ARCC (ticker: ARCC) shows wide mix of secured loans and equity stakes

Rhea-AI Filing Summary

ARCC lists a wide-ranging portfolio of corporate credit and related equity interests dated 2026-06-30. Most positions are first lien senior secured loans and revolving credit facilities to numerous borrower entities, including many acquisition vehicles and holding companies.

Additional exposures include second lien senior secured loans, senior and other subordinated loans, senior secured notes, and a variety of equity and partnership instruments such as preferred and common stock or units, limited partnership and membership interests, and warrants to purchase equity. The information emphasizes instrument type, seniority in the capital structure, and the identity of each borrower across a large number of separate positions.

Key Figures

Portfolio reference date: 2026-06-30

1 metrics

Portfolio reference date 2026-06-30 Date shown alongside each listed loan and equity position

Key Terms

first lien senior secured loan, first lien senior secured revolving loan, second lien senior secured loan, senior subordinated loan, +2 more

6 terms

first lien senior secured loan financial

" | First lien senior secured loan2026-06-30"

A first lien senior secured loan is a debt where the lender has the top legal claim on a borrower’s specific assets and is paid before other creditors if the borrower defaults. Think of it like a first mortgage on a house: the lender has the strongest right to the property used as collateral. For investors this matters because these loans typically carry lower risk and priority in recovery, often offering lower yields than unsecured debt but greater protection if the borrower runs into trouble.

first lien senior secured revolving loan financial

" | First lien senior secured revolving loan2026-06-30"

second lien senior secured loan financial

" | Second lien senior secured loan2026-06-30"

A second lien senior secured loan is a company loan that is backed by specific assets but ranks behind a first-lien loan for repayment if the borrower defaults. Think of it as holding the second mortgage on a house: you have a legal claim to the collateral, but you get paid only after the first lender is made whole. Investors care because these loans pay higher interest to compensate for greater recovery risk and influence the likely recovery for other creditors and equity holders.

senior subordinated loan financial

" | Senior subordinated loan2026-06-30"

limited partnership interests financial

" | Limited partnership interests2026-06-30"

An ownership stake in a limited partnership gives an investor the role of a limited partner who provides capital but does not run day-to-day operations; a separate general partner manages the business. It matters because limited partners share profits, losses, and tax benefits but generally cannot lose more than they invested and have little control or liquidity—think of it like quietly funding a small business while someone else manages it, with potential return and risk tied to the venture’s performance.

warrant to purchase common stock financial

" | Warrant to purchase common stock2026-06-30"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/29/2026 - 06:05 AM Accepted by SEC EDGAR 07/28/2026 - 08:51 PM Learn about SEC filing dates

FAQ

What does ARCC's 10-Q show about its investment portfolio?

ARCC reports a broad portfolio of corporate credit and equity interests dated 2026-06-30. The positions span many individual borrower entities and emphasize detailed loan structures, seniority levels, and accompanying equity or partnership stakes for each investment.

Which types of credit instruments dominate ARCC's positions in this 10-Q?

The largest share of positions are first lien senior secured loans and first lien senior secured revolving loans. ARCC also lists second lien senior secured loans, senior subordinated loans, other subordinated loans, and senior secured notes alongside these primary credit exposures.

Does ARCC hold equity or partnership interests alongside its loans?

Yes. Many entries include preferred and common stock or units, limited partnership interests, membership interests, and warrants to purchase common stock or units. These instruments often sit alongside related loan positions to the same borrower groups.

How is the seniority of ARCC's debt investments described?

Seniority is described using terms such as first lien senior secured, second lien senior secured, senior subordinated, and subordinated loans. These labels distinguish priority of claims among ARCC’s various credit exposures to the same or different borrowers.

What reference date is associated with ARCC's listed investments?

Each position is tagged with the date 2026-06-30. That date appears consistently next to the described loans, equity interests, and partnership stakes, indicating a common reference point for the portfolio detail presented.

Are specific borrower entities named in ARCC's portfolio disclosure?

Yes. Borrowers are identified individually, including entities such as Cornerstone OnDemand, Inc., Databricks, Inc., Proofpoint, Inc., and many specialized holding, acquisition, and limited partnership vehicles across different corporate groups.

