						9.5			(16)
												Warrant to purchase common stock																		12/2020						12/2025						1,088,780									1.6						—			(2)(16)
																																																			21.4						9.5
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (13)						Distributor of HVAC, plumbing, and water heater equipment, parts, supplies and fixtures						First lien senior secured revolving loan						8.82%			SOFR (Q)			4.50%						11/2023						11/2029									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						10.32%			SOFR (Q)			6.00%						11/2023						11/2029									5.2						5.2						5.2			(2)(9)
												Limited partnership interest																		11/2023												5,441,000									5.9						6.7			(2)
																																																			11.2						12.0
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (14)						Distributor of specialty foods						First lien senior secured loan						10.93%			SOFR (Q)			6.50%						10/2022						10/2028									39.2						39.2						36.1			(2)(9)
												Limited partnership interests																		10/2022												9,683,991									9.7						3.3			(2)
																																																			48.9						39.4
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC						Distributor of OEM appliance aftermarket parts						First lien senior secured loan						8.19%			SOFR (Q)			3.75%						06/2021						06/2028									0.4						0.4						0.3			(2)(9)
												First lien senior secured loan						8.19%			SOFR (Q)			3.75%						12/2021						06/2028									0.2						0.2						0.2			(2)(9)
												Class A common units																		06/2021												5,796									6.1						—			(2)
																																																			6.7						0.5
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP (13)						Auto parts retailer						First lien senior secured revolving loan						7.27%			SOFR (Q)			3.25%						05/2021						05/2028									1.4						1.4						1.4			(2)(12)
												Series A preferred stock						7.00% PIK												05/2021												68,601									93.2						93.2			(2)
												Class A-1 units																		05/2021												24,586									24.6						40.0			(2)
																																																			119.2						134.6
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)
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						18.2
Mountaineer Merger Corporation (13)						Discount retailer that specialized in apparel, housewares, accessories, and a selection of other products						First lien senior secured revolving loan						9.31%			SOFR (Q)			5.00%						10/2024						10/2027									5.3						5.1						5.0			(2)
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (13)						Produce distribution platform						First lien senior secured revolving loan						10.01%			SOFR (Q)			5.75%						05/2023						05/2031									1.6						1.6						1.6			(2)(9)(12)
												First lien senior secured loan						10.17%			SOFR (Q)			5.75%						05/2023						05/2031									10.0						10.0						10.0			(2)(9)
												First lien senior secured loan						10.17%			SOFR (Q)			5.75%						06/2025						05/2031									2.4						2.4						2.4			(2)(9)

See accompanying notes to consolidated financial statements.

47

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Class B limited liability company interest																		05/2023												3.64%									9.6						8.8			(2)
																																																			23.6						22.8
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																		05/2021						05/2027									28.7						25.6						12.3			(2)(8)
												Class A units																		05/2021												50,000									5.0						—
																																																			30.6						12.3
Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc. (13)						Distributor and marketer of personal care products						First lien senior secured loan						8.91%			SOFR (M)			4.75%						05/2024						05/2030									50.3						50.3						50.3			(2)(6)(9)
												Class B common stock						8.00% PIK												05/2024												2,215									2.5						8.6			(2)(6)
																																																			52.8						58.9
Reddy Ice LLC (13)						Packaged ice manufacturer and distributor						First lien senior secured revolving loan						11.75%			Base Rate (Q)			4.50%						04/2024						04/2029									1.8						1.7						1.8			(2)(9)(12)
												First lien senior secured revolving loan						9.66%			SOFR (M)			5.50%						04/2024						04/2029									3.1						2.8						3.1			(2)(9)(12)
												First lien senior secured revolving loan						11.75%			Base Rate (Q)			4.50%						04/2024						04/2029									3.0						3.0						3.0			(9)
												First lien senior secured loan						9.79%			SOFR (Q)			5.50%						04/2024						04/2029									125.6						125.6						125.6			(2)(9)
																																																			133.1						133.5
Royal Borrower, LLC and Royal Parent, LP (13)						Distributor of fresh produce and dairy products						First lien senior secured revolving loan																		07/2024						07/2030									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.43%			SOFR (M)			5.25%						07/2024						07/2030									20.5						20.5						20.5			(2)(9)
												Class A preferred units						10.00% PIK												07/2024												2,255,000									2.6						2.3
																																																			23.1						22.8
SFE Intermediate Holdco LLC						Provider of outsourced foodservice to K-12 school districts						First lien senior secured loan						10.20%			SOFR (M)			5.75%						07/2017						07/2026									6.1						6.1						6.1			(2)(9)
												First lien senior secured loan						10.20%			SOFR (M)			5.75%						09/2018						07/2026									9.8						9.8						9.8			(2)(9)
												First lien senior secured loan						10.20%			SOFR (M)			5.75%						03/2022						07/2026									0.4						0.4						0.4			(2)(9)
																																																			16.3						16.3
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						9.66%			SOFR (M)			5.50%						06/2021						07/2030									31.2						31.2						31.2			(2)(9)
												First lien senior secured loan						9.66%			SOFR (M)			5.50%						06/2022						07/2030									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						9.66%			SOFR (M)			5.50%						03/2023						07/2030									6.1						6.1						6.1			(2)(9)
												First lien senior secured loan						9.66%			SOFR (M)			5.50%						05/2024						07/2030									12.6						12.6						12.6			(2)(9)
												First lien senior secured loan						9.66%			SOFR (M)			5.50%						08/2024						07/2030									5.4						5.4						5.4			(2)(9)
												Common stock																		06/2021												75,990									7.6						16.8			(2)
																																																			63.4						72.6
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. (13)						Producer and packager of compressed, household, and packaged salt						First lien senior secured loan						9.40%			SOFR (Q)			5.25%						07/2021						07/2028									23.8						23.8						23.8			(2)(9)
												Limited partner interests																		07/2021												0.42%									0.8						1.5			(2)

See accompanying notes to consolidated financial statements.

48

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			24.6						25.3
VRS Buyer, Inc. (13)						Provider of on-site mobile and rail re-fueling solutions						First lien senior secured loan						9.08%			SOFR (Q)			4.75%						07/2025						07/2032									109.5						109.5						108.4			(2)(9)
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (13)(14)						Fresh and specialty food distributor						First lien senior secured revolving loan						11.03%			SOFR (Q)			6.75%						02/2023						01/2029									0.3						0.3						0.2			(2)(9)(12)
												First lien senior secured loan						11.91% (5.25% PIK)			SOFR (M)			7.75%						02/2023						01/2029									8.4						8.4						7.4			(2)(9)
												Common units																		01/2023												1,673,000									1.7						—
																																																			10.4						7.6
ZB Holdco LLC and ZB TopCo LLC (13)						Distributor of Mediterranean food and beverages						First lien senior secured revolving loan						9.89%			SOFR (Q)			5.75%						02/2022						02/2028									6.3						6.3						6.3			(2)(9)(12)
												First lien senior secured loan						9.90%			SOFR (Q)			5.75%						02/2022						02/2028									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						9.92%			SOFR (Q)			5.75%						08/2023						02/2028									8.6						8.6						8.6			(2)(9)
												First lien senior secured loan						10.02%			SOFR (Q)			5.75%						03/2024						02/2028									14.6						14.6						14.6			(2)(9)
												First lien senior secured loan						10.23%			SOFR (Q)			5.75%						01/2025						02/2028									7.5						7.5						7.5			(2)(9)
												First lien senior secured loan						10.15%			SOFR (Q)			5.75%						05/2025						02/2028									7.4						7.4						7.4			(2)(9)
												Series A units																		06/2023												4,699									3.0						8.4			(2)
																																																			47.6						53.0
																																																			1,450.4						1,415.9						9.89%
Sports, Media and Entertainment
22 HoldCo Limited						Sports and entertainment platform						Senior subordinated loan						11.75% PIK			SONIA (S)			7.50%						08/2023						08/2033									69.1						65.5						69.1			(2)(6)(9)
3 Step Sports LLC (13)						Provider of integrated youth sports solutions						First lien senior secured loan						12.01% (1.50% PIK)			SOFR (Q)			8.00%						10/2023						10/2029									12.5						12.5						12.3			(2)(9)
Aventine Intermediate LLC & Aventine Holdings II LLC						Media and production company						First lien senior secured loan						10.10% (3.50% PIK)			SOFR (Q)			6.00%						12/2021						06/2029									6.3						6.3						6.0			(2)(9)
												Second lien senior secured loan						10.25% PIK												12/2021						12/2030									50.6						50.6						39.4			(2)
																																																			56.9						45.4
Axiomatic, LLC						Premiere e-sports and video game investment platform						Class A-1 units																		05/2022												500,000									4.7						5.9
Bad Vibes Forever, LLC and Bad Vibes Forever Publishing, LLC						The estate and entity that owns the music copyright of the artist XXXTentacion						First lien senior secured loan						9.68%			SOFR (S)			5.50%						06/2025						06/2032									20.4						20.4						20.1			(2)(9)
CFC Funding LLC						SME-related SPV						Loan instrument units						9.75% PIK												07/2023												16,680									20.2						20.2			(6)
CMW Parent LLC (fka Black Arrow, Inc.)						Multiplatform media firm						Series A units																		09/2015												32									—						—
Dundee Eros, LP						Catalog of premier music intellectual property						Limited partnership interest																		11/2024												4,803,441									4.8						4.5			(2)
Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited						Multi-club sports platform						Senior subordinated loan						19.00% PIK												12/2022						12/2028									0.7						0.7						0.7			(2)(6)
												Senior subordinated loan																		12/2022						12/2028									57.2						57.2						32.8			(2)(6)(8)
												Senior subordinated loan																		07/2025						01/2027									7.4						6.7						4.2			(2)(6)(8)
												Ordinary shares																		09/2023												494									4.4						—			(2)(6)

See accompanying notes to consolidated financial statements.

49

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Warrant to purchase shares of ordinary shares																		12/2022						11/2028						180									—						—			(2)(6)
												Warrant to purchase shares of ordinary shares																		12/2022						11/2028						199									—						—			(2)(6)
																																																			69.0						37.7
FEH Group, LLC.						Professional sports team and entertainment complex						Class A common interest																		12/2024												26									182.7						208.6
												Class A common interest																		12/2024												26									5.3						6.1
												Class A common interest																		12/2024												26									1.3						1.5
																																																			189.3						216.2
Fever Labs, Inc. (13)						Technology led marketing and ticketing platform for live events						First lien senior secured revolving loan						11.00%												08/2024						11/2028									10.0						10.0						10.0			(2)
												First lien senior secured loan						11.00%												05/2024						11/2028									16.9						16.0						16.9			(2)
												Series B redeemable preferred stock						13.50% PIK												06/2025												8,824									9.2						9.2			(2)
												Series E-5 Convertible Shares																		08/2024												217,907									0.9						1.2			(2)
												Warrant to purchase shares of common stock																		06/2025						06/2035						177,076									—						—			(2)
																																																			36.1						37.3
Global Music Rights, LLC (13)						Music right management company						First lien senior secured loan						8.50%			SOFR (Q)			4.50%						12/2024						12/2031									220.9						220.9						220.9			(2)(9)
GSM Rights Fund II LP (14)						Private investment firm specializing in music rights and IP assets						Class B Interest																		03/2025						03/2031						2,242,422									2.2						2.2			(6)
League One Volleyball Clubs, LLC and League One Volleyball, Inc.						Operator of youth volleyball clubs						Series B preferred stock																		07/2023												194									—						—			(2)
												Series C preferred stock																		09/2024												67									—						—			(2)
												Warrant to purchase shares of common stock																		01/2025						01/2030						8									—						—			(2)
																																																			—						—
Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P. (13)						Hospitality platform provider of premium experiential services						First lien senior secured revolving loan						9.16%			SOFR (M)			5.00%						08/2024						08/2030									1.1						1.1						1.1			(2)(9)(12)
												First lien senior secured loan						9.19%			SOFR (Q)			5.00%						08/2024						08/2031									2.1						2.1						2.1			(2)(9)
												First lien senior secured loan						9.71% (2.75% PIK)			SOFR (Q)			5.50%						08/2024						08/2031									57.9						57.9						57.9			(2)(9)
												Limited partnership interest																		02/2025												6,555,000									6.7						7.1			(2)
																																																			67.8						68.2
LiveBarn Inc.						Provider of Live & On Demand broadcasting of amateur and youth sporting events						Middle preferred shares																		08/2023												4,902,988									17.3						25.9			(2)(6)
Miami Beckham United LLC						American professional soccer club						Class A preferred units						9.50% PIK												09/2021												85,000									122.0						122.0
												Class B preferred units						9.50% PIK												06/2023												42,500									52.5						52.5

See accompanying notes to consolidated financial statements.

50

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			174.5						174.5
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						11.65% PIK			SOFR (Q)			7.50%						07/2020						08/2029									17.5						17.4						17.5			(2)(9)
												First lien senior secured loan						11.65% PIK			SOFR (Q)			7.50%						06/2021						08/2029									1.0						1.0						1.0			(2)(9)
												First lien senior secured loan						11.65% PIK			SOFR (Q)			7.50%						08/2021						08/2029									8.6						8.6						8.6			(2)(9)
												First lien senior secured loan						11.65% PIK			SOFR (Q)			7.50%						05/2024						08/2029									29.8						29.6						29.8			(2)(9)
												First lien senior secured loan						11.65% PIK			SOFR (Q)			7.50%						03/2025						08/2029									2.7						2.7						2.7			(2)(9)
												First lien senior secured loan						11.96% PIK			SOFR (M)			7.50%						04/2025						08/2029									2.7						2.6						2.7			(2)(9)
												First lien senior secured loan						9.97% PIK			SOFR (Q)			5.50%						07/2025						08/2029									2.5						2.5						2.5			(2)(9)
												First lien senior secured loan																		08/2018						08/2029									56.3						51.6						16.3			(2)(8)
												Class A units																		10/2020												113,617									4.9						—			(2)
																																																			120.9						81.1
Professional Fighters League, LLC and PFL MMA, Inc.						Mixed martial arts league						First lien senior secured loan						14.00% PIK												01/2021						01/2026									24.6						24.5						24.6			(2)
												Second lien senior secured loan						16.00% PIK												11/2022						01/2026									0.2						0.2						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						—			(2)
												Warrant to purchase shares of common stock																		11/2022						11/2029						68,787									0.2						—			(2)
																																																			27.3						25.5
Sandlot Action Sports, LLC						Youth sports platform						Common units																		05/2024												3,384									—						—
Shout! Factory, LLC (13)						Multi-platform media company specialized in film and TV distribution, development and production						First lien senior secured revolving loan						9.25%			SOFR (Q)			5.25%						07/2025						06/2031									0.4						0.4						0.4			(2)(9)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						07/2025						06/2031									18.3						18.3						18.0			(2)(9)
																																																			18.7						18.4
South Florida Motorsports, LLC						Professional sporting event						Class A common interest																		12/2024												26									5.5						5.5
Storm Investment S.a.r.l. and Atletico Holdco, S.L.						Spanish soccer club						First lien senior secured loan						3.75%												06/2021						06/2029									72.4						73.6						72.4			(2)(6)
												Class A redeemable shares																		06/2021												3,297,791									1.6						7.5			(2)(6)
												Class B redeemable shares																		06/2021												3,297,791									1.6						7.5			(2)(6)
												Class C redeemable shares																		06/2021												3,297,791									1.6						7.5			(2)(6)
												Class D redeemable shares																		06/2021												3,297,791									1.6						7.5			(2)(6)
												Class E redeemable shares																		06/2021												3,297,791									1.6						7.5			(2)(6)
												Class F redeemable shares																		06/2021												3,297,791									1.6						7.5			(2)(6)

See accompanying notes to consolidated financial statements.

51

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Class G redeemable shares																		06/2021												3,297,791									1.6						7.5			(2)(6)
												Class H redeemable shares																		06/2021												3,297,791									1.6						7.5			(2)(6)
												Class I redeemable shares																		06/2021												3,297,791									1.6						7.5			(2)(6)
												Ordinary shares																		06/2021												3,958									—						0.7			(2)(6)
																																																			88.0						140.6
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									—						—			(2)
																																																			1.1						2.3
WRE Sports Investments LLC						Professional sports club						First lien senior secured loan						11.00% (5.50% PIK)												07/2024						07/2031									27.4						27.4						27.4			(2)
																																																			1,251.0						1,261.2						8.81%
Investment Funds and Vehicles
ACAS Equity Holdings Corporation (5)						Investment company						Common stock																		01/2017												589									0.4						0.5			(6)
Constellation Wealth Capital Fund, L.P. (14)						Specialist alternative asset management platform						Limited partner interests																		01/2024												4,504,728									4.1						4.5			(6)(16)
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						7.2			(2)(6)
European Capital UK SME Debt LP (4)						Investment partnership						Limited partnership interest																		01/2017												44.73%									—						0.2			(6)
HCI Equity, LLC (5)						Investment company						Member interest																		04/2010												100.00%									—						—			(6)(16)
Linden Structured Capital Fund II-A LP (14)						Investment partnership						Limited partnership interest																		07/2024												1,191,069									0.9						0.9			(2)(6)(16)
Partnership Capital Growth Investors III, L.P. (4)						Investment partnership						Limited partnership interest																		10/2011												11.50%									0.7						3.4			(2)(6)(16)
PCG-Ares Sidecar Investment, L.P. (4)(14)						Investment partnership						Limited partnership interest																		05/2014												99.80%									4.5						0.4			(6)(16)
PCG-TAC-CV, LP (5)						Investment partnership						Limited partnership interest																		01/2025												99.80%									—						6.9			(2)(6)(16)
Piper Jaffray Merchant Banking Fund I, L.P.						Investment partnership						Limited partnership interest																		08/2012												2.02%									0.1						0.6			(6)(16)
Senior Direct Lending Program, LLC (5)(15)						Co-investment vehicle						Subordinated certificates						11.98%			SOFR (Q)			8.00%						07/2016						12/2036									1,052.3						1,048.4						1,041.9			(6)(10)
												Member interest																														87.50%									—						—			(6)
																																																			1,048.4						1,041.9
																																																			1,065.3						1,066.5						7.45%
Capital Goods
AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. (13)						Manufacturer of commercial refrigeration and foodservice equipment						First lien senior secured revolving loan						10.70%			SOFR (S)			6.50%						08/2025						08/2030									1.3						1.3						1.3			(2)(6)(9)
												First lien senior secured loan						10.70%			SOFR (Q)			6.50%						08/2025						08/2030									35.2						35.2						34.7			(2)(6)(9)
																																																			36.5						36.0

See accompanying notes to consolidated financial statements.

52

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
AI Aqua Merger Sub, Inc.						End to end provider of water solutions to a wide range of customer bases						First lien senior secured loan						7.28%			SOFR (M)			3.00%						12/2024						07/2028									1.0						1.0						1.0			(2)(9)(16)
Airx Climate Solutions, Inc. (13)						Provider of commercial HVAC equipment and services						First lien senior secured loan						9.95%			SOFR (Q)			5.75%						11/2023						11/2029									9.8						9.8						9.8			(2)(9)
												First lien senior secured loan						9.20%			SOFR (Q)			5.00%						07/2024						11/2029									9.6						9.6						9.5			(2)(9)
																																																			19.4						19.3
Align Precision Group, LLC and Align Precision Topco, L.P. (13)						Manufacturer of precision machined components for defense and high-tech industrial platforms						First lien senior secured loan						10.78% PIK			SOFR (Q)			6.75%						07/2025						07/2030									14.0						14.0						14.0			(2)(9)
												Class A-2 Units																		07/2025												6,310									—						0.4			(2)
																																																			14.0						14.4
Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC						Provider of military aircraft aftermarket parts and distribution, repair and logistics services						First lien senior secured loan						9.76%			SOFR (M)			5.50%						05/2025						05/2030									2.8						1.9						2.8			(2)(9)
												First lien senior secured loan						10.92% (2.00% PIK)			SOFR (M)			6.50%						05/2025						05/2030									0.5						0.1						0.1			(2)(9)
												First lien senior secured loan						11.16% (6.00% PIK)			SOFR (M)			7.00%						05/2025						05/2030									1.6						0.4						0.4			(2)(9)
												First lien senior secured loan						9.76%			SOFR (M)			5.50%						06/2025						05/2030									0.3						0.3						0.3			(2)(9)
												Membership Interest																		05/2025												4,015									—						—			(2)
																																																			2.7						3.6
Arrowhead Holdco Company and Arrowhead GS Holdings, Inc.						Distributor of non-discretionary, mission-critical aftermarket replacement parts						First lien senior secured loan						6.65%			SOFR (Q)			2.50%						08/2021						08/2028									0.1						0.1						0.1			(2)(9)
												Common stock																		08/2021												5,054									5.1						—			(2)
																																																			5.2						0.1
BGIF IV Fearless Utility Services, Inc. (13)						Maintenance and installation service provider for electric transmission and distribution infrastructure						First lien senior secured revolving loan																		06/2024						06/2030									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.14%			SOFR (M)			5.00%						06/2024						06/2031									35.0						35.0						35.0			(2)(9)
																																																			35.0						35.0
Burgess Point Purchaser Corporation						Remanufacturer of mission-critical and non-discretionary aftermarket vehicle, industrial, energy storage, and solar replacement parts						First lien senior secured loan						9.51%			SOFR (M)			5.25%						07/2022						07/2029									21.7						20.8						18.7			(2)(9)(16)
CPIG Holdco Inc.						Distributor of engineered fluid power and complex machined solutions						First lien senior secured loan						11.39%			SOFR (Q)			7.00%						04/2023						04/2028									14.5						14.5						14.5			(2)(9)
DFS Holding Company, Inc.						Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry						First lien senior secured loan						11.16%			SOFR (M)			7.00%						01/2023						01/2029									2.1						2.0						2.0			(2)(9)
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP (13)						Provider of aerospace technology and equipment						First lien senior secured revolving loan						10.94%			SOFR (Q)			6.50%						12/2020						12/2027									3.2						3.2						3.2			(2)(9)
												First lien senior secured loan						10.94%			SOFR (Q)			6.50%						12/2020						12/2027									25.4						25.4						25.4			(2)(9)
												Common units																		12/2020												9,773,000									9.8						16.2

See accompanying notes to consolidated financial statements.

53

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			38.4						44.8
EIS Legacy Holdco, LLC (13)						Distributor of electric applicator components						First lien senior secured loan						8.80%			SOFR (Q)			4.50%						11/2024						11/2031									14.2						14.2						14.2			(2)(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						0.6			(2)
												Class A-2 units																		12/2016												3,500									3.5						1.0			(2)
																																																			5.8						1.6
Generator US Buyer, Inc. and Total Power Limited (13)						Provider of generator-based power solutions						First lien senior secured revolving loan						7.70%			CORRA (Q)			5.25%						07/2024						07/2030									0.1						0.1						0.1			(2)(6)(9)
												First lien senior secured loan						7.70%			CORRA (Q)			5.25%						07/2024						07/2030									5.7						5.7						5.7			(2)(6)(9)
												First lien senior secured loan						9.25%			SOFR (Q)			5.25%						10/2024						07/2030									1.3						1.3						1.3			(2)(6)(9)
																																																			7.1						7.1
Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC (13)						Provider of underground utility locating and concrete scanning						First lien senior secured revolving loan						10.75%			Base Rate (Q)			3.50%						01/2025						01/2032									1.2						1.2						1.2			(2)(9)
												Member Units																		01/2025												20,000,000									20.0						21.7			(2)
																																																			21.2						22.9
GSV Purchaser, Inc. (13)						Provider of maintenance, repair, and sales services for commercial emergency power backup generators						First lien senior secured loan						8.73%			SOFR (Q)			4.50%						08/2024						08/2031									0.1						0.1						0.1			(2)(9)
Harvey Tool Company, LLC (13)						Manufacturer of cutting tools used in the metalworking industry						First lien senior secured loan						8.91%			SOFR (M)			4.75%						10/2021						08/2032									52.9						52.9						52.7			(2)(9)
												First lien senior secured loan						6.91%			Euribor (M)			5.00%						08/2025						08/2032									8.4						8.3						8.3			(2)(9)
																																																			61.2						61.0
Helix Acquisition Holdings, Inc.						Manufacturer of springs, fasteners and custom components						First lien senior secured loan						11.26%			SOFR (M)			7.00%						03/2023						03/2030									11.9						11.9						11.9			(2)(9)
Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC (13)						Manufacturer of mission critical, IP-driven avionics products and provider of an integrated suite of pilot training solutions						First lien senior secured revolving loan						8.50%			SOFR (Q)			4.50%						03/2025						03/2032									1.0						1.0						1.0			(2)(9)(12)
												First lien senior secured revolving loan						10.75%			Base rate (Q)			3.50%						03/2025						03/2032									3.0						3.0						3.0			(2)(9)(12)
												First lien senior secured loan						8.50%			SOFR (Q)			4.50%						03/2025						03/2032									48.5						48.5						48.5			(2)(9)
																																																			52.5						52.5
HPCC Parent, Inc. and Patriot Container Corp. (13)						Manufacturer of waste handling and recycling equipment						First lien senior secured loan						13.00% (7.00% PIK)												09/2024						09/2030									83.2						83.2						83.2			(2)
												Common stock																		09/2024												459,208									4.4						4.4			(2)
																																																			87.6						87.6
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									19.5						19.3						19.4			(2)
												Class A common stock																		01/2017												48,544									14.8						67.8
																																																			34.1						87.2
JSG II, Inc. and Checkers USA, Inc. (13)						Manufacturer and supplier of non-PPE safety solutions for compliance-driven end markets						First lien senior secured revolving loan						8.66%			SOFR (S)			4.50%						09/2025						09/2032									0.5						0.5						0.5			(2)(9)

See accompanying notes to consolidated financial statements.

54

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						8.66%			SOFR (S)			4.50%						09/2025						09/2032									58.0						57.8						57.8			(2)(9)
																																																			58.3						58.3
Kene Acquisition, Inc. and Kene Holdings, L.P. (13)						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						9.56%			SOFR (Q)			5.25%						02/2024						02/2031									5.2						5.2						5.2			(2)(9)
												Class A units																		08/2019												4,549,000									0.5						9.4			(2)
																																																			5.7						14.6
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						—
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						1.1			(2)
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									32.0						30.7						31.4			(2)
												Senior subordinated loan						10.00% (7.00% PIK)												03/2025						05/2032									4.3						4.0						4.2			(2)
												Class B common units																		05/2024												8									1.9						2.8
																																																			36.6						38.4
Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC						Provider of structural integrity management services to transmission and distribution infrastructure						Second lien senior secured loan						11.03%			SOFR (M)			6.75%						06/2021						06/2029									55.3						55.3						53.6			(2)(9)
Paris US Holdco, Inc. & 1001028292 Ontario Inc. (13)						Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry						First lien senior secured revolving loan						8.91%			SOFR (M)			4.75%						12/2024						12/2031									0.2						0.2						0.2			(2)(6)(9)
												First lien senior secured loan						8.91%			SOFR (M)			4.75%						12/2024						12/2031									0.1						0.1						0.1			(2)(6)(9)
																																																			0.3						0.3
Pave America Holding, LLC (13)						Provider of high-quality asphalt and concrete services for commercial properties						First lien senior secured revolving loan						8.76%			SOFR (M)			4.75%						08/2025						08/2032									3.3						3.3						3.2			(2)(9)
												First lien senior secured loan						9.25% (2.88% PIK)			SOFR (Q)			5.25%						08/2025						08/2032									22.5						22.5						22.3			(2)(9)
																																																			25.8						25.5
PumpTech, LLC and Impel CV-B, LP (13)(14)						Provider of flow control equipment and related services including pumping products and process solutions for water, wastewater, and industrial applications						First lien senior secured revolving loan						8.89%			SOFR (M)			4.75%						01/2025						01/2031									0.4						0.4						0.3			(2)(9)
												First lien senior secured revolving loan						11.00%			Base Rate (Q)			3.75%						01/2025						01/2031									0.4						0.4						0.3			(2)(9)

See accompanying notes to consolidated financial statements.

55

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						8.90%			SOFR (M)			4.75%						01/2025						01/2031									12.6						12.6						12.4			(2)(9)
												Limited partnership interest																		03/2025												752,822									0.8						0.8			(2)
																																																			14.2						13.8
Qnnect, LLC and Connector TopCo, LP						Manufacturer of highly engineered hermetic packaging products						Limited partnership interests																		11/2022												992,500									9.9						19.0			(2)
Radius Aerospace, Inc. and Radius Aerospace Europe Limited (13)						Metal fabricator in the aerospace industry						First lien senior secured revolving loan						10.29% (0.25% PIK)			SOFR (S)			6.00%						03/2019						03/2027									0.7						0.7						0.7			(2)(6)(9)
												First lien senior secured revolving loan						9.97% (0.25% PIK)			SONIA (M)			6.00%						11/2019						03/2027									2.1						2.0						2.1			(2)(6)(9)
												First lien senior secured loan						10.15% (0.25% PIK)			SOFR (Q)			6.00%						06/2024						03/2027									9.9						9.9						9.9			(2)(6)(9)
																																																			12.6						12.7
Radwell Parent, LLC (13)						Distributor of maintenance, repair, and operations parts						First lien senior secured revolving loan						9.50%			SOFR (Q)			5.50%						12/2022						04/2029									1.2						1.1						1.2			(2)(9)
												First lien senior secured loan						9.50%			SOFR (Q)			5.50%						12/2022						04/2029									0.1						0.1						0.1			(2)(9)
																																																			1.2						1.3
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation (13)						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						10.01%			SOFR (M)			5.75%						10/2017						12/2027									5.1						5.1						5.1			(2)(9)(12)
												First lien senior secured loan						10.01%			SOFR (M)			5.75%						04/2024						12/2027									3.7						3.7						3.7			(2)(9)
												First lien senior secured loan						10.01%			SOFR (M)			5.75%						03/2025						12/2027									15.0						15.0						15.0			(2)(9)
																																																			23.8						23.8
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. (13)						Provider of aircraft component maintenance, repair, and overhaul services						First lien senior secured loan						9.00%			SOFR (Q)			5.00%						05/2024						05/2031									38.7						38.7						38.7			(2)(9)
												Series A common units																		05/2024												1,042									1.0						1.7			(2)
																																																			39.7						40.4
Titan BW Borrower L.P. (13)						Provider of aftermarket and OEM solutions to the commercial and military aerospace industry						First lien senior secured loan						9.45% (2.88% PIK)			SOFR (Q)			5.25%						07/2025						07/2032									62.7						62.7						62.0			(2)(9)
Two Six Labs, LLC (13)						Provider of information operations, cyber, and data analytics products and services for government and defense contracts						First lien senior secured revolving loan						9.25%			SOFR (Q)			5.25%						05/2022						08/2027									4.9						4.7						4.9			(2)(9)
												First lien senior secured loan						10.00%			SOFR (Q)			6.00%						10/2023						08/2027									8.5						8.5						8.5			(2)(9)
																																																			13.2						13.4
Werner Finco LP						Provider of safety access and secure storage products across access equipment, ladders, and truck & van solutions.						First lien senior secured loan						9.52%			SOFR (Q)			5.50%						06/2025						06/2031									110.0						110.0						108.4			(2)(9)

See accompanying notes to consolidated financial statements.

56

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			972.5						1,022.1						7.14%
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						Class A ordinary shares																		05/2021												2,476,744									5.7						4.5			(2)(6)
Alcami Corporation and ACM Note Holdings, LLC (13)						Outsourced drug development services provider						First lien senior secured loan						11.34%			SOFR (Q)			7.00%						12/2022						12/2028									9.9						9.9						9.9			(2)(9)
												Senior subordinated loan						12.00% PIK												12/2022						06/2029									23.2						23.2						23.2			(2)
																																																			33.1						33.1
Bamboo US BidCo LLC (13)						Biopharmaceutical company						First lien senior secured loan						9.56%			SOFR (Q)			5.25%						09/2023						09/2030									34.1						34.1						34.1			(2)(9)
												First lien senior secured loan						9.48%			SOFR (Q)			5.25%						11/2024						09/2030									3.4						3.4						3.4			(2)(9)
																																																			37.5						37.5
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. (13)						Provider of biological products to life science and pharmaceutical companies						First lien senior secured revolving loan						9.95%			SOFR (Q)			5.75%						10/2021						10/2027									2.1						2.1						2.1			(2)(9)
												First lien senior secured loan						9.95%			SOFR (Q)			5.75%						10/2021						10/2028									30.9						30.9						29.7			(2)(9)
												First lien senior secured loan						9.95%			SOFR (Q)			5.75%						06/2023						10/2028									11.3						11.3						10.9			(2)(9)
												First lien senior secured loan						9.95%			SOFR (Q)			5.75%						08/2024						10/2028									6.9						6.9						6.6			(2)(9)
												Preferred units						8.00% PIK												10/2021						10/2051						3,020									4.1						1.4			(2)
												Series A preferred shares						13.75% PIK												10/2021												60,236									104.2						102.1			(2)
												Class A common units																		10/2021												30,500									—						—			(2)
																																																			159.5						152.8
Creek Parent, Inc. and Creek Feeder, L.P. (13)						Provider of delivery technologies, development, drug manufacturing, biologics, gene therapies and consumer health products						First lien senior secured revolving loan																		12/2024						12/2031									—						—						—			(2)(9)
												First lien senior secured loan						9.14%			SOFR (M)			5.00%						12/2024						12/2031									207.6						207.6						207.6			(2)(9)
												Limited partnership interest																		12/2024												6,891,000									6.9						9.9			(2)
																																																			214.5						217.5
Gula Buyer Inc. and Gula Co-Invest II, L.P.						Distributor and manufacturer of veterinarian-grade pet prescription medications and health products						First lien senior secured loan						8.72%			SOFR (M)			4.50%						10/2024						10/2031									124.9						124.9						124.9			(2)(9)
												Common units																		03/2025												434									0.5						0.5			(2)
																																																			125.4						125.4
NMC Skincare Intermediate Holdings II, LLC (13)						Developer, manufacturer and marketer of skincare products						First lien senior secured revolving loan						10.74%			SOFR (Q)			6.50%						10/2018						10/2028									1.9						1.9						1.7			(2)(9)
												First lien senior secured revolving loan						10.85%			SOFR (Q)			6.50%						05/2022						10/2028									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						10.94% (1.50% PIK)			SOFR (Q)			6.50%						10/2018						10/2028									28.7						28.7						26.7			(2)(9)

See accompanying notes to consolidated financial statements.

57

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						10.94% (1.50% PIK)			SOFR (Q)			6.50%						05/2022						10/2028									4.2						4.2						3.9			(2)(9)
																																																			35.0						32.5
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 revolving loan						8.69%			SOFR (Q)			4.50%						09/2021						03/2027									2.5						2.5						2.5			(2)(9)
												First lien senior secured loan						10.17%			SOFR (Q)			6.00%						09/2020						09/2027									46.2						46.2						46.2			(2)(9)
												First lien senior secured loan						10.17%			SOFR (Q)			6.00%						12/2020						09/2027									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						10.17%			SOFR (Q)			6.00%						02/2021						09/2027									2.5						2.5						2.5			(2)(9)
												First lien senior secured loan						10.17%			SOFR (Q)			6.00%						09/2021						09/2027									9.2						9.2						9.2			(2)(9)
												Senior subordinated loan						11.00% PIK												03/2023						03/2027									1.8						1.8						1.8			(2)
												Class A preferred units						8.00% PIK												09/2020												13,528									20.1						20.1			(2)
																																																			82.4						82.4
Verista, Inc. (13)						Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector						First lien senior secured loan						11.04% (0.75% PIK)			SOFR (Q)			6.75%						05/2022						02/2027									0.8						0.8						0.7			(2)(9)
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. (13)						Manufacturer of monoclonal antibodies						First lien senior secured loan						10.50%			SOFR (Q)			6.25%						11/2023						11/2030									4.9						4.9						4.9			(2)(9)
												Limited partnership interest																		11/2023												1,529,000									1.5						1.6			(2)
																																																			6.4						6.5
																																																			700.3						692.9						4.84%
Independent Power and Renewable Electricity Producers
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						225.6
												Class B common units																		07/2025												113,136									11.3						19.1
																																																			146.0						244.7
BNZ TopCo B.V. (13)						Developer and operator of solar photovoltaic plants						Senior subordinated loan						8.25%			Euribor (Q)			6.25%						10/2024						10/2030									13.3						11.9						13.1			(2)(6)(9)
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)
																																																			—						—
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						11.21% (7.66% PIK)			SOFR (Q)			6.90%						11/2019						11/2026									183.0						183.0						162.8			(2)(9)
																																																			183.1						162.9

See accompanying notes to consolidated financial statements.

58

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Sunrun Luna Holdco 2021, LLC						Residential solar energy provider						Senior subordinated loan						11.06%			SOFR (Q)			6.75%						03/2022						04/2027									150.0						150.0						136.5			(2)(6)(9)
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						0.2			(2)
												Senior subordinated loan						10.90% (6.90% PIK)			SOFR (Q)			6.90%						06/2019						07/2030									85.2						85.2						82.6			(2)(9)
																																																			85.5						82.8
																																																			576.5						640.0						4.47%
Materials
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC (5)(13)						Producer and filler of aluminum beverage cans						First lien senior secured loan						9.61% PIK			SOFR (Q)			5.50%						02/2025						02/2030									13.9						13.9						13.9			(2)(9)
												First lien senior secured loan						11.75% PIK			Base Rate (Q)			4.50%						02/2025						02/2030									0.4						0.4						0.4			(2)(9)
												Common units																		02/2025												268,223									17.6						7.8			(2)
																																																			31.9						22.1
AP Adhesives Holdings, LLC (13)						Distributor of industrial adhesives and equipment						First lien senior secured loan						9.08%			SOFR (S)			4.75%						04/2025						04/2032									32.3						32.3						32.0			(2)(9)
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP (13)						Manufacturer and supplier of printed packaging and trimmings						First lien senior secured revolving loan						10.28%			SOFR (M)			6.00%						12/2021						12/2027									4.6						4.6						4.6			(2)(9)
												First lien senior secured loan						10.57%			SOFR (Q)			6.00%						12/2021						12/2027									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						10.31%			SOFR (Q)			6.00%						10/2024						12/2027									3.3						3.3						3.3			(2)(9)
												Class A units																		12/2021												201,557									20.2						20.5			(2)
																																																			28.2						28.5
Bulab Holdings, Inc. and Buckman PPC Co-Invest LP (13)						A privately held, global specialty chemical company that provides process and water treatment chemistry for various industries						First lien senior secured loan						6.66%			Euribor (M)			4.75%						06/2025						07/2032									10.1						10.1						10.0			(2)(9)
												First lien senior secured loan						8.91%			SOFR (M)			4.75%						06/2025						07/2032									52.7						52.7						52.2			(2)(9)
												Limited partnership interest																		06/2025												1,968,000									2.0						2.0			(2)
																																																			64.8						64.2
Halex Holdings, Inc. (5)						Manufacturer of flooring installation products						Common stock																		01/2017												51,853									—						—
Meyer Laboratory, LLC and Meyer Parent, LLC (13)						Provider of industrial and institutional cleaning chemicals and application systems						First lien senior secured revolving loan						12.00%			Base Rate (Q)			4.75%						02/2024						02/2030									1.8						1.8						1.7			(2)(9)
												First lien senior secured loan						9.75%			SOFR (Q)			5.75%						02/2024						02/2030									31.7						31.7						29.8			(2)(9)
												Common units																		02/2024												440,000									0.4						0.2
																																																			33.9						31.7
MP Midco Holdings, LLC and MP Topco Holdings, LLC						Food contract manufacturer						First lien senior secured loan						10.81%			SOFR (Q)			6.50%						03/2025						03/2030									9.6						9.6						9.7			(2)(9)(16)
												Common units																		03/2025												639,359									5.1						12.9			(2)(16)
																																																			14.7						22.6
NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP (13)(14)						Manufacturing and packaging company for major brands						First lien senior secured revolving loan						7.99%			SOFR (Q)			3.75%						03/2025						03/2031									4.0						4.0						4.0			(2)(9)(12)

See accompanying notes to consolidated financial statements.