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Avenu Midco LLC | First lien senior secured revolving loan2026-06-300001287750ACP Avenu Midco LLC | First lien senior secured loan 2026-06-300001287750ACP Avenu Midco LLC | First lien senior secured loan 22026-06-300001287750arcc:ACPAvenuMidcoLLCMember2026-06-300001287750Actfy Buyer, Inc. | First lien senior secured loan2026-06-300001287750Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP | First lien senior secured loan 2026-06-300001287750Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP | First lien senior secured loan 12026-06-300001287750Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP | Limited partnership interest2026-06-300001287750arcc:ActivateHoldingsUSCorp.AndCrossPointCapitalASSPVLPMember2026-06-300001287750Adonis Bidco Inc. | First lien senior secured loan2026-06-300001287750Adonis Bidco Inc. | First lien senior secured loan 12026-06-300001287750arcc:AdonisBidcoInc.Member2026-06-300001287750AI Titan Parent, Inc. | First lien senior secured loan2026-06-300001287750Anaplan, Inc., | First lien senior secured loan 2026-06-300001287750APG Intermediate Holdings Corporation and APG Holdings, LLC | Class A membership units2026-06-300001287750Apple Bidco Holdings, Inc. | First lien senior secured revolving loan2026-06-300001287750Apple Bidco Holdings, Inc. | First lien senior secured loan2026-06-300001287750arcc:AppleBidcoHoldingsInc.Member2026-06-300001287750Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. | First lien senior secured loan2026-06-300001287750Aptean, Inc. and Aptean Acquiror Inc. | First lien senior secured revolving loan2026-06-300001287750Aptean, Inc. and Aptean Acquiror Inc. | First lien senior secured loan2026-06-300001287750arcc:ApteanInc.AndApteanAcquirorIncMember2026-06-300001287750Archduke Buyer, Inc. | First lien senior secured loan2026-06-300001287750Arrow Borrower 2025, Inc. | First lien senior secured loan2026-06-300001287750Artifact Bidco, Inc. | First lien senior secured loan2026-06-300001287750Aston Bidco (Holding) Limited | First lien senior secured loan2026-06-300001287750Auctane, Inc. | First lien senior secured loan2026-06-300001287750Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. | First lien senior secured revolving loan2026-06-300001287750Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. | First lien senior secured loan 2026-06-300001287750Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. | First lien senior secured loan 12026-06-300001287750Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. | First lien senior secured loan 22026-06-300001287750Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. | Series A preferred shares2026-06-300001287750arcc:BanyanSoftwareHoldingsLLCAndBanyanSoftwareIntermediateInc.Member2026-06-300001287750BCTO Ignition Purchaser, Inc. | Senior subordinated loan2026-06-300001287750BCTO Ignition Purchaser, Inc. | Senior subordinated loan 12026-06-300001287750arcc:BCTOIgnitionPurchaserInc.Member2026-06-300001287750Bobcat Purchaser, LLC and Bobcat Topco, L.P. | First lien senior secured loan2026-06-300001287750Bobcat Purchaser, LLC and Bobcat Topco, L.P. | Class A-1 units2026-06-300001287750arcc:BobcatPurchaserLLCAndBobcatTopcoLPMember2026-06-300001287750Borrower R365 Holdings LLC | First lien senior secured loan 2026-06-300001287750Borrower R365 Holdings LLC | First lien senior secured loan 12026-06-300001287750arcc:BorrowerR365HoldingsLLCMember2026-06-300001287750Bottomline Technologies, Inc. | First lien senior secured loan 2026-06-300001287750Businessolver.com, Inc. | First lien senior secured loan2026-06-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. | First lien senior secured loan2026-06-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. | Second lien senior secured loan2026-06-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. | Series A preferred shares2026-06-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. | Series A-2preferred shares2026-06-300001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. | Series A-3 preferred shares2026-06-300001287750arcc:CardinalParentIncAndPackersSoftwareIntermediateHoldingsIncMember2026-06-300001287750Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. | First lien senior secured revolving loan2026-06-300001287750Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P., First lien senior secured loan2026-06-300001287750Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P., Senior subordinated loan2026-06-300001287750Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P., Limited partnership interests2026-06-300001287750arcc:CascadeParentInc.CascadeIntermediateIIInc.AndHaveliCascadeCoInvestIL.P.Member2026-06-300001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc. | First lien senior secured revolving loan2026-06-300001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc. | First lien senior secured loan2026-06-300001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc. | Series A preferred stock2026-06-300001287750arcc:CentralsquareTechnologiesLLCAndSupermooseNewcoInc.Member2026-06-300001287750Clearwater Analytics, LLC and Clearwater Analytics Holdings, Inc.| First lien senior secured loan2026-06-300001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. | Limited partnership interests2026-06-300001287750Community Brands ParentCo, LLC, | Class A units2026-06-300001287750Computer Services, Inc., | First lien senior secured loan 2026-06-300001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. | Common units2026-06-300001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. | Series A common units2026-06-300001287750arcc:ConsilioMidcoLimitedCompusoftUSLLCAndConsilioInvestmentHoldingsLPMember2026-06-300001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP. | First lien senior secured revolving loan2026-06-300001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP. | Second lien senior secured loan2026-06-300001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP. | Limited partnership units2026-06-300001287750arcc:CoreLogicIncAndTVIIICelestialCoInvestLPMember2026-06-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. | First lien senior secured loan 2026-06-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. | Preferred equity2026-06-300001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. | Common equity2026-06-300001287750arcc:CoritySoftwareIncCoritySoftwareUSAIncAndCorityParentIncMember2026-06-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. | First lien senior secured revolving loan2026-06-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.| First lien senior secured loan2026-06-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. | Second lien senior secured loan2026-06-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. | Series A preferred shares2026-06-300001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. | Class A-1 common stock2026-06-300001287750arcc:CornerstoneOnDemandIncAndSunshineSoftwareHoldingsIncMember2026-06-300001287750Coupa Holdings, LLC and Coupa Software Incorporated | First lien senior secured loan2026-06-300001287750Databricks, Inc. | First lien senior secured loan2026-06-300001287750Datix Bidco Limited and RL Datix Holdings (USA), Inc. | First lien senior secured loan2026-06-300001287750Datix Bidco Limited and RL Datix Holdings (USA), Inc. | First lien senior secured loan 12026-06-300001287750arcc:DatixBidcoLimitedAndRLDatixHoldingsUSAInc.Member2026-06-300001287750Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. | First lien senior secured loan2026-06-300001287750Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. | Second lien senior secured loan2026-06-300001287750Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. | Series A preferred shares2026-06-300001287750Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. | Series A units2026-06-300001287750arcc:DigicertInc.DcertBuyerInc.DCertPreferredHoldingsInc.AndDestinyDigitalHoldingsL.P.Member2026-06-300001287750Diligent Corporation and Diligent Preferred Issuer, Inc. | First lien senior secured revolving loan2026-06-300001287750Diligent Corporation and Diligent Preferred Issuer, Inc. | First lien senior secured loan 2026-06-300001287750Diligent Corporation and Diligent Preferred Issuer, Inc. | First lien senior secured loan 12026-06-300001287750Diligent Corporation and Diligent Preferred Issuer, Inc. | Preferred stock2026-06-300001287750arcc:DiligentCorporationAndDiligentPreferredIssuerIncMember2026-06-300001287750Doxim Inc. | First lien senior secured revolving loan2026-06-300001287750Doxim Inc. | First lien senior secured loan2026-06-300001287750arcc:DoximInc.Member2026-06-300001287750DriveCentric Holdings, LLC | First lien senior secured loan 2026-06-300001287750DriveCentric Holdings, LLC | First lien senior secured loan 12026-06-300001287750arcc:DriveCentricHoldingsLLCMember2026-06-300001287750Echo Purchaser, Inc. | First lien senior secured loan2026-06-300001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. | First lien senior secured loan2026-06-300001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. | Preferred units2026-06-300001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. | Class A common units2026-06-300001287750arcc:EclipseTopcoInc.EclipseInvestorParentL.P.AndEclipseBuyerInc.Member2026-06-300001287750Edition Holdings, Inc. and Enverus, Inc. | First lien senior secured revolving loan2026-06-300001287750Edition Holdings, Inc. and Enverus, Inc. | First lien senior secured loan2026-06-300001287750arcc:EditionHoldingsInc.AndEnverusInc.Member2026-06-300001287750Edmunds Govtech, Inc. | First lien senior secured revolving loan2026-06-300001287750Edmunds Govtech, Inc. | First lien senior secured loan2026-06-300001287750arcc:EdmundsGovtechIncMember2026-06-300001287750Einstein Parent, Inc. | First lien senior secured loan2026-06-300001287750Elemica, Inc. and EZ Elemica Holdings, Inc. | First lien senior secured revolving loan 2026-06-300001287750Elemica, Inc. and EZ Elemica Holdings, Inc. | First lien senior secured loan 2026-06-300001287750Elemica, Inc. and EZ Elemica Holdings, Inc. | Preferred equity2026-06-300001287750arcc:ElemicaInc.AndEZElemicaHoldingsInc.Member2026-06-300001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. | First lien senior secured loan2026-06-300001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. | Partnership units2026-06-300001287750arcc:EPPurchaserLLCAndTPGVIIIEPCoInvestIILPMember2026-06-300001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, | Limited partnership interest2026-06-300001287750ESHA Intermediate, LLC, | First lien senior secured loan2026-06-300001287750Extrahop Networks, Inc. | First lien senior secured revolving loan2026-06-300001287750Extrahop Networks, Inc. | First lien senior secured loan 2026-06-300001287750Extrahop Networks, Inc. | First lien senior secured loan 12026-06-300001287750arcc:ExtraHopNetworksIncMember2026-06-300001287750Flexera Software LLC, | First lien senior secured loan2026-06-300001287750Flexera Software LLC, | First lien senior secured loan 12026-06-300001287750Flexera Software LLC, | First lien senior secured loan 22026-06-300001287750arcc:FlexeraSoftwareLLCMember2026-06-300001287750Forescout Technologies, Inc. | First lien senior secured loan2026-06-300001287750GHP-VGS Purchaser LLC, | First lien senior secured revolving loan2026-06-300001287750GHP-VGS Purchaser LLC, | First lien senior secured loan2026-06-300001287750arcc:GHPVGSPurchaserLLCMember2026-06-300001287750GI Ranger Intermediate LLC, | First lien senior secured revolving loan2026-06-300001287750GI Ranger Intermediate LLC, | First lien senior secured loan 2026-06-300001287750GI Ranger Intermediate LLC, | First lien senior secured loan 12026-06-300001287750arcc:GIRangerIntermediateLLCMember2026-06-300001287750Goose Borrower, L.P. | First lien senior secured loan 2026-06-300001287750Guidepoint Security Holdings, LLC, | First lien senior secured revolving loan 2026-06-300001287750Guidepoint Security Holdings, LLC, | First lien senior secured loan 2026-06-300001287750Guidepoint Security Holdings, LLC, | First lien senior secured loan 12026-06-300001287750Guidepoint Security Holdings, LLC, | First lien senior secured loan 22026-06-300001287750arcc:GuidepointSecurityHoldingsLLCMember2026-06-300001287750Heavy Construction Systems Specialists, LLC, | First lien senior secured loan 2026-06-300001287750Heavy Construction Systems Specialists, LLC, | First lien senior secured loan 12026-06-300001287750arcc:HeavyConstructionSystemsSpecialistsLLCMember2026-06-300001287750HS Purchaser, LLC, and Help/Systems Holdings, Inc. | First lien senior secured loan2026-06-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP | First lien senior secured revolving loan2026-06-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP | First lien senior secured loan 2026-06-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP | First lien senior secured loan 12026-06-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP | Senior subordinated loan2026-06-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP | Company units2026-06-300001287750arcc:HuskiesParentIncGIInsurityParentLLCAndGIInsurityTopcoLPMember2026-06-300001287750Hyland Software, Inc. | First lien senior secured loan2026-06-300001287750Hyphen Solutions, LLC, | First lien senior secured loan2026-06-300001287750iCapital, Inc. | Common stock2026-06-300001287750Icefall Parent, Inc. | First lien senior secured loan2026-06-300001287750ID.me, LLC and ID.me, Inc. | First lien senior secured loan2026-06-300001287750ID.me, LLC and ID.me, Inc., | Series E preferred units2026-06-300001287750ID.me, LLC and ID.me, Inc. | Warrant to purchase common stock2026-06-300001287750arcc:ID.meLLCAndID.meInc.Member2026-06-300001287750Internet Truckstop Group LLC, | First lien senior secured loan2026-06-300001287750IQN Holding Corp, | First lien senior secured revolving loan2026-06-300001287750IQN Holding Corp. | First lien senior secured loan2026-06-300001287750arcc:IQNHoldingCorp.Member2026-06-300001287750JAMS Holdings LP and Jams Buyer LLC | First lien senior secured loan2026-06-300001287750JAMS Holdings LP and Jams Buyer LLC | Preferred units2026-06-300001287750arcc:JAMSHoldingsLPAndJamsBuyerLLCMember2026-06-300001287750Jeppesen Holdings, LLC, | First lien senior secured loan2026-06-300001287750Kairos Bidco Limited, | First lien senior secured revolving loan2026-06-300001287750Kairos Bidco Limited, | First lien senior secured loan2026-06-300001287750arcc:KairosBidcoLimitedMember2026-06-300001287750Kaseya Inc. and Knockout Intermediate Holdings I Inc., | Preferred stock2026-06-300001287750LeanTaaS Holdings, Inc. | First lien senior secured loan 2026-06-300001287750LeanTaaS Holdings, Inc. | First lien senior secured loan 12026-06-300001287750arcc:LeanTaaSHoldingsInc.Member2026-06-300001287750Lobos Parent, Inc. | First lien senior secured revolving loan 2026-06-300001287750Majesco and Magic Topco, L.P. | Class A units2026-06-300001287750Majesco and Magic Topco, L.P., Class B units2026-06-300001287750arcc:MajescoAndMagicTopcoLPMember2026-06-300001287750Merit Software Finance Holdings, LLC, | First lien senior secured loan2026-06-300001287750Merit Software Finance Holdings, LLC, | First lien senior secured loan 12026-06-300001287750arcc:MeritSoftwareFinanceHoldingsLLCMember2026-06-300001287750Metatiedot Bidco OY and Metatiedot US, LLC, | First lien senior secured revolving loan2026-06-300001287750Metatiedot Bidco OY and Metatiedot US, LLC, | First lien senior secured loan 2026-06-300001287750Metatiedot Bidco OY and Metatiedot US, LLC, | First lien senior secured loan 12026-06-300001287750arcc:MetatiedotBidcoOYAndMetatiedotUSLLCMember2026-06-300001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, | First lien senior secured loan 2026-06-300001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, | First lien senior secured loan 12026-06-300001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, | Limited partnership interest2026-06-300001287750arcc:MimecastBorrowercoIncAndMagnesiumCoInvestSCSpMember2026-06-300001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. | First lien senior secured loan2026-06-300001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. | First lien senior secured loan 12026-06-300001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. | Limited partner interests2026-06-300001287750arcc:MinistryBrandsHoldingsLLCAndRCPMBInvestmentsBLPMember2026-06-300001287750ML Holdco, Inc. | First lien senior secured loan2026-06-300001287750Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc. | Series A preferred stock2026-06-300001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, | First lien senior secured loan2026-06-300001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, | Class A units2026-06-300001287750arcc:MoonrakerAcquisitionCoLLCAndMoonrakerHoldCoLLCMember2026-06-300001287750Motor Vehicle Software Corporation, | First lien senior secured loan 2026-06-300001287750MRI Software LLC, | First lien senior secured revolving loan2026-06-300001287750MRI Software LLC, | First lien senior secured loan2026-06-300001287750MRI Software LLC, | First lien senior secured loan 12026-06-300001287750MRI Software LLC, | First lien senior secured loan 22026-06-300001287750arcc:MRISoftwareLLCMember2026-06-300001287750MS Buyer, Inc. | First lien senior secured loan 2026-06-300001287750Namecheap, Inc. | First lien senior secured loan 2026-06-300001287750Netsmart, Inc. and Netsmart Technologies, Inc. |First lien senior secured loan2026-06-300001287750Netsmart, Inc. and Netsmart Technologies, Inc. | First lien senior secured loan 12026-06-300001287750arcc:NetsmartInc.AndNetsmartTechnologiesInc.Member2026-06-300001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, |First lien senior secured loan2026-06-300001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, | First lien senior secured loan 12026-06-300001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, | First lien senior secured loan 22026-06-300001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, |First lien senior secured loan 32026-06-300001287750arcc:NorthStarAcquisitioncoLLCAndToucanBidcoLimitedMember2026-06-300001287750Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q, Inc. | First lien senior secured loan2026-06-300001287750Optimizely North America Inc. and Optimizely Sweden Holdings AB, | First lien senior secured loan 2026-06-300001287750Optimizely North America Inc. and Optimizely Sweden Holdings AB, | First lien senior secured loan 12026-06-300001287750Optimizely North America Inc. and Optimizely Sweden Holdings AB, | First lien senior secured loan 22026-06-300001287750arcc:OptimizelyNorthAmericaInc.AndOptimizelySwedenHoldingsABMember2026-06-300001287750PCMI Parent, LLC and PCMI Ultimate Holdings, LP, | First lien senior secured loan2026-06-300001287750PCMI Parent, LLC and PCMI Ultimate Holdings, LP, | Class A units2026-06-300001287750PCMI Parent, LLC and PCMI Ultimate Holdings, LP, | Class B units2026-06-300001287750arcc:PCMIParentLLCAndPCMIUltimateHoldingsLPMember2026-06-300001287750PDDS HoldCo, Inc., | First lien senior secured revolving loan2026-06-300001287750PDDS HoldCo, Inc., | First lien senior secured loan2026-06-300001287750arcc:PDDSHoldCoInc.Member2026-06-300001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC | First lien senior secured revolving loan2026-06-300001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC | First lien senior secured loan2026-06-300001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC | Series A preferred stock2026-06-300001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC | Class A units2026-06-300001287750arcc:PDITAHoldingsIncPeachtreeParentIncAndInsightPDIHoldingsLLCMember2026-06-300001287750Petvisor Holdings, LLC, | First lien senior secured revolving loan2026-06-300001287750Petvisor Holdings, LLC, | First lien senior secured loan 2026-06-300001287750Petvisor Holdings, LLC, | First lien senior secured loan 12026-06-300001287750arcc:PetvisorHoldingsLLCMember2026-06-300001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC. | First lien senior secured loan2026-06-300001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC. | First lien senior secured loan 12026-06-300001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC. | Common units2026-06-300001287750arcc:PluralsightLLCAndPluralsightHoldingsLLCAndParadigmaticHoldcoLLCMember2026-06-300001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC | First lien senior secured revolving loan2026-06-300001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC | First lien senior secured loan2026-06-300001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC | Senior subordinated loan2026-06-300001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC | Class A units2026-06-300001287750arcc:PracticeTekPurchaserLLCPracticeTekMidCoLLCAndGSVPracticeTekHoldingsLLCMember2026-06-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P. | First lien senior secured revolving loan2026-06-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P. |First lien senior secured loan 2026-06-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P. | First lien senior secured loan 12026-06-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P. | First lien senior secured loan 22026-06-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P. | First lien senior secured loan 32026-06-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P. | First lien senior secured loan 42026-06-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P. | Class B units2026-06-300001287750arcc:ProjectPotterBuyerLLCAndProjectPotterParentLPMember2026-06-300001287750Proofpoint, Inc. | First lien senior secured loan2026-06-300001287750Proofpoint, Inc. | Second lien senior secured loan2026-06-300001287750Proofpoint, Inc. | Second lien senior secured loan 12026-06-300001287750arcc:ProofpointInc.Member2026-06-300001287750QF Holdings, Inc. | First lien senior secured revolving loan 2026-06-300001287750QF Holdings, Inc. | First lien senior secured loan 2026-06-300001287750arcc:QFHoldingsInc.Member2026-06-300001287750Regent Education, Inc. | Warrant to purchase shares of common stock2026-06-300001287750Revalize, Inc. | First lien senior secured revolving loan2026-06-300001287750Revalize, Inc. | First lien senior secured loan2026-06-300001287750arcc:RevalizeIncMember2026-06-300001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc. | First lien senior secured loan 2026-06-300001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc. | First lien senior secured loan 12026-06-300001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc. | Class A common stock2026-06-300001287750arcc:RMSHoldcoIILLCRMSGroupHoldingsIncMember2026-06-300001287750Runway Bidco, LLC, | First lien senior secured loan2026-06-300001287750Sapphire Software Buyer, Inc., | First lien senior secured loan2026-06-300001287750Severin Acquisition, LLC, | First lien senior secured revolving loan2026-06-300001287750Severin Acquisition, LLC | First lien senior secured loan2026-06-300001287750arcc:SeverinAcquisitionLLCMember2026-06-300001287750Smarsh Inc. and Skywalker TopCo, LLC, | First lien senior secured revolving loan2026-06-300001287750Smarsh Inc. and Skywalker TopCo, LLC, | First lien senior secured loan2026-06-300001287750Smarsh Inc. and Skywalker TopCo, LLC, | Common units2026-06-300001287750arcc:SmarshIncAndSkywalkerTopCoLLCMember2026-06-300001287750SoundCloud Limited, | Common stock2026-06-300001287750Spaceship Purchaser, Inc. | First lien senior secured revolving loan2026-06-300001287750Spaceship Purchaser, Inc. | First lien senior secured loan2026-06-300001287750arcc:SpaceshipPurchaserInc.Member2026-06-300001287750Spark Purchaser, Inc. | First lien senior secured loan2026-06-300001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, | First lien senior secured revolving loan2026-06-300001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, | First lien senior secured loan 2026-06-300001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, | Limited partnership interests2026-06-300001287750arcc:SpiritRRHoldingsIncAndWinterfellCoInvestSCSpMember2026-06-300001287750Storable, Inc. and EQT IX Co-Investment (E) SCSP, | Limited partnership interests2026-06-300001287750Sundance Group Holdings, Inc., | First lien senior secured revolving loan2026-06-300001287750Sundance Group Holdings, Inc., | First lien senior secured loan2026-06-300001287750Sundance Group Holdings, Inc., | First lien senior secured loan 12026-06-300001287750arcc:SundanceGroupHoldingsIncMember2026-06-300001287750Superman Holdings, LLC. | First lien senior secured loan2026-06-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. | First lien senior secured loan 2026-06-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. | First lien senior secured loan 12026-06-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. | First lien senior secured loan 22026-06-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. | First lien senior secured loan 32026-06-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. | Class A-2 units2026-06-300001287750arcc:TamarackIntermediateLLCAndTamarackParentLLCMember2026-06-300001287750TCP Hawker Intermediate LLC, | First lien senior secured revolving loan2026-06-300001287750TCP Hawker Intermediate LLC, | First lien senior secured loan 2026-06-300001287750TCP Hawker Intermediate LLC, | First lien senior secured loan 12026-06-300001287750arcc:TCPHawkerIntermediateLLCMember2026-06-300001287750Three Rivers Buyer, Inc. | First lien senior secured loan 2026-06-300001287750Trading Technologies International, Inc. | First lien senior secured loan 2026-06-300001287750Transit Technologies LLC. | First lien senior secured loan2026-06-300001287750Transit Technologies LLC. | First lien senior secured loan 12026-06-300001287750arcc:TransitTechnologiesLLCMember2026-06-300001287750UFS, LLC and BV-UFS Aggregator, LLC, | First lien senior secured loan2026-06-300001287750UFS, LLC and BV-UFS Aggregator, LLC. | Membership interests2026-06-300001287750arcc:UFSLLCAndBVUFSAggregatorLLCMember2026-06-300001287750UKG Inc. and H&F Unite Partners, L.P. | Limited partnership interests2026-06-300001287750Unicorn Holdco Intermediate II LLC, | First lien senior secured loan2026-06-300001287750UserZoom Technologies, Inc. | First lien senior secured loan 2026-06-300001287750UserZoom Technologies, Inc. | First lien senior secured loan 12026-06-300001287750arcc:UserZoomTechnologiesInc.Member2026-06-300001287750Vamos Bidco, Inc., | First lien senior secured revolving loan2026-06-300001287750Vamos Bidco, Inc. | First lien senior secured loan2026-06-300001287750arcc:VamosBidcoInc.Member2026-06-300001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P. | First lien senior secured revolving loan2026-06-300001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P. | First lien senior secured loan 2026-06-300001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P. | First lien senior secured loan 12026-06-300001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P. | First lien senior secured loan 22026-06-300001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P. | Partnership units2026-06-300001287750arcc:VictorsPurchaserLLCAndWPVictorsCoInvestmentL.P.Member2026-06-300001287750Viper Bidco, Inc. | First lien senior secured loan 2026-06-300001287750WebPT, Inc. and WPT Intermediate Holdco, Inc. | First lien senior secured loan2026-06-300001287750WebPT, Inc. and WPT Intermediate Holdco, Inc. | Senior subordinated loan2026-06-300001287750arcc:WebPTInc.AndWPTIntermediateHoldcoInc.Member2026-06-300001287750Wellington Bidco Inc. and Wellington TopCo LP, | First lien senior secured revolving loan2026-06-300001287750Wellington Bidco Inc. and Wellington TopCo LP, | First lien senior secured loan2026-06-300001287750Wellington Bidco Inc. and Wellington TopCo LP, | First lien senior secured loan 12026-06-300001287750Wellington Bidco Inc. and Wellington TopCo LP, | Class A-2 preferred units2026-06-300001287750arcc:WellingtonBidcoInc.AndWellingtonTopCoLPMember2026-06-300001287750Wellness AcquisitionCo, Inc., | First lien senior secured revolving loan2026-06-300001287750Wellness AcquisitionCo, Inc., | First lien senior secured loan 2026-06-300001287750Wellness AcquisitionCo, Inc., | First lien senior secured loan 12026-06-300001287750Wellness AcquisitionCo, Inc., | First lien senior secured loan 22026-06-300001287750arcc:WellnessAcquisitionCoIncMember2026-06-300001287750WorkWave Intermediate II, LLC, | First lien senior secured revolving loan2026-06-300001287750WorkWave Intermediate II, LLC, | First lien senior secured loan2026-06-300001287750arcc:WorkWaveIntermediateIILLCMember2026-06-300001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP | First lien senior secured loan 2026-06-300001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP | First lien senior secured loan 12026-06-300001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP | Series A preferred stock2026-06-300001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP | Class A common units2026-06-300001287750arcc:ZenDeskIncZoroTopCoIncAndZoroTopCoLPMember2026-06-300001287750arcc:SoftwareAndServicesMember2026-06-300001287750Aduro Advisors, LLC, | First lien senior secured loan2026-06-300001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC | Senior subordinated loan 2026-06-300001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC | Senior subordinated loan 12026-06-300001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC | Senior subordinated loan 22026-06-300001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC | Common units2026-06-300001287750arcc:BCCBlueprintHoldingsILLCAndBCCBlueprintInvestmentsLLCMember2026-06-300001287750Beacon Pointe Harmony, LLC, | First lien senior secured loan 2026-06-300001287750Clearstead Advisors, LLC, | First lien senior secured revolving loan2026-06-300001287750Clearstead Advisors, LLC, | First lien senior secured loan 2026-06-300001287750Clearstead Advisors, LLC, | First lien senior secured loan 12026-06-300001287750arcc:ClearsteadAdvisorsLLCMember2026-06-300001287750Convera International Holdings Limited and Convera International Financial S.A R.L. | First lien senior secured loan 2026-06-300001287750Convera International Holdings Limited and Convera International Financial S.A R.L. | First lien senior secured loan 12026-06-300001287750arcc:ConveraInternationalHoldingsLimitedAndConveraInternationalFinancialSARLMember2026-06-300001287750CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC, | Series D preferred units2026-06-300001287750CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC, | Series B-3 units2026-06-300001287750arcc:CrossCountryMortgageLLCAndCrossCountryHoldcoLLCMember2026-06-300001287750eCapital Finance Corp. | Senior subordinated loan 2026-06-300001287750eCapital Finance Corp. | Senior subordinated loan 12026-06-300001287750eCapital Finance Corp. | Senior subordinated loan 22026-06-300001287750eCapital Finance Corp. | Senior subordinated loan 32026-06-300001287750eCapital Finance Corp. | Senior subordinated loan 42026-06-300001287750eCapital Finance Corp. | Senior subordinated loan 52026-06-300001287750eCapital Finance Corp. | Senior subordinated loan 62026-06-300001287750eCapital Finance Corp. | Senior subordinated loan 72026-06-300001287750arcc:ECapitalFinanceCorpMember2026-06-300001287750Endeavor Bidco LLC and Endeavor TopCo, Inc. | First lien senior secured loan 2026-06-300001287750Endeavor Bidco LLC and Endeavor TopCo, Inc. | Class A common units2026-06-300001287750arcc:EndeavorBidcoLLCAndEndeavorTopCoInc.Member2026-06-300001287750GAPCO AIV Interholdco (CP), L.P. | Senior subordinated loan 12026-06-300001287750GAPCO AIV Interholdco (CP), L.P. | Senior subordinated loan 22026-06-300001287750arcc:GAPCOAIVInterholdcoCPL.P.Member2026-06-300001287750Grit Buyer, Inc. and Integrum Grit Co-Invest LP, | First lien senior secured loan2026-06-300001287750Grit Buyer, Inc. and Integrum Grit Co-Invest LP, | Limited partnership interests2026-06-300001287750arcc:GritBuyerInc.AndIntegrumGritCoInvestLPMember2026-06-300001287750GTCR F Buyer Corp. and GTCR (D) Investors LP, | First lien senior secured loan 2026-06-300001287750GTCR F Buyer Corp. and GTCR (D) Investors LP, | First lien senior secured loan 12026-06-300001287750GTCR F Buyer Corp. and GTCR (D) Investors LP, | Limited partnership interests2026-06-300001287750arcc:GTCRFBuyerCorpAndGTCRDInvestorsLPMember2026-06-300001287750HighTower Holding, LLC, | Senior subordinated loan2026-06-300001287750IH Elevate Buyer, Inc. and Integrum Elevate Co-Invest LP, | First lien senior secured loan 2026-06-300001287750IH Elevate Buyer, Inc. and Integrum Elevate Co-Invest LP, | Limited partnership interests2026-06-300001287750arcc:IHElevateBuyerInc.AndIntegrumElevateCoInvestLPMember2026-06-300001287750Ivy Hill Asset Management, L.P. | Subordinated revolving loan2026-06-300001287750Ivy Hill Asset Management, L.P. | Member interest2026-06-300001287750arcc:IvyHillAssetManagementLPMember2026-06-300001287750Lido Advisors, LLC and LAL Group Holdings, LLC | First lien senior secured revolving loan2026-06-300001287750Lido Advisors, LLC and LAL Group Holdings, LLC | First lien senior secured loan 2026-06-300001287750Lido Advisors, LLC and LAL Group Holdings, LLC | First lien senior secured loan 12026-06-300001287750Lido Advisors, LLC and LAL Group Holdings, LLC | Class Z preferred units2026-06-300001287750Lido Advisors, LLC and LAL Group Holdings, LLC | Class A-0 common units2026-06-300001287750arcc:LidoAdvisorsLLCAndLALGroupHoldingsLLCMember2026-06-300001287750Mai Capital Management Intermediate LLC, | First lien senior secured loan 2026-06-300001287750Mai Capital Management Intermediate LLC, | First lien senior secured loan 12026-06-300001287750arcc:MaiCapitalManagementIntermediateLLCMember2026-06-300001287750MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd. | Z1 preferred shares2026-06-300001287750MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd. | Z2 preferred shares2026-06-300001287750MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd. | Z3 preferred shares2026-06-300001287750MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd. | Membership interest2026-06-300001287750arcc:MCAccelerateCoInvestFeederLPAndMCCIFWealthManagementUKLtdMember2026-06-300001287750Medlar Bidco Limited, | First lien senior secured loan 2026-06-300001287750Merit Financial Group, LLC and CWC Fund I (MFA) LP , | First lien senior secured loan2026-06-300001287750Merit Financial Group, LLC and CWC Fund I (MFA) LP, | Limited partnership interests2026-06-300001287750arcc:MeritFinancialGroupLLCAndCWCFundIMFALPMember2026-06-300001287750Monica Holdco (US), Inc., | First lien senior secured loan 2026-06-300001287750Monica Holdco (US), Inc., | First lien senior secured loan 12026-06-300001287750Monica Holdco (US), Inc., | First lien senior secured loan 22026-06-300001287750arcc:MonicaHoldcoUSIncMember2026-06-300001287750MWH Intermediate II, LLC, | First lien senior secured loan2026-06-300001287750Nexus Buyer LLC, | Second lien senior secured loan2026-06-300001287750Oak Funding LLC, | First lien senior secured loan2026-06-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., | First lien senior secured loan 2026-06-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., | First lien senior secured loan 12026-06-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., | Limited partnership interests2026-06-300001287750arcc:PathstoneFamilyOfficeLLCAndKelsoXITailwindCoInvestmentLPMember2026-06-300001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, | First lien senior secured loan 2026-06-300001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, | Preferred units2026-06-300001287750arcc:PCIASPV3LLCAndASERoyalAggregatorLLCMember2026-06-300001287750PCS MidCo, Inc. and PCS Parent, L.P. | First lien senior secured loan2026-06-300001287750PCS MidCo, Inc. and PCS Parent, L.P. | Class A units2026-06-300001287750arcc:PCSMidCoInc.AndPCSParentL.P.Member2026-06-300001287750Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP, | First lien senior secured loan 2026-06-300001287750Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP, Limited partnership interest2026-06-300001287750arcc:PerigonWealthManagementLLCPerigonWealthAdvisorsHoldingsCompanyLLCAndCWCFundICoInvestPrismLPMember2026-06-300001287750Petrus Buyer, Inc. | First lien senior secured revolving loan2026-06-300001287750Petrus Buyer, Inc. | First lien senior secured loan 12026-06-300001287750Petrus Buyer, Inc. | First lien senior secured loan 22026-06-300001287750arcc:PetrusBuyerInc.Member2026-06-300001287750Rialto Management Group, LLC | First lien senior secured revolving loan2026-06-300001287750Rialto Management Group, LLC | First lien senior secured loan 12026-06-300001287750Rialto Management Group, LLC | First lien senior secured loan 22026-06-300001287750arcc:RialtoManagementGroupLLCMember2026-06-300001287750RWA Wealth Partners, LLC | First lien senior secured loan2026-06-300001287750Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC, and Steward Partners New Holdings, LLC | First lien senior secured loan 12026-06-300001287750Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC, and Steward Partners New Holdings, LLC | First lien senior secured loan 22026-06-300001287750Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC, and Steward Partners New Holdings, LLC | Senior subordinated loan2026-06-300001287750Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC, and Steward Partners New Holdings, LLC | Warrant to purchase common stock2026-06-300001287750arcc:StewardPartnersGlobalAdvisoryLLCStewardPartnersInvestmentAdvisoryLLCStewardPartnersIntermediateIILLCAndStewardPartnersNewHoldingsLLCMember2026-06-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC | First lien senior secured loan 2026-06-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC | First lien senior secured loan 12026-06-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC | First lien senior secured loan 22026-06-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC | Senior subordinated loan2026-06-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC | Series A preferred units2026-06-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC | Common units2026-06-300001287750arcc:TheMatherGroupLLCTVGTMGTopcoIncAndTVGTMGHoldingsLLCMember2026-06-300001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP | First lien senior secured loan2026-06-300001287750TPG 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. | Senior subordinated loan2026-06-300001287750TPG 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 interest 12026-06-300001287750TPG 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 interest 22026-06-300001287750arcc:TPGIXCardiffDebtHoldCoILLCTPGIXCardiffDebtHoldcoIILLCTPGIXCardiffCIIL.P.AndTPGIXCardiffCIIIL.P.Member2026-06-300001287750Waverly Advisors, LLC and WAAM Topco, LLC | First lien senior secured revolving loan2026-06-300001287750Waverly Advisors, LLC and WAAM Topco, LLC | First lien senior secured loan 12026-06-300001287750Waverly Advisors, LLC and WAAM Topco, LLC | First lien senior secured loan 22026-06-300001287750Waverly Advisors, LLC and WAAM Topco, LLC | First lien senior secured loan 32026-06-300001287750Waverly Advisors, LLC and WAAM Topco, LLC | Class A units2026-06-300001287750arcc:WaverlyAdvisorsLLCAndWAAMTopcoLLCMember2026-06-300001287750Wealth Enhancement Group, LLC | First lien senior secured loan 12026-06-300001287750Wealth Enhancement Group, LLC | First lien senior secured loan 22026-06-300001287750Wealth Enhancement Group, LLC | First lien senior secured loan 32026-06-300001287750Wealth Enhancement Group, LLC | First lien senior secured loan 42026-06-300001287750Wealth Enhancement Group, LLC | First lien senior secured loan 52026-06-300001287750arcc:WealthEnhancementGroupLLCMember2026-06-300001287750Wellington-Altus Financial Inc. | First lien senior secured revolving loan2026-06-300001287750Wellington-Altus Financial Inc. | First lien senior secured loan2026-06-300001287750Wellington-Altus Financial Inc. | Common stock2026-06-300001287750arcc:WellingtonAltusFinancialInc.Member2026-06-300001287750Wharf Street Ratings Acquisition LLC | First lien senior secured loan2026-06-300001287750us-gaap:FinancialServicesSectorMember2026-06-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC | First lien senior secured revolving loan2026-06-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC | First lien senior secured loan2026-06-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC | Class A preferred units2026-06-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC | Class A common units2026-06-300001287750arcc:AbsoluteDentalGroupLLCAndAbsoluteDentalEquityLLCMember2026-06-300001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC | First lien senior secured loan2026-06-300001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC | Second lien senior secured loan2026-06-300001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC | Class A common units2026-06-300001287750arcc:ADGLLCGEDCEquityLLCAndRCIVGEDCInvestorLLCMember2026-06-300001287750Advarra Holdings, Inc. | First lien senior secured loan 12026-06-300001287750Advarra Holdings, Inc. | First lien senior secured loan 22026-06-300001287750arcc:AdvarraHoldingsInc.Member2026-06-300001287750Aerin Medical Inc. | First lien senior secured loan2026-06-300001287750Aerin Medical Inc. | Series G preferred shares2026-06-300001287750arcc:AerinMedicalInc.Member2026-06-300001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP | Series A preferred shares2026-06-300001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP | Preferred units2026-06-300001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP | Class B common units2026-06-300001287750arcc:AHRFundingHoldingsIncAndAHRParentHoldingsLPMember2026-06-300001287750Alcresta Therapeutics, Inc. | First lien senior secured revolving loan2026-06-300001287750Alcresta Therapeutics, Inc. | First lien senior secured loan 12026-06-300001287750Alcresta Therapeutics, Inc. | First lien senior secured loan 22026-06-300001287750arcc:AlcrestaTherapeuticsInc.Member2026-06-300001287750Aledade, Inc. | First lien senior secured revolving loan2026-06-300001287750Amerivet Partners Management, Inc. and AVE Holdings LP | Subordinated loan2026-06-300001287750Amerivet Partners Management, Inc. and AVE Holdings LP | Class A units2026-06-300001287750Amerivet Partners Management, Inc. and AVE Holdings LP | Class C units2026-06-300001287750arcc:AmerivetPartnersManagementIncAndAVEHoldingsLPMember2026-06-300001287750Artivion, Inc. | First lien senior secured revolving loan2026-06-300001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP | First lien senior secured loan2026-06-300001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP | Series A preferred units2026-06-300001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP | Class A units2026-06-300001287750arcc:AthenaHealthGroupIncMinervaHoldcoIncAndBCPECoInvestALPMember2026-06-300001287750Avalign Holdings, Inc. and Avalign Technologies, Inc. | First lien senior secured revolving loan2026-06-300001287750Avalign Holdings, Inc. and Avalign Technologies, Inc. | First lien senior secured loan2026-06-300001287750arcc:AvalignHoldingsInc.AndAvalignTechnologiesInc.Member2026-06-300001287750BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP | First lien senior secured loan2026-06-300001287750Bambino Group Holdings, LLC | Class A preferred units2026-06-300001287750Bayou Intermediate II, LLC | First lien senior secured revolving loan2026-06-300001287750Bayou Intermediate II, LLC | First lien senior secured loan2026-06-300001287750arcc:BayouIntermediateIILLCMember2026-06-300001287750Beehive Acquisition Corp | First lien senior secured loan2026-06-300001287750BrightStar Group Holdings, Inc. | First lien senior secured revolving loan2026-06-300001287750BrightStar Group Holdings, Inc. | First lien senior secured loan2026-06-300001287750arcc:BrightStarGroupHoldingsInc.Member2026-06-300001287750BVI Medical, Inc. and BVI Group Limited | First lien senior secured revolving loan2026-06-300001287750BVI Medical, Inc. and BVI Group Limited | First lien senior secured loan 12026-06-300001287750BVI Medical, Inc. and BVI Group Limited | First lien senior secured loan 22026-06-300001287750BVI Medical, Inc. and BVI Group Limited | Ordinary shares2026-06-300001287750arcc:BVIMedicalInc.AndBVIGroupLimitedMember2026-06-300001287750CMI Parent, Inc. | First lien senior secured loan2026-06-300001287750Color Intermediate, LLC | First lien senior secured loan2026-06-300001287750Convey Health Solutions, Inc. | First lien senior secured loan 12026-06-300001287750Convey Health Solutions, Inc. | First lien senior secured loan 22026-06-300001287750Convey Health Solutions, Inc. | First lien senior secured loan 32026-06-300001287750arcc:ConveyHealthSolutionsIncMember2026-06-300001287750Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. | First lien senior secured loan 12026-06-300001287750Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. | First lien senior secured loan 22026-06-300001287750arcc:CradleLuxBidcoS.A.R.L.AndHamiltonThorneInc.Member2026-06-300001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC | First lien senior secured revolving loan2026-06-300001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC | First lien senior secured loan2026-06-300001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC | Class A shares2026-06-300001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC | Common units2026-06-300001287750arcc:CrownCTParentIncCrownCTHoldCoIncAndCrownCTManagementLLCMember2026-06-300001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC | First lien senior secured loan2026-06-300001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC | Class A preferred units2026-06-300001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC | Common stock2026-06-300001287750arcc:CVPHoldcoIncAndOMERSWildcatsInvestmentHoldingsLLCMember2026-06-300001287750Empower Payments Investor, LLC | First lien senior secured loan 12026-06-300001287750Empower Payments Investor, LLC | First lien senior secured loan 22026-06-300001287750arcc:EmpowerPaymentsInvestorLLCMember2026-06-300001287750Evolent Health LLC and Evolent Health, Inc. | First lien senior secured loan2026-06-300001287750Evolent Health LLC and Evolent Health, Inc. | Second lien senior secured loan2026-06-300001287750arcc:EvolentHealthLLCAndEvolentHealthInc.Member2026-06-300001287750Galaxy Buyer, Inc. and Galaxy Topco I, L.P. | First lien senior secured loan2026-06-300001287750Galaxy Buyer, Inc. and Galaxy Topco I, L.P. | Class A-1 units2026-06-300001287750arcc:GalaxyBuyerInc.AndGalaxyTopcoIL.P.Member2026-06-300001287750GHX Ultimate Parent Corporation and Nexus TopCo LP | First lien senior secured loan2026-06-300001287750GHX Ultimate Parent Corporation and Nexus TopCo LP | First lien senior secured loan 22026-06-300001287750GHX Ultimate Parent Corporation and Nexus TopCo LP | Class C units2026-06-300001287750arcc:GHXUltimateParentCorporationCommerceParentIncAndCommerceTopcoLLCMember2026-06-300001287750Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP | First lien senior secured revolving loan2026-06-300001287750Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP | First lien senior secured loan 12026-06-300001287750Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP | First lien senior secured loan 