59

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured revolving loan						10.00%			Base Rate (Q)			2.75%						03/2025						03/2031									5.0						5.0						5.0			(9)(12)
												First lien senior secured loan						9.05%			SOFR (Q)			4.75%						03/2025						03/2031									25.4						25.4						25.4			(2)(9)
												Limited partnership interest																		03/2025												852,666									0.9						0.9			(2)
																																																			35.3						35.3
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. (13)						Manufacturer of thermoformed packaging for medical devices						First lien senior secured revolving loan						9.66%			SOFR (M)			5.50%						03/2024						03/2031									1.7						1.7						1.6			(2)(6)(9)
												First lien senior secured revolving loan						7.41%			Euribor (M)			5.50%						03/2024						03/2031									0.1						0.1						0.1			(2)(6)(9)
												First lien senior secured loan						9.66%			SOFR (M)			5.50%						03/2024						03/2031									16.4						16.4						16.1			(2)(6)(9)
												First lien senior secured loan						7.48%			Euribor (Q)			5.50%						03/2024						03/2031									36.1						33.3						35.4			(2)(6)(9)
												Class A units																		07/2019												6,762,668									6.8						6.4			(2)(6)
																																																			58.3						59.6
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						12.63% (1.00% PIK)			SOFR (S)			8.25%						12/2020						12/2026									22.3						22.2						22.3			(2)(9)
												First lien senior secured loan						12.63% (1.00% PIK)			SOFR (S)			8.25%						12/2022						12/2026									0.3						0.3						0.3			(2)(9)
												Class A preferred units																		12/2020												4,772									4.6						3.9			(2)
												Class C units																		12/2020												4,772									—						—			(2)
																																																			27.1						26.5
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC (13)						Manufacturer of specialized acrylic and polycarbonate sheets						First lien senior secured revolving loan						11.22%			SOFR (M)			7.00%						05/2025						02/2030									2.1						2.1						2.0			(2)(9)(12)
												First lien senior secured loan						12.22% (4.00% PIK)			SOFR (M)			8.00%						05/2025						05/2030									262.9						262.9						257.7			(2)(9)
												Preferred units																		10/2023												841									0.1						—			(2)
												Preferred units																		05/2025												26,025									0.4						0.4			(2)
												Co-Invest units																		12/2018												5,969									0.6						0.1			(2)
																																																			266.1						260.2
Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation (13)						Manufacturer of diversified packaging solutions and plastic injection molded products						First lien senior secured loan						8.95%			SOFR (Q)			4.75%						07/2025						08/2032									18.6						18.6						18.4			(2)(6)(9)
Reagent Chemical & Research, LLC (13)						Supplier of liquid hydrochloric acid						First lien senior secured revolving loan																		04/2024						04/2030									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.41%			SOFR (M)			5.25%						04/2024						04/2031									11.4						11.4						11.4			(2)(9)
																																																			11.4						11.4
SCI PH Parent, Inc.						Industrial container manufacturer, reconditioner and servicer						Series B shares																		08/2018												11									1.1						1.8			(2)
Sterilex LLC (13)						Provider of enhanced sanitation technologies and solutions within the food supply chain						First lien senior secured loan						9.27%			SOFR (S)			5.25%						09/2025						09/2030									5.3						5.3						5.2			(2)(9)
																																																			629.0						619.5						4.33%

See accompanying notes to consolidated financial statements.

60

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Consumer Durables & 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						9.75%			SOFR (Q)			5.50%						02/2024						08/2029									28.4						26.6						28.4			(2)(9)
												Senior subordinated loan						12.25% PIK			SOFR (Q)			8.00%						02/2024						02/2031									29.2						27.7						29.2			(2)(9)
												Senior subordinated loan						10.75%			SOFR (Q)			6.50%						02/2024						02/2031									24.0						22.4						24.0			(2)(9)
												Class A LP interests																		02/2024												6.27%									2.9						7.3			(2)
																																																			79.6						88.9
DRS Holdings III, Inc. and DRS Holdings I, Inc. (13)						Footwear and orthopedic foot-care brand						First lien senior secured loan						9.41%			SOFR (M)			5.25%						03/2025						11/2028									60.5						60.5						60.5			(2)(9)
												Common stock																		11/2019												8,549									8.5						9.6			(2)
																																																			69.0						70.1
Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. (13)						A designer and manufacturer of consumer fashion accessories						First lien senior secured revolving loan						9.00%			SOFR (M)			5.00%						08/2025						08/2030									2.9						2.9						2.8			(2)(6)(9)
Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC (5)(13)						Provider of footwear and other accessories						First lien senior secured loan						10.01% (4.00% PIK)			SOFR (Q)			6.00%						06/2025						10/2028									14.0						14.0						14.0			(2)(9)
												First lien senior secured loan						10.31% PIK			SOFR (S)			6.00%						07/2025						10/2028									28.0						28.0						28.0			(2)(9)
												Common units																		07/2025												28,049,368									41.9						42.1			(2)
																																																			83.9						84.1
Johnnie-O Inc. and Johnnie-O Holdings Inc.						Apparel retailer						First lien senior secured loan						10.69%			SOFR (Q)			6.25%						03/2022						03/2027									17.5						17.3						17.5			(2)(9)
												Series A convertible preferred stock																		03/2022												144,210									4.2						5.1			(2)
												Warrant to purchase shares of common stock																		03/2022						03/2032						93,577									1.5						3.3			(2)
																																																			23.0						25.9
Lew's Intermediate Holdings, LLC (13)						Outdoor brand holding company						First lien senior secured revolving loan						8.68%			SOFR (M)			4.50%						02/2021						02/2026									1.7						1.7						1.5			(2)
												First lien senior secured loan						9.20%			SOFR (Q)			5.00%						02/2021						02/2028									1.0						1.0						0.8			(2)(9)
																																																			2.7						2.3
Pelican Products, Inc. (13)						Flashlights manufacturer						First lien senior secured revolving loan						8.15%			SOFR (Q)			4.00%						12/2021						12/2026									2.2						2.2						1.9			(2)(9)
												Second lien senior secured loan						12.01%			SOFR (Q)			7.75%						12/2021						12/2029									60.0						60.0						52.8			(2)(9)
																																																			62.2						54.7
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. (13)(14)						Sports equipment manufacturing company						First lien senior secured revolving loan						8.13%			SOFR (M)			3.75%						11/2024						11/2029									1.1						1.1						1.1			(2)(9)
												First lien senior secured loan						8.90%			SOFR (Q)			4.75%						12/2020						11/2030									43.4						43.4						43.4			(2)(9)
												First lien senior secured loan						8.90%			SOFR (Q)			4.75%						11/2021						11/2030									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.90%			SOFR (Q)			4.75%						02/2024						11/2030									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						8.90%			SOFR (Q)			4.75%						11/2024						11/2030									3.3						3.3						3.3			(2)(9)

See accompanying notes to consolidated financial statements.

61

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Limited partnership interest																		06/2024												11,052,702									11.1						16.1			(2)
																																																			64.6						69.6
Reef Lifestyle, LLC (13)						Apparel retailer						First lien senior secured revolving loan						12.26% (2.25% PIK)			SOFR (Q)			8.00%						10/2018						10/2027									25.9						25.9						25.9			(2)(9)(12)
												First lien senior secured revolving loan						12.20% (2.25% PIK)			SOFR (Q)			8.00%						07/2020						10/2027									4.5						4.5						4.5			(2)(9)(12)
												First lien senior secured loan						12.20% (2.25% PIK)			SOFR (Q)			8.00%						10/2018						10/2027									20.1						20.1						20.1			(2)(9)
												First lien senior secured loan						12.20% (2.25% PIK)			SOFR (Q)			8.00%						07/2020						10/2027									3.8						3.8						3.8			(2)(9)
																																																			54.3						54.3
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)(13)						Manufacturer and distributor of slip resistant footwear						First lien senior secured loan						10.78%			SOFR (M)			6.50%						04/2024						07/2029									1.2						1.2						1.2			(2)(9)
												First lien senior secured loan						10.78%			SOFR (M)			6.50%						06/2024						07/2029									6.5						6.5						6.5			(2)(9)
												First lien senior secured loan						11.29% (5.00% PIK)			SOFR (M)			7.00%						06/2024						07/2029									3.8						3.8						3.8			(2)(9)
												Class A common units																		06/2024												8,474									10.5						11.7			(2)
																																																			22.0						23.2
Sport Maska Inc. (13)						Manufacturer of hockey equipment and related accessories						First lien senior secured revolving loan						8.23%			CORRA (M)			5.50%						12/2024						12/2030									0.6						0.6						0.6			(2)(6)(9)(12)
												First lien senior secured revolving loan						9.43%			SOFR (M)			5.25%						12/2024						12/2030									8.9						9.3						9.3			(2)(6)(9)(12)
												First lien senior secured loan						8.04%			CDOR (M)			5.50%						12/2024						12/2030									36.2						35.1						36.2			(2)(6)(9)
																																																			45.0						46.1
St Athena Global LLC and St Athena Global Holdings Limited (13)						Designer and manufacturer of branded premium-quality tableware						First lien senior secured revolving loan						9.52%			SOFR (Q)			5.25%						06/2024						06/2029									0.7						0.7						0.7			(2)(6)(9)
												First lien senior secured loan						9.51%			SOFR (Q)			5.25%						06/2024						06/2030									29.8						29.8						29.2			(2)(6)(9)
												First lien senior secured loan						9.22%			SONIA (M)			5.25%						06/2024						06/2030									18.2						17.0						17.8			(2)(6)(9)
																																																			47.5						47.7
Team Acquisition Corporation (13)						Provider of team uniforms and athletic wear						First lien senior secured revolving loan						11.31%			SOFR (Q)			7.00%						01/2024						11/2028									0.7						0.6						0.6			(2)(9)
												First lien senior secured loan						11.16%			SOFR (M)			7.00%						01/2024						11/2029									34.3						33.8						31.2			(2)(9)
																																																			34.4						31.8
																																																			595.3						601.5						4.20%
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)

See accompanying notes to consolidated financial statements.

62

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Warrant to purchase units of Class A units																		08/2015						08/2035						7,422,078									7.4						4.4			(2)
																																																			7.5						4.4
Badia Spices, LLC (13)						Spices & seasonings brand						First lien senior secured loan						8.38%			SOFR (S)			4.25%						11/2024						11/2030									121.4						121.4						121.4			(2)(9)
Berner Food & Beverage, LLC (13)						Supplier of dairy-based food and beverage products						First lien senior secured revolving loan						10.96%			SOFR (Q)			6.50%						07/2021						07/2026									0.8						0.8						0.8			(2)(9)
												First lien senior secured loan						10.96%			SOFR (Q)			6.50%						12/2024						07/2027									1.4						1.4						1.4			(2)(9)
																																																			2.2						2.2
Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4)						Health food company						Common units																		03/2019												14,850									8.4						22.3			(2)
CHG PPC Parent LLC & PPC CHG Blocker LLC						Diversified food products manufacturer						Common units																		12/2021												59									3.0						5.1			(2)
Demakes Enterprises, LLC						Value-added protein manufacturer						First lien senior secured loan						10.00%			SOFR (Q)			6.00%						12/2023						12/2029									6.2						6.2						6.2			(2)(9)
Florida Food Products, LLC						Provider of plant extracts and juices						First lien senior secured loan						9.28%			SOFR (M)			5.00%						10/2021						10/2028									0.4						0.4						0.3			(2)(9)
												First lien senior secured loan						9.16%			SOFR (M)			5.00%						06/2022						10/2028									0.4						0.4						0.3			(2)(9)
												Second lien senior secured loan																		10/2021						10/2029									71.8						69.5						47.4			(2)(8)
																																																			70.3						48.0
Forward Keystone Holdings, LP (13)						Provider of better-for-you breakfast and snacking brand						Senior subordinated loan						15.00% (8.00% PIK)												03/2025						03/2029									25.6						25.6						25.6			(2)
												Common units																		03/2025												3,852,000									3.9						4.0			(2)
																																																			29.5						29.6
Gotham Greens Holdings, PBC						Producer of vegetables and culinary herbs for restaurants and retailers						First lien senior secured loan						15.00% (2.00% PIK)			SOFR (S)			11.13%						06/2022						12/2026									20.4						20.4						19.8			(9)
												First lien senior secured loan						15.00% (2.00% PIK)			SOFR (S)			11.13%						06/2022						12/2026									15.9						15.9						15.4			(9)
												Series E-1 preferred stock																		06/2022												188,605									14.2						—			(2)
												Warrant to purchase shares of Series E-1 preferred stock																		06/2022						06/2032						78,216									—						—			(2)
																																																			50.5						35.2
HBH Buyer, LLC (13)						Food retailer specializing in fully cooked hams and catering services						First lien senior secured loan						9.24%			SOFR (S)			5.25%						09/2025						09/2031									23.9						23.9						23.6			(2)(9)
KNPC HoldCo, LLC						Producer of trail mix and mixed nut snack products						First lien senior secured loan						10.05%			SOFR (S)			5.75%						04/2022						10/2029									5.5						5.5						5.5			(2)(9)
												First lien senior secured loan						11.30%			SOFR (S)			7.00%						12/2022						10/2029									1.3						1.3						1.3			(2)(9)
												First lien senior secured loan						10.55%			SOFR (S)			6.25%						11/2023						10/2029									2.7						2.7						2.7			(2)(9)
												First lien senior secured loan						10.05%			SOFR (S)			5.75%						12/2024						10/2029									27.5						27.5						27.5			(2)(9)
																																																			37.0						37.0
Max US Bidco Inc.						Manufacturer of premium dry dog food						First lien senior secured loan						9.00%			SOFR (Q)			5.00%						10/2023						10/2030									1.0						0.9						1.0			(2)(16)
Primo Water Holdings Inc / Triton Water Holdings Inc						Producer and provider of bottled water brands						First lien senior secured loan						6.25%			SOFR (Q)			2.25%						03/2021						03/2028									1.0						0.9						1.0			(2)(9)(16)
												Senior subordinated loan						6.25%												03/2021						04/2029									0.1						0.1						0.1			(2)(6)(16)
																																																			1.0						1.1

See accompanying notes to consolidated financial statements.

63

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
RB Holdings InterCo, LLC (13)						Manufacturer of pet food and treats						First lien senior secured revolving loan						9.42%			SOFR (Q)			5.00%						05/2022						05/2028									0.6						0.6						0.6			(2)(9)
												First lien senior secured loan						9.40%			SOFR (Q)			5.00%						05/2022						05/2028									11.2						11.2						10.9			(2)(9)
																																																			11.8						11.5
Spindrift Beverage Co., Inc. and SBC Aggregator LP (13)(14)						Premium flavored sparkling water brand						First lien senior secured loan						9.29%			SOFR (Q)			5.00%						02/2025						02/2032									12.2						12.2						12.2			(2)(9)
												Limited partnership units																		02/2025												8,739									8.7						11.1			(2)
																																																			20.9						23.3
Sugar PPC Buyer LLC (13)						Manufacturer and distributor of food products						First lien senior secured loan						9.57%			SOFR (Q)			5.25%						10/2023						10/2031									15.6						15.6						15.6			(2)(9)
												First lien senior secured loan						9.56%			SOFR (Q)			5.25%						07/2024						10/2031									1.2						1.2						1.2			(2)(9)
																																																			16.8						16.8
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						12.11% (3.40% PIK)			SOFR (Q)			7.65%						12/2020						12/2027									76.7						76.7						60.6			(2)(9)
												Warrant to purchase shares of common stock																		02/2019						02/2034						57,827									—						—			(2)
																																																			76.7						60.6
Watermill Express, LLC and Watermill Express Holdings, LLC (13)						Owner and operator of self-service water and ice stations						First lien senior secured revolving loan						8.82%			SOFR (Q)			4.75%						04/2021						04/2031									0.3						0.3						0.3			(2)(9)(12)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						04/2021						04/2031									20.6						20.6						20.6			(2)(9)
												First lien senior secured loan						8.76%			SOFR (Q)			4.75%						01/2024						04/2031									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						9.03%			SOFR (Q)			4.75%						08/2024						04/2031									3.9						3.9						3.9			(2)(9)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						04/2025						04/2031									3.7						3.7						3.7			(2)(9)
												Class E units																		07/2025												45,449									—						—
																																																			34.1						34.1
																																																			522.1						483.4						3.38%
Automobiles & Components
Automotive Keys Group, LLC and Automotive Keys Investor, LLC						Provider of replacement wireless keys for automotive market						First lien senior secured loan						10.65%			SOFR (Q)			6.50%						12/2021						08/2026									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						10.65%			SOFR (Q)			6.50%						12/2022						08/2026									4.4						4.4						3.8			(2)(9)
												Preferred units																		11/2020												4,113,113									5.1						0.2			(2)
												Preferred units																		11/2020												1,095,046									1.1						0.1			(2)
												Class A common units																		11/2020												5,208,159									—						—			(2)
																																																			10.7						4.2
Collision SP Subco, LLC (13)						Provider of auto body collision repair services						First lien senior secured revolving loan						8.95%			SOFR (Q)			4.75%						01/2024						01/2030									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						9.04%			SOFR (S)			4.75%						01/2024						01/2030									9.8						9.8						9.8			(2)(9)
												First lien senior secured loan						9.04%			SOFR (Q)			4.75%						04/2025						01/2030									0.2						0.2						0.2			(2)(9)
																																																			10.2						10.2

See accompanying notes to consolidated financial statements.

64

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Continental Acquisition Holdings, Inc.						Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets						First lien senior secured loan																		01/2021						07/2028									40.3						37.0						22.6			(2)(8)
												First lien senior secured loan																		12/2021						07/2028									6.1						5.5						3.4			(2)(8)
												Class A units																		07/2025												52,073									—						—			(2)
																																																			42.5						26.0
Faraday Buyer, LLC (13)						Manufacturer and supplier for the power utility and automotive markets worldwide						First lien senior secured loan						10.00%			SOFR (Q)			6.00%						10/2022						10/2028									54.5						54.5						54.5			(2)(9)
												First lien senior secured loan						10.00%			SOFR (Q)			6.00%						11/2023						10/2028									7.8						7.8						7.8			(2)(9)
																																																			62.3						62.3
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 (13)						Manufacturer and distributor of automotive fluids						Co-invest units																		11/2020												59,230									5.9						11.7			(2)
New ChurcHill HoldCo LLC and Victory Topco, LP (13)						Operator of collision repair centers						First lien senior secured loan						9.50%			SOFR (Q)			5.50%						11/2023						11/2029									19.5						19.5						19.5			(2)(9)
												Class A-2 common units																		11/2023												20,170									2.0						4.7			(2)
																																																			21.5						24.2
Sun Acquirer Corp. and Sun TopCo, LP (13)						Automotive parts and repair services retailer						First lien senior secured revolving loan																		09/2021						09/2027									—						—						—			(2)(11)
												First lien senior secured loan						8.66%			SOFR (M)			4.50%						09/2021						09/2028									52.4						52.2						52.4			(2)(9)
												First lien senior secured loan						8.66%			SOFR (M)			4.50%						11/2021						09/2028									9.2						9.1						9.2			(2)(9)
												First lien senior secured loan						8.66%			SOFR (M)			4.50%						06/2022						09/2028									12.2						12.2						12.2			(2)(9)
												First lien senior secured loan						8.66%			SOFR (M)			4.50%						11/2024						09/2028									5.9						5.9						5.9			(2)(9)
												Class A units																		09/2021												79,688									8.0						12.0			(2)
																																																			87.4						91.7
Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP (13)						Provider of automobile parts and auto repair services						First lien senior secured revolving loan						9.14%			SOFR (S)			4.75%						03/2025						03/2031									0.2						0.2						0.2			(2)(9)
												First lien senior secured revolving loan						11.00%			Base Rate (Q)			3.75%						03/2025						03/2031									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.93%			SOFR (S)			4.75%						03/2025						03/2031									3.7						3.7						3.7			(2)(9)
												First lien senior secured loan						8.67%			SOFR (S)			4.75%						07/2025						03/2031									2.5						2.5						2.5			(2)(9)
												Limited partnership interests																		03/2025												330,000									0.3						0.3
																																																			6.8						6.8
Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP (13)						Provider of global transportation safety and productivity applications						First lien senior secured revolving loan																		06/2025						02/2031									—						—						—			(2)(9)(11)
												First lien senior secured loan						9.14%			SOFR (M)			5.00%						06/2025						02/2032									147.4						147.4						147.4			(2)(9)
												Class A units																		09/2025												55,220									5.5						5.5			(2)
																																																			152.9						152.9

See accompanying notes to consolidated financial statements.

65

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			402.5						390.0						2.72%
Household & Personal Products
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. (13)						Provider of personal care appliances						First lien senior secured loan						10.51% (0.50% PIK)			SOFR (M)			6.25%						12/2021						12/2027									3.7						3.7						3.4			(2)(9)
												Common stock																		12/2021												6,149									6.1						2.6			(2)
																																																			9.8						6.0
Foundation Consumer Brands, LLC (13)						Pharmaceutical holding company of over the counter brands						First lien senior secured loan						9.47%			SOFR (Q)			5.00%						02/2021						02/2029									32.2						31.9						32.2			(2)(9)
												First lien senior secured loan						9.47%			SOFR (Q)			5.00%						06/2023						02/2029									0.2						0.2						0.2			(2)(9)
																																																			32.1						32.4
LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P.						Provider of intimate wellness products						First lien senior secured loan						9.75%			SOFR (Q)			5.75%						11/2022						11/2028									18.1						18.1						18.1			(2)(6)(9)
												First lien senior secured loan						9.75%			SOFR (Q)			5.75%						12/2023						11/2028									9.3						8.7						9.3			(2)(6)(9)
												Preferred units						8.00% PIK												11/2022												3,178									4.0						4.0			(2)(6)
												Class B common units																		11/2022												32,105									—						1.1			(2)(6)
																																																			30.8						32.5
pH Beauty Holdings III, Inc.						Beauty and personal care platform						First lien senior secured loan						9.27%			SOFR (S)			5.00%						02/2025						09/2027									25.3						25.3						25.3			(2)
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. (13)						Manufacturer and supplier of natural fragrance materials and cosmeceuticals						First lien senior secured revolving loan						11.26%			SOFR (M)			7.00%						08/2021						08/2027									2.5						2.5						2.3			(2)(9)
												First lien senior secured loan						11.26%			SOFR (M)			7.00%						08/2021						08/2027									28.0						28.0						25.8			(2)(9)
												Limited partner interests																		08/2021												2.69%									5.0						1.5			(2)
																																																			35.5						29.6
RD Holdco Inc. (5)						Manufacturer and marketer of carpet cleaning machines						Senior subordinated loan																		01/2017						10/2026									31.4						18.6						16.2			(2)(8)
												Senior subordinated loan																		04/2023						10/2026									1.2						0.9						0.6			(2)(8)
												Common stock																		01/2017												458,596									14.0						—
																																																			33.5						16.8
Silk Holdings III Corp. and Silk Holdings I Corp.						Producer of personal care products						First lien senior secured revolving loan						7.42%			SOFR (Q)			3.25%						05/2023						05/2029									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.66%			SOFR (M)			4.50%						05/2023						05/2029									66.5						66.5						66.5			(2)(9)
												Common stock																		05/2023												14,199									14.2						28.1			(2)
																																																			80.8						94.7
TCI Buyer LLC and TCI Holdings, LP (13)						Contract formulator and manufacturer of beauty and personal care products						First lien senior secured loan						8.66%			SOFR (M)			4.50%						11/2024						11/2030									32.7						32.7						32.7			(2)(9)
												Common stock																		11/2024												24,010									2.4						2.8			(2)
																																																			35.1						35.5
Walnut Parent, Inc.						Manufacturer of natural solution pest and animal control products						First lien senior secured loan						10.01%			SOFR (M)			5.75%						11/2020						11/2027									14.3						14.3						13.7			(2)(9)
												First lien senior secured loan						10.01%			SOFR (M)			5.75%						04/2022						11/2027									0.1						0.1						0.1			(2)(9)
																																																			14.4						13.8
WU Holdco, Inc. (13)						Manufacturer and distributor of household cleaning products with focus on specialized surfaces						First lien senior secured loan						8.75%			SOFR (Q)			4.75%						04/2025						04/2032									10.6						10.5						10.5			(2)(9)

See accompanying notes to consolidated financial statements.

66

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			307.8						297.1						2.07%
Energy
GNZ Energy Bidco Limited and Galileo Co-investment Trust I (13)						Independent fuel provider in New Zealand						First lien senior secured loan						9.24%			BKBM (Q)			6.00%						05/2022						07/2027									28.2						30.5						28.2			(2)(6)(9)
												Common units																		07/2022												17,616,667									5.1						9.1			(2)(6)
																																																			35.6						37.3
HighPeak Energy, Inc.						Oil and gas exploration and production company						First lien senior secured loan						11.65%			SOFR (Q)			7.50%						09/2023						09/2028									156.7						155.4						156.7			(2)(6)(9)
Murchison Oil and Gas, LLC and Murchison Holdings, LLC						Exploration and production company						Preferred units																		06/2022												41,000									—						0.8
Phoenix Operating LLC						Oil and gas investment company						First lien senior secured loan						11.10%			SOFR (Q)			7.00%						08/2025						12/2027									46.0						43.2						43.0			(2)(9)
VPROP Operating, LLC and V SandCo, LLC (5)(13)						Sand-based proppant producer and distributor to the oil and natural gas industry						First lien senior secured loan						13.93% PIK			SOFR (M)			9.50%						06/2020						11/2026									6.8						6.8						6.8			(2)(9)
												First lien senior secured loan						13.93% PIK			SOFR (M)			9.50%						11/2020						11/2026									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						13.93% PIK			SOFR (M)			9.50%						12/2024						12/2025									4.9						4.9						4.9			(2)(9)
												First lien senior secured loan																		03/2017						11/2026									31.1						30.3						24.6			(2)(8)
												Class A units																		11/2020												347,900									32.8						—			(2)
																																																			80.4						41.9
																																																			314.6						279.7						1.95%
Gas Utilities
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						71.5
												Class B units																		09/2022												95,354									15.4						24.4			‘(2)
																																																			79.6						95.9
Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc.						Owner of natural gas facilities						First lien senior secured loan						7.50%			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						6.7			(6)(16)
																																																			23.4						6.8
																																																			103.0						102.7						0.72%
Technology Hardware & Equipment
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. (13)						Provider of photonic solutions						First lien senior secured loan						9.41%			SOFR (M)			5.25%						05/2024						08/2029									7.1						7.1						7.1			(2)(9)
FL Hawk Intermediate Holdings, Inc. (13)						Provider of variable data labeling for the apparel industry						First lien senior secured loan						8.66%			SOFR (M)			4.50%						10/2024						02/2030									9.3						9.2						9.3			(2)(9)
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						8.91%			SOFR (M)			4.75%						03/2023						03/2029									17.1						17.1						17.1			(2)(9)
												First lien senior secured loan						8.91%			SOFR (M)			4.75%						10/2023						03/2029									2.7						2.7						2.7			(2)(9)

See accompanying notes to consolidated financial statements.

67

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2025

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						8.91%			SOFR (M)			4.75%						05/2024						03/2029									4.2						4.2						4.2			(2)(9)
												Class A-2 units																		01/2022												34,832									4.8						5.2
												Limited partnership interests																		03/2023												0.55%									9.9						14.8			(2)
																																																			38.7						44.0
Repairify, Inc. and Repairify Holdings, LLC (13)						Provider of automotive diagnostics scans and solutions						First lien senior secured revolving loan						9.56%			SOFR (Q)			5.25%						06/2021						06/2027									5.1						5.1						5.1			(2)(9)
												First lien senior secured loan						9.40%			SOFR (Q)			5.25%						05/2025						06/2027									5.0						5.0						5.0			(2)(9)
												Class A common units																		06/2021												163,820									4.9						2.5			(2)
																																																			15.0						12.6
																																																			70.4						73.0						0.51%
Telecommunication Services
Expereo USA, Inc. and Ristretto Bidco B.V. (13)						Global internet managed service provider						First lien senior secured loan						10.54% (3.50% PIK)			SOFR (Q)			6.50%						12/2024						12/2030									61.6						61.6						61.0			(2)(6)(9)
																																																			61.6						61.0						0.43%
Transportation
Nordic Ferry Infrastructure AS						Private passenger & freight ferry transportation company						Senior subordinated loan						7.03%			Euribor (Q)			5.00%						11/2024						11/2031									0.1						0.1						0.1			(2)(6)
												Senior subordinated loan						9.29%			NIBOR (Q)			5.00%						11/2024						11/2031									0.1						0.1						0.1			(2)(6)
																																																			0.2						0.2
Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. (13)(14)						Specialty logistics platform for high-stakes projects in music, sports, production, fine art, and automotive industries						First lien senior secured revolving loan						8.92%			SOFR (M)			4.75%						07/2025						08/2032									0.6						0.6						0.6			(2)(9)
												First lien senior secured loan						8.93%			SOFR (Q)			4.75%						07/2025						08/2032									11.0						11.0						10.9			(2)(9)
												Limited partnership interest																		07/2025												1,392,000									1.4						1.4			(2)
																																																			13.0						12.9
																																																			13.2						13.1						0.09%
Total Investments																																																			$	28,566.5					$	28,692.6		(17)			200.35%

See accompanying notes to consolidated financial statements.

68

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			$			160			CAD			217			Canadian Imperial Bank of Commerce			October 24, 2025			$	4
Foreign currency forward contract			$			159			£			144			Canadian Imperial Bank of Commerce			June 11, 2027			(1)
Foreign currency forward contract			$			111			€			94			Canadian Imperial Bank of Commerce			October 24, 2025			—
Foreign currency forward contract			$			102			€			86			Royal Bank of Canada			October 24, 2025			—
Foreign currency forward contract			$			84			£			68			Royal Bank of Canada			August 21, 2026			(4)
Foreign currency forward contract			$			76			£			56			Canadian Imperial Bank of Commerce			October 24, 2025			1
Foreign currency forward contract			$			69			CAD			95			Canadian Imperial Bank of Commerce			March 31, 2028			—
Foreign currency forward contract			$			67			€			58			Canadian Imperial Bank of Commerce			June 11, 2027			(1)
Foreign currency forward contract			$			66			£			48			Royal Bank of Canada			October 24, 2025			1
Foreign currency forward contract			$			58			¥			8,131			Royal Bank of Canada			January 31, 2028			—
Foreign currency forward contract			$			55			CAD			78			Canadian Imperial Bank of Commerce			March 31, 2027			(1)
Foreign currency forward contract			$			55			CAD			76			Royal Bank of Canada			January 31, 2028			(1)
Foreign currency forward contract			$			55			£			41			Royal Bank of Canada			July 28, 2028			—
Foreign currency forward contract			$			55			£			40			Canadian Imperial Bank of Commerce			July 28, 2028			—
Foreign currency forward contract			$			48			CAD			65			Royal Bank of Canada			October 24, 2025			1
Foreign currency forward contract			$			47			£			35			Royal Bank of Canada			June 27, 2028			—
Foreign currency forward contract			$			39			NZD			64			Royal Bank of Canada			October 24, 2025			2
Foreign currency forward contract			$			19			£			15			Canadian Imperial Bank of Commerce			August 21, 2026			—
Foreign currency forward contract			$			16			€			13			Canadian Imperial Bank of Commerce			August 14, 2028			—
Foreign currency forward contract			$			15			AUD			22			Canadian Imperial Bank of Commerce			November 17, 2026			—
Foreign currency forward contract			$			6			NOK			64			Canadian Imperial Bank of Commerce			October 24, 2025			—
Total																					$	1

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 +2.5810%			Wells Fargo Bank, N.A.			01/15/2027			$	900		$	9		$	—		$	(1)
Interest rate swap			March 2029 Notes			5.875		%	SOFR +2.0230%			Wells Fargo Bank, N.A.			03/01/2029			1,000			14			—			1
Interest rate swap			July 2029 Notes			5.950		%	SOFR +1.6430%			Wells Fargo Bank, N.A.			07/15/2029			850			27			—			—
Interest rate swap			September 2030 Notes			5.500		%	SOFR +1.7705%			Wells Fargo Bank, N.A.			09/01/2030			750			9			—			1
Interest rate swap			January 2031 Notes			5.100		%	SOFR +1.7270%			SMBC Capital Markets, Inc.			01/15/2031			650			(1)			—			(1)
Interest rate swap			March 2032 Notes			5.800		%	SOFR +1.6995%			Wells Fargo Bank, N.A.			03/08/2032			1,000			34			—			2
Total																		$	5,150		$	92		$	—		$	2

______________________________________________

(1)Other than the Company’s investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of September 30, 2025 represented 200% of the Company’s net assets or 93% 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 securitizations 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 securitizations (see Note 5).

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

See accompanying notes to consolidated financial statements.

69

(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, 2025 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, 2025																																																												As of September 30, 2025
(in millions) Company						Purchases (cost)						Redemptions (cost)						Sales (cost)						Interest income						Capital structuring service fees						Dividend income						Other income						Net realized gains (losses)						Net  unrealized gains (losses)						Fair Value
Align Precision Group, LLC and Align Precision Topco, L.P.						$	1.1					$	—					$	—					$	0.4					$	—					$	—					$	—					$	—					$	0.4					$	14.4
Apex Clean Energy TopCo, LLC						11.4						—						—						—						—						—						—						—						11.1						244.8
APG Intermediate Holdings Corporation and APG Holdings, LLC						—						13.1						—						—						—						—						—						—						2.0						7.6
Bragg Live Food Products, LLC and SPC Investment Co., L.P.						—						26.2						—						1.4						—						0.3						0.1						—						(7.7)						22.3
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.						—						4.9						—						6.8						—						—						0.1						0.4						(11.5)						88.9
Daylight Beta Parent LLC and CFCo, LLC						—						—						—						—						—						—						—						—						(1.2)						1.2
ESCP PPG Holdings, LLC						—						—						—						—						—						—						—						—						(2.0)						1.6
European Capital UK SME Debt LP						—						1.0						—						—						—						—						—						6.2						(6.1)						0.2
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP						3.9						0.4						30.2						2.0						—						—						0.1						—						(0.8)						25.2
OPH NEP Investment, LLC						4.1						—						—						2.8						0.1						—						—						—						0.1						38.4
Partnership Capital Growth Investors III, L.P.						—						1.1						—						—						—						—						—						—						(0.2)						3.4
PCG-Ares Sidecar Investment, L.P.						—						—						—						—						—						—						—						—						(0.2)						0.4
PCG-TAC-CV, LP (fka PCG-Ares Sidecar Investment II, L.P.)						—						7.3						—						—						—						—						—						1.3						(8.3)						—
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC						—						0.1						—						3.3						—						—						0.1						—						(10.4)						46.5
Production Resource Group, L.L.C. and PRG III, LLC						7.6						0.4						—						7.8						0.4						—						—						—						(41.0)						81.1
Shoes For Crews Global, LLC and Shoes for Crews Holdings, LLC						—						0.1						—						1.0						—						—						—						—						0.4						23.3
						$	28.1					$	54.6					$	30.2					$	25.5					$	0.5					$	0.3					$	0.4					$	7.9					$	(75.4)					$	599.3

See accompanying notes to consolidated financial statements.

70

(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, 2025 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, 2025																																																												As of September 30, 2025
(in millions) Company						Purchases (cost)						Redemptions (cost)						Sales (cost)						Interest income						Capital structuring service fees						Dividend income						Other income						Net realized gains (losses)						Net  unrealized gains (losses)						Fair Value
Absolute Dental Group LLC and Absolute Dental Equity, LLC						$	9.9					$	4.3					$	—					$	4.4					$	—					$	—					$	0.1					$	—					$	(18.4)					$	59.3
ACAS Equity Holdings Corporation						—						—						—						—						—						—						—						—						—						0.5
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.						—						—						—						—						—						—						—						—						—						—
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC						2.8						0.2						—						4.3						—						—						—						—						(5.8)						60.9
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC						2.8						—						—						0.8						—						—						—						—						(9.9)						22.1
Halex Holdings, Inc.						—						—						—						—						—						—						—						—						—						—
HCI Equity, LLC						—						—						—						—						—						—						—						—						—						—
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation						1.3						—						—						2.0						—						—						0.4						—						18.8						87.2
Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC						—						—						—						0.6						—						—						—						—						0.1						84.1
Ivy Hill Asset Management, L.P.						294.0						195.0						—						2.1						—						219.0						—						—						3.8						2,018.1
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC						—						—						—						0.4						—						—						0.1						—						(5.0)						33.4
PCG-TAC-CV, LP (fka PCG-Ares Sidecar Investment II, L.P.)						—						—						—						—						—						—						—						(0.1)						0.2						6.9
Potomac Intermediate Holdings II LLC						28.7						—						239.5						—						0.8						—						0.5						261.8						(139.8)						—
PS Operating Company LLC and PS Op Holdings LLC						1.8						4.2						—						—						—						—						—						—						1.0						7.5
RD Holdco Inc.						—						3.8						—						—						—						—						—						—						5.6						16.8
S Toys Holdings LLC (fka The Step2 Company, LLC)						—						—						—						—						—						—						—						—						—						—
Senior Direct Lending Program, LLC						123.8						338.8						—						109.5						3.6						—						3.2						(111.6)						64.6						1,041.9
Startec Equity, LLC						—						—						—						—						—						—						—						0.5						—						—
Visual Edge Technology, Inc.						6.6						0.1						—						3.6						0.2						2.8						—						(0.2)						(27.2)						61.4
VPROP Operating, LLC and V SandCo, LLC						—						—						—						3.8						—						—						—						—						(37.9)						41.9
						$	471.7					$	546.4					$	239.5					$	131.5					$	4.6					$	221.8					$	4.3					$	150.4					$	(149.9)					$	3,542.0

______________________________________________________________________

*    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

See accompanying notes to consolidated financial statements.

71

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, 20% 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, 2025.

(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)Loan was on non-accrual status as of September 30, 2025.

(9)Loan includes interest rate floor feature.

(10)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.

(11)As of September 30, 2025, 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.

(12)As of September 30, 2025, 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.

(13)As of September 30, 2025, 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.

See accompanying notes to consolidated financial statements.

72

(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
15484880 Canada Inc. and 15484910 Canada Inc.			$	12.8		$	(0.3)		$	12.5		$	—		$	—		$	12.5
3 Step Sports LLC			10.4			—			10.4			—			(10.0)			0.4
Absolute Dental Group LLC and Absolute Dental Equity, LLC			24.8			(21.5)			3.3			—			—			3.3
Accommodations Plus Technologies LLC			12.0			—			12.0			—			—			12.0
ACP Avenu Midco LLC			15.2			—			15.2			—			—			15.2
Actfy Buyer, Inc.			18.6			—			18.6			—			—			18.6
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			9.5			—			9.5			—			—			9.5
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC			1.2			—			1.2			—			—			1.2
Adonis Bidco Inc.			84.6			—			84.6			—			—			84.6
Aduro Advisors, LLC			5.3			—			5.3			—			—			5.3
Advarra Holdings, Inc.			0.4			—			0.4			—			—			0.4
Aerin Medical Inc.			4.4			—			4.4			—			—			4.4
AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp.			3.8			(1.3)			2.5			—			—			2.5
AI Titan Parent, Inc.			18.5			—			18.5			—			—			18.5
Airx Climate Solutions, Inc.			9.9			—			9.9			—			—			9.9
Alcami Corporation and ACM Note Holdings, LLC			1.9			—			1.9			—			—			1.9
Aldinger Company Inc			5.5			(0.5)			5.0			—			—			5.0
Align Precision Group, LLC and Align Precision Topco, L.P.			1.0			—			1.0			—			—			1.0
Anaplan, Inc.			1.4			—			1.4			—			—			1.4
AP Adhesives Holdings, LLC			16.4			—			16.4			—			—			16.4
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC			8.6			(0.4)			8.2			—			—			8.2
API Military Inc. and Allclear Group LLC			1.1			—			1.1			—			—			1.1
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.			0.1			—			0.1			—			—			0.1
Aptean, Inc. and Aptean Acquiror Inc.			4.8			(0.1)			4.7			—			—			4.7
AQ Sage Buyer, LLC			0.7			(0.1)			0.6			—			—			0.6
AQ Sunshine, Inc.			24.3			(1.9)			22.4			—			—			22.4
Artifact Bidco, Inc.			6.9			—			6.9			—			—			6.9
Artivion, Inc.			23.9			(0.9)			23.0			—			—			23.0
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP			6.2			(4.6)			1.6			—			—			1.6
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP			9.0			—			9.0			—			—			9.0
ATI Restoration, LLC			20.9			(11.5)			9.4			—			—			9.4
Avalign Holdings, Inc. and Avalign Technologies, Inc.			5.3			(1.6)			3.7			—			—			3.7
Badia Spices, LLC			16.8			—			16.8			—			—			16.8
Bamboo US BidCo LLC			14.1			—			14.1			—			—			14.1
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc.			19.9			—			19.9			—			—			19.9
Bayou Intermediate II, LLC			11.1			—			11.1			—			—			11.1
BCPE Pequod Buyer, Inc.			8.6			—			8.6			—			—			8.6
Beacon Pointe Harmony, LLC			9.3			—			9.3			—			—			9.3
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
Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc.			10.9			(0.8)			10.1			—			—			10.1
Benecon Midco II LLC and Benecon Holdings, LLC			8.7			—			8.7			—			—			8.7
Berner Food & Beverage, LLC			1.7			(0.8)			0.9			—			—			0.9
BGI Purchaser, Inc.			35.3			(12.6)			22.7			—			—			22.7
BGIF IV Fearless Utility Services, Inc.			15.2			(0.2)			15.0			—			—			15.0
Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC			12.0			—			12.0			—			—			12.0
BNZ TopCo B.V.			22.6			—			22.6			—			—			22.6
Bobcat Purchaser, LLC and Bobcat Topco, L.P.			2.5			—			2.5			—			—			2.5
Bobtail AcquisitionCo, LLC			26.9			(0.8)			26.1			—			—			26.1
Borrower R365 Holdings LLC			1.5			—			1.5			—			—			1.5
Bottomline Technologies, Inc.			2.6			—			2.6			—			—			2.6

See accompanying notes to consolidated financial statements.