22026-06-300001287750Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP | Class A units2026-06-300001287750arcc:HimalayaTopCoLLCAndBCPEHyperlinkHoldingsLPMember2026-06-300001287750HuFriedy Group Acquisition LLC | First lien senior secured revolving loan2026-06-300001287750HuFriedy Group Acquisition LLC | First lien senior secured loan 12026-06-300001287750HuFriedy Group Acquisition LLC | First lien senior secured loan 22026-06-300001287750arcc:HuFriedyGroupAcquisitionLLCMember2026-06-300001287750KBHS Acquisition, LLC (d/b/a Alita Care, LLC) | First lien senior secured revolving loan2026-06-300001287750KBHS Acquisition, LLC (d/b/a Alita Care, LLC) | First lien senior secured loan2026-06-300001287750arcc:KBHSAcquisitionLLCDbaAlitaCareLLCMember2026-06-300001287750LivTech Purchaser, Inc. | First lien senior secured loan2026-06-300001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC | Preferred units2026-06-300001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC | Senior preferred units2026-06-300001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC | Class A units2026-06-300001287750arcc:NapaManagementServicesCorporationAndASPNAPAHoldingsLLCMember2026-06-300001287750Next Holdco, LLC | First lien senior secured loan2026-06-300001287750NMN Holdings III Corp. and NMN Holdings LP | First lien senior secured revolving loan2026-06-300001287750NMN Holdings III Corp. and NMN Holdings LP | First lien senior secured loan 12026-06-300001287750NMN Holdings III Corp. and NMN Holdings LP | First lien senior secured loan 22026-06-300001287750NMN Holdings III Corp. and NMN Holdings LP | First lien senior secured loan 32026-06-300001287750NMN Holdings III Corp. and NMN Holdings LP | Partnership units2026-06-300001287750arcc:NMNHoldingsIIICorpAndNMNHoldingsLPMember2026-06-300001287750Nomi Health, Inc. | Warrant to purchase Series B preferred stock2026-06-300001287750Nomi Health, Inc. | Warrant to purchase Class A common stock2026-06-300001287750arcc:NomiHealthIncMember2026-06-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC | Preferred units2026-06-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC | Preferred stock2026-06-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC | Class A common units2026-06-300001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC | Common units2026-06-300001287750arcc:OlympiaAcquisitionIncOlympiaTopCoLPAndAsclepiusHoldingsLLCMember2026-06-300001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC | First lien senior secured revolving loan2026-06-300001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC | Second lien senior secured loan2026-06-300001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC | Class R common units2026-06-300001287750arcc:PathwayVetAllianceLLCAndJediGroupHoldingsLLCMember2026-06-300001287750Pegasus Aggregator Parent LLC | Class B units2026-06-300001287750PetVet Care Centers, LLC | First lien senior secured revolving loan2026-06-300001287750PetVet Care Centers, LLC | First lien senior secured loan2026-06-300001287750arcc:PetVetCareCentersLLCMember2026-06-300001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP | First lien senior secured revolving loan2026-06-300001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP | First lien senior secured loan 12026-06-300001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP | First lien senior secured loan 22026-06-300001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP | Class A units2026-06-300001287750arcc:PremiseHealthHoldingCorpAndOMERSBluejayInvestmentHoldingsLPMember2026-06-300001287750Project Alliance Buyer, LLC | First lien senior secured loan2026-06-300001287750Revival Animal Health, LLC | First lien senior secured revolving loan2026-06-300001287750Revival Animal Health, LLC | First lien senior secured loan 12026-06-300001287750Revival Animal Health, LLC | First lien senior secured loan 22026-06-300001287750arcc:RevivalAnimalHealthLLCMember2026-06-300001287750Signant Finance One Limited and Bracket Intermediate Holding Corp. | First lien senior secured revolving loan 12026-06-300001287750Signant Finance One Limited and Bracket Intermediate Holding Corp. | First lien senior secured revolving loan 22026-06-300001287750Signant Finance One Limited and Bracket Intermediate Holding Corp. | First lien senior secured loan2026-06-300001287750arcc:SignantFinanceOneLimitedAndBracketIntermediateHoldingCorp.Member2026-06-300001287750SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC | Common units2026-06-300001287750SOC Telemed, Inc. and PSC Spark Holdings, LP | First lien senior secured loan2026-06-300001287750SOC Telemed, Inc. and PSC Spark Holdings, LP | Class A-2 units2026-06-300001287750SOC Telemed, Inc. and PSC Spark Holdings, LP | Warrant to purchase units of common stock2026-06-300001287750arcc:SOCTelemedIncAndPSCSparkHoldingsLPMember2026-06-300001287750Spruce Bidco II Inc. | First lien senior secured revolving loan2026-06-300001287750Spruce Bidco II Inc. | First lien senior secured loan 12026-06-300001287750Spruce Bidco II Inc. | First lien senior secured loan 22026-06-300001287750Spruce Bidco II Inc. | First lien senior secured loan 32026-06-300001287750arcc:SpruceBidcoIIInc.Member2026-06-300001287750Surescripts, LLC | First lien senior secured loan 12026-06-300001287750Surescripts, LLC | First lien senior secured loan 22026-06-300001287750arcc:SurescriptsLLCMember2026-06-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. | First lien senior secured revolving loan 12026-06-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. | First lien senior secured revolving loan 22026-06-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. | First lien senior secured loan 12026-06-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. | First lien senior secured loan 22026-06-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. | Second lien senior secured loan 12026-06-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. | Second lien senior secured loan 22026-06-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. | Series C-1 preferred shares2026-06-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. | Series C-2 preferred shares2026-06-300001287750Series C-3 preferred shares2026-06-300001287750arcc:SymplrSoftwareIncAndSymplrSoftwareIntermediateHoldingsIncMember2026-06-300001287750Tempus AI, Inc. | Common units2026-06-300001287750Therapy Brands Holdings LLC | Second lien senior secured loan2026-06-300001287750U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc. | Second lien senior secured loan2026-06-300001287750U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc. | Common stock2026-06-300001287750arcc:USAnesthesiaPartnersIncUSAnesthesiaPartnersHoldingsIncMember2026-06-300001287750U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. | First lien senior secured revolving loan2026-06-300001287750U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. | First lien senior secured loan 12026-06-300001287750U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. | First lien senior secured loan 22026-06-300001287750U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. | Common units2026-06-300001287750U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. | Limited partnership interest2026-06-300001287750arcc:U.S.UrologyPartnersLLCGeneralAtlanticUSUBlockerCollectionHoldcoL.P.AndGeneralAtlanticUSU2CoinvestL.P.Member2026-06-300001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP | First lien senior secured loan 12026-06-300001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP | First lien senior secured loan 22026-06-300001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP | Class A interests2026-06-300001287750arcc:UnitedDigestiveMSOParentLLCAndKolnCoInvestUnblockedLPMember2026-06-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. | First lien senior secured loan 12026-06-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. | First lien senior secured loan 22026-06-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. | First lien senior secured loan 32026-06-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. | First lien senior secured loan 42026-06-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. | First lien senior secured loan 52026-06-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. | Class A-2 units 12026-06-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. | Class A-2 units 22026-06-300001287750arcc:VPPIntermediateHoldingsLLCAndVPPGroupHoldingsLPMember2026-06-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC | First lien senior secured revolving loan2026-06-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC | First lien senior secured loan 12026-06-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC | First lien senior secured loan 22026-06-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC | Class A preferred units2026-06-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC | Common units2026-06-300001287750arcc:WSHPFCAcquisitionLLCAndWSHPFCHoldingsLLCMember2026-06-300001287750ZocDoc, Inc. | First lien senior secured loan 12026-06-300001287750ZocDoc, Inc. | First lien senior secured loan 22026-06-300001287750arcc:ZocDocIncMember2026-06-300001287750us-gaap:HealthcareSectorMember2026-06-300001287750Accommodations Plus Technologies LLC | First lien senior secured loan 12026-06-300001287750Accommodations Plus Technologies LLC | First lien senior secured loan 22026-06-300001287750arcc:AccommodationsPlusTechnologiesLLCMember2026-06-300001287750Aldinger Company Inc | First lien senior secured revolving loan2026-06-300001287750Aldinger Company Inc | First lien senior secured loan 12026-06-300001287750Aldinger Company Inc | First lien senior secured loan 22026-06-300001287750arcc:AldingerCompanyIncMember2026-06-300001287750AMCP Clean Acquisition Company, LLC | First lien senior secured loan2026-06-300001287750ATI Restoration, LLC | First lien senior secured revolving loan2026-06-300001287750ATI Restoration, LLC | First lien senior secured loan 12026-06-300001287750ATI Restoration, LLC | First lien senior secured loan 22026-06-300001287750ATI Restoration, LLC | First lien senior secured loan 32026-06-300001287750ATI Restoration, LLC | First lien senior secured loan 42026-06-300001287750arcc:ATIRestorationLLCMember2026-06-300001287750Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC | First lien senior secured revolving loan2026-06-300001287750Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC | First lien senior secured loan2026-06-300001287750Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC | Class A-1 units2026-06-300001287750arcc:BluejackFireAcquisitionInc.AndBluejackFireHoldingsLLCMember2026-06-300001287750Bobtail AcquisitionCo, LLC | First lien senior secured revolving loan2026-06-300001287750Bobtail AcquisitionCo, LLC | First lien senior secured loan2026-06-300001287750arcc:BobtailAcquisitionCoLLCMember2026-06-300001287750Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP | First lien senior secured revolving loan2026-06-300001287750Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP | First lien senior secured loan2026-06-300001287750Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP | Second lien senior secured loan2026-06-300001287750Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP | Class A units2026-06-300001287750arcc:CapstoneAcquisitionHoldingsInc.CapstoneLogisticsHoldingsInc.AndCapstoneParentHoldingsLPMember2026-06-300001287750Cards-Live Oak Holdings, Inc. | First lien senior secured revolving loan 12026-06-300001287750Cards-Live Oak Holdings, Inc. | First lien senior secured revolving loan 22026-06-300001287750Cards-Live Oak Holdings, Inc. | First lien senior secured loan 12026-06-300001287750Cards-Live Oak Holdings, Inc. | First lien senior secured loan 22026-06-300001287750arcc:CardsLiveOakHoldingsInc.Member2026-06-300001287750Covert HoldCo, LP | Senior subordinated loan2026-06-300001287750Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. | First lien senior secured revolving loan2026-06-300001287750Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. | First lien senior secured loan2026-06-300001287750Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. | Series A units2026-06-300001287750arcc:DenaliIntermediateHoldingsInc.AndDenaliParentHoldingsL.PMember2026-06-300001287750Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC | First lien senior secured revolving loan2026-06-300001287750Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC | First lien senior secured loan2026-06-300001287750Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC | Common member units2026-06-300001287750arcc:DivisionsHoldingCorporationDivisionsInc.AndRCVTecmoInvestorLLCMember2026-06-300001287750Dorado Bidco, Inc. | First lien senior secured loan2026-06-300001287750DP Flores Holdings, LLC | First lien senior secured loan2026-06-300001287750Drogon Bidco Inc. & Drogon Aggregator LP | First lien senior secured revolving loan2026-06-300001287750Drogon Bidco Inc. & Drogon Aggregator LP | First lien senior secured loan2026-06-300001287750Drogon Bidco Inc. & Drogon Aggregator LP | Class A-2 common units2026-06-300001287750arcc:DrogonBidcoInc.DrogonAggregatorLPMember2026-06-300001287750DTI Holdco, Inc. and OPE DTI Holdings, Inc. | Class A common stock2026-06-300001287750DTI Holdco, Inc. and OPE DTI Holdings, Inc. | Class B common stock2026-06-300001287750arcc:DTIHoldcoIncAndOPEDTIHoldingsIncMember2026-06-300001287750Duraserv LLC | First lien senior secured revolving loan2026-06-300001287750Duraserv LLC | First lien senior secured loan 12026-06-300001287750Duraserv LLC | First lien senior secured loan 22026-06-300001287750arcc:DuraservLLCMember2026-06-300001287750Elevation Services Parent Holdings, LLC | First lien senior secured revolving loan2026-06-300001287750Elevation Services Parent Holdings, LLC | First lien senior secured loan 12026-06-300001287750Elevation Services Parent Holdings, LLC | First lien senior secured loan 22026-06-300001287750Elevation Services Parent Holdings, LLC | First lien senior secured loan 32026-06-300001287750arcc:ElevationServicesParentHoldingsLLCMember2026-06-300001287750Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC | First lien senior secured loan2026-06-300001287750Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC | Common stock2026-06-300001287750arcc:ElliottDavisAdvisoryLLCAndElliottDavisAdvisoryHoldCoLLCMember2026-06-300001287750EMB Purchaser, Inc. | First lien senior secured revolving loan2026-06-300001287750EMB Purchaser, Inc. | First lien senior secured loan2026-06-300001287750arcc:EMBPurchaserInc.Member2026-06-300001287750Firebird Acquisition Corp, Inc. | First lien senior secured revolving loan 2026-06-300001287750Firebird Acquisition Corp, Inc. | First lien senior secured loan 2026-06-300001287750arcc:FirebirdAcquisitionCorpInc.Member2026-06-300001287750Fly Wheel Acquireco, Inc. | First lien senior secured revolving loan 2026-06-300001287750Fly Wheel Acquireco, Inc. | First lien senior secured loan 2026-06-300001287750arcc:FlyWheelAcquirecoIncMember2026-06-300001287750Frontline Road Safety Operations, LLC | First lien senior secured revolving loan2026-06-300001287750Frontline Road Safety Operations, LLC | First lien senior secured loan 12026-06-300001287750Frontline Road Safety Operations, LLC | First lien senior secured loan 22026-06-300001287750Frontline Road Safety Operations, LLC | First lien senior secured loan 32026-06-300001287750arcc:FrontlineRoadSafetyOperationsLLCMember2026-06-300001287750G702 Buyer, Inc. | First lien senior secured loan2026-06-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP | First lien senior secured revolving loan2026-06-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP | First lien senior secured loan 12026-06-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP | First lien senior secured loan 22026-06-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP | First lien senior secured loan 32026-06-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP | First lien senior secured loan 42026-06-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP | Class A units2026-06-300001287750arcc:HHStellaIncAndBedrockParentHoldingsLPMember2026-06-300001287750HP RSS Buyer, Inc. | First lien senior secured loan2026-06-300001287750IRI Group Holdings, Inc. and Circana, LLC | First lien senior secured revolving loan2026-06-300001287750IRI Group Holdings, Inc. and Circana, LLC | First lien senior secured loan2026-06-300001287750arcc:IRIGroupHoldingsInc.AndCircanaLLCMember2026-06-300001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. | First lien senior secured revolving loan2026-06-300001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. | First lien senior secured loan2026-06-300001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. | Class A units2026-06-300001287750arcc:ISQHawkeyeHoldcoIncAndISQHawkeyeHoldingsLPMember2026-06-300001287750Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC | First lien senior secured loan2026-06-300001287750Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC | Class A units2026-06-300001287750arcc:JonesFishHatcheriesDistributorsLLCAndPondManagementGroupHoldingsLLCMember2026-06-300001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC | First lien senior secured loan2026-06-300001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC | First lien senior secured loan 22026-06-300001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC | Preferred units2026-06-300001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC | Class A common units2026-06-300001287750arcc:KellermeyerBergensonsServicesLLCAndKBSTopCoLLCMember2026-06-300001287750Kings Buyer, LLC | First lien senior secured revolving loan2026-06-300001287750Kings Buyer, LLC | First lien senior secured loan2026-06-300001287750arcc:KingsBuyerLLCMember2026-06-300001287750KPS Global LLC and Cool Group LLC | First lien senior secured loan2026-06-300001287750Laboratories Bidco LLC and Laboratories Topco LLC | First lien senior secured revolving loan 12026-06-300001287750Laboratories Bidco LLC and Laboratories Topco LLC | First lien senior secured revolving loan 22026-06-300001287750Laboratories Bidco LLC and Laboratories Topco LLC | First lien senior secured loan 12026-06-300001287750Laboratories Bidco LLC and Laboratories Topco LLC | First lien senior secured loan 22026-06-300001287750Laboratories Bidco LLC and Laboratories Topco LLC | First lien senior secured loan 32026-06-300001287750Laboratories Bidco LLC and Laboratories Topco LLC | First lien senior secured loan 42026-06-300001287750Laboratories Bidco LLC and Laboratories Topco LLC | First lien senior secured loan 52026-06-300001287750Laboratories Bidco LLC and Laboratories Topco LLC | Class A units2026-06-300001287750arcc:LaboratoriesBidcoLLCAndLaboratoriesTopcoLLCMember2026-06-300001287750LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP | First lien senior secured revolving loan2026-06-300001287750LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP | First lien senior secured loan2026-06-300001287750LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP | Class A common units2026-06-300001287750arcc:LBCWoodlandsPurchaserLLCAndLBCWoodlandsHoldingsLPMember2026-06-300001287750Lightbeam Bidco, Inc. | First lien senior secured revolving loan2026-06-300001287750Lightbeam Bidco, Inc. | First lien senior secured loan 12026-06-300001287750Lightbeam Bidco, Inc. | First lien senior secured loan 22026-06-300001287750Lightbeam Bidco, Inc. | First lien senior secured loan 32026-06-300001287750arcc:LightbeamBidcoIncMember2026-06-300001287750LJP Purchaser, Inc. and LJP Topco, LP | First lien senior secured loan 12026-06-300001287750LJP Purchaser, Inc. and LJP Topco, LP | First lien senior secured loan 22026-06-300001287750LJP Purchaser, Inc. and LJP Topco, LP | First lien senior secured loan 32026-06-300001287750LJP Purchaser, Inc. and LJP Topco, LP | Class A units2026-06-300001287750arcc:LJPPurchaserIncAndLJPTopcoLPMember2026-06-300001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc. | First lien senior secured loan2026-06-300001287750MSIS Holdings, Inc. and MS Precision Parent, LP | First lien senior secured revolving loan2026-06-300001287750MSIS Holdings, Inc. and MS Precision Parent, LP | First lien senior secured loan2026-06-300001287750MSIS Holdings, Inc. and MS Precision Parent, LP | Class A-1 units2026-06-300001287750arcc:MSISHoldingsInc.AndMSPrecisionParentLPMember2026-06-300001287750NAS, LLC and Nationwide Marketing Group, LLC | First lien senior secured revolving loan2026-06-300001287750NAS, LLC and Nationwide Marketing Group, LLC | First lien senior secured loan 12026-06-300001287750NAS, LLC and Nationwide Marketing Group, LLC | First lien senior secured loan 22026-06-300001287750NAS, LLC and Nationwide Marketing Group, LLC | First lien senior secured loan 32026-06-300001287750arcc:NASLLCAndNationwideMarketingGroupLLCMember2026-06-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. | First lien senior secured revolving loan2026-06-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. | First lien senior secured notes2026-06-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. | First lien senior secured loan2026-06-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. | Limited partnership interests2026-06-300001287750arcc:NeptuneBidcoUSIncAndElliottMetronCoInvestorAggregatorLPMember2026-06-300001287750Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1 | Limited partner interest2026-06-300001287750Priority Waste Holdings LLC and Priority Waste Holdings Indiana LLC | First lien senior secured loan 12026-06-300001287750Priority Waste Holdings LLC and Priority Waste Holdings Indiana LLC | First lien senior secured loan 22026-06-300001287750arcc:PriorityWasteHoldingsLLCPriorityWasteHoldingsIndianaLLCAndPriorityWasteSuperHoldingsLLCMember2026-06-300001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC | First lien senior secured loan2026-06-300001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC | First lien senior secured loan 22026-06-300001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC | Class A units2026-06-300001287750arcc:PritchardIndustriesLLCAndLJPritchardTopCoHoldingsLLCMember2026-06-300001287750PS Operating Company LLC and PS Op Holdings LLC | First lien senior secured revolving loan2026-06-300001287750PS Operating Company LLC and PS Op Holdings LLC | First lien senior secured loan2026-06-300001287750PS Operating Company LLC and PS Op Holdings LLC | Common units2026-06-300001287750arcc:PSOperatingCompanyLLCAndPSOPHoldingsLLCMember2026-06-300001287750PSC Parent, Inc. | First lien senior secured revolving loan2026-06-300001287750PSC Parent, Inc. | First lien senior secured loan 12026-06-300001287750PSC Parent, Inc. | First lien senior secured loan 22026-06-300001287750arcc:PSCParentInc.Member2026-06-300001287750R2 Acquisition Corp. | Common stock2026-06-300001287750RE Community Holdings GP, LLC and RE Community Holdings, LP | Limited partnership interest 12026-06-300001287750RE Community Holdings GP, LLC and RE Community Holdings, LP | Limited partnership interest 22026-06-300001287750arcc:RECommunityHoldingsGPLLCAndRECommunityHoldingsLPMember2026-06-300001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. | First lien senior secured revolving loan2026-06-300001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. | First lien senior secured loan 12026-06-300001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. | First lien senior secured loan 22026-06-300001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. | Limited partner interests2026-06-300001287750arcc:RegistrarIntermediateLLCAndPSPRegistrarCoInvestmentFundLPMember2026-06-300001287750Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc. | Common units2026-06-300001287750Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc. | Warrants to purchase shares of common stock2026-06-300001287750arcc:ResearchNowGroupLLCAndDynataLLCAndNewInsightHoldingsInc.Member2026-06-300001287750Rocket Buyer, LLC | First lien senior secured revolving loan2026-06-300001287750Rocket Buyer, LLC | First lien senior secured loan2026-06-300001287750arcc:RocketBuyerLLCMember2026-06-300001287750Rodeo AcquisitionCo LLC | First lien senior secured revolving loan2026-06-300001287750Rodeo AcquisitionCo LLC | First lien senior secured loan2026-06-300001287750arcc:RodeoAcquisitionCoLLCMember2026-06-300001287750Saturn Purchaser Corp. | First lien senior secured loan2026-06-300001287750SGM Acquisition Sub, LLC and Schill Holdings, LP | First lien senior secured revolving loan2026-06-300001287750SGM Acquisition Sub, LLC and Schill Holdings, LP | First lien senior secured loan2026-06-300001287750SGM Acquisition Sub, LLC and Schill Holdings, LP | Common units2026-06-300001287750arcc:SGMAcquisitionSubLLCAndSchillHoldingsLPMember2026-06-300001287750Startec Equity, LLC | Member interest2026-06-300001287750SV Newco 2, Inc. and Site 2020 Incorporated | First lien senior secured revolving loan 12026-06-300001287750SV Newco 2, Inc. and Site 2020 Incorporated | First lien senior secured revolving loan 22026-06-300001287750SV Newco 2, Inc. and Site 2020 Incorporated | First lien senior secured loan 12026-06-300001287750SV Newco 2, Inc. and Site 2020 Incorporated | First lien senior secured loan 22026-06-300001287750arcc:SVNewco2Inc.AndSite2020IncorporatedMember2026-06-300001287750Systems Planning and Analysis, Inc. | First lien senior secured revolving loan2026-06-300001287750Systems Planning and Analysis, Inc. | First lien senior secured loan2026-06-300001287750arcc:SystemsPlanningAndAnalysisInc.Member2026-06-300001287750Talon Buyer Inc. and Talon Holdings SCSP | First lien senior secured loan2026-06-300001287750Talon Buyer Inc. and Talon Holdings SCSP | Class A units2026-06-300001287750arcc:TalonBuyerInc.AndTalonHoldingsSCSPMember2026-06-300001287750Thermostat Purchaser III, Inc. | First lien senior secured revolving loan2026-06-300001287750Thermostat Purchaser III, Inc. | Second lien senior secured loan2026-06-300001287750arcc:ThermostatPurchaserIIIIncMember2026-06-300001287750TSS Buyer, LLC | First lien senior secured loan 12026-06-300001287750TSS Buyer, LLC | First lien senior secured loan 22026-06-300001287750arcc:TSSBuyerLLCMember2026-06-300001287750TVG-MGT Upper Intermediate Holdings, LLC and Vistria Blocked MGT Investor, LP | Senior subordinated loan2026-06-300001287750TVG-MGT Upper Intermediate Holdings, LLC and Vistria Blocked MGT Investor, LP | Class A common units2026-06-300001287750arcc:TVGMGTUpperIntermediateHoldingsLLCMember2026-06-300001287750Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. | First lien senior secured loan 12026-06-300001287750Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. | First lien senior secured loan 22026-06-300001287750arcc:UnifiAviationNorthAmericaLLCAndUnifiAviationCanadaInc.Member2026-06-300001287750Unity Purchaser, LLC and Unity Ultimate Holdings, LP | First lien senior secured loan2026-06-300001287750Unity Purchaser, LLC and Unity Ultimate Holdings, LP | Class A-1 units2026-06-300001287750arcc:UnityPurchaserLLCAndUnityUltimateHoldingsLPMember2026-06-300001287750UP Intermediate II LLC and UPBW Blocker LLC | First lien senior secured revolving loan2026-06-300001287750UP Intermediate II LLC and UPBW Blocker LLC | First lien senior secured loan2026-06-300001287750UP Intermediate II LLC and UPBW Blocker LLC | Senior preferred units2026-06-300001287750UP Intermediate II LLC and UPBW Blocker LLC | Common units 12026-06-300001287750UP Intermediate II LLC and UPBW Blocker LLC | Common units 22026-06-300001287750arcc:UPIntermediateIILLCAndUPBWBlockerLLCMember2026-06-300001287750Valcourt Holdings II, LLC and Jobs Holdings, Inc. | First lien senior secured loan2026-06-300001287750Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC | First lien senior secured revolving loan2026-06-300001287750Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC | First lien senior secured loan 12026-06-300001287750Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC | First lien senior secured loan 22026-06-300001287750Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC | First lien senior secured loan 32026-06-300001287750Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC | First lien senior secured loan 42026-06-300001287750Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC | First lien senior secured loan 52026-06-300001287750Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC | Limited partnership interests2026-06-300001287750arcc:VisualEdgeTechnologyInc.VEITLLCAndVEITTopcoLLCMember2026-06-300001287750VRC Companies, LLC | Senior subordinated loan2026-06-300001287750VRS Buyer, Inc. | First lien senior secured loan2026-06-300001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC | First lien senior secured loan 12026-06-300001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC | First lien senior secured loan 22026-06-300001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC | Class A preferred units 12026-06-300001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC | Class A preferred units 22026-06-300001287750arcc:W.S.ConnellyCo.LLCAndWSCUltimateHoldingsLLCMember2026-06-300001287750XIFIN, Inc. and ACP Charger Co-Invest LLC | Class A units2026-06-300001287750XIFIN, Inc. and ACP Charger Co-Invest LLC | Class B units2026-06-300001287750arcc:XIFINIncAndACPChargerCoInvestLLCMember2026-06-300001287750Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. | First lien senior secured revolving loan2026-06-300001287750Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. | First lien senior secured loan2026-06-300001287750arcc:ZincBuyerCorporationAndMarmicFireSafetyCo.Inc.Member2026-06-300001287750arcc:CommercialAndProfessionalServicesMember2026-06-300001287750Aimbridge Topco, LLC | Common units2026-06-300001287750American Residential Services L.L.C. and Aragorn Parent Holdings LP | Series A preferred units2026-06-300001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC | First lien senior secured revolving loan2026-06-300001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC | First lien senior secured loan2026-06-300001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC | Series B common units2026-06-300001287750arcc:ApexServicePartnersLLCAndApexServicePartnersHoldingsLLCMember2026-06-300001287750Belfor Holdings, Inc. | First lien senior secured revolving loan2026-06-300001287750Birdie Bidco, Inc. | First lien senior secured loan 12026-06-300001287750Calera XXVIII, LLC | Common units2026-06-300001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC | First lien senior secured revolving loan 12026-06-300001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC | First lien senior secured loan 12026-06-300001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC | First lien senior secured loan 22026-06-300001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC | Class A units2026-06-300001287750arcc:ClarionHomeServicesGroupLLCAndLBCBreezeHoldingsLLCMember2026-06-300001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc. | First lien senior secured revolving loan2026-06-300001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc. | First lien senior secured loan 12026-06-300001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc. | First lien senior secured loan 22026-06-300001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc. | First lien senior secured loan 32026-06-300001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc. | Common stock2026-06-300001287750arcc:CMGHoldCoLLCAndCMGBuyerHoldingsIncMember2026-06-300001287750CST Holding Company | First lien senior secured loan 12026-06-300001287750CST Holding Company | First lien senior secured loan 22026-06-300001287750arcc:CSTHoldingCompanyMember2026-06-300001287750Davidson Hotel Company LLC | First lien senior secured loan2026-06-300001287750Equinox Holdings, Inc. | First lien senior secured loan2026-06-300001287750Equinox Holdings, Inc. | Second lien senior secured loan2026-06-300001287750arcc:EquinoxHoldingsInc.Member2026-06-300001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC | First lien senior secured revolving loan2026-06-300001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC | First lien senior secured loan2026-06-300001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC | Preferred units2026-06-300001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC | Class A units2026-06-300001287750arcc:EssentialServicesHoldingCorporationAndOMERSMahomesInvestmentHoldingsLLCMember2026-06-300001287750Eternal Aus Bidco Pty Ltd | First lien senior secured loan2026-06-300001287750Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. | First lien senior secured revolving loan2026-06-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP | First lien senior secured revolving loan2026-06-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP | First lien senior secured loan 12026-06-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP | First lien senior secured loan 22026-06-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP | Common units2026-06-300001287750arcc:FitnessVenturesHoldingsInc.AndMeaningfulPartnersFitnessVenturesCoInvestmentLPMember2026-06-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. | First lien senior secured revolving loan 12026-06-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. | First lien senior secured revolving loan 22026-06-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. | First lien senior secured loan 12026-06-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. | First lien senior secured loan 22026-06-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. | First lien senior secured loan 32026-06-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. | First lien senior secured loan 42026-06-300001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. | Series A preferred stock2026-06-300001287750arcc:FlinnScientificIncAndWCIQuantumHoldingsIncMember2026-06-300001287750Flint OpCo, LLC | First lien senior secured loan 12026-06-300001287750Flint OpCo, LLC | First lien senior secured loan 22026-06-300001287750Flint OpCo, LLC | First lien senior secured loan 32026-06-300001287750Flint OpCo, LLC | First lien senior secured loan 42026-06-300001287750arcc:FlintOpCoLLCMember2026-06-300001287750Goodlife Fitness Centers Inc. and AP Rainbow Co-Invest L.P. | First lien senior secured revolving loan2026-06-300001287750Goodlife Fitness Centers Inc. and AP Rainbow Co-Invest L.P. | First lien senior secured loan2026-06-300001287750Goodlife Fitness Centers Inc. and AP Rainbow Co-Invest L.P. | Limited partnership interest2026-06-300001287750arcc:GoodlifeFitnessCentersInc.AndAPRainbowCoInvestL.P.Member2026-06-300001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC | First lien senior secured revolving loan2026-06-300001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC | First lien senior secured loan2026-06-300001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC | Class A common units2026-06-300001287750arcc:GSSEERGroupBorrowerLLCAndGSSEERGroupHoldingsLLCMember2026-06-300001287750Helios Service Partners, LLC and Astra Service Partners, LLC | First lien senior secured loan2026-06-300001287750IFH Franchisee Holdings, LLC | First lien senior secured revolving loan2026-06-300001287750IFH Franchisee Holdings, LLC | First lien senior secured loan2026-06-300001287750arcc:IFHFranchiseeHoldingsLLCMember2026-06-300001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. | First lien senior secured revolving loan 12026-06-300001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. | First lien senior secured revolving loan 22026-06-300001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. | First lien senior secured loan 12026-06-300001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. | First lien senior secured loan 22026-06-300001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. | First lien senior secured loan 32026-06-300001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. | First lien senior secured loan 42026-06-300001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. | First lien senior secured loan 52026-06-300001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. | Class A units2026-06-300001287750arcc:InfinityHomeServicesHoldcoInc.DAngeloSonsConstructionLimitedAndIHSParentHoldingsL.P.Member2026-06-300001287750Invited, Inc. and KSL Longdrive Co-Invest, L.P. | First lien senior secured loan2026-06-300001287750Invited, Inc. and KSL Longdrive Co-Invest, L.P. | Limited partnership interest2026-06-300001287750arcc:InvitedInc.AndKSLLongdriveCoInvestL.P.Member2026-06-300001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. | First lien senior secured loan 12026-06-300001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. | First lien senior secured loan 22026-06-300001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. | Limited partnership interests2026-06-300001287750arcc:LeviathanIntermediateHoldcoLLCAndLeviathanHoldingsLPMember2026-06-300001287750LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC | First lien senior secured revolving loan2026-06-300001287750LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC | First lien senior secured loan2026-06-300001287750LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC | Limited partnership units2026-06-300001287750arcc:LHSBorrowerLLCLHEquityInvestorsL.P.LeafHomeLLCAndGCFundIVBlockerLLCMember2026-06-300001287750ME Equity LLC | Common stock2026-06-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC | First lien senior secured loan 12026-06-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC | First lien senior secured loan 22026-06-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC | Preferred units2026-06-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC | Class A units2026-06-300001287750arcc:ModigentLLCAndOMERSPMCInvestmentHoldingsLLCMember2026-06-300001287750Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC | First lien senior secured revolving loan2026-06-300001287750Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC | First lien senior secured loan 12026-06-300001287750Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC | First lien senior secured loan 22026-06-300001287750Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC | First lien senior secured loan 32026-06-300001287750Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC | Class A preferred units2026-06-300001287750Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC | Class B common units2026-06-300001287750arcc:MustangProspectsHoldcoLLCMustangProspectsPurchaserLLCAndSenskeAcquisitionInc.Member2026-06-300001287750North Haven Fairway Buyer, LLC and Fairway Lawns, LLC | First lien senior secured revolving loan2026-06-300001287750North Haven Fairway Buyer, LLC and Fairway Lawns, LLC | First lien senior secured loan 12026-06-300001287750North Haven Fairway Buyer, LLC and Fairway Lawns, LLC | First lien senior secured loan 22026-06-300001287750North Haven Fairway Buyer, LLC and Fairway Lawns, LLC | First lien senior secured loan 32026-06-300001287750North Haven Fairway Buyer, LLC and Fairway Lawns, LLC | First lien senior secured loan 42026-06-300001287750arcc:NorthHavenFairwayBuyerLLCAndFairwayLawnsLLCMember2026-06-300001287750Northwinds Holding, Inc. and Northwinds Services Group LLC | First lien senior secured loan 12026-06-300001287750Northwinds Holding, Inc. and Northwinds Services Group LLC | First lien senior secured loan 22026-06-300001287750Northwinds Holding, Inc. and Northwinds Services Group LLC | First lien senior secured loan 32026-06-300001287750Northwinds Holding, Inc. and Northwinds Services Group LLC | Common units2026-06-300001287750arcc:NorthwindsHoldingIncAndNorthwindsServicesGroupLLCMember2026-06-300001287750OTG Concessions Management, LLC and Octa Parent Holdings, LLC | Second lien notes2026-06-300001287750OTG Concessions Management, LLC and Octa Parent Holdings, LLC | Participation rights2026-06-300001287750arcc:OTGConcessionsManagementLLCAndOctaParentHoldingsLLCMember2026-06-300001287750PestCo Holdings, LLC and PestCo, LLC | First lien senior secured revolving loan2026-06-300001287750PestCo Holdings, LLC and PestCo, LLC | First lien senior secured loan2026-06-300001287750PestCo Holdings, LLC and PestCo, LLC | Class A units2026-06-300001287750arcc:PestCoHoldingsLLCAndPestCoLLCMember2026-06-300001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. | First lien senior secured revolving loan2026-06-300001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. | First lien senior secured loan2026-06-300001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. | Preferred units2026-06-300001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. | Common stock2026-06-300001287750arcc:PinnacleMEPIntermediateHoldcoLLCAndBPCPPinnacleHoldingsInc.Member2026-06-300001287750Premiere Buyer, LLC | First lien senior secured loan 12026-06-300001287750Premiere Buyer, LLC | First lien senior secured loan 22026-06-300001287750arcc:PremiereBuyerLLCMember2026-06-300001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC | First lien senior secured loan 12026-06-300001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC | First lien senior secured loan 22026-06-300001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC | Preferred membership units2026-06-300001287750arcc:PyramidBMCIntermediateCoILLCAndPyramidInvestorsLLCMember2026-06-300001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. | First lien senior secured loan 12026-06-300001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. | First lien senior secured loan 22026-06-300001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. | Limited partnership interest2026-06-300001287750arcc:QuickQuackCarWashHoldingsLLCAndKKRGameChangerCoInvestFeederIIL.P.Member2026-06-300001287750Radiant Intermediate Holding, LLC | First lien senior secured loan2026-06-300001287750Redwood Services LP | First lien senior secured revolving loan2026-06-300001287750Redwood Services LP | First lien senior secured loan2026-06-300001287750arcc:RedwoodServicesLPMember2026-06-300001287750Saber Parent Holdings Corp. and MSHC, Inc. | First lien senior secured revolving loan2026-06-300001287750Saber Parent Holdings Corp. and MSHC, Inc. | First lien senior secured loan 12026-06-300001287750Saber Parent Holdings Corp. and MSHC, Inc. | First lien senior secured loan 22026-06-300001287750arcc:SaberParentHoldingsCorp.AndMSHCInc.Member2026-06-300001287750Safe 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 loan2026-06-300001287750SGP Shaka HoldCo, LLC and SGP Shaka JV, LLC | First lien senior secured loan2026-06-300001287750SGP Shaka HoldCo, LLC and SGP Shaka JV, LLC | Series A preferred units2026-06-300001287750SGP Shaka HoldCo, LLC and SGP Shaka JV, LLC | Warrant to purchase common units2026-06-300001287750arcc:SGPShakaHoldCoLLCAndSGPShakaJVLLCMember2026-06-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. | First lien senior secured loan 12026-06-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. | First lien senior secured loan 22026-06-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. | First lien senior secured loan 32026-06-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. | Class A units2026-06-300001287750arcc:TaymaxGroupLPTaymaxGroupGPLLCPFSalemCanadaULCAndTCPFitParentLPMember2026-06-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP | First lien senior secured revolving loan2026-06-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP | First lien senior secured loan 12026-06-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP | First lien senior secured loan 22026-06-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP | First lien senior secured loan 42026-06-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP | First lien senior secured loan 52026-06-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP | First lien senior secured loan 32026-06-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP | Preferred units2026-06-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP | Class A units2026-06-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP | Class C units2026-06-300001287750arcc:TheArcticomGroupLLCAndAMCPMechanicalHoldingsLPMember2026-06-300001287750TopGolf International, LLC and TopGolf Topco, LLC | First lien senior secured revolving loan2026-06-300001287750TopGolf International, LLC and TopGolf Topco, LLC | First lien senior secured loan2026-06-300001287750TopGolf International, LLC and TopGolf Topco, LLC | Common units2026-06-300001287750arcc:TopGolfInternationalLLCAndTopGolfTopcoLLCMember2026-06-300001287750Triple JJJ Lube, Corp. and TCC Buyer Holdco, LLC | First lien senior secured loan2026-06-300001287750Triple JJJ Lube, Corp. and TCC Buyer Holdco, LLC | Class A preferred units2026-06-300001287750arcc:TripleJJJLubeCorp.AndTCCBuyerHoldcoLLCMember2026-06-300001287750Triwizard Holdings, Inc. and Triwizard Parent, LP | First lien senior secured revolving loan 12026-06-300001287750Triwizard Holdings, Inc. and Triwizard Parent, LP | First lien senior secured revolving loan 22026-06-300001287750Triwizard Holdings, Inc. and Triwizard Parent, LP | First lien senior secured loan 12026-06-300001287750Triwizard Holdings, Inc. and Triwizard Parent, LP | First lien senior secured loan 22026-06-300001287750Triwizard Holdings, Inc. and Triwizard Parent, LP, Class A-2 common units2026-06-300001287750arcc:TriwizardHoldingsInc.AndTriwizardParentLPMember2026-06-300001287750TSWT Acquisition, Inc. and TSWT Holdings, LLC | First lien senior secured revolving loan 12026-06-300001287750TSWT Acquisition, Inc. and TSWT Holdings, LLC | First lien senior secured revolving loan 22026-06-300001287750TSWT Acquisition, Inc. and TSWT Holdings, LLC | First lien senior secured loan2026-06-300001287750TSWT Acquisition, Inc. and TSWT Holdings, LLC | Class A units2026-06-300001287750arcc:TSWTAcquisitionInc.AndTSWTHoldingsLLCMember2026-06-300001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC | First lien senior secured revolving loan2026-06-300001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC | First lien senior secured loan 12026-06-300001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC | First lien senior secured loan 22026-06-300001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC | Class B common units2026-06-300001287750arcc:VertexServicePartnersLLCAndVertexServicePartnersHoldingsLLCMember2026-06-300001287750Vista Higher Learning, LLC | First lien senior secured loan 12026-06-300001287750Vista Higher Learning, LLC | First lien senior secured loan 22026-06-300001287750Vista Higher Learning, LLC | First lien senior secured loan 32026-06-300001287750arcc:YEBrandsHoldingsLLCMember2026-06-300001287750ZBS Mechanical Group Co-Invest Fund 2, LLC and ZBS Mechanical Group Co-Invest II Fund 2, LLC | Membership interest 12026-06-300001287750ZBS Mechanical Group Co-Invest Fund 2, LLC and ZBS Mechanical Group Co-Invest II Fund 2, LLC | Membership interest 22026-06-300001287750arcc:ZBSMechanicalGroupCoInvestFund2LLCAndZBSMechanicalGroupCoInvestIIFund2LLCMember2026-06-300001287750arcc:ConsumerServicesMember2026-06-30000128775015484880 Canada Inc. and 15484910 Canada Inc. | First lien senior secured loan 12026-06-30000128775015484880 Canada Inc. and 15484910 Canada Inc. | First lien senior secured loan 22026-06-30000128775015484880 Canada Inc. and 15484910 Canada Inc. | First lien senior secured loan 32026-06-30000128775015484880 Canada Inc. and 15484910 Canada Inc. | First