73

(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
BradyPlus Holdings, LLC			2.5			—			2.5			—			—			2.5
BrightStar Group Holdings, Inc.			3.6			(0.2)			3.4			—			—			3.4
Bulab Holdings, Inc. and Buckman PPC Co-Invest LP			17.5			—			17.5			—			—			17.5
Businessolver.com, Inc.			0.4			—			0.4			—			—			0.4
BVI Medical, Inc. and BVI Group Limited			17.1			—			17.1			—			—			17.1
Cambrex Corporation			33.3			—			33.3			—			—			33.3
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP			28.1			(16.2)			11.9			—			—			11.9
Captive Resources Midco, LLC			1.6			—			1.6			—			—			1.6
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.			5.0			—			5.0			—			—			5.0
Cascade Parent Inc.			2.8			—			2.8			—			—			2.8
Centralsquare Technologies, LLC and Supermoose Newco, Inc.			15.8			(0.4)			15.4			—			—			15.4
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			(1.0)			0.4			—			—			0.4
Clearstead Advisors, LLC			0.6			(0.3)			0.3			—			—			0.3
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
ClubCorp Holdings, Inc.			7.3			—			7.3			—			—			7.3
CMG HoldCo, LLC and CMG Buyer Holdings, Inc.			50.3			(0.9)			49.4			—			—			49.4
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.			21.1			(2.1)			19.0			—			—			19.0
Collision SP Subco, LLC			6.8			(0.2)			6.6			—			—			6.6
Compex Legal Services, Inc.			3.6			(2.5)			1.1			—			—			1.1
Computer Services, Inc.			38.5			—			38.5			—			—			38.5
Concert Golf Partners Holdco LLC			57.4			—			57.4			—			—			57.4
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			(12.7)			26.2			—			—			26.2
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc.			0.9			(0.7)			0.2			—			—			0.2
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.			38.7			(8.9)			29.8			—			—			29.8
Coupa Holdings, LLC and Coupa Software Incorporated			0.9			—			0.9			—			—			0.9
Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc.			4.0			—			4.0			—			—			4.0
Creek Parent, Inc. and Creek Feeder, L.P.			30.1			(0.1)			30.0			—			—			30.0
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
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC			47.2			—			47.2			—			—			47.2
Datix Bidco Limited and RL Datix Holdings (USA), Inc.			47.1			—			47.1			—			—			47.1
Davidson Hotel Company LLC			4.0			—			4.0			—			—			4.0
DecoPac, Inc. and KCAKE Holdings Inc.			19.9			(5.5)			14.4			—			—			14.4
Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P.			36.2			(1.0)			35.2			—			—			35.2
Diamond Mezzanine 24 LLC			1.0			(0.3)			0.7			—			—			0.7
Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P.			4.8			—			4.8			—			—			4.8
Diligent Corporation and Diligent Preferred Issuer, Inc.			5.4			(0.3)			5.1			—			—			5.1
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc.			9.3			(0.6)			8.7			—			—			8.7
Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC			9.6			(0.1)			9.5			—			—			9.5
Dorado Bidco, Inc.			7.4			—			7.4			—			—			7.4
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP			14.8			(0.2)			14.6			—			—			14.6
Doxim Inc.			2.7			(0.5)			2.2			—			—			2.2
DP Flores Holdings, LLC			11.4			—			11.4			—			—			11.4
DriveCentric Holdings, LLC			13.3			—			13.3			—			—			13.3
Drogon Bidco Inc. & Drogon Aggregator LP			9.7			—			9.7			—			—			9.7
DRS Holdings III, Inc. and DRS Holdings I, Inc.			10.9			—			10.9			—			—			10.9
Duraserv LLC			8.7			—			8.7			—			—			8.7

See accompanying notes to consolidated financial statements.

74

(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
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP			9.6			(3.2)			6.4			—			—			6.4
Echo Purchaser, Inc.			3.0			—			3.0			—			—			3.0
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc.			50.4			—			50.4			—			—			50.4
Edmunds Govtech, Inc.			21.5			(1.7)			19.8			—			—			19.8
Einstein Parent, Inc.			4.8			—			4.8			—			—			4.8
EIS Legacy Holdco, LLC			23.8			—			23.8			—			—			23.8
Elemica Parent, Inc. & EZ Elemica Holdings, Inc.			7.3			(7.1)			0.2			—			—			0.2
Elevation Services Parent Holdings, LLC			3.5			(3.3)			0.2			—			—			0.2
Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC			9.5			(2.0)			7.5			—			—			7.5
EMB Purchaser, Inc.			26.8			—			26.8			—			—			26.8
Empower Payments Investor, LLC			6.3			—			6.3			—			—			6.3
Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc.			11.7			(0.4)			11.3			—			—			11.3
eResearchTechnology, Inc. and Astorg VII Co-Invest ERT			34.5			—			34.5			—			—			34.5
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P.			1.1			(0.3)			0.8			—			—			0.8
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC			49.3			(8.5)			40.8			—			—			40.8
Eternal Aus Bidco Pty Ltd			1.1			—			1.1			—			—			1.1
Evolent Health LLC and Evolent Health, Inc.			25.8			—			25.8			—			—			25.8
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc.			3.6			—			3.6			—			—			3.6
Excelitas Technologies Corp.			27.1			—			27.1			—			—			27.1
Expereo USA, Inc. and Ristretto Bidco B.V.			16.6			—			16.6			—			—			16.6
Extrahop Networks, Inc.			4.3			—			4.3			—			—			4.3
Faraday Buyer, LLC			5.1			—			5.1			—			—			5.1
Fever Labs, Inc.			16.4			(10.0)			6.4			—			—			6.4
Firebird Acquisition Corp, Inc.			10.1			(0.1)			10.0			—			—			10.0
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP			2.5			(2.5)			—			—			—			—
FL Hawk Intermediate Holdings, Inc.			1.3			—			1.3			—			—			1.3
Flexera Software LLC			1.5			—			1.5			—			—			1.5
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc.			17.5			(9.9)			7.6			—			—			7.6
Flint OpCo, LLC			9.1			—			9.1			—			—			9.1
FlyWheel Acquireco, Inc.			8.2			(2.2)			6.0			—			—			6.0
Forescout Technologies, Inc.			2.4			—			2.4			—			—			2.4
Forward Keystone Holdings, LP			8.1			—			8.1			—			—			8.1
Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc.			20.8			(2.9)			17.9			—			—			17.9
Foundation Consumer Brands, LLC			2.4			—			2.4			—			—			2.4
Foundation Risk Partners, Corp.			27.8			—			27.8			—			—			27.8
Frontline Road Safety Operations, LLC			2.3			(0.4)			1.9			—			—			1.9
FS Squared Holding Corp. and FS Squared, LLC			25.1			(0.3)			24.8			—			—			24.8
G702 Buyer, Inc.			1.9			—			1.9			—			—			1.9
Galway Borrower LLC			24.7			(2.7)			22.0			—			—			22.0
Generator US Buyer, Inc. and Total Power Limited			1.2			(0.1)			1.1			—			—			1.1
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc.			6.3			(0.3)			6.0			—			—			6.0
GHP-VGS Purchaser LLC			8.7			—			8.7			—			—			8.7
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC			22.2			—			22.2			—			—			22.2
GI Ranger Intermediate LLC			3.6			—			3.6			—			—			3.6
Global Music Rights, LLC			15.0			—			15.0			—			—			15.0
GNZ Energy Bidco Limited and Galileo Co-investment Trust I			2.9			—			2.9			—			—			2.9
Goldeneye Parent, LLC			2.6			—			2.6			—			—			2.6
Grit Buyer, Inc. and Integrum Grit Co-Invest LP			28.8			(0.1)			28.7			—			—			28.7
Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC			9.4			(1.2)			8.2			—			—			8.2
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC			4.3			(0.1)			4.2			—			—			4.2
GSV Purchaser, Inc.			4.1			—			4.1			—			—			4.1
GTCR Everest Borrower, LLC			1.2			—			1.2			—			—			1.2

See accompanying notes to consolidated financial statements.

75

(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
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
Harvey Tool Company, LLC			63.3			—			63.3			—			—			63.3
HBH BUYER, LLC			2.5			—			2.5			—			—			2.5
Heavy Construction Systems Specialists, LLC			4.0			—			4.0			—			—			4.0
Helios Service Partners, LLC and Astra Service Partners, LLC			7.8			(1.7)			6.1			—			—			6.1
Help/Systems Holdings, Inc.			15.0			—			15.0			—			—			15.0
HGC Holdings, LLC			34.4			—			34.4			—			—			34.4
HH-Stella, Inc. and Bedrock Parent Holdings, LP			5.4			(2.2)			3.2			—			—			3.2
Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc.			2.2			—			2.2			—			—			2.2
High Street Buyer, Inc. and High Street Holdco LLC			6.1			—			6.1			—			—			6.1
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC			17.5			—			17.5			—			—			17.5
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP			0.4			(0.1)			0.3			—			—			0.3
Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP			130.0			(0.2)			129.8			—			—			129.8
Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC			21.5			(4.4)			17.1			—			—			17.1
HP RSS Buyer, Inc.			16.4			—			16.4			—			—			16.4
HPCC Parent, Inc. and Patriot Container Corp.			5.8			—			5.8			—			—			5.8
HuFriedy Group Acquisition LLC			8.3			(0.3)			8.0			—			—			8.0
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP			13.3			(9.4)			3.9			—			—			3.9
Hyland Software, Inc.			2.0			—			2.0			—			—			2.0
Hyphen Solutions, LLC			9.6			—			9.6			—			—			9.6
Icefall Parent, Inc.			1.1			—			1.1			—			—			1.1
ID.me, LLC and ID.me, Inc.			29.4			—			29.4			—			—			29.4
IFH Franchisee Holdings, LLC			18.9			(4.3)			14.6			—			—			14.6
Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC			1.5			—			1.5			—			—			1.5
Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P.			20.9			(0.7)			20.2			—			—			20.2
Innovative Systems L.L.C.			3.1			—			3.1			—			—			3.1
Inszone Mid, LLC and INSZ Holdings, LLC			45.0			—			45.0			—			—			45.0
Internet Truckstop Group LLC			1.2			—			1.2			—			—			1.2
IQN Holding Corp.			2.3			(1.1)			1.2			—			—			1.2
IRI Group Holdings, Inc. and Circana, LLC			23.7			(0.1)			23.6			—			—			23.6
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P.			30.2			(3.7)			26.5			—			—			26.5
JAMS Holdings LP and Jams Buyer LLC			7.0			—			7.0			—			—			7.0
JSG II, Inc. and Checkers USA, Inc.			23.0			(0.5)			22.5			—			—			22.5
Kairos Bidco Limited			3.0			(0.3)			2.7			—			—			2.7
KBHS Acquisition, LLC (d/b/a Alita Care, LLC)			5.0			(4.2)			0.8			—			(0.8)			—
Kene Acquisition, Inc. and Kene Holdings, L.P.			1.0			—			1.0			—			—			1.0
King Risk Partners, LLC			8.7			—			8.7			—			—			8.7
Kings Buyer, LLC			5.0			(1.5)			3.5			—			—			3.5
Koala Investment Holdings, Inc.			6.9			—			6.9			—			—			6.9
KPS Global LLC and Cool Group LLC			3.4			—			3.4			—			—			3.4
Laboratories Bidco LLC and Laboratories Topco LLC			25.4			(19.4)			6.0			—			—			6.0
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP			9.7			—			9.7			—			—			9.7
LeanTaaS Holdings, Inc.			10.0			—			10.0			—			—			10.0
Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P.			12.3			(2.8)			9.5			—			—			9.5
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.			1.5			—			1.5			—			—			1.5
Lew's Intermediate Holdings, LLC			2.3			(1.7)			0.6			—			—			0.6
LHS Borrower, LLC			10.5			—			10.5			—			—			10.5
Lido Advisors, LLC			6.9			(2.1)			4.8			—			—			4.8
Lightbeam Bidco, Inc.			0.6			(0.2)			0.4			—			—			0.4
LivTech Purchaser, Inc.			2.5			—			2.5			—			—			2.5
LJP Purchaser, Inc. and LJP Topco, LP			2.4			—			2.4			—			—			2.4
LOBOS PARENT, INC.			9.0			—			9.0			—			—			9.0

See accompanying notes to consolidated financial statements.

76

(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
Mai Capital Management Intermediate LLC			8.4			(0.4)			8.0			—			—			8.0
Majesco and Magic Topco, L.P.			2.0			—			2.0			—			—			2.0
Manna Pro Products, LLC			7.0			—			7.0			—			(7.0)			—
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP			32.9			(4.9)			28.0			—			—			28.0
Medlar Bidco Limited			8.7			—			8.7			—			—			8.7
Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP			8.0			—			8.0			—			—			8.0
Metatiedot Bidco OY and Metatiedot US, LLC			4.2			—			4.2			—			—			4.2
Meyer Laboratory, LLC and Meyer Parent, LLC			6.8			(1.8)			5.0			—			—			5.0
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P.			8.0			—			8.0			—			—			8.0
Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc.			9.1			—			9.1			—			—			9.1
Modigent, LLC and OMERS PMC Investment Holdings LLC			6.5			(2.2)			4.3			—			—			4.3
Monica Holdco (US), Inc.			6.8			—			6.8			—			—			6.8
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC			1.2			(0.1)			1.1			—			—			1.1
Motor Vehicle Software Corporation			7.0			—			7.0			—			—			7.0
Mountaineer Merger Corporation			13.4			(5.3)			8.1			—			—			8.1
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC			7.7			(2.0)			5.7			—			—			5.7
MRI Software LLC			3.8			(0.4)			3.4			—			—			3.4
MSIS Holdings, Inc. and MS Precision Parent, LP			13.2			(0.2)			13.0			—			—			13.0
Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc.			2.8			(0.2)			2.6			—			—			2.6
NAS, LLC and Nationwide Marketing Group, LLC			3.0			(1.9)			1.1			—			—			1.1
NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP			18.3			(4.1)			14.2			—			—			14.2
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.			25.1			(1.8)			23.3			—			—			23.3
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P.			12.6			(0.3)			12.3			—			—			12.3
Netsmart, Inc. and Netsmart Technologies, Inc.			33.8			—			33.8			—			—			33.8
New ChurcHill HoldCo LLC and Victory Topco, LP			4.5			—			4.5			—			—			4.5
Next Holdco, LLC			2.4			—			2.4			—			—			2.4
NMC Skincare Intermediate Holdings II, LLC			9.3			(2.1)			7.2			—			—			7.2
NMN Holdings III Corp. and NMN Holdings LP			65.2			(2.7)			62.5			—			—			62.5
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.			2.5			(2.5)			—			—			—			—
North Haven Fairway Buyer, LLC and Fairway Lawns, LLC			7.9			(4.3)			3.6			—			—			3.6
North Haven Stack Buyer, LLC			6.6			(2.9)			3.7			—			—			3.7
North Star Acquisitionco, LLC and Toucan Bidco Limited			3.3			—			3.3			—			—			3.3
Northwinds Holding, Inc. and Northwinds Services Group LLC			19.1			—			19.1			—			—			19.1
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP			3.9			—			3.9			—			—			3.9
Odevo AB			20.0			—			20.0			—			—			20.0
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC			0.9			—			0.9			—			—			0.9
OneDigital Borrower LLC			16.4			(0.7)			15.7			—			—			15.7
Optimizely North America Inc. and Optimizely Sweden Holdings AB			0.8			—			0.8			—			—			0.8
Paris US Holdco, Inc. & 1001028292 Ontario Inc.			24.0			(0.2)			23.8			—			—			23.8
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.			4.2			—			4.2			—			—			4.2
Pathway Vet Alliance LLC and Jedi Group Holdings LLC			1.8			—			1.8			—			—			1.8
Patriot Growth Insurance Services, LLC			2.2			—			2.2			—			—			2.2
Pave America Holding, LLC			14.6			(3.3)			11.3			—			—			11.3
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC			0.9			—			0.9			—			—			0.9
PCMI Parent, LLC and PCMI Ultimate Holdings, LP			4.2			—			4.2			—			—			4.2
PCS MidCo, Inc. and PCS Parent, L.P.			5.7			—			5.7			—			—			5.7
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC			2.5			(1.0)			1.5			—			—			1.5
Pelican Products, Inc.			2.3			(2.2)			0.1			—			—			0.1
People Corporation			26.9			(4.5)			22.4			—			—			22.4
Perforce Software, Inc.			7.5			—			7.5			—			—			7.5

See accompanying notes to consolidated financial statements.

77

(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
Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP			3.4			—			3.4			—			—			3.4
PestCo Holdings, LLC and PestCo, LLC			5.6			—			5.6			—			—			5.6
Petrus Buyer, Inc.			1.1			(0.2)			0.9			—			—			0.9
PetVet Care Centers, LLC			49.4			—			49.4			—			—			49.4
Petvisor Holdings, LLC			20.4			—			20.4			—			—			20.4
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
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc.			6.0			(1.3)			4.7			—			—			4.7
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC			18.8			(2.3)			16.5			—			—			16.5
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC			15.2			—			15.2			—			—			15.2
Poseidon IntermediateCo, Inc.			9.5			—			9.5			—			—			9.5
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC			1.0			(0.5)			0.5			—			—			0.5
Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation			9.7			—			9.7			—			—			9.7
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.			3.5			(2.5)			1.0			—			—			1.0
Premiere Buyer, LLC			6.4			—			6.4			—			—			6.4
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP			5.0			(0.1)			4.9			—			—			4.9
Project Alliance Buyer, LLC			2.2			—			2.2			—			—			2.2
Project Potter Buyer, LLC and Project Potter Parent, L.P.			13.6			(0.1)			13.5			—			—			13.5
Proofpoint, Inc.			3.1			—			3.1			—			—			3.1
PS Operating Company LLC and PS Op Holdings LLC			7.1			(4.9)			2.2			—			(2.2)			—
PSC Parent, Inc.			10.1			(2.0)			8.1			—			—			8.1
PumpTech, LLC and Impel CV-B, LP			10.2			(0.7)			9.5			—			—			9.5
PYE-Barker Fire & Safety, LLC			11.6			(0.5)			11.1			—			—			11.1
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC			1.6			—			1.6			—			—			1.6
QBS Parent, Inc.			1.6			—			1.6			—			—			1.6
QF Holdings, Inc.			1.1			—			1.1			—			—			1.1
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P.			13.3			—			13.3			—			—			13.3
Radius Aerospace, Inc. and Radius Aerospace Europe Limited			5.8			(2.8)			3.0			—			—			3.0
Radwell Parent, LLC			6.0			(1.2)			4.8			—			—			4.8
RailPros Parent, LLC			5.3			—			5.3			—			—			5.3
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC			8.9			—			8.9			—			—			8.9
Raven Acquisition Holdings, LLC			5.3			—			5.3			—			—			5.3
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P.			11.8			(1.1)			10.7			—			—			10.7
RB Holdings InterCo, LLC			2.1			(0.6)			1.5			—			—			1.5
Reagent Chemical & Research, LLC			2.7			(0.1)			2.6			—			—			2.6
Reddy Ice LLC			237.7			(8.5)			229.2			—			—			229.2
Redwood Services LP			12.0			(0.2)			11.8			—			—			11.8
Reef Lifestyle, LLC			34.0			(32.0)			2.0			—			—			2.0
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.			9.6			(4.6)			5.0			—			—			5.0
Relativity ODA LLC			8.8			—			8.8			—			—			8.8
Repairify, Inc. and Repairify Holdings, LLC			7.3			(5.1)			2.2			—			—			2.2
Revalize, Inc.			0.9			(0.6)			0.3			—			—			0.3
Revival Animal Health, LLC			3.3			(1.1)			2.2			—			—			2.2
RFS Opco LLC			8.4			—			8.4			—			—			8.4
Rialto Management Group, LLC			0.9			(0.1)			0.8			—			—			0.8
RMS HoldCo II, LLC & RMS Group Holdings, Inc.			2.9			—			2.9			—			—			2.9
Rodeo AcquisitionCo LLC			2.5			(2.1)			0.4			—			—			0.4
Royal Borrower, LLC and Royal Parent, LP			14.3			(0.2)			14.1			—			—			14.1
Runway Bidco, LLC			15.6			—			15.6			—			—			15.6
RWA Wealth Partners, LLC			7.3			(0.1)			7.2			—			—			7.2
SageSure Holdings, LLC and SageSure LLC			19.2			—			19.2			—			—			19.2

See accompanying notes to consolidated financial statements.

78

(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
Sapphire Software Buyer, Inc.			5.9			—			5.9			—			—			5.9
Saturn Purchaser Corp.			0.5			—			0.5			—			—			0.5
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P.			13.7			—			13.7			—			—			13.7
SCIH Salt Holdings Inc.			22.5			—			22.5			—			—			22.5
SCM Insurance Services Inc.			3.9			—			3.9			—			—			3.9
Severin Acquisition, LLC			65.8			—			65.8			—			—			65.8
SG Acquisition, Inc.			2.0			—			2.0			—			—			2.0
Shermco Intermediate Holdings, Inc.			8.6			(1.3)			7.3			—			—			7.3
Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC			0.6			—			0.6			—			—			0.6
Shout! Factory, LLC			2.3			(0.4)			1.9			—			—			1.9
SIG Parent Holdings, LLC			32.1			—			32.1			—			—			32.1
Silk Holdings III Corp. and Silk Holdings I Corp.			0.1			(0.1)			—			—			—			—
Slaine Holdings LLC			23.2			—			23.2			—			—			23.2
Smarsh Inc. and Skywalker TopCo, LLC			4.7			(0.6)			4.1			—			—			4.1
Spaceship Purchaser, Inc.			12.5			(0.1)			12.4			—			—			12.4
Spark Purchaser, Inc.			2.3			—			2.3			—			—			2.3
Spindrift Beverage Co., Inc. and SBC Aggregator LP			3.8			—			3.8			—			—			3.8
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp			1.7			(0.1)			1.6			—			—			1.6
Sport Maska Inc.			12.8			(10.0)			2.8			—			—			2.8
Spruce Bidco II Inc.			50.7			—			50.7			—			—			50.7
St Athena Global LLC and St Athena Global Holdings Limited			4.0			(0.7)			3.3			—			—			3.3
Sterilex LLC			1.3			—			1.3			—			—			1.3
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC			10.5			(0.1)			10.4			—			—			10.4
Sugar PPC Buyer LLC			2.7			—			2.7			—			—			2.7
Sun Acquirer Corp. and Sun TopCo, LP			65.2			(0.8)			64.4			—			—			64.4
Sundance Group Holdings, Inc.			4.4			(1.0)			3.4			—			—			3.4
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation			8.1			(6.3)			1.8			—			—			1.8
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P.			34.8			—			34.8			—			—			34.8
Superman Holdings, LLC			9.3			—			9.3			—			—			9.3
Supplying Demand, Inc.			0.1			—			0.1			—			—			0.1
Surescripts, LLC			22.9			—			22.9			—			—			22.9
SV Newco 2, Inc. and Site 2020 Incorporated			10.9			—			10.9			—			—			10.9
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.			10.0			(3.9)			6.1			—			—			6.1
Systems Planning and Analysis, Inc.			4.0			(0.4)			3.6			—			—			3.6
Talon Buyer Inc. and Talon Holdings SCSP			17.0			—			17.0			—			—			17.0
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C.			25.8			—			25.8			—			—			25.8
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P.			2.2			(0.3)			1.9			—			—			1.9
TCI Buyer LLC and TCI Holdings, LP			25.8			—			25.8			—			—			25.8
TCP Hawker Intermediate LLC			16.6			(3.4)			13.2			—			—			13.2
Team Acquisition Corporation			6.1			(0.7)			5.4			—			—			5.4
Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP			6.3			(0.3)			6.0			—			—			6.0
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP			13.8			(12.1)			1.7			—			—			1.7
The Hiller Companies, LLC			8.6			(0.1)			8.5			—			—			8.5
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			10.2			—			10.2			—			—			10.2
Thermostat Purchaser III, Inc.			7.7			(0.6)			7.1			—			—			7.1
THG Acquisition, LLC			48.2			(1.6)			46.6			—			—			46.6
Tiger Holdco LLC			10.6			—			10.6			—			—			10.6
Titan BW Borrower L.P.			13.6			—			13.6			—			—			13.6
Transit Technologies LLC			6.8			—			6.8			—			—			6.8
Triwizard Holdings, Inc. and Triwizard Parent, LP			21.0			(6.0)			15.0			—			—			15.0
Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP			74.9			(0.2)			74.7			—			—			74.7

See accompanying notes to consolidated financial statements.

79

(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
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC			5.4			—			5.4			—			—			5.4
TSS Buyer, LLC			0.3			—			0.3			—			—			0.3
Two Six Labs, LLC			36.5			(4.9)			31.6			—			—			31.6
U.S. Urology Partners, LLC and General Atlantic (USU) Blocker Collection Holdco, L.P.			3.9			—			3.9			—			—			3.9
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP			8.2			—			8.2			—			—			8.2
Unity Purchaser, LLC and Unity Ultimate Holdings, LP			10.9			—			10.9			—			—			10.9
UP Intermediate II LLC and UPBW Blocker LLC			5.9			(0.2)			5.7			—			—			5.7
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.			3.5			—			3.5			—			—			3.5
Vamos Bidco, Inc.			9.9			(0.8)			9.1			—			—			9.1
Verista, Inc.			8.0			—			8.0			—			—			8.0
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC			13.6			(1.6)			12.0			—			—			12.0
Victors Purchaser, LLC and WP Victors Co-Investment, L.P.			7.4			—			7.4			—			—			7.4
Viper Bidco, Inc.			11.9			—			11.9			—			—			11.9
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.			13.7			—			13.7			—			—			13.7
VPROP Operating, LLC and V SandCo, LLC			2.2			—			2.2			—			—			2.2
VRC Companies, LLC			5.4			—			5.4			—			—			5.4
VRS Buyer, Inc.			37.5			—			37.5			—			—			37.5
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC			6.5			—			6.5			—			—			6.5
Watermill Express, LLC and Watermill Express Holdings, LLC			3.9			(0.4)			3.5			—			—			3.5
Waverly Advisors, LLC and WAAM Topco, LLC			24.1			(0.8)			23.3			—			—			23.3
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P.			0.7			—			0.7			—			—			0.7
Wealth Enhancement Group, LLC			43.2			—			43.2			—			—			43.2
WebPT, Inc. and WPT Intermediate Holdco, Inc.			0.9			(0.7)			0.2			—			—			0.2
Wellington Bidco Inc. and Wellington TopCo LP			16.6			(0.6)			16.0			—			—			16.0
Wellington-Altus Financial Inc.			1.2			(0.2)			1.0			—			—			1.0
Wellness AcquisitionCo, Inc.			4.2			(0.1)			4.1			—			—			4.1
Wharf Street Ratings Acquisition LLC			4.3			—			4.3			—			—			4.3
WorkWave Intermediate II, LLC			10.7			(0.3)			10.4			—			—			10.4
World Insurance Associates, LLC and World Associates Holdings, LLC			3.5			—			3.5			—			—			3.5
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.			1.8			(0.4)			1.4			—			—			1.4
WRE Sports Investments LLC			5.5			—			5.5			—			(5.5)			—
WSHP FC Acquisition LLC and WSHP FC Holdings LLC			16.3			(1.0)			15.3			—			—			15.3
WU Holdco, Inc.			8.6			—			8.6			—			—			8.6
YE Brands Holdings, LLC			3.0			(0.6)			2.4			—			—			2.4
ZB Holdco LLC and ZB TopCo LLC			23.8			(7.7)			16.1			—			—			16.1
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP			9.5			—			9.5			—			—			9.5
Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P.			5.1			(0.6)			4.5			—			—			4.5
Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc.			6.2			(0.1)			6.1			—			—			6.1
ZocDoc, Inc.			12.3			—			12.3			—			—			12.3
			$	5,081.9		$	(440.9)		$	4,641.0		$	—		$	(25.5)		$	4,615.5

See accompanying notes to consolidated financial statements.

80

(14)As of September 30, 2025, 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
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP			$	1.2		$	—		$	1.2		$	—		$	1.2
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc.			19.8			—			19.8			—			19.8
Constellation Wealth Capital Fund, L.P.			6.0			(4.5)			1.5			—			1.5
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP			0.1			—			0.1			—			0.1
European Capital UK SME Debt LP			5.7			—			5.7			(5.7)			—
Grit Buyer, Inc. and Integrum Grit Co-Invest LP			2.3			—			2.3			—			2.3
GSM Rights Fund II LP			10.1			—			10.1			—			10.1
GTCR F Buyer Corp. and GTCR (D) Investors LP			1.3			—			1.3			—			1.3
HFCP XI (Parallel - A), L.P.			7.5			—			7.5			—			7.5
High Street Buyer, Inc. and High Street Holdco LLC			38.6			—			38.6			—			38.6
Linden Structured Capital Fund II-A LP			2.3			(1.2)			1.1			—			1.1
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P.			11.6			(9.7)			1.9			—			1.9
NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP			1.3			(0.9)			0.4			—			0.4
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.			0.1			—			0.1			—			0.1
PCG-Ares Sidecar Investment, L.P.			50.0			(12.4)			37.6			(37.6)			—
PumpTech, LLC and Impel CV-B, LP			0.3			—			0.3			—			0.3
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P.			12.2			(11.1)			1.1			—			1.1
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P.			2.5			—			2.5			—			2.5
Spindrift Beverage Co., Inc. and SBC Aggregator LP			1.2			—			1.2			—			1.2
Wellington-Altus Financial Inc.			0.9			—			0.9			—			0.9
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.			0.2			—			0.2			—			0.2
Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P.			0.3			—			0.3			—			0.3
			$	175.5		$	(39.8)		$	135.7		$	(43.3)		$	92.4

(15)As of September 30, 2025, 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 $61. See Note 4 for more information on the SDLP.

(16)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.

(17)As of September 30, 2025, the estimated net unrealized gain for federal tax purposes was approximately $0.3 billion based on a tax cost basis of $28.4 billion. As of September 30, 2025, the estimated aggregate gross unrealized gain for federal income tax purposes was approximately $1.3 billion and the estimated aggregate gross unrealized loss for federal income tax purposes was approximately $1.0 billion.

See accompanying notes to consolidated financial statements.

81

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Software and Services
Actfy Buyer, Inc. (15)						Software provider of end to end fraud management workflow solutions						First lien senior secured loan						9.36%			SOFR (M)			5.00%						05/2024						05/2031									$	57.0					$	57.0					$	57.0		(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						9.58%			SOFR (Q)			5.25%						07/2023						07/2030									42.5						42.5						42.5			(2)(6)(11)
												First lien senior secured loan						9.58%			SOFR (Q)			5.25%						09/2024						07/2030									6.9						6.9						6.9			(2)(6)(11)
												Limited partnership interest																		10/2023												9,249,000									10.2						13.3			(2)(6)
																																																			59.6						62.7
AI Titan Parent, Inc. (15)						Provider of plant maintenance / scheduling software						First lien senior secured loan						9.11%			SOFR (M)			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						9.58%			SOFR (Q)			5.25%						06/2022						06/2029									1.8						1.8						1.8			(2)(11)
												First lien senior secured loan						9.58%			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						7.43%			Euribor (S)			4.75%						04/2019						08/2031									7.5						8.2						7.5			(2)
												First lien senior secured loan						9.27%			SOFR (S)			4.75%						06/2021						08/2031									3.7						3.7						3.7			(2)(11)
												First lien senior secured loan						9.41%			SOFR (Q)			4.75%						01/2024						08/2031									5.4						5.4						5.4			(2)(11)
												Limited partnership units																		06/2019												4,400,000									4.2						12.9			(2)(6)
																																																			21.5						29.5
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(15)						Aircraft performance software provider						First lien senior secured loan						9.75%			SOFR (M)			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						5.6			(2)
																																																			22.9						18.7
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						12.08%			SOFR (S)			7.00%						05/2021						05/2027									5.5						5.5						5.5			(2)(11)
												Series A preferred shares						11.00% PIK												05/2021												32,236									48.2						48.2			(2)
																																																			53.7						53.7
Aptean, Inc. and Aptean Acquiror Inc. (15)						Provider of CRM, ERP and supply chain software applications						First lien senior secured loan						9.58%			SOFR (Q)			5.00%						01/2024						01/2031									18.4						18.2						18.4			(2)(11)
Artifact Bidco, Inc. (15)						Supply chain risk management SaaS platform for global enterprise clients						First lien senior secured loan						8.83%			SOFR (Q)			4.50%						05/2024						07/2031									18.9						18.9						18.9			(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									143.8						143.8						136.6			(2)(11)
Avalara, Inc. (15)						Provider of cloud-based solutions for transaction tax compliance worldwide						First lien senior secured loan						10.58%			SOFR (Q)			6.25%						10/2022						10/2028									72.2						72.2						72.2			(2)(11)

See accompanying notes to consolidated financial statements.

82

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Banyan Software Holdings, LLC and Banyan Software, LP (15)						Vertical software businesses holding company						First lien senior secured revolving loan						9.86%			SOFR (M)			5.50%						01/2023						10/2026									1.0						1.0						1.0			(2)(6)(11)
												First lien senior secured loan						11.46%			SOFR (M)			7.00%						10/2020						10/2026									1.0						1.0						1.0			(2)(6)(11)
												First lien senior secured loan						11.46%			SOFR (M)			7.00%						12/2021						10/2026									0.2						0.2						0.2			(2)(6)(11)
												First lien senior secured loan						11.71%			SOFR (M)			7.25%						01/2023						10/2026									10.4						10.4						10.4			(2)(6)(11)
												First lien senior secured loan						10.61%			SOFR (M)			6.25%						01/2024						10/2026									43.0						43.0						43.0			(2)(6)(11)
												Preferred units																		01/2022												120,999									4.1						12.1			(2)(6)
																																																			59.7						67.7
BCPE Pequod Buyer, Inc. (15)						Provider of wealth management technology solutions to financial institutions						First lien senior secured loan						7.81%			SOFR (Q)			3.50%						09/2024						11/2031									1.0						1.0						1.0			(2)(18)
BCTO Ignition Purchaser, Inc.						Enterprise software provider						First lien senior secured loan						13.63% PIK			SOFR (Q)			9.00%						04/2023						10/2030									4.0						4.0						4.0			(2)(6)(11)
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (15)						Healthcare software provider						First lien senior secured loan						9.07%			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						1.8
																																																			17.4						17.5
Borrower R365 Holdings LLC (15)						Provider of restaurant enterprise resource planning systems						First lien senior secured loan						10.48%			SOFR (Q)			6.00%						06/2021						06/2027									15.9						15.8						15.9			(2)(11)
												First lien senior secured loan						10.48%			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						9.61%			SOFR (M)			5.25%						05/2022						05/2029									8.0						8.0						8.0			(2)(11)
												First lien senior secured loan						10.11%			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						9.93%			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						8.98%			SOFR (Q)			4.50%						04/2024						11/2027									11.0						10.6						10.5			(2)(11)(18)
												Second lien senior secured loan						12.24%			SOFR (Q)			7.75%						11/2020						11/2028									64.3						64.3						61.7			(2)(11)
												Series A-2 preferred shares						11.00% PIK												12/2020												8,963									14.0						12.3			(2)
												Series A-3 preferred shares						11.00% PIK												11/2021												11,952									16.8						14.8			(2)
												Series A preferred shares						11.00% PIK												11/2020												24,898									39.3						34.5			(2)
																																																			145.0						133.8
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)(11)(13)
												First lien senior secured loan						10.63% (3.50% PIK)			SOFR (M)			6.25%						04/2024						04/2030									141.9						141.9						141.9			(2)(11)
												Series A preferred stock						15.00% PIK												04/2024												83,332									92.6						92.6			(2)
																																																			234.5						234.5

See accompanying notes to consolidated financial statements.

83

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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									86.5						84.8						84.9			(2)(18)
												First lien senior secured loan						8.08%			SOFR (M)			3.75%						10/2024						03/2031									3.5						3.5						3.5			(2)(11)(18)
												Second lien senior secured notes						9.00%												04/2023						09/2029									121.0						113.5						122.8			(2)(18)
												Limited partnership interests																		09/2022												12,250,000									12.3						35.3			(2)
																																																			214.1						246.5
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						9.75%			SOFR (Q)			5.25%						11/2022						11/2029									33.5						33.5						33.5			(2)(11)
												First lien senior secured loan						9.75%			SOFR (Q)			5.25%						02/2024						11/2029									5.4						5.4						5.4			(2)(11)
												First lien senior secured loan						9.25%			SOFR (Q)			4.75%						09/2024						11/2029									0.1						0.1						0.1			(2)(11)
																																																			39.0						39.0
Conservice Midco, LLC						Provider of outsourced utility management software and billing solutions						Second lien senior secured loan						9.61%			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						10.23%			SOFR (Q)			5.75%						05/2021						05/2028									5.9						5.9						5.9			(2)(6)(11)
												First lien senior secured revolving loan						8.97%			Euribor (Q)			6.25%						11/2021						05/2028									1.2						1.2						1.2			(2)(6)(11)
												First lien senior secured revolving loan						9.83%			SOFR (Q)			5.50%						04/2024						05/2028									2.4						2.4						2.4			(2)(6)(11)
												First lien senior secured loan						10.23%			SOFR (Q)			5.75%						05/2021						05/2028									73.3						73.3						73.3			(2)(6)(11)
												First lien senior secured loan						8.97%			Euribor (Q)			6.25%						11/2021						05/2028									0.4						0.4						0.4			(2)(6)(11)
												First lien senior secured loan						8.97%			Euribor (Q)			6.25%						11/2021						05/2028									28.0						30.1						28.0			(2)(6)
												First lien senior secured loan						10.23%			SOFR (Q)			5.75%						06/2022						05/2028									11.5						11.5						11.5			(2)(6)(11)
												First lien senior secured loan						9.83%			SOFR (Q)			5.50%						04/2024						05/2028									3.8						3.8						3.8			(2)(6)(11)
												Common units																		05/2021												483,584									4.8						9.3			(2)(6)
												Series A common units																		09/2022												23,340									0.2						0.4			(2)(6)
																																																			133.6						136.2
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (15)						Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors						Second lien senior secured loan						10.97%			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						39.5			(2)
																																																			215.4						190.5

See accompanying notes to consolidated financial statements.

84

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (15)						Provider of environmental, health and safety software to track compliance data						First lien senior secured loan						9.59%			SOFR (Q)			5.00%						07/2019						07/2026									6.2						6.1						6.1			(2)(6)(11)
												First lien senior secured loan						9.59%			SOFR (Q)			5.00%						10/2019						07/2026									4.3						4.3						4.3			(2)(6)(11)
												First lien senior secured loan						11.59%			SOFR (Q)			7.00%						09/2020						07/2026									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						10.09%			SOFR (Q)			5.50%						09/2022						07/2026									0.2						0.2						0.2			(2)(6)(11)
												First lien senior secured loan						10.34%			SOFR (Q)			5.75%						04/2023						07/2026									7.6						7.6						7.6			(2)(6)(11)
												First lien senior secured loan						9.27%			SOFR (Q)			4.75%						11/2024						07/2026									10.1						10.1						10.1			(2)(6)(11)
												Preferred equity						9.00% PIK												07/2019												198									0.3						1.1			(2)(6)
												Common equity																		07/2019												190,143									—						—			(2)(6)
																																																			28.7						29.5
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (15)						Provider of a cloud-based, SaaS platform for talent management						First lien senior secured revolving loan						7.77%			SOFR (M)			3.25%						10/2021						10/2026									9.7						9.7						8.5			(2)(14)
												First lien senior secured loan						8.22%			SOFR (M)			3.75%						06/2024						10/2028									1.4						1.3						1.2			(2)(11)(18)
												Second lien senior secured loan						10.97%			SOFR (M)			6.50%						10/2021						10/2029									137.5						137.5						121.0			(2)(11)
												Series A preferred shares						10.50% PIK												10/2021												116,413									161.8						132.6			(2)
												Class A-1 common stock																		10/2021												1,360,100									13.6						16.2			(2)
																																																			323.9						279.5
Coupa Holdings, LLC and Coupa Software Incorporated (15)						Provider of Business Spend Management software						First lien senior secured loan						10.09%			SOFR (Q)			5.50%						03/2023						02/2030									9.0						9.0						9.0			(2)(11)
Databricks, Inc.						Cloud-based data and AI platform that helps companies scale and manage data						First lien senior secured loan						8.81%			SOFR (S)			4.50%						12/2024						12/2030									0.1						0.1						0.1			(2)
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 revolving loan						10.20%			SONIA (M)			5.50%						04/2024						10/2030									1.3						1.3						1.2			(2)(6)(11)
												First lien senior secured revolving loan						9.86%			SOFR (M)			5.50%						04/2024						10/2030									1.1						1.1						1.1			(2)(6)(11)
												First lien senior secured loan						9.93%			SOFR (S)			5.50%						04/2024						04/2031									104.6						104.6						104.6			(2)(6)(11)
												First lien senior secured loan						10.20%			SONIA (S)			5.50%						04/2024						04/2031									53.1						53.1						53.1			(2)(6)(11)
																																																			160.1						160.0
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						11.36%			SOFR (M)			7.00%						05/2022						02/2029									11.0						10.5						9.5			(2)
												Series A preferred shares						10.50% PIK												05/2021												129,822									187.7						152.1			(2)
												Series A units																		05/2021												817,194									13.3						12.6			(2)
																																																			211.5						174.2
Denali Holdco LLC and Denali Apexco LP (15)						Provider of cybersecurity audit and assessment services						First lien senior secured loan						9.63%			SOFR (M)			5.25%						07/2024						09/2028									33.3						33.3						33.3			(2)(11)
												Class A units																		02/2022												2,549,000									2.5						3.6			(2)
																																																			35.8						36.9

See accompanying notes to consolidated financial statements.

85

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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 (S)			5.00%						04/2024						08/2030									23.5						23.4						23.5			(2)(11)
												Preferred stock						10.50% PIK												04/2021												13,140									18.5						18.5			(2)
																																																			41.9						42.0
DriveCentric Holdings, LLC (15)						Provider of CRM software to the automotive dealership industry						First lien senior secured loan						9.27%			SOFR (Q)			4.75%						08/2024						08/2031									12.1						12.1						12.0			(2)(11)
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						12.00%			Base Rate (Q)			4.50%						11/2023						11/2029									1.4						1.4						1.4			(2)(11)
												First lien senior secured loan						9.86%			SOFR (M)			5.50%						11/2023						11/2029									10.5						10.5						10.5			(2)(11)
																																																			11.9						11.9
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (15)						Payment processing solution provider						First lien senior secured loan						9.26%			SOFR (M)			4.75%						09/2024						09/2031									196.1						196.1						194.1			(2)(11)
												Preferred units						12.50% PIK												09/2024												656									6.8						6.7			(2)
												Class A common units																		09/2024												563									0.6						0.6			(2)
																																																			203.5						201.4
Edmunds Govtech, Inc. (15)						Provider of ERP software solutions for local governments						First lien senior secured revolving loan						8.33%			SOFR (Q)			4.00%						02/2024						02/2030									1.7						1.7						1.7			(2)(11)
												First lien senior secured loan						9.33%			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						10.12%			SOFR (Q)			5.50%						05/2024						09/2026									7.3						7.3						7.2			(2)(11)
												First lien senior secured loan						10.29%			SOFR (Q)			5.50%						09/2019						09/2026									59.9						59.9						59.3			(2)(11)
												First lien senior secured loan						10.30%			SOFR (Q)			5.50%						12/2020						09/2026									5.6						5.6						5.6			(2)(11)
												First lien senior secured loan						10.14%			SOFR (Q)			5.50%						05/2024						09/2026									4.9						4.9						4.9			(2)(11)
												Preferred equity																		09/2019												4,599									4.6						5.7			(2)
																																																			82.3						82.7
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						9.86%			SOFR (M)			5.50%						12/2023						12/2029									0.2						0.2						0.2			(2)(11)
												First lien senior secured revolving loan						9.86%			SOFR (M)			5.50%						06/2024						12/2029									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						9.86%			SOFR (M)			5.50%						12/2023						12/2029									133.9						133.9						133.9			(2)(11)
												Preferred stock						13.50% PIK												02/2020												30									55.6						56.5			(2)
																																																			189.8						190.7
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						9.09%			SOFR (Q)			4.50%						06/2023						11/2028									58.3						58.0						57.7			(2)(11)
												Second lien senior secured loan						11.09%			SOFR (Q)			6.50%						11/2021						11/2029									88.9						88.9						88.0			(2)(11)
												Partnership units																		05/2019												5,034,483									3.1						11.1			(2)(6)

See accompanying notes to consolidated financial statements.

86

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			150.0						156.8
eResearch Technology, Inc. and Astorg VII Co-Invest ERT (15)						Provider of mission-critical, software-enabled clinical research solutions						First lien senior secured loan						8.36%			SOFR (M)			4.00%						11/2023						02/2027									1.0						1.0						1.0			(2)(11)(18)
												Second lien senior secured loan						12.46%			SOFR (M)			8.00%						02/2020						02/2028									27.2						26.6						27.2			(2)
												Second lien senior secured loan						12.46%			SOFR (M)			8.00%						04/2021						02/2028									30.6						30.1						30.6			(2)
												Limited partnership interest																		01/2020												3,988,000									4.5						6.9			(2)(6)
																																																			62.2						65.7
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						10.01%			SOFR (Q)			5.50%						06/2022						06/2028									0.9						0.9						0.9			(2)(11)
												First lien senior secured loan						10.05%			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						11.96%			SOFR (M)			7.50%						07/2021						07/2027									26.0						26.0						26.0			(2)(11)
												First lien senior secured loan						11.96%			SOFR (M)			7.50%						03/2023						07/2027									3.9						3.9						3.9			(2)(11)
																																																			29.9						29.9
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						11.65%			SOFR (Q)			7.25%						09/2023						09/2029									189.0						186.1						189.0			(2)(6)(11)
Forescout Technologies, Inc. (15)						Network access control solutions provider						First lien senior secured loan						9.52%			SOFR (Q)			5.00%						05/2024						05/2031									13.6						13.6						13.4			(2)(11)
GI Ranger Intermediate LLC (15)						Provider of payment processing services and software to healthcare providers						First lien senior secured revolving loan						10.47%			SOFR (Q)			6.00%						10/2021						10/2027									0.4						0.4						0.4			(2)(11)
												First lien senior secured loan						10.48%			SOFR (Q)			6.00%						10/2021						10/2028									10.0						10.0						9.8			(2)(11)
												First lien senior secured loan						10.48%			SOFR (Q)			6.00%						03/2022						10/2028									3.1						3.1						3.0			(2)(11)
																																																			13.5						13.2
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						9.08%			SOFR (Q)			4.75%						06/2024						06/2031									71.5						71.5						71.5			(2)(11)
												Senior subordinated loan						10.50% PIK												04/2021						04/2032									53.6						53.6						52.5			(2)
												Preferred units						14.00% PIK												04/2021												1,828,645									74.8						74.8
																																																			199.9						198.8
Guidepoint Security Holdings, LLC (15)						Cybersecurity solutions provider						First lien senior secured loan						10.36%			SOFR (M)			6.00%						10/2023						10/2029									6.7						6.7						6.7			(2)(11)
												First lien senior secured loan						10.36%			SOFR (M)			6.00%						12/2024						10/2029									2.4						2.4						2.4			(2)(11)
																																																			9.1						9.1
Heavy Construction Systems Specialists, LLC (15)						Provider of construction software						First lien senior secured loan						9.83%			SOFR (Q)			5.50%						11/2021						11/2028									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						9.58%			SOFR (M)			5.25%						03/2024						11/2028									13.9						13.9						13.9			(2)(11)

See accompanying notes to consolidated financial statements.

87

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			14.0						14.0
Help/Systems Holdings, Inc. (15)						Provider of IT operations management and cybersecurity software						First lien senior secured revolving loan						8.62%			SOFR (Q)			4.00%						11/2019						08/2026									1.7						1.7						1.5			(2)
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (15)						Insurance software provider						First lien senior secured revolving loan						9.96%			SOFR (M)			5.50%						11/2021						11/2027									8.6						8.6						8.4			(2)(11)
												First lien senior secured loan						9.96%			SOFR (M)			5.50%						11/2021						11/2028									59.1						59.1						58.0			(2)(11)
												Senior subordinated loan						10.00% PIK												11/2021						11/2031									121.3						121.3						110.4			(2)
												Company units																		11/2021												4,246,457									8.8						4.6			(2)
																																																			197.8						181.4
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						10.36%			SOFR (M)			6.00%						09/2023						09/2030									96.6						95.4						96.6			(2)(11)
																																																			95.4						96.6
Icefall Parent, Inc. (15)						Provider of customer engagement software and integrated payments solutions						First lien senior secured loan						10.86%			SOFR (M)			6.50%						01/2024						01/2030									16.7						16.7						16.7			(2)(11)
Internet Truckstop Group LLC (15)						Provider of freight-moving lifecycle software						First lien senior secured loan						10.48%			SOFR (Q)			6.00%						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						9.77%			SOFR (Q)			5.25%						05/2022						05/2028									0.9						0.9						0.9			(2)(11)
												First lien senior secured loan						9.76%			SOFR (Q)			5.25%						05/2022						05/2029									1.4						1.4						1.4			(2)(11)
																																																			2.3						2.3
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						9.83%			SOFR (Q)			5.50%						06/2022						06/2029									4.9						4.9						4.9			(2)(11)(14)
												First lien senior secured loan						10.09%			SOFR (Q)			5.50%						06/2022						06/2029									172.8						172.6						172.8			(2)(11)
												Preferred stock						15.03% PIK			SOFR (S)			10.75%						06/2022												38,798									53.9						53.9			(2)(11)
																																																			231.4						231.6
LeanTaaS Holdings, Inc. (15)						Provider of SaaS tools to optimize healthcare asset utilization						First lien senior secured loan						11.83%			SOFR (Q)			7.50%						07/2022						07/2028									34.7						34.7						34.7			(2)(11)
												First lien senior secured loan						13.58%			SOFR (Q)			9.25%						07/2022						07/2028									29.6						29.6						29.6			(2)(11)
																																																			64.3						64.3
Majesco and Magic Topco, L.P. (15)						Insurance software provider						First lien senior secured loan						9.08%			SOFR (Q)			4.75%						09/2020						09/2028									18.0						18.0						18.0			(2)(11)
												Class A units						9.00% PIK												09/2020												2,539									3.7						6.5			(2)
												Class B units																		09/2020												570,625									—						—			(2)
																																																			21.7						24.5
Metatiedot Bidco OY and Metatiedot US, LLC (15)						Enterprise content management platform						First lien senior secured revolving loan						8.49%			Euribor (S)			5.50%						11/2024						11/2030									0.2						0.2						0.2			(2)(6)(11)
												First lien senior secured loan						8.49%			Euribor (S)			5.50%						11/2024						11/2031									7.2						7.4						7.1			(2)(6)(11)

See accompanying notes to consolidated financial statements.

88

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						10.02%			SOFR (Q)			5.50%						11/2024						11/2031									5.2						5.2						5.1			(2)(6)(11)
																																																			12.8						12.4
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp						Cybersecurity solutions provider						First lien senior secured loan						9.36%			SOFR (M)			5.00%						05/2022						05/2029									68.5						68.5						68.5			(2)(6)(11)
												First lien senior secured loan						9.70%			SONIA (Q)			5.00%						05/2022						05/2029									35.3						34.9						35.3			(2)(6)(11)
												First lien senior secured loan						9.36%			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						44.0			(2)(6)
																																																			148.4						153.0
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						9.96%			SOFR (M)			5.50%						12/2021						12/2028									39.0						39.0						38.2			(2)(11)
												Limited partner interests																		12/2021												9,574,000									9.6						6.3			(2)
																																																			48.6						44.5
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						10.20%			SOFR (Q)			5.75%						08/2022						08/2028									0.4						0.4						0.4			(2)(11)
												First lien senior secured loan						10.20%			SOFR (Q)			5.75%						08/2022						08/2028									24.6						24.6						24.6			(2)(11)
												Class A units						8.00% PIK												08/2022												45,320									5.3						3.8
																																																			30.3						28.8
MRI Software LLC (15)						Provider of real estate and investment management software						First lien senior secured revolving loan						9.08%			SOFR (Q)			4.75%						02/2020						02/2027									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						9.08%			SOFR (Q)			4.75%						02/2020						02/2027									14.4						14.4						14.4			(2)(11)
												First lien senior secured loan						9.08%			SOFR (Q)			4.75%						08/2020						02/2027									23.9						23.9						23.9			(2)(11)
																																																			38.5						38.5
Netsmart, Inc. and Netsmart Technologies, Inc. (15)						Developer and operator of health care software and technology solutions						First lien senior secured loan						9.56% (2.70% PIK)			SOFR (M)			5.20%						08/2024						08/2031									141.0						141.0						139.6			(2)(11)
North Star Acquisitionco, LLC and Toucan Bidco Limited (15)						Literacy solution software provider for grades k-12						First lien senior secured loan						9.45%			NIBOR (Q)			4.75%						04/2024						05/2029									5.5						5.8						5.5			(2)(6)
												First lien senior secured loan						9.45%			SONIA (Q)			4.75%						04/2024						05/2029									3.6						3.6						3.6			(2)(6)
												First lien senior secured loan						9.08%			SOFR (Q)			4.75%						04/2024						05/2029									29.5						29.5						29.5			(2)(6)(11)
												First lien senior secured loan						9.70%			SONIA (Q)			5.00%						04/2024						05/2029									1.7						1.7						1.6			(2)(6)
																																																			40.6						40.2
OpenMarket Inc.						Provider of cloud-based mobile engagement platform						First lien senior secured loan						10.84%			SOFR (Q)			6.25%						09/2021						09/2026									16.1						16.0						16.1			(2)(6)(11)
Optimizely North America Inc. and Optimizely Sweden Holdings AB (15)						Provider of web content management and digital commerce solutions						First lien senior secured loan						9.36%			SOFR (M)			5.00%						10/2024						10/2031									5.7						5.6						5.6			(2)(6)(11)
												First lien senior secured loan						8.11%			Euribor (M)			5.25%						10/2024						10/2031									2.0						2.1						2.0			(2)(6)(11)
												First lien senior secured loan						10.20%			SONIA (M)			5.50%						10/2024						10/2031									0.9						0.9						0.9			(2)(6)(11)
																																																			8.6						8.5

See accompanying notes to consolidated financial statements.

89

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
PDDS HoldCo, Inc. (15)						Provider of cloud-based dental practice management software						First lien senior secured revolving loan						11.98%			SOFR (Q)			7.50%						07/2022						07/2028									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						11.98%			SOFR (Q)			7.50%						07/2022						07/2028									12.5						12.5						12.5			(2)(11)
																																																			12.7						12.7
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						10.09%			SOFR (Q)			5.50%						01/2024						02/2031									6.6						6.6						6.6			(2)(11)
												First lien senior secured loan						10.00%			SOFR (M)			5.50%						02/2024						02/2031									0.1						0.1						0.1			(2)(11)
												Series A preferred stock						13.25% PIK												03/2019												13,656									29.1						29.4			(2)
												Class A units																		03/2019												2,062,493									2.1						4.6			(2)
																																																			37.9						40.7
Perforce Software, Inc. (15)						Developer of software used for application development						First lien senior secured revolving loan						10.75%			Base Rate (Q)			3.25%						07/2019						07/2026									1.0						1.0						1.0			(2)
Petvisor Holdings, LLC (15)						Provider of veterinarian-focused SaaS solutions						First lien senior secured revolving loan						12.00%			Base Rate (Q)			4.50%						06/2022						11/2029									1.7						1.7						1.7			(2)(11)
												First lien senior secured loan						9.83%			SOFR (S)			5.50%						06/2022						11/2029									5.9						5.9						5.9			(2)(11)
												First lien senior secured loan						10.78% (4.88% PIK)			SOFR (S)			6.50%						06/2022						11/2029									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.78% (4.88% PIK)			SOFR (S)			6.50%						11/2023						11/2029									3.7						3.7						3.7			(2)(11)
																																																			11.4						11.4
Ping Identity Holding Corp. (15)						Provider of identity and access management solutions						First lien senior secured loan						9.08%			SOFR (Q)			4.75%						10/2022						10/2029									11.2						11.2						11.2			(2)(11)
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC (4)(15)						Online education learning platform						First lien senior secured loan						9.01% (1.50% PIK)			SOFR (Q)			4.50%						08/2024						08/2029									21.5						21.5						21.5			(2)(11)
												First lien senior secured loan						12.01% PIK			SOFR (Q)			7.50%						08/2024						08/2029									19.7						19.7						19.7			(2)(11)
												Common units																		08/2024												6,356,812									14.3						13.7			(2)
																																																			55.5						54.9
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						8.86%			SOFR (M)			4.50%						08/2023						08/2029									0.5						0.5						0.5			(2)(11)
												First lien senior secured loan						10.11%			SOFR (M)			5.75%						08/2023						08/2029									36.6						36.6						36.6			(2)(11)
												Senior subordinated loan						14.00% PIK												08/2023						08/2030									46.7						46.7						46.7			(2)
												Class A units						8.00% PIK												03/2021												33,220,282									25.4						38.2			(2)
																																																			109.2						122.0
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. (15)						Provider of practice management software to law firms						First lien senior secured revolving loan						9.86%			SOFR (M)			5.50%						03/2021						03/2027									0.7						0.7						0.7			(2)(11)
												First lien senior secured loan						9.86%			SOFR (M)			5.50%						03/2021						03/2027									5.4						5.4						5.4			(2)(11)

See accompanying notes to consolidated financial statements.

90

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.86%			SOFR (M)			5.50%						06/2024						03/2027									6.8						6.8						6.8			(2)(11)
												Limited partnership units																		03/2021												1,624,000									0.7						2.7			(2)
																																																			13.6						15.6
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						19.1			(2)
												Class B common stock																		08/2016												1,841,609									0.1						0.2			(2)
																																																			7.5						19.3
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. (15)						Saas provider of automated crew callout and scheduling software for the utility industry						First lien senior secured loan						10.91% (3.25% PIK)			SOFR (Q)			6.25%						04/2021						04/2028									37.8						37.8						35.5			(2)(11)
												Preferred shares						13.98% PIK			SOFR (Q)			9.50%						04/2021												26,436									42.8						40.3			(2)(11)
																																																			80.6						75.8
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						10.33%			SOFR (Q)			6.00%						04/2020						04/2027									42.8						42.8						42.8			(2)(11)
												First lien senior secured loan						10.33%			SOFR (Q)			6.00%						10/2020						04/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.33%			SOFR (Q)			6.00%						11/2020						04/2027									11.7						11.7						11.7			(2)(11)
												First lien senior secured loan						10.33%			SOFR (Q)			6.00%						07/2024						04/2027									17.9						17.9						17.9			(2)(11)
												Class B units																		04/2020												588,636									—						3.3			(2)
																																																			72.5						75.8
Proofpoint, Inc. (15)						Cybersecurity solutions provider						First lien senior secured loan						7.36%			SOFR (M)			3.00%						06/2021						08/2028									1.0						0.9						1.0			(2)(11)(18)
QBS Parent, Inc. (15)						Provider of vertical software solutions and related implementation, migration, and integration services						First lien senior secured loan						9.27%			SOFR (Q)			4.75%						11/2024						11/2031									14.1						14.1						14.0			(2)(11)
QF Holdings, Inc. (15)						SaaS based electronic health record software provider						First lien senior secured revolving loan						9.43%			SOFR (Q)			5.00%						09/2019						12/2027									0.5						0.5						0.5			(2)(11)
												First lien senior secured loan						9.69%			SOFR (Q)			5.00%						09/2019						12/2027									4.9						4.9						4.9			(2)(11)
												First lien senior secured loan						9.59%			SOFR (Q)			5.00%						09/2019						12/2027									1.9						1.9						1.9			(2)(11)
												First lien senior secured loan						9.54%			SOFR (Q)			5.00%						08/2020						12/2027									4.9						4.9						4.9			(2)(11)
												First lien senior secured loan						9.59%			SOFR (Q)			5.00%						12/2021						12/2027									8.1						8.1						8.1			(2)(11)
												First lien senior secured loan						9.51%			SOFR (Q)			5.00%						12/2023						12/2027									5.1						5.1						5.1			(2)(11)
																																																			25.4						25.4
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						9.08%			SOFR (Q)			4.75%						10/2021						10/2028									8.4						8.4						8.4			(2)(11)
												First lien senior secured loan						9.08%			SOFR (Q)			4.75%						04/2023						10/2028									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						9.08%			SOFR (Q)			4.75%						05/2024						10/2028									8.1						8.1						8.1			(2)(11)
												First lien senior secured loan						9.08%			SOFR (Q)			4.75%						12/2024						10/2028									25.0						25.0						25.0			(2)(11)
												Class A common units																		12/2018												2,880,582									3.5						8.9
																																																			45.1						50.5

See accompanying notes to consolidated financial statements.

91

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						8.86%			SOFR (M)			4.50%						07/2024						05/2029									6.6						6.6						6.6			(2)(11)
Revalize, Inc. (15)						Developer and operator of software providing configuration, price and quote capabilities						First lien senior secured revolving loan						10.43%			SOFR (Q)			5.75%						05/2022						04/2027									0.7						0.6						0.6			(2)(11)
												First lien senior secured loan						10.49%			SOFR (Q)			5.75%						05/2022						04/2027									0.7						0.7						0.6			(2)(11)
																																																			1.3						1.2
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						9.36%			SOFR (M)			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						4.5			(2)
																																																			5.8						4.8
Runway Bidco, LLC (15)						Provider of workload automation software						First lien senior secured loan						9.33%			SOFR (S)			5.00%						12/2024						12/2031									42.8						42.4						42.4			(2)(11)
Sapphire Software Buyer, Inc. (15)						Provider of application security testing solutions						First lien senior secured loan						9.75% (3.00% PIK)			SOFR (S)			5.50%						09/2024						09/2031									71.6						71.6						70.8			(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						9.57% (2.25% PIK)			SOFR (M)			5.00%						09/2024						10/2031									221.2						221.1						218.9			(2)(11)
Smarsh Inc. and Skywalker TopCo, LLC (15)						SaaS based communication archival service provider						First lien senior secured revolving loan						10.11%			SOFR (M)			5.75%						02/2022						02/2029									0.3						0.3						0.3			(2)(11)
												First lien senior secured loan						10.08%			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						10.6			(2)
																																																			8.0						12.3
SocialFlow, Inc.						Social media optimization platform provider						Warrant to purchase shares of Series C preferred stock																		01/2016						01/2026						215,331									—						—
SoundCloud Limited						Platform for receiving, sending, and distributing music						Common stock																		08/2017												73,422									0.4						0.7			(2)(6)
Spaceship Purchaser, Inc. (15)						SaaS based website builder and hosting platform						First lien senior secured loan						9.33%			SOFR (Q)			5.00%						10/2024						10/2031									100.7						100.7						99.7			(2)(11)
Spark Purchaser, Inc. (15)						Software platform for Medicare application process						First lien senior secured loan						9.83%			SOFR (Q)			5.50%						04/2024						04/2031									30.8						30.8						30.8			(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						9.18%			SOFR (Q)			4.75%						09/2022						09/2028									2.5						2.5						2.5			(2)(11)
												First lien senior secured loan						9.43%			SOFR (Q)			4.75%						12/2023						09/2028									0.8						0.8						0.8			(2)(11)
												Limited partner interests																		09/2022												1,010									10.2						15.3			(2)

See accompanying notes to consolidated financial statements.

92

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			13.5						18.6
Storable, Inc. and EQT IX Co-Investment (E) SCSP						Payment management system solutions and web services for the self-storage industry						Second lien senior secured loan						11.11%			SOFR (M)			6.75%						04/2021						04/2029									42.8						42.8						42.8			(2)(11)
												Second lien senior secured loan						11.11%			SOFR (M)			6.75%						03/2022						04/2029									10.3						10.3						10.3			(2)(11)
												Limited partnership interests																		04/2021												614,950									6.6						12.1			(2)(6)
																																																			59.7						65.2
Sundance Group Holdings, Inc. (15)						Provider of cloud-based document management and collaboration solutions						First lien senior secured revolving loan						9.08%			SOFR (Q)			4.75%						09/2024						07/2029									1.8						1.8						1.8			(2)(11)
												First lien senior secured loan						9.08%			SOFR (Q)			4.75%						09/2024						07/2029									26.4						26.2						26.4			(2)(11)
																																																			28.0						28.2
Superman Holdings, LLC (15)						Provider of ERP software for the construction industry						First lien senior secured loan						8.86%			SOFR (M)			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						10.30%			SOFR (Q)			5.75%						03/2022						03/2028									34.4						34.4						34.4			(2)(11)
												First lien senior secured loan						10.39%			SOFR (Q)			5.75%						10/2023						03/2028									10.8						10.8						10.8			(2)(11)
												First lien senior secured loan						10.33%			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
																																																			56.1						57.2
TCP Hawker Intermediate LLC (15)						Workforce management solutions provider						First lien senior secured revolving loan						8.08%			SOFR (Q)			3.75%						11/2024						08/2029									3.4						3.4						3.4			(2)(11)
												First lien senior secured loan						9.33%			SOFR (M)			5.00%						08/2019						08/2029									50.7						49.6						50.7			(2)(11)
												First lien senior secured loan						10.75%			SOFR (Q)			6.00%						10/2023						08/2029									1.8						1.2						1.8			(2)(11)
												First lien senior secured loan						9.33%			SOFR (Q)			5.00%						11/2024						08/2029									2.0						2.0						2.0			(2)(11)
																																																			56.2						57.9
Transit Technologies LLC (15)						Provider of transportation management software and specialty telematics solutions						First lien senior secured loan						9.17%			SOFR (S)			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						26.5			(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 revolving loan						8.26%			CORRA (Q)			4.75%						08/2024						08/2031									1.1						1.1						1.1			(2)(11)
												First lien senior secured loan						9.08%			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						2.6			(2)
																																																			73.7						73.1
Viper Bidco, Inc. (15)						Provider of SaaS based supply chain risk management solutions						First lien senior secured loan						9.52%			SOFR (S)			5.00%						11/2024						11/2031									17.8						17.8						17.6			(2)(11)
												First lien senior secured loan						9.70%			SONIA (M)			5.00%						11/2024						11/2031									10.3						10.4						10.2			(2)(11)

See accompanying notes to consolidated financial statements.

93

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			28.2						27.8
WebPT, Inc. and WPT Intermediate Holdco, Inc. (15)						Electronic medical record software provider						First lien senior secured revolving loan						10.87%			SOFR (Q)			6.25%						08/2019						01/2028									0.4						0.4						0.4			(2)(11)
												First lien senior secured revolving loan						12.75%			Base Rate (Q)			5.25%						08/2019						01/2028									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.86%			SOFR (Q)			6.25%						08/2019						01/2028									0.1						0.1						0.1			(2)(11)
												Senior subordinated loan						13.25% PIK												05/2024						05/2029									65.3						65.3						65.3			(2)
																																																			65.9						65.9
Wellington Bidco Inc. and Wellington TopCo LP (15)						Provider of ERP and payments software for local governments						First lien senior secured revolving loan						9.33%			SOFR (Q)			5.00%						06/2024						06/2030									0.6						0.6						0.6			(2)(11)
												First lien senior secured loan						9.33%			SOFR (Q)			5.00%						06/2024						06/2030									60.9						60.9						60.9			(2)(11)
												Class A-2 preferred units						8.00% PIK												06/2024												2,323,000									2.4						2.4			(2)
																																																			63.9						63.9
Wellness AcquisitionCo, Inc. (15)						Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry						First lien senior secured loan						9.96%			SOFR (M)			5.50%						01/2021						01/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						9.96%			SOFR (M)			5.50%						02/2022						01/2027									1.7						1.7						1.7			(2)(11)
																																																			1.8						1.8
WorkWave Intermediate II, LLC (15)						Provider of cloud-based field services and fleet management solutions						First lien senior secured revolving loan						11.43%			SOFR (Q)			7.00%						06/2021						06/2027									1.1						1.1						1.1			(2)(11)
												First lien senior secured loan						11.36% (3.50% PIK)			SOFR (Q)			7.00%						06/2021						06/2027									53.0						53.0						53.0			(2)(11)
												First lien senior secured loan						11.43% (3.50% PIK)			SOFR (Q)			7.00%						02/2022						06/2027									19.3						19.3						19.3			(2)(11)
												First lien senior secured loan						11.43% (3.50% PIK)			SOFR (Q)			7.00%						03/2024						06/2027									6.4						6.4						6.4			(2)(11)
																																																			79.8						79.8
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (15)						Provider of cloud-based customer support solutions						First lien senior secured loan						9.33%			SOFR (S)			5.00%						12/2022						11/2028									43.4						43.4						43.4			(2)(11)
												Series A preferred stock						13.83% PIK			SOFR (Q)			9.50%						11/2022												27,226									35.3						35.3			(2)
												Class A common units																		11/2022												269,100									2.7						2.6			(2)
																																																			81.4						81.3
ZocDoc, Inc.						Healthcare marketplace connecting patients and providers						First lien senior secured loan						11.02%			SOFR (Q)			6.50%						05/2024						05/2029									74.1						71.8						74.1			(2)(11)
																																																			6,561.9						6,544.6						49.01%
Health Care Equipment and Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(15)						Dental services provider						First lien senior secured revolving loan						9.59% PIK			SOFR (Q)			5.00%						06/2021						06/2026									14.5						14.5						14.5			(2)(11)
												First lien senior secured loan						9.59% PIK			SOFR (Q)			5.00%						09/2024						06/2026									41.3						41.3						41.3			(2)(11)
												Class A preferred units																		09/2024												20,000,000									16.2						11.5			(2)

See accompanying notes to consolidated financial statements.

94

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Class A common units																		06/2021												6,553,553									4.7						—			(2)
																																																			76.7						67.3
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5)(15)						Dental services provider						First lien senior secured loan						11.58% (3.00% PIK)			SOFR (Q)			7.00%						09/2016						09/2026									15.5						15.5						15.5			(2)(11)
												Second lien senior secured loan						10.00% PIK												06/2023						03/2027									43.4						43.4						43.4			(2)
												Membership units																		09/2016												3,000,000									—						—			(2)
												Class A common units																		06/2023												7,776,181									29.4						0.5			(2)
																																																			88.3						59.4
Advarra Holdings, Inc. (15)						Provider of central institutional review boards over clinical trials						First lien senior secured loan						8.86%			SOFR (M)			4.50%						08/2022						09/2031									4.0						4.0						4.0			(2)(11)
Aerin Medical Inc. (15)						Developer and manufacturer of non-invasive nasal treatment solutions						First lien senior secured loan						11.06%			SOFR (S)			6.75%						12/2024						12/2030									13.1						12.8						12.9			(2)(11)
												Series G preferred shares																		12/2024												877,379									1.0						1.0			(2)
																																																			13.8						13.9
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									47.7						47.7			(2)
												Preferred units						8.00% PIK												07/2022												9,900									12.0						13.0			(2)
												Class B common units																		07/2022												100,000									0.1						0.1			(2)
																																																			59.8						60.8
Amerivet Partners Management, Inc. and AVE Holdings LP (15)						Veterinary practice management platform						Subordinated loan						16.50% PIK												11/2023						12/2030									66.2						65.0						63.5			(2)
												Class A units																		03/2024												2,922									2.9						0.4			(2)
												Class C units																		11/2023												7,144									1.4						—			(2)
																																																			69.3						63.9
Artivion, Inc. (15)						Manufacturer, processor and distributor of medical devices and implantable human tissues						First lien senior secured revolving loan						8.59%			SOFR (Q)			4.00%						01/2024						01/2030									0.9						0.9						0.9			(2)(6)(11)
												First lien senior secured loan						11.09%			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						7.61%			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									270.5						270.5			(2)
												Class A units																		02/2022												10,487,951									10.5						12.8			(2)
																																																			281.1						283.4
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 revolving loan						10.85%			SOFR (M)			6.50%						03/2024						12/2028									1.6						1.6						1.5			(2)(11)
												First lien senior secured loan						11.76% (3.63% PIK)			SOFR (Q)			7.25%						03/2024						12/2028									38.9						38.9						36.1			(2)(11)
																																																			40.5						37.6

See accompanying notes to consolidated financial statements.

95

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP						Opioid treatment provider						First lien senior secured loan						9.59%			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									1.5						—						—			(2)(10)
																																																			—						—
Color Intermediate, LLC						Provider of pre-payment integrity software solution						First lien senior secured loan						9.18%			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						11.09% (2.50% PIK)			SOFR (M)			6.50%						02/2018						02/2025									2.0						2.0						1.9			(2)(11)
												First lien senior secured loan						11.09% (2.50% PIK)			SOFR (M)			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						9.68% (4.25% PIK)			SOFR (Q)			5.25%						09/2019						07/2029									1.9						1.9						1.6			(2)(6)(11)
												First lien senior secured loan						9.68% (4.25% PIK)			SOFR (Q)			5.25%						02/2022						07/2029									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						9.68% (4.25% PIK)			SOFR (Q)			5.25%						10/2022						07/2029									0.1						0.1						0.1			(2)(6)(11)
																																																			2.1						1.8
Cradle Lux Bidco S.A.R.L. (15)						Provider of consumables and equipment for ART and IVF procedures						First lien senior secured loan						10.09%			SOFR (S)			5.50%						11/2024						11/2031									2.9						2.9						2.9			(2)(6)(11)
												First lien senior secured loan						8.28%			Euribor (S)			5.50%						11/2024						11/2031									8.3						8.4						8.1			(2)(6)(11)
																																																			11.3						11.0
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC (15)						Provider of medical devices and services for the treatment of positional plagiocephaly						First lien senior secured revolving loan						9.98%			SOFR (Q)			5.50%						03/2022						03/2028									0.1						0.1						0.1			(2)(11)(14)
												First lien senior secured loan						9.98%			SOFR (Q)			5.50%						03/2022						03/2029									24.0						24.0						24.0			(2)(11)
												Class A shares																		03/2022												192									1.9						2.4			(2)
												Common units																		03/2022												31									0.3						0.4			(2)
																																																			26.3						26.9
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (15)						Veterinary hospital operator						First lien senior secured loan						9.11%			SOFR (M)			4.75%						06/2024						06/2031									159.2						159.2						159.2			(2)(11)
												Class A preferred units						15.00% PIK												08/2023												3,678									2.7						1.9			(2)
												Common stock																		10/2019												41,443									14.5						21.8			(2)
																																																			176.4						182.9
Empower Payments Investor, LLC (15)						Financial communication and payment solutions provider						First lien senior secured loan						8.86%			SOFR (M)			4.50%						03/2024						03/2031									32.8						32.2						32.8			(2)(11)

See accompanying notes to consolidated financial statements.

96

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Evolent Health LLC and Evolent Health, Inc. (15)						Medical technology company focused on value based care services and payment solutions						Series A preferred shares						10.48%			SOFR (Q)			6.00%						01/2023						01/2029						3,834									3.8						4.0			(2)(6)(11)
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC (15)						On-demand supply chain automation solutions provider to the healthcare industry						First lien senior secured loan						9.08%			SOFR (Q)			4.75%						12/2024						12/2031									243.5						243.5						241.1			(2)(11)
												Class A units																		06/2017												15,706,534									12.9						43.3			(2)
																																																			256.4						284.4
Global Medical Response, Inc. and GMR Buyer Corp.						Emergency air medical services provider						First lien senior secured loan						9.86% (1.25% PIK)			SOFR (M)			5.50%						06/2022						10/2028									41.3						39.3						41.3			(2)(11)(18)
												Series B preferred shares						15.00% PIK												05/2024												126,377									138.6						138.6			(2)
												Warrant to purchase units of common stock																		03/2018						03/2028						115,733									0.9						0.4			(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									—						10.2			(2)
																																																			178.9						190.5
HealthEdge Software, Inc. (15)						Provider of financial, administrative and clinical software platforms to the healthcare industry						First lien senior secured loan						9.13%			SOFR (M)			4.75%						07/2024						07/2031									26.5						26.5						26.5			(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 revolving loan																		05/2024						05/2030									—						—						—			(2)(11)(13)
												First lien senior secured loan						9.99%			SOFR (Q)			5.50%						05/2024						05/2031									73.4						73.4						73.4			(2)(11)
																																																			73.4						73.4
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) (15)						Provider of behavioral health services						First lien senior secured revolving loan						11.95%			SOFR (A)			6.50%						03/2017						03/2027									2.0						2.0						1.6			(2)(11)
												First lien senior secured revolving loan						13.00%			Base Rate (Q)			5.50%						03/2017						03/2027									0.4						0.4						0.3			(2)(11)
												First lien senior secured revolving loan						9.45%			SOFR (Q)			5.00%						03/2017						03/2027									1.1						1.1						1.0			(2)(11)
																																																			3.5						2.9
Lifescan Global Corporation						Provider of blood glucose monitoring systems for home and hospital use						First lien senior secured loan																		05/2022						12/2026									11.4						9.5						3.9			(2)(10)(18)
												Second lien senior secured loan																		05/2022						03/2027									0.2						0.2						—			(2)(10)
																																																			9.7						3.9
LivTech Purchaser, Inc. (15)						Provider of senior care end-to-end software, payments and RCM platform						First lien senior secured loan						9.01%			SOFR (S)			4.50%						11/2024						11/2031									4.9						4.9						4.8			(2)(11)
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						3.2			(2)
																																																			3.1						3.8

See accompanying notes to consolidated financial statements.

97

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Next Holdco, LLC (15)						Provider of electronic medical record and practice management software						First lien senior secured loan						10.27%			SOFR (Q)			5.75%						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 revolving loan						8.88%			SOFR (M)			4.50%						07/2024						07/2031									3.6						3.6						3.6			(2)(11)(14)
												First lien senior secured loan						8.86%			SOFR (M)			4.50%						07/2024						07/2031									247.0						247.0						244.5			(2)(11)
												Partnership units																		11/2018												30,000									3.0						8.8			(2)
																																																			253.6						256.9
Nomi Health, Inc.						Provider of software payment services for healthcare industry						First lien senior secured loan						12.84%			SOFR (Q)			8.25%						07/2023						07/2028									11.4						11.4						11.3			(2)(11)
												First lien senior secured loan						12.84%			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
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						14.00% PIK			SOFR (Q)			9.50%						01/2023						02/2027									3.7						3.7						3.7			(2)(11)
												First lien senior secured loan																		09/2019						02/2027									64.8						49.3						28.5			(2)(10)
												First lien senior secured loan																		02/2022						02/2027									13.2						10.2						5.8			(2)(10)
												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)
																																																			75.8						38.0
OMH-HealthEdge Holdings, LLC (15)						Revenue cycle management provider to the healthcare industry						First lien senior secured loan						10.25%			SOFR (Q)			6.00%						10/2023						10/2029									96.9						96.9						96.9			(2)(11)
Paragon 28, Inc. and Paragon Advanced Technologies, Inc. (15)						Medical device company						First lien senior secured revolving loan						8.59%			SOFR (Q)			4.00%						11/2023						11/2028									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						11.34%			SOFR (Q)			6.75%						11/2023						11/2028									24.0						24.0						24.0			(2)(6)(11)
																																																			24.1						24.1
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						12.22%			SOFR (M)			7.75%						03/2020						03/2028									76.3						76.3						58.8			(2)(11)
												Class R common units																		03/2020												6,004,768									6.0						—			(2)
																																																			82.3						58.8
PetVet Care Centers, LLC (15)						Veterinary hospital operator						First lien senior secured loan						10.36%			SOFR (M)			6.00%						11/2023						11/2030									131.4						131.4						122.2			(2)(11)
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (15)						Provider of employer-sponsored onsite health and wellness clinics and pharmacies						First lien senior secured revolving loan																		02/2024						03/2030									—						—						—			(2)(11)(13)

See accompanying notes to consolidated financial statements.