lien senior secured loan 42026-06-30000128775015484880 Canada Inc. and 15484910 Canada Inc. | Senior subordinated loan2026-06-30000128775015484880 Canada Inc. and 15484910 Canada Inc. | Class A2 shares2026-06-300001287750arcc:A15484880CanadaInc.And15484910CanadaInc.Member2026-06-300001287750AQ Sunshine, Inc. and BayPine Regal Co-Invest, LP | First lien senior secured loan2026-06-300001287750AQ Sunshine, Inc. and BayPine Regal Co-Invest, LP | Limited partnership interests2026-06-300001287750arcc:AQSunshineInc.AndBayPineRegalCoInvestLPMember2026-06-300001287750Ardonagh Midco 3 Limited, Ardonagh Group Finco Pty Limited, Ardonagh Finco LLC, Ardonagh Finco B.V., and MDCP Co-Investors (Jade I), L.P. | Limited partnership interest2026-06-300001287750Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. | First lien senior secured loan2026-06-300001287750Benecon Midco II LLC and Benecon Holdings, LLC | First lien senior secured loan2026-06-300001287750Benecon Midco II LLC and Benecon Holdings, LLC | Class A units2026-06-300001287750arcc:BeneconMidcoIILLCAndBeneconHoldingsLLCMember2026-06-300001287750Daylight Beta Parent LLC and CFCo, LLC | First lien senior secured loan 12026-06-300001287750Daylight Beta Parent LLC and CFCo, LLC | First lien senior secured loan 22026-06-300001287750Daylight Beta Parent LLC and CFCo, LLC | Class B units2026-06-300001287750arcc:DaylightBetaParentLLCAndCFCoLLCMember2026-06-300001287750Diamond Mezzanine 24 LLC | First lien senior secured revolving loan2026-06-300001287750Diamond Mezzanine 24 LLC | First lien senior secured loan2026-06-300001287750arcc:DiamondMezzanine24LLCMember2026-06-300001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP | First lien senior secured revolving loan2026-06-300001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP | First lien senior secured loan 2026-06-300001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP | Limited partnership interest2026-06-300001287750arcc:DOXAInsuranceHoldingsLLCAndRocketCoInvestSLPMember2026-06-300001287750Forza Insurance Holdings, LLC | First lien senior secured loan2026-06-300001287750Foundation Risk Partners, Corp. | First lien senior secured revolving loan2026-06-300001287750Foundation Risk Partners, Corp. | First lien senior secured loan 12026-06-300001287750Foundation Risk Partners, Corp. | First lien senior secured loan 22026-06-300001287750Foundation Risk Partners, Corp. | First lien senior secured loan 32026-06-300001287750arcc:FoundationRiskPartnersCorpMember2026-06-300001287750Galway Borrower LLC | First lien senior secured revolving loan2026-06-300001287750Galway Borrower LLC | First lien senior secured loan 12026-06-300001287750Galway Borrower LLC | First lien senior secured loan 22026-06-300001287750arcc:GalwayBorrowerLLCMember2026-06-300001287750Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. | First lien senior secured loan 12026-06-300001287750Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. | First lien senior secured loan 22026-06-300001287750arcc:GestionABSBidcoInc.ABSBidcoHoldingsInc.Member2026-06-300001287750Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc. | First lien senior secured loan 12026-06-300001287750Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc. | First lien senior secured loan 22026-06-300001287750Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc. | First lien senior secured loan 32026-06-300001287750Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc. | Series A preferred shares2026-06-300001287750arcc:HigginbothamInsuranceAgencyInc.HIGOperationsHoldingsInc.AndHIGIntermediateInc.Member2026-06-300001287750High Street Buyer, Inc. and High Street Holdco LLC | First lien senior secured loan 12026-06-300001287750High Street Buyer, Inc. and High Street Holdco LLC | First lien senior secured loan 22026-06-300001287750High Street Buyer, Inc. and High Street Holdco LLC | First lien senior secured loan 32026-06-300001287750High Street Buyer, Inc. and High Street Holdco LLC | First lien senior secured loan 42026-06-300001287750High Street Buyer, Inc. and High Street Holdco LLC | Series A preferred units 12026-06-300001287750High Street Buyer, Inc. and High Street Holdco LLC | Series A preferred units 22026-06-300001287750High Street Buyer, Inc. and High Street Holdco LLC | Series A preferred units 32026-06-300001287750High Street Buyer, Inc. and High Street Holdco LLC | Series A preferred units 42026-06-300001287750High Street Buyer, Inc. and High Street Holdco LLC | Series A common units2026-06-300001287750High Street Buyer, Inc. and High Street Holdco LLC | Series C common units2026-06-300001287750arcc:HighStreetBuyerInc.AndHighStreetHoldcoLLCMember2026-06-300001287750Inszone Mid, LLC and INSZ Holdings, LLC | First lien senior secured loan 12026-06-300001287750Inszone Mid, LLC and INSZ Holdings, LLC | First lien senior secured loan 22026-06-300001287750Inszone Mid, LLC and INSZ Holdings, LLC | First lien senior secured loan 32026-06-300001287750Inszone Mid, LLC and INSZ Holdings, LLC | Common units2026-06-300001287750Inszone Mid, LLC and INSZ Holdings, LLC | Limited partnership interests2026-06-300001287750arcc:InszoneMidLLCAndINSZHoldingsLLCMember2026-06-300001287750King Risk Partners, LLC | First lien senior secured loan2026-06-300001287750Knight AcquireCo, LLC and Knight Holdings, LP | First lien senior secured loan2026-06-300001287750Knight AcquireCo, LLC and Knight Holdings, LP | Class A-1 common units2026-06-300001287750arcc:KnightAcquireCoLLCAndKnightHoldingsLPMember2026-06-300001287750Koala Investment Holdings, Inc. | First lien senior secured revolving loan2026-06-300001287750Koala Investment Holdings, Inc. | First lien senior secured loan2026-06-300001287750arcc:KoalaInvestmentHoldingsInc.Member2026-06-300001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP | First lien senior secured revolving loan2026-06-300001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP | First lien senior secured loan2026-06-300001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP | Class A2 units2026-06-300001287750arcc:OakBridgeInsuranceAgencyLLCAndMapleAcquisitionHoldingsLPMember2026-06-300001287750Patriot Growth Insurance Services, LLC | First lien senior secured loan2026-06-300001287750People Corporation | First lien senior secured loan 12026-06-300001287750People Corporation | First lien senior secured loan 22026-06-300001287750People Corporation | First lien senior secured loan 32026-06-300001287750People Corporation | First lien senior secured loan 42026-06-300001287750People Corporation | First lien senior secured loan 52026-06-300001287750arcc:PeopleCorporationMember2026-06-300001287750SageSure Holdings, LLC and SageSure LLC | First lien senior secured loan 12026-06-300001287750SageSure Holdings, LLC and SageSure LLC | First lien senior secured loan 22026-06-300001287750SageSure Holdings, LLC and SageSure LLC | Series A units2026-06-300001287750arcc:SageSureHoldingsLLCAndSageSureLLCMember2026-06-300001287750SelectQuote, Inc. and SQ ABS Issuer, LLC | First lien senior secured notes 12026-06-300001287750SelectQuote, Inc. and SQ ABS Issuer, LLC | First lien senior secured notes 22026-06-300001287750SelectQuote, Inc. and SQ ABS Issuer, LLC | Warrant to purchase shares of common stock2026-06-300001287750arcc:SelectQuoteInc.AndSQABSIssuerLLCMember2026-06-300001287750SG Acquisition, Inc. | First lien senior secured loan2026-06-300001287750SIG Parent Holdings, LLC | First lien senior secured loan2026-06-300001287750Slaine Holdings LLC | Senior subordinated loan2026-06-300001287750THG Acquisition, LLC | First lien senior secured revolving loan2026-06-300001287750THG Acquisition, LLC | First lien senior secured loan2026-06-300001287750arcc:THGAcquisitionLLCMember2026-06-300001287750Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC | First lien senior secured revolving loan2026-06-300001287750Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC | First lien senior secured loan2026-06-300001287750arcc:TruistInsuranceHoldingsLLCAndMcGriffInsuranceServicesLLCMember2026-06-300001287750World Insurance Associates, LLC and World Associates Holdings, LLC | First lien senior secured loan2026-06-300001287750us-gaap:InsuranceSectorMember2026-06-300001287750AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. | First lien senior secured revolving loan2026-06-300001287750AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. | First lien senior secured loan 12026-06-300001287750AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. | First lien senior secured loan 22026-06-300001287750AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. | First lien senior secured loan 32026-06-300001287750arcc:AeriTekGlobalUSAcquisitionInc.AeriTekGlobalHoldingsLLCAndMinusFortyQBDCorpMember2026-06-300001287750Airx Climate Solutions, Inc. | First lien senior secured revolving loan2026-06-300001287750Airx Climate Solutions, Inc. | First lien senior secured loan 12026-06-300001287750Airx Climate Solutions, Inc. | First lien senior secured loan 22026-06-300001287750arcc:AirxClimateSolutionsInc.Member2026-06-300001287750Align Precision Group, LLC and Align Precision Topco, L.P. | First lien senior secured loan2026-06-300001287750Align Precision Group, LLC and Align Precision Topco, L.P. | Class A-2 units2026-06-300001287750arcc:AlignPrecisionGroupLLCAndAlignPrecisionTopcoL.P.Member2026-06-300001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC | First lien senior secured revolving loan2026-06-300001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC | First lien senior secured loan 12026-06-300001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC | First lien senior secured loan 22026-06-300001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC | First lien senior secured loan 32026-06-300001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC | First lien senior secured loan 42026-06-300001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC | Membership interest2026-06-300001287750arcc:AllclearCommercialInc.AllclearMilitaryInc.AllclearSpaceInc.AndAllclearGroupLLCMember2026-06-300001287750Arrowhead Holdco Company and Arrowhead GS Holdings, Inc. | First lien senior secured loan2026-06-300001287750Arrowhead Holdco Company and Arrowhead GS Holdings, Inc. | Common stock2026-06-300001287750arcc:ArrowheadHoldcoCompanyAndArrowheadGSHoldingsIncMember2026-06-300001287750Arxis, Inc. (fka Qnnect, LLC and Connector TopCo, LP) | Class A common stock2026-06-300001287750Bells Parent, Inc. | First lien senior secured loan 12026-06-300001287750Bells Parent, Inc. | First lien senior secured loan 22026-06-300001287750arcc:BellsParentInc.Member2026-06-300001287750BGIF IV Fearless Utility Services, Inc. | First lien senior secured revolving loan2026-06-300001287750BGIF IV Fearless Utility Services, Inc. | First lien senior secured loan2026-06-300001287750arcc:BGIFIVFearlessUtilityServicesInc.Member2026-06-300001287750Blue Raven Solutions, LLC, Triman Industries, Inc., and Crestwood Technology Group, LLC | First lien senior secured loan2026-06-300001287750Burgess Point Purchaser Corporation | First lien senior secured loan 12026-06-300001287750Burgess Point Purchaser Corporation | First lien senior secured loan 22026-06-300001287750arcc:BurgessPointPurchaserCorporationMember2026-06-300001287750CPIG Holdco Inc. | First lien senior secured loan2026-06-300001287750DFS Holding Company, Inc. | First lien senior secured loan2026-06-300001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP | Common units2026-06-300001287750EIS Legacy Holdco, LLC | First lien senior secured loan2026-06-300001287750ELM DebtCo, LLC | First lien senior secured revolving loan2026-06-300001287750ELM DebtCo, LLC | First lien senior secured loan2026-06-300001287750arcc:ELMDebtCoLLCMember2026-06-300001287750Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC | First lien senior secured revolving loan2026-06-300001287750Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC | First lien senior secured loan2026-06-300001287750Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC | Preferred equity2026-06-300001287750Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC | Common units2026-06-300001287750arcc:EndurancePTTechnologyBuyerCorporationAndEndurancePTTechnologyHoldingsLLCMember2026-06-300001287750ESCP PPG Holdings, LLC | Class A-1 units2026-06-300001287750ESCP PPG Holdings, LLC | Class A-2 units2026-06-300001287750arcc:ESCPPPGHoldingsLLCMember2026-06-300001287750Generator US Buyer, Inc. and Total Power Limited | First lien senior secured revolving loan2026-06-300001287750Generator US Buyer, Inc. and Total Power Limited | First lien senior secured loan2026-06-300001287750arcc:GeneratorUSBuyerInc.AndTotalPowerLimitedMember2026-06-300001287750Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC | First lien senior secured revolving loan2026-06-300001287750Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC | Member units2026-06-300001287750arcc:GroundPenetratingRadarSystemsLLCAndRCVIBuckeyeHoldingsLLCMember2026-06-300001287750GSV Purchaser, Inc. | First lien senior secured loan2026-06-300001287750Harvey Tool Company, LLC | First lien senior secured loan2026-06-300001287750Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC | First lien senior secured revolving loan2026-06-300001287750Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC | First lien senior secured loan 12026-06-300001287750Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC | First lien senior secured loan 22026-06-300001287750arcc:HorizonAvionicsBuyerLLCAndHorizonCTSBuyerLLCMember2026-06-300001287750HPCC Parent, Inc. and Patriot Container Corp. | First lien senior secured loan 12026-06-300001287750HPCC Parent, Inc. and Patriot Container Corp. | First lien senior secured loan 22026-06-300001287750HPCC Parent, Inc. and Patriot Container Corp. | Common stock2026-06-300001287750arcc:HPCCParentInc.AndPatriotContainerCorp.Member2026-06-300001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation | Senior subordinated loan2026-06-300001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation | Class A common stock2026-06-300001287750arcc:ImagingBusinessMachinesLLCAndScannerHoldingsCorporationMember2026-06-300001287750JSG II, Inc. and Checkers USA, Inc. | First lien senior secured loan2026-06-300001287750LEG Purchaser Inc. | First lien senior secured revolving loan2026-06-300001287750LEG Purchaser Inc. | First lien senior secured loan2026-06-300001287750arcc:LEGPurchaserIncMember2026-06-300001287750Livewire Acquisition, Inc. and Livewire Co-Invest Holdings, LP | First lien senior secured revolving loan2026-06-300001287750Livewire Acquisition, Inc. and Livewire Co-Invest Holdings, LP | First lien senior secured loan2026-06-300001287750Livewire Acquisition, Inc. and Livewire Co-Invest Holdings, LP | Common units2026-06-300001287750arcc:LivewireAcquisitionInc.AndLivewireCoInvestHoldingsLPMember2026-06-300001287750LTG Acquisition, Inc. | Class A membership units2026-06-300001287750NCWS Intermediate, Inc. and NCWS Holdings LP | Class A-2 common units2026-06-300001287750OPH NEP Investment, LLC | Senior subordinated loan2026-06-300001287750OPH NEP Investment, LLC | Senior subordinated loan 12026-06-300001287750OPH NEP Investment, LLC | Class B common units2026-06-300001287750arcc:OPHNEPInvestmentLLCMember2026-06-300001287750Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC | Second lien senior secured loan2026-06-300001287750Paris US Holdco, Inc. & 1001028292 Ontario Inc. | First lien senior secured revolving loan2026-06-300001287750Paris US Holdco, Inc. & 1001028292 Ontario Inc. | First lien senior secured loan 12026-06-300001287750Paris US Holdco, Inc. & 1001028292 Ontario Inc. | First lien senior secured loan 22026-06-300001287750arcc:ParisUSHoldcoInc.AndTrimasterManufacturingInc.Member2026-06-300001287750Pave America Holding, LLC | First lien senior secured revolving loan2026-06-300001287750Pave America Holding, LLC | First lien senior secured loan2026-06-300001287750arcc:PaveAmericaHoldingLLCMember2026-06-300001287750Pike Corporation | First lien senior secured loan2026-06-300001287750PumpTech, LLC and Impel CV-B, LP | First lien senior secured revolving loan2026-06-300001287750PumpTech, LLC and Impel CV-B, LP | Limited partnership interests2026-06-300001287750arcc:PumpTechLLCAndImpelCVBLPMember2026-06-300001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited | First lien senior secured revolving loan 12026-06-300001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited | First lien senior secured revolving loan 22026-06-300001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited | First lien senior secured loan2026-06-300001287750arcc:RadiusAerospaceIncAndRadiusAerospaceEuropeLimitedMember2026-06-300001287750Radwell Parent, LLC | First lien senior secured revolving loan2026-06-300001287750Radwell Parent, LLC | First lien senior secured loan 12026-06-300001287750Radwell Parent, LLC | First lien senior secured loan 22026-06-300001287750Radwell Parent, LLC | First lien senior secured loan 32026-06-300001287750arcc:RadwellParentLLCMember2026-06-300001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation | First lien senior secured revolving loan2026-06-300001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation | First lien senior secured loan2026-06-300001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation | First lien senior secured loan 12026-06-300001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation | First lien senior secured loan 22026-06-300001287750arcc:SunkRockFoundryPartnersLPHatterasElectricalManufacturingHoldingCompanyAndSigmaElectricManufacturingCorporationMember2026-06-300001287750Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. | First lien senior secured revolving loan2026-06-300001287750Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. | First lien senior secured loan 12026-06-300001287750Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. | First lien senior secured loan 22026-06-300001287750Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. | Series A common units2026-06-300001287750arcc:SunvairAerospaceGroupInc.AndGBHeliosHoldingsL.P.Member2026-06-300001287750Titan BW Borrower L.P. | First lien senior secured loan 2026-06-300001287750Two Six Labs, LLC | First lien senior secured loan 2026-06-300001287750Werner Finco LP. | First lien senior secured loan2026-06-300001287750Zenith AcquisitionCo, LLC. | First lien senior secured loan2026-06-300001287750arcc:CapitalGoodsMember2026-06-300001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. | First lien senior secured loan 2026-06-300001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. | First lien senior secured loan 12026-06-300001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. | Second lien senior secured loan2026-06-300001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. | Class A preferred units2026-06-300001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. | Series A preferred shares2026-06-300001287750arcc:BalrogAcquisitionInc.BalrogTopcoInc.AndBalrogParentL.P.Member2026-06-300001287750Bamboo Purchaser, Inc. | First lien senior secured loan2026-06-300001287750BGI Purchaser, Inc. | First lien senior secured revolving loan2026-06-300001287750BGI Purchaser, Inc. | First lien senior secured loan2026-06-300001287750arcc:BGIPurchaserInc.Member2026-06-300001287750Blazing Star Parent, LLC | First lien senior secured loan2026-06-300001287750BR PJK Produce, LLC | First lien senior secured loan 2026-06-300001287750BR PJK Produce, LLC | First lien senior secured loan 12026-06-300001287750BR PJK Produce, LLC | First lien senior secured loan 22026-06-300001287750arcc:BRPJKProduceLLCMember2026-06-300001287750Carrera Bidco Limited | Senior subordinated loan2026-06-300001287750City Line Distributors LLC and City Line Investments LLC | First lien senior secured revolving loan2026-06-300001287750City Line Distributors LLC and City Line Investments LLC | First lien senior secured loan2026-06-300001287750City Line Distributors LLC and City Line Investments LLC | Class A units2026-06-300001287750arcc:CityLineDistributorsLLCAndCityLineInvestmentsLLCMember2026-06-300001287750DecoPac, Inc. and KCAKE Holdings Inc. | First lien senior secured loan2026-06-300001287750DecoPac, Inc. and KCAKE Holdings Inc. | Common stock2026-06-300001287750arcc:DecoPacIncAndKCAKEHoldingsIncMember2026-06-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. | First lien senior secured loan 2026-06-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. | First lien senior secured loan 12026-06-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. | First lien senior secured loan 22026-06-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. | First lien senior secured loan 32026-06-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. | First lien senior secured loan 42026-06-300001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. | Class A units2026-06-300001287750arcc:DisplayHoldingCompanyIncSaldonHoldingsIncAndFastsignsHoldingsIncMember2026-06-300001287750FS Squared Holding Corp. and FS Squared, LLC | First lien senior secured revolving loan2026-06-300001287750FS Squared Holding Corp. and FS Squared, LLC | First lien senior secured loan2026-06-300001287750arcc:FSSquaredHoldingCorpAndFSSquaredLLCMember2026-06-300001287750GMF Parent, Inc. and GMF Group Holdings, LP | First lien senior secured revolving loan2026-06-300001287750GMF Parent, Inc. and GMF Group Holdings, LP | First lien senior secured loan2026-06-300001287750GMF Parent, Inc. and GMF Group Holdings, LP | Class A2 units2026-06-300001287750arcc:GMFParentInc.AndGMFGroupHoldingsLPMember2026-06-300001287750GPM Investments, LLC and ARKO Corp. | Common stock2026-06-300001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP | First lien senior secured revolving loan2026-06-300001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP | First lien senior secured loan 2026-06-300001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP | First lien senior secured loan 12026-06-300001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP | Limited partnership interest2026-06-300001287750arcc:HillsDistributionIncHillsIntermediateFTHoldingsLLCAndGMPHillsLPMember2026-06-300001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. | First lien senior secured loan2026-06-300001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. | Limited partnership interests2026-06-300001287750arcc:LJPerimeterBuyerIncAndLJPerimeterCoInvestLPMember2026-06-300001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC | First lien senior secured loan 2026-06-300001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC | First lien senior secured loan 12026-06-300001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC | Class A common units2026-06-300001287750arcc:MarconeYellowstoneBuyerIncAndMarconeYellowstoneHoldingsLLCMember2026-06-300001287750Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP | First lien senior secured revolving loan 2026-06-300001287750Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP | Class A-1 units2026-06-300001287750arcc:MavisTireExpressServicesTopcoCorpMetisHoldCoIncAndMetisTopCoLPMember2026-06-300001287750Midco Holding, LLC and Nivel Topco, LLC | First lien senior secured loan2026-06-300001287750Midco Holding, LLC and Nivel Topco, LLC | Preferred units2026-06-300001287750Midco Holding, LLC and Nivel Topco, LLC | Class A units2026-06-300001287750arcc:MidcoHoldingLLCAndNivelTopcoLLCMember2026-06-300001287750Monolith Brands Group, Inc. | Series A-1 preferred stock2026-06-300001287750Moon 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 interests2026-06-300001287750Mountaineer Merger Corporation | First lien senior secured revolving loan2026-06-300001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC | First lien senior secured revolving loan2026-06-300001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC | First lien senior secured loan2026-06-300001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC | First lien senior secured loan 12026-06-300001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC | First lien senior secured loan 22026-06-300001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC | Class B limited liability company interest2026-06-300001287750arcc:MrGreensIntermediateLLCFloridaVegInvestmentsLLCMRGTexasLLCAndRestaurantProduceAndServicesBlockerLLCMember2026-06-300001287750Project Cardinal Acquisition, LLC, First lien senior secured loan2026-06-300001287750Quirch Foods Holdings, LLC | First lien senior secured loan2026-06-300001287750Reddy Ice LLC | First lien senior secured revolving loan2026-06-300001287750Reddy Ice LLC | First lien senior secured revolving loan 12026-06-300001287750Reddy Ice LLC | First lien senior secured revolving loan 22026-06-300001287750Reddy Ice LLC | First lien senior secured loan 2026-06-300001287750Reddy Ice LLC | First lien senior secured loan 12026-06-300001287750arcc:ReddyIceLLCMember2026-06-300001287750Royal Borrower, LLC and Royal Parent, LP | First lien senior secured revolving loan2026-06-300001287750Royal Borrower, LLC and Royal Parent, LP | First lien senior secured loan2026-06-300001287750Royal Borrower, LLC and Royal Parent, LP | Class A preferred units2026-06-300001287750arcc:RoyalBorrowerLLCAndRoyalParentLPMember2026-06-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc. | First lien senior secured loan 2026-06-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc. | First lien senior secured loan 12026-06-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc. | First lien senior secured loan 22026-06-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc. | First lien senior secured loan 32026-06-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc. | First lien senior secured loan 42026-06-300001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc. | First lien senior secured loan 52026-06-300001287750arcc:ShurCoAcquisitionIncAndShurCoHoldCoIncMember2026-06-300001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. | First lien senior secured revolving loan2026-06-300001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. | First lien senior secured loan2026-06-300001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. | Common units2026-06-300001287750arcc:WorldwideProduceAcquisitionLLCAndREPWWPCoinvestIVLPMember2026-06-300001287750arcc:ConsumerDistributionAndRetailMember2026-06-300001287750ACAS Equity Holdings Corporation | Common stock2026-06-300001287750Constellation Wealth Capital Fund, L.P., Constellation Wealth Capital Fund II LP, and CWC Fund II GP Capital LP | Limited partner interests2026-06-300001287750Constellation Wealth Capital Fund, L.P., Constellation Wealth Capital Fund II LP, and CWC Fund II GP Capital LP | Limited partnership interests2026-06-300001287750Constellation Wealth Capital Fund, L.P., Constellation Wealth Capital Fund II LP, and CWC Fund II GP Capital LP | Limited partnership interests 12026-06-300001287750arcc:ConstellationWealthCapitalFundL.P.ConstellationWealthCapitalFundIILPAndCWCFundIIGPCapitalLPMember2026-06-300001287750CREST Exeter Street Solar 2004-1 | Preferred shares2026-06-300001287750CWC Fund I Co-Invest (ALTI) LP | Limited partnership interest2026-06-300001287750European Capital UK SME Debt LP | Limited partnership interest2026-06-300001287750HCI Equity, LLC | Member interest2026-06-300001287750Linden Structured Capital Fund II-A LP | Limited partnership interest2026-06-300001287750Partnership Capital Growth Investors III, L.P. | Limited partnership interest2026-06-300001287750PCG-Ares Sidecar Investment, L.P. | Limited partnership interest2026-06-300001287750PCG-TAC-CV, LP | Limited partnership interest2026-06-300001287750Piper Jaffray Merchant Banking Fund I, L.P. | Limited partnership interest2026-06-300001287750Senior Direct Lending Program, LLC | Subordinated certificates2026-06-300001287750Senior Direct Lending Program, LLC | Membership interest2026-06-300001287750arcc:SeniorDirectLendingProgramLLCMember2026-06-300001287750arcc:InvestmentFundsAndVehiclesMember2026-06-30000128775022 HoldCo Limited | Senior subordinated loan2026-06-3000012877503 Step Sports LLC | First lien senior secured revolving loan2026-06-3000012877503 Step Sports LLC | First lien senior secured loan 2026-06-3000012877503 Step Sports LLC | First lien senior secured loan 12026-06-300001287750arcc:A3StepSportsLLCMember2026-06-300001287750Aventine Intermediate LLC & Aventine Holdings II LLC | First lien senior secured loan2026-06-300001287750Aventine Intermediate LLC & Aventine Holdings II LLC | Second lien senior secured loan2026-06-300001287750arcc:AventineIntermediateLLCAventineHoldingsIILLCMember2026-06-300001287750Axiomatic, LLC | First lien senior secured notes2026-06-300001287750Axiomatic, LLC | Class A-1 units2026-06-300001287750arcc:AxiomaticLLCMember2026-06-300001287750Bad Vibes Forever, LLC and Bad Vibes Forever Publishing, LLC | First lien senior secured loan2026-06-300001287750CFC Funding LLC | Loan instrument units2026-06-300001287750CMW Parent LLC (fka Black Arrow, Inc.) | Series A units2026-06-300001287750Create Music Holdings, LLC | Second lien senior secured loan2026-06-300001287750Create Music Holdings, LLC | Class A common stock2026-06-300001287750arcc:CreateMusicHoldingsLLCMember2026-06-300001287750Dundee Eros, LP | Limited partnership interest2026-06-300001287750Eagle Football Holdings BidCo Limited | Common stock2026-06-300001287750FEH Group, LLC. | Class A common interest 2026-06-300001287750FEH Group, LLC. | Class A common interest 12026-06-300001287750FEH Group, LLC. | Class A common interest 22026-06-300001287750arcc:FEHGroupLLCMember2026-06-300001287750Fever Labs, Inc. | First lien senior secured revolving loan2026-06-300001287750Fever Labs, Inc. | First lien senior secured loan2026-06-300001287750Fever Labs, Inc. | First lien senior secured loan 12026-06-300001287750Fever Labs, Inc. | First lien senior secured loan 22026-06-300001287750Fever Labs, Inc. | Series B redeemable preferred stock2026-06-300001287750Fever Labs, Inc. | Series E-5 convertible shares2026-06-300001287750Fever Labs, Inc. | Warrant to purchase common stock2026-06-300001287750arcc:FeverLabsInc.Member2026-06-300001287750Firebird Music Holdings, LLC | Common units2026-06-300001287750Firebird Music Rights I LP | Limited partnership interests2026-06-300001287750Global Music Rights, LLC | First lien senior secured revolving loan2026-06-300001287750Global Music Rights, LLC | First lien senior secured loan2026-06-300001287750arcc:GlobalMusicRightsLLCMember2026-06-300001287750GSM Rights Fund II LP | Class B interest2026-06-300001287750League One Volleyball Clubs, LLC and League One Volleyball, Inc. | Series B preferred stock2026-06-300001287750League One Volleyball Clubs, LLC and League One Volleyball, Inc. | Series C preferred stock2026-06-300001287750League One Volleyball Clubs, LLC and League One Volleyball, Inc. | Warrant to purchase common stock2026-06-300001287750arcc:LeagueOneVolleyballClubsLLCAndLeagueOneVolleyballInc.Member2026-06-300001287750Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P. | First lien senior secured revolving loan2026-06-300001287750Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P. | First lien senior secured loan2026-06-300001287750Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P. | First lien senior secured loan 12026-06-300001287750Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P. | Limited partnership interest2026-06-300001287750arcc:LegendsHospitalityHoldingCompanyLLCASMBuyerInc.LegendsASMHoldcoILLCAndStadiumCoinvestBIIIL.P.Member2026-06-300001287750LiveBarn Inc., LiveBarn US, LLC, LiveBarn Canada I, ULC, and Royal Topco Holdings, LLC | First lien senior secured revolving loan2026-06-300001287750LiveBarn Inc., LiveBarn US, LLC, LiveBarn Canada I, ULC, and Royal Topco Holdings, LLC | Class A units2026-06-300001287750LiveBarn Inc., LiveBarn US, LLC, LiveBarn Canada I, ULC, and Royal Topco Holdings, LLC | Vested Class B units2026-06-300001287750arcc:LiveBarnInc.LiveBarnUSLLCLiveBarnCanadaIULCAndRoyalTopcoHoldingsLLCMember2026-06-300001287750Mari Events Midco LLC and AE EventsCo Holdings LLC | First lien senior secured loan2026-06-300001287750Mari Events Midco LLC and AE EventsCo Holdings LLC | Class A-1 units2026-06-300001287750Mari Events Midco LLC and AE EventsCo Holdings LLC | Class A-2 units2026-06-300001287750Mari Events Midco LLC and AE EventsCo Holdings LLC | Class A-3 units2026-06-300001287750arcc:MariEventsMidcoLLCAndAEEventsCoHoldingsLLCMember2026-06-300001287750Mari Miami II LLC and South Florida Tennis, LLC | First lien senior secured loan2026-06-300001287750Mari Miami II LLC and South Florida Tennis, LLC | Class A common interests2026-06-300001287750arcc:MariMiamiIILLCAndSouthFloridaTennisLLCMember2026-06-300001287750Miami Beckham United LLC | Class A preferred units2026-06-300001287750Miami Beckham United LLC | Class B preferred units2026-06-300001287750arcc:MiamiBeckhamUnitedLLCMember2026-06-300001287750Production Resource Group, L.L.C. and PRG III, LLC | First lien senior secured loan 2026-06-300001287750Production Resource Group, L.L.C. and PRG III, LLC | First lien senior secured loan 12026-06-300001287750Production Resource Group, L.L.C. and PRG III, LLC | First lien senior secured loan 22026-06-300001287750Production Resource Group, L.L.C. and PRG III, LLC | First lien senior secured loan 32026-06-300001287750Production Resource Group, L.L.C. and PRG III, LLC | Membership interest2026-06-300001287750arcc:ProductionResourceGroupL.L.C.AndPRGIIILLCMember2026-06-300001287750Professional Fighters League, LLC, PFL MMA LLC and PFL MMA, Inc. | First lien senior secured loan2026-06-300001287750Professional Fighters League, LLC, PFL MMA LLC and PFL MMA, Inc. | Senior subordinated loan2026-06-300001287750Professional Fighters League, LLC, PFL MMA LLC and PFL MMA, Inc. | Warrant to purchase common units2026-06-300001287750arcc:ProfessionalFightersLeagueLLCPFLMMALLCAndPFLMMAInc.Member2026-06-300001287750Propagate Content LLC | Preferred units2026-06-300001287750Sandlot Action Sports, LLC | Common units2026-06-300001287750Shout! Factory, LLC | First lien senior secured revolving loan2026-06-300001287750Shout! Factory, LLC | First lien senior secured loan2026-06-300001287750arcc:ShoutFactoryLLCMember2026-06-300001287750South Florida Motorsports, LLC | Class A common interest2026-06-300001287750The Teaching Company Holdings, Inc. | Preferred stock2026-06-300001287750The Teaching Company Holdings, Inc. | Common stock2026-06-300001287750arcc:TheTeachingCompanyHoldingsIncMember2026-06-300001287750WRE Sports Investments LLC | First lien senior secured loan2026-06-300001287750arcc:SportsMediaAndEntertainmentMember2026-06-300001287750Abzena Holdings, Inc. and Astro Group Holdings Ltd. | A ordinary shares2026-06-300001287750Alcami Corporation and ACM Note Holdings, LLC | First lien senior secured loan 2026-06-300001287750Alcami Corporation and ACM Note Holdings, LLC | First lien senior secured loan 12026-06-300001287750Alcami Corporation and ACM Note Holdings, LLC | Senior subordinated loan2026-06-300001287750arcc:AlcamiCorporationAndACMNoteHoldingsLLCMember2026-06-300001287750Artemis BidCo 2 LLC | First lien senior secured loan2026-06-300001287750Bamboo US BidCo LLC | First lien senior secured revolving loan2026-06-300001287750Bamboo US BidCo LLC | First lien senior secured loan 2026-06-300001287750Bamboo US BidCo LLC | First lien senior secured loan 12026-06-300001287750arcc:BambooUSBidCoLLCMember2026-06-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. | First lien senior secured revolving loan2026-06-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. | First lien senior secured loan 2026-06-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. | First lien senior secured loan 12026-06-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. | First lien senior secured loan 22026-06-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. | Preferred units2026-06-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. | Series A preferred shares2026-06-300001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. | Class A common units2026-06-300001287750arcc:CobaltBuyerSubIncCobaltHoldingsILPAndCobaltIntermediateIIncMember2026-06-300001287750CoreRx, Inc. | First lien senior secured loan2026-06-300001287750Creek Parent, Inc. and Creek Feeder, L.P. | First lien senior secured revolving loan2026-06-300001287750Creek Parent, Inc. and Creek Feeder, L.P. | First lien senior secured loan2026-06-300001287750Creek Parent, Inc. and Creek Feeder, L.P. | Limited partnership interest2026-06-300001287750arcc:CreekParentInc.AndCreekFeederL.P.Member2026-06-300001287750Gula Buyer Inc. and Gula Co-Invest II, L.P. | First lien senior secured loan2026-06-300001287750Gula Buyer Inc. and Gula Co-Invest II, L.P. | Common units2026-06-300001287750arcc:GulaBuyerInc.AndGulaCoInvestIIL.P.Member2026-06-300001287750Maravai Intermediate Holdings, LLC | First lien senior secured loan2026-06-300001287750Moderna, Inc. | First lien senior secured loan2026-06-300001287750NAMSA Holdco, LLC, North American Science Associates, LLC and Cardinal Topco Holdings L.P. | First lien senior secured loan2026-06-300001287750NAMSA Holdco, LLC, North American Science Associates, LLC and Cardinal Topco Holdings L.P. | Senior subordinated loan2026-06-300001287750NAMSA Holdco, LLC, North American Science Associates, LLC and Cardinal Topco Holdings L.P. | Class A preferred units2026-06-300001287750arcc:NAMSAHoldcoLLCNorthAmericanScienceAssociatesLLCAndCardinalTopcoHoldingsL.P.Member2026-06-300001287750NMC Skincare Intermediate Holdings II, LLC | First lien senior secured revolving loan 2026-06-300001287750NMC Skincare Intermediate Holdings II, LLC | First lien senior secured revolving loan 12026-06-300001287750NMC Skincare Intermediate Holdings II, LLC | First lien senior secured loan 2026-06-300001287750NMC Skincare Intermediate Holdings II, LLC | First lien senior secured loan 12026-06-300001287750arcc:NMCSkincareIntermediateHoldingsIILLCMember2026-06-300001287750Verista, Inc. | First lien senior secured revolving loan2026-06-300001287750Verista, Inc. | First lien senior secured loan2026-06-300001287750arcc:VeristaInc.Member2026-06-300001287750WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. | Limited partnership interest2026-06-300001287750arcc:PharmaceuticalsBiotechnologyAndLifeSciencesMember2026-06-300001287750Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC | First lien senior secured loan 2026-06-300001287750Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC | First lien senior secured loan 12026-06-300001287750Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC | Common units2026-06-300001287750arcc:AdonisAcquisitionHoldingsLLCAndAdonisAcquisitionHoldingsParentLLCMember2026-06-300001287750AP Adhesives Holdings, LLC | First lien senior secured loan2026-06-300001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP | First lien senior secured loan2026-06-300001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP | Class A units2026-06-300001287750arcc:ASPRPacAcquisitionCOLLCAndASPRPacHoldingsLPMember2026-06-300001287750Bulab Holdings, Inc. and Buckman PPC Co-Invest LP | First lien senior secured revolving loan2026-06-300001287750Bulab Holdings, Inc. and Buckman PPC Co-Invest LP | First lien senior secured loan2026-06-300001287750Bulab Holdings, Inc. and Buckman PPC Co-Invest LP | Limited partnership interest2026-06-300001287750arcc:BulabHoldingsInc.AndBuckmanPPCCoInvestLPMember2026-06-300001287750Halex Holdings, Inc. | Common stock2026-06-300001287750Meyer Laboratory, LLC and Meyer Parent, LLC | First lien senior secured revolving loan 2026-06-300001287750Meyer Laboratory, LLC and Meyer Parent, LLC | First lien senior secured revolving loan 12026-06-300001287750Meyer Laboratory, LLC and Meyer Parent, LLC | First lien senior secured loan2026-06-300001287750Meyer Laboratory, LLC and Meyer Parent, LLC | Common units2026-06-300001287750arcc:MeyerLaboratoryLLCAndMeyerParentLLCMember2026-06-300001287750MP Midco Holdings, LLC and MP Topco Holdings, LLC | First lien senior secured loan2026-06-300001287750MP Midco Holdings, LLC and MP Topco Holdings, LLC | Common units2026-06-300001287750arcc:MPMidcoHoldingsLLCAndMPTopcoHoldingsLLCMember2026-06-300001287750NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP | First lien senior secured revolving loan2026-06-300001287750NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP | First lien senior secured loan 2026-06-300001287750NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP | First lien senior secured loan 12026-06-300001287750NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP | Limited partnership interest2026-06-300001287750arcc:NCPMSIBuyerInc.AndNCPMSICoInvestLPMember2026-06-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. | First lien senior secured loan 2026-06-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. | First lien senior secured loan 12026-06-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. | First lien senior secured loan 22026-06-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. | First lien senior secured loan 32026-06-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. | Class A units2026-06-300001287750arcc:NelipakHoldingCompanyNelipakEuropeanHoldingsCooperatiefUAKNPAKHoldingsLPAndPAKNKNetherlandsTreasuryBVMember2026-06-300001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C. | First lien senior secured loan 2026-06-300001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C. | First lien senior secured loan 12026-06-300001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C. | Class A preferred units2026-06-300001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C. | Class C units2026-06-300001287750arcc:NovipaxBuyerLLCAndNovipaxParentHoldingCompanyLLCMember2026-06-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC | First lien senior secured revolving loan2026-06-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC | First lien senior secured loan2026-06-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC | Preferred units 2026-06-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC | Preferred units 12026-06-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC | Co-invest units2026-06-300001287750arcc:PlaskolitePPCIntermediateIILLCAndPlaskolitePPCBlockerLLCMember2026-06-300001287750PLZ Corp. | Second lien senior secured loan2026-06-300001287750Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation | First lien senior secured revolving loan 2026-06-300001287750Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation | First lien senior secured revolving loan 12026-06-300001287750Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation | First lien senior secured loan 2026-06-300001287750Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation | First lien senior secured loan 12026-06-300001287750arcc:PrecisionConceptsParentInc.PrecisionConceptsInternationalLLCAndPrecisionConceptsCanadaCorporationMember2026-06-300001287750Reagent Chemical & Research, LLC | First lien senior secured revolving loan2026-06-300001287750Reagent Chemical & Research, LLC | First lien senior secured loan 2026-06-300001287750Reagent Chemical & Research, LLC | First lien senior secured loan 12026-06-300001287750arcc:ReagentChemicalResearchLLCMember2026-06-300001287750SCI PH Parent, Inc. | Series B shares2026-06-300001287750Sterilex LLC | First lien senior secured loan2026-06-300001287750arcc:MaterialsSectorMember2026-06-300001287750Bowhunter Holdings, LLC | Common units2026-06-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. | First lien senior secured loan2026-06-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. | Senior subordinated loan 2026-06-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. | Senior subordinated loan 12026-06-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. | Class A limited partnership interests2026-06-300001287750arcc:CentricBrandsLLCCentricBrandsTopCoLLCAndCentricBrandsL.P.Member2026-06-300001287750DIEM-VII (QP), LLC | Limited liability company interest2026-06-300001287750DRS Holdings III, Inc. and DRS Holdings I, Inc. | First lien senior secured loan 2026-06-300001287750DRS Holdings III, Inc. and DRS Holdings I, Inc. | First lien senior secured loan 12026-06-300001287750DRS Holdings III, Inc. and DRS Holdings I, Inc. | Common stock2026-06-300001287750arcc:DRSHoldingsIIIIncAndDRSHoldingsIIncMember2026-06-300001287750Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. | First lien senior secured revolving loan2026-06-300001287750Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC | First lien senior secured loan 2026-06-300001287750Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC | First lien senior secured loan 12026-06-300001287750Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC | Common units2026-06-300001287750arcc:ImplusFootcareLLCImplusHoldingsLLCAndImplusTopcoLLCMember2026-06-300001287750Johnnie-O Inc. and Johnnie-O Holdings Inc. | First lien senior secured loan2026-06-300001287750Johnnie-O Inc. and Johnnie-O Holdings Inc. | Series A convertible preferred stock2026-06-300001287750Johnnie-O Inc. and Johnnie-O Holdings Inc. | Warrant to purchase shares of common stock2026-06-300001287750arcc:JohnnieOIncAndJohnnieOHoldingsIncMember2026-06-300001287750Lew's Intermediate Holdings, LLC | First lien senior secured loan2026-06-300001287750Pelican Products, Inc. | First lien senior secured revolving loan2026-06-300001287750Pelican Products, Inc. | Second lien senior secured loan2026-06-300001287750arcc:PelicanProductsIncMember2026-06-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. | First lien senior secured loan 2026-06-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. | First lien senior secured loan 12026-06-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. | First lien senior secured loan 22026-06-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. | First lien senior secured loan 32026-06-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. | Limited partnership interest2026-06-300001287750arcc:RawlingsSportingGoodsCompanyInc.AndSEPDiamondFundL.P.Member2026-06-300001287750Reef Lifestyle, LLC | First lien senior secured revolving loan 2026-06-300001287750Reef Lifestyle, LLC | First lien senior secured revolving loan 12026-06-300001287750Reef Lifestyle, LLC | First lien senior secured loan 2026-06-300001287750Reef Lifestyle, LLC | First lien senior secured loan 12026-06-300001287750Reef Lifestyle, LLC | First lien senior secured loan 22026-06-300001287750arcc:ReefLifestyleLLCMember2026-06-300001287750S Toys Holdings LLC (fka The Step2 Company, LLC) | Common units2026-06-300001287750S Toys Holdings LLC (fka The Step2 Company, LLC) | Class B common units2026-06-300001287750S Toys Holdings LLC (fka The Step2 Company, LLC) | Warrant to purchase units2026-06-300001287750arcc:SToysHoldingsLLCFkaTheStep2CompanyLLCMember2026-06-300001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC | First lien senior secured loan 2026-06-300001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC | First lien senior secured loan 12026-06-300001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC | First lien senior secured loan 22026-06-300001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC | Class A common units2026-06-300001287750arcc:ShoesForCrewsGlobalLLCAndShoesForCrewsHoldingsLLCMember2026-06-300001287750Sport Maska Inc. | First lien senior secured revolving loan 