98

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.82%			SOFR (Q)			5.50%						02/2024						03/2031									54.2						54.2						54.2			(2)(11)
												Class A units																		07/2018												9,775									9.8						18.3			(2)
																																																			64.0						72.5
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. (15)						Manufacturer of biologic, metal and synthetic implants/devices						First lien senior secured revolving loan						11.21%			SOFR (M)			6.75%						07/2020						07/2026									11.6						11.6						11.6			(2)(11)
												First lien senior secured loan						12.09%			SOFR (S)			6.75%						07/2020						07/2026									22.0						22.0						22.0			(2)(11)
																																																			33.6						33.6
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC						Outsourced anesthesia provider						Common units																		03/2018												684,854									4.8						1.7			(2)
SM Wellness Holdings, Inc. and SM Holdco, LLC (15)						Breast cancer screening provider						Series D units						8.00% PIK												03/2023												1,127									1.3						1.4			(2)
												Series A units																		08/2018												8,041									8.0						8.8			(2)
												Series B units																		08/2018												916,795									—						—			(2)
																																																			9.3						10.2
SOC Telemed, Inc. and PSC Spark Holdings, LP						Provider of acute care telemedicine						First lien senior secured loan						11.86% (2.00% PIK)			SOFR (Q)			7.50%						08/2022						08/2027									107.3						104.8						99.8			(2)(11)
												Class A-2 units																		08/2022												4,812									4.9						1.9			(2)
												Warrant to purchase units of common stock																		08/2022						08/2029						6,118									4.7						3.4			(2)
																																																			114.4						105.1
Surescripts, LLC (15)						Healthcare network for e-prescription routing, patient eligibility checks, and secure exchange of medical records						First lien senior secured loan						8.33%			SOFR (Q)			4.00%						11/2024						11/2031									58.0						58.0						57.5			(2)(11)
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (15)						SaaS based healthcare compliance platform provider						First lien senior secured revolving loan						8.34%			SOFR (Q)			3.75%						12/2020						12/2027									3.7						3.7						3.4			(2)
												First lien senior secured loan						9.19%			SOFR (Q)			4.50%						02/2022						12/2027									28.8						27.9						26.3			(2)(11)(18)
												First lien senior secured loan						9.94%			SOFR (Q)			5.25%						04/2024						12/2027									17.3						17.3						16.1			(2)(11)
												Second lien senior secured loan						12.56%			SOFR (Q)			7.88%						12/2020						12/2028									76.2						76.2						70.9			(2)(11)
												Second lien senior secured loan						14.69% (4.00% PIK)			SOFR (Q)			10.00%						04/2024						12/2028									52.9						52.9						51.9			(2)(11)
												Series C-1 preferred shares						11.00% PIK												06/2021												75,939									118.3						100.5			(2)
												Series C-2 preferred shares						11.00% PIK												06/2021												40,115									59.3						50.3			(2)
												Series C-3 preferred shares						11.00% PIK												10/2021												16,201									23.1						19.6			(2)
																																																			378.7						339.0
Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC (15)						Franchisor of private-pay home care for the elderly						First lien senior secured loan						10.23%			SOFR (Q)			5.75%						04/2018						04/2026									10.9						10.9						10.9			(2)(11)
												Common units																		04/2018												550									0.5						1.9
																																																			11.4						12.8
Tempus AI, Inc.						Provider of technology enabled precision medicine solutions						First lien senior secured loan						12.86% (3.25% PIK)			SOFR (Q)			8.25%						09/2022						09/2027									75.0						75.0						75.0			(2)(6)(11)
												First lien senior secured loan						12.86% (3.25% PIK)			SOFR (Q)			8.25%						04/2023						09/2027									21.8						21.8						21.8			(2)(6)(11)

See accompanying notes to consolidated financial statements.

99

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						12.86% (3.25% PIK)			SOFR (Q)			8.25%						10/2023						09/2027									9.3						9.3						9.3			(2)(6)(11)
												Common units																		10/2023												60,821									1.9						2.1			(2)(6)(18)
																																																			108.0						108.2
Therapy Brands Holdings LLC						Provider of software solutions for the mental and behavioral health market segments						Second lien senior secured loan						11.22%			SOFR (M)			6.75%						06/2021						05/2029									29.1						29.0						26.2			(2)(11)
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc.						Anesthesiology service provider						Second lien senior secured loan						12.17%			SOFR (M)			7.50%						10/2021						10/2029									147.8						147.8						147.8			(2)(11)
												Common stock																		12/2021												3,671,429									12.9						8.9			(2)
																																																			160.7						156.7
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (15)						Gastroenterology physician group						First lien senior secured revolving loan						10.14%			SOFR (Q)			5.75%						03/2023						03/2029									0.5						0.5						0.5			(2)(11)
												First lien senior secured loan						10.08%			SOFR (Q)			5.75%						03/2023						03/2029									10.2						10.2						10.2			(2)(11)
												Class A interests																		03/2023												4,623									4.6						5.9
																																																			15.3						16.6
Viant Medical Holdings, Inc.						Manufacturer of plastic and rubber components for health care equipment						First lien senior secured loan						8.60%			SOFR (Q)			4.00%						10/2024						10/2031									27.6						27.5						27.9			(2)(18)
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (15)						Veterinary hospital operator						First lien senior secured loan						10.21%			SOFR (M)			5.75%						12/2021						12/2027									6.1						6.1						6.1			(2)(11)
												First lien senior secured loan						10.21%			SOFR (M)			5.75%						08/2022						12/2027									9.1						9.1						9.1			(2)(11)
												First lien senior secured loan						10.16%			SOFR (M)			5.75%						08/2023						12/2027									12.4						12.4						12.4			(2)(11)
												First lien senior secured loan						10.27%			SOFR (M)			5.75%						03/2024						12/2027									2.0						2.0						2.0			(2)(11)
												Class A-2 units																		12/2021												7,524									7.5						11.9			(2)
												Class A-2 units																		03/2023												45									0.1						0.1			(2)
																																																			37.2						41.6
WSHP FC Acquisition LLC and WSHP FC Holdings LLC (15)						Provider of biospecimen products for pharma research						First lien senior secured revolving loan						11.98% (4.00% PIK)			SOFR (Q)			7.50%						03/2018						03/2028									10.2						10.2						9.5			(2)(11)(14)
												First lien senior secured loan						11.98% (4.00% PIK)			SOFR (Q)			7.50%						03/2018						03/2028									33.2						33.2						30.9			(2)(11)
												First lien senior secured loan						11.98% (4.00% PIK)			SOFR (Q)			7.50%						02/2019						03/2028									4.5						4.5						4.2			(2)(11)
												First lien senior secured loan						11.98% (4.00% PIK)			SOFR (Q)			7.50%						08/2019						03/2028									13.9						13.9						12.9			(2)(11)
												First lien senior secured loan						11.98% (4.00% PIK)			SOFR (Q)			7.50%						10/2019						03/2028									10.8						10.7						10.0			(2)(11)
												First lien senior secured loan						11.98% (4.00% PIK)			SOFR (Q)			7.50%						10/2021						03/2028									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.98% (4.00% PIK)			SOFR (Q)			7.50%						11/2021						03/2028									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.98% (4.00% PIK)			SOFR (Q)			7.50%						07/2022						03/2028									31.2						31.2						29.0			(2)(11)
												Class A preferred units																		11/2024												455									0.3						—
												Common units																		07/2022												35,299									5.0						3.1
																																																			109.2						99.8

See accompanying notes to consolidated financial statements.

100

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			3,333.6						3,211.9						24.05%
Financial Services
Aduro Advisors, LLC (15)						Provider of fund administration services						First lien senior secured loan						9.36%			SOFR (M)			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						10.48%			SOFR (Q)			6.00%						05/2022						01/2026									0.4						0.4						0.4			(2)(6)(11)
												First lien senior secured loan						10.48%			SOFR (Q)			6.00%						05/2022						01/2027									3.6						3.6						3.4			(2)(6)(11)
																																																			4.0						3.8
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						11.25%			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									6.0						6.0						6.0			(2)
												Common units																		09/2021												6,291,539									6.3						6.5			(2)
																																																			12.5						12.7
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									5.5						5.5						5.5			(2)(6)(11)
												First lien senior secured loan						9.21%			SOFR (M)			4.75%						12/2021						12/2028									14.1						14.1						14.1			(2)(6)(11)
												First lien senior secured loan						9.49%			SOFR (Q)			4.75%						07/2023						12/2028									3.8						3.8						3.8			(2)(6)(11)
												First lien senior secured loan						9.18%			SOFR (Q)			4.75%						06/2024						12/2028									2.2						2.2						2.2			(2)(6)(11)
																																																			25.6						25.6
Cliffwater LLC (15)						Provider of alternative investment advisory services						First lien senior secured loan						8.86%			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						10.48%			SOFR (Q)			6.00%						03/2022						03/2028									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						10.48%			SOFR (Q)			6.00%						06/2023						03/2028									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						10.48%			SOFR (Q)			6.00%						11/2024						03/2028									8.8						8.8						8.8			(2)(6)(11)
																																																			9.0						9.0
Corient Holdings, Inc.						Global wealth management firm						Series A preferred stock																		05/2023												41,427									41.4						63.1			(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						28.5
DFC Global Facility Borrower III LLC (15)						Non-bank provider of alternative financial services						First lien senior secured revolving loan						12.15%			SOFR (M)			7.50%						04/2023						04/2028									91.3						98.3						91.4			(2)(6)(9)(11)
eCapital Finance Corp.						Consolidator of commercial finance businesses						Senior subordinated loan						12.25%			SOFR (M)			7.75%						10/2024						12/2025									42.1						41.5						42.1			(2)(6)(11)
												Senior subordinated loan						12.40%			SOFR (M)			7.75%						01/2020						12/2025									56.0						54.9						56.0			(2)(6)(11)
												Senior subordinated loan						12.40%			SOFR (M)			7.75%						11/2020						12/2025									5.4						5.3						5.4			(2)(6)(11)
												Senior subordinated loan						12.19%			SOFR (M)			7.75%						01/2022						12/2025									24.3						23.8						24.3			(2)(6)(11)
												Senior subordinated loan						12.40%			SOFR (M)			7.75%						04/2022						12/2025									55.8						54.7						55.8			(2)(6)(11)
												Senior subordinated loan						12.40%			SOFR (M)			7.75%						10/2023						12/2025									12.3						12.0						12.3			(2)(6)(11)

See accompanying notes to consolidated financial statements.

101

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Senior subordinated loan						12.97%			SOFR (M)			8.50%						12/2024						12/2025									21.9						21.5						21.9			(2)(6)(11)
																																																			213.7						217.8
Endeavor Bidco LLC and Endeavor TopCo, Inc.						Global securities finance trading platform						First lien senior secured loan						8.58%			SOFR (Q)			4.25%						08/2024						08/2029									6.1						6.1						6.0			(2)(11)
												Class A common units																		08/2024												1,859									1.9						1.9
																																																			8.0						7.9
EP Wealth Advisors, LLC						Wealth management and financial planning firm						First lien senior secured loan						8.83%			SOFR (Q)			4.50%						09/2020						09/2029									0.6						0.6						0.6			(2)(11)
												First lien senior secured loan						8.83%			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						9.33%			SOFR (Q)			5.00%						09/2023						09/2030									5.2						5.2						5.2			(2)(11)
												Limited partnership interests																		09/2023												4,764,743									4.8						6.5			(2)
																																																			10.0						11.7
HighTower Holding, LLC						Provider of investment, financial and retirement planning services						Senior subordinated loan						6.75%												06/2022						04/2029									8.1						7.1						8.0			(2)(6)(18)
Ivy Hill Asset Management, L.P. (5)						Asset management services						Member interest																		06/2009												100.00%									1,700.5						1,915.3			(6)
Lido Advisors, LLC (15)						Wealth management and financial planning firm						First lien senior secured revolving loan						9.34%			SOFR (M)			5.00%						06/2021						06/2029									0.8						0.8						0.8			(2)(11)(14)
												First lien senior secured loan						9.59%			SOFR (Q)			5.00%						06/2021						06/2029									5.1						5.1						5.1			(2)(11)
												First lien senior secured loan						9.47%			SOFR (Q)			5.00%						06/2023						06/2029									6.0						6.0						6.0			(2)(11)
												First lien senior secured loan						9.49%			SOFR (Q)			5.00%						11/2024						06/2029									2.7						2.7						2.7			(2)(11)
																																																			14.6						14.6
Mai Capital Management Intermediate LLC (15)						Provider of comprehensive wealth management services and registered investment advisor						First lien senior secured revolving loan						9.08%			SOFR (Q)			4.75%						08/2024						08/2031									0.3						0.3						0.2			(2)(6)(11)
												First lien senior secured loan						9.08%			SOFR (M)			4.75%						08/2024						08/2031									9.8						9.8						9.7			(2)(6)(11)
																																																			10.1						9.9
Monica Holdco (US) Inc. (15)						Investment technology and advisory firm						First lien senior secured loan						10.23%			SOFR (Q)			5.75%						01/2021						01/2028									2.5						2.5						2.5			(2)(6)(11)
												First lien senior secured loan						10.08%			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 loan						9.46%			SOFR (M)			5.00%						05/2023						05/2029									4.9						4.9						4.9			(2)(6)(11)
												First lien senior secured loan						9.46%			SOFR (M)			5.00%						09/2023						05/2029									8.0						8.0						8.0			(2)(6)(11)
												First lien senior secured loan						9.46%			SOFR (M)			5.00%						06/2024						05/2029									0.3						0.3						0.3			(2)(6)(11)
												First lien senior secured loan						9.46%			SOFR (M)			4.75%						12/2024						05/2029									15.0						15.0						15.0			(2)(6)(11)
												Limited partnership interests																		09/2023												1,973,099									2.0						2.5			(6)
																																																			30.2						30.7

See accompanying notes to consolidated financial statements.

102

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (15)						Provider of comprehensive wealth management services						First lien senior secured loan						9.64%			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						7.5			(6)
																																																			13.4						14.4
PCS MidCo, Inc. and PCS Parent, L.P. (15)						Provider of 401K recordkeeping software solutions						First lien senior secured revolving loan						10.08%			SOFR (Q)			5.75%						03/2024						03/2030									0.8						0.8						0.8			(2)(11)
												First lien senior secured loan						10.12%			SOFR (Q)			5.75%						03/2024						03/2030									8.5						8.5						8.5			(2)(11)
												Class A units																		03/2024												785,000									0.8						0.8			(2)
																																																			10.1						10.1
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						9.61%			SOFR (M)			5.25%						03/2024						03/2031									2.3						2.3						2.3			(2)(6)(11)
												Limited partnership interest																		03/2024												2,374,000									2.4						2.5			(6)
																																																			4.7						4.8
Petrus Buyer, Inc. (15)						Provider of REIT research data and analytics						First lien senior secured loan						9.87%			SOFR (Q)			5.25%						11/2022						10/2029									5.9						5.9						5.9			(2)(11)
Priority Technology Holdings, Inc.						Provider of merchant acquiring and payment processing solutions						Warrant to purchase shares of common stock																		04/2021						04/2031						527,226									4.0						6.2			(2)(6)(18)
RFS Opco LLC (15)						Provider of wealth management services						First lien senior secured loan						9.08%			SOFR (Q)			4.75%						04/2024						04/2031									29.5						29.5						29.5			(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)(11)(13)
												First lien senior secured loan						9.53%			SOFR (S)			5.00%						12/2024						12/2030									24.8						24.8						24.5			(2)(6)(11)
																																																			24.8						24.5
RWA Wealth Partners, LLC (15)						Provider of comprehensive wealth management services						First lien senior secured loan						9.27%			SOFR (Q)			4.75%						11/2024						11/2030									8.1						8.1						8.1			(2)(6)(11)
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC (15)						Wealth management platform						First lien senior secured loan						9.08%			SOFR (Q)			4.75%						12/2023						10/2028									2.7						2.6						2.7			(2)(6)(11)
												First lien senior secured loan						9.80%			SOFR (Q)			5.25%						12/2023						10/2028									0.2						0.2						0.2			(2)(6)(11)
																																																			2.8						2.9
The Edelman Financial Center, LLC						Provider of investment, financial and retirement planning services						Second lien senior secured loan						9.61%			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						12.50%			Base Rate (Q)			5.00%						03/2022						03/2028									0.2						0.2						0.2			(2)(6)(11)
												First lien senior secured loan						10.53%			SOFR (Q)			6.00%						03/2022						03/2028									3.9						3.9						3.9			(2)(6)(11)
												Senior subordinated loan						12.00% PIK												03/2022						03/2029									3.8						3.8						3.7			(2)(6)
												Series A preferred units																		03/2022												7,199									7.2						4.0			(2)(6)
												Common units																		03/2022												7,199									—						—			(2)(6)
																																																			15.1						11.8

See accompanying notes to consolidated financial statements.

103

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						9.68%			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									2.3						2.3
												Class A common units																		02/2019												245									0.2						3.8
												Class B common units																		02/2019												2,167,424									—						—
												Class B common units																		02/2019												245,194									—						—
																																																			23.2						26.8
TPG IX Cardiff CI II, L.P.						Provider of comprehensive wealth management services						Limited partnership interest																		11/2024												5,719,511									5.8						5.7			(2)(6)
Waverly Advisors, LLC and WAAM Topco, LLC (15)						Wealth management and financial planning firm						First lien senior secured loan						9.98%			SOFR (Q)			5.50%						03/2022						03/2028									0.7						0.7						0.7			(2)(6)(11)
												First lien senior secured loan						9.73%			SOFR (Q)			5.25%						03/2024						03/2028									4.3						4.3						4.3			(2)(6)(11)
												Class A units																		06/2023												1,432,867									1.7						3.0			(6)
																																																			6.7						8.0
Wealth Enhancement Group, LLC (15)						Wealth management and financial planning firm						First lien senior secured loan						9.57%			SOFR (Q)			5.00%						10/2019						10/2028									0.5						0.5						0.5			(2)(11)
												First lien senior secured loan						9.50%			SOFR (Q)			5.00%						11/2020						10/2028									1.9						1.9						1.9			(2)(11)
												First lien senior secured loan						9.56%			SOFR (Q)			5.00%						06/2021						10/2028									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						9.55%			SOFR (Q)			5.00%						08/2021						10/2028									0.9						0.9						0.9			(2)(11)
												First lien senior secured loan						9.44%			SOFR (Q)			5.00%						02/2024						10/2028									12.0						12.0						12.0			(2)(11)
																																																			15.4						15.4
Wellington-Altus Financial Inc. (15)(16)						Wealth management and advisory firm						First lien senior secured loan						9.11%			CORRA (Q)			5.00%						08/2024						08/2030									0.8						0.8						0.8			(2)(6)(11)
												Common stock																		08/2024												46,562									1.6						1.6			(2)(6)
																																																			2.4						2.4
																																																			2,400.2						2,644.8						19.81%
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						44.3
Aero Operating LLC						Provider of snow removal and melting service for airports and marine terminals						First lien senior secured loan						13.74%			SOFR (Q)			9.00%						02/2020						02/2026									36.2						36.2						30.8			(2)(11)
												First lien senior secured loan						13.59%			SOFR (Q)			9.00%						12/2021						02/2026									1.1						1.1						1.0			(2)(11)
																																																			37.3						31.8
AI Fire Buyer, Inc. and AI Fire Parent LLC (15)						Provider of fire safety and life safety services						First lien senior secured revolving loan						12.00%			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 (Q)			5.50%						03/2021						03/2027									3.9						3.9						3.9			(2)(11)
												First lien senior secured loan						10.17%			SOFR (Q)			5.50%						06/2022						03/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.66%			SOFR (S)			5.75%						11/2023						03/2027									6.2						6.2						6.2			(2)(11)

See accompanying notes to consolidated financial statements.

104

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Second lien senior secured loan						14.97% PIK			SOFR (Q)			10.75%						03/2021						09/2027									62.8						62.8						62.8			(2)(11)
												Second lien senior secured loan						15.25% PIK			SOFR (Q)			10.75%						05/2022						09/2027									14.2						14.2						14.2			(2)(11)
												Second lien senior secured loan						15.24% PIK			SOFR (S)			10.75%						06/2022						09/2027									13.7						13.7						13.7			(2)(11)
												Common units																		03/2021												46,990									4.7						17.9			(2)
																																																			106.7						119.9
Aldinger Company Inc (15)						Provider of outsourced calibration and repair services						First lien senior secured loan						9.61%			SOFR (M)			5.25%						07/2024						07/2027									32.0						32.0						31.7			(2)(11)
AMCP Clean Acquisition Company, LLC (15)						Provider of commercial laundry services						First lien senior secured loan						9.08%			SOFR (Q)			4.75%						02/2024						06/2028									10.3						10.2						10.3			(2)(11)
												First lien senior secured loan						9.08%			SOFR (M)			4.75%						11/2024						06/2028									0.4						0.3						0.3			(2)(11)
																																																			10.5						10.6
Applied Technical Services, LLC (15)						Provider engineering, testing, and inspection services to various industrial, commercial and consumer customers						First lien senior secured revolving loan						12.25%			Base Rate (Q)			4.75%						05/2022						12/2026									6.6						6.5						6.5			(2)(11)
												First lien senior secured loan						10.23%			SOFR (Q)			5.75%						05/2022						12/2026									1.0						1.0						1.0			(2)(11)
												First lien senior secured loan						10.48%			SOFR (Q)			6.00%						09/2023						12/2026									2.8						2.7						2.7			(2)(11)
												First lien senior secured loan						10.23%			SOFR (Q)			5.75%						01/2024						12/2026									2.6						2.5						2.5			(2)(11)
																																																			12.7						12.7
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						10.06%			SOFR (Q)			5.25%						04/2024						09/2028									53.2						53.2						53.2			(2)(6)(11)
												Senior subordinated loan						13.99% (7.00% PIK)			SOFR (Q)			9.25%						11/2021						11/2028									0.7						0.7						0.7			(2)(6)(11)
												Senior subordinated loan						12.75%			SOFR (Q)			8.25%						11/2021						11/2028									1.4						1.4						1.4			(2)(6)(11)
												Senior subordinated loan						13.96% (7.00% PIK)			SOFR (Q)			9.25%						08/2022						11/2028									6.8						6.7						6.8			(2)(6)(11)
																																																			62.0						62.1
ATI Restoration, LLC (15)						Provider of disaster recovery services						First lien senior secured revolving loan						10.22%			SOFR (Q)			5.50%						07/2020						07/2026									8.7						8.7						8.5			(2)(11)(14)
												First lien senior secured loan						10.17%			SOFR (Q)			5.50%						07/2020						07/2026									32.3						32.3						31.7			(2)(11)
												First lien senior secured loan						10.09%			SOFR (M)			5.50%						05/2022						07/2026									47.9						47.9						46.9			(2)(11)
												First lien senior secured loan						10.14%			SOFR (Q)			5.50%						09/2023						07/2026									10.4						10.4						10.2			(2)(11)
																																																			99.3						97.3
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)(11)(13)
												First lien senior secured loan						8.96%			SOFR (M)			4.50%						08/2024						11/2029									6.6						6.6						6.6			(2)(11)
												Second lien senior secured loan						12.96%			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						16.0			(2)

See accompanying notes to consolidated financial statements.

105

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			101.4						110.1
Compex Legal Services, Inc. (15)						Provider of outsourced litigated and non-litigated medical records retrieval services						First lien senior secured revolving loan						10.11%			SOFR (Q)			5.45%						05/2022						02/2025									1.8						1.8						1.8			(2)(11)
												First lien senior secured loan						10.73%			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						10.83% (3.00% PIK)			SOFR (Q)			6.50%						09/2024						09/2030									27.3						27.3						26.7			(2)(11)
Drogon Bidco Inc. & Drogon Aggregator LP (15)						Provider of fire safety and life safety services						First lien senior secured loan						9.36%			SOFR (M)			5.00%						08/2024						08/2031									19.8						19.8						19.7			(2)(11)
												Class A-2 common units																		08/2024												1,850,000									1.9						2.8			(2)
																																																			21.7						22.5
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						16.1			(2)
												Class B common stock																		08/2014												7,500									—						—			(2)
																																																			7.5						16.1
Duraserv LLC (15)						Provider of commercial loading dock maintenance and remodeling services						First lien senior secured loan						8.90%			SOFR (M)			4.50%						06/2024						06/2031									25.3						25.3						25.3			(2)(11)
Elevation Services Parent Holdings, LLC (15)						Elevator service platform						First lien senior secured revolving loan						10.68%			SOFR (Q)			6.00%						12/2020						12/2026									2.2						2.2						2.1			(2)(11)(14)
												First lien senior secured loan						10.74%			SOFR (Q)			6.00%						12/2020						12/2026									10.0						10.0						9.6			(2)(11)
												First lien senior secured loan						10.68%			SOFR (Q)			6.00%						05/2022						12/2026									14.0						14.0						13.4			(2)(11)
																																																			26.2						25.1
FlyWheel Acquireco, Inc. (15)						Professional employer organization offering human resources, compliance and risk management services						First lien senior secured revolving loan						10.86%			SOFR (M)			6.50%						05/2023						05/2028									5.5						5.5						5.5			(2)(11)
												First lien senior secured loan						10.86%			SOFR (M)			6.50%						05/2023						05/2030									52.0						52.0						52.0			(2)(11)
																																																			57.5						57.5
HH-Stella, Inc. and Bedrock Parent Holdings, LP (15)						Provider of municipal solid waste transfer management services						First lien senior secured revolving loan						9.98%			SOFR (Q)			5.50%						04/2021						04/2027									1.3						1.3						1.3			(2)(11)(14)
												First lien senior secured loan						9.98%			SOFR (Q)			5.50%						04/2021						04/2028									8.8						8.8						8.8			(2)(11)
												First lien senior secured loan						9.99%			SOFR (Q)			5.50%						09/2023						04/2028									21.8						21.8						21.8			(2)(11)
												First lien senior secured loan						9.98%			SOFR (Q)			5.50%						04/2024						04/2028									4.4						4.4						4.4			(2)(11)
												Class A units																		04/2021												32,982									3.3						3.3			(2)
																																																			39.6						39.6
HP RSS Buyer, Inc. (15)						Provider of road striping, and road safety related services						First lien senior secured loan						9.33%			SOFR (Q)			5.00%						12/2023						12/2029									17.0						17.0						17.0			(2)(11)
												First lien senior secured loan						9.08%			SOFR (Q)			4.75%						03/2024						12/2029									1.8						1.8						1.8			(2)(11)

See accompanying notes to consolidated financial statements.

106

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			18.8						18.8
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						9.36%			SOFR (M)			5.00%						08/2022						12/2027									2.9						2.9						2.9			(2)(11)(14)
												First lien senior secured loan						9.69%			SOFR (Q)			5.00%						08/2022						12/2028									150.7						150.7						150.7			(2)(11)
																																																			153.6						153.6
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						11.25%			Base Rate (Q)			3.75%						08/2022						08/2030									0.7						0.7						0.7			(2)(11)(14)
												First lien senior secured loan						9.13%			SOFR (M)			4.75%						08/2022						08/2031									4.9						4.9						4.9			(2)(11)
												First lien senior secured loan						9.25%			SOFR (M)			4.75%						08/2024						08/2031									3.9						3.9						3.9			(2)(11)
												Class A units																		09/2022												12,501									12.5						19.8			(2)
																																																			22.0						29.3
Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC (15)						Provider of janitorial and facilities management services						First lien senior secured loan						9.99% (3.50% PIK)			SOFR (Q)			5.25%						11/2019						11/2028									41.9						41.9						41.9			(2)(11)
												First lien senior secured loan						12.74% (7.00% PIK)			SOFR (Q)			8.00%						12/2023						11/2028									13.8						13.0						13.8			(2)(11)
												Preferred units																		03/2024												4,042,767									7.7						1.4			(2)
												Class A common units																		03/2024												4,042,767									—						—			(2)
																																																			62.6						57.1
Kings Buyer, LLC (15)						Provider of comprehensive outsourced waste management consolidation services						First lien senior secured revolving loan						11.50%			Base Rate (Q)			4.00%						09/2023						10/2027									0.4						0.4						0.4			(2)(11)
												First lien senior secured loan						9.68%			SOFR (Q)			5.25%						09/2023						10/2027									16.3						16.3						16.3			(2)(11)
																																																			16.7						16.7
KPS Global LLC and Cool Group LLC (15)						Manufacturer of walk-in cooler and freezer systems						First lien senior secured loan						9.11%			SOFR (M)			4.75%						09/2024						09/2030									5.2						5.2						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						10.23% (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						12.25% (4.00% PIK)			Base Rate (Q)			4.75%						07/2021						07/2029									9.5						9.5						7.6			(2)(11)
												First lien senior secured loan						9.07% (4.00% PIK)			CORRA (Q)			6.50%						10/2019						07/2029									22.6						24.5						18.1			(2)(11)
												First lien senior secured loan						10.23% (4.00% PIK)			SOFR (Q)			5.75%						10/2019						07/2029									17.0						17.0						13.6			(2)(11)
												First lien senior secured loan						10.23% (4.00% PIK)			SOFR (Q)			5.75%						10/2020						07/2029									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.23% (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)
																																																			60.8						43.5
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (15)						Provider of human resources and workforce management solutions						First lien senior secured loan						10.09%			SOFR (S)			5.00%						07/2024						07/2031									19.1						19.1						18.8			(2)(11)
												Class A common units																		07/2024												1,205,000									1.2						1.1			(2)
																																																			20.3						19.9

See accompanying notes to consolidated financial statements.

107

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Lightbeam Bidco, Inc. (15)						Provider of yard management services						First lien senior secured revolving loan																		05/2023						05/2029									—						—						—			(2)(11)(13)
												First lien senior secured loan						9.33%			SOFR (Q)			5.00%						05/2023						05/2030									5.2						5.2						5.2			(2)(11)
												First lien senior secured loan						9.37%			SOFR (Q)			5.00%						11/2023						05/2030									3.4						3.4						3.4			(2)(11)
																																																			8.6						8.6
LJP Purchaser, Inc. and LJP Topco, LP (15)						Provider of non-hazardous solid waste and recycling services						First lien senior secured loan						10.68%			SOFR (M)			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									6.2						6.8			(2)
																																																			15.8						16.4
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc.						Keg management solutions provider						First lien senior secured loan						11.83%			SOFR (Q)			7.50%						12/2024						12/2029									68.1						68.1						67.4			(2)(11)
												First lien senior secured loan						11.83%			SOFR (Q)			7.50%						12/2024						12/2029									68.1						68.1						67.4			(2)(11)
												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						10.3			(2)
																																																			158.4						165.4
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						11.21%			SOFR (Q)			6.50%						11/2020						06/2025									1.5						1.5						1.5			(2)(11)
												First lien senior secured loan						11.24%			SOFR (Q)			6.50%						11/2020						06/2025									6.1						6.1						6.0			(2)(11)
												First lien senior secured loan						11.24%			SOFR (Q)			6.50%						12/2021						06/2025									2.3						2.3						2.2			(2)(11)
												First lien senior secured loan						11.24%			SOFR (Q)			6.50%						05/2022						06/2025									1.3						1.3						1.3			(2)(11)
																																																			11.2						11.0
NBLY 2021-1 and KKR Nest Co-Invest L.P.						Operator of multiple franchise concepts primarily related to home maintenance or repairs						Limited partner interest																		09/2021												9,725,000									9.7						12.1			(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 revolving loan																		10/2022						10/2027									—						—						—			(2)(13)
												First lien senior secured loan						9.51%			SOFR (Q)			4.75%						10/2022						10/2028									80.7						76.2						72.1			(2)(11)(18)
												First lien senior secured loan						9.76%			SOFR (Q)			5.00%						10/2022						04/2029									97.8						91.8						87.5			(2)(11)(18)
												First lien senior secured notes						9.29%												11/2022						04/2029									52.8						51.8						49.1			(2)(18)
												Second lien senior secured loan						14.51%			SOFR (Q)			9.75%						10/2022						10/2029									227.5						227.4						216.2			(2)(11)
												Limited partnership interests																		10/2022												4,040,000									4.1						6.1			(2)
																																																			451.3						431.0
North Haven Stack Buyer, LLC (15)						Provider of environmental testing services						First lien senior secured revolving loan						9.71%			SOFR (Q)			5.25%						07/2021						07/2027									1.3						1.3						1.3			(2)(11)
												First lien senior secured loan						9.78%			SOFR (Q)			5.25%						07/2021						07/2027									9.7						9.7						9.7			(2)(11)
												First lien senior secured loan						9.58%			SOFR (Q)			5.25%						08/2023						07/2027									4.0						4.0						4.0			(2)(11)

See accompanying notes to consolidated financial statements.

108

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.74%			SOFR (Q)			5.25%						06/2024						07/2027									2.2						2.2						2.2			(2)(11)
												First lien senior secured loan						9.36%			SOFR (Q)			5.00%						06/2024						07/2027									3.9						3.8						3.9			(2)(11)
																																																			21.0						21.1
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC						Solid waste services provider						First lien senior secured loan						12.59% (2.00% PIK)			SOFR (Q)			8.00%						08/2023						08/2029									34.5						34.1						32.8			(2)(11)
												First lien senior secured loan						12.59% (2.00% PIK)			SOFR (Q)			8.00%						06/2024						08/2029									11.0						10.2						10.4			(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)
																																																			45.8						50.2
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC (15)						Provider of janitorial and facilities management services						First lien senior secured loan						10.28%			SOFR (Q)			5.75%						10/2021						10/2027									67.0						67.0						65.9			(2)(11)
												First lien senior secured loan						10.53%			SOFR (S)			6.00%						11/2023						10/2027									12.2						12.2						12.2			(2)(11)
												Class A units																		10/2021												8,749,201									9.0						7.7			(2)
																																																			88.2						85.8
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									6.8						6.4						2.6			(2)(10)
												First lien senior secured loan																		12/2021						12/2026									17.2						15.5						6.5			(2)(10)
												Common unit																		12/2021												279,200									7.4						—			(2)
																																																			29.3						9.1
PSC Parent, Inc. (15)						Provider of operational services for US petrochemical and refining companies						First lien senior secured revolving loan						9.64%			SOFR (M)			5.25%						04/2024						04/2030									3.4						3.4						3.4			(2)(11)(14)
												First lien senior secured loan						9.71%			SOFR (M)			5.25%						04/2024						04/2031									49.4						49.4						49.4			(2)(11)
																																																			52.8						52.8
PYE-Barker Fire & Safety, LLC (15)						Provider of fire protection services and products						First lien senior secured revolving loan						8.83%			SOFR (Q)			4.50%						05/2024						05/2030									0.5						0.5						0.5			(2)(11)
												First lien senior secured loan						8.83%			SOFR (Q)			4.50%						05/2024						05/2031									12.7						12.7						12.7			(2)(11)
																																																			13.2						13.2
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						16.0			(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 revolving loan						9.55%			SOFR (M)			5.00%						08/2021						08/2027									5.4						5.4						5.4			(2)(11)

See accompanying notes to consolidated financial statements.

109

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.66%			SOFR (Q)			5.00%						08/2021						08/2027									2.7						2.7						2.7			(2)(11)
												Limited partner interests																		08/2021												1.13%									2.7						2.7			(2)
																																																			10.8						10.8
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						10.17%			SOFR (Q)			5.50%						07/2021						07/2027									1.0						1.0						1.0			(2)(11)
												First lien senior secured loan						10.16%			SOFR (Q)			5.50%						07/2021						07/2027									16.6						16.6						16.6			(2)(11)
																																																			17.6						17.6
Saturn Purchaser Corp.						Private aviation management company						First lien senior secured loan						9.81%			SOFR (Q)			5.25%						07/2023						07/2029									1.7						1.7						1.7			(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						10.21%			SOFR (M)			5.75%						12/2021						12/2027									0.6						0.6						0.6			(2)(11)
												First lien senior secured loan						10.21%			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						31.4			(2)
																																																			25.5						35.4
Shermco Intermediate Holdings, Inc. (15)						Provider of electrician services						First lien senior secured revolving loan						9.90%			SOFR (Q)			5.00%						05/2022						12/2026									2.3						2.2						2.3			(2)
												First lien senior secured loan						10.09%			SOFR (S)			5.00%						05/2022						12/2026									5.1						5.1						5.1			(2)(11)
												First lien senior secured loan						9.60%			SOFR (S)			5.00%						09/2023						12/2026									1.3						1.3						1.3			(2)(11)
																																																			8.6						8.7
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						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									—						—
SV Newco 2, Inc. and Site 2020 Incorporated (15)						Provider of outsourced traffic control safety services						First lien senior secured loan						9.26%			SOFR (Q)			4.75%						05/2024						06/2031									22.5						22.5						22.5			(2)(6)(11)
Systems Planning and Analysis, Inc. (15)						Provider of systems engineering and technical assistance						First lien senior secured loan						9.28%			SOFR (S)			5.00%						05/2022						08/2027									1.0						1.0						1.0			(2)(11)
The Hiller Companies, LLC (15)						Provider of fire protection and life safety products						First lien senior secured loan						9.36%			SOFR (M)			5.00%						06/2024						06/2030									41.5						41.5						41.5			(2)(11)
Thermostat Purchaser III, Inc. (15)						Provider of commercial HVAC equipment maintenance and repair services						First lien senior secured revolving loan						8.11%			SOFR (Q)			3.50%						08/2021						08/2028									2.4						2.4						2.4			(2)(14)
												First lien senior secured revolving loan						10.00%			Base Rate (Q)			2.50%						08/2021						08/2028									1.2						1.2						1.2			(2)(14)

See accompanying notes to consolidated financial statements.

110

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Second lien senior secured loan						11.91%			SOFR (Q)			7.25%						08/2021						08/2029									23.0						23.0						23.0			(2)(11)
																																																			26.6						26.6
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						10.23%			SOFR (M)			5.50%						07/2023						06/2029									2.1						2.1						2.1			(2)(11)
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																		03/2024						03/2030									—						—						—			(2)(11)(13)
												First lien senior secured loan						9.58%			SOFR (Q)			5.25%						03/2024						03/2031									4.8						4.8						4.8			(2)(11)
												Common units																		03/2024												60,470									6.0						5.5			(2)
												Common units																		09/2024												3,918									0.3						0.4			(2)
																																																			11.1						10.7
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						10.43%			SOFR (Q)			5.75%						11/2023						11/2029									55.9						55.9						55.9			(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						11.66% (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									47.2						45.1			(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)
																																																			84.4						78.7
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						5.2			(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						9.58%			SOFR (Q)			5.25%						05/2024						05/2030									17.3						17.3						17.1			(2)(11)
												Class A preferred units						10.00% PIK												05/2024												9,260									1.0						0.9
												Class A common units																		05/2024												862									—						—
																																																			18.3						18.0
Wash Encore Holdings, LLC						Provider of outsourced healthcare linen management solutions						First lien senior secured loan						10.96%			SOFR (M)			6.50%						07/2021						07/2027									96.5						96.5						96.5			(2)(11)
												First lien senior secured loan						10.96%			SOFR (M)			6.50%						07/2024						07/2027									16.6						16.4						16.6			(2)(11)
																																																			112.9						113.1
XIFIN, Inc. and ACP Charger Co-Invest LLC (15)						Revenue cycle management provider to labs						First lien senior secured revolving loan						11.23%			SOFR (Q)			6.75%						02/2020						02/2026									5.7						5.7						5.3			(2)(11)
												First lien senior secured loan						11.23%			SOFR (Q)			6.75%						07/2021						02/2026									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.23%			SOFR (Q)			6.75%						12/2021						02/2026									37.0						36.8						34.4			(2)(11)
												Class A units																		02/2020												180,000									1.8						1.7			(2)
												Class B units																		12/2021												46,363									0.9						0.8			(2)

See accompanying notes to consolidated financial statements.

111

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Class C units																		06/2024												238									0.2						0.2			(2)
																																																			45.5						42.5
Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. (15)						Provider of recurring fire protection services						First lien senior secured revolving loan																		07/2024						07/2031									—						—						—			(2)(11)(13)
												First lien senior secured loan						9.08%			SOFR (Q)			4.75%						07/2024						07/2031									37.7						37.7						37.3			(2)(11)
																																																			37.7						37.3
																																																			2,486.8						2,510.0						18.80%
Insurance
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. (15)						Insurance broker						First lien senior secured loan						9.32%			SOFR (Q)			4.75%						11/2019						11/2029									37.6						37.5						37.6			(2)(11)
												First lien senior secured loan						9.26%			SOFR (Q)			4.75%						08/2023						11/2029									10.2						10.3						10.2			(2)(11)
												First lien senior secured loan						9.15%			SOFR (Q)			4.75%						11/2023						11/2029									0.3						0.3						0.3			(2)(11)
												First lien senior secured loan						9.33%			SOFR (Q)			4.75%						08/2024						11/2029									2.2						2.2						2.2			(2)(11)
																																																			50.3						50.3
Acrisure, LLC						Independent property and casualty insurance brokerage						First lien senior secured loan						7.36%			SOFR (M)			3.00%						10/2023						11/2030									0.2						0.2						0.2			(2)(18)
Alera Group, Inc. (15)						Insurance service provider						First lien senior secured loan						9.61%			SOFR (M)			5.25%						09/2021						10/2028									46.0						46.0						46.0			(2)(11)
												First lien senior secured loan						10.09%			SOFR (M)			5.75%						11/2023						10/2028									11.3						11.3						11.3			(2)(11)
																																																			57.3						57.3
AQ Sunshine, Inc. (15)						Specialized insurance broker						First lien senior secured revolving loan						9.58%			SOFR (Q)			5.25%						07/2024						07/2030									1.1						1.1						1.0			(2)(11)(14)
												First lien senior secured loan						10.33%			SOFR (Q)			5.25%						07/2024						07/2031									102.7						102.7						101.7			(2)(11)
																																																			103.8						102.7
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									25.2						26.3						25.2			(2)(6)
												First lien senior secured loan						9.90%			SOFR (S)			4.75%						02/2024						02/2031									76.6						76.6						76.6			(2)(6)(11)
																																																			102.9						101.8
Benecon Midco II LLC and Benecon Holdings, LLC (15)						Employee benefits provider for small and mid-size employers						First lien senior secured loan						9.82%			SOFR (Q)			5.50%						01/2024						01/2031									83.1						83.1						83.1			(2)(11)
												Class A units																		01/2024												7,796,550									27.1						28.9
																																																			110.2						112.0
Captive Resources Midco, LLC (15)						Provider of independent consulting services to member-owned group captives						First lien senior secured loan						9.11%			SOFR (M)			4.75%						07/2022						07/2029									6.0						6.0						6.0			(2)(11)
Daylight Beta Parent LLC and CFCo, LLC (4)						Health insurance sales platform provider						First lien senior secured loan																		09/2023						09/2033									13.2						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
Diamond Mezzanine 24 LLC (15)						Property and casualty insurance underwriting and distribution platform						First lien senior secured revolving loan						11.50%			Base Rate (Q)			4.00%						10/2024						10/2030									1.0						1.0						1.0			(2)(11)
												First lien senior secured loan						9.59%			SOFR (Q)			5.00%						10/2024						10/2030									14.0						14.0						13.8			(2)(11)
																																																			15.0						14.8

See accompanying notes to consolidated financial statements.

112

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (15)(16)						Managing general agent insurance distribution platform						First lien senior secured loan						9.67%			SOFR (Q)			5.25%						12/2023						12/2030									17.1						17.1						17.1			(2)(6)(11)
												Limited partnership interest																		03/2024												1,348,309									1.3						1.8			(2)(6)
																																																			18.4						18.9
Foundation Risk Partners, Corp. (15)						Full service independent insurance agency						First lien senior secured loan						9.58%			SOFR (Q)			5.25%						10/2021						10/2030									78.6						78.6						78.6			(2)(11)
												First lien senior secured loan						9.58%			SOFR (Q)			5.25%						04/2022						10/2030									9.3						9.3						9.3			(2)(11)
												First lien senior secured loan						9.58%			SOFR (Q)			5.25%						11/2023						10/2030									17.4						17.4						17.4			(2)(11)
												First lien senior secured loan						9.58%			SOFR (Q)			5.25%						05/2024						10/2030									8.4						8.4						8.4			(2)(11)
																																																			113.7						113.7
Galway Borrower LLC (15)						Insurance service provider						First lien senior secured revolving loan						8.82%			SOFR (Q)			4.50%						09/2021						09/2028									0.9						0.9						0.9			(2)(11)(14)
												First lien senior secured loan						8.83%			SOFR (S)			4.50%						09/2021						09/2028									31.3						31.3						31.3			(2)(11)
																																																			32.2						32.2
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. (15)						Insurance broker						First lien senior secured loan						8.54%			CORRA (Q)			5.25%						03/2024						03/2031									9.3						9.8						9.3			(2)(6)(11)
Higginbotham Insurance Agency, Inc. (15)						Independent retail insurance broker						First lien senior secured loan						8.86%			SOFR (M)			4.50%						08/2023						11/2028									5.3						5.3						5.3			(2)(11)
												First lien senior secured loan						9.11%			SOFR (M)			4.75%						03/2024						11/2028									1.5						1.5						1.5			(2)(11)
												Series A preferred shares						11.00% PIK												12/2024												1,000									1.0						1.0			(2)
																																																			7.8						7.8
High Street Buyer, Inc. and High Street Holdco LLC (15)(16)						Insurance brokerage platform						First lien senior secured loan						9.58%			SOFR (Q)			5.25%						04/2021						04/2028									22.3						22.3						22.3			(2)(11)
												First lien senior secured loan						9.58%			SOFR (Q)			5.25%						08/2021						04/2028									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						9.67%			SOFR (Q)			5.25%						02/2022						04/2028									28.8						28.8						28.8			(2)(11)
												Series A preferred units						10.00% PIK												04/2021												172,211,694									224.7						222.5			(2)
												Series A preferred units						10.00% PIK												12/2023												20,106,667									22.4						22.2			(2)
												Series A preferred units						10.00% PIK												04/2024												1,386,667									1.5						1.5			(2)
												Series A preferred units						10.00% PIK												07/2024												4,506,667									4.7						4.7			(2)
												Series A common units						10.00% PIK												04/2021												5,562,381									9.1						15.2			(2)
												Series C common units						10.00% PIK												04/2021												10,043,368									2.7						27.4			(2)
																																																			316.3						344.7
Inszone Mid, LLC and INSZ Holdings, LLC (15)						Insurance brokerage firm						First lien senior secured loan						10.06%			SOFR (Q)			5.75%						12/2023						11/2029									24.7						24.7						24.7			(2)(11)
												First lien senior secured loan						12.25%			Base Rate (Q)			4.75%						12/2023						11/2029									0.1						0.1						0.1			(2)(11)
												Limited partnership interests																		11/2022												2,146,088									1.7						2.7
												Common units																		11/2023												8,473,000									8.5						10.7
																																																			35.0						38.2
Keystone Agency Partners LLC (15)						Insurance brokerage platform						First lien senior secured revolving loan						9.33%			SOFR (Q)			5.00%						12/2023						05/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						9.33%			SOFR (Q)			5.00%						12/2023						05/2027									12.0						11.9						12.0			(2)(11)

See accompanying notes to consolidated financial statements.

113

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.33%			SOFR (Q)			5.00%						08/2024						05/2027									6.5						6.4						6.5			(2)(11)
																																																			18.4						18.6
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (15)						Insurance brokerage platform						First lien senior secured revolving loan						10.09%			SOFR (M)			5.75%						11/2023						11/2029									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						10.23%			SOFR (M)			5.75%						11/2023						11/2029									8.8						8.8						8.8			(2)(11)
												Class A-2 units																		11/2023												115,928									2.3						2.1			(2)
																																																			11.3						11.1
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 revolving loan						9.46%			SOFR (M)			5.00%						10/2021						10/2028									1.1						1.1						1.1			(2)(11)
												First lien senior secured loan						9.48%			SOFR (Q)			5.00%						10/2021						10/2028									15.7						15.5						15.7			(2)(11)
																																																			16.6						16.8
People Corporation (15)						Provider of group benefits, group retirement and human resources services						First lien senior secured revolving loan						9.25%			CORRA (Q)			5.25%						02/2021						02/2027									3.5						3.7						3.5			(2)(6)(11)
												First lien senior secured loan						9.06%			CORRA (Q)			5.25%						02/2021						02/2028									40.4						45.7						40.4			(2)(6)(11)
												First lien senior secured loan						9.06%			CORRA (Q)			5.25%						09/2021						02/2028									23.6						25.4						23.6			(2)(6)(11)
												First lien senior secured loan						9.05%			CORRA (Q)			5.25%						09/2023						02/2028									11.5						12.1						11.5			(2)(6)(11)
																																																			86.9						79.0
Riser Topco II, LLC (15)						Insurance program administrator						First lien senior secured loan						10.70%			SONIA (Q)			6.00%						10/2023						10/2029									1.1						1.0						1.1			(2)(11)
												First lien senior secured loan						10.33%			SOFR (Q)			6.00%						10/2023						10/2029									7.5						7.5						7.5			(2)(11)
												First lien senior secured loan						9.46%			SOFR (S)			5.00%						05/2024						10/2029									9.0						9.0						9.0			(2)(11)
												First lien senior secured loan						9.70%			SONIA (Q)			5.00%						05/2024						10/2029									3.0						3.0						2.9			(2)(11)
																																																			20.5						20.5
SageSure Holdings, LLC and SageSure LLC (15)						Insurance service provider						First lien senior secured loan						9.59%			SOFR (Q)			5.00%						08/2024						01/2030									26.0						26.0						26.0			(2)(11)
												Series A units																		02/2022												886									19.6						74.5
																																																			45.6						100.5
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						9.57%			CORRA (Q)			6.25%						06/2022						08/2026									19.2						20.4						19.2			(2)(6)(11)
SelectQuote, Inc. and SQ ABS Issuer, LLC						Direct to consumer insurance distribution platform						First lien senior secured notes						9.65%												10/2024						10/2039									1.8						1.8						1.8			(2)
												First lien senior secured notes						7.80%												10/2024						10/2039									2.7						2.7						2.7			(2)
												First lien senior secured loan						13.96% (3.00% PIK)			SOFR (M)			9.50%						10/2024						09/2027									16.9						15.5						15.4			(2)(11)
												Warrant to purchase shares of common stock																		10/2024						10/2028						179,068									—						—			(2)
																																																			20.0						19.9
SG Acquisition, Inc. (15)						Provider of insurance solutions for car sales						First lien senior secured loan						9.36%			SOFR (Q)			4.75%						04/2024						04/2030									47.0						47.0						47.0			(2)(11)

See accompanying notes to consolidated financial statements.

114

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
SIG Parent Holdings, LLC (15)						Independent insurance brokerage						First lien senior secured loan						9.36%			SOFR (M)			5.00%						08/2024						08/2031									56.4						56.4						55.9			(2)(11)
Spring Insurance Solutions, LLC						Technology-based direct to consumer sales and marketing platform for insurance products						First lien senior secured loan						10.98%			SOFR (Q)			6.50%						11/2020						11/2025									21.8						21.6						20.1			(2)(11)
THG Acquisition, LLC (15)						Multi-line insurance broker						First lien senior secured revolving loan						9.11%			SOFR (M)			4.75%						10/2024						10/2031									1.6						1.6						1.6			(2)(11)(14)
												First lien senior secured loan						9.11%			SOFR (M)			4.75%						10/2024						10/2031									143.4						143.4						141.9			(2)(11)
																																																			145.0						143.5
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC (15)						Insurance brokerage firm						First lien senior secured loan						7.08%			SOFR (Q)			2.75%						03/2024						05/2031									0.1						0.1						0.1			(2)(18)
World Insurance Associates, LLC and World Associates Holdings, LLC (15)						Insurance service provider						First lien senior secured loan						10.08%			SOFR (Q)			5.75%						10/2023						04/2028									8.9						8.9						8.9			(2)(11)
																																																			1,510.1						1,573.5						11.78%
Consumer 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						9.28%			SOFR (Q)			4.50%						07/2023						09/2028									16.3						16.3						16.3			(2)(11)
												Second lien senior secured loan						11.78%			SOFR (Q)			7.00%						09/2021						09/2029									29.5						29.5						29.5			(2)(11)
												Class A preferred units						8.00% PIK												09/2021						08/2051						5,484									7.1						11.4			(2)
												Series A preferred shares						11.00% PIK												09/2021						08/2051						21,921									31.6						31.6			(2)
																																																			84.5						88.8
Bamboo Purchaser, Inc.						Provider of nursery, garden, and greenhouse products						First lien senior secured loan						10.98%			SOFR (Q)			6.50%						11/2021						11/2027									17.6						17.6						15.8			(2)(11)
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						8.51%			SOFR (Q)			4.00%						05/2024						05/2030									10.5						10.5						10.5			(2)(11)
												First lien senior secured loan						9.51%			SOFR (Q)			5.00%						05/2024						05/2031									41.2						41.2						41.2			(2)(11)
																																																			51.7						51.7
BR PJK Produce, LLC						Specialty produce distributor						First lien senior secured loan						10.71%			SOFR (Q)			6.25%						12/2023						11/2027									4.0						4.0						4.0			(2)(11)
												First lien senior secured loan						10.99%			SOFR (Q)			6.25%						09/2024						11/2027									0.7						0.7						0.7			(2)(11)
																																																			4.7						4.7
BradyPlus Holdings, LLC (15)						Distributor of foodservice disposables and janitorial sanitation products						First lien senior secured loan						9.52%			SOFR (M)			5.00%						10/2023						10/2029									127.9						127.9						127.9			(2)(11)
												First lien senior secured loan						9.40%			SOFR (Q)			5.00%						10/2023						10/2029									0.8						0.8						0.8			(2)(11)
																																																			128.7						128.7
City Line Distributors LLC and City Line Investments LLC (15)						Specialty food distributor						First lien senior secured loan						10.48%			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									4.6						4.5			(2)
																																																			9.0						8.9

See accompanying notes to consolidated financial statements.

115

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
DecoPac, Inc. and KCAKE Holdings Inc. (15)						Supplier of cake decorating solutions and products to in-store bakeries						First lien senior secured revolving loan						9.86%			SOFR (M)			5.50%						05/2021						05/2030									4.6						4.6						4.6			(2)(11)
												First lien senior secured loan						9.83%			SOFR (Q)			5.50%						09/2024						05/2030									171.8						171.8						171.8			(2)(11)
												Common stock																		05/2021												9,599									7.4						12.0			(2)
																																																			183.8						188.4
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (15)						Provider of visual communications solutions						First lien senior secured revolving loan						10.46%			SOFR (M)			6.00%						03/2019						03/2026									0.6						0.6						0.6			(2)(11)
												First lien senior secured loan						10.46%			SOFR (M)			6.00%						03/2019						03/2026									15.4						15.4						15.4			(2)(11)
												First lien senior secured loan						10.46%			SOFR (M)			6.00%						08/2019						03/2026									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.46%			SOFR (M)			6.00%						06/2021						03/2026									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.46%			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
FS Squared Holding Corp. and FS Squared, LLC (15)						Provider of on-site vending and micro market solutions						First lien senior secured revolving loan						9.11%			SOFR (M)			4.75%						12/2024						12/2030									5.2						5.2						5.1			(2)(11)(14)
												First lien senior secured loan						9.11%			SOFR (M)			4.75%						12/2024						12/2030									52.7						52.7						51.8			(2)(11)
												Class A units																		03/2019												113,219									11.1						39.3			(2)
																																																			69.0						96.2
GPM Investments, LLC and ARKO Corp.						Convenience store operator						Common stock																		12/2020												2,088,478									19.8						13.7			(18)
												Warrant to purchase common stock																		12/2020						12/2025						1,088,780									1.6						0.5			(2)(18)
																																																			21.4						14.2
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						8.90%			SOFR (M)			4.50%						11/2023						11/2029									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.39%			SOFR (M)			6.00%						11/2023						11/2029									5.2						5.2						5.2			(2)(11)
												Limited partnership interest																		11/2023												5,441,000									5.9						5.4			(2)
																																																			11.2						10.7
JWC/KI Holdings, LLC						Foodservice sales and marketing agency						Membership units																		11/2015												5,000									5.0						13.2			(2)
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (16)						Distributor of specialty foods						First lien senior secured loan						11.21%			SOFR (Q)			6.50%						10/2022						10/2028									39.4						39.4						37.9			(2)(11)
												Limited partnership interests																		10/2022												9,683,991									9.7						5.3			(2)
																																																			49.1						43.2
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC						Distributor of OEM appliance aftermarket parts						First lien senior secured loan						11.74% (3.25% PIK)			SOFR (Q)			7.00%						06/2021						06/2028									0.4						0.4						0.3			(2)(11)
												First lien senior secured loan						11.74% (3.25% PIK)			SOFR (Q)			7.00%						12/2021						06/2028									0.2						0.2						0.2			(2)(11)
												Class A common units																		06/2021												5,796									6.1						0.4			(2)
																																																			6.7						0.9

See accompanying notes to consolidated financial statements.

116

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP (15)						Auto parts retailer						First lien senior secured revolving loan						7.60%			SOFR (M)			3.25%						05/2021						05/2026									18.4						18.4						18.4			(2)(14)
												Series A preferred stock						7.00% PIK												05/2021												68,601									88.4						88.4			(2)
												Class A-1 units																		05/2021												24,586									24.6						34.6			(2)
																																																			131.4						141.4
McKenzie Creative Brands, LLC (15)						Designer, manufacturer and distributor of hunting-related supplies						First lien senior secured revolving loan						11.21%			SOFR (M)			6.75%						09/2014						09/2025									1.4						1.4						1.4			(2)(11)
												First lien senior secured loan						11.21%			SOFR (M)			6.75%						09/2014						09/2025									84.5						84.5						84.5			(2)(8)(11)
												First lien senior secured loan						11.21%			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)
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						28.9
Mountaineer Merger Corporation (15)						Discount retailer that specialized in apparel, housewares, accessories, and a selection of other products						First lien senior secured revolving loan						9.33%			SOFR (Q)			5.00%						10/2024						10/2027									9.7						9.5						9.5			(2)
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (15)						Produce distribution platform						First lien senior secured revolving loan																		05/2023						05/2029									—						—						—			(2)(11)(13)
												First lien senior secured loan						10.75%			SOFR (M)			6.25%						05/2023						05/2029									9.6						9.6						9.6			(2)(11)
												Class B limited liability company interest																		05/2023												3.64%									9.6						8.3			(2)
																																																			19.2						17.9
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																		05/2021						05/2027									27.6						27.2						18.0			(2)(10)
												Class A units																		05/2021												50,000									5.0						—
																																																			32.2						18.0
Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc. (15)						Distributor and marketer of personal care products						First lien senior secured loan						9.33%			SOFR (M)			5.00%						05/2024						05/2030									54.9						54.9						54.9			(2)(6)(11)
												Class B common stock						8.00% PIK												05/2024												2,215									2.2						3.9			(2)(6)
																																																			57.1						58.8
Reddy Ice LLC (15)						Packaged ice manufacturer and distributor						First lien senior secured revolving loan																		04/2024						04/2029									—						—						—			(2)(11)(13)
												First lien senior secured loan						9.34%			SOFR (S)			4.75%						04/2024						04/2029									273.5						273.5						273.5			(2)(11)
																																																			273.5						273.5

See accompanying notes to consolidated financial statements.

117

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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)(11)(13)
												First lien senior secured loan						9.77%			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									2.4						4.2
																																																			23.3						24.8
SCIH Salt Holdings Inc. (15)						Salt and packaged ice melt manufacturer and distributor						First lien senior secured revolving loan						8.03%			CORRA (S)			3.50%						03/2020						11/2028									4.1						4.1						4.1			(2)(11)
												First lien senior secured revolving loan						8.03%			SOFR (Q)			3.50%						03/2020						11/2028									2.1						2.0						2.1			(2)(11)
																																																			6.1						6.2
SFE Intermediate Holdco LLC						Provider of outsourced foodservice to K-12 school districts						First lien senior secured loan						10.48%			SOFR (Q)			6.00%						07/2017						07/2026									6.1						6.1						6.1			(2)(11)
												First lien senior secured loan						10.48%			SOFR (Q)			6.00%						09/2018						07/2026									9.8						9.8						9.8			(2)(11)
												First lien senior secured loan						10.48%			SOFR (Q)			6.00%						03/2022						07/2026									0.4						0.4						0.4			(2)(11)
																																																			16.3						16.3
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						9.86%			SOFR (M)			5.50%						06/2021						07/2030									31.4						31.4						31.4			(2)(11)
												First lien senior secured loan						9.86%			SOFR (M)			5.50%						06/2022						07/2030									0.5						0.5						0.5			(2)(11)
												First lien senior secured loan						9.86%			SOFR (M)			5.50%						03/2023						07/2030									6.1						6.1						6.1			(2)(11)
												First lien senior secured loan						9.86%			SOFR (M)			5.50%						05/2024						07/2030									12.7						12.7						12.7			(2)(11)
												First lien senior secured loan						9.95%			SOFR (M)			5.50%						08/2024						07/2030									5.4						5.4						5.4			(2)(11)
												Common stock																		06/2021												75,990									7.6						16.3			(2)
																																																			63.7						72.4
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						9.73%			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						1.2			(2)
																																																			26.1						26.5
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (15)(16)						Fresh and specialty food distributor						First lien senior secured revolving loan																		02/2023						01/2029									—						—						—			(2)(11)(13)
												First lien senior secured loan						10.50%			SOFR (Q)			6.25%						02/2023						01/2029									8.2						8.2						7.9			(2)(11)
												Common units																		01/2023												1,673,000									1.7						0.4
																																																			9.9						8.3
ZB Holdco LLC and ZB TopCo LLC (15)						Distributor of Mediterranean food and beverages						First lien senior secured revolving loan						9.98%			SOFR (Q)			5.50%						02/2022						02/2028									5.0						5.0						5.0			(2)(11)(14)
												First lien senior secured loan						9.98%			SOFR (Q)			5.50%						02/2022						02/2028									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						10.00%			SOFR (Q)			5.50%						08/2023						02/2028									8.6						8.6						8.6			(2)(11)
												First lien senior secured loan						10.03%			SOFR (Q)			5.50%						03/2024						02/2028									7.7						7.7						7.7			(2)(11)
												Series A units																		06/2023												4,699									4.0						6.9			(2)
																																																			25.5						28.4

See accompanying notes to consolidated financial statements.

118

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			1,488.8						1,513.8						11.34%
Consumer Services
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. (5)						Restaurant owner and operator						First lien senior secured loan																		12/2016						08/2022									12.6						—						—			(2)(10)
Aimbridge Acquisition Co., Inc.						Hotel operator						Second lien senior secured loan																		02/2019						02/2027									22.5						22.1						4.5			(2)(10)
American Residential Services L.L.C. and Aragorn Parent Holdings LP (15)						Heating, ventilation and air conditioning services provider						First lien senior secured revolving loan						7.96%			SOFR (M)			3.50%						10/2020						07/2027									1.6						1.6						1.6			(2)
												First lien senior secured revolving loan						10.00%			Base Rate (Q)			2.50%						10/2020						07/2027									1.1						1.1						1.1			(2)
												Second lien senior secured loan						12.97%			SOFR (M)			8.50%						10/2020						10/2028									5.9						5.9						5.9			(2)(11)
												Series A preferred units						10.00% PIK												10/2020												2,531,500									3.8						6.2			(2)
																																																			12.4						14.8
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						9.51%			SOFR (Q)			5.00%						10/2023						10/2029									5.9						5.9						5.9			(2)(11)(14)
												First lien senior secured loan						9.52%			SOFR (Q)			5.00%						09/2024						10/2030									198.3						198.1						198.3			(2)(11)
												Series B common units																		10/2023												262,165									7.2						9.4
																																																			211.2						213.6
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						10.62%			SOFR (Q)			6.00%						12/2021						12/2027									0.7						0.7						0.6			(2)(11)
												First lien senior secured loan						12.70% (7.00% PIK)			SOFR (Q)			8.00%						12/2021						12/2027									3.3						3.3						3.0			(2)(11)
												First lien senior secured loan						12.68% (7.25% PIK)			SOFR (Q)			8.25%						03/2023						12/2027									1.6						1.6						1.4			(2)(11)
												First lien senior secured loan						12.72% (7.25% PIK)			SOFR (Q)			8.25%						03/2023						12/2027									4.9						4.9						4.5			(2)(11)
												Class A units																		12/2021												4,296									4.3						1.1
																																																			14.8						10.6
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (15)						Provider of commercial HVAC equipment maintenance and repair services						First lien senior secured revolving loan						9.28%			SOFR (Q)			4.75%						05/2022						05/2028									3.4						3.4						3.4			(2)(11)
												First lien senior secured loan						9.08%			SOFR (Q)			4.75%						05/2022						05/2028									30.7						30.7						30.7			(2)(11)
												First lien senior secured loan						9.16%			SOFR (Q)			4.75%						11/2023						05/2028									9.6						9.6						9.6			(2)(11)
												Common stock																		05/2022												302									3.1						10.3			(2)
																																																			46.8						54.0
Concert Golf Partners Holdco LLC (15)						Golf club owner and operator						First lien senior secured loan						9.13%			SOFR (M)			4.75%						04/2024						04/2030									36.9						36.9						36.9			(2)(11)
CST Holding Company (15)						Provider of ignition interlock devices						First lien senior secured loan						9.46%			SOFR (M)			5.00%						11/2022						11/2028									11.5						11.5						11.5			(2)(11)
												First lien senior secured loan						9.46%			SOFR (M)			5.00%						07/2024						11/2028									0.1						0.1						0.1			(2)(11)

See accompanying notes to consolidated financial statements.

119

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			11.6						11.6
Davidson Hotel Company LLC (15)						Provider of hotel operations solutions and advisory services						First lien senior secured revolving loan						9.36%			SOFR (M)			5.00%						10/2024						10/2031									0.7						0.7						0.7			(2)(11)
												First lien senior secured loan						9.36%			SOFR (M)			5.00%						10/2024						10/2031									8.2						8.2						8.1			(2)(11)
																																																			8.9						8.8
Equinox Holdings, Inc.						Operator of luxury, full-service health fitness clubs						First lien senior secured loan						12.58% (4.13% PIK)			SOFR (Q)			8.25%						03/2024						03/2029									44.3						43.4						44.3			(2)(11)
												Second lien senior secured loan						16.00% PIK												03/2024						06/2027									3.9						3.8						3.9			(2)
																																																			47.2						48.2
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)(11)(13)
												First lien senior secured loan						9.65%			SOFR (Q)			5.00%						06/2024						06/2031									151.5						151.5						150.0			(2)(11)
												Preferred units						15.00% PIK												07/2023												685									8.0						8.0			(2)
												Class A units																		11/2020												6,447									22.9						34.2			(2)
																																																			182.4						192.2
Eternal Aus Bidco Pty Ltd (15)						Operator of cemetery, crematoria and funeral services						First lien senior secured loan						10.72%			BBSY (Q)			6.25%						11/2023						11/2029									7.0						7.4						7.0			(2)(6)(11)
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. (15)						Fitness facility operator						First lien senior secured loan						9.83%			SOFR (Q)			5.50%						08/2023						04/2029									5.4						5.4						5.4			(2)(11)
												First lien senior secured loan						9.83%			SOFR (Q)			5.50%						05/2024						04/2029									0.9						0.9						0.9			(2)(11)
																																																			6.3						6.3
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP (4)(15)						Crunch Fitness franchisee						First lien senior secured revolving loan						8.36%			SOFR (M)			4.00%						08/2024						08/2030									2.5						2.5						2.4			(2)(11)
												First lien senior secured loan						9.86%			SOFR (M)			5.50%						08/2024						08/2031									37.2						37.2						36.6			(2)(11)
												Common units																		07/2024												11,957,000									12.0						13.8			(2)
																																																			51.7						52.8
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (15)						Distributor of instructional products, services and resources						First lien senior secured revolving loan						9.92%			SOFR (M)			5.50%						08/2018						04/2026									3.6						3.6						3.6			(2)(11)(14)
												First lien senior secured loan						10.09%			SOFR (Q)			5.50%						07/2017						04/2026									29.0						29.0						29.0			(2)(11)
												First lien senior secured loan						10.09%			SOFR (Q)			5.50%						08/2018						04/2026									1.1						1.1						1.1			(2)(11)
												First lien senior secured loan						10.09%			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						1.1			(2)
																																																			41.9						42.3
Flint OpCo, LLC (15)						Provider of residential HVAC and plumbing services						First lien senior secured loan						9.11%			SOFR (Q)			4.75%						08/2023						08/2030									7.0						7.0						7.0			(2)(11)
												First lien senior secured loan						9.11%			SOFR (Q)			4.75%						05/2024						08/2030									1.3						1.3						1.3			(2)(11)
																																																			8.3						8.3
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						11.08%			SOFR (Q)			6.75%						04/2023						04/2030									21.9						21.9						21.9			(2)(11)

See accompanying notes to consolidated financial statements.

120

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Class A common units																		04/2023												4,424									4.4						3.3			(2)
																																																			26.3						25.2
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																		08/2023						03/2027									—						—						—			(2)(13)
												First lien senior secured loan						9.60%			SOFR (Q)			5.00%						08/2023						03/2027									5.9						5.9						5.9			(2)(11)
												First lien senior secured loan						10.87%			SOFR (Q)			6.00%						08/2023						03/2027									3.7						3.7						3.7			(2)(11)
																																																			9.6						9.6
IFH Franchisee Holdings, LLC (15)						Operator of fitness centers						First lien senior secured revolving loan						8.37%			SOFR (M)			4.00%						12/2024						12/2029									4.3						4.3						4.2			(2)(11)
												First lien senior secured loan						10.12%			SOFR (M)			5.75%						12/2024						12/2029									55.3						55.3						54.5			(2)(11)
																																																			59.6						58.7
Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. (15)						Provider of residential roofing and exterior repair and replacement services						First lien senior secured revolving loan						12.00%			Base Rate (Q)			4.50%						12/2022						12/2028									0.7						0.7						0.7			(2)(6)(11)
												First lien senior secured loan						9.84%			SOFR (M)			5.50%						12/2022						12/2028									14.7						14.7						14.7			(2)(6)(11)
												First lien senior secured loan						8.79%			CORRA (Q)			5.50%						11/2023						12/2028									1.3						1.3						1.3			(2)(6)(11)
												First lien senior secured loan						9.83%			SOFR (Q)			5.50%						11/2023						12/2028									6.4						6.4						6.4			(2)(6)(11)
												First lien senior secured loan						9.61%			SOFR (Q)			5.25%						10/2024						12/2028									0.5						0.5						0.5			(2)(6)(11)
												Class A units																		12/2022												9,524,000									9.5						14.0			(2)(6)
																																																			33.1						37.6
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						11.98%			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						4.2			(2)
Modigent, LLC and OMERS PMC Investment Holdings LLC (15)						Provider of commercial HVAC services						First lien senior secured revolving loan						10.83%			SOFR (Q)			6.50%						08/2022						08/2027									5.4						5.4						5.4			(2)(11)
												First lien senior secured loan						10.83%			SOFR (Q)			6.50%						08/2022						08/2028									3.4						3.4						3.4			(2)(11)
												First lien senior secured loan						10.83%			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						10.7			(2)
																																																			21.3						22.3
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						9.33%			SOFR (Q)			5.00%						06/2024						06/2031									23.8						23.8						23.8			(2)(11)
												Class A preferred units																		09/2024												591									0.6						0.7
												Class B common units																		09/2024												590,845									0.2						0.3
																																																			24.6						24.8

See accompanying notes to consolidated financial statements.

121

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC (15)						Provider of lawncare services						First lien senior secured revolving loan						10.86%			SOFR (Q)			6.50%						12/2022						05/2028									2.8						2.8						2.8			(2)(11)
												First lien senior secured loan						10.94%			SOFR (Q)			6.50%						12/2022						05/2028									17.7						17.6						17.7			(2)(11)
												First lien senior secured loan						9.66%			SOFR (Q)			5.25%						06/2024						05/2028									2.4						2.4						2.4			(2)(11)
																																																			22.8						22.9
Northwinds Holding, Inc. and Northwinds Services Group LLC (15)						Provider of HVAC and plumbing services						First lien senior secured revolving loan						9.80%			SOFR (Q)			5.25%						05/2023						05/2029									0.8						0.8						0.8			(2)(11)
												First lien senior secured loan						9.96%			SOFR (Q)			5.25%						05/2023						05/2029									27.1						27.1						27.1			(2)(11)
												Common units																		05/2023												2,911,607									4.0						4.8			(2)
																																																			31.9						32.7
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						7.0			(2)
												Participation rights																		02/2024						02/2054						1									—						—			(2)
																																																			8.0						7.0
PestCo Holdings, LLC and PestCo, LLC (15)						Provider of pest control services to the residential and commercial markets						First lien senior secured loan						10.95%			SOFR (Q)			6.25%						02/2023						02/2028									2.5						2.5						2.5			(2)(11)
												First lien senior secured loan						9.50%			SOFR (Q)			5.25%						10/2024						02/2028									0.8						0.8						0.8			(2)(11)
												Class A units																		01/2023												139									1.9						2.5
																																																			5.2						5.8
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. (15)						Provider of commercial and residential HVAC, electrical & plumbing services						First lien senior secured revolving loan						9.13%			SOFR (M)			4.75%						10/2024						10/2030									0.4						0.4						0.4			(2)(11)
												First lien senior secured loan						9.32%			SOFR (Q)			4.75%						10/2024						10/2030									5.6						5.6						5.5			(2)(11)
												Common stock																		10/2024												667									0.7						0.7			(2)
																																																			6.7						6.6
Premiere Buyer, LLC (15)						Third-party residential property manager for multi-family residential properties in the United States						First lien senior secured loan						9.32%			SOFR (Q)			4.75%						05/2024						05/2031									38.4						38.4						38.4			(2)(11)
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC (15)						Hotel operator						First lien senior secured loan						9.88%			SOFR (Q)			5.25%						01/2023						01/2028									7.6						7.6						7.6			(2)(11)
												First lien senior secured loan						9.87%			SOFR (Q)			5.25%						10/2024						01/2028									2.6						2.6						2.6			(2)(11)
												Preferred membership units						8.00% PIK												07/2016												996,833									1.1						3.3
																																																			11.3						13.5
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						9.11%			SOFR (M)			4.75%						05/2024						06/2031									52.9						52.9						52.9			(2)(11)
												Limited partnership interest																		06/2024												11,184,000									11.2						11.6			(2)
																																																			64.1						64.5
Radiant Intermediate Holding, LLC						Provider of HVAC, plumbing and electrical services						First lien senior secured loan						10.61% (3.00% PIK)			SOFR (Q)			6.00%						04/2023						11/2026									2.1						2.0						1.8			(2)(11)

See accompanying notes to consolidated financial statements.

122

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Redwood Services, LLC and Redwood Services Holdco, LLC (15)						Provider of residential HVAC and plumbing services						First lien senior secured revolving loan						10.98%			SOFR (Q)			6.50%						05/2024						12/2027									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						10.98%			SOFR (Q)			6.50%						12/2020						12/2027									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						10.98%			SOFR (Q)			6.50%						12/2021						12/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.98%			SOFR (Q)			6.50%						09/2022						12/2027									5.0						5.0						5.0			(2)(11)
												First lien senior secured loan						10.98%			SOFR (Q)			6.50%						05/2023						12/2027									8.6						8.6						8.6			(2)(11)
												First lien senior secured loan						10.98%			SOFR (Q)			6.50%						03/2024						12/2027									12.4						12.4						12.4			(2)(11)
												First lien senior secured loan						10.98%			SOFR (Q)			6.50%						05/2024						12/2027									2.4						2.4						2.4			(2)(11)
												Series D units																		12/2020												19,592,999									23.9						69.3
																																																			52.8						98.2
Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc.						Provider of safety systems for business and residential customers						First lien senior secured loan						11.70%			SOFR (M)			7.25%						08/2020						03/2025									46.9						46.9						46.4			(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						9.28%			CORRA (M)			5.38%						07/2018						07/2026									0.6						0.6						0.6			(2)(11)
												First lien senior secured revolving loan						10.05%			SOFR (M)			5.38%						07/2018						07/2026									0.2						0.2						0.2			(2)(11)
												First lien senior secured revolving loan						9.74%			CORRA (M)			5.50%						01/2024						07/2026									0.4						0.4						0.4			(2)(11)
												First lien senior secured revolving loan						9.96%			SOFR (M)			5.50%						01/2024						07/2026									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						9.79%			SOFR (M)			5.33%						03/2020						07/2026									1.4						1.4						1.4			(2)(11)
												First lien senior secured loan						9.95%			SOFR (M)			5.50%						01/2024						07/2026									0.4						0.4						0.4			(2)(11)
												Class A units																		07/2018												37,020									3.8						8.4
																																																			6.9						11.5
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP (15)						Refrigeration, heating, ventilation and air conditioning services provider						First lien senior secured revolving loan						11.86% (4.00% PIK)			SOFR (M)			7.50%						12/2021						12/2027									0.8						0.8						0.8			(2)(11)
												First lien senior secured loan						11.86% (4.00% PIK)			SOFR (M)			7.50%						12/2021						12/2027									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						11.86% (4.00% PIK)			SOFR (M)			7.50%						08/2022						12/2027									0.2						0.2						0.2			(2)(11)
												First lien senior secured loan						11.86% (4.00% PIK)			SOFR (M)			7.50%						04/2023						12/2027									1.6						1.6						1.6			(2)(11)
												First lien senior secured loan						11.86% (4.00% PIK)			SOFR (M)			7.50%						10/2023						12/2027									5.3						5.3						5.3			(2)(11)
												First lien senior secured loan						11.86% (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						9.5
												Class C units																		03/2023												333,510									—						0.4
																																																			25.2						26.6
Triwizard Holdings, Inc. and Triwizard Parent, LP (15)						Parking management and hospitality services provider						First lien senior secured revolving loan						11.75%			Base Rate (Q)			4.25%						06/2023						06/2029									3.0						3.0						3.0			(11)

See accompanying notes to consolidated financial statements.

123

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Class A-2 common units																		06/2023												30,000									3.0						4.5			(2)
																																																			6.0						7.5
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (15)						Provider of residential roofing repair & replacement						First lien senior secured revolving loan						10.12%			SOFR (Q)			5.75%						11/2023						11/2030									1.4						1.4						1.4			(2)(11)
												First lien senior secured loan						10.13%			SOFR (M)			5.75%						11/2023						11/2030									15.2						15.2						15.2			(2)(11)
												First lien senior secured loan						9.50%			SOFR (Q)			5.00%						10/2024						11/2030									0.3						0.3						0.3			(2)(11)
												Class B common units																		11/2023												212									0.2						0.4
																																																			17.1						17.3
Wrench Group LLC						Provider of essential home services specializing in HVAC, plumbing and electrical services						First lien senior secured loan						8.59%			SOFR (Q)			4.00%						11/2024						10/2028									0.1						0.1						0.1			(2)(18)
YE Brands Holdings, LLC (15)						Sports camp operator						First lien senior secured revolving loan						9.08%			SOFR (Q)			4.75%						10/2021						10/2027									1.6						1.6						1.6			(2)(11)
												First lien senior secured loan						9.08%			SOFR (Q)			4.75%						10/2021						10/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						9.08%			SOFR (Q)			4.75%						06/2022						10/2027									8.0						8.0						8.0			(2)(11)
												First lien senior secured loan						9.08%			SOFR (Q)			4.75%						09/2023						10/2027									3.6						3.6						3.6			(2)(11)
												First lien senior secured loan						9.08%			SOFR (Q)			4.75%						01/2024						10/2027									2.3						2.3						2.3			(2)(11)
																																																			15.6						15.6
ZBS Mechanical Group Co-Invest Fund 2, LLC						Provider of residential HVAC and plumbing services						Membership interest																		10/2021												2,771,000									1.4						12.1
																																																			1,284.0						1,357.6						10.17%
Investment Funds and Vehicles
ACAS Equity Holdings Corporation (5)						Investment company						Common stock																		01/2017												589									0.4						0.5			(6)
Constellation Wealth Capital Fund, L.P. (16)						Specialist alternative asset management platform						Limited partner interests																		01/2024												2,901,041									2.6						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						6.7			(2)(6)
European Capital UK SME Debt LP (4)(16)						Investment partnership						Limited partnership interest																		01/2017												44.73%									1.0						7.4			(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												1,090,121									1.2						1.1			(2)(6)(18)
Partnership Capital Growth Investors III, L.P.						Investment partnership						Limited partnership interest																		10/2011												2.50%									1.8						4.6			(2)(6)(18)
PCG-Ares Sidecar Investment II, L.P. (4)(16)						Investment partnership						Limited partnership interest																		10/2014												100.00%									7.3						22.3			(2)(6)
PCG-Ares Sidecar Investment, L.P. (4)(16)						Investment partnership						Limited partnership interest																		05/2014												100.00%									4.4						0.6			(6)
Piper Jaffray Merchant Banking Fund I, L.P.						Investment partnership						Limited partnership interest																		08/2012												2.00%									0.1						0.5			(6)(18)

See accompanying notes to consolidated financial statements.