2026-06-300001287750Sport Maska Inc. | First lien senior secured revolving loan 12026-06-300001287750Sport Maska Inc. | First lien senior secured loan2026-06-300001287750arcc:SportMaskaIncMember2026-06-300001287750St Athena Global LLC and St Athena Global Holdings Limited | First lien senior secured revolving loan2026-06-300001287750St Athena Global LLC and St Athena Global Holdings Limited | First lien senior secured loan 2026-06-300001287750St Athena Global LLC and St Athena Global Holdings Limited | First lien senior secured loan 12026-06-300001287750arcc:StAthenaGlobalLLCAndStAthenaGlobalHoldingsLimitedMember2026-06-300001287750Team Acquisition Corporation | First lien senior secured revolving loan2026-06-300001287750Team Acquisition Corporation | First lien senior secured loan2026-06-300001287750arcc:TeamAcquisitionCorporationMember2026-06-300001287750arcc:ConsumerDurablesAndApparelSectorMember2026-06-300001287750Apex Clean Energy TopCo, LLC | Class A common units2026-06-300001287750Apex Clean Energy TopCo, LLC | Class B common units2026-06-300001287750arcc:ApexCleanEnergyTopCoLLCMember2026-06-300001287750BNZ TopCo B.V. | Senior subordinated loan2026-06-300001287750Sunrun Luna Holdco 2021, LLC | Senior subordinated loan 2026-06-300001287750Sunrun Luna Holdco 2021, LLC | Senior subordinated loan 12026-06-300001287750Sunrun Luna Holdco 2021, LLC | Senior subordinated loan 22026-06-300001287750arcc:SunrunLunaHoldco2021LLCMember2026-06-300001287750Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC | First lien senior secured loan2026-06-300001287750Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC | Senior subordinated loan2026-06-300001287750arcc:SunrunXanaduIssuer20191LLCAndSunrunXanaduHoldings20191LLCMember2026-06-300001287750arcc:IndependentPowerAndRenewableElectricityProducersMember2026-06-300001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC | First lien senior secured loan 2026-06-300001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC | First lien senior secured loan 12026-06-300001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC | Preferred units 2026-06-300001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC | Preferred units 12026-06-300001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC | Class A common units2026-06-300001287750arcc:AutomotiveKeysGroupLLCAndAutomotiveKeysInvestorLLCMember2026-06-300001287750Bolt Newco Holdings, L.P. and Bolt Purchaser, LLC | First lien senior secured loan2026-06-300001287750Bolt Newco Holdings, L.P. and Bolt Purchaser, LLC | Class A -1 units2026-06-300001287750arcc:BoltNewcoHoldingsL.P.AndBoltPurchaserLLCMember2026-06-300001287750Churchill OpCo Holdings LLC and Victory Topco, LP | First lien senior secured revolving loan2026-06-300001287750Churchill OpCo Holdings LLC and Victory Topco, LP | First lien senior secured loan 2026-06-300001287750Churchill OpCo Holdings LLC and Victory Topco, LP | First lien senior secured loan 12026-06-300001287750Churchill OpCo Holdings LLC and Victory Topco, LP | Class A-2 common units2026-06-300001287750arcc:ChurchillOpCoHoldingsLLCAndVictoryTopcoLPMember2026-06-300001287750Collision SP Subco, LLC | First lien senior secured loan 2026-06-300001287750Collision SP Subco, LLC | First lien senior secured loan 12026-06-300001287750arcc:CollisionSPSubcoLLCMember2026-06-300001287750Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. | First lien senior secured loan 2026-06-300001287750Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. | First lien senior secured loan 12026-06-300001287750Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. | Class A units2026-06-300001287750arcc:ContinentalAcquisitionHoldingsInc.AndContinentalGroupHoldingsL.P.Member2026-06-300001287750Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc. | Warrant to purchase shares of Class A common stock2026-06-300001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC | Co-invest units2026-06-300001287750Sun Acquirer Corp. and Sun TopCo, LP | First lien senior secured revolving loan2026-06-300001287750Sun Acquirer Corp. and Sun TopCo, LP | First lien senior secured loan 2026-06-300001287750Sun Acquirer Corp. and Sun TopCo, LP | First lien senior secured loan 12026-06-300001287750Sun Acquirer Corp. and Sun TopCo, LP | First lien senior secured loan 22026-06-300001287750Sun Acquirer Corp. and Sun TopCo, LP | Class A units2026-06-300001287750arcc:SunAcquirerCorpAndSunTopCoLPMember2026-06-300001287750Telle Tire & Auto Service, LLC, Telle Tire Holdco, LLC, and Next Horizon Capital TireCo SPV, LP | First lien senior secured revolving loan 2026-06-300001287750Telle Tire & Auto Service, LLC, Telle Tire Holdco, LLC, and Next Horizon Capital TireCo SPV, LP | First lien senior secured revolving loan 12026-06-300001287750Telle Tire & Auto Service, LLC, Telle Tire Holdco, LLC, and Next Horizon Capital TireCo SPV, LP | First lien senior secured loan 2026-06-300001287750Telle Tire & Auto Service, LLC, Telle Tire Holdco, LLC, and Next Horizon Capital TireCo SPV, LP | First lien senior secured loan 12026-06-300001287750Telle Tire & Auto Service, LLC, Telle Tire Holdco, LLC, and Next Horizon Capital TireCo SPV, LP | Senior subordinated loan2026-06-300001287750Telle Tire & Auto Service, LLC, Telle Tire Holdco, LLC, and Next Horizon Capital TireCo SPV, LP | Limited partnership interests2026-06-300001287750arcc:TelleTireAutoServiceLLCTelleTireHoldcoLLCAndNextHorizonCapitalTireCoSPVLPMember2026-06-300001287750Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP | First lien senior secured revolving loan2026-06-300001287750Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP | First lien senior secured loan2026-06-300001287750Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP | Class A units2026-06-300001287750arcc:TruckLiteCo.LLCECCOHoldingsCorp.AndClarityTechnologiesHoldingsLPMember2026-06-300001287750arcc:AutomobilesAndComponentsSectorMember2026-06-300001287750Beacon Wellness Brands, Inc. and CDI Holdings I Corp. | First lien senior secured loan2026-06-300001287750Beacon Wellness Brands, Inc. and CDI Holdings I Corp. | Common stock2026-06-300001287750arcc:BeaconWellnessBrandsIncAndCDIHoldingsICorpMember2026-06-300001287750Foundation Consumer Brands, LLC | First lien senior secured loan 2026-06-300001287750Foundation Consumer Brands, LLC | First lien senior secured loan 12026-06-300001287750arcc:FoundationConsumerBrandsLLCMember2026-06-300001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P. | First lien senior secured loan 2026-06-300001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P. | First lien senior secured loan 12026-06-300001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P. | Preferred units2026-06-300001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P. | Class B common units2026-06-300001287750arcc:LifeStylesBidcoLtd.LifestylesUSHoldcoInc.AndLifeStylesParentL.P.Member2026-06-300001287750pH Beauty Holdings III, Inc. | First lien senior secured loan2026-06-300001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. | First lien senior secured revolving loan2026-06-300001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. | First lien senior secured loan2026-06-300001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. | Limited partner interests2026-06-300001287750arcc:PremierSpecialtiesInc.AndRMCFVCIVXLIVL.P.Member2026-06-300001287750RD Holdco Inc. | Common stock 2026-06-300001287750RD Holdco Inc. | Class B common stock2026-06-300001287750RD Holdco Inc. | Common stock 12026-06-300001287750RD Holdco Inc. | Class C common stock2026-06-300001287750arcc:RDHoldcoIncMember2026-06-300001287750Salt & Stone, Inc. and Leila Parent, LLC | First lien senior secured loan2026-06-300001287750Salt & Stone, Inc. and Leila Parent, LLC | Common units2026-06-300001287750arcc:SaltStoneInc.AndLeilaParentLLCMember2026-06-300001287750Silk Holdings III LLC and Silk Holdings I Corp. | First lien senior secured revolving loan2026-06-300001287750Silk Holdings III LLC and Silk Holdings I Corp. | First lien senior secured loan 2026-06-300001287750Silk Holdings III LLC and Silk Holdings I Corp. | First lien senior secured loan 12026-06-300001287750Silk Holdings III LLC and Silk Holdings I Corp. | Common stock2026-06-300001287750arcc:SilkHoldingsIIILLCAndSilkHoldingsICorp.Member2026-06-300001287750TCI Buyer LLC and TCI Holdings, LP | First lien senior secured loan2026-06-300001287750TCI Buyer LLC and TCI Holdings, LP | Common stock2026-06-300001287750arcc:TCIBuyerLLCAndTCIHoldingsLPMember2026-06-300001287750Walnut Parent, Inc. | First lien senior secured loan 2026-06-300001287750Walnut Parent, Inc. | First lien senior secured loan 12026-06-300001287750arcc:WalnutParentIncMember2026-06-300001287750WU Holdco, Inc. | First lien senior secured loan2026-06-300001287750arcc:HouseholdAndPersonalProductsMember2026-06-300001287750Astra Energy Group Limited, GNZ Energy Bidco Limited, and Galileo Co-investment Trust I | First lien senior secured loan2026-06-300001287750Astra Energy Group Limited, GNZ Energy Bidco Limited, and Galileo Co-investment Trust I | Common units2026-06-300001287750arcc:AstraEnergyGroupLimitedGNZEnergyBidcoLimitedAndGalileoCoInvestmentTrustIMember2026-06-300001287750HighPeak Energy, Inc. | First lien senior secured loan2026-06-300001287750Murchison Oil and Gas, LLC and Murchison Holdings, LLC | Preferred units2026-06-300001287750Phoenix Operating LLC | First lien senior secured loan 2026-06-300001287750Phoenix Operating LLC | First lien senior secured loan 12026-06-300001287750Phoenix Operating LLC | First lien senior secured loan 22026-06-300001287750arcc:PhoenixOperatingLLCMember2026-06-300001287750VPROP Operating, LLC and V SandCo, LLC | First lien senior secured loan 2026-06-300001287750VPROP Operating, LLC and V SandCo, LLC | First lien senior secured loan 12026-06-300001287750VPROP Operating, LLC and V SandCo, LLC | First lien senior secured loan 22026-06-300001287750VPROP Operating, LLC and V SandCo, LLC | First lien senior secured loan 32026-06-300001287750VPROP Operating, LLC and V SandCo, LLC | Class A units2026-06-300001287750arcc:VPROPOperatingLLCAndVSandCoLLCMember2026-06-300001287750us-gaap:EnergySectorMember2026-06-300001287750American Seafoods Group LLC and American Seafoods Partners LLC | Class A units2026-06-300001287750American Seafoods Group LLC and American Seafoods Partners LLC | Warrant to purchase units of Class A units2026-06-300001287750arcc:AmericanSeafoodsGroupLLCAndAmericanSeafoodsPartnersLLCMember2026-06-300001287750Badia Spices, LLC | First lien senior secured loan2026-06-300001287750Berner Food & Beverage, LLC | First lien senior secured revolving loan2026-06-300001287750Berner Food & Beverage, LLC | First lien senior secured loan2026-06-300001287750arcc:BernerFoodBeverageLLCMember2026-06-300001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P. | Common units2026-06-300001287750CHG PPC Parent LLC & PPC CHG Blocker LLC | Common units2026-06-300001287750Demakes FinanceCo, LLC | First lien senior secured loan 2026-06-300001287750Demakes FinanceCo, LLC | First lien senior secured loan 12026-06-300001287750arcc:DemakesFinanceCoLLCMember2026-06-300001287750Florida Food Products, LLC | First lien senior secured loan 2026-06-300001287750Florida Food Products, LLC | First lien senior secured loan 12026-06-300001287750Florida Food Products, LLC | First lien senior secured loan 22026-06-300001287750Florida Food Products, LLC | First lien senior secured loan 32026-06-300001287750Florida Food Products, LLC | First lien senior secured loan 42026-06-300001287750Florida Food Products, LLC | First lien senior secured loan 52026-06-300001287750Florida Food Products, LLC | First lien senior secured loan 62026-06-300001287750arcc:FloridaFoodProductsLLCMember2026-06-300001287750Forward Keystone Holdings, LP | Senior subordinated loan2026-06-300001287750Forward Keystone Holdings, LP | Common units2026-06-300001287750arcc:ForwardKeystoneHoldingsLPMember2026-06-300001287750Gotham Greens Holdings, PBC | Second lien senior secured loan2026-06-300001287750Gotham Greens Holdings, PBC | Series E-1 preferred stock2026-06-300001287750Gotham Greens Holdings, PBC | Warrant to purchase shares of Series E-1 preferred stock2026-06-300001287750arcc:GothamGreensHoldingsPBCMember2026-06-300001287750HBH Buyer, LLC | First lien senior secured loan2026-06-300001287750KNPC HoldCo, LLC | First lien senior secured loan 2026-06-300001287750KNPC HoldCo, LLC | First lien senior secured loan 12026-06-300001287750KNPC HoldCo, LLC | First lien senior secured loan 22026-06-300001287750KNPC HoldCo, LLC | First lien senior secured loan 32026-06-300001287750arcc:KNPCHoldCoLLCMember2026-06-300001287750Manna Pro Products, LLC and MP Blocker A LLC | First lien senior secured revolving loan2026-06-300001287750Manna Pro Products, LLC and MP Blocker A LLC | Common units2026-06-300001287750arcc:MannaProProductsLLCAndMPBlockerALLCMember2026-06-300001287750Max US Bidco Inc. | First lien senior secured loan2026-06-300001287750Primo Water Holdings Inc / Triton Water Holdings Inc | Senior subordinated loan2026-06-300001287750RB Holdings InterCo, LLC | First lien senior secured revolving loan2026-06-300001287750RB Holdings InterCo, LLC | First lien senior secured loan2026-06-300001287750arcc:RBHoldingsInterCoLLCMember2026-06-300001287750Spindrift Beverage Co., Inc. and SBC Aggregator LP | First lien senior secured revolving loan2026-06-300001287750Spindrift Beverage Co., Inc. and SBC Aggregator LP | First lien senior secured loan2026-06-300001287750Spindrift Beverage Co., Inc. and SBC Aggregator LP | Limited partnership units2026-06-300001287750arcc:SpindriftBeverageCo.Inc.AndSBCAggregatorLPMember2026-06-300001287750Sugar PPC Buyer LLC | First lien senior secured loan2026-06-300001287750Teasdale Foods, Inc. and Familia Group Holdings Inc. | First lien senior secured loan2026-06-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC | First lien senior secured revolving loan2026-06-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC | First lien senior secured loan 2026-06-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC | First lien senior secured loan 12026-06-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC | First lien senior secured loan 22026-06-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC | Class E units2026-06-300001287750arcc:WatermillExpressLLCAndWatermillExpressHoldingsLLCMember2026-06-300001287750us-gaap:FoodAndBeverageSectorMember2026-06-300001287750EdgeConneX MCN US Finance Co 1, LLC | Senior subordinated loan2026-06-300001287750Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP | Senior subordinated loan2026-06-300001287750arcc:DataCentersMember2026-06-300001287750365RM Holdco, LLC | First lien senior secured revolving loan2026-06-300001287750365RM Holdco, LLC | First lien senior secured loan2026-06-300001287750arcc:A365RMHoldcoLLCMember2026-06-300001287750Everspin Technologies, Inc. | Warrant to purchase shares of common stock2026-06-300001287750Excelitas Technologies Corp. | First lien senior secured loan2026-06-300001287750FL Hawk Intermediate Holdings, Inc. | First lien senior secured loan2026-06-300001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P. | First lien senior secured loan2026-06-300001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P. | Class A-2 units2026-06-300001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P. | Limited partnership interests2026-06-300001287750arcc:PerkinElmerUSLLCAndNMPolarisCoInvestLPMember2026-06-300001287750Repairify, Inc. and Repairify Holdings, LLC | First lien senior secured revolving loan2026-06-300001287750Repairify, Inc. and Repairify Holdings, LLC | First lien senior secured loan2026-06-300001287750Repairify, Inc. and Repairify Holdings, LLC | Class A common units2026-06-300001287750arcc:RepairifyIncAndRepairifyHoldingsLLCMember2026-06-300001287750arcc:TechnologyHardwareAndEquipmentMember2026-06-300001287750FTAI Infrastructure Inc. and FIP RR Holdings LLC | First lien senior secured loan 2026-06-300001287750FTAI Infrastructure Inc. and FIP RR Holdings LLC | First lien senior secured loan 12026-06-300001287750arcc:FTAIInfrastructureInc.AndFIPRRHoldingsLLCMember2026-06-300001287750Marco Polo Fund SCSp-RAIF | Limited partnership interest2026-06-300001287750Nordic Ferry Infrastructure AS | Senior subordinated loan 2026-06-300001287750Nordic Ferry Infrastructure AS | Senior subordinated loan 12026-06-300001287750arcc:NordicFerryInfrastructureASMember2026-06-300001287750Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. | First lien senior secured revolving loan2026-06-300001287750Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. | First lien senior secured loan2026-06-300001287750Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. | Limited partnership interest2026-06-300001287750arcc:ZeppelinUSBuyerInc.AndProvidenceEquityPartnersIXCL.P.Member2026-06-300001287750arcc:TransportationMember2026-06-300001287750Ferrellgas, L.P. and Ferrellgas Partners, L.P. | Senior preferred units2026-06-300001287750Ferrellgas, L.P. and Ferrellgas Partners, L.P. | Class A units2026-06-300001287750arcc:FerrellgasLPAndFerrelgasPartnersLPMember2026-06-300001287750Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc. | First lien senior secured loan2026-06-300001287750Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc. | Class A common stock2026-06-300001287750arcc:OpalFuelsIntermediateHoldCoLLCAndOpalFuelsInc.Member2026-06-300001287750arcc:GasUtilitiesMember2026-06-300001287750Expereo USA, Inc. and Ristretto Bidco B.V. | First lien senior secured revolving loan2026-06-300001287750Expereo USA, Inc. and Ristretto Bidco B.V. | First lien senior secured loan 2026-06-300001287750Expereo USA, Inc. and Ristretto Bidco B.V. | First lien senior secured loan 12026-06-300001287750arcc:ExpereoUSAInc.AndRistrettoBidcoB.V.Member2026-06-300001287750arcc:TelecommunicationServicesMember2026-06-300001287750Odevo AB | First lien senior secured loan2026-06-300001287750arcc:RealEstateManagementAndDevelopment.Member2026-06-300001287750CAD, Canadian Imperial Bank of Commerce 7/24/20262026-06-300001287750EURO, Canadian Imperial Bank of Commerce, 7/24/20262026-06-300001287750EGP, Canadian Imperial Bank of Commerce, 7/11/20262026-06-300001287750CAD, Royal Bank of Canada, 7/24/20262026-06-300001287750EGP, Canadian Imperial Bank of Commerce, 7/24/20262026-06-300001287750EGP, Royal Bank of Canada, 7/24/20262026-06-300001287750YEN, Royal Bank of Canada, 1/31/20282026-06-300001287750EGP, Canadian Imperial Bank of Commerce, 7/28/20282026-06-300001287750EGP, Royal Bank of Canada, 7/28/20282026-06-300001287750CAD, Royal Bank of Canada, 1/31/20282026-06-300001287750NZD, Royal Bank of Canada, 7/24/20262026-06-300001287750EGP, Royal Bank of Canada, 8/21/20262026-06-300001287750CAD, Canadian Imperial Bank of Commerce, 3/31/20282026-06-300001287750EURO, Canadian Imperial Bank of Commerce, 6/11/20272026-06-300001287750CAD, Canadian Imperial Bank of Commerce, 3/31/20272026-06-300001287750EURO, Royal Bank of Canada, 7/24/20262026-06-300001287750EGP, Royal Bank of Canada, 6/27/20282026-06-300001287750CAD, Canadian Imperial Bank of Commerce, 7/7/20262026-06-300001287750EURO, Canadian Imperial Bank of Commerce, 8/14/20282026-06-300001287750EGP, Canadian Imperial Bank of Commerce, 8/21/20262026-06-300001287750AUD, Canadian Imperial Bank of Commerce, 11/27/20262026-06-300001287750CAD, Canadian Imperial Bank of Commerce, 7/6/20262026-06-300001287750NOK, Canadian Imperial Bank of Commerce, 7/24/20262026-06-300001287750Interest rate swap | January 2027 Notes2026-06-300001287750Interest rate swap | March 2029 Notes2026-06-300001287750Interest rate swap | July 2029 Notes2026-06-300001287750Interest rate swap | January 2030 Notes2026-06-300001287750Interest rate swap | September 2030 Notes2026-06-300001287750Interest rate swap | January 2031 Notes2026-06-300001287750Interest rate swap | April 2031 Notes2026-06-300001287750Interest rate swap | March 2032 Notes2026-06-300001287750us-gaap:InterestRateSwapMember2026-06-300001287750Align Precision Group, LLC and Align Precision Topco, L.P.2026-01-012026-06-300001287750Align Precision Group, LLC and Align Precision Topco, L.P.2026-06-300001287750Apex Clean Energy TopCo, LLC2026-01-012026-06-300001287750Apex Clean Energy TopCo, LLC2026-06-300001287750APG Intermediate Holdings Corporation and APG Holdings, LLC2026-01-012026-06-300001287750APG Intermediate Holdings Corporation and APG Holdings, LLC2026-06-300001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P.2026-01-012026-06-300001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P.2026-06-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.2026-01-012026-06-300001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.2026-06-300001287750Daylight Beta Parent LLC and CFCo, LLC2026-01-012026-06-300001287750Daylight Beta Parent LLC and CFCo, LLC2026-06-300001287750ESCP PPG Holdings, LLC2026-01-012026-06-300001287750ESCP PPG Holdings, LLC2026-06-300001287750European Capital UK SME Debt LP2026-01-012026-06-300001287750European Capital UK SME Debt LP2026-06-300001287750Firebird Music Holdings, LLC and Firebird Music Rights I LP2026-01-012026-06-300001287750Firebird Music Holdings, LLC and Firebird Music Rights I LP2026-06-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP2026-01-012026-06-300001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP2026-06-300001287750Midco Holding, LLC and Nivel Topco, LLC2026-01-012026-06-300001287750Midco Holding, LLC and Nivel Topco, LLC2026-06-300001287750OPH NEP Investment, LLC2026-01-012026-06-300001287750OPH NEP Investment, LLC2026-06-300001287750Partnership Capital Growth Investors III, L.P.2026-01-012026-06-300001287750Partnership Capital Growth Investors III, L.P.2026-06-300001287750PCG-Ares Sidecar Investment II, L.P.2026-01-012026-06-300001287750PCG-Ares Sidecar Investment II, L.P.2026-06-300001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC2026-01-012026-06-300001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC2026-06-300001287750Production Resource Group, L.L.C. and PRG III, LLC2026-01-012026-06-300001287750Production Resource Group, L.L.C. and PRG III, LLC2026-06-300001287750Shoes For crews Global, LLC and Shoes for crews Holdings, LLC2026-01-012026-06-300001287750Shoes For crews Global, LLC and Shoes for crews Holdings, LLC2026-06-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC2026-01-012026-06-300001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC2026-06-300001287750ACAS Equity Holdings Corporation2026-01-012026-06-300001287750ACAS Equity Holdings Corporation2026-06-300001287750ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.2026-01-012026-06-300001287750ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.2026-06-300001287750ADG, 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LLC2026-01-012026-06-300001287750Senior Direct Lending Program, LLC2026-06-300001287750Startec Equity, LLC2026-01-012026-06-300001287750Startec Equity, LLC2026-06-300001287750Triple JJJ Lube, Corp. and TCC Buyer Holdco, LLC2026-01-012026-06-300001287750Triple JJJ Lube, Corp. and TCC Buyer Holdco, LLC2026-06-300001287750Visual Edge Technology, Inc.2026-01-012026-06-300001287750Visual Edge Technology, Inc.2026-06-300001287750VPROP Operating, LLC and V SandCo, LLC2026-01-012026-06-300001287750VPROP Operating, LLC and V SandCo, LLC2026-06-300001287750arcc:SubordinatedCertificatesOfTheSDLPMembersrt:MinimumMemberarcc:AresCapitalCorporationMember2026-06-300001287750us-gaap:CustomerConcentrationRiskMemberarcc:NonQualifyingAssetsMemberarcc:InvestmentsAtFairValueAndOtherNonQualifyingAssetsMember2026-01-012026-06-30000128775015484880 Canada Inc. and 15484910 Canada Inc.2026-06-3000012877503 Step Sports LLC2026-06-300001287750365RM Holdco, LLC2026-06-300001287750Accommodations Plus Technologies 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Partners, LLC2026-06-300001287750Helix TS, LLC2026-06-300001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP2026-06-300001287750Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc.2026-06-300001287750High Street Buyer, Inc. and High Street Holdco LLC2026-06-300001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC2026-06-300001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP2026-06-300001287750Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP2026-06-300001287750Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC2026-06-300001287750HS Purchaser, LLC, and Help/Systems Holdings, Inc.2026-06-300001287750HuFriedy Group Acquisition LLC2026-06-300001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP2026-06-300001287750Hyland Software, Inc.2026-06-300001287750Hyphen Solutions, LLC2026-06-300001287750Icefall Parent, 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LLC2026-06-300001287750Meyer Laboratory, LLC and Meyer Parent, LLC2026-06-300001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P.2026-06-300001287750ML Holdco, Inc.2026-06-300001287750Moderna, Inc.2026-06-300001287750Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc.2026-06-300001287750Modigent, LLC and OMERS PMC Investment Holdings LLC2026-06-300001287750Monica Holdco (US), Inc.2026-06-300001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC2026-06-300001287750Motor Vehicle Software Corporation2026-06-300001287750Mountaineer Merger Corporation2026-06-300001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC2026-06-300001287750MRI Software LLC2026-06-300001287750MSIS Holdings, Inc. and MS Precision Parent, LP2026-06-300001287750Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC2026-06-300001287750MWH Intermediate II, LLC2026-06-300001287750Namecheap, Inc.2026-06-300001287750NAMSA Holdco, LLC, North American Science Associates, LLC and Cardinal Topco Holdings L.P.2026-06-300001287750NAS, LLC and Nationwide Marketing Group, LLC2026-06-300001287750NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP2026-06-300001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.2026-06-300001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P.2026-06-300001287750Netsmart, Inc. and Netsmart Technologies, Inc.2026-06-300001287750Next Holdco, LLC2026-06-300001287750NMC Skincare Intermediate Holdings II, LLC2026-06-300001287750NMN Holdings III Corp. and NMN Holdings LP2026-06-300001287750North Haven Fairway Buyer, LLC and Fairway Lawns, LLC2026-06-300001287750North Star Acquisitionco, LLC and Toucan Bidco Limited2026-06-300001287750Northwinds Holding, Inc. and Northwinds Services Group LLC2026-06-300001287750Oak Funding LLC2026-06-300001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP2026-06-300001287750Odevo AB2026-06-300001287750Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q, Inc.2026-06-300001287750Optimizely North America Inc. and Optimizely Sweden Holdings AB2026-06-300001287750Paris US Holdco, Inc. and Trimaster Manufacturing Inc.2026-06-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.2026-06-300001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC2026-06-300001287750Patriot Growth Insurance Services, LLC2026-06-300001287750Pave America Holding, LLC2026-06-300001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC2026-06-300001287750PCMI Parent, LLC and PCMI Ultimate Holdings, LP2026-06-300001287750PCS MidCo, Inc. and PCS Parent, L.P.2026-06-300001287750PDDS HoldCo, Inc.2026-06-300001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC2026-06-300001287750Pelican Products, Inc.2026-06-300001287750People Corporation2026-06-300001287750Perforce Software, Inc.2026-06-300001287750Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP2026-06-300001287750PestCo Holdings, LLC and PestCo, LLC2026-06-300001287750Petrus Buyer, Inc.2026-06-300001287750PetVet Care Centers, LLC2026-06-300001287750Petvisor Holdings, LLC2026-06-300001287750pH Beauty Holdings III, Inc.2026-06-300001287750Pike Corporation2026-06-300001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc.2026-06-300001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC2026-06-300001287750Poseidon IntermediateCo, Inc.2026-06-300001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC2026-06-300001287750Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation2026-06-300001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.2026-06-300001287750Premiere Buyer, LLC2026-06-300001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP2026-06-300001287750Project Alliance Buyer, LLC2026-06-300001287750Project Cardinal Acquisition, LLC2026-06-300001287750Project Potter Buyer, LLC and Project Potter Parent, L.P.2026-06-300001287750Proofpoint, Inc.2026-06-300001287750PSC Parent, Inc.2026-06-300001287750PumpTech, LLC and Impel CV-B, LP2026-06-300001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC2026-06-300001287750QBS Parent, Inc.2026-06-300001287750QF Holdings, Inc.2026-06-300001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P.2026-06-300001287750Quirch Foods Holdings, LLC2026-06-300001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited2026-06-300001287750Radwell Parent, LLC2026-06-300001287750RailPros Parent, LLC2026-06-300001287750Raven Acquisition Holdings, LLC2026-06-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P.2026-06-300001287750RB Holdings InterCo, LLC2026-06-300001287750Reagent Chemical & Research, LLC2026-06-300001287750Reddy Ice LLC2026-06-300001287750Redwood Services LP2026-06-300001287750Reef Lifestyle, LLC2026-06-300001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.2026-06-300001287750Repairify, Inc. and Repairify Holdings, LLC2026-06-300001287750Revalize, Inc.2026-06-300001287750Revival Animal Health, LLC2026-06-300001287750Rialto Management Group, LLC2026-06-300001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc.2026-06-300001287750Rocket Buyer, LLC2026-06-300001287750Rodeo AcquisitionCo LLC2026-06-300001287750Royal Borrower, LLC and Royal Parent, LP2026-06-300001287750Runway Bidco, LLC2026-06-300001287750RWA Wealth Partners, LLC2026-06-300001287750Saber Parent Holdings Corp. and MSHC, Inc.2026-06-300001287750SageSure Holdings, LLC and SageSure LLC2026-06-300001287750Salt & Stone, Inc. and Leila Parent, LLC2026-06-300001287750Sapphire Software Buyer, Inc.2026-06-300001287750Saturn Purchaser Corp.2026-06-300001287750SCIH Salt Holdings Inc.2026-06-300001287750Severin Acquisition, LLC2026-06-300001287750SG Acquisition, Inc.2026-06-300001287750SGM Acquisition Sub, LLC and Schill Holdings, LP2026-06-300001287750SGP Shaka HoldCo, LLC and SGP Shaka JV, LLC2026-06-300001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC2026-06-300001287750Shout! Factory, LLC2026-06-300001287750SIG Parent Holdings, LLC2026-06-300001287750Signant Finance One Limited and Bracket Intermediate Holding Corp.2026-06-300001287750Silk Holdings III LLC and Silk Holdings I Corp.2026-06-300001287750Slaine Holdings LLC2026-06-300001287750Smarsh Inc. and Skywalker TopCo, LLC2026-06-300001287750Spaceship Purchaser, Inc.2026-06-300001287750Spark Purchaser, Inc.2026-06-300001287750Spindrift Beverage Co., Inc. and SBC Aggregator LP2026-06-300001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp2026-06-300001287750Sport Maska Inc.2026-06-300001287750Spruce Bidco II Inc.2026-06-300001287750St Athena Global LLC and St Athena Global Holdings Limited2026-06-300001287750Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC, and Steward Partners New Holdings, LLC2026-06-300001287750Sun Acquirer Corp. and Sun TopCo, LP2026-06-300001287750Sundance Group Holdings, Inc.2026-06-300001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation2026-06-300001287750Sunrun Luna Holdco 2021, LLC2026-06-300001287750Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P.2026-06-300001287750Superman Holdings, LLC2026-06-300001287750Supplying Demand, Inc.2026-06-300001287750Surescripts, LLC2026-06-300001287750SV Newco 2, Inc. and Site 2020 Incorporated2026-06-300001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.2026-06-300001287750Systems Planning and Analysis, Inc.2026-06-300001287750Talon Buyer Inc. and Talon Holdings SCSP2026-06-300001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C.2026-06-300001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P.2026-06-300001287750TCI Buyer LLC and TCI Holdings, LP2026-06-300001287750TCP Hawker Intermediate LLC2026-06-300001287750Team Acquisition Corporation2026-06-300001287750Telle Tire & Auto Service, LLC, Telle Tire Holdco, LLC, and Next Horizon Capital TireCo SPV, LP2026-06-300001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP2026-06-300001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC2026-06-300001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP2026-06-300001287750Thermostat Purchaser III, Inc.2026-06-300001287750THG Acquisition, LLC2026-06-300001287750Three Rivers Buyer, Inc.2026-06-300001287750Tiger Holdco LLC2026-06-300001287750Titan BW Borrower L.P.2026-06-300001287750TopGolf International, LLC and TopGolf Topco, LLC2026-06-300001287750Trading Technologies International, Inc.2026-06-300001287750Transit Technologies LLC2026-06-300001287750Triwizard Holdings, Inc. and Triwizard Parent, LP2026-06-300001287750Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP2026-06-300001287750Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC2026-06-300001287750TSS Buyer, LLC2026-06-300001287750TSWT Acquisition, Inc. and TSWT Holdings, LLC2026-06-300001287750Two Six Labs, LLC2026-06-300001287750U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P.2026-06-300001287750UFS, LLC and BV-UFS Aggregator, LLC2026-06-300001287750Unicorn Holdco Intermediate II LLC2026-06-300001287750Unifi Aviation North America LLC and Unifi Aviation Canada, Inc.2026-06-300001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP2026-06-300001287750Unity Purchaser, LLC and Unity Ultimate Holdings, LP2026-06-300001287750UP Intermediate II LLC and UPBW Blocker LLC2026-06-300001287750Valcourt Holdings II, LLC and Jobs Holdings, Inc.2026-06-300001287750Vamos Bidco, Inc.2026-06-300001287750Verista, Inc.2026-06-300001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC2026-06-300001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P.2026-06-300001287750Viper Bidco, Inc.2026-06-300001287750Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC2026-06-300001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.2026-06-300001287750VRC Companies, LLC2026-06-300001287750VRS Buyer, Inc.2026-06-300001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC2026-06-300001287750Watermill Express, LLC and Watermill Express Holdings, LLC2026-06-300001287750Waverly Advisors, LLC and WAAM Topco, LLC2026-06-300001287750Wealth Enhancement Group, LLC2026-06-300001287750WebPT, Inc. and WPT Intermediate Holdco, Inc.2026-06-300001287750Wellington Bidco Inc. and Wellington TopCo LP2026-06-300001287750Wellington-Altus Financial Inc.2026-06-300001287750Wellness AcquisitionCo, Inc.2026-06-300001287750Wharf Street Ratings Acquisition LLC2026-06-300001287750WorkWave Intermediate II, LLC2026-06-300001287750World Insurance Associates, LLC and World Associates Holdings, LLC2026-06-300001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.2026-06-300001287750WRE Sports Investments LLC2026-06-300001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC2026-06-300001287750WU Holdco, Inc.2026-06-300001287750YE Brands Holdings, LLC2026-06-300001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP2026-06-300001287750Zenith AcquisitionCo, LLC2026-06-300001287750Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P.2026-06-300001287750Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc.2026-06-300001287750ZocDoc, Inc.2026-06-300001287750arcc:RevolvingAndDelayedDrawLoanCommitmentsMember2026-06-300001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP 12026-06-300001287750Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. 12026-06-300001287750Calera XXVIII, LLC2026-06-300001287750Constellation Wealth Capital Fund, L.P., Constellation Wealth Capital Fund II LP, and CWC Fund II GP Capital LP2026-06-300001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 12026-06-300001287750Firebird Music Rights I LP2026-06-300001287750Grit Buyer, Inc. and Integrum Grit Co-Invest LP 12026-06-300001287750GSM Rights Fund II LP2026-06-300001287750GTCR F Buyer Corp. and GTCR (D) Investors LP 12026-06-300001287750HFCP XI (Parallel - A), L.P.2026-06-300001287750High Street Buyer, Inc. and High Street Holdco LLC 12026-06-300001287750Linden Structured Capital Fund II-A LP2026-06-300001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. 12026-06-300001287750Marco Polo Fund SCSp-RAIF2026-06-300001287750NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP 12026-06-300001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. 12026-06-300001287750PCG-Ares Sidecar Investment, L.P.2026-06-300001287750Propagate Content LLC2026-06-300001287750PumpTech, LLC and Impel CV-B, LP 12026-06-300001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. 12026-06-300001287750Spindrift Beverage Co., Inc. and SBC Aggregator LP 12026-06-300001287750Wellington-Altus Financial Inc. 12026-06-300001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 12026-06-300001287750Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. 12026-06-300001287750arcc:EquityInvestmentCommitmentsMember2026-06-300001287750arcc:AresCapitalCorporationMemberarcc:SeniorDirectLendingProgramMember2026-06-300001287750ACP Avenu Midco LLC, First lien senior secured loan 2025-12-310001287750ACP Avenu Midco LLC, First lien senior secured loan 12025-12-310001287750arcc:ACPAvenuMidcoLLCMember2025-12-310001287750Actfy Buyer, Inc., First lien senior secured loan2025-12-310001287750Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP ., First lien senior secured loan2025-12-310001287750Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP ., First lien senior secured loan 12025-12-310001287750Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP ., Limited partnership interest2025-12-310001287750arcc:ActivateHoldingsUSCorp.AndCrossPointCapitalASSPVLPMember2025-12-310001287750Adonis Bidco Inc.., First lien senior secured loan2025-12-310001287750Adonis Bidco Inc.., First lien senior secured loan 12025-12-310001287750arcc:AdonisBidcoInc.Member2025-12-310001287750AI Titan Parent, Inc., First lien senior secured loan2025-12-310001287750Anaplan, Inc., First lien senior secured loan2025-12-310001287750APG Intermediate Holdings Corporation and APG Holdings, LLC, Class A membership units2025-12-310001287750Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc., First lien senior secured loan2025-12-310001287750Aptean, Inc. and Aptean Acquiror Inc. First lien senior secured revolving loan2025-12-310001287750Aptean, Inc. and Aptean Acquiror Inc., First lien senior secured loan2025-12-310001287750arcc:ApteanInc.AndApteanAcquirorIncMember2025-12-310001287750Archduke Buyer, Inc., First lien senior secured loan2025-12-310001287750Arrow Borrower 2025, Inc., First lien senior secured loan2025-12-310001287750Artifact Bidco, Inc.., First lien senior secured loan2025-12-310001287750Aston Bidco (Holding) Limited, First lien senior secured loan2025-12-310001287750Auctane, Inc., First lien senior secured loan2025-12-310001287750Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc., First lien senior secured revolving loan2025-12-310001287750Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc.., First lien senior secured loan2025-12-310001287750Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc.., First lien senior secured loan 12025-12-310001287750Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc., Series A Preferred Shares2025-12-310001287750arcc:BanyanSoftwareHoldingsLLCAndBanyanSoftwareIntermediateInc.Member2025-12-310001287750BCTO Ignition Purchaser, Inc., Senior subordinated loan2025-12-310001287750BCTO Ignition Purchaser, Inc., Senior subordinated loan 12025-12-310001287750arcc:BCTOIgnitionPurchaserInc.Member2025-12-310001287750Bobcat Purchaser, LLC and Bobcat Topco, L.P., First lien senior secured loan2025-12-310001287750Bobcat Purchaser, LLC and Bobcat Topco, L.P., Class A-1 units2025-12-310001287750arcc:BobcatPurchaserLLCAndBobcatTopcoLPMember2025-12-310001287750Borrower R365 Holdings LLC, First lien senior secured loan 2025-12-310001287750Borrower R365 Holdings LLC, First lien senior secured loan 12025-12-310001287750arcc:BorrowerR365HoldingsLLCMember2025-12-310001287750Bottomline Technologies, Inc., First lien senior secured loan2025-12-310001287750Businessolver.com, Inc., First lien senior secured loan2025-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., First lien senior secured loan2025-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Second lien senior secured loan2025-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A preferred shares2025-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A-2 preferred shares2025-12-310001287750Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc., Series A-3 preferred shares2025-12-310001287750arcc:CardinalParentIncAndPackersSoftwareIntermediateHoldingsIncMember2025-12-310001287750Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. First lien senior secured Loans2025-12-310001287750Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. Senior subordinated loan2025-12-310001287750Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. Limited partnership interests2025-12-310001287750arcc:CascadeParentInc.CascadeIntermediateIIInc.AndHaveliCascadeCoInvestIL.P.Member2025-12-310001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc., First lien senior secured revolving loan2025-12-310001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc., First lien senior secured loan2025-12-310001287750Centralsquare Technologies, LLC and Supermoose Newco, Inc., Series A preferred stock2025-12-310001287750arcc:CentralsquareTechnologiesLLCAndSupermooseNewcoInc.Member2025-12-310001287750Cloud 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 notes2025-12-310001287750Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P., Limited partnership interests2025-12-310001287750arcc:CloudSoftwareGroupIncPicardParentIncCloudSoftwareGroupHoldingsIncPicardHoldCoLLCAndElliottAltoCoInvestorAggregatorLPMember2025-12-310001287750Community Brands ParentCo, LLC, Class A units2025-12-310001287750Computer Services, Inc., First lien senior secured loan2025-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., Common units2025-12-310001287750Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P., Series A common units2025-12-310001287750arcc:ConsilioMidcoLimitedCompusoftUSLLCAndConsilioInvestmentHoldingsLPMember2025-12-310001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, First lien senior secured revolving loan2025-12-310001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, Second lien senior secured loan2025-12-310001287750CoreLogic, Inc. and T-VIII Celestial Co-Invest LP, Limited partnership units2025-12-310001287750arcc:CoreLogicIncAndTVIIICelestialCoInvestLPMember2025-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., First lien senior secured loan 2025-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., Preferred equity2025-12-310001287750Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc., Common equity2025-12-310001287750arcc:CoritySoftwareIncCoritySoftwareUSAIncAndCorityParentIncMember2025-12-310001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., First lien senior secured revolving loan2025-12-310001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., First lien senior secured loan 2025-12-310001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Second lien senior secured loan2025-12-310001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Series A preferred shares2025-12-310001287750Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc., Class A-1 common stock2025-12-310001287750arcc:CornerstoneOnDemandIncAndSunshineSoftwareHoldingsIncMember2025-12-310001287750Coupa Holdings, LLC and Coupa Software Incorporated, First lien senior secured loan2025-12-310001287750Databricks, Inc., First lien senior secured loan2025-12-310001287750Datix Bidco Limited and RL Datix Holdings (USA), Inc., First lien senior secured loan 2025-12-310001287750Datix Bidco Limited and RL Datix Holdings (USA), Inc., First lien senior secured loan 12025-12-310001287750arcc:DatixBidcoLimitedAndRLDatixHoldingsUSAInc.Member2025-12-310001287750Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. First lien senior secured loan2025-12-310001287750Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. Second lien senior secured loan2025-12-310001287750Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. Series A preferred shares2025-12-310001287750Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. Series A units2025-12-310001287750arcc:DigicertInc.DcertBuyerInc.DCertPreferredHoldingsInc.AndDestinyDigitalHoldingsL.P.Member2025-12-310001287750Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured revolving loan2025-12-310001287750Diligent Corporation and Diligent Preferred Issuer, Inc., First lien senior secured loan2025-12-310001287750Diligent Corporation and Diligent Preferred Issuer, Inc., Preferred stock2025-12-310001287750arcc:DiligentCorporationAndDiligentPreferredIssuerIncMember2025-12-310001287750Doxim Inc. First lien senior secured revolving loan2025-12-310001287750Doxim Inc. First lien senior secured loan2025-12-310001287750arcc:DoximInc.Member2025-12-310001287750DriveCentric Holdings, LLC., First lien senior secured revolving loan2025-12-310001287750DriveCentric Holdings, LLC., First lien senior secured loan2025-12-310001287750arcc:DriveCentricHoldingsLLCMember2025-12-310001287750Echo Purchaser, Inc., First lien senior secured loan2025-12-310001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., First lien senior secured loan2025-12-310001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., Preferred units2025-12-310001287750Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc., Class A common units2025-12-310001287750arcc:EclipseTopcoInc.EclipseInvestorParentL.P.AndEclipseBuyerInc.Member2025-12-310001287750Edition Holdings, Inc. and Enverus, Inc., First lien senior secured loan2025-12-310001287750Edmunds Govtech, Inc., First lien senior secured revolving loan2025-12-310001287750Edmunds Govtech, Inc., First lien senior secured loan2025-12-310001287750arcc:EdmundsGovtechIncMember2025-12-310001287750Einstein Parent, Inc., First lien senior secured loan2025-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured revolving loan2025-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 2025-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 12025-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., First lien senior secured loan 22025-12-310001287750Elemica Parent, Inc. & EZ Elemica Holdings, Inc., Preferred equity2025-12-310001287750arcc:ElemicaParentIncEZElemicaHoldingsIncMember2025-12-310001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., First lien senior secured loan2025-12-310001287750EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P., Partnership units2025-12-310001287750arcc:EPPurchaserLLCAndTPGVIIIEPCoInvestIILPMember2025-12-310001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, First lien senior secured loan2025-12-310001287750eResearch Technology, Inc. and Astorg VII Co-Invest ERT, Limited partnership interest2025-12-310001287750arcc:EResearchTechnologyIncAndAstorgVIICoInvestERTMember2025-12-310001287750ESHA Research, LLC and RMCF VI CIV XLVIII, L.P., First lien senior secured loan2025-12-310001287750Extrahop Networks, Inc. , First lien senior secured revolving loan2025-12-310001287750Extrahop Networks, Inc., First lien senior secured