124

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Senior Direct Lending Program, LLC (5)(17)						Co-investment vehicle						Subordinated certificates						12.00%			SOFR (Q)			8.00%						07/2016						12/2036									1,309.9						1,263.2						1,192.0			(6)(12)
						Membership interest																																				87.50%									—						—			(6)
																																																			1,263.2						1,192.0
																																																			1,288.2						1,238.4						9.27%
Sports, Media and Entertainment
22 HoldCo Limited						Sports and entertainment platform						Senior subordinated loan						12.73% PIK			SONIA (S)			7.50%						08/2023						08/2033									56.9						57.9						56.9			(2)(6)(11)
3 Step Sports LLC (15)						Provider of integrated youth sports solutions						First lien senior secured loan						12.34% (1.50% PIK)			SOFR (Q)			8.00%						10/2023						10/2029									12.5						12.5						11.7			(2)(11)
Aventine Intermediate LLC & Aventine Holdings II LLC						Media and production company						First lien senior secured loan						10.43% (3.00% PIK)			SOFR (Q)			6.00%						12/2021						06/2027									10.4						10.4						9.9			(2)(11)
												Senior subordinated loan						10.25% PIK												12/2021						12/2030									48.1						48.1						39.0			(2)
																																																			58.5						48.9
Axiomatic, LLC						Premiere e-sports and video game investment platform						Class A-1 units																		05/2022												500,000									5.0						5.8
Broadcast Music, Inc. (15)						Music rights management company						First lien senior secured loan						10.39%			SOFR (Q)			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									—						—
Dundee Eros, LP						Catalog of premier music intellectual property						Limited partnership interest																		11/2024												4,234,000									4.2						4.2			(2)
Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited						Multi-club sports platform						Senior subordinated loan						19.00% PIK												12/2022						12/2028									0.6						0.6						0.6			(2)(6)
												Senior subordinated loan						19.00% PIK												12/2022						12/2028									28.7						28.7						28.7			(2)(6)
												Senior subordinated loan						12.29% PIK			SOFR (S)			8.00%						12/2022						12/2028									53.9						53.9						52.3			(2)(6)(11)
												Ordinary shares																		09/2023												494									4.4						1.6			(2)(6)
												Warrant to purchase shares of ordinary shares																		12/2022						11/2028						180									—						2.0			(2)(6)
												Warrant to purchase shares of ordinary shares																		12/2022						11/2028						199									—						0.7			(2)(6)
																																																			87.6						85.9
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									4.1						4.1						4.1			(2)
												First lien senior secured loan						11.00%												05/2024						11/2028									14.0						13.2						14.0			(2)
												Series E-5 Convertible Shares																		08/2024												217,907									0.9						1.0			(2)
																																																			18.2						19.1
FinEquity Holdings, LLC						Professional sports team and entertainment complex						Class A common interest																		12/2024												26									181.9						181.9
												Class A common interest																		12/2024												26									5.3						5.3
												Class A common interest																		12/2024												26									1.3						1.3
																																																			188.5						188.5

See accompanying notes to consolidated financial statements.

125

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Global Music Rights, LLC (15)						Music right management company						First lien senior secured loan						9.10%			SOFR (S)			4.75%						12/2024						12/2031									220.9						220.9						217.6			(2)(11)
League One Volleyball, Inc.						Operator of youth volleyball clubs						Series B preferred stock																		07/2023												194									—						—			(2)
												Series C preferred stock																		09/2024												67									—						—			(2)
																																																			—						—
Legends Hospitality Holding Company, LLC and ASM Buyer, Inc. (15)						Hospitality platform provider of premium experiential services						First lien senior secured revolving loan						9.41%			SOFR (M)			5.00%						08/2024						08/2030									1.1						1.1						1.1			(2)(11)(14)
												First lien senior secured loan						10.02% (2.75% PIK)			SOFR (Q)			5.50%						08/2024						08/2031									57.2						57.2						56.0			(2)(11)
																																																			58.3						57.1
LiveBarn Inc.						Provider of Live & On Demand broadcasting of amateur and youth sporting events						Middle preferred shares																		08/2023												4,902,988									17.3						21.6			(2)(6)
Miami Beckham United LLC						American professional soccer club						Class A preferred units						9.50% PIK												09/2021												85,000									113.7						113.7
												Class B preferred units						9.50% PIK												06/2023												42,500									48.9						48.9
																																																			162.6						162.6
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						17.29% (9.52% PIK)			SOFR (Q)			8.50%						08/2018						08/2029									50.2						50.2						50.2			(2)(11)
												First lien senior secured loan						12.61% (9.25% PIK)			SOFR (Q)			8.13%						07/2020						08/2029									16.1						16.1						16.1			(2)(11)
												First lien senior secured loan						12.61% (9.25% PIK)			SOFR (Q)			8.13%						06/2021						08/2029									0.9						0.9						0.9			(2)(11)
												First lien senior secured loan						12.61% (9.25% PIK)			SOFR (Q)			8.13%						08/2021						08/2029									7.8						7.8						7.8			(2)(11)
												First lien senior secured loan						12.61% (9.25% PIK)			SOFR (Q)			8.13%						05/2024						08/2029									27.5						27.3						27.5			(2)(11)
												Class A units																		10/2020												113,617									4.9						5.7			(2)
																																																			107.2						108.2
Professional Fighters League, LLC and PFL MMA, Inc.						Mixed martial arts league						First lien senior secured loan						14.00% PIK												01/2021						01/2026									22.2						21.8						22.2			(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						—			(2)
												Warrant to purchase shares of common stock																		11/2022						11/2029						68,787									0.2						—			(2)
																																																			24.5						23.1
Sandlot Action Sports, LLC						Youth sports platform						Common units																		05/2024												3,384									—						—
South Florida Motorsports, LLC						Professional sporting event						Class A common interest																		12/2024												26									5.4						5.4
Storm Investment S.a.r.l. and Atletico Holdco, S.L.						Spanish soccer club						First lien senior secured loan						3.75%												06/2021						06/2029									63.9						73.6						63.9			(2)(6)
												Senior subordinated loan						10.00% PIK												07/2024						07/2026									29.1						31.7						29.9			(2)(6)
												Ordinary shares																		06/2021												3,958									—						0.3			(2)(6)

See accompanying notes to consolidated financial statements.

126

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Class A redeemable shares																		06/2021												3,297,791									1.6						4.5			(2)(6)
												Class B redeemable shares																		06/2021												3,297,791									1.6						4.5			(2)(6)
												Class C redeemable shares																		06/2021												3,297,791									1.6						4.5			(2)(6)
												Class D redeemable shares																		06/2021												3,297,791									1.6						4.5			(2)(6)
												Class E redeemable shares																		06/2021												3,297,791									1.6						4.5			(2)(6)
												Class F redeemable shares																		06/2021												3,297,791									1.6						4.5			(2)(6)
												Class G redeemable shares																		06/2021												3,297,791									1.6						4.5			(2)(6)
												Class H redeemable shares																		06/2021												3,297,791									1.6						4.5			(2)(6)
												Class I redeemable shares																		06/2021												3,297,791									1.6						4.5			(2)(6)
																																																			119.7						134.6
The Teaching Company Holdings, Inc.						Education publications provider						Preferred stock																		09/2006												10,663									1.1						2.6			(2)
												Common stock																		09/2006												15,393									—						0.2			(2)
																																																			1.1						2.8
WRE Sports Investments LLC (15)						Professional sports club						First lien senior secured loan						11.00% (5.50% PIK)												07/2024						07/2031									24.9						24.9						24.4			(2)
																		11.00%												07/2024						07/2031									0.4						0.4						0.4			(2)
																																																			25.3						24.8
																																																			1,214.2						1,218.3						9.12%
Independent Power and Renewable Electricity Producers
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						222.3
BNZ TopCo B.V. (15)						Developer and operator of solar photovoltaic plants						Senior subordinated loan						8.60%			Euribor (Q)			5.75%						10/2024						10/2030									11.8						11.9						11.5			(2)(6)(11)
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									210.8						350.6
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						11.49% (8.14% PIK)			SOFR (Q)			6.90%						11/2019						11/2025									173.2						173.2						169.8			(2)(11)
																																																			173.3						169.9
Sunrun Luna Holdco 2021, LLC						Residential solar energy provider						Senior subordinated loan						11.34%			SOFR (Q)			6.75%						03/2022						04/2027									150.0						150.0						148.5			(2)(6)(11)

See accompanying notes to consolidated financial statements.

127

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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									81.2						81.2						78.8			(2)(11)
																																																			81.5						79.1
																																																			762.2						981.9						7.35%
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						8.05%			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						10.18%			SOFR (Q)			5.75%						11/2023						11/2029									9.8						9.8						9.8			(2)(11)
												First lien senior secured loan						9.47%			SOFR (Q)			5.00%						07/2024						11/2029									9.7						9.7						9.7			(2)(11)
																																																			19.5						19.5
API Commercial Inc., API Military Inc., and API Space Intermediate, Inc.						Provider of military aircraft aftermarket parts and distribution, repair and logistics services						First lien senior secured loan																		05/2022						08/2025									6.6						2.3						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						9.91% (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)(11)(13)
												First lien senior secured loan						9.45%			SOFR (M)			5.00%						06/2024						06/2031									35.2						35.2						35.2			(2)(11)
																																																			35.2						35.2
BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC (15)						Provides products and services to the Department of Defense and Intelligence Community						First lien senior secured revolving loan						10.40%			SOFR (Q)			6.00%						05/2022						10/2025									2.7						2.6						2.7			(2)(11)(14)
												First lien senior secured loan						10.41%			SOFR (Q)			6.00%						05/2022						10/2025									1.8						1.8						1.8			(2)(11)
																																																			4.4						4.5
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						9.68%			SOFR (Q)			5.25%						07/2022						07/2029									21.8						20.7						19.3			(2)(11)(18)
CPIG Holdco Inc.						Distributor of engineered fluid power and complex machined solutions						First lien senior secured loan						11.69%			SOFR (Q)			7.00%						04/2023						04/2028									14.6						14.6						14.6			(2)(11)
DFS Holding Company, Inc. (15)						Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry						First lien senior secured loan						10.53%			SOFR (Q)			6.25%						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						11.21%			SOFR (Q)			6.50%						12/2020						12/2027									4.4						4.4						4.4			(2)(11)

See accompanying notes to consolidated financial statements.

128

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						10.96%			SOFR (Q)			6.50%						12/2020						12/2027									25.6						25.6						25.6			(2)(11)
												Common units																		12/2020												9,773,000									9.8						12.0
																																																			39.8						42.0
EIS Legacy Holdco, LLC (15)						Distributor of electric applicator components						First lien senior secured loan						9.30%			SOFR (Q)			4.75%						11/2024						11/2031									11.6						11.6						11.5			(2)(11)
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						1.4			(2)
												Class A-2 units																		12/2016												3,500									3.5						2.2			(2)
																																																			5.8						3.6
Generator US Buyer, Inc. and Total Power Limited (15)						Provider of generator-based power solutions						First lien senior secured loan						8.42%			CORRA (Q)			5.25%						07/2024						07/2030									4.8						5.1						4.8			(2)(6)(11)
												First lien senior secured loan						9.58%			SOFR (S)			5.25%						10/2024						07/2030									1.4						1.4						1.4			(2)(6)(11)
																																																			6.5						6.2
GSV Purchaser, Inc. (15)						Provider of maintenance, repair, and sales services for commercial emergency power backup generators						First lien senior secured loan						9.30%			SOFR (M)			4.75%						08/2024						08/2031									0.1						0.1						0.1			(2)(11)
Harvey Tool Company, LLC (15)						Manufacturer of cutting tools used in the metalworking industry						First lien senior secured loan						9.64%			SOFR (M)			5.25%						10/2021						10/2027									3.6						3.6						3.6			(2)(11)
												First lien senior secured loan						9.61%			SOFR (M)			5.25%						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						11.46%			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									78.4						78.4						76.2			(2)
												Common stock																		09/2024												459,208									4.4						4.4			(2)
																																																			82.8						80.6
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									18.5						18.3						18.4			(2)
												Class A common stock																		01/2017												48,544									13.5						47.8
																																																			31.8						66.2
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						9.83%			SOFR (Q)			5.25%						02/2024						02/2031									5.3						5.3						5.3			(2)(11)
												Class A units																		08/2019												4,549,000									0.5						8.8			(2)
																																																			5.8						14.1
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																		06/2021						06/2027									27.1						27.1						17.6			(2)(10)

See accompanying notes to consolidated financial statements.

129

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						14.3			(2)
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									30.3						29.0						30.0			(2)
												Class B common units																		05/2024												7									1.5						2.1
																																																			30.5						32.1
Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC						Provider of structural integrity management services to transmission and distribution infrastructure						Second lien senior secured loan						11.22%			SOFR (M)			6.75%						06/2021						06/2029									55.3						55.3						55.3			(2)(11)
Paris US Holdco, Inc. & 1001028292 Ontario Inc. (15)						Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry						First lien senior secured loan						9.55%			SOFR (S)			5.00%						12/2024						12/2031									77.5						77.5						76.7			(2)(6)(11)
Qnnect, LLC and Connector TopCo, LP (15)						Manufacturer of highly engineered hermetic packaging products						First lien senior secured loan						10.33%			SOFR (S)			5.25%						11/2022						11/2029									10.5						10.5						10.5			(2)(11)
												First lien senior secured loan						9.85%			SOFR (S)			5.25%						10/2024						11/2029									31.4						31.4						31.4			(2)(11)
												Limited partnership interests																		11/2022												992,500									9.9						13.3			(2)
																																																			51.8						55.2
Radius Aerospace, Inc. and Radius Aerospace Europe Limited (15)						Metal fabricator in the aerospace industry						First lien senior secured revolving loan						10.55% (0.25% PIK)			SOFR (S)			6.00%						03/2019						03/2027									2.1						2.1						2.0			(2)(6)(11)
												First lien senior secured revolving loan						10.70% (0.25% PIK)			SONIA (M)			6.00%						11/2019						03/2027									2.0						2.0						1.9			(2)(6)(11)
												First lien senior secured loan						10.48% (0.25% PIK)			SOFR (Q)			6.00%						06/2024						03/2027									10.6						10.6						10.4			(2)(6)(11)
																																																			14.7						14.3
Radwell Parent, LLC (15)						Distributor of maintenance, repair, and operations parts						First lien senior secured revolving loan						9.83%			SOFR (Q)			5.50%						12/2022						04/2029									0.9						0.8						0.9			(2)(11)
												First lien senior secured loan						9.83%			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						10.21%			SOFR (M)			5.75%						10/2017						10/2025									2.1						2.1						2.1			(2)(11)(14)
												First lien senior secured loan						10.21%			SOFR (M)			5.75%						04/2024						10/2025									3.8						3.8						3.8			(2)(11)
																																																			5.9						5.9
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									35.9						35.9						35.9			(2)(11)
												Series A common units																		05/2024												1,042									1.0						1.4			(2)
																																																			36.9						37.3

See accompanying notes to consolidated financial statements.

130

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						10.33%			SOFR (Q)			6.00%						10/2023						08/2027									8.6						8.6						8.6			(2)(11)
																																																			710.9						736.5						5.52%
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						4.0			(2)(6)
ADMA Biologics Inc.						Biopharmaceutical company						First lien senior secured loan						10.85%			SOFR (Q)			6.50%						12/2023						12/2027									3.4						3.3						3.4			(2)(6)(11)
Alcami Corporation and ACM Note Holdings, LLC (15)						Outsourced drug development services provider						First lien senior secured revolving loan						11.44%			SOFR (M)			7.00%						12/2022						12/2028									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						11.66%			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									23.2						23.2						23.2			(2)
																																																			33.3						33.3
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									3.7						3.8			(2)(6)
																																																			11.3						11.4
Bamboo US BidCo LLC (15)						Biopharmaceutical company						First lien senior secured loan						9.77%			SOFR (Q)			5.25%						09/2023						09/2030									32.5						32.5						32.5			(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						9.86%			SOFR (M)			5.50%						10/2021						10/2027									0.7						0.7						0.7			(2)(11)
												First lien senior secured loan						9.86%			SOFR (M)			5.50%						10/2021						10/2028									31.1						31.1						31.1			(2)(11)
												First lien senior secured loan						9.86%			SOFR (M)			5.50%						06/2023						10/2028									11.4						11.4						11.4			(2)(11)
												First lien senior secured loan						9.86%			SOFR (M)			5.50%						08/2024						10/2028									6.9						6.9						6.9			(2)(11)
												Preferred units						8.00% PIK												10/2021						10/2051						3,020									3.9						4.0			(2)
												Series A preferred shares						13.75% PIK												10/2021												60,236									94.1						95.6			(2)
												Class A common units																		10/2021												30,500									—						—			(2)
																																																			148.1						149.7
Creek Parent, Inc. and Creek Feeder, L.P. (15)						Provider of delivery technologies, development, drug manufacturing, biologics, gene therapies and consumer health products						First lien senior secured loan						9.63%			SOFR (S)			5.25%						12/2024						12/2031									208.7						208.7						205.0			(2)(11)
												Limited partnership interest																		12/2024												6,891,000									6.9						6.9			(2)
																																																			215.6						211.9

See accompanying notes to consolidated financial statements.

131

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Gula Buyer Inc.						Distributor and manufacturer of veterinarian-grade pet prescription medications and health products						First lien senior secured loan						9.55%			SOFR (M)			5.00%						10/2024						10/2031									125.6						125.6						124.0			(2)(11)
NMC Skincare Intermediate Holdings II, LLC (15)						Developer, manufacturer and marketer of skincare products						First lien senior secured revolving loan						10.69%			SOFR (M)			6.00%						10/2018						11/2026									5.0						5.0						4.6			(2)(11)
												First lien senior secured revolving loan						10.44%			SOFR (M)			6.00%						05/2022						11/2026									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.75% (1.00% PIK)			SOFR (Q)			6.00%						10/2018						11/2026									30.4						30.4						28.0			(2)(11)
												First lien senior secured loan						10.75% (1.00% PIK)			SOFR (Q)			6.00%						05/2022						11/2026									4.5						4.5						4.1			(2)(11)
																																																			40.0						36.8
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						9.05%			SOFR (Q)			4.50%						09/2021						03/2027									2.5						2.5						2.4			(2)(11)
												First lien senior secured loan						10.50%			SOFR (Q)			6.00%						09/2020						09/2027									46.6						46.6						44.7			(2)(11)
												First lien senior secured loan						10.50%			SOFR (Q)			6.00%						12/2020						09/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.50%			SOFR (Q)			6.00%						02/2021						09/2027									2.5						2.5						2.4			(2)(11)
												First lien senior secured loan						10.50%			SOFR (Q)			6.00%						09/2021						09/2027									9.3						9.3						8.9			(2)(11)
												Senior subordinated loan						11.00% PIK												03/2023						03/2025									1.7						1.7						1.6			(2)
												Senior subordinated loan						20.00% PIK												11/2024						03/2028									1.0						1.0						1.0			(2)
												Class A preferred units						8.00% PIK												09/2020												13,528									18.9						19.6			(2)
																																																			82.6						80.7
Verista, Inc. (15)						Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector						First lien senior secured revolving loan						10.61%			SOFR (Q)			6.00%						05/2022						02/2027									0.7						0.5						0.6			(2)(11)
												First lien senior secured loan						11.11% (0.50% PIK)			SOFR (Q)			6.50%						05/2022						02/2027									0.8						0.8						0.7			(2)(11)
																																																			1.3						1.3
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						10.78%			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						1.4			(2)
																																																			6.5						6.4
																																																			705.8						695.4						5.21%
Consumer Durables and Apparel
760203 N.B. LTD. (15)						Manufacturer of hockey equipment and related accessories						First lien senior secured loan						8.80%			CDOR (S)			5.50%						12/2024						12/2030									35.2						35.2						34.3			(2)(6)(11)

See accompanying notes to consolidated financial statements.

132

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						10.03%			SOFR (Q)			5.50%						02/2024						08/2029									28.4						26.6						28.4			(2)(11)
												Senior subordinated loan						12.53% PIK			SOFR (Q)			8.00%						02/2024						02/2031									26.6						25.1						26.6			(2)(11)
												Senior subordinated loan						11.03%			SOFR (Q)			6.50%						02/2024						02/2031									29.3						27.4						29.3			(2)(11)
												Class A limited partnership interests																		02/2024												6.27%									2.9						18.5			(2)
																																																			82.0						102.8
DRS Holdings III, Inc. and DRS Holdings I, Inc. (15)						Footwear and orthopedic foot-care brand						First lien senior secured loan						10.71%			SOFR (M)			6.25%						11/2019						11/2025									26.1						26.1						25.9			(2)(11)
												First lien senior secured loan						10.71%			SOFR (M)			6.25%						06/2021						11/2025									24.1						24.1						23.8			(2)(11)
												Common stock																		11/2019												8,549									8.5						7.3			(2)
																																																			58.7						57.0
Implus Footcare, LLC						Provider of footwear and other accessories						First lien senior secured loan																		06/2016						07/2025									1.3						1.2						1.0			(2)(10)
												First lien senior secured loan																		06/2017						07/2025									117.3						114.9						93.8			(2)(10)
												First lien senior secured loan																		07/2018						07/2025									5.0						4.9						4.0			(2)(10)
																																																			121.0						98.8
Johnnie-O Inc. and Johnnie-O Holdings Inc.						Apparel retailer						First lien senior secured loan						10.99%			SOFR (Q)			6.25%						03/2022						03/2027									17.5						17.2						17.5			(2)(11)
												Series A convertible preferred stock																		03/2022												144,210									4.2						5.0			(2)
												Warrant to purchase shares of common stock																		03/2022						03/2032						93,577									1.5						3.2			(2)
																																																			22.9						25.7
Lew's Intermediate Holdings, LLC (15)						Outdoor brand holding company						First lien senior secured revolving loan						8.87%			SOFR (Q)			4.50%						02/2021						02/2026									1.0						1.0						0.8			(2)(14)
												First lien senior secured loan						9.51%			SOFR (Q)			5.00%						02/2021						02/2028									1.0						1.0						0.8			(2)(11)
																																																			2.0						1.6
Pelican Products, Inc. (15)						Flashlights manufacturer						First lien senior secured revolving loan						8.48%			SOFR (Q)			4.00%						12/2021						12/2026									1.6						1.6						1.4			(2)(11)
												Second lien senior secured loan						12.34%			SOFR (Q)			7.75%						12/2021						12/2029									60.0						60.0						55.2			(2)(11)
																																																			61.6						56.6
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. (15)(16)						Sports equipment manufacturing company						First lien senior secured revolving loan						8.08%			SOFR (Q)			3.75%						11/2024						11/2029									7.9						7.9						7.9			(2)(11)
												First lien senior secured loan						9.23%			SOFR (Q)			4.75%						12/2020						11/2030									43.8						43.8						43.8			(2)(11)
												First lien senior secured loan						9.23%			SOFR (Q)			4.75%						11/2021						11/2030									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						9.23%			SOFR (Q)			4.75%						02/2024						11/2030									5.6						5.6						5.6			(2)(11)
												First lien senior secured loan						10.17%			SOFR (S)			5.50%						11/2024						11/2030									3.4						3.4						3.4			(2)(11)
												Limited partnership interest																		06/2024												10,918,656									10.9						10.9			(2)
																																																			71.7						71.7

See accompanying notes to consolidated financial statements.

133

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Reef Lifestyle, LLC (15)						Apparel retailer						First lien senior secured revolving loan						12.49% (2.25% PIK)			SOFR (M)			8.00%						10/2018						10/2027									27.3						27.3						27.3			(2)(11)(14)
												First lien senior secured revolving loan						12.51% (2.25% PIK)			SOFR (Q)			8.00%						07/2020						10/2027									3.9						3.8						3.9			(2)(11)(14)
												First lien senior secured loan						12.51% (2.25% PIK)			SOFR (Q)			8.00%						10/2018						10/2027									21.1						21.0						21.0			(2)(11)
												First lien senior secured loan						12.51% (2.25% PIK)			SOFR (Q)			8.00%						07/2020						10/2027									3.4						3.4						3.4			(2)(11)
																																																			55.5						55.6
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						11.17%			SOFR (M)			6.50%						04/2024						07/2029									1.2						1.2						1.2			(2)(11)
												First lien senior secured loan						11.17%			SOFR (M)			6.50%						06/2024						07/2029									6.5						6.5						6.5			(2)(11)
												First lien senior secured loan						11.67% (5.00% PIK)			SOFR (M)			7.00%						06/2024						07/2029									3.7						3.7						3.7			(2)(11)
												Class A common units																		06/2024												8,474									10.5						11.3			(2)
																																																			21.9						22.7
St Athena Global LLC and St Athena Global Holdings Limited (15)						Designer and manufacturer of branded premium-quality tableware						First lien senior secured revolving loan						9.84%			SOFR (Q)			5.25%						06/2024						06/2029									0.7						0.7						0.7			(2)(6)(11)
												First lien senior secured loan						9.82%			SOFR (Q)			5.25%						06/2024						06/2030									30.0						30.0						29.4			(2)(6)(11)
												First lien senior secured loan						9.95%			SONIA (M)			5.25%						06/2024						06/2030									17.0						17.2						16.7			(2)(6)(11)
																																																			47.9						46.8
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						10.90%			SOFR (M)			6.50%						01/2024						11/2029									34.6						34.0						32.8			(2)(11)
																																																			644.7						606.4						4.54%
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						2.5			(2)
																																																			7.5						2.5
Badia Spices, LLC (15)						Spices & seasonings brand						First lien senior secured loan						9.07%			SOFR (Q)			4.50%						11/2024						11/2030									122.0						122.0						119.9			(2)(11)
Berner Food & Beverage, LLC (15)						Supplier of dairy-based food and beverage products						First lien senior secured loan						10.30%			SOFR (S)			5.50%						12/2024						07/2027									1.4						1.4						1.4			(2)(11)
Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4)(15)						Health food company						First lien senior secured loan						10.43%			SOFR (Q)			6.00%						12/2020						12/2025									23.1						23.1						23.1			(2)(11)
												Common units																		03/2019												14,850									11.5						33.2			(2)
																																																			34.6						56.3

See accompanying notes to consolidated financial statements.

134

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
CHG PPC Parent LLC & PPC CHG Blocker LLC						Diversified food products manufacturer						Common units																		12/2021												59									3.0						4.7			(2)
Demakes Borrower, LLC (15)						Value-added protein manufacturer						First lien senior secured loan						10.45%			SOFR (M)			6.00%						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						9.59%			SOFR (Q)			5.00%						10/2021						10/2028									0.4						0.4						0.4			(2)(11)
												First lien senior secured loan						9.33%			SOFR (Q)			5.00%						06/2022						10/2028									0.4						0.4						0.4			(2)(11)
												Second lien senior secured loan						12.59%			SOFR (Q)			8.00%						10/2021						10/2029									71.8						71.8						61.0			(2)(11)
																																																			72.6						61.8
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									36.8						36.8						36.8			(11)
												Series E-1 preferred stock						6.00% PIK												06/2022												188,605									14.2						11.5			(2)
												Warrant to purchase shares of Series E-1 preferred stock																		06/2022						06/2032						78,216									—						—			(2)
																																																			51.0						48.3
KNPC HoldCo, LLC						Producer of trail mix and mixed nut snack products						First lien senior secured loan						10.99%			SOFR (S)			5.75%						04/2022						10/2029									5.5						5.5						5.5			(2)(11)
												First lien senior secured loan						12.24%			SOFR (S)			7.00%						12/2022						10/2029									1.3						1.3						1.3			(2)(11)
												First lien senior secured loan						11.49%			SOFR (S)			6.25%						11/2023						10/2029									2.7						2.7						2.7			(2)(11)
												First lien senior secured loan						10.27%			SOFR (M)			5.75%						12/2024						10/2029									27.6						27.6						26.8			(2)(11)
																																																			37.1						36.3
Manna Pro Products, LLC (15)						Manufacturer and supplier of specialty nutrition and care products for animals						First lien senior secured revolving loan						10.53%			SOFR (S)			6.00%						12/2020						12/2026									5.1						5.1						4.2			(2)(11)
												First lien senior secured revolving loan						12.50%			Base Rate (Q)			5.00%						12/2020						12/2026									1.8						1.8						1.4			(2)(11)
																																																			6.9						5.6
Max US Bidco Inc.						Manufacturer of premium dry dog food						First lien senior secured loan						9.36%			SOFR (M)			5.00%						10/2023						10/2030									1.0						0.9						1.0			(2)(18)
RB Holdings InterCo, LLC (15)						Manufacturer of pet food and treats						First lien senior secured revolving loan						9.56%			SOFR (M)			5.00%						05/2022						05/2028									1.5						1.5						1.5			(2)(11)
												First lien senior secured loan						9.62%			SOFR (M)			5.00%						05/2022						05/2028									11.3						11.3						11.0			(2)(11)
																																																			12.8						12.5
Sugar PPC Buyer LLC (15)						Manufacturer and distributor of food products						First lien senior secured loan						9.69%			SOFR (M)			5.25%						10/2023						10/2030									15.7						15.7						15.7			(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						11.99%			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						7.84%			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						9.81%			SOFR (Q)			5.25%						04/2021						07/2029									0.4						0.4						0.4			(2)(11)(14)

See accompanying notes to consolidated financial statements.

135

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.73%			SOFR (Q)			5.25%						04/2021						07/2029									20.7						20.7						20.7			(2)(11)
												First lien senior secured loan						9.74%			SOFR (Q)			5.25%						01/2024						07/2029									5.6						5.6						5.6			(2)(11)
												First lien senior secured loan						9.23%			SOFR (Q)			4.75%						08/2024						07/2029									0.9						0.9						0.9			(2)(11)
												Class A units																		04/2021												282,200									3.1						5.8
																																																			30.7						33.4
																																																			479.4						479.6						3.59%
Automobiles and Components
Automotive Keys Group, LLC and Automotive Keys Investor, LLC						Provider of replacement wireless keys for automotive market						First lien senior secured loan						10.98%			SOFR (Q)			6.50%						12/2021						11/2025									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.98%			SOFR (Q)			6.50%						12/2022						11/2025									4.7						4.7						4.2			(2)(11)
												Preferred units																		11/2020												4,113,113									5.1						0.3			(2)
												Preferred units																		11/2020												1,095,046									1.1						0.1			(2)
												Class A common units																		11/2020												5,208,159									—						—			(2)
																																																			11.0						4.7
Collision SP Subco, LLC (15)						Provider of auto body collision repair services						First lien senior secured revolving loan						10.09%			SOFR (Q)			5.50%						01/2024						01/2030									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.09%			SOFR (Q)			5.50%						01/2024						01/2030									6.9						6.9						6.9			(2)(11)
																																																			7.0						7.0
Continental Acquisition Holdings, Inc.						Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets						First lien senior secured loan						7.41%			SOFR (Q)			2.93%						01/2021						01/2027									37.8						37.0						29.1			(2)(11)
												First lien senior secured loan						7.41%			SOFR (Q)			2.93%						12/2021						01/2027									5.6						5.5						4.3			(2)(11)
																																																			42.5						33.4
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						10.33%			SOFR (Q)			6.00%						10/2022						10/2028									54.9						54.9						54.9			(2)(11)
												First lien senior secured loan						10.33%			SOFR (Q)			6.00%						11/2023						10/2028									7.8						7.8						7.8			(2)(11)
																																																			62.7						62.7
Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc.						Electric vehicle manufacturer						Warrant to purchase shares of Class A common stock																		08/2021						08/2027						27,824,527									2.3						—			(2)
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC (15)						Manufacturer and distributor of automotive fluids						First lien senior secured revolving loan																		11/2020						08/2027									—						—						—			(2)(13)
												Second lien senior secured loan						11.83%			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						10.0			(2)
																																																			76.3						80.4

See accompanying notes to consolidated financial statements.

136

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
New ChurcHill HoldCo LLC and Victory Topco, LP (15)						Operator of collision repair centers						First lien senior secured loan						9.83%			SOFR (Q)			5.50%						11/2023						11/2029									14.4						14.4						14.4			(2)(11)
												Class A-2 common units																		11/2023												20,170									2.0						3.4			(2)
																																																			16.4						17.8
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						9.36%			SOFR (M)			5.00%						09/2021						09/2028									52.8						52.6						52.8			(2)(11)
												First lien senior secured loan						9.36%			SOFR (M)			5.00%						11/2021						09/2028									16.6						16.6						16.6			(2)(11)
												First lien senior secured loan						9.36%			SOFR (M)			5.00%						06/2022						09/2028									9.5						9.5						9.5			(2)(11)
												First lien senior secured loan						9.36%			SOFR (M)			5.00%						11/2024						09/2028									0.9						0.9						0.9			(2)(11)
												Class A units																		09/2021												79,688									8.0						10.6			(2)
																																																			87.6						90.4
Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC (15)						Provider of global transportation safety and productivity applications						First lien senior secured loan						10.27%			SOFR (Q)			5.75%						02/2024						02/2031									80.9						80.9						80.9			(2)(11)
												Class A common units																		02/2024												2,501									6.2						6.5
																																																			87.1						87.4
																																																			392.9						383.8						2.87%
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						10.47%			SOFR (M)			6.00%						12/2021						12/2027									1.2						1.2						1.2			(2)(11)
												First lien senior secured loan						10.85%			SOFR (Q)			6.00%						12/2021						12/2027									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						10.57%			SOFR (M)			6.00%						10/2024						12/2027									3.3						3.3						3.3			(2)(11)
												Class A units																		12/2021												195,990									19.6						13.9			(2)
																																																			24.2						18.5
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)
												First lien senior secured loan																		06/2022						05/2025									24.5						23.5						16.1			(2)(10)
												First lien senior secured loan																		07/2022						05/2025									3.3						3.2						2.1			(2)(10)
												Second lien senior secured loan																		11/2018						03/2026									73.0						3.8						3.8			(2)(10)
												Common units																		11/2018												5,827									5.8						—
																																																			36.4						22.1
Meyer Laboratory, LLC and Meyer Parent, LLC (15)						Provider of industrial and institutional cleaning chemicals and application systems						First lien senior secured loan						9.61%			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						9.86%			SOFR (M)			5.50%						03/2024						03/2031									1.1						1.1						1.1			(2)(6)(11)

See accompanying notes to consolidated financial statements.

137

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured revolving loan						8.32%			Euribor (M)			5.50%						03/2024						03/2031									0.6						0.6						0.5			(2)(6)(11)
												First lien senior secured loan						9.86%			SOFR (M)			5.50%						03/2024						03/2031									16.5						16.5						16.2			(2)(6)(11)
												First lien senior secured loan						8.36%			Euribor (M)			5.50%						03/2024						03/2031									32.1						33.6						31.4			(2)(6)(11)
												Class A units																		07/2019												6,762,668									6.8						7.0			(2)(6)
																																																			58.6						56.2
Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C.						Developer and manufacturer of absorbent pads for food products						First lien senior secured loan						12.71% (1.00% PIK)			SOFR (M)			8.25%						12/2020						12/2026									22.1						22.1						20.3			(2)(11)
												First lien senior secured loan						12.71% (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						2.7			(2)
												Class C units																		12/2020												4,772									—						—			(2)
																																																			27.0						23.2
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC						Manufacturer of specialized acrylic and polycarbonate sheets						First lien senior secured loan						8.78%			SOFR (Q)			4.00%						12/2018						12/2025									22.1						21.8						21.4			(2)(11)(18)
												Second lien senior secured loan						12.12%			SOFR (S)			7.25%						12/2018						12/2026									55.0						55.0						53.3			(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)
																																																			77.5						75.0
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						9.93%			SOFR (Q)			5.50%						01/2019						04/2026									3.6						3.6						3.6			(2)(6)(11)
												First lien senior secured revolving loan						12.00%			Base Rate (Q)			4.50%						01/2019						04/2026									0.7						0.7						0.7			(2)(6)(11)
												First lien senior secured loan						9.93%			SOFR (Q)			5.50%						01/2019						04/2026									11.5						11.5						11.5			(2)(6)(11)
												First lien senior secured loan						9.93%			SOFR (Q)			5.50%						06/2021						04/2026									0.1						0.1						0.1			(2)(6)(11)
												First lien senior secured loan						9.93%			SOFR (Q)			5.50%						05/2022						04/2026									0.1						0.1						0.1			(2)(6)(11)
																																																			16.0						16.0
Reagent Chemical & Research, LLC (15)						Supplier of liquid hydrochloric acid						First lien senior secured revolving loan																		04/2024						04/2030									—						—						—			(2)(11)(13)
												First lien senior secured loan						9.61%			SOFR (M)			5.25%						04/2024						04/2031									47.6						47.6						47.6			(2)(11)
																																																			47.6						47.6
SCI PH Parent, Inc.						Industrial container manufacturer, reconditioner and servicer						Series B shares																		08/2018												11									1.1						2.1			(2)
Vobev, LLC and Vobev Holdings, LLC (15)						Producer and filler of aluminum beverage cans						First lien senior secured loan						13.36% PIK			SOFR (M)			9.00%						12/2024						03/2025									3.4						3.3						3.4			(2)
												First lien senior secured loan																		04/2023						04/2028									63.9						62.6						19.2			(2)(10)
												First lien senior secured loan																		01/2024						04/2028									5.7						5.6						1.7			(2)(10)
												First lien senior secured loan																		05/2024						04/2028									8.4						8.0						2.5			(2)(10)
												First lien senior secured loan																		09/2024						04/2028									4.2						4.1						1.3			(2)(10)
												First lien senior secured loan																		11/2024						04/2028									2.5						2.4						0.7			(2)(10)
												Warrant to purchase shares of ordinary shares																		04/2023						11/2033						4,378									—						—			(2)

See accompanying notes to consolidated financial statements.

138

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Warrant to purchase units of class B units																		11/2023						04/2028						59,450									—						—			(2)
																																																			86.0						28.8
																																																			401.9						317.1						2.37%
Household and Personal Products
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. (15)						Provider of personal care appliances						First lien senior secured loan						10.71% (0.50% PIK)			SOFR (M)			6.25%						12/2021						12/2027									3.7						3.7						3.6			(2)(11)
												Common stock																		12/2021												6,149									6.1						3.6			(2)
																																																			9.8						7.2
Foundation Consumer Brands, LLC						Pharmaceutical holding company of over the counter brands						First lien senior secured loan						10.89%			SOFR (Q)			6.25%						02/2021						02/2027									12.6						12.5						12.6			(2)(11)
												First lien senior secured loan						10.89%			SOFR (Q)			6.25%						06/2023						02/2027									0.2						0.2						0.2			(2)(11)
																																																			12.7						12.8
LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P.						Provider of intimate wellness products						First lien senior secured loan						11.08%			SOFR (Q)			6.75%						11/2022						11/2028									18.3						18.3						18.3			(2)(6)(11)
												First lien senior secured loan						10.81%			SOFR (Q)			6.50%						12/2023						11/2028									8.3						8.8						8.3			(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									—						1.0			(2)(6)
																																																			30.8						31.3
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						11.46%			SOFR (M)			7.00%						08/2021						08/2027									1.0						1.0						1.0			(2)(11)
												First lien senior secured loan						11.46% (3.50% PIK)			SOFR (M)			7.00%						08/2021						08/2027									28.0						28.0						26.3			(2)(11)
												Limited partner interests																		08/2021												4.03%									5.0						3.0			(2)
																																																			34.0						30.3
RD Holdco Inc. (5)						Manufacturer and marketer of carpet cleaning machines						Senior subordinated loan																		01/2017						10/2026									32.6						22.0						14.2			(2)(10)
												Senior subordinated loan																		04/2023						10/2026									1.2						0.9						0.5			(2)(10)
												Common stock																		01/2017												458,596									14.0						—
																																																			36.9						14.7
Silk Holdings III Corp. and Silk Holdings I Corp. (15)						Producer of personal care products						First lien senior secured revolving loan						8.33%			SOFR (Q)			4.00%						05/2023						05/2029									0.1						0.1						0.1			(2)(11)
												First lien senior secured loan						9.83%			SOFR (Q)			5.50%						05/2023						05/2029									5.4						5.4						5.4			(2)(11)
												First lien senior secured loan						9.83%			SOFR (Q)			5.50%						05/2024						05/2029									55.9						55.9						55.9			(2)(11)
												Common stock																		05/2023												14,199									14.2						37.4			(2)
																																																			75.6						98.8
TCI Buyer LLC and TCI Holdings, LP (15)						Contract formulator and manufacturer of beauty and personal care products						First lien senior secured loan						9.09%			SOFR (M)			4.75%						11/2024						11/2030									33.6						33.6						33.1			(2)(11)
												Common stock																		11/2024												24,010									2.4						2.4			(2)
																																																			36.0						35.5
Walnut Parent, Inc.						Manufacturer of natural solution pest and animal control products						First lien senior secured loan						9.96%			SOFR (M)			5.50%						11/2020						11/2027									14.3						14.3						13.9			(2)(11)

See accompanying notes to consolidated financial statements.