loan 2025-12-310001287750Extrahop Networks, Inc., First lien senior secured loan 12025-12-310001287750arcc:ExtraHopNetworksIncMember2025-12-310001287750Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L., First lien senior secured loan2025-12-310001287750Flexera Software LLC, First lien senior secured loan 2025-12-310001287750Flexera Software LLC, First lien senior secured loan 12025-12-310001287750Flexera Software LLC, First lien senior secured loan 22025-12-310001287750arcc:FlexeraSoftwareLLCMember2025-12-310001287750Forescout Technologies, Inc., First lien senior secured loan 2025-12-310001287750GHP-VGS Purchaser LLC, First lien senior secured loan2025-12-310001287750GI Ranger Intermediate LLC , First lien senior secured revolving loan2025-12-310001287750GI Ranger Intermediate LLC, First lien senior secured loan 2025-12-310001287750GI Ranger Intermediate LLC, First lien senior secured loan 12025-12-310001287750arcc:GIRangerIntermediateLLCMember2025-12-310001287750Goldeneye Parent, LLC, First lien senior secured loan2025-12-310001287750Guidepoint Security Holdings, LLC, First lien senior secured loan 12025-12-310001287750Guidepoint Security Holdings, LLC, First lien senior secured loan 22025-12-310001287750Guidepoint Security Holdings, LLC, First lien senior secured loan 32025-12-310001287750arcc:GuidepointSecurityHoldingsLLCMember2025-12-310001287750Heavy Construction Systems Specialists, LLC, First lien senior secured loan 2025-12-310001287750Heavy Construction Systems Specialists, LLC, First lien senior secured loan 12025-12-310001287750arcc:HeavyConstructionSystemsSpecialistsLLCMember2025-12-310001287750HS Purchaser, LLC, and Help/Systems Holdings, Inc. , First lien senior secured loan2025-12-310001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured revolving loan2025-12-310001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured loan2025-12-310001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, First lien senior secured loan 12025-12-310001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, Senior subordinated loan2025-12-310001287750Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP, Company units2025-12-310001287750arcc:HuskiesParentIncGIInsurityParentLLCAndGIInsurityTopcoLPMember2025-12-310001287750Hyland Software, Inc., First lien senior secured loan 2025-12-310001287750Hyphen Solutions, LLC, First lien senior secured loan 2025-12-310001287750iCapital, Inc., Common stock2025-12-310001287750Icefall Parent, Inc., First lien senior secured loan2025-12-310001287750ID.me, Inc., First lien senior secured loan2025-12-310001287750ID.me, Inc., Series E preferred units2025-12-310001287750ID.me, Inc., Warrant to purchase shares of common stock2025-12-310001287750arcc:ID.meLLCAndID.meInc.Member2025-12-310001287750Internet Truckstop Group LLC, First lien senior secured loan2025-12-310001287750IQN Holding Corp., First lien senior secured revolving loan2025-12-310001287750IQN Holding Corp., First lien senior secured loan 2025-12-310001287750arcc:IQNHoldingCorp.Member2025-12-310001287750JAMS Holdings LP and Jams Buyer LLC, First lien senior secured loan 2025-12-310001287750JAMS Holdings LP and Jams Buyer LLC, Preferred units2025-12-310001287750arcc:JAMSHoldingsLPAndJamsBuyerLLCMember2025-12-310001287750Jeppesen Holdings, LLC, First lien senior secured loan 2025-12-310001287750Kairos Bidco Limited, First lien senior secured revolving loan2025-12-310001287750Kairos Bidco Limited, First lien senior secured loan 2025-12-310001287750arcc:KairosBidcoLimitedMember2025-12-310001287750Kaseya Inc. and Knockout Intermediate Holdings I Inc., Preferred stock2025-12-310001287750LeanTaaS Holdings, Inc., First lien senior secured loan2025-12-310001287750LeanTaaS Holdings, Inc., First lien senior secured loan 12025-12-310001287750arcc:LeanTaaSHoldingsInc.Member2025-12-310001287750Majesco and Magic Topco, L.P., First lien senior secured loan2025-12-310001287750Majesco and Magic Topco, L.P., Class A units2025-12-310001287750Majesco and Magic Topco, L.P., Class B units2025-12-310001287750arcc:MajescoAndMagicTopcoLPMember2025-12-310001287750Merit Software Finance Holdings, LLC , First lien senior secured loan2025-12-310001287750Metatiedot Bidco OY and Metatiedot US, LLC , First lien senior secured revolving loan2025-12-310001287750Metatiedot Bidco OY and Metatiedot US, LLC , First lien senior secured loan 12025-12-310001287750Metatiedot Bidco OY and Metatiedot US, LLC , First lien senior secured loan 22025-12-310001287750arcc:MetatiedotBidcoOYAndMetatiedotUSLLCMember2025-12-310001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 2025-12-310001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 12025-12-310001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, First lien senior secured loan 22025-12-310001287750Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp, Limited partnership interest2025-12-310001287750arcc:MimecastBorrowercoIncAndMagnesiumCoInvestSCSpMember2025-12-310001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., First lien senior secured revolving loan2025-12-310001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., First lien senior secured loan2025-12-310001287750Ministry Brands Holdings, LLC and RCP MB Investments B, L.P., Limited partner interests2025-12-310001287750arcc:MinistryBrandsHoldingsLLCAndRCPMBInvestmentsBLPMember2025-12-310001287750ML Holdco, Inc. , First lien senior secured loan2025-12-310001287750Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc., First lien senior secured loan2025-12-310001287750Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc., Series A preferred stock2025-12-310001287750arcc:ModernizingMedicineInc.AndModMedSoftwareMidcoHoldingsInc.Member2025-12-310001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, First lien senior secured loan2025-12-310001287750Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC, Class A units2025-12-310001287750arcc:MoonrakerAcquisitionCoLLCAndMoonrakerHoldCoLLCMember2025-12-310001287750Motor Vehicle Software Corporation, First lien senior secured loan2025-12-310001287750MRI Software LLC., First lien senior secured revolving loan2025-12-310001287750MRI Software LLC, First lien senior secured loan 2025-12-310001287750MRI Software LLC, First lien senior secured loan 12025-12-310001287750MRI Software LLC, First lien senior secured loan 22025-12-310001287750arcc:MRISoftwareLLCMember2025-12-310001287750Netsmart, Inc. and Netsmart Technologies, Inc., First lien senior secured loan2025-12-310001287750Netsmart, Inc. and Netsmart Technologies, Inc., First lien senior secured loan 12025-12-310001287750arcc:NetsmartInc.AndNetsmartTechnologiesInc.Member2025-12-310001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 2025-12-310001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 12025-12-310001287750North Star Acquisitionco, LLC and Toucan Bidco Limited, First lien senior secured loan 22025-12-310001287750arcc:NorthStarAcquisitioncoLLCAndToucanBidcoLimitedMember2025-12-310001287750Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q, Inc. , First lien senior secured loan2025-12-310001287750Optimizely North America Inc. and Optimizely Sweden Holdings AB, First lien senior secured loan 2025-12-310001287750Optimizely North America Inc. and Optimizely Sweden Holdings AB, First lien senior secured loan 12025-12-310001287750Optimizely North America Inc. and Optimizely Sweden Holdings AB, First lien senior secured loan 22025-12-310001287750arcc:OptimizelyNorthAmericaInc.AndOptimizelySwedenHoldingsABMember2025-12-310001287750PCMI Parent, LLC and PCMI Ultimate Holdings, LP , First lien senior secured loan 12025-12-310001287750PCMI Parent, LLC and PCMI Ultimate Holdings, LP , First lien senior secured loan 22025-12-310001287750PCMI Parent, LLC and PCMI Ultimate Holdings, LP , Class A units2025-12-310001287750PCMI Parent, LLC and PCMI Ultimate Holdings, LP , Class B units2025-12-310001287750arcc:PCMIParentLLCAndPCMIUltimateHoldingsLPMember2025-12-310001287750PDDS HoldCo, Inc. , First lien senior secured loan2025-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, First lien senior secured revolving loan2025-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, First lien senior secured loan2025-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Series A preferred stock2025-12-310001287750PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC, Class A units2025-12-310001287750arcc:PDITAHoldingsIncPeachtreeParentIncAndInsightPDIHoldingsLLCMember2025-12-310001287750Petvisor Holdings, LLC , First lien senior secured revolving loan2025-12-310001287750Petvisor Holdings, LLC, First lien senior secured loan 2025-12-310001287750Petvisor Holdings, LLC, First lien senior secured loan 12025-12-310001287750arcc:PetvisorHoldingsLLCMember2025-12-310001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC, First lien senior secured loan 2025-12-310001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC, First lien senior secured loan 12025-12-310001287750Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC, Common units2025-12-310001287750arcc:PluralsightLLCAndPluralsightHoldingsLLCAndParadigmaticHoldcoLLCMember2025-12-310001287750Poseidon IntermediateCo, Inc., First lien senior secured loan2025-12-310001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, First lien senior secured revolving loan2025-12-310001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, First lien senior secured loan2025-12-310001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, Senior subordinated loan2025-12-310001287750PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC, Class A units2025-12-310001287750arcc:PracticeTekPurchaserLLCPracticeTekMidCoLLCAndGSVPracticeTekHoldingsLLCMember2025-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured revolving loan2025-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 2025-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 12025-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 22025-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 32025-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., First lien senior secured loan 42025-12-310001287750Project Potter Buyer, LLC and Project Potter Parent, L.P., Class B units2025-12-310001287750arcc:ProjectPotterBuyerLLCAndProjectPotterParentLPMember2025-12-310001287750Proofpoint, Inc. , First lien senior secured loan2025-12-310001287750Proofpoint, Inc. , Second lien senior secured loan 12025-12-310001287750Proofpoint, Inc. , Second lien senior secured loan 22025-12-310001287750arcc:ProofpointInc.Member2025-12-310001287750QBS Parent, Inc., First lien senior secured loan 12025-12-310001287750QBS Parent, Inc., First lien senior secured loan2025-12-310001287750arcc:QBSParentInc.Member2025-12-310001287750QF Holdings, Inc., First lien senior secured loan 2025-12-310001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC , First lien senior secured revolving loan2025-12-310001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 2025-12-310001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 12025-12-310001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 22025-12-310001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, First lien senior secured loan 32025-12-310001287750Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC, Class A common units2025-12-310001287750arcc:RaptorTechnologiesLLCSycamoreBidcoLTDAndRocketParentLLCMember2025-12-310001287750Regent Education, Inc., Warrant to purchase shares of common stock 2025-12-310001287750Relativity ODA LLC, First lien senior secured loan2025-12-310001287750Revalize, Inc., First lien senior secured revolving loan2025-12-310001287750Revalize, Inc., First lien senior secured loan2025-12-310001287750arcc:RevalizeIncMember2025-12-310001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc., First lien senior secured loan 2025-12-310001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc., First lien senior secured loan 12025-12-310001287750RMS HoldCo II, LLC & RMS Group Holdings, Inc., Class A common stock2025-12-310001287750arcc:RMSHoldcoIILLCRMSGroupHoldingsIncMember2025-12-310001287750Runway Bidco, LLC, First lien senior secured loan2025-12-310001287750Sapphire Software Buyer, Inc., First lien senior secured loan2025-12-310001287750Severin Acquisition, LLC, First lien senior secured loan2025-12-310001287750Smarsh Inc. and Skywalker TopCo, LLC, First lien senior secured revolving loan2025-12-310001287750Smarsh Inc. and Skywalker TopCo, LLC, First lien senior secured loan2025-12-310001287750Smarsh Inc. and Skywalker TopCo, LLC, Common units2025-12-310001287750arcc:SmarshIncAndSkywalkerTopCoLLCMember2025-12-310001287750SocialFlow, Inc., Warrant to purchase shares of Series C preferred stock2025-12-310001287750SoundCloud Limited, Common stock2025-12-310001287750Spaceship Purchaser, Inc., First lien senior secured revolving loan2025-12-310001287750Spaceship Purchaser, Inc., First lien senior secured loan2025-12-310001287750arcc:SpaceshipPurchaserInc.Member2025-12-310001287750Spark Purchaser, Inc., First lien senior secured loan2025-12-310001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured revolving loan2025-12-310001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured loan 2025-12-310001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured loan 12025-12-310001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, First lien senior secured loan 22025-12-310001287750Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp, Limited partner interests2025-12-310001287750arcc:SpiritRRHoldingsIncAndWinterfellCoInvestSCSpMember2025-12-310001287750Storable, Inc. and EQT IX Co-Investment (E) SCSP, Limited partnership interests2025-12-310001287750Sundance Group Holdings, Inc., First lien senior secured revolving loan2025-12-310001287750Sundance Group Holdings, Inc., First lien senior secured loan2025-12-310001287750arcc:SundanceGroupHoldingsIncMember2025-12-310001287750Superman Holdings, LLC, First lien senior secured loan2025-12-310001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan2025-12-310001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 12025-12-310001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 22025-12-310001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., First lien senior secured loan 32025-12-310001287750Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C., Class A-2 units2025-12-310001287750arcc:TamarackIntermediateLLCAndTamarackParentLLCMember2025-12-310001287750TCP Hawker Intermediate LLC, First lien senior secured revolving loan2025-12-310001287750TCP Hawker Intermediate LLC, First lien senior secured loan 2025-12-310001287750TCP Hawker Intermediate LLC, First lien senior secured loan 12025-12-310001287750arcc:TCPHawkerIntermediateLLCMember2025-12-310001287750Three Rivers Buyer, Inc. , First lien senior secured loan2025-12-310001287750Trading Technologies International, Inc. , First lien senior secured loan 12025-12-310001287750Trading Technologies International, Inc. , First lien senior secured loan 22025-12-310001287750arcc:TradingTechnologiesInternationalInc.Member2025-12-310001287750Transit Technologies LLC, First lien senior secured loan 2025-12-310001287750Transit Technologies LLC, First lien senior secured loan 12025-12-310001287750arcc:TransitTechnologiesLLCMember2025-12-310001287750UFS, LLC and BV-UFS Aggregator, LLC , First lien senior secured revolving loan2025-12-310001287750UFS, LLC and BV-UFS Aggregator, LLC , First lien senior secured loan2025-12-310001287750UFS, LLC and BV-UFS Aggregator, LLC , Limited partner interests2025-12-310001287750arcc:UFSLLCAndBVUFSAggregatorLLCMember2025-12-310001287750UKG Inc. and H&F Unite Partners, L.P., Limited partnership interests2025-12-310001287750UserZoom Technologies, Inc., First lien senior secured loan2025-12-310001287750Vamos Bidco, Inc., First lien senior secured loan2025-12-310001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P., First lien senior secured revolving loan2025-12-310001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P., First lien senior secured loan2025-12-310001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P., First lien senior secured loan 12025-12-310001287750Victors Purchaser, LLC and WP Victors Co-Investment, L.P., Partnership units2025-12-310001287750arcc:VictorsPurchaserLLCAndWPVictorsCoInvestmentL.P.Member2025-12-310001287750Viper Bidco, Inc., First lien senior secured loan 2025-12-310001287750Viper Bidco, Inc., First lien senior secured loan 12025-12-310001287750arcc:ViperBidcoInc.Member2025-12-310001287750WebPT, Inc. and WPT Intermediate Holdco, Inc., First lien senior secured revolving loan2025-12-310001287750WebPT, Inc. and WPT Intermediate Holdco, Inc., First lien senior secured loan2025-12-310001287750WebPT, Inc. and WPT Intermediate Holdco, Inc., Senior subordinated loan2025-12-310001287750arcc:WebPTInc.AndWPTIntermediateHoldcoInc.Member2025-12-310001287750Wellington Bidco Inc. and Wellington TopCo LP, First lien senior secured revolving loan2025-12-310001287750Wellington Bidco Inc. and Wellington TopCo LP, First lien senior secured loan2025-12-310001287750Wellington Bidco Inc. and Wellington TopCo LP, Class A-2 preferred units2025-12-310001287750arcc:WellingtonBidcoInc.AndWellingtonTopCoLPMember2025-12-310001287750Wellness AcquisitionCo, Inc.., First lien senior secured revolving loan2025-12-310001287750Wellness AcquisitionCo, Inc., First lien senior secured loan2025-12-310001287750arcc:WellnessAcquisitionCoIncMember2025-12-310001287750WorkWave Intermediate II, LLC, First lien senior secured revolving loan2025-12-310001287750WorkWave Intermediate II, LLC, First lien senior secured loan 32025-12-310001287750arcc:WorkWaveIntermediateIILLCMember2025-12-310001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, First lien senior secured loan2025-12-310001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, Series A preferred stock2025-12-310001287750ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP, Class A common units2025-12-310001287750arcc:ZenDeskIncZoroTopCoIncAndZoroTopCoLPMember2025-12-310001287750arcc:SoftwareAndServicesMember2025-12-310001287750Aduro Advisors, LLC, First lien senior secured loan2025-12-310001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, First lien senior secured loan2025-12-310001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, Senior subordinated loan2025-12-310001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, Senior subordinated loan 12025-12-310001287750BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC, Common units2025-12-310001287750arcc:BCCBlueprintHoldingsILLCAndBCCBlueprintInvestmentsLLCMember2025-12-310001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 2025-12-310001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 12025-12-310001287750Beacon Pointe Harmony, LLC, First lien senior secured loan 22025-12-310001287750arcc:BeaconPointeHarmonyLLCMember2025-12-310001287750Clearstead Advisors, LLC, First lien senior secured revolving loan2025-12-310001287750Clearstead Advisors, LLC, First lien senior secured loan2025-12-310001287750arcc:ClearsteadAdvisorsLLCMember2025-12-310001287750Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 2025-12-310001287750Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 12025-12-310001287750Convera International Holdings Limited and Convera International Financial S.A R.L., First lien senior secured loan 22025-12-310001287750arcc:ConveraInternationalHoldingsLimitedAndConveraInternationalFinancialSARLMember2025-12-310001287750CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC, Series D preferred units2025-12-310001287750CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC, Series B-3 units2025-12-310001287750arcc:CrossCountryMortgageLLCAndCrossCountryHoldcoLLCMember2025-12-310001287750eCapital Finance Corp., Senior subordinated loan 2025-12-310001287750eCapital Finance Corp., Senior subordinated loan 12025-12-310001287750eCapital Finance Corp., Senior subordinated loan 22025-12-310001287750eCapital Finance Corp., Senior subordinated loan 32025-12-310001287750eCapital Finance Corp., Senior subordinated loan 42025-12-310001287750eCapital Finance Corp., Senior subordinated loan 52025-12-310001287750eCapital Finance Corp., Senior subordinated loan 62025-12-310001287750eCapital Finance Corp., Senior subordinated loan 72025-12-310001287750arcc:ECapitalFinanceCorpMember2025-12-310001287750Endeavor Bidco LLC and Endeavor TopCo, Inc., First lien senior secured loan 2025-12-310001287750Endeavor Bidco LLC and Endeavor TopCo, Inc., First lien senior secured loan 12025-12-310001287750Endeavor Bidco LLC and Endeavor TopCo, Inc., Class A common units2025-12-310001287750arcc:EndeavorBidcoLLCAndEndeavorTopCoInc.Member2025-12-310001287750GAPCO AIV InterHodlco (CP), L.P., Senior subordinated loan2025-12-310001287750Grit Buyer, Inc. and Integrum Grit Co-Invest LP, First lien senior secured loan2025-12-310001287750Grit Buyer, Inc. and Integrum Grit Co-Invest LP, Limited partnership interests2025-12-310001287750arcc:GritBuyerInc.AndIntegrumGritCoInvestLPMember2025-12-310001287750GTCR F Buyer Corp. and GTCR (D) Investors LP, First lien senior secured loan2025-12-310001287750GTCR F Buyer Corp. and GTCR (D) Investors LP, First lien senior secured loan 12025-12-310001287750GTCR F Buyer Corp. and GTCR (D) Investors LP, Limited partnership interests2025-12-310001287750arcc:GTCRFBuyerCorpAndGTCRDInvestorsLPMember2025-12-310001287750HighTower Holding, LLC, Senior subordinated loan2025-12-310001287750Ivy Hill Asset Management, L.P., Subordinated revolving loan2025-12-310001287750Ivy Hill Asset Management, L.P., Member interest2025-12-310001287750arcc:IvyHillAssetManagementLPMember2025-12-310001287750Lido Advisors, LLC, First lien senior secured revolving loan2025-12-310001287750Lido Advisors, LLC, First lien senior secured loan 12025-12-310001287750Lido Advisors, LLC, First lien senior secured loan 22025-12-310001287750Lido Advisors, LLC, First lien senior secured loan 32025-12-310001287750Lido Advisors, LLC, First lien senior secured loan 42025-12-310001287750Lido Advisors, LLC, Class Z Preferred Units2025-12-310001287750Lido Advisors, LLC, Class A-0 common units2025-12-310001287750arcc:LidoAdvisorsLLCAndLALGroupHoldingsLLCMember2025-12-310001287750Mai Capital Management Intermediate LLC, First lien senior secured revolving loan2025-12-310001287750Mai Capital Management Intermediate LLC, First lien senior secured loan 12025-12-310001287750Mai Capital Management Intermediate LLC, First lien senior secured loan 22025-12-310001287750arcc:MaiCapitalManagementIntermediateLLCMember2025-12-310001287750MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd.Z1 preferred shares2025-12-310001287750MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd, Z2 preferred shares2025-12-310001287750MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd. Membership interest2025-12-310001287750arcc:MCAccelerateCoInvestFeederLPAndMCCIFWealthManagementUKLtdMember2025-12-310001287750Medlar Bidco Limited, First lien senior secured loan2025-12-310001287750Medlar Bidco Limited, First lien senior secured loan 12025-12-310001287750arcc:MedlarBidcoLimitedMember2025-12-310001287750Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP , First lien senior secured revolving loan 12025-12-310001287750Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP , First lien senior secured revolving loan 22025-12-310001287750Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP, First lien senior secured loan2025-12-310001287750Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP, Limited partnership interests2025-12-310001287750arcc:MeritFinancialGroupLLCAndCWCFundIMFALPMember2025-12-310001287750Monica Holdco (US) Inc., First lien senior secured loan2025-12-310001287750Monica Holdco (US) Inc., First lien senior secured loan 12025-12-310001287750Monica Holdco (US) Inc., First lien senior secured loan 22025-12-310001287750arcc:MonicaHoldcoUSIncMember2025-12-310001287750Nexus Buyer LLC, Second lien senior secured loan2025-12-310001287750Oak Funding LLC , First lien senior secured loan2025-12-310001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. , First lien senior secured revolving loan2025-12-310001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan2025-12-310001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 12025-12-310001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 22025-12-310001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., First lien senior secured loan 32025-12-310001287750Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P., Limited partnership interests2025-12-310001287750arcc:PathstoneFamilyOfficeLLCAndKelsoXITailwindCoInvestmentLPMember2025-12-310001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, First lien senior secured loan2025-12-310001287750PCIA SPV-3, LLC and ASE Royal Aggregator, LLC, Preferred units2025-12-310001287750arcc:PCIASPV3LLCAndASERoyalAggregatorLLCMember2025-12-310001287750PCS MidCo, Inc. and PCS Parent, L.P., First lien senior secured loan2025-12-310001287750PCS MidCo, Inc. and PCS Parent, L.P., Class A units2025-12-310001287750arcc:PCSMidCoInc.AndPCSParentL.P.Member2025-12-310001287750Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP, First lien senior secured loan2025-12-310001287750Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP, Limited partnership interest2025-12-310001287750arcc:PerigonWealthManagementLLCPerigonWealthAdvisorsHoldingsCompanyLLCAndCWCFundICoInvestPrismLPMember2025-12-310001287750Petrus Buyer, Inc., First lien senior secured loan 2025-12-310001287750Petrus Buyer, Inc., First lien senior secured loan 12025-12-310001287750arcc:PetrusBuyerInc.Member2025-12-310001287750Rialto Management Group, LLC, First lien senior secured revolving loan2025-12-310001287750Rialto Management Group, LLC, First lien senior secured loan 2025-12-310001287750Rialto Management Group, LLC, First lien senior secured loan 12025-12-310001287750arcc:RialtoManagementGroupLLCMember2025-12-310001287750RWA Wealth Partners, LLC, First lien senior secured loan 2025-12-310001287750Steward Partners Global Advisory, LLC, Steward Partners Intermediate II, LLC, Steward Partners Investment Advisory, LLC, and Steward Partners New Holdings, LLC , First lien senior secured loan 12025-12-310001287750Steward Partners Global Advisory, LLC, Steward Partners Intermediate II, LLC, Steward Partners Investment Advisory, LLC, and Steward Partners New Holdings, LLC , First lien senior secured loan 22025-12-310001287750Steward Partners Global Advisory, LLC, Steward Partners Intermediate II, LLC, Steward Partners Investment Advisory, LLC, and Steward Partners New Holdings, LLC , Senior subordinated loan2025-12-310001287750Steward Partners Global Advisory, LLC, Steward Partners Intermediate II, LLC, Steward Partners Investment Advisory, LLC, and Steward Partners New Holdings, LLC , Warrant to purchase shares of common stock2025-12-310001287750arcc:StewardPartnersGlobalAdvisoryLLCStewardPartnersInvestmentAdvisoryLLCStewardPartnersIntermediateIILLCAndStewardPartnersNewHoldingsLLCMember2025-12-310001287750The Edelman Financial Center, LLC, Second lien senior secured loan2025-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured revolving loan2025-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured loan2025-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured loan 12025-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, First lien senior secured loan 22025-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Senior subordinated loan2025-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Series A preferred units2025-12-310001287750The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC, Common units2025-12-310001287750arcc:TheMatherGroupLLCTVGTMGTopcoIncAndTVGTMGHoldingsLLCMember2025-12-310001287750The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP, First lien senior secured loan2025-12-310001287750TPG 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 loan2025-12-310001287750TPG 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 interest2025-12-310001287750TPG 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 partner interests2025-12-310001287750arcc:TPGIXCardiffDebtHoldCoILLCTPGIXCardiffDebtHoldcoIILLCTPGIXCardiffCIIL.P.AndTPGIXCardiffCIIIL.P.Member2025-12-310001287750Waverly Advisors, LLC and WAAM Topco, LLC, First lien senior secured revolving loan2025-12-310001287750Waverly Advisors, LLC and WAAM Topco, LLC, First lien senior secured loan 2025-12-310001287750Waverly Advisors, LLC and WAAM Topco, LLC, First lien senior secured loan 12025-12-310001287750Waverly Advisors, LLC and WAAM Topco, LLC, First lien senior secured loan 22025-12-310001287750Waverly Advisors, LLC and WAAM Topco, LLC, Class A units2025-12-310001287750arcc:WaverlyAdvisorsLLCAndWAAMTopcoLLCMember2025-12-310001287750Wealth Enhancement Group, LLC, First lien senior secured loan2025-12-310001287750Wealth Enhancement Group, LLC, First lien senior secured loan 12025-12-310001287750Wealth Enhancement Group, LLC, First lien senior secured loan 22025-12-310001287750Wealth Enhancement Group, LLC, First lien senior secured loan 32025-12-310001287750Wealth Enhancement Group, LLC, First lien senior secured loan 42025-12-310001287750Wealth Enhancement Group, LLC, First lien senior secured loan 52025-12-310001287750arcc:WealthEnhancementGroupLLCMember2025-12-310001287750Wellington-Altus Financial Inc., First lien senior secured revolving loan2025-12-310001287750Wellington-Altus Financial Inc., First lien senior secured loan2025-12-310001287750Wellington-Altus Financial Inc., Common stock2025-12-310001287750arcc:WellingtonAltusFinancialInc.Member2025-12-310001287750Wharf Street Ratings Acquisition LLC, First lien senior secured loan2025-12-310001287750us-gaap:FinancialServicesSectorMember2025-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured revolving loan 2025-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, First lien senior secured loan2025-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, Class A preferred units2025-12-310001287750Absolute Dental Group LLC and Absolute Dental Equity, LLC, Class A common units2025-12-310001287750arcc:AbsoluteDentalGroupLLCAndAbsoluteDentalEquityLLCMember2025-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, First lien senior secured loan2025-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, Second lien senior secured loan2025-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, Membership units 2025-12-310001287750ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC, Class A common units2025-12-310001287750arcc:ADGLLCGEDCEquityLLCAndRCIVGEDCInvestorLLCMember2025-12-310001287750Advarra Holdings, Inc., First lien senior secured loan2025-12-310001287750Advarra Holdings, Inc., First lien senior secured loan 12025-12-310001287750arcc:AdvarraHoldingsInc.Member2025-12-310001287750Aerin Medical Inc., First lien senior secured loan2025-12-310001287750Aerin Medical Inc., Series G preferred shares2025-12-310001287750arcc:AerinMedicalInc.Member2025-12-310001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Series A preferred shares2025-12-310001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Preferred units2025-12-310001287750AHR Funding Holdings, Inc. and AHR Parent Holdings, LP, Class B common units2025-12-310001287750arcc:AHRFundingHoldingsIncAndAHRParentHoldingsLPMember2025-12-310001287750Alcresta Therapeutics, Inc. , First lien senior secured revolving loan2025-12-310001287750Alcresta Therapeutics, Inc. , First lien senior secured loan2025-12-310001287750arcc:AlcrestaTherapeuticsInc.Member2025-12-310001287750Aledade, Inc. , First lien senior secured revolving loan2025-12-310001287750Amerivet Partners Management, Inc. and AVE Holdings LP, Subordinated loan2025-12-310001287750Amerivet Partners Management, Inc. and AVE Holdings LP, Class A units2025-12-310001287750Amerivet Partners Management, Inc. and AVE Holdings LP, Class C units2025-12-310001287750arcc:AmerivetPartnersManagementIncAndAVEHoldingsLPMember2025-12-310001287750Artivion, Inc., First lien senior secured revolving loan2025-12-310001287750Artivion, Inc., First lien senior secured loan2025-12-310001287750arcc:ArtivionIncMember2025-12-310001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, First lien senior secured loan2025-12-310001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Series A preferred stock2025-12-310001287750AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP, Class A units2025-12-310001287750arcc:AthenaHealthGroupIncMinervaHoldcoIncAndBCPECoInvestALPMember2025-12-310001287750Avalign Holdings, Inc. and Avalign Technologies, Inc., First lien senior secured revolving loan2025-12-310001287750Avalign Holdings, Inc. and Avalign Technologies, Inc., First lien senior secured loan2025-12-310001287750arcc:AvalignHoldingsInc.AndAvalignTechnologiesInc.Member2025-12-310001287750BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP, First lien senior secured loan2025-12-310001287750Bambino Group Holdings, LLC, Class A preferred units2025-12-310001287750Bayou Intermediate II, LLC , First lien senior secured loan2025-12-310001287750BrightStar Group Holdings, Inc., First lien senior secured revolving loan2025-12-310001287750BrightStar Group Holdings, Inc., First lien senior secured loan2025-12-310001287750arcc:BrightStarGroupHoldingsInc.Member2025-12-310001287750BVI Medical, Inc. and BVI Group Limited, First lien senior secured loan2025-12-310001287750BVI Medical, Inc. and BVI Group Limited, First lien senior secured loan 12025-12-310001287750BVI Medical, Inc. and BVI Group Limited, Ordinary shares2025-12-310001287750arcc:BVIMedicalInc.AndBVIGroupLimitedMember2025-12-310001287750Color Intermediate, LLC, First lien senior secured loan2025-12-310001287750Convey Health Solutions, Inc., First lien senior secured loan2025-12-310001287750Convey Health Solutions, Inc., First lien senior secured loan 12025-12-310001287750Convey Health Solutions, Inc., First lien senior secured loan 22025-12-310001287750arcc:ConveyHealthSolutionsIncMember2025-12-310001287750Cradle Lux Bidco S.A.R.L., First lien senior secured loan 2025-12-310001287750Cradle Lux Bidco S.A.R.L., First lien senior secured loan 12025-12-310001287750arcc:CradleLuxBidcoS.A.R.L.AndHamiltonThorneInc.Member2025-12-310001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, First lien senior secured loan2025-12-310001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, Class A shares2025-12-310001287750Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC, Common units2025-12-310001287750arcc:CrownCTParentIncCrownCTHoldCoIncAndCrownCTManagementLLCMember2025-12-310001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, First lien senior secured loan2025-12-310001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, Class A preferred units2025-12-310001287750CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC, Common stock2025-12-310001287750arcc:CVPHoldcoIncAndOMERSWildcatsInvestmentHoldingsLLCMember2025-12-310001287750Empower Payments Investor, LLC , First lien senior secured loan2025-12-310001287750Empower Payments Investor, LLC , First lien senior secured loan 12025-12-310001287750Empower Payments Investor, LLC , First lien senior secured loan 22025-12-310001287750Empower Payments Investor, LLC , First lien senior secured loan 32025-12-310001287750arcc:EmpowerPaymentsInvestorLLCMember2025-12-310001287750Evolent Health LLC and Evolent Health, Inc., First lien senior secured loan2025-12-310001287750Evolent Health LLC and Evolent Health, Inc., Second lien senior secured loan2025-12-310001287750arcc:EvolentHealthLLCAndEvolentHealthInc.Member2025-12-310001287750GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC, First lien senior secured loan2025-12-310001287750GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC, Class A units2025-12-310001287750arcc:GHXUltimateParentCorporationCommerceParentIncAndCommerceTopcoLLCMember2025-12-310001287750Global Medical Response, Inc. and GMR Buyer Corp., Series B preferred shares2025-12-310001287750Global Medical Response, Inc. and GMR Buyer Corp., Warrant to purchase units of common stock 2025-12-310001287750Global Medical Response, Inc. and GMR Buyer Corp., Warrant to purchase units of common stock12025-12-310001287750Global Medical Response, Inc. and GMR Buyer Corp., Warrants to purchase shares of common stock 2025-12-310001287750arcc:GlobalMedicalResponseIncAndGMRBuyerCorpMember2025-12-310001287750Himalaya TopCo LLC and BCPE Hyperlink Holdings, First lien senior secured revolving loan2025-12-310001287750Himalaya TopCo LLC and BCPE Hyperlink Holdings, First lien senior secured loan 2025-12-310001287750Himalaya TopCo LLC and BCPE Hyperlink Holdings, First lien senior secured loan 12025-12-310001287750Himalaya TopCo LLC and BCPE Hyperlink Holdings, Class A units2025-12-310001287750arcc:HimalayaTopCoLLCAndBCPEHyperlinkHoldingsLPMember2025-12-310001287750Honor Technology, Inc., Warrant to purchase shares of Series D-2 preferred stock2025-12-310001287750HuFriedy Group Acquisition LLC, First lien senior secured revolving loan2025-12-310001287750HuFriedy Group Acquisition LLC, First lien senior secured loan2025-12-310001287750HuFriedy Group Acquisition LLC, First lien senior secured loan 12025-12-310001287750arcc:HuFriedyGroupAcquisitionLLCMember2025-12-310001287750KBHS Acquisition, LLC (d/b/a Alita Care, LLC), First lien senior secured revolving loan2025-12-310001287750LivTech Purchaser, Inc., First lien senior secured loan2025-12-310001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC, Preferred units2025-12-310001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC, Senior preferred units2025-12-310001287750Napa Management Services Corporation and ASP NAPA Holdings, LLC, Class A units2025-12-310001287750arcc:NapaManagementServicesCorporationAndASPNAPAHoldingsLLCMember2025-12-310001287750Next Holdco, LLC, First lien senior secured loan2025-12-310001287750NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured revolving loan2025-12-310001287750NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured loan 2025-12-310001287750NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured loan 12025-12-310001287750NMN Holdings III Corp. and NMN Holdings LP, First lien senior secured loan 22025-12-310001287750NMN Holdings III Corp. and NMN Holdings LP, Partnership units2025-12-310001287750arcc:NMNHoldingsIIICorpAndNMNHoldingsLPMember2025-12-310001287750Nomi Health, Inc., Warrant to purchase shares of Series B preferred stock2025-12-310001287750Nomi Health, Inc., Warrant to purchase units of Class A common stock2025-12-310001287750arcc:NomiHealthIncMember2025-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Preferred units2025-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Preferred stock2025-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Class A common units2025-12-310001287750Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC, Common units2025-12-310001287750arcc:OlympiaAcquisitionIncOlympiaTopCoLPAndAsclepiusHoldingsLLCMember2025-12-310001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC, First lien senior secured loan2025-12-310001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC, Second lien senior secured loan2025-12-310001287750Pathway Vet Alliance LLC and Jedi Group Holdings LLC, Class R common units2025-12-310001287750arcc:PathwayVetAllianceLLCAndJediGroupHoldingsLLCMember2025-12-310001287750PetVet Care Centers, LLC , First lien senior secured revolving loan2025-12-310001287750PetVet Care Centers, LLC , First lien senior secured loan2025-12-310001287750arcc:PetVetCareCentersLLCMember2025-12-310001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP , First lien senior secured revolving loan2025-12-310001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP , First lien senior secured loan 12025-12-310001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP , First lien senior secured loan 22025-12-310001287750Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP , Class A units2025-12-310001287750arcc:PremiseHealthHoldingCorpAndOMERSBluejayInvestmentHoldingsLPMember2025-12-310001287750Project Alliance Buyer, LLC, First lien senior secured loan2025-12-310001287750Revival Animal Health, LLC, First lien senior secured revolving loan2025-12-310001287750Revival Animal Health, LLC, First lien senior secured loan2025-12-310001287750Revival Animal Health, LLC, First lien senior secured loan 12025-12-310001287750arcc:RevivalAnimalHealthLLCMember2025-12-310001287750Signant Finance One Limited and Bracket Intermediate Holding Corp. , First lien senior secured loan , 63500000 , 62900000 , 629000002025-12-310001287750SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC, Common units2025-12-310001287750SOC Telemed, Inc. and PSC Spark Holdings, LP, First lien senior secured loan2025-12-310001287750SOC Telemed, Inc. and PSC Spark Holdings, LP, Class A-2 units2025-12-310001287750SOC Telemed, Inc. and PSC Spark Holdings, LP, Warrant to purchase units of common stock2025-12-310001287750arcc:SOCTelemedIncAndPSCSparkHoldingsLPMember2025-12-310001287750Spruce Bidco II Inc., First lien senior secured loan 2025-12-310001287750Spruce Bidco II Inc., First lien senior secured loan 12025-12-310001287750Spruce Bidco II Inc., First lien senior secured loan 22025-12-310001287750arcc:SpruceBidcoIIInc.Member2025-12-310001287750Surescripts, LLC, First lien senior secured loan2025-12-310001287750Surescripts, LLC, First lien senior secured loan 12025-12-310001287750arcc:SurescriptsLLCMember2025-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured revolving loan2025-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured revolving loan 12025-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured loan 2025-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., First lien senior secured loan 12025-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Second lien senior secured loan 2025-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Second lien senior secured loan 22025-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-1 preferred shares2025-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-2 preferred shares2025-12-310001287750Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc., Series C-3 preferred shares2025-12-310001287750arcc:SymplrSoftwareIncAndSymplrSoftwareIntermediateHoldingsIncMember2025-12-310001287750Tempus AI, Inc., First lien senior secured loan 2025-12-310001287750Tempus AI, Inc., Common units2025-12-310001287750arcc:TempusLabsIncMember2025-12-310001287750Therapy Brands Holdings LLC, Second lien senior secured loan2025-12-310001287750U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc., Second lien senior secured loan2025-12-310001287750U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc., Common stock2025-12-310001287750arcc:USAnesthesiaPartnersIncUSAnesthesiaPartnersHoldingsIncMember2025-12-310001287750U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. , First lien senior secured loan 12025-12-310001287750U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. , First lien senior secured loan 22025-12-310001287750U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. , Limited partnership interest2025-12-310001287750U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. , Common units2025-12-310001287750arcc:U.S.UrologyPartnersLLCGeneralAtlanticUSUBlockerCollectionHoldcoL.P.AndGeneralAtlanticUSU2CoinvestL.P.Member2025-12-310001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, First lien senior secured loan2025-12-310001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, First lien senior secured loan 12025-12-310001287750United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP, Class A interests2025-12-310001287750arcc:UnitedDigestiveMSOParentLLCAndKolnCoInvestUnblockedLPMember2025-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 2025-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 12025-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 22025-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 32025-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., First lien senior secured loan 42025-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., Class A-2 units 2025-12-310001287750VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P., Class A-2 units 12025-12-310001287750arcc:VPPIntermediateHoldingsLLCAndVPPGroupHoldingsLPMember2025-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured revolving loan2025-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 2025-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, First lien senior secured loan 12025-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, Class A preferred units2025-12-310001287750WSHP FC Acquisition LLC and WSHP FC Holdings LLC, Common units2025-12-310001287750arcc:WSHPFCAcquisitionLLCAndWSHPFCHoldingsLLCMember2025-12-310001287750ZocDoc, Inc. , First lien senior secured loan 12025-12-310001287750ZocDoc, Inc. , First lien senior secured loan 22025-12-310001287750arcc:ZocDocIncMember2025-12-310001287750us-gaap:HealthcareSectorMember2025-12-310001287750Accommodations Plus Technologies LLC, First lien senior secured loan2025-12-310001287750Accommodations Plus Technologies LLC, First lien senior secured loan 12025-12-310001287750arcc:AccommodationsPlusTechnologiesLLCMember2025-12-310001287750Aldinger Company Inc, First lien senior secured revolving loan2025-12-310001287750Aldinger Company Inc, First lien senior secured loan 2025-12-310001287750Aldinger Company Inc, First lien senior secured loan 12025-12-310001287750Aldinger Company Inc, First lien senior secured loan 22025-12-310001287750arcc:AldingerCompanyIncMember2025-12-310001287750AMCP Clean Acquisition Company, LLC , First lien senior secured loan2025-12-310001287750Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc., First lien senior secured loan2025-12-310001287750ATI Restoration, LLC, First lien senior secured revolving loan2025-12-310001287750ATI Restoration, LLC, First lien senior secured loan 2025-12-310001287750ATI Restoration, LLC, First lien senior secured loan 12025-12-310001287750ATI Restoration, LLC, First lien senior secured loan 22025-12-310001287750arcc:ATIRestorationLLCMember2025-12-310001287750Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC, First lien senior secured revolving loan2025-12-310001287750Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC, First lien senior secured loan2025-12-310001287750Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC, Class A-1 units2025-12-310001287750arcc:BluejackFireAcquisitionInc.AndBluejackFireHoldingsLLCMember2025-12-310001287750Bobtail AcquisitionCo, LLC , First lien senior secured revolving loan2025-12-310001287750Bobtail AcquisitionCo, LLC , First lien senior secured loan2025-12-310001287750arcc:BobtailAcquisitionCoLLCMember2025-12-310001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, First lien senior secured revolving loan2025-12-310001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, First lien senior secured loan2025-12-310001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, Second lien senior secured loan2025-12-310001287750Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP, Class A units2025-12-310001287750arcc:CapstoneAcquisitionHoldingsInc.CapstoneLogisticsHoldingsInc.AndCapstoneParentHoldingsLPMember2025-12-310001287750Cards-Live Oak Holdings, Inc. , First lien senior secured revolving loan2025-12-310001287750Cards-Live Oak Holdings, Inc. , First lien senior secured loan2025-12-310001287750arcc:CardsLiveOakHoldingsInc.Member2025-12-310001287750Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P., First lien senior secured revolving loan2025-12-310001287750Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P., First lien senior secured loan2025-12-310001287750Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P., Series A units2025-12-310001287750arcc:DenaliIntermediateHoldingsInc.AndDenaliParentHoldingsL.PMember2025-12-310001287750Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC, First lien senior secured revolving loan2025-12-310001287750Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC, First lien senior secured loan2025-12-310001287750Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC, Common member units2025-12-310001287750arcc:DivisionsHoldingCorporationDivisionsInc.AndRCVTecmoInvestorLLCMember2025-12-310001287750Dorado Bidco, Inc., First lien senior secured loan2025-12-310001287750DP Flores Holdings, LLC, First lien senior secured loan2025-12-310001287750Drogon Bidco Inc. & Drogon Aggregator LP, First lien senior secured loan2025-12-310001287750Drogon Bidco Inc. & Drogon Aggregator LP, Class A-2 common units2025-12-310001287750arcc:DrogonBidcoInc.DrogonAggregatorLPMember2025-12-310001287750DTI Holdco, Inc. and OPE DTI Holdings, Inc., Class A common stock2025-12-310001287750DTI Holdco, Inc. and OPE DTI Holdings, Inc., Class B common stock2025-12-310001287750arcc:DTIHoldcoIncAndOPEDTIHoldingsIncMember2025-12-310001287750Duraserv LLC, First lien senior secured revolving loan2025-12-310001287750Duraserv LLC, First lien senior secured loan2025-12-310001287750Duraserv LLC, First lien senior secured loan12025-12-310001287750arcc:DuraservLLCMember2025-12-310001287750Elevation Services Parent Holdings, LLC, First lien senior secured revolving loan 2025-12-310001287750Elevation Services Parent Holdings, LLC, First lien senior secured loan 2025-12-310001287750Elevation Services Parent Holdings, LLC, First lien senior secured loan 12025-12-310001287750arcc:ElevationServicesParentHoldingsLLCMember2025-12-310001287750Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC, First lien senior secured revolving loan2025-12-310001287750Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC , First lien senior secured loan2025-12-310001287750Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC , Common stock2025-12-310001287750arcc:ElliottDavisAdvisoryLLCAndElliottDavisAdvisoryHoldCoLLCMember2025-12-310001287750EMB Purchaser, Inc., First lien senior secured loan2025-12-310001287750Firebird Acquisition Corp, Inc., First lien senior secured revolving loan2025-12-310001287750Firebird Acquisition Corp, Inc., First lien senior secured loan2025-12-310001287750Firebird Acquisition Corp, Inc., First lien senior secured loan 12025-12-310001287750arcc:FirebirdAcquisitionCorpInc.Member2025-12-310001287750FlyWheel Acquireco, Inc., First lien senior secured revolving loan2025-12-310001287750FlyWheel Acquireco, Inc.,First lien senior secured loan2025-12-310001287750arcc:FlyWheelAcquirecoIncMember2025-12-310001287750Frontline Road Safety Operations, LLC, First lien senior secured revolving loan2025-12-310001287750Frontline Road Safety Operations, LLC, First lien senior secured loan 12025-12-310001287750Frontline Road Safety Operations, LLC, First lien senior secured loan 22025-12-310001287750Frontline Road Safety Operations, LLC, First lien senior secured loan 32025-12-310001287750arcc:FrontlineRoadSafetyOperationsLLCMember2025-12-310001287750G702 Buyer, Inc. First lien senior secured loan2025-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP , First lien senior secured revolving loan2025-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP , First lien senior secured loan 12025-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP , First lien senior secured loan 22025-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP , First lien senior secured loan 32025-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP , First lien senior secured loan 42025-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP , First lien senior secured loan 52025-12-310001287750HH-Stella, Inc. and Bedrock Parent Holdings, LP , Class A units2025-12-310001287750arcc:HHStellaIncAndBedrockParentHoldingsLPMember2025-12-310001287750HP RSS Buyer, Inc., First lien senior secured loan 2025-12-310001287750HP RSS Buyer, Inc., First lien senior secured loan 12025-12-310001287750HP RSS Buyer, Inc., First lien senior secured loan 22025-12-310001287750HP RSS Buyer, Inc., First lien senior secured loan 32025-12-310001287750arcc:HPRSSBuyerInc.Member2025-12-310001287750IRI Group Holdings, Inc. and Circana, LLC, First lien senior secured revolving loan2025-12-310001287750IRI Group Holdings, Inc. and Circana, LLC, First lien senior secured loan2025-12-310001287750arcc:IRIGroupHoldingsInc.AndCircanaLLCMember2025-12-310001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured revolving loan 2025-12-310001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured loan 2025-12-310001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., First lien senior secured loan 12025-12-310001287750ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P., Class A units2025-12-310001287750arcc:ISQHawkeyeHoldcoIncAndISQHawkeyeHoldingsLPMember2025-12-310001287750Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC , First lien senior secured loan2025-12-310001287750Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC , Class A units2025-12-310001287750arcc:JonesFishHatcheriesDistributorsLLCAndPondManagementGroupHoldingsLLCMember2025-12-310001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, First lien senior secured loan 2025-12-310001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, First lien senior secured loan 12025-12-310001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, Preferred units2025-12-310001287750Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC, Class A common units2025-12-310001287750arcc:KellermeyerBergensonsServicesLLCAndKBSTopCoLLCMember2025-12-310001287750Kings Buyer, LLC, First lien senior secured revolving loan2025-12-310001287750Kings Buyer, LLC, First lien senior secured loan2025-12-310001287750arcc:KingsBuyerLLCMember2025-12-310001287750KPS Global LLC and Cool Group LLC, First lien senior secured loan2025-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured revolving loan 2025-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured revolving loan 12025-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 2025-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 12025-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 22025-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, First lien senior secured loan 32025-12-310001287750Laboratories Bidco LLC and Laboratories Topco LLC, Class A units2025-12-310001287750arcc:LaboratoriesBidcoLLCAndLaboratoriesTopcoLLCMember2025-12-310001287750LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP, First lien senior secured revolving loan2025-12-310001287750LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP, First lien senior secured loan2025-12-310001287750LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP, Class A common units2025-12-310001287750arcc:LBCWoodlandsPurchaserLLCAndLBCWoodlandsHoldingsLPMember2025-12-310001287750Lightbeam Bidco, Inc. , First lien senior secured revolving loan2025-12-310001287750Lightbeam Bidco, Inc. , First lien senior secured loan 12025-12-310001287750Lightbeam Bidco, Inc. , First lien senior secured loan 22025-12-310001287750Lightbeam Bidco, Inc. , First lien senior secured loan 32025-12-310001287750Lightbeam Bidco, Inc. , First lien senior secured loan 42025-12-310001287750Lightbeam Bidco, Inc. , First lien senior secured loan 52025-12-310001287750arcc:LightbeamBidcoIncMember2025-12-310001287750LJP Purchaser, Inc. and LJP Topco, LP, First lien senior secured loan2025-12-310001287750LJP Purchaser, Inc. and LJP Topco, LP, Class A units2025-12-310001287750arcc:LJPPurchaserIncAndLJPTopcoLPMember2025-12-310001287750Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc., First lien senior secured loan2025-12-310001287750MSIS Holdings, Inc. and MS Precision Parent, LP, First lien senior secured revolving loan2025-12-310001287750MSIS Holdings, Inc. and MS Precision Parent, LP, First lien senior secured loan2025-12-310001287750MSIS Holdings, Inc. and MS Precision Parent, LP, Class A-1 units2025-12-310001287750arcc:MSISHoldingsInc.AndMSPrecisionParentLPMember2025-12-310001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured revolving loan2025-12-310001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 2025-12-310001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 12025-12-310001287750NAS, LLC and Nationwide Marketing Group, LLC, First lien senior secured loan 22025-12-310001287750arcc:NASLLCAndNationwideMarketingGroupLLCMember2025-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured revolving loan2025-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 2025-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured loan 12025-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., First lien senior secured notes 22025-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., Second lien senior secured loan2025-12-310001287750Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P., Limited partnership interests2025-12-310001287750arcc:NeptuneBidcoUSIncAndElliottMetronCoInvestorAggregatorLPMember2025-12-310001287750Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1, Limited partner interest2025-12-310001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan 2025-12-310001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan 12025-12-310001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, First lien senior secured loan 22025-12-310001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, Warrant to purchase units of Class A common units 2025-12-310001287750Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC, Warrant to purchase units of Class A common units 12025-12-310001287750arcc:PriorityWasteHoldingsLLCPriorityWasteHoldingsIndianaLLCAndPriorityWasteSuperHoldingsLLCMember2025-12-310001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, First lien senior secured loan 2025-12-310001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, First lien senior secured loan 12025-12-310001287750Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC, Class A units2025-12-310001287750arcc:PritchardIndustriesLLCAndLJPritchardTopCoHoldingsLLCMember2025-12-310001287750PS Operating Company LLC and PS Op Holdings LLC, First lien senior secured revolving loan2025-12-310001287750PS Operating Company LLC and PS Op Holdings LLC, First lien senior secured loan2025-12-310001287750PS Operating Company LLC and PS Op Holdings LLC, Common unit2025-12-310001287750arcc:PSOperatingCompanyLLCAndPSOPHoldingsLLCMember2025-12-310001287750PSC Parent, Inc., First lien senior secured revolving loan2025-12-310001287750PSC Parent, Inc., First lien senior secured loan2025-12-310001287750arcc:PSCParentInc.Member2025-12-310001287750R2 Acquisition Corp., Common stock2025-12-310001287750RE Community Holdings GP, LLC and RE Community Holdings, LP, Limited partnership interest 2025-12-310001287750RE Community Holdings GP, LLC and RE Community Holdings, LP, Limited partnership interest 12025-12-310001287750arcc:RECommunityHoldingsGPLLCAndRECommunityHoldingsLPMember2025-12-310001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., First lien senior secured revolving loan2025-12-310001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., First lien senior secured loan 2025-12-310001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., First lien senior secured loan 12025-12-310001287750Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P., Limited partner interests2025-12-310001287750arcc:RegistrarIntermediateLLCAndPSPRegistrarCoInvestmentFundLPMember2025-12-310001287750Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc., Common units2025-12-310001287750Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc., Warrants to purchase shares of common stock2025-12-310001287750arcc:ResearchNowGroupLLCAndDynataLLCAndNewInsightHoldingsInc.Member2025-12-310001287750Rodeo AcquisitionCo LLC, First lien senior secured revolving loan2025-12-310001287750Rodeo AcquisitionCo LLC, First lien senior secured loan2025-12-310001287750arcc:RodeoAcquisitionCoLLCMember2025-12-310001287750Saturn Purchaser Corp., First lien senior secured loan 2025-12-310001287750SGM Acquisition Sub, LLC and Schill Holdings, LP , First lien senior secured loan2025-12-310001287750SGM Acquisition Sub, LLC and Schill Holdings, LP , Common units2025-12-310001287750arcc:SGMAcquisitionSubLLCAndSchillHoldingsLPMember2025-12-310001287750SSE Buyer, Inc.,Supply SourceEnterprises, Inc.,Impact ProductsLLC, The SafetyZone, LLC and SSEParent, LP, Limited partnership class A-1 units2025-12-310001287750SSE Buyer, Inc.,Supply SourceEnterprises, Inc.,Impact ProductsLLC, The SafetyZone, LLC and SSEParent, LP, Limited partnership class A-2 units2025-12-310001287750arcc:SSEBuyerIncSupplySourceEnterprisesIncImpactProductsLLCTheSafetyZoneLLCAndSSEParentLPMember2025-12-310001287750Startec Equity, LLC, Member interest2025-12-310001287750SV Newco 2, Inc. and Site 2020 Incorporated, First lien senior secured loan 2025-12-310001287750SV Newco 2, Inc. and Site 2020 Incorporated, First lien senior secured loan 12025-12-310001287750SV Newco 2, Inc. and Site 2020 Incorporated, First lien senior secured loan 22025-12-310001287750arcc:SVNewco2Inc.AndSite2020IncorporatedMember2025-12-310001287750Systems Planning and Analysis, Inc. , First lien senior secured revolving loan 12025-12-310001287750Systems Planning and Analysis, Inc. , First lien senior secured revolving loan 22025-12-310001287750Systems Planning and Analysis, Inc. , First lien senior secured loan2025-12-310001287750arcc:SystemsPlanningAndAnalysisInc.Member2025-12-310001287750Talon Buyer Inc. and Talon Holdings SCSP, First lien senior secured loan2025-12-310001287750Talon Buyer Inc. and Talon Holdings SCSP, Class A units2025-12-310001287750arcc:TalonBuyerInc.AndTalonHoldingsSCSPMember2025-12-310001287750The Hiller Companies, LLC, First lien senior secured revolving loan2025-12-310001287750The Hiller Companies, LLC, First lien senior secured loan 2025-12-310001287750The Hiller Companies, LLC, First lien senior secured loan 12025-12-310001287750arcc:TheHillerCompaniesLLCMember2025-12-310001287750Thermostat Purchaser III, Inc., First lien senior secured revolving loan2025-12-310001287750Thermostat Purchaser III, Inc., Second lien senior secured loan2025-12-310001287750arcc:ThermostatPurchaserIIIIncMember2025-12-310001287750TSS Buyer, LLC, First lien senior secured loan2025-12-310001287750TVG-MGT Upper Intermediate Holdings, LLC, Senior subordinated loan2025-12-310001287750TVG-MGT Upper Intermediate Holdings, LLC, Class A common units2025-12-310001287750arcc:TVGMGTUpperIntermediateHoldingsLLCMember2025-12-310001287750Unity Purchaser, LLC and Unity Ultimate Holdings, LP, First lien senior secured loan2025-12-310001287750Unity Purchaser, LLC and Unity Ultimate Holdings, LP, Class A-1 units2025-12-310001287750arcc:UnityPurchaserLLCAndUnityUltimateHoldingsLPMember2025-12-310001287750UP Intermediate II LLC and UPBW Blocker LLC, First lien senior secured revolving loan2025-12-310001287750UP Intermediate II LLC and UPBW Blocker LLC, First lien senior secured loan2025-12-310001287750UP Intermediate II LLC and UPBW Blocker LLC, Senior preferred units2025-12-310001287750UP Intermediate II LLC and UPBW Blocker LLC, Common units 2025-12-310001287750UP Intermediate II LLC and UPBW Blocker LLC, Common units 12025-12-310001287750arcc:UPIntermediateIILLCAndUPBWBlockerLLCMember2025-12-310001287750Valcourt Holdings II, LLC and Jobs Holdings, Inc., First lien senior secured loan2025-12-310001287750Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC , First lien senior secured revolving loan2025-12-310001287750Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC , First lien senior secured loan 12025-12-310001287750Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC , First lien senior secured loan 22025-12-310001287750Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC , First lien senior secured loan 32025-12-310001287750Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC , First lien senior secured loan 42025-12-310001287750Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC , Common units2025-12-310001287750arcc:VisualEdgeTechnologyInc.VEITLLCAndVEITTopcoLLCMember2025-12-310001287750VRC Companies, LLC, Senior subordinated loan2025-12-310001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, First lien senior secured loan2025-12-310001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, First lien senior secured loan 12025-12-310001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, Class A preferred units2025-12-310001287750W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC, Class A common units2025-12-310001287750arcc:W.S.ConnellyCo.LLCAndWSCUltimateHoldingsLLCMember2025-12-310001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, Class A units2025-12-310001287750XIFIN, Inc. and ACP Charger Co-Invest LLC, Class B units2025-12-310001287750arcc:XIFINIncAndACPChargerCoInvestLLCMember2025-12-310001287750Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc., First lien senior secured revolving loan2025-12-310001287750Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc., First lien senior secured loan2025-12-310001287750arcc:ZincBuyerCorporationAndMarmicFireSafetyCo.Inc.Member2025-12-310001287750arcc:CommercialAndProfessionalServicesMember2025-12-310001287750Aimbridge Topco, LLC, Common Units2025-12-310001287750American Residential Services L.L.C. and Aragorn Parent Holdings LP, Series A preferred units2025-12-310001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured revolving loan2025-12-310001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, First lien senior secured loan2025-12-310001287750Apex Service Partners, LLC and Apex Service Partners Holdings, LLC, Series B common units2025-12-310001287750arcc:ApexServicePartnersLLCAndApexServicePartnersHoldingsLLCMember2025-12-310001287750Belfor Holdings, Inc., First lien senior secured revolving loan2025-12-310001287750Birdie Bidco, Inc. , First lien senior secured revolving loan 12025-12-310001287750Birdie Bidco, Inc. , First lien senior secured revolving loan 22025-12-310001287750Birdie Bidco, Inc. , First lien senior secured loan2025-12-310001287750arcc:BirdieBidcoInc.Member2025-12-310001287750Calera XXVIII, LLC , Common units2025-12-310001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured revolving loan 2025-12-310001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured revolving loan 12025-12-310001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured loan 2025-12-310001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, First lien senior secured loan 12025-12-310001287750Clarion Home Services Group, LLC and LBC Breeze Holdings LLC, Class A units2025-12-310001287750arcc:ClarionHomeServicesGroupLLCAndLBCBreezeHoldingsLLCMember2025-12-310001287750ClubCorp Holdings, Inc. ., First lien senior secured loan2025-12-310001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured loan 2025-12-310001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., First lien senior secured loan 12025-12-310001287750CMG HoldCo, LLC and CMG Buyer Holdings, Inc., Common stock2025-12-310001287750arcc:CMGHoldCoLLCAndCMGBuyerHoldingsIncMember2025-12-310001287750CST Holding Company, First lien senior secured loan 2025-12-310001287750CST Holding Company, First lien senior secured loan 12025-12-310001287750arcc:CSTHoldingCompanyMember2025-12-310001287750Davidson Hotel Company LLC, First lien senior secured loan2025-12-310001287750Equinox Holdings, Inc., First lien senior secured loan2025-12-310001287750Equinox Holdings, Inc., Second lien senior secured loan2025-12-310001287750arcc:EquinoxHoldingsInc.Member2025-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured revolving loan2025-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, First lien senior secured loan2025-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, Preferred units2025-12-310001287750Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC, Class A units2025-12-310001287750arcc:EssentialServicesHoldingCorporationAndOMERSMahomesInvestmentHoldingsLLCMember2025-12-310001287750Eternal Aus Bidco Pty Ltd, First lien senior secured loan2025-12-310001287750Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc., First lien senior secured loan 2025-12-310001287750Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc., First lien senior secured loan 12025-12-310001287750arcc:ExcelFitnessConsolidatorLLCHealthBuyerLLCAndExcelFitnessHoldingsInc.Member2025-12-310001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, First lien senior secured revolving loan2025-12-310001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, First lien senior secured loan2025-12-310001287750Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP, Common units2025-12-310001287750arcc:FitnessVenturesHoldingsInc.AndMeaningfulPartnersFitnessVenturesCoInvestmentLPMember2025-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured revolving loan2025-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 2025-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 12025-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 22025-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., First lien senior secured loan 32025-12-310001287750Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc., Series A preferred stock2025-12-310001287750arcc:FlinnScientificIncAndWCIQuantumHoldingsIncMember2025-12-310001287750Flint OpCo, LLC, First lien senior secured loan 2025-12-310001287750Flint OpCo, LLC, First lien senior secured loan 12025-12-310001287750arcc:FlintOpCoLLCMember2025-12-310001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, First lien senior secured revolving loan2025-12-310001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, First lien senior secured loan2025-12-310001287750GS SEER Group Borrower LLC and GS SEER Group Holdings LLC, Class A common units2025-12-310001287750arcc:GSSEERGroupBorrowerLLCAndGSSEERGroupHoldingsLLCMember2025-12-310001287750Helios Service Partners, LLC and Astra Service Partners, LLC, First lien senior secured loan2025-12-310001287750HGC Holdings, LLC, First lien senior secured loan2025-12-310001287750IFH Franchisee Holdings, LLC, First lien senior secured revolving loan2025-12-310001287750IFH Franchisee Holdings, LLC, First lien senior secured loan2025-12-310001287750arcc:IFHFranchiseeHoldingsLLCMember2025-12-310001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P., First lien senior secured loan 2025-12-310001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P., First lien senior secured loan 12025-12-310001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P., First lien senior secured loan 22025-12-310001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P., First lien senior secured loan 32025-12-310001287750Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P., Class A units2025-12-310001287750arcc:InfinityHomeServicesHoldcoInc.DAngeloSonsConstructionLimitedAndIHSParentHoldingsL.P.Member2025-12-310001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., First lien senior secured loan 2025-12-310001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., First lien senior secured loan 12025-12-310001287750Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P., Limited partnership interests2025-12-310001287750arcc:LeviathanIntermediateHoldcoLLCAndLeviathanHoldingsLPMember2025-12-310001287750LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC , First lien senior secured revolving loan2025-12-310001287750LHS Borrower, LLC and LH Equity Investors, L.P. and Leaf Home, LLC and GC Fund IV Blocker LLC, First lien senior secured loan 2025-12-310001287750LHS Borrower, LLC and LH Equity Investors, L.P. and Leaf Home, LLC and GC Fund IV Blocker LLC, Limited partnership interests2025-12-310001287750arcc:LHSBorrowerLLCLHEquityInvestorsL.P.LeafHomeLLCAndGCFundIVBlockerLLCMember2025-12-310001287750ME Equity LLC, Common stock2025-12-310001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured loan 2025-12-310001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, First lien senior secured loan 12025-12-310001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, Preferred units2025-12-310001287750Modigent, LLC and OMERS PMC Investment Holdings LLC, Class A units2025-12-310001287750arcc:ModigentLLCAndOMERSPMCInvestmentHoldingsLLCMember2025-12-310001287750Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., First lien senior secured revolving loan2025-12-310001287750Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., First lien senior secured loan2025-12-310001287750Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., First lien senior secured loan 12025-12-310001287750Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., Class A preferred units2025-12-310001287750Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc., Class B common units2025-12-310001287750arcc:MustangProspectsHoldcoLLCMustangProspectsPurchaserLLCAndSenskeAcquisitionInc.Member2025-12-310001287750North Haven Fairway Buyer, LLC and Fairway Lawns, LLC, First lien senior secured revolving loan2025-12-310001287750North Haven Fairway Buyer, LLC and Fairway Lawns, LLC, First lien senior secured loan 2025-12-310001287750North Haven Fairway Buyer, LLC and Fairway Lawns, LLC, First lien senior secured loan 12025-12-310001287750North Haven Fairway Buyer, LLC and Fairway Lawns, LLC, First lien senior secured loan 22025-12-310001287750arcc:NorthHavenFairwayBuyerLLCAndFairwayLawnsLLCMember2025-12-310001287750Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured loan2025-12-310001287750Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured loan 12025-12-310001287750Northwinds Holding, Inc. and Northwinds Services Group LLC, First lien senior secured loan 22025-12-310001287750Northwinds Holding, Inc. and Northwinds Services Group LLC, Common units2025-12-310001287750arcc:NorthwindsHoldingIncAndNorthwindsServicesGroupLLCMember2025-12-310001287750OTG Concessions Management, LLC and Octa Parent Holdings, LLC, Second lien notes2025-12-310001287750OTG Concessions Management, LLC and Octa Parent Holdings, LLC, Participation rights2025-12-310001287750arcc:OTGConcessionsManagementLLCAndOctaParentHoldingsLLCMember2025-12-310001287750PestCo Holdings, LLC and PestCo, LLC, First lien senior secured loan 2025-12-310001287750PestCo Holdings, LLC and PestCo, LLC, Class A units2025-12-310001287750arcc:PestCoHoldingsLLCAndPestCoLLCMember2025-12-310001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc., First lien senior secured revolving loan2025-12-310001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc., First lien senior secured loan2025-12-310001287750Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc., Common stock2025-12-310001287750arcc:PinnacleMEPIntermediateHoldcoLLCAndBPCPPinnacleHoldingsInc.Member2025-12-310001287750Premiere Buyer, LLC, First lien senior secured loan2025-12-310001287750Premiere Buyer, LLC, First lien senior secured loan12025-12-310001287750arcc:PremiereBuyerLLCMember2025-12-310001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC, First lien senior secured loan 2025-12-310001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC, First lien senior secured loan 12025-12-310001287750Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC, Preferred membership units2025-12-310001287750arcc:PyramidBMCIntermediateCoILLCAndPyramidInvestorsLLCMember2025-12-310001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P., First lien senior secured loan 2025-12-310001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P., First lien senior secured loan 12025-12-310001287750Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P., Limited partnership interest2025-12-310001287750arcc:QuickQuackCarWashHoldingsLLCAndKKRGameChangerCoInvestFeederIIL.P.Member2025-12-310001287750Radiant Intermediate Holding, LLC, First lien senior secured loan2025-12-310001287750Redwood Services LP, First lien senior secured revolving loan2025-12-310001287750Redwood Services LP, First lien senior secured loan 2025-12-310001287750arcc:RedwoodServicesLPMember2025-12-310001287750Saber Parent Holdings Corp. and MSHC, Inc. , First lien senior secured loan2025-12-310001287750Safe 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 loan2025-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. , First lien senior secured revolving loan 12025-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. , First lien senior secured revolving loan 22025-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. , First lien senior secured loan 12025-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. , First lien senior secured loan 22025-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. , First lien senior secured loan 32025-12-310001287750Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. , Class A units2025-12-310001287750arcc:TaymaxGroupLPTaymaxGroupGPLLCPFSalemCanadaULCAndTCPFitParentLPMember2025-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP , First lien senior secured revolving loan2025-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP , First lien senior secured loan 12025-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP , First lien senior secured loan 22025-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP , First lien senior secured loan 32025-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP , First lien senior secured loan 42025-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP , First lien senior secured loan 52025-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, Class A units2025-12-310001287750The Arcticom Group, LLC and AMCP Mechanical Holdings, LP, Class C units2025-12-310001287750arcc:TheArcticomGroupLLCAndAMCPMechanicalHoldingsLPMember2025-12-310001287750Triwizard Holdings, Inc. and Triwizard Parent, LP, First lien senior secured revolving loan 2025-12-310001287750Triwizard Holdings, Inc. and Triwizard Parent, LP, Class A-2 common units2025-12-310001287750arcc:TriwizardHoldingsInc.AndTriwizardParentLPMember2025-12-310001287750TSWT Acquisition, Inc. and TSWT Holdings, LLC , First lien senior secured revolving loan2025-12-310001287750TSWT Acquisition, Inc. and TSWT Holdings, LLC , First lien senior secured loan2025-12-310001287750TSWT Acquisition, Inc. and TSWT Holdings, LLC , Class A units2025-12-310001287750arcc:TSWTAcquisitionInc.AndTSWTHoldingsLLCMember2025-12-310001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured revolving loan2025-12-310001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured loan 2025-12-310001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, First lien senior secured loan 12025-12-310001287750Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC, Class B common units2025-12-310001287750arcc:VertexServicePartnersLLCAndVertexServicePartnersHoldingsLLCMember2025-12-310001287750Vista Higher Learning, LLC, First lien senior secured loan2025-12-310001287750YE Brands Holdings, LLC, First lien senior secured revolving loan2025-12-310001287750YE Brands Holdings, LLC, First lien senior secured loan 2025-12-310001287750YE Brands Holdings, LLC, First lien senior secured loan 12025-12-310001287750YE Brands Holdings, LLC, First lien senior secured loan 22025-12-310001287750YE Brands Holdings, LLC, First lien senior secured loan 32025-12-310001287750arcc:YEBrandsHoldingsLLCMember2025-12-310001287750ZBS Mechanical Group Co-Invest Fund 2, LLC and ZBS Mechanical Group Co-Invest II Fund 2, LLC, Membership interest 2025-12-310001287750ZBS Mechanical Group Co-Invest Fund 2, LLC and ZBS Mechanical Group Co-Invest II Fund 2, LLC, Membership interest 12025-12-310001287750arcc:ZBSMechanicalGroupCoInvestFund2LLCAndZBSMechanicalGroupCoInvestIIFund2LLCMember2025-12-310001287750arcc:ConsumerServicesMember2025-12-31000128775015484880 Canada Inc. and 15484910 Canada Inc., First lien senior secured revolving loan2025-12-31000128775015484880 Canada Inc. and 15484910 Canada Inc., First lien senior secured loan2025-12-31000128775015484880 Canada Inc. and 15484910 Canada Inc., Senior subordinated loan2025-12-31000128775015484880 Canada Inc. and 15484910 Canada Inc., Class A2 shares2025-12-310001287750arcc:A15484880CanadaInc.And15484910CanadaInc.Member2025-12-310001287750Acrisure, LLC, First lien senior secured loan2025-12-310001287750AQ Sunshine, Inc., First lien senior secured revolving loan2025-12-310001287750AQ Sunshine, Inc., First lien senior secured loan2025-12-310001287750arcc:AQSunshineIncMember2025-12-310001287750Ardonagh Midco 3 Limited, Ardonagh Group Finco Pty Limited, and MDCP Co-Investors (Jade I), L.P., First lien senior secured loan2025-12-310001287750Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc., First lien senior secured loan2025-12-310001287750Benecon Midco II LLC and Benecon Holdings, LLC, First lien senior secured loan2025-12-310001287750Benecon Midco II LLC and Benecon Holdings, LLC, Class A units2025-12-310001287750arcc:BeneconMidcoIILLCAndBeneconHoldingsLLCMember2025-12-310001287750Captive Resources Midco, LLC, First lien senior secured loan2025-12-310001287750Daylight Beta Parent LLC and CFCo, LLC, First lien senior secured loan 2025-12-310001287750Daylight Beta Parent LLC and CFCo, LLC, First lien senior secured loan 12025-12-310001287750Daylight Beta Parent LLC and CFCo, LLC, Class B units2025-12-310001287750arcc:DaylightBetaParentLLCAndCFCoLLCMember2025-12-310001287750Diamond Mezzanine 24 LLC, First lien senior secured revolving loan2025-12-310001287750Diamond Mezzanine 24 LLC, First lien senior secured loan2025-12-310001287750arcc:DiamondMezzanine24LLCMember2025-12-310001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP , First lien senior secured revolving loan2025-12-310001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP , First lien senior secured loan 12025-12-310001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP , First lien senior secured loan 22025-12-310001287750DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP , Limited partnership interest2025-12-310001287750arcc:DOXAInsuranceHoldingsLLCAndRocketCoInvestSLPMember2025-12-310001287750Forza Insurance Holdings, LLC, First lien senior secured loan2025-12-310001287750Foundation Risk Partners, Corp., First lien senior secured revolving loan2025-12-310001287750Foundation Risk Partners, Corp., First lien senior secured loan 2025-12-310001287750Foundation Risk Partners, Corp., First lien senior secured loan 12025-12-310001287750Foundation Risk Partners, Corp., First lien senior secured loan 22025-12-310001287750Foundation Risk Partners, Corp., First lien senior secured loan 32025-12-310001287750arcc:FoundationRiskPartnersCorpMember2025-12-310001287750Galway Borrower LLC, First lien senior secured revolving loan2025-12-310001287750Galway Borrower LLC, First lien senior secured loan2025-12-310001287750arcc:GalwayBorrowerLLCMember2025-12-310001287750Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc., First lien senior secured loan 12025-12-310001287750Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc., First lien senior secured loan 22025-12-310001287750arcc:GestionABSBidcoInc.ABSBidcoHoldingsInc.Member2025-12-310001287750Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc., First lien senior secured loan 2025-12-310001287750Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc., Series A preferred shares2025-12-310001287750arcc:HigginbothamInsuranceAgencyInc.HIGOperationsHoldingsInc.AndHIGIntermediateInc.Member2025-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 2025-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 12025-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 22025-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, First lien senior secured loan 32025-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 2025-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 12025-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 22025-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A preferred units 32025-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series A units2025-12-310001287750High Street Buyer, Inc. and High Street Holdco LLC, Series C units2025-12-310001287750arcc:HighStreetBuyerInc.AndHighStreetHoldcoLLCMember2025-12-310001287750Inszone Mid, LLC and INSZ Holdings, LLC, First lien senior secured loan 2025-12-310001287750Inszone Mid, LLC and INSZ Holdings, LLC, First lien senior secured loan 12025-12-310001287750Inszone Mid, LLC and INSZ Holdings, LLC, Limited partnership interests2025-12-310001287750Inszone Mid, LLC and INSZ Holdings, LLC, Common units2025-12-310001287750arcc:InszoneMidLLCAndINSZHoldingsLLCMember2025-12-310001287750King Risk Partners, LLC, First lien senior secured loan2025-12-310001287750Knight AcquireCo, LLC and Knight Holdings, LP, First lien senior secured loan2025-12-310001287750Knight AcquireCo, LLC and Knight Holdings, LP, Class A-1 common units2025-12-310001287750arcc:KnightAcquireCoLLCAndKnightHoldingsLPMember2025-12-310001287750Koala Investment Holdings, Inc, First lien senior secured loan 2025-12-310001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured revolving loan2025-12-310001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured loan 12025-12-310001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, First lien senior secured loan 22025-12-310001287750OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP, Class A2 units2025-12-310001287750arcc:OakBridgeInsuranceAgencyLLCAndMapleAcquisitionHoldingsLPMember2025-12-310001287750Patriot Growth Insurance Services, LLC, First lien senior secured loan2025-12-310001287750People Corporation, First lien senior secured revolving loan2025-12-310001287750People Corporation, First lien senior secured loan 2025-12-310001287750People Corporation, First lien senior secured loan 12025-12-310001287750People Corporation, First lien senior secured loan 22025-12-310001287750People Corporation, First lien senior secured loan 32025-12-310001287750arcc:PeopleCorporationMember2025-12-310001287750SageSure Holdings, LLC and SageSure LLC, First lien senior secured loan 2025-12-310001287750SageSure Holdings, LLC and SageSure LLC, First lien senior secured loan 12025-12-310001287750SageSure Holdings, LLC and SageSure LLC, First lien senior secured loan 22025-12-310001287750SageSure Holdings, LLC and SageSure LLC, Series A units2025-12-310001287750arcc:SageSureHoldingsLLCInsightCatastropheGroupLLCMember2025-12-310001287750SelectQuote, Inc. and SQ ABS Issuer, LLC, First lien senior secured notes 2025-12-310001287750SelectQuote, Inc. and SQ ABS Issuer, LLC, First lien senior secured notes 12025-12-310001287750SelectQuote, Inc. and SQ ABS Issuer, LLC, First lien senior secured notes 22025-12-310001287750SelectQuote, Inc. and SQ ABS Issuer, LLC, Warrant to purchase shares of common stock2025-12-310001287750arcc:SelectQuoteInc.AndSQABSIssuerLLCMember2025-12-310001287750SG Acquisition, Inc., First lien senior secured loan2025-12-310001287750SIG Parent Holdings, LLC, First lien senior secured loan2025-12-310001287750Slaine Holdings LLC, Senior subordinated loan2025-12-310001287750THG Acquisition, LLC, First lien senior secured revolving loan2025-12-310001287750THG Acquisition, LLC, First lien senior secured revolving loan 12025-12-310001287750THG Acquisition, LLC, First lien senior secured loan 2025-12-310001287750arcc:THGAcquisitionLLCMember2025-12-310001287750Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC, First lien senior secured loan2025-12-310001287750World Insurance Associates, LLC and World Associates Holdings, LLC, First lien senior secured loan2025-12-310001287750us-gaap:InsuranceSectorMember2025-12-310001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., First lien senior secured loan2025-12-310001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Second lien senior secured loan2025-12-310001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Class A preferred units2025-12-310001287750Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P., Series A preferred shares2025-12-310001287750arcc:BalrogAcquisitionInc.BalrogTopcoInc.AndBalrogParentL.P.Member2025-12-310001287750Bamboo Purchaser, Inc., First lien senior secured loan2025-12-310001287750Bamboo Purchaser, Inc., First lien senior secured loan 22025-12-310001287750arcc:BambooPurchaserInc.Member2025-12-310001287750BGI Purchaser, Inc., First lien senior secured revolving loan2025-12-310001287750BGI Purchaser, Inc., First lien senior secured loan2025-12-310001287750arcc:BGIPurchaserInc.Member2025-12-310001287750Blazing Star Parent, LLC., First lien senior secured loan2025-12-310001287750BR PJK Produce, LLC, First lien senior secured loan 2025-12-310001287750BR PJK Produce, LLC, First lien senior secured loan 12025-12-310001287750arcc:BRPJKProduceLLCMember2025-12-310001287750Carrera Bidco Limited, Senior subordinated loan2025-12-310001287750City Line Distributors LLC and City Line Investments LLC, First lien senior secured loan2025-12-310001287750City Line Distributors LLC and City Line Investments LLC, Class A units2025-12-310001287750arcc:CityLineDistributorsLLCAndCityLineInvestmentsLLCMember2025-12-310001287750DecoPac, Inc. and KCAKE Holdings Inc., First lien senior secured revolving loan2025-12-310001287750DecoPac, Inc. and KCAKE Holdings Inc., First lien senior secured loan2025-12-310001287750DecoPac, Inc. and KCAKE Holdings Inc., Common stock2025-12-310001287750arcc:DecoPacIncAndKCAKEHoldingsIncMember2025-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured revolving loan2025-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 2025-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 12025-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 22025-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., First lien senior secured loan 32025-12-310001287750Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc., Common units2025-12-310001287750arcc:DisplayHoldingCompanyIncSaldonHoldingsIncAndFastsignsHoldingsIncMember2025-12-310001287750FS Squared Holding Corp. and FS Squared, LLC, First lien senior secured revolving loan2025-12-310001287750FS Squared Holding Corp. and FS Squared, LLC, First lien senior secured loan2025-12-310001287750arcc:FSSquaredHoldingCorpAndFSSquaredLLCMember2025-12-310001287750GMF Parent, Inc. and GMF Group Holdings, LP, First lien senior secured loan2025-12-310001287750GMF Parent, Inc. and GMF Group Holdings, LP, Common units2025-12-310001287750arcc:GMFParentInc.AndGMFGroupHoldingsLPMember2025-12-310001287750GPM Investments, LLC and ARKO Corp., Common stock2025-12-310001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured revolving loan2025-12-310001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured loan 12025-12-310001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, First lien senior secured loan 22025-12-310001287750Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP, Limited partnership interest2025-12-310001287750arcc:HillsDistributionIncHillsIntermediateFTHoldingsLLCAndGMPHillsLPMember2025-12-310001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P., First lien senior secured loan2025-12-310001287750LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P., Limited partnership interests2025-12-310001287750arcc:LJPerimeterBuyerIncAndLJPerimeterCoInvestLPMember2025-12-310001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 2025-12-310001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, First lien senior secured loan 12025-12-310001287750Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC, Class A common units2025-12-310001287750arcc:MarconeYellowstoneBuyerIncAndMarconeYellowstoneHoldingsLLCMember2025-12-310001287750Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP, First lien senior secured revolving loan2025-12-310001287750Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP, Series A preferred stock2025-12-310001287750Mavis Tire Express Services Topco Corp., Metis Holdco, Inc. and Metis Topco, LP, Class A-1 units2025-12-310001287750arcc:MavisTireExpressServicesTopcoCorpMetisHoldCoIncAndMetisTopCoLPMember2025-12-310001287750Midco Holding, LLC and Nivel Topco, LLC, First lien senior secured loan2025-12-310001287750Midco Holding, LLC and Nivel Topco, LLC, Preferred units2025-12-310001287750Midco Holding, LLC and Nivel Topco, LLC, Class A units2025-12-310001287750arcc:MidcoHoldingLLCAndNivelTopcoLLCMember2025-12-310001287750Monolith Brands Group, Inc., Series A-1 preferred stock2025-12-310001287750Moon 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 interests2025-12-310001287750Mountaineer Merger Corporation, First lien senior secured revolving loan2025-12-310001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured revolving loan2025-12-310001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured loan 2025-12-310001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, First lien senior secured loan 12025-12-310001287750Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC, Class B limited liability company interest2025-12-310001287750arcc:MrGreensIntermediateLLCFloridaVegInvestmentsLLCMRGTexasLLCAndRestaurantProduceAndServicesBlockerLLCMember2025-12-310001287750Project Cardinal Acquisition, LLC, First lien senior secured loan2025-12-310001287750Quirch Foods Holdings, LLC, First lien senior secured loan2025-12-310001287750Reddy Ice LLC, First lien senior secured revolving loan 12025-12-310001287750Reddy Ice LLC, First lien senior secured revolving loan 22025-12-310001287750Reddy Ice LLC, First lien senior secured loan2025-12-310001287750arcc:ReddyIceLLCMember2025-12-310001287750Royal Borrower, LLC and Royal Parent, LP, First lien senior secured revolving loan2025-12-310001287750Royal Borrower, LLC and Royal Parent, LP, First lien senior secured loan2025-12-310001287750Royal Borrower, LLC and Royal Parent, LP, Class A preferred units2025-12-310001287750arcc:RoyalBorrowerLLCAndRoyalParentLPMember2025-12-310001287750SCIH Salt Holdings Inc., First lien senior secured revolving loan2025-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 2025-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 12025-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 22025-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 32025-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., First lien senior secured loan 42025-12-310001287750Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc., Common stock2025-12-310001287750arcc:ShurCoAcquisitionIncAndShurCoHoldCoIncMember2025-12-310001287750US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P., First lien senior secured loan2025-12-310001287750US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P., Limited partner interests2025-12-310001287750arcc:USSaltInvestorsLLCAndEmeraldLakePearlAcquisitionALPMember2025-12-310001287750VRS Buyer, Inc., First lien senior secured loan2025-12-310001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured revolving loan2025-12-310001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., First lien senior secured loan2025-12-310001287750Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P., Common units2025-12-310001287750arcc:WorldwideProduceAcquisitionLLCAndREPWWPCoinvestIVLPMember2025-12-310001287750arcc:ConsumerDistributionAndRetailMember2025-12-310001287750AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp, First