139

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.96%			SOFR (M)			5.50%						04/2022						11/2027									0.1						0.1						0.1			(2)(11)
																																																			14.4						14.0
																																																			250.2						244.6						1.83%
Energy
GNZ Energy Bidco Limited and Galileo Co-investment Trust I (15)						Independent fuel provider in New Zealand						First lien senior secured loan						10.60%			BKBM (Q)			6.00%						05/2022						07/2027									27.2						30.5						27.2			(2)(6)(11)
												Common units																		07/2022												17,616,667									5.1						8.4			(2)(6)
																																																			35.6						35.6
HighPeak Energy, Inc.						Oil and gas exploration and production company						First lien senior secured loan						11.98%			SOFR (Q)			7.50%						09/2023						09/2026									82.7						81.4						82.7			(2)(6)(11)
Murchison Holdings, LLC						Exploration and production company						Preferred units																		06/2022												41,000									—						6.7
Offen, Inc.						Distributor of fuel, lubricants, diesel exhaust fluid, and premium additives						First lien senior secured loan						9.47%			SOFR (M)			5.00%						05/2022						06/2026									0.1						0.1						0.1			(2)
VPROP Operating, LLC and V SandCo, LLC (5)(15)						Sand-based proppant producer and distributor to the oil and natural gas industry						First lien senior secured loan						14.21% PIK			SOFR (M)			9.50%						03/2017						11/2026									28.0						28.0						28.0			(2)(11)
												First lien senior secured loan						14.21% PIK			SOFR (M)			9.50%						06/2020						11/2026									6.2						6.2						6.2			(2)(11)
												First lien senior secured loan						14.21% PIK			SOFR (M)			9.50%						11/2020						11/2026									5.1						5.1						5.1			(2)(11)
												First lien senior secured loan						13.85% PIK			SOFR (M)			9.50%						12/2024						11/2026									4.5						4.5						4.5			(2)(11)
												Class A units																		11/2020												347,900									32.8						32.0			(2)
																																																			76.6						75.8
																																																			193.7						200.9						1.50%
Technology Hardware and Equipment
Chariot Buyer LLC (15)						Provider of smart access solutions across residential and commercial properties						First lien senior secured loan						8.11%			SOFR (M)			3.75%						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						9.61%			SOFR (M)			5.25%						05/2024						08/2029									7.1						7.1						7.1			(2)(11)
FL Hawk Intermediate Holdings, Inc. (15)						Provider of variable data labeling for the apparel industry						First lien senior secured loan						8.83%			SOFR (Q)			4.50%						10/2024						02/2030									9.3						9.2						9.3			(2)(11)
ITI Holdings, Inc. (15)						Provider of innovative software and equipment for motor vehicle agencies						First lien senior secured revolving loan						9.96%			SOFR (M)			5.50%						03/2022						03/2028									2.7						2.7						2.7			(2)(11)
												First lien senior secured revolving loan						12.00%			Base Rate (Q)			4.50%						03/2022						03/2028									1.4						1.4						1.4			(2)(11)
												First lien senior secured loan						10.05%			SOFR (Q)			5.50%						03/2022						03/2028									34.3						34.3						34.3			(2)(11)
																																																			38.4						38.4
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						9.34%			SOFR (M)			5.00%						03/2023						03/2029									17.2						17.2						17.2			(2)(11)
												First lien senior secured loan						9.34%			SOFR (M)			5.00%						10/2023						03/2029									2.8						2.8						2.8			(2)(11)

See accompanying notes to consolidated financial statements.

140

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS    

As of December 31, 2024

(dollar amounts in millions)

Company (1)						Business Description						Investment						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						9.34%			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						5.4
												Limited partnership interests																		03/2023												0.55%									9.9						15.1			(2)
																																																			37.9						43.7
Repairify, Inc. and Repairify Holdings, LLC (15)						Provider of automotive diagnostics scans and solutions						First lien senior secured revolving loan						9.95%			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						4.2			(2)
																																																			12.2						11.5
																																																			105.3						110.1						0.82%
Gas Utilities
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						7.83%			SOFR (M)			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						10.4			(6)(18)
																																																			23.4						10.5
																																																			103.0						95.0						0.71%
Telecommunication Services
Expereo USA, Inc. and Ristretto Bidco B.V. (15)						Global internet managed service provider						First lien senior secured loan						10.40%			SOFR (Q)			6.00%						12/2024						12/2030									56.0						56.0						55.5			(2)(6)(11)
																																																			56.0						55.5						0.42%
Transportation
Nordic Ferry Infrastructure AS						Private passenger & freight ferry transportation company						Senior subordinated loan						7.91%			Euribor (Q)			5.00%						11/2024						11/2031									0.1						0.1						0.1			(2)(6)
												Senior subordinated loan						9.70%			NIBOR (Q)			5.00%						11/2024						11/2031									0.1						0.1						0.1			(2)(6)
																																																			0.2						0.2
																																																			0.2						0.2						—%
Total Investments																																																			$	26,374.0					$	26,719.9		(19)			200.09%

See accompanying notes to consolidated financial statements.

141

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			$			195			€			182			Canadian Imperial Bank of Commerce			January 24, 2025			$	6
Foreign currency forward contract			$			184			CAD			240			Canadian Imperial Bank of Commerce			January 24, 2025			5
Foreign currency forward contract			$			109			€			103			Royal Bank of Canada			January 24, 2025			4
Foreign currency forward contract			$			96			NOK			97			Royal Bank of Canada			January 24, 2025			—
Foreign currency forward contract			$			93			CAD			133			Royal Bank of Canada			January 21, 2025			—
Foreign currency forward contract			$			84			£			68			Royal Bank of Canada			August 21, 2026			—
Foreign currency forward contract			$			84			£			65			Royal Bank of Canada			January 24, 2025			2
Foreign currency forward contract			$			76			£			59			Canadian Imperial Bank of Commerce			January 24, 2025			2
Foreign currency forward contract			$			41			NZD			68			Royal Bank of Canada			January 24, 2025			3
Foreign currency forward contract			$			40			CAD			55			Royal Bank of Canada			January 24, 2025			2
Foreign currency forward contract			$			19			£			15			Canadian Imperial Bank of Commerce			August 21, 2026			—
Foreign currency forward contract			$			14			AUD			21			Canadian Imperial Bank of Commerce			November 17, 2026			—
Foreign currency forward contract			$			6			NOK			63			Canadian Imperial Bank of Commerce			January 24, 2025			—
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 +2.581%			Wells Fargo Bank, N.A.			01/15/2027			$	900		$	4		$	—		$	(11)
Interest rate swap			March 2029 Notes			5.875		%	SOFR +2.023%			Wells Fargo Bank, N.A.			03/01/2029			1,000			(9)			—			(9)
Interest rate swap			July 2029 Notes			5.950		%	SOFR +1.643%			Wells Fargo Bank, N.A.			07/15/2029			850			7			—			7
Total																		$	2,750		$	2		$	—		$	(13)

______________________________________________

(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 December 31, 2024 represented 200% of the Company’s net assets or 95% 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 securitizations 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 securitizations (see Note 5).

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

See accompanying notes to consolidated financial statements.

142

(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, 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 Year Ended December 31, 2024																																																												As of December 31, 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)						Fair Value
Apex Clean Energy TopCo, LLC						$	3.2					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	31.2					$	222.3
APG Intermediate Holdings Corporation and APG Holdings, LLC						—						0.1						—						1.4						—						—						—						—						(4.9)						18.7
Bragg Live Food Products, LLC and SPC Investment Co., L.P.						—						3.5						—						2.8						—						—						0.1						—						15.9						56.3
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.						—						—						—						8.9						—						—						0.1						—						20.8						102.8
Daylight Beta Parent LLC and CFCo, LLC						—						—						—						—						—						—						—						—						(9.7)						2.5
ESCP PPG Holdings, LLC						—						—						—						—						—						—						—						—						(0.8)						3.6
European Capital UK SME Debt LP						—						7.2						—						—						—						1.8						—						—						(1.8)						7.4
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP						51.7						—						—						1.7						0.8						—						0.1						—						1.0						52.8
OPH NEP Investment, LLC						29.0						—						—						2.1						0.7						—						0.1						—						1.6						32.1
PCG-Ares Sidecar Investment II, L.P.						—						—						—						—						—						—						—						—						4.1						22.3
PCG-Ares Sidecar Investment, L.P.						—						—						—						—						—						—						—						—						(0.4)						0.6
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC						8.7						—						—						1.6						—						—						0.1						—						(0.5)						54.9
Production Resource Group, L.L.C. and PRG III, LLC						26.8						1.9						—						14.4						1.3						—						1.4						—						(40.1)						108.2
Shoes For crews Global, LLC and Shoes for crews Holdings, LLC						—						0.1						—						0.7						—						—						—						—						0.9						22.7
Totes Isotoner Corporation and Totes Ultimate Holdco, Inc.						—						3.8						6.0						0.2						—						—						—						(6.0)						6.1						—
						$	119.4					$	16.6					$	6.0					$	33.8					$	2.8					$	1.8					$	1.9					$	(6.0)					$	23.4					$	707.2

See accompanying notes to consolidated financial statements.

143

(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, 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 Year Ended December 31, 2024																																																												As of December 31, 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)						Fair Value
Absolute Dental Group LLC and Absolute Dental Equity, LLC						$	29.9					$	26.0					$	3.9					$	8.7					$	—					$	—					$	0.1					$	(3.8)					$	(12.2)					$	67.3
ACAS Equity Holdings Corporation						—						—						—						—						—						—						—						—						—						0.5
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.						—						—						—						—						—						—						—						—						—						—
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC						7.8						—						—						5.2						—						—						0.1						—						(18.2)						59.4
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						—						—						—						146.2						(114.3)						—
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation						—						—						—						2.6						—						—						0.5						—						(0.5)						66.2
Ivy Hill Asset Management, L.P.						412.2						474.2						—						1.7						—						285.0						—						—						(9.2)						1,915.3
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC						—						0.3						—						0.6						—						—						0.1						(0.3)						(5.4)						38.0
Potomac Intermediate Holdings II LLC						25.1						—						—						—						—						—						—						—						247.4						350.6
PS Operating Company LLC and PS Op Holdings LLC						5.6						3.8						—						0.1						—						—						—						—						(14.9)						9.1
RD Holdco Inc.						—						—						—						—						—						—						—						—						0.8						14.7
S Toys Holdings LLC (fka The Step2 Company, LLC)						—						—						—						—						—						—						—						—						—						—
Senior Direct Lending Program, LLC						210.8						263.8						—						172.9						12.5						—						4.5						0.1						(43.0)						1,192.0
Startec Equity, LLC						—						—						—						—						—						—						—						—						—						—
SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc.						1.1						118.5						—						(1.0)						0.1						—						—						(118.7)						87.8						—
Visual Edge Technology, Inc.						—						0.3						—						4.8						—						5.1						0.1						—						(4.6)						78.7
VPROP Operating, LLC and V SandCo, LLC						4.5						—						—						5.8						—						—						—						—						(29.0)						75.8
						$	697.0					$	977.9					$	84.7					$	204.9					$	12.6					$	290.1					$	5.4					$	23.5					$	84.7					$	3,867.6

______________________________________________________________________

*    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).

See accompanying notes to consolidated financial statements.

144

(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, 22% 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, 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 $38.7 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 $32.0 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 $32.0 secured borrowing, at fair value, included in “secured borrowings” in the accompanying consolidated balance sheet. As of December 31, 2024, the interest rate in effect for the secured borrowing was 12.15%.

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

See accompanying notes to consolidated financial statements.

145

(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
760203 N.B. LTD.			7.4			—			7.4			—			—			7.4
Absolute Dental Group LLC and Absolute Dental Equity, LLC			15.6			(14.5)			1.1			—			—			1.1
Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc.			14.1			—			14.1			—			—			14.1
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			12.3			—			12.3			—			—			12.3
Aduro Advisors, LLC			7.4			—			7.4			—			—			7.4
Advarra Holdings, Inc.			0.4			—			0.4			—			—			0.4
Aerin Medical Inc.			6.5			—			6.5			—			—			6.5
AI Fire Buyer, Inc. and AI Fire Parent LLC			9.5			(1.5)			8.0			—			—			8.0
AI Titan Parent, Inc.			18.5			—			18.5			—			—			18.5
Airx Climate Solutions, Inc.			9.9			—			9.9			—			—			9.9
Alcami Corporation and ACM Note Holdings, LLC			1.9			(0.1)			1.8			—			—			1.8
Aldinger Company Inc			5.1			—			5.1			—			—			5.1
Alera Group, Inc.			0.6			—			0.6			—			—			0.6
AMCP Clean Acquisition Company, LLC			4.0			—			4.0			—			—			4.0
American Residential Services L.L.C. and Aragorn Parent Holdings LP			10.0			(2.7)			7.3			—			—			7.3
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			62.0			(6.2)			55.8			—			—			55.8
APG Intermediate Holdings Corporation and APG Holdings, LLC			0.1			—			0.1			—			—			0.1
Applied Technical Services, LLC			9.6			(6.6)			3.0			—			—			3.0
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.			0.1			—			0.1			—			—			0.1
Aptean, Inc. and Aptean Acquiror Inc.			0.8			—			0.8			—			—			0.8
AQ Sage Buyer, LLC			0.7			(0.4)			0.3			—			—			0.3
AQ Sunshine, Inc.			37.5			(1.1)			36.4			—			—			36.4
Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc.			11.3			—			11.3			—			—			11.3
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			(1.2)			5.0			—			—			5.0
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			(1.6)			3.7			—			—			3.7
Badia Spices, LLC			16.8			—			16.8			—			—			16.8
Bamboo US BidCo LLC			19.4			—			19.4			—			—			19.4
Banyan Software Holdings, LLC and Banyan Software, LP			12.5			(1.0)			11.5			—			—			11.5
BCPE Pequod Buyer, Inc.			8.6			—			8.6			—			—			8.6
Beacon Pointe Harmony, LLC			9.3			—			9.3			—			—			9.3
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			—			8.7			—			—			8.7
Berner Food & Beverage, LLC			1.7			—			1.7			—			—			1.7
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			(2.8)			0.2			—			—			0.2
BNZ TopCo B.V.			19.9			—			19.9			—			—			19.9
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

See accompanying notes to consolidated financial statements.

146

(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
BradyPlus Holdings, LLC			3.0			—			3.0			—			—			3.0
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
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP			28.1			(14.3)			13.8			—			—			13.8
Captive Resources Midco, LLC			1.6			—			1.6			—			—			1.6
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			(0.4)			15.4			—			—			15.4
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			(0.7)			0.7			—			—			0.7
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.			33.6			(3.4)			30.2			—			—			30.2
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			2.1			(0.1)			2.0			—			—			2.0
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			34.6			—			34.6			—			—			34.6
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P.			14.7			(9.5)			5.2			—			—			5.2
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.			0.9			—			0.9			—			—			0.9
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.			38.7			(10.2)			28.5			—			—			28.5
Coupa Holdings, LLC and Coupa Software Incorporated			0.9			—			0.9			—			—			0.9
Cradle Lux Bidco S.A.R.L.			4.0			—			4.0			—			—			4.0
Creek Parent, Inc. and Creek Feeder, L.P.			30.1			—			30.1			—			—			30.1
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC			0.1			(0.1)			—			—			—			—
CST Holding Company			1.9			—			1.9			—			—			1.9
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			(2.3)			44.8			—			—			44.8
Davidson Hotel Company LLC			4.1			(0.7)			3.4			—			—			3.4
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			70.1			(59.4)			10.7			—			—			10.7
DFS Holding Company, Inc.			0.3			—			0.3			—			—			0.3
Diamond Mezzanine 24 LLC			4.8			(1.0)			3.8			—			—			3.8
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			15.0			—			15.0			—			—			15.0
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			9.7			—			9.7			—			—			9.7
DRS Holdings III, Inc. and DRS Holdings I, Inc.			10.8			—			10.8			—			—			10.8
Duraserv LLC			5.3			—			5.3			—			—			5.3
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP			9.6			(4.4)			5.2			—			—			5.2
Echo Purchaser, Inc.			3.9			(1.4)			2.5			—			—			2.5
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc.			50.4			—			50.4			—			—			50.4

See accompanying notes to consolidated financial statements.

147

(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
Edmunds Govtech, Inc.			24.7			(1.7)			23.0			—			—			23.0
EIS Legacy Holdco, LLC			26.5			—			26.5			—			—			26.5
Elemica Parent, Inc. & EZ Elemica Holdings, Inc.			7.3			(7.3)			—			—			—			—
Elevation Services Parent Holdings, LLC			3.5			(2.4)			1.1			—			—			1.1
Empower Payments Investor, LLC			1.3			—			1.3			—			—			1.3
Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc.			16.7			(0.3)			16.4			—			—			16.4
eResearch Technology, Inc. and Astorg VII Co-Invest ERT			15.0			—			15.0			—			—			15.0
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			(4.3)			45.0			—			—			45.0
Eternal Aus Bidco Pty Ltd			1.0			—			1.0			—			—			1.0
Evolent Health LLC and Evolent Health, Inc.			31.2			—			31.2			—			—			31.2
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc.			3.6			—			3.6			—			—			3.6
Excelitas Technologies Corp.			27.1			—			27.1			—			—			27.1
Expereo USA, Inc. and Ristretto Bidco B.V.			20.9			—			20.9			—			—			20.9
Extrahop Networks, Inc.			11.3			—			11.3			—			—			11.3
Faraday Buyer, LLC			5.1			—			5.1			—			—			5.1
Fever Labs, Inc.			14.2			(4.1)			10.1			—			—			10.1
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			22.6			(2.5)			20.1			—			—			20.1
FL Hawk Intermediate Holdings, Inc.			1.3			—			1.3			—			—			1.3
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc.			17.5			(3.6)			13.9			—			—			13.9
Flint OpCo, LLC			4.8			—			4.8			—			—			4.8
FlyWheel Acquireco, Inc.			8.2			(5.5)			2.7			—			—			2.7
Forescout Technologies, Inc.			2.4			—			2.4			—			—			2.4
Foundation Risk Partners, Corp.			35.9			—			35.9			—			—			35.9
FS Squared Holding Corp. and FS Squared, LLC			70.6			(5.7)			64.9			—			—			64.9
Galway Borrower LLC			27.1			(1.3)			25.8			—			—			25.8
Generator US Buyer, Inc. and Total Power Limited			1.9			—			1.9			—			—			1.9
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc.			6.1			—			6.1			—			—			6.1
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC			18.8			—			18.8			—			—			18.8
GI Ranger Intermediate LLC			3.6			(0.4)			3.2			—			—			3.2
Global Music Rights, LLC			15.0			—			15.0			—			—			15.0
GNZ Energy Bidco Limited and Galileo Co-investment Trust I			2.8			—			2.8			—			—			2.8
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			6.9			—			6.9			—			—			6.9
GSV Purchaser, Inc.			4.1			—			4.1			—			—			4.1
GTCR Everest Borrower, LLC			1.2			—			1.2			—			—			1.2
GTCR F Buyer Corp. and GTCR (D) Investors LP			1.9			—			1.9			—			—			1.9
Guidepoint Security Holdings, LLC			3.4			—			3.4			—			—			3.4
Harvey Tool Company, LLC			66.7			—			66.7			—			—			66.7
HealthEdge Software, Inc.			1.1			—			1.1			—			—			1.1
Heavy Construction Systems Specialists, LLC			4.0			—			4.0			—			—			4.0
Helios Service Partners, LLC and Astra Service Partners, LLC			11.7			(0.4)			11.3			—			—			11.3
Help/Systems Holdings, Inc.			15.0			(1.7)			13.3			—			—			13.3
HGC Holdings, LLC			7.5			—			7.5			—			—			7.5
HH-Stella, Inc. and Bedrock Parent Holdings, LP			18.7			(1.8)			16.9			—			—			16.9
Higginbotham Insurance Agency, Inc.			3.7			—			3.7			—			—			3.7
High Street Buyer, Inc. and High Street Holdco LLC			32.6			—			32.6			—			—			32.6
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			0.4			(0.1)			0.3			—			—			0.3
HP RSS Buyer, Inc.			4.9			—			4.9			—			—			4.9
HPCC Parent, Inc. and Patriot Container Corp.			7.0			—			7.0			—			—			7.0

See accompanying notes to consolidated financial statements.

148

(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
HuFriedy Group Acquisition LLC			10.2			(0.3)			9.9			—			—			9.9
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP			13.3			(8.6)			4.7			—			—			4.7
Hyland Software, Inc.			2.0			(0.1)			1.9			—			—			1.9
Icefall Parent, Inc.			1.1			—			1.1			—			—			1.1
IFH Franchisee Holdings, LLC			18.9			(4.3)			14.6			—			—			14.6
Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P.			25.9			(0.7)			25.2			—			—			25.2
Inszone Mid, LLC and INSZ Holdings, LLC			72.0			—			72.0			—			—			72.0
Internet Truckstop Group LLC			1.2			—			1.2			—			—			1.2
IQN Holding Corp.			2.3			(0.9)			1.4			—			—			1.4
IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P.			14.4			(3.0)			11.4			—			—			11.4
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P.			30.2			(1.1)			29.1			—			—			29.1
ITI Holdings, Inc.			5.7			(4.1)			1.6			—			—			1.6
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			(3.5)			1.5			—			—			1.5
Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC			3.1			—			3.1			—			—			3.1
Kene Acquisition, Inc. and Kene Holdings, L.P.			1.0			—			1.0			—			—			1.0
Keystone Agency Partners LLC			1.1			(0.1)			1.0			—			—			1.0
Kings Buyer, LLC			1.6			(0.4)			1.2			—			—			1.2
KPS Global LLC and Cool Group LLC			3.4			—			3.4			—			—			3.4
Laboratories Bidco LLC and Laboratories Topco LLC			19.7			(10.1)			9.6			—			—			9.6
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP			9.7			—			9.7			—			—			9.7
LeanTaaS Holdings, Inc.			17.2			—			17.2			—			—			17.2
Legends Hospitality Holding Company, LLC and ASM Buyer, Inc.			14.4			(2.8)			11.6			—			—			11.6
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.			1.5			—			1.5			—			—			1.5
Lew's Intermediate Holdings, LLC			2.3			(1.0)			1.3			—			—			1.3
Lido Advisors, LLC			7.5			(0.8)			6.7			—			—			6.7
Lightbeam Bidco, Inc.			3.7			(0.2)			3.5			—			—			3.5
LivTech Purchaser, Inc.			7.0			—			7.0			—			—			7.0
LJP Purchaser, Inc. and LJP Topco, LP			3.1			—			3.1			—			—			3.1
Mai Capital Management Intermediate LLC			5.2			(0.3)			4.9			—			—			4.9
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			(21.6)			11.3			—			—			11.3
McKenzie Creative Brands, LLC			4.5			(1.4)			3.1			—			—			3.1
Medlar Bidco Limited			64.3			—			64.3			—			—			64.3
Metatiedot Bidco OY and Metatiedot US, LLC			3.7			(0.2)			3.5			—			—			3.5
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
Mountaineer Merger Corporation			13.4			(9.7)			3.7			—			—			3.7
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC			6.3			(0.3)			6.0			—			—			6.0
MRI Software LLC			3.8			(0.2)			3.6			—			—			3.6
Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc.			5.7			—			5.7			—			—			5.7
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.			23.2			(1.7)			21.5			—			—			21.5
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P.			12.6			(0.3)			12.3			—			—			12.3
Netsmart, Inc. and Netsmart Technologies, Inc.			33.8			—			33.8			—			—			33.8
New ChurcHill HoldCo LLC and Victory Topco, LP			9.8			—			9.8			—			—			9.8
Next Holdco, LLC			2.4			—			2.4			—			—			2.4
NMC Skincare Intermediate Holdings II, LLC			12.8			(5.1)			7.7			—			—			7.7
NMN Holdings III Corp. and NMN Holdings LP			65.4			(6.0)			59.4			—			—			59.4

See accompanying notes to consolidated financial statements.

149

(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
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			9.6			(2.8)			6.8			—			—			6.8
North Haven Stack Buyer, LLC			9.6			(1.3)			8.3			—			—			8.3
North Star Acquisitionco, LLC and Toucan Bidco Limited			3.3			—			3.3			—			—			3.3
Northwinds Holding, Inc. and Northwinds Services Group LLC			11.4			(0.8)			10.6			—			—			10.6
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP			3.4			(0.2)			3.2			—			—			3.2
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
Optimizely North America Inc. and Optimizely Sweden Holdings AB			0.8			—			0.8			—			—			0.8
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
Paris US Holdco, Inc. & 1001028292 Ontario Inc.			24.0			—			24.0			—			—			24.0
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.			4.2			—			4.2			—			—			4.2
Pathway Vet Alliance LLC and Jedi Group Holdings LLC			1.9			(0.2)			1.7			—			—			1.7
Patriot Growth Insurance Services, LLC			2.2			(1.1)			1.1			—			—			1.1
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC			2.5			—			2.5			—			—			2.5
PCS MidCo, Inc. and PCS Parent, L.P.			5.8			(0.8)			5.0			—			—			5.0
PDDS HoldCo, Inc.			1.9			(0.2)			1.7			—			—			1.7
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC			2.5			—			2.5			—			—			2.5
Pelican Products, Inc.			2.3			(1.6)			0.7			—			—			0.7
People Corporation			34.0			(3.5)			30.5			—			—			30.5
Perforce Software, Inc.			7.5			(1.0)			6.5			—			—			6.5
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			2.1			—			2.1			—			—			2.1
Petrus Buyer, Inc.			1.8			—			1.8			—			—			1.8
PetVet Care Centers, LLC			49.4			—			49.4			—			—			49.4
Petvisor Holdings, LLC			30.2			(1.7)			28.5			—			—			28.5
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
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc.			7.0			(0.4)			6.6			—			—			6.6
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			(4.3)			10.1			—			—			10.1
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.			3.5			(1.0)			2.5			—			—			2.5
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
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC			20.1			—			20.1			—			—			20.1
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P.			5.8			(0.7)			5.1			—			—			5.1
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			—			5.5			—			—			5.5
Proofpoint, Inc.			3.1			—			3.1			—			—			3.1
PS Operating Company LLC and PS Op Holdings LLC			6.8			(6.8)			—			—			—			—
PSC Parent, Inc.			14.8			(3.5)			11.3			—			—			11.3
PYE-Barker Fire & Safety, LLC			14.7			(0.5)			14.2			—			—			14.2
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC			1.6			—			1.6			—			—			1.6
QBS Parent, Inc.			1.6			—			1.6			—			—			1.6
QF Holdings, Inc.			1.1			(0.5)			0.6			—			—			0.6
Qnnect, LLC and Connector TopCo, LP			0.8			—			0.8			—			—			0.8

See accompanying notes to consolidated financial statements.

150

(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
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P.			12.4			—			12.4			—			—			12.4
Radius Aerospace, Inc. and Radius Aerospace Europe Limited			5.6			(4.0)			1.6			—			—			1.6
Radwell Parent, LLC			6.0			(0.9)			5.1			—			—			5.1
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC			8.9			—			8.9			—			—			8.9
Raven Acquisition Holdings, LLC			5.3			—			5.3			—			—			5.3
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P.			11.8			(7.9)			3.9			—			—			3.9
RB Holdings InterCo, LLC			2.1			(1.5)			0.6			—			—			0.6
Reagent Chemical & Research, LLC			2.7			(0.1)			2.6			—			—			2.6
Reddy Ice LLC			37.4			(3.5)			33.9			—			—			33.9
Redwood Services, LLC and Redwood Services Holdco, LLC			14.3			(0.2)			14.1			—			—			14.1
Reef Lifestyle, LLC			33.3			(32.9)			0.4			—			—			0.4
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.			6.9			(5.4)			1.5			—			—			1.5
Relativity ODA LLC			8.8			—			8.8			—			—			8.8
Repairify, Inc. and Repairify Holdings, LLC			7.3			(7.3)			—			—			—			—
Revalize, Inc.			0.9			(0.7)			0.2			—			—			0.2
RFS Opco LLC			7.0			—			7.0			—			—			7.0
Rialto Management Group, LLC			2.2			(0.3)			1.9			—			—			1.9
Riser Topco II, LLC			3.7			—			3.7			—			—			3.7
RMS HoldCo II, LLC & RMS Group Holdings, Inc.			2.9			—			2.9			—			—			2.9
Rodeo AcquisitionCo LLC			2.5			(1.0)			1.5			—			—			1.5
Royal Borrower, LLC and Royal Parent, LP			14.3			(0.2)			14.1			—			—			14.1
RTI Surgical, Inc. and Pioneer Surgical Technology, Inc.			21.1			(11.6)			9.5			—			—			9.5
Runway Bidco, LLC			15.6			—			15.6			—			—			15.6
RWA Wealth Partners, LLC			7.6			—			7.6			—			—			7.6
SageSure Holdings, LLC and SageSure LLC			26.2			—			26.2			—			—			26.2
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			(0.6)			14.6			—			—			14.6
SCIH Salt Holdings Inc.			22.5			(6.2)			16.3			—			—			16.3
SCM Insurance Services Inc.			3.7			—			3.7			—			—			3.7
SePro Holdings, LLC			8.5			—			8.5			—			—			8.5
Severin Acquisition, LLC			73.6			—			73.6			—			—			73.6
SG Acquisition, Inc.			2.0			—			2.0			—			—			2.0
Shermco Intermediate Holdings, Inc.			8.3			(2.3)			6.0			—			—			6.0
Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC			0.7			—			0.7			—			—			0.7
SIG Parent Holdings, LLC			33.8			—			33.8			—			—			33.8
Silk Holdings III Corp. and Silk Holdings I Corp.			0.1			(0.1)			—			—			—			—
SM Wellness Holdings, Inc. and SM Holdco, LLC			3.8			—			3.8			—			—			3.8
Smarsh Inc. and Skywalker TopCo, LLC			2.0			(0.3)			1.7			—			—			1.7
Spaceship Purchaser, Inc.			26.9			—			26.9			—			—			26.9
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			4.0			(0.7)			3.3			—			—			3.3
Star US Bidco LLC			15.5			—			15.5			—			—			15.5
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC			2.0			—			2.0			—			—			2.0
Sugar PPC Buyer LLC			3.9			—			3.9			—			—			3.9
Sun Acquirer Corp. and Sun TopCo, LP			73.1			(0.4)			72.7			—			—			72.7
Sundance Group Holdings, Inc.			4.4			(1.8)			2.6			—			—			2.6
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation			7.6			(2.7)			4.9			—			—			4.9
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
Supplying Demand, Inc.			0.1			—			0.1			—			—			0.1
Surescripts, LLC			22.9			—			22.9			—			—			22.9
SV Newco 2, Inc. and Site 2020 Incorporated			17.5			—			17.5			—			—			17.5

See accompanying notes to consolidated financial statements.

151

(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
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.			10.0			(3.7)			6.3			—			—			6.3
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
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.			2.2			(1.4)			0.8			—			—			0.8
TCI Buyer LLC and TCI Holdings, LP			25.8			—			25.8			—			—			25.8
TCP Hawker Intermediate LLC			14.9			(3.4)			11.5			—			—			11.5
Team Acquisition Corporation			6.1			—			6.1			—			—			6.1
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP			16.0			(0.8)			15.2			—			—			15.2
The Hiller Companies, LLC			11.9			—			11.9			—			—			11.9
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC			1.0			(0.2)			0.8			—			—			0.8
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			(4.0)			3.7			—			—			3.7
THG Acquisition, LLC			53.4			(1.6)			51.8			—			—			51.8
Transit Technologies LLC			6.3			—			6.3			—			—			6.3
Triwizard Holdings, Inc. and Triwizard Parent, LP			21.0			(3.0)			18.0			—			—			18.0
Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC			18.4			—			18.4			—			—			18.4
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC			5.4			—			5.4			—			—			5.4
TSS Buyer, LLC			0.5			—			0.5			—			—			0.5
Two Six Labs, LLC			36.5			—			36.5			—			—			36.5
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP			8.4			(0.5)			7.9			—			—			7.9
UP Intermediate II LLC and UPBW Blocker LLC			4.2			(0.1)			4.1			—			—			4.1
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.			3.5			—			3.5			—			—			3.5
Verista, Inc.			8.0			(0.7)			7.3			—			—			7.3
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC			16.2			(1.4)			14.8			—			—			14.8
Victors Purchaser, LLC and WP Victors Co-Investment, L.P.			24.0			(1.1)			22.9			—			—			22.9
Viper Bidco, Inc.			5.1			—			5.1			—			—			5.1
Visual Edge Technology, Inc.			18.9			—			18.9			—			—			18.9
Vobev, LLC and Vobev Holdings, LLC			6.6			—			6.6			—			(6.6)			—
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.			3.2			—			3.2			—			—			3.2
VPROP Operating, LLC and V SandCo, LLC			2.2			—			2.2			—			—			2.2
VRC Companies, LLC			5.4			—			5.4			—			—			5.4
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC			6.3			—			6.3			—			—			6.3
Watermill Express, LLC and Watermill Express Holdings, LLC			4.0			(0.4)			3.6			—			—			3.6
Waverly Advisors, LLC and WAAM Topco, LLC			0.8			—			0.8			—			—			0.8
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P.			0.7			—			0.7			—			—			0.7
Wealth Enhancement Group, LLC			43.2			—			43.2			—			—			43.2
WebPT, Inc. and WPT Intermediate Holdco, Inc.			0.9			(0.5)			0.4			—			—			0.4
Wellington Bidco Inc. and Wellington TopCo LP			16.6			(0.6)			16.0			—			—			16.0
Wellington-Altus Financial Inc.			1.1			—			1.1			—			—			1.1
Wellness AcquisitionCo, Inc.			2.2			—			2.2			—			—			2.2
WorkWave Intermediate II, LLC			5.2			(1.1)			4.1			—			—			4.1
World Insurance Associates, LLC and World Associates Holdings, LLC			4.4			—			4.4			—			—			4.4
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.			1.8			(0.1)			1.7			—			—			1.7
WRE Sports Investments LLC			6.5			—			6.5			—			(6.5)			—
WSHP FC Acquisition LLC and WSHP FC Holdings LLC			16.3			(11.2)			5.1			—			—			5.1
XIFIN, Inc. and ACP Charger Co-Invest LLC			5.7			(5.7)			—			—			—			—
YE Brands Holdings, LLC			3.5			(1.6)			1.9			—			—			1.9
ZB Holdco LLC and ZB TopCo LLC			15.2			(6.3)			8.9			—			—			8.9
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP			12.8			—			12.8			—			—			12.8
Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc.			10.9			(0.1)			10.8			—			—			10.8
			$	4,447.5		$	(529.3)		$	3,918.2		$	—		$	(23.1)		$	3,895.1

See accompanying notes to consolidated financial statements.

152

(16)As of December 31, 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.			5.7			(2.9)			2.8			—			2.8
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP			0.1			—			0.1			—			0.1
European Capital UK SME Debt LP			56.3			(51.0)			5.3			(5.3)			—
GTCR F Buyer Corp. and GTCR (D) Investors LP			1.4			—			1.4			—			1.4
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			(1.1)			0.8			—			0.8
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.			0.1			—			0.1			—			0.1
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.			1.9			—			1.9			—			1.9
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.			0.2			—			0.2			—			0.2
			$	191.3		$	(88.0)		$	103.3		$	(42.9)		$	60.4

(17)As of December 31, 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 $119. 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, 2024, the estimated net unrealized gain for federal tax purposes was $0.2 billion based on a tax cost basis of $26.5 billion. As of December 31, 2024, the estimated aggregate gross unrealized gain for federal income tax purposes was $1.7 billion and the estimated aggregate gross unrealized loss for federal income tax purposes was $1.5 billion.     

See accompanying notes to consolidated financial statements.

153

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, 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			—						—						—						326						326
Net realized losses on investments, foreign currency, extinguishment of debt and other transactions			—						—						—						(33)						(33)
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			—						—						—						386						386
Net realized losses on investments, foreign currency and other transactions			—						—						—						(16)						(16)
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
Issuances of common stock (net of offering and underwriting costs)			25						—						528						—						528
Shares issued in connection with dividend reinvestment plan			1						—						17						—						17
Net investment income			—						—						—						363						363
Net realized losses on investments, foreign currency and other transactions			—						—						—						(29)						(29)
Net unrealized gains on investments, foreign currency and other transactions			—						—						—						23						23
Dividends declared and payable ($0.48 per share)			—						—						—						(320)						(320)
Tax reclassification of stockholders’ equity in accordance with GAAP			—						—						(87)						87						—
Balance at December 31, 2024			672						$	1					$	12,502					$	852					$	13,355
Issuances of common stock (net of offering and underwriting costs)			17						—						384						—						384
Shares issued in connection with dividend reinvestment plan			1						—						20						—						20
Net investment income			—						—						—						365						365
Net realized losses on investments, foreign currency and other transactions			—						—						—						(61)						(61)
Net unrealized losses on investments, foreign currency and other transactions			—						—						—						(63)						(63)
Dividends declared and payable ($0.48 per share)			—						—						—						(328)						(328)
Balance at March 31, 2025			690						$	1					$	12,906					$	765					$	13,672
Issuances of common stock (net of offering and underwriting costs)			15						—						318						—						318
Shares issued in connection with dividend reinvestment plan			1						—						20						—						20
Net investment income			—						—						—						342						342
Net realized gains on investments, foreign currency and other transactions			—						—						—						34						34
Net unrealized losses on investments, foreign currency and other transactions			—						—						—						(15)						(15)
Dividends declared and payable ($0.48 per share)			—						—						—						(337)						(337)
Balance at June 30, 2025			706						$	1					$	13,244					$	789					$	14,034
Issuances of common stock (net of offering and underwriting costs)			9						—						204						—						204
Shares issued in connection with dividend reinvestment plan			1						—						22						—						22
Net investment income			—						—						—						338						338
Net realized gains on investments, foreign currency and other transactions			—						—						—						162						162
Net unrealized losses on investments, foreign currency and other transactions			—						—						—						(96)						(96)
Dividends declared and payable ($0.48 per share)			—						—						—						(342)						(342)
Balance at September 30, 2025			716						$	1					$	13,470					$	851					$	14,322

See accompanying notes to consolidated financial statements.

154

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(in millions)

(unaudited)

			For the Nine Months Ended September 30,
			2025						2024
OPERATING ACTIVITIES:
Net increase in stockholders' equity resulting from operations			$	1,006					$	1,165
Adjustments to reconcile net increase in stockholders’ equity resulting from operations:
Net realized (gains) losses on investments, foreign currency and other transactions			(135)						60
Net unrealized (gains) losses on investments, foreign currency and other transactions			174						(165)
Realized loss on extinguishment of debt			—						14
Net gain on interest rate swaps accounted for as hedge instruments and the related hedged items			(2)						(1)
Net accretion of discount on investments			(12)						(14)
PIK interest			(165)						(150)
Collections of PIK interest			124						67
PIK dividends			(205)						(189)
Collections of PIK dividends			128						17
Amortization of debt issuance costs			26						25
Net amortization of premium on notes payable			(1)						(5)
Proceeds from sales and repayments of investments and other transactions			7,079						6,737
Purchases of investments			(9,263)						(9,469)
Changes in operating assets and liabilities:
Interest receivable			46						(14)
Other assets			(16)						(7)
Base management fee payable			8						12
Income based fee payable			(3)						2
Capital gains incentive fee payable			(8)						18
Interest and facility fees payable			(41)						(13)
Payable to participants			(51)						9
Interest rate swap collateral payable			44						99
Accounts payable and other liabilities			(23)						(58)
Net cash used in operating activities			(1,290)						(1,860)
FINANCING ACTIVITIES:
Borrowings on debt			9,383						10,649
Repayments and repurchases of debt			(7,583)						(8,681)
Debt issuance costs			(45)						(38)
Repayment of 2024 Convertible Notes			—						(10)
Net proceeds from issuance of common stock			906						836
Dividends paid			(945)						(836)
Secured borrowings, net			(32)						—
Net cash provided by financing activities			1,684						1,920
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			394						60
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD			860						564
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD			$	1,254					$	624
Supplemental Information:
Interest paid during the period			$	560					$	513
Taxes, including excise taxes, paid during the period			$	42					$	58
Dividends declared and payable during the period			$	1,007					$	899

See accompanying notes to consolidated financial statements.

155

ARES CAPITAL CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2025

(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

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Filing: 10-Q - ARES CAPITAL CORP (ARCC)
Accession Number: 0001287750-25-000046