lien senior secured revolving loan2025-12-310001287750AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp, First lien senior secured loan2025-12-310001287750arcc:AeriTekGlobalUSAcquisitionInc.AeriTekGlobalHoldingsLLCAndMinusFortyQBDCorpMember2025-12-310001287750AI Aqua Merger Sub, Inc.., First lien senior secured loan2025-12-310001287750Airx Climate Solutions, Inc., First lien senior secured loan2025-12-310001287750Airx Climate Solutions, Inc., First lien senior secured loan 12025-12-310001287750arcc:AirxClimateSolutionsInc.Member2025-12-310001287750Align Precision Group, LLC and Align Precision Topco, L.P., First lien senior secured loan2025-12-310001287750Align Precision Group, LLC and Align Precision Topco, L.P., Class A-2 Units2025-12-310001287750arcc:AlignPrecisionGroupLLCAndAlignPrecisionTopcoL.P.Member2025-12-310001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC, First lien senior secured loan 2025-12-310001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC, First lien senior secured loan 12025-12-310001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC, First lien senior secured loan 22025-12-310001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC, First lien senior secured loan 32025-12-310001287750Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC, Membership Interest2025-12-310001287750arcc:AllclearCommercialInc.AllclearMilitaryInc.AllclearSpaceInc.AndAllclearGroupLLCMember2025-12-310001287750Arrowhead Holdco Company and Arrowhead GS Holdings, Inc., First lien senior secured loan2025-12-310001287750Arrowhead Holdco Company and Arrowhead GS Holdings, Inc., Common stock2025-12-310001287750arcc:ArrowheadHoldcoCompanyAndArrowheadGSHoldingsIncMember2025-12-310001287750BGIF IV Fearless Utility Services, Inc., First lien senior secured revolving loan2025-12-310001287750BGIF IV Fearless Utility Services, Inc., First lien senior secured loan2025-12-310001287750arcc:BGIFIVFearlessUtilityServicesInc.Member2025-12-310001287750Burgess Point Purchaser Corporation, First lien senior secured loan2025-12-310001287750CPIG Holdco Inc., First lien senior secured loan2025-12-310001287750DFS Holding Company, Inc., First lien senior secured loan2025-12-310001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, First lien senior secured revolving loan 2025-12-310001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, First lien senior secured loan2025-12-310001287750Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP, Common units2025-12-310001287750arcc:DynamicNCAerospaceHoldingsLLCAndDynamicNCInvestmentHoldingsLPMember2025-12-310001287750EIS Legacy Holdco, LLC, First lien senior secured loan2025-12-310001287750ELM DebtCo, LLC, First lien senior secured loan2025-12-310001287750Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC, First lien senior secured revolving loan2025-12-310001287750Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC, First lien senior secured loan2025-12-310001287750Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC, Preferred equity2025-12-310001287750Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC, Common units2025-12-310001287750arcc:EndurancePTTechnologyBuyerCorporationAndEndurancePTTechnologyHoldingsLLCMember2025-12-310001287750ESCP PPG Holdings, LLC, Class A-1 units2025-12-310001287750ESCP PPG Holdings, LLC, Class A-2 units2025-12-310001287750arcc:ESCPPPGHoldingsLLCMember2025-12-310001287750Generator US Buyer, Inc. and Total Power Limited, First lien senior secured loan 2025-12-310001287750Generator US Buyer, Inc. and Total Power Limited, First lien senior secured loan 12025-12-310001287750arcc:GeneratorUSBuyerInc.AndTotalPowerLimitedMember2025-12-310001287750Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC, First lien senior secured revolving loan2025-12-310001287750Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC, Member Units2025-12-310001287750arcc:GroundPenetratingRadarSystemsLLCAndRCVIBuckeyeHoldingsLLCMember2025-12-310001287750GSV Purchaser, Inc., First lien senior secured loan 2025-12-310001287750Harvey Tool Company, LLC, First lien senior secured loan 2025-12-310001287750Harvey Tool Company, LLC, First lien senior secured loan 12025-12-310001287750arcc:HarveyToolCompanyLLCMember2025-12-310001287750Helix Acquisition Holdings, Inc., First lien senior secured loan2025-12-310001287750Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC, First lien senior secured revolving loan2025-12-310001287750Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC, First lien senior secured revolving loan 12025-12-310001287750Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC, First lien senior secured loan2025-12-310001287750Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC, First lien senior secured loan12025-12-310001287750arcc:HorizonAvionicsBuyerLLCAndHorizonCTSBuyerLLCMember2025-12-310001287750HPCC Parent, Inc. and Patriot Container Corp., First lien senior secured loan2025-12-310001287750HPCC Parent, Inc. and Patriot Container Corp., Common stock2025-12-310001287750arcc:HPCCParentInc.AndPatriotContainerCorp.Member2025-12-310001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Senior subordinated loan2025-12-310001287750Imaging Business Machines, L.L.C. and Scanner Holdings Corporation, Class A common stock2025-12-310001287750arcc:ImagingBusinessMachinesLLCAndScannerHoldingsCorporationMember2025-12-310001287750JSG II, Inc. and Checkers USA, Inc., First lien senior secured loan2025-12-310001287750Kene Acquisition, Inc. and Kene Holdings, L.P., Class A units2025-12-310001287750LTG Acquisition, Inc., Class A membership units2025-12-310001287750NCWS Intermediate, Inc. and NCWS Holdings LP, Class A-2 common units2025-12-310001287750OPH NEP Investment, LLC, Senior subordinated loan2025-12-310001287750OPH NEP Investment, LLC, Senior subordinated loan 12025-12-310001287750OPH NEP Investment, LLC, Class B common units2025-12-310001287750arcc:OPHNEPInvestmentLLCMember2025-12-310001287750Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC, Second lien senior secured loan2025-12-310001287750Paris US Holdco, Inc. & 1001028292 Ontario Inc., First lien senior secured revolving loan2025-12-310001287750Paris US Holdco, Inc. & 1001028292 Ontario Inc., First lien senior secured loan2025-12-310001287750arcc:ParisUSHoldcoInc.1001028292OntarioInc.Member2025-12-310001287750Pave America Holding, LLC , First lien senior secured revolving loan2025-12-310001287750Pave America Holding, LLC , First lien senior secured loan2025-12-310001287750arcc:PaveAmericaHoldingLLCMember2025-12-310001287750Pike Corporation, First lien senior secured loan2025-12-310001287750PumpTech, LLC and Impel CV-B, LP, First lien senior secured revolving loan2025-12-310001287750PumpTech, LLC and Impel CV-B, LP, First lien senior secured revolving loan 12025-12-310001287750PumpTech, LLC and Impel CV-B, LP, First lien senior secured loan2025-12-310001287750PumpTech, LLC and Impel CV-B, LP, Limited partnership interest2025-12-310001287750arcc:PumpTechLLCAndImpelCVBLPMember2025-12-310001287750Qnnect, LLC and Connector TopCo, LP, Limited partnership interests2025-12-310001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured revolving loan 2025-12-310001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured revolving loan 12025-12-310001287750Radius Aerospace, Inc. and Radius Aerospace Europe Limited, First lien senior secured loan2025-12-310001287750arcc:RadiusAerospaceIncAndRadiusAerospaceEuropeLimitedMember2025-12-310001287750Radwell Parent, LLC, First lien senior secured revolving loan2025-12-310001287750Radwell Parent, LLC, First lien senior secured loan 12025-12-310001287750Radwell Parent, LLC, First lien senior secured loan 22025-12-310001287750arcc:RadwellParentLLCMember2025-12-310001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, First lien senior secured revolving loan2025-12-310001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, First lien senior secured loan 2025-12-310001287750Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, First lien senior secured loan 12025-12-310001287750arcc:SunkRockFoundryPartnersLPHatterasElectricalManufacturingHoldingCompanyAndSigmaElectricManufacturingCorporationMember2025-12-310001287750Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P., First lien senior secured loan2025-12-310001287750Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P., Series A common units2025-12-310001287750arcc:SunvairAerospaceGroupInc.AndGBHeliosHoldingsL.P.Member2025-12-310001287750Titan BW Borrower L.P. , First lien senior secured loan2025-12-310001287750Two Six Labs, LLC, First lien senior secured loan 12025-12-310001287750Two Six Labs, LLC, First lien senior secured loan 22025-12-310001287750Two Six Labs, LLC, First lien senior secured loan 32025-12-310001287750arcc:TwoSixLabsLLCMember2025-12-310001287750Werner Finco LP, First lien senior secured loan2025-12-310001287750arcc:CapitalGoodsMember2025-12-31000128775022 HoldCo Limited, Senior subordinated loan2025-12-3100012877503 Step Sports LLC, First lien senior secured loan 12025-12-3100012877503 Step Sports LLC, First lien senior secured loan 22025-12-310001287750arcc:A3StepSportsLLCMember2025-12-310001287750Aventine Intermediate LLC & Aventine Holdings II LLC, First lien senior secured loan2025-12-310001287750Aventine Intermediate LLC & Aventine Holdings II LLC, Second lien senior secured loan2025-12-310001287750arcc:AventineIntermediateLLCAventineHoldingsIILLCMember2025-12-310001287750Axiomatic, LLC, Class A-1 units2025-12-310001287750Bad Vibes Forever, LLC and Bad Vibes Forever Publishing, LLC, First lien senior secured loan2025-12-310001287750CFC Funding LLC, Loan instrument units2025-12-310001287750CMW Parent LLC (fka Black Arrow, Inc.), Series A units2025-12-310001287750Dundee Eros, LP, Limited partnership interest2025-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 12025-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 22025-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 32025-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Senior subordinated loan 42025-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Ordinary shares2025-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Warrant to purchase shares of ordinary shares 12025-12-310001287750Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited, Warrant to purchase shares of ordinary shares 22025-12-310001287750arcc:EagleFootballHoldingsBidCoLimitedAndEagleFootballHoldingsLimitedMember2025-12-310001287750FEH Group, LLC., Class A common interest2025-12-310001287750FEH Group, LLC., Class A common interest 12025-12-310001287750FEH Group, LLC., Class A common interest 22025-12-310001287750arcc:FEHGroupLLCMember2025-12-310001287750Fever Labs, Inc., First lien senior secured revolving loan2025-12-310001287750Fever Labs, Inc., First lien senior secured loan 12025-12-310001287750Fever Labs, Inc., First lien senior secured loan 22025-12-310001287750Fever Labs, Inc., Series B redeemable preferred stock2025-12-310001287750Fever Labs, Inc., Series E-5 Convertible Shares2025-12-310001287750Fever Labs, Inc., Warrant to purchase shares of common stock2025-12-310001287750arcc:FeverLabsInc.Member2025-12-310001287750Global Music Rights, LLC, First lien senior secured loan2025-12-310001287750GSM Rights Fund II LP, Class B Interest2025-12-310001287750League One Volleyball Clubs, LLC and League One Volleyball, Inc., Series B preferred stock2025-12-310001287750League One Volleyball Clubs, LLC and League One Volleyball, Inc., Series C preferred stock2025-12-310001287750League One Volleyball Clubs, LLC and League One Volleyball, Inc., Warrant to purchase shares of common stock2025-12-310001287750arcc:LeagueOneVolleyballClubsLLCAndLeagueOneVolleyballInc.Member2025-12-310001287750Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P., First lien senior secured revolving loan2025-12-310001287750Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P., First lien senior secured loan 2025-12-310001287750Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P., First lien senior secured loan 12025-12-310001287750Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P. ,Limited partnership interest2025-12-310001287750arcc:LegendsHospitalityHoldingCompanyLLCASMBuyerInc.LegendsASMHoldcoILLCAndStadiumCoinvestBIIIL.P.Member2025-12-310001287750LiveBarn Inc., Middle preferred shares2025-12-310001287750Mari Events Midco LLC and AE EventsCo Holdings LLC, First lien senior secured loan2025-12-310001287750Mari Events Midco LLC and AE EventsCo Holdings LLC, Common units 12025-12-310001287750Mari Events Midco LLC and AE EventsCo Holdings LLC, Common units 22025-12-310001287750arcc:MariEventsMidcoLLCAndAEEventsCoHoldingsLLCMember2025-12-310001287750Mari Miami II LLC and South Florida Tennis, LLC, First lien senior secured loan2025-12-310001287750Mari Miami II LLC and South Florida Tennis, LLC, Common units2025-12-310001287750arcc:MariMiamiIILLCAndSouthFloridaTennisLLCMember2025-12-310001287750Miami Beckham United LLC, Class A preferred units2025-12-310001287750Miami Beckham United LLC, Class B preferred units2025-12-310001287750arcc:MiamiBeckhamUnitedLLCMember2025-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 12025-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC, First lien senior secured loan 22025-12-310001287750Production Resource Group, L.L.C. and PRG III, LLC, Membership interest2025-12-310001287750arcc:ProductionResourceGroupL.L.C.AndPRGIIILLCMember2025-12-310001287750Professional Fighters League, LLC and PFL MMA, Inc., First lien senior secured loan2025-12-310001287750Professional Fighters League, LLC and PFL MMA, Inc., Second lien senior secured loan2025-12-310001287750Professional Fighters League, LLC and PFL MMA, Inc., Series E preferred stock2025-12-310001287750Professional Fighters League, LLC and PFL MMA, Inc., Warrant to purchase shares of common stock 2025-12-310001287750Professional Fighters League, LLC and PFL MMA, Inc., Warrant to purchase shares of common stock 12025-12-310001287750arcc:ProfessionalFightersLeagueLLCAndPFLMMAInc.Member2025-12-310001287750Propagate Content LLC, Preferred equity2025-12-310001287750Sandlot Action Sports, LLC., Common units2025-12-310001287750Shout! Factory, LLC First lien senior secured revolving loan2025-12-310001287750Shout! Factory, LLC First lien senior secured loan2025-12-310001287750arcc:ShoutFactoryLLCMember2025-12-310001287750South Florida Motorsports, LLC, Class A common interest2025-12-310001287750Storm Investment S.a.r.l., First lien senior secured loan2025-12-310001287750Storm Investment S.a.r.l., Class A redeemable shares2025-12-310001287750Storm Investment S.a.r.l., Class B redeemable shares2025-12-310001287750Storm Investment S.a.r.l., Class C redeemable shares2025-12-310001287750Storm Investment S.a.r.l., Class D redeemable shares2025-12-310001287750Storm Investment S.a.r.l., Class E redeemable shares2025-12-310001287750Storm Investment S.a.r.l., Class F redeemable shares2025-12-310001287750Storm Investment S.a.r.l., Class G redeemable shares2025-12-310001287750Storm Investment S.a.r.l., Class H redeemable shares2025-12-310001287750Storm Investment S.a.r.l., Class I redeemable shares2025-12-310001287750Storm Investment S.a.r.l., Ordinary shares2025-12-310001287750arcc:StormInvestmentS.a.r.l.AndAtleticoHoldcoS.L.Member2025-12-310001287750The Teaching Company Holdings, Inc., Preferred stock2025-12-310001287750The Teaching Company Holdings, Inc., Common stock2025-12-310001287750arcc:TheTeachingCompanyHoldingsIncMember2025-12-310001287750WRE Sports Investments LLC., First lien senior secured loan2025-12-310001287750arcc:SportsMediaAndEntertainmentMember2025-12-310001287750ACAS Equity Holdings Corporation, Common stock2025-12-310001287750Constellation Wealth Capital Fund, L.P.,Limited partner interests2025-12-310001287750CREST Exeter Street Solar 2004-1, Preferred shares2025-12-310001287750CWC Fund I Co-Invest (ALTI) LP, Limited partnership interest2025-12-310001287750European Capital UK SME Debt LP, Limited partnership interest2025-12-310001287750HCI Equity, LLC, Member interest2025-12-310001287750Linden Structured Capital Fund II-A LP., Limited partnership interest2025-12-310001287750Partnership Capital Growth Investors III, L.P., Limited partnership interest2025-12-310001287750PCG-Ares Sidecar Investment II, L.P., Limited partnership interest2025-12-310001287750PCG-Ares Sidecar Investment, L.P., Limited partnership interest2025-12-310001287750Piper Jaffray Merchant Banking Fund I, L.P., Limited partnership interest2025-12-310001287750Senior Direct Lending Program, LLC, Subordinated certificates2025-12-310001287750Senior Direct Lending Program, LLC ,Membership interest2025-12-310001287750arcc:SeniorDirectLendingProgramLLCMember2025-12-310001287750arcc:InvestmentFundsAndVehiclesMember2025-12-310001287750Abzena Holdings, Inc. and Astro Group Holdings Ltd., Class A ordinary shares2025-12-310001287750Alcami Corporation and ACM Note Holdings, LLC, First lien senior secured revolving loan2025-12-310001287750Alcami Corporation and ACM Note Holdings, LLC, First lien senior secured loan2025-12-310001287750Alcami Corporation and ACM Note Holdings, LLC, Senior subordinated loan2025-12-310001287750arcc:AlcamiCorporationAndACMHoldingsILLCMember2025-12-310001287750Artemis BidCo 2 LLC, First lien senior secured loan2025-12-310001287750Bamboo US BidCo LLC, First lien senior secured revolving loan2025-12-310001287750Bamboo US BidCo LLC, First lien senior secured loan 12025-12-310001287750Bamboo US BidCo LLC, First lien senior secured loan 22025-12-310001287750Bamboo US BidCo LLC, First lien senior secured loan 32025-12-310001287750arcc:BambooUSBidCoLLCMember2025-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured revolving loan2025-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 2025-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 12025-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., First lien senior secured loan 22025-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Preferred units2025-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Series A preferred shares2025-12-310001287750Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc., Class A common units2025-12-310001287750arcc:CobaltBuyerSubIncCobaltHoldingsILPAndCobaltIntermediateIIncMember2025-12-310001287750CoreRx, Inc., First lien senior secured loan2025-12-310001287750CCreek Parent, Inc. and Creek Feeder, L.P., First lien senior secured revolving loan2025-12-310001287750CCreek Parent, Inc. and Creek Feeder, L.P., First lien senior secured loan 2025-12-310001287750Creek Parent, Inc. and Creek Feeder, L.P., Limited partnership interest2025-12-310001287750arcc:CreekParentInc.AndCreekFeederL.P.Member2025-12-310001287750Gula Buyer Inc. and Gula Co-Invest II, L.P., First lien senior secured loan2025-12-310001287750Gula Buyer Inc. and Gula Co-Invest II, L.P., Common units2025-12-310001287750arcc:GulaBuyerInc.AndGulaCoInvestIIL.P.Member2025-12-310001287750Moderna, Inc., First lien senior secured loan2025-12-310001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured revolving loan 2025-12-310001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured revolving loan 12025-12-310001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured loan 2025-12-310001287750NMC Skincare Intermediate Holdings II, LLC, First lien senior secured loan 12025-12-310001287750arcc:NMCSkincareIntermediateHoldingsIILLCMember2025-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured revolving loan2025-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 2025-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 12025-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 22025-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., First lien senior secured loan 32025-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., Senior subordinated loan 2025-12-310001287750North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P., Class A preferred units2025-12-310001287750arcc:NorthAmericanScienceAssociatesLLCCardinalPurchaserLLCAndCardinalTopcoHoldingsLPMember2025-12-310001287750Verista, Inc., First lien senior secured revolving loan2025-12-310001287750WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P., Limited partnership interest2025-12-310001287750arcc:PharmaceuticalsBiotechnologyAndLifeSciencesMember2025-12-310001287750Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC, First lien senior secured loan 2025-12-310001287750Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC, First lien senior secured loan 12025-12-310001287750Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC, Common units2025-12-310001287750arcc:AdonisAcquisitionHoldingsLLCAndAdonisAcquisitionHoldingsParentLLCMember2025-12-310001287750AP Adhesives Holdings, LLC, First lien senior secured loan2025-12-310001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured revolving loan2025-12-310001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured loan2025-12-310001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured loan 12025-12-310001287750ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, Class A units2025-12-310001287750arcc:ASPRPacAcquisitionCOLLCAndASPRPacHoldingsLPMember2025-12-310001287750Bulab Holdings, Inc. and Buckman PPC Co-Invest LP, First lien senior secured revolving loan2025-12-310001287750Bulab Holdings, Inc. and Buckman PPC Co-Invest LP, First lien senior secured loan 2025-12-310001287750Bulab Holdings, Inc. and Buckman PPC Co-Invest LP, First lien senior secured loan 12025-12-310001287750Bulab Holdings, Inc. and Buckman PPC Co-Invest LP, Limited partnership interest2025-12-310001287750arcc:BulabHoldingsInc.AndBuckmanPPCCoInvestLPMember2025-12-310001287750Halex Holdings, Inc., Common stock2025-12-310001287750Meyer Laboratory, LLC and Meyer Parent, LLC, First lien senior secured revolving loan2025-12-310001287750Meyer Laboratory, LLC and Meyer Parent, LLC, First lien senior secured loan2025-12-310001287750Meyer Laboratory, LLC and Meyer Parent, LLC, Common units2025-12-310001287750arcc:MeyerLaboratoryLLCAndMeyerParentLLCMember2025-12-310001287750MP Midco Holdings, LLC and MP Topco Holdings, LLC (fka H-Food Holdings, LLC), First lien senior secured loan2025-12-310001287750MP Midco Holdings, LLC and MP Topco Holdings, LLC (fka H-Food Holdings, LLC) Common units2025-12-310001287750arcc:MPMidcoHoldingsLLCAndMPTopcoHoldingsLLCMember2025-12-310001287750NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP, First lien senior secured revolving loan 2025-12-310001287750NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP, First lien senior secured revolving loan 12025-12-310001287750NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP, First lien senior secured loan2025-12-310001287750NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP, Limited partnership interest2025-12-310001287750arcc:NCPMSIBuyerInc.AndNCPMSICoInvestLPMember2025-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured revolving loan 12025-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured revolving loan 22025-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 12025-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 22025-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 32025-12-310001287750Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., Class A units2025-12-310001287750arcc:NelipakHoldingCompanyNelipakEuropeanHoldingsCooperatiefUAKNPAKHoldingsLPAndPAKNKNetherlandsTreasuryBVMember2025-12-310001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 2025-12-310001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 12025-12-310001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class A preferred units2025-12-310001287750Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class C units2025-12-310001287750arcc:NovipaxBuyerLLCAndNovipaxParentHoldingCompanyLLCMember2025-12-310001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, First lien senior secured loan2025-12-310001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Second lien senior secured loan2025-12-310001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Preferred units2025-12-310001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Preferred units 12025-12-310001287750Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Co-Invest units2025-12-310001287750arcc:PlaskolitePPCIntermediateIILLCAndPlaskolitePPCBlockerLLCMember2025-12-310001287750Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation, First lien senior secured revolving loan2025-12-310001287750Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation, First lien senior secured loan 12025-12-310001287750Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation, First lien senior secured loan 22025-12-310001287750arcc:PrecisionConceptsParentInc.PrecisionConceptsInternationalLLCAndPrecisionConceptsCanadaCorporationMember2025-12-310001287750Reagent Chemical & Research, LLC, First lien senior secured revolving loan2025-12-310001287750Reagent Chemical & Research, LLC, First lien senior secured loan2025-12-310001287750Reagent Chemical & Research, LLC, First lien senior secured loan 12025-12-310001287750arcc:ReagentChemicalResearchLLCMember2025-12-310001287750SCI PH Parent, Inc., Series B shares2025-12-310001287750Sterilex LLC , First lien senior secured loan2025-12-310001287750arcc:MaterialsSectorMember2025-12-310001287750Apex Clean Energy TopCo, LLC, Class A common units2025-12-310001287750Apex Clean Energy TopCo, LLC, Class B common units2025-12-310001287750arcc:ApexCleanEnergyTopCoLLCMember2025-12-310001287750BNZ TopCo B.V.,Senior subordinated loan2025-12-310001287750PosiGen, Inc., Warrant to purchase shares of series D-1 preferred stock2025-12-310001287750PosiGen, Inc., Warrant to purchase shares of common stock2025-12-310001287750arcc:PosiGenIncMember2025-12-310001287750Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC, First lien senior secured loan2025-12-310001287750Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC, Senior subordinated loan2025-12-310001287750arcc:SunrunAtlasDepositor20192LLCAndSunrunAtlasHoldings20192LLCMember2025-12-310001287750Sunrun Luna Holdco 2021, LLC, Senior subordinated revolving loan 2025-12-310001287750Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC, First lien senior secured loan2025-12-310001287750Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC, Senior subordinated loan2025-12-310001287750arcc:SunrunXanaduIssuer20191LLCAndSunrunXanaduHoldings20191LLCMember2025-12-310001287750arcc:IndependentPowerAndRenewableElectricityProducersMember2025-12-310001287750Bowhunter Holdings, LLC, Common units2025-12-310001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., First lien senior secured loan2025-12-310001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., Senior subordinated loan 2025-12-310001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., Senior subordinated loan 12025-12-310001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P., Class A limited partnership interests2025-12-310001287750arcc:CentricBrandsLLCCentricBrandsTopCoLLCAndCentricBrandsL.P.Member2025-12-310001287750DRS Holdings III, Inc. and DRS Holdings I, Inc., First lien senior secured loan 2025-12-310001287750DRS Holdings III, Inc. and DRS Holdings I, Inc., Common stock2025-12-310001287750arcc:DRSHoldingsIIIIncAndDRSHoldingsIIncMember2025-12-310001287750Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc, First lien senior secured revolving loan2025-12-310001287750Implus Footcare, LLC, First lien senior secured loan 2025-12-310001287750Implus Footcare, LLC, First lien senior secured loan 12025-12-310001287750Implus Footcare, LLC, Common units2025-12-310001287750arcc:ImplusFootcareLLCImplusHoldingsLLCAndImplusTopcoLLCMember2025-12-310001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., First lien senior secured loan2025-12-310001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., Series A convertible preferred stock2025-12-310001287750Johnnie-O Inc. and Johnnie-O Holdings Inc., Warrant to purchase shares of common stock2025-12-310001287750arcc:JohnnieOIncAndJohnnieOHoldingsIncMember2025-12-310001287750Lew's Intermediate Holdings, LLC, First lien senior secured loan2025-12-310001287750Pelican Products, Inc., First lien senior secured revolving loan2025-12-310001287750Pelican Products, Inc., Second lien senior secured loan2025-12-310001287750arcc:PelicanProductsIncMember2025-12-310001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured revolving loan2025-12-310001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured loan 2025-12-310001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured loan 12025-12-310001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured loan 22025-12-310001287750Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P., First lien senior secured loan 32025-12-310001287750Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC, Limited partnership interest2025-12-310001287750arcc:RawlingsSportingGoodsCompanyInc.AndSEPDiamondFundL.P.Member2025-12-310001287750Reef Lifestyle, LLC, First lien senior secured revolving loan 2025-12-310001287750Reef Lifestyle, LLC, First lien senior secured revolving loan 12025-12-310001287750Reef Lifestyle, LLC, First lien senior secured loan 2025-12-310001287750Reef Lifestyle, LLC, First lien senior secured loan 12025-12-310001287750arcc:ReefLifestyleLLCMember2025-12-310001287750S Toys Holdings LLC (fka The Step2 Company, LLC), Common units2025-12-310001287750S Toys Holdings LLC (fka The Step2 Company, LLC), Class B common units2025-12-310001287750S Toys Holdings LLC (fka The Step2 Company, LLC), Warrant to purchase units2025-12-310001287750arcc:SToysHoldingsLLCFkaTheStep2CompanyLLCMember2025-12-310001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, First lien senior secured loan 2025-12-310001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, First lien senior secured loan 12025-12-310001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, First lien senior secured loan 22025-12-310001287750Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC, Class A common units2025-12-310001287750arcc:ShoesForCrewsGlobalLLCAndShoesForCrewsHoldingsLLCMember2025-12-310001287750Sport Maska Inc. First lien senior secured revolving loan 2025-12-310001287750Sport Maska Inc. First lien senior secured loan2025-12-310001287750arcc:SportMaskaIncMember2025-12-310001287750St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured revolving loan2025-12-310001287750St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured loan 2025-12-310001287750St Athena Global LLC and St Athena Global Holdings Limited, First lien senior secured loan 12025-12-310001287750arcc:StAthenaGlobalLLCAndStAthenaGlobalHoldingsLimitedMember2025-12-310001287750Team Acquisition Corporation, First lien senior secured revolving loan 12025-12-310001287750Team Acquisition Corporation, First lien senior secured revolving loan 22025-12-310001287750Team Acquisition Corporation, First lien senior secured loan2025-12-310001287750arcc:TeamAcquisitionCorporationMember2025-12-310001287750arcc:ConsumerDurablesAndApparelSectorMember2025-12-310001287750Beacon Wellness Brands, Inc. and CDI Holdings I Corp., First lien senior secured loan2025-12-310001287750Beacon Wellness Brands, Inc. and CDI Holdings I Corp., Common stock2025-12-310001287750arcc:BeaconWellnessBrandsIncAndCDIHoldingsICorpMember2025-12-310001287750Foundation Consumer Brands, LLC, First lien senior secured loan 2025-12-310001287750Foundation Consumer Brands, LLC, First lien senior secured loan 12025-12-310001287750arcc:FoundationConsumerBrandsLLCMember2025-12-310001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., First lien senior secured loan 2025-12-310001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., First lien senior secured loan 12025-12-310001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., Preferred units2025-12-310001287750LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., Class B common units2025-12-310001287750arcc:LifeStylesBidcoLtd.LifestylesUSHoldcoInc.AndLifeStylesParentL.P.Member2025-12-310001287750pH Beauty Holdings III, Inc., First lien senior secured loan2025-12-310001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured revolving loan2025-12-310001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured loan2025-12-310001287750Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., Limited partner interests2025-12-310001287750arcc:PremierSpecialtiesInc.AndRMCFVCIVXLIVL.P.Member2025-12-310001287750RD Holdco Inc., Common stock2025-12-310001287750RD Holdco Inc., Common units 12025-12-310001287750RD Holdco Inc., Common units 22025-12-310001287750RD Holdco Inc., Common units 32025-12-310001287750arcc:RDHoldcoIncMember2025-12-310001287750Silk Holdings III LLC and Silk Holdings I Corp., First lien senior secured revolving loan2025-12-310001287750Silk Holdings III LLC and Silk Holdings I Corp., First lien senior secured loan 12025-12-310001287750Silk Holdings III LLC and Silk Holdings I Corp., First lien senior secured loan 22025-12-310001287750Silk Holdings III LLC and Silk Holdings I Corp., Common stock2025-12-310001287750arcc:SilkHoldingsIIILLCAndSilkHoldingsICorp.Member2025-12-310001287750TCI Buyer LLC and TCI Holdings, LP, First lien senior secured loan2025-12-310001287750TCI Buyer LLC and TCI Holdings, LP, Common stock2025-12-310001287750arcc:TCIBuyerLLCAndTCIHoldingsLPMember2025-12-310001287750Walnut Parent, Inc., First lien senior secured loan 2025-12-310001287750Walnut Parent, Inc., First lien senior secured loan 12025-12-310001287750arcc:WalnutParentIncMember2025-12-310001287750WU Holdco, Inc., First lien senior secured revolving loan2025-12-310001287750WU Holdco, Inc., First lien senior secured loan2025-12-310001287750arcc:WUHoldcoInc.Member2025-12-310001287750arcc:HouseholdAndPersonalProductsMember2025-12-310001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 2025-12-310001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 12025-12-310001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Preferred units 2025-12-310001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Preferred units 12025-12-310001287750Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Class A common units2025-12-310001287750arcc:AutomotiveKeysGroupLLCAndAutomotiveKeysInvestorLLCMember2025-12-310001287750Churchill OpCo Holdings LLC and Victory Topco, LP, First lien senior secured revolving loan2025-12-310001287750Churchill OpCo Holdings LLC and Victory Topco, LP, First lien senior secured loan2025-12-310001287750Churchill OpCo Holdings LLC and Victory Topco, LP, Class A-2 common units2025-12-310001287750arcc:ChurchillOpCoHoldingsLLCAndVictoryTopcoLPMember2025-12-310001287750Collision SP Subco, LLC, First lien senior secured revolving loan2025-12-310001287750Collision SP Subco, LLC, First lien senior secured loan 2025-12-310001287750Collision SP Subco, LLC, First lien senior secured loan 12025-12-310001287750arcc:CollisionSPSubcoLLCMember2025-12-310001287750Continental Acquisition Holdings, Inc., First lien senior secured loan 2025-12-310001287750Continental Acquisition Holdings, Inc., First lien senior secured loan 12025-12-310001287750Continental Acquisition Holdings, Inc., Class A units2025-12-310001287750arcc:ContinentalAcquisitionHoldingsInc.AndContinentalGroupHoldingsL.P.Member2025-12-310001287750Faraday Buyer, LLC, First lien senior secured loan 2025-12-310001287750Faraday Buyer, LLC, First lien senior secured loan 12025-12-310001287750arcc:FaradayBuyerLLCMember2025-12-310001287750Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc., Warrant to purchase shares of Class A common stock2025-12-310001287750Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, Co-invest units2025-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured revolving loan2025-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 2025-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 12025-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 22025-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 32025-12-310001287750Sun Acquirer Corp. and Sun TopCo, LP, Class A units2025-12-310001287750arcc:SunAcquirerCorpAndSunTopCoLPMember2025-12-310001287750Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP, First lien senior secured revolving loan 2025-12-310001287750Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP, First lien senior secured revolving loan 12025-12-310001287750Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP, First lien senior secured loan 2025-12-310001287750Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP, First lien senior secured loan 12025-12-310001287750Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP, Limited partnership interests2025-12-310001287750arcc:TelleTireAutoServiceLLCAndNextHorizonCapitalTireCoSPVLPMember2025-12-310001287750Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, First lien senior secured revolving loan2025-12-310001287750Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, First lien senior secured loan2025-12-310001287750Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, Class A common units2025-12-310001287750arcc:TruckLiteCo.LLCECCOHoldingsCorp.AndClarityTechnologiesHoldingsLPMember2025-12-310001287750arcc:AutomobilesAndComponentsSectorMember2025-12-310001287750American Seafoods Group LLC and American Seafoods Partners LLC, Class A units2025-12-310001287750American Seafoods Group LLC and American Seafoods Partners LLC, Warrant to purchase units of Class A units2025-12-310001287750arcc:AmericanSeafoodsGroupLLCAndAmericanSeafoodsPartnersLLCMember2025-12-310001287750Badia Spices, LLC, First lien senior secured loan2025-12-310001287750Berner Food & Beverage, LLC, First lien senior secured revolving loan2025-12-310001287750Berner Food & Beverage, LLC, First lien senior secured loan2025-12-310001287750arcc:BernerFoodBeverageLLCMember2025-12-310001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P., Common units2025-12-310001287750CHG PPC Parent LLC & PPC CHG Blocker LLC, Common units2025-12-310001287750Demakes Enterprises, LLC, First lien senior secured loan2025-12-310001287750Florida Food Products, LLC, First lien senior secured loan 12025-12-310001287750Florida Food Products, LLC, First lien senior secured loan 22025-12-310001287750Florida Food Products, LLC, First lien senior secured loan 32025-12-310001287750Florida Food Products, LLC, First lien senior secured loan 42025-12-310001287750Florida Food Products, LLC, First lien senior secured loan 52025-12-310001287750Florida Food Products, LLC, First lien senior secured loan 62025-12-310001287750Florida Food Products, LLC, First lien senior secured loan 72025-12-310001287750arcc:FloridaFoodProductsLLCMember2025-12-310001287750Forward Keystone Holdings, LP, Senior subordinated loan2025-12-310001287750Forward Keystone Holdings, LP, Common units2025-12-310001287750arcc:ForwardKeystoneHoldingsLPMember2025-12-310001287750Gotham Greens Holdings, PBC, Second lien senior secured loan2025-12-310001287750Gotham Greens Holdings, PBC, Series E-1 preferred stock2025-12-310001287750Gotham Greens Holdings, PBC, Warrant to purchase shares of Series E-1 preferred stock2025-12-310001287750arcc:GothamGreensHoldingsPBCMember2025-12-310001287750HBH Buyer, LLC , First lien senior secured loan2025-12-310001287750KNPC HoldCo, LLC, First lien senior secured loan 2025-12-310001287750KNPC HoldCo, LLC, First lien senior secured loan 12025-12-310001287750KNPC HoldCo, LLC, First lien senior secured loan 22025-12-310001287750KNPC HoldCo, LLC, First lien senior secured loan 32025-12-310001287750arcc:KNPCHoldCoLLCMember2025-12-310001287750Manna Pro Products, LLC and MP Blocker A LLC, Common units2025-12-310001287750Max US Bidco Inc., First lien senior secured loan2025-12-310001287750Primo Water Holdings Inc / Triton Water Holdings Inc, First lien senior secured loan2025-12-310001287750Primo Water Holdings Inc / Triton Water Holdings Inc, Senior subordinated loan2025-12-310001287750arcc:PrimoWaterHoldingsIncTritonWaterHoldingsIncMember2025-12-310001287750RB Holdings InterCo, LLC, First lien senior secured revolving loan2025-12-310001287750RB Holdings InterCo, LLC, First lien senior secured loan2025-12-310001287750arcc:RBHoldingsInterCoLLCMember2025-12-310001287750Spindrift Beverage Co., Inc. and SBC Aggregator LP, First lien senior secured loan2025-12-310001287750Spindrift Beverage Co., Inc. and SBC Aggregator LP, Limited partnership units2025-12-310001287750arcc:SpindriftBeverageCo.Inc.AndSBCAggregatorLPMember2025-12-310001287750Sugar PPC Buyer LLC, First lien senior secured loan2025-12-310001287750Sugar PPC Buyer LLC, First lien senior secured loan 12025-12-310001287750arcc:SugarPPCBuyerLLCMember2025-12-310001287750Teasdale Foods, Inc. and Familia Group Holdings Inc., First lien senior secured loan2025-12-310001287750Teasdale Foods, Inc. and Familia Group Holdings Inc., Warrant to purchase shares of common stock2025-12-310001287750arcc:TeasdaleFoodsIncAndFamiliaGroupHoldingsIncMember2025-12-310001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured revolving loan2025-12-310001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 2025-12-310001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 12025-12-310001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 22025-12-310001287750Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 32025-12-310001287750Watermill Express, LLC and Watermill Express Holdings, LLC, Class A units2025-12-310001287750arcc:WatermillExpressLLCAndWatermillExpressHoldingsLLCMember2025-12-310001287750us-gaap:FoodAndBeverageSectorMember2025-12-310001287750GNZ Energy Bidco Limited and Galileo Co-investment Trust I, First lien senior secured loan2025-12-310001287750GNZ Energy Bidco Limited and Galileo Co-investment Trust I, Common units2025-12-310001287750arcc:GNZEnergyBidcoLimitedAndGalileoCoInvestmentTrustIMember2025-12-310001287750HighPeak Energy, Inc., First lien senior secured loan2025-12-310001287750Murchison Oil and Gas, LLC and Murchison Holdings, LLC, Preferred units2025-12-310001287750Phoenix Operating LLC, First lien senior secured loan2025-12-310001287750Phoenix Operating LLC, First lien senior secured loan 12025-12-310001287750arcc:PhoenixOperatingLLCMember2025-12-310001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 2025-12-310001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 12025-12-310001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 22025-12-310001287750VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 32025-12-310001287750VPROP Operating, LLC and V SandCo, LLC, Class A units2025-12-310001287750arcc:VPROPOperatingLLCAndVSandCoLLCMember2025-12-310001287750us-gaap:EnergySectorMember2025-12-310001287750Ferrellgas, L.P. and Ferrellgas Partners, L.P., Senior preferred units2025-12-310001287750Ferrellgas, L.P. and Ferrellgas Partners, L.P., Class B units2025-12-310001287750arcc:FerrellgasLPAndFerrelgasPartnersLPMember2025-12-310001287750Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc., First lien senior secured loan2025-12-310001287750Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc., Class A common stock2025-12-310001287750arcc:OpalFuelsIntermediateHoldCoLLCAndOpalFuelsInc.Member2025-12-310001287750arcc:GasUtilitiesMember2025-12-310001287750Everspin Technologies, Inc., Warrant to purchase shares of common stock2025-12-310001287750Excelitas Technologies Corp, First lien senior secured loan2025-12-310001287750FL Hawk Intermediate Holdings, Inc, First lien senior secured loan2025-12-310001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 2025-12-310001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., Limited partnership interests2025-12-310001287750PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., Class A-2 units2025-12-310001287750arcc:PerkinElmerUSLLCAndNMPolarisCoInvestLPMember2025-12-310001287750Repairify, Inc. and Repairify Holdings, LLC, First lien senior secured revolving loan2025-12-310001287750Repairify, Inc. and Repairify Holdings, LLC, First lien senior secured loan2025-12-310001287750Repairify, Inc. and Repairify Holdings, LLC, Class A common units2025-12-310001287750arcc:RepairifyIncAndRepairifyHoldingsLLCMember2025-12-310001287750arcc:TechnologyHardwareAndEquipmentMember2025-12-310001287750Expereo USA, Inc. and Ristretto Bidco B.V., First lien senior secured loan2025-12-310001287750arcc:TelecommunicationServicesMember2025-12-310001287750Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP, Senior subordinated loan2025-12-310001287750arcc:DataCentersMember2025-12-310001287750Nordic Ferry Infrastructure AS, Senior subordinated loan 2025-12-310001287750Nordic Ferry Infrastructure AS, Senior subordinated loan 12025-12-310001287750arcc:NordicFerryInfrastructureASMember2025-12-310001287750Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. First lien senior secured revolving loan2025-12-310001287750Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. Limited partnership interest2025-12-310001287750arcc:ZeppelinUSBuyerInc.AndProvidenceEquityPartnersIXCL.P.Member2025-12-310001287750arcc:TransportationMember2025-12-310001287750EURO, Royal Bank of Canada 6/23/22062025-12-310001287750CAD, Canadian Imperial Bank of Commerce, 1/23/20262025-12-310001287750EGP, Canadian Imperial Bank of Commerce, 6/11/20272025-12-310001287750EURO, Canadian Imperial Bank of Commerce, 1/23/20262025-12-310001287750EGP, Royal Bank of Canada, 7/28/20282025-12-310001287750EGP, Canadian Imperial Bank of Commerce, 7/28/20282025-12-310001287750EGP, Royal Bank of Canada, 8/21/20262025-12-310001287750EGP, Canadian Imperial Bank of Commerce, 1/23/20262025-12-310001287750EGP, Royal Bank of Canada, 1/23/20262025-12-310001287750CAD, Canadian Imperial Bank of Commerce, 3/31/20282025-12-310001287750EURO, Canadian Imperial Bank of Commerce, 6/11/20272025-12-310001287750YEN, Royal Bank of Canada, 1/31/20282025-12-310001287750CAD, Canadian Imperial Bank of Commerce, 3/31/20272025-12-310001287750CAD, Royal Bank of Canada, 1/31/20282025-12-310001287750CAD, Royal Bank of Canada, 1/23/20262025-12-310001287750EGP, Royal Bank of Canada, 6/27/20282025-12-310001287750NZD, Royal Bank of Canada, 1/23/20262025-12-310001287750EURO, Canadian Imperial Bank of Commerce, 8/14/20282025-12-310001287750EGP, Canadian Imperial Bank of Commerce, 8/21/20262025-12-310001287750AUD, Canadian Imperial Bank of Commerce, 11/17/20262025-12-310001287750NOK, Canadian Imperial Bank of Commerce, 1/23/20262025-12-310001287750Interest rate swap | January 2027 Notes2025-12-310001287750Interest rate swap | March 2029 Notes2025-12-310001287750Interest rate swap | July 2029 Notes2025-12-310001287750Interest rate swap | September 2030 Notes2025-12-310001287750Interest rate swap | January 2031 Notes2025-12-310001287750Interest rate swap | March 2032 Notes2025-12-310001287750us-gaap:InterestRateSwapMember2025-12-310001287750Align Precision Group, LLC and Align Precision Topco, L.P.2025-01-012025-12-310001287750Align Precision Group, LLC and Align Precision Topco, L.P.2025-12-310001287750Apex Clean Energy TopCo, LLC2025-01-012025-12-310001287750Apex Clean Energy TopCo, LLC2025-12-310001287750APG Intermediate Holdings Corporation and APG Holdings, LLC2025-01-012025-12-310001287750APG Intermediate Holdings Corporation and APG Holdings, LLC2025-12-310001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P.2025-01-012025-12-310001287750Bragg Live Food Products, LLC and SPC Investment Co., L.P.2025-12-310001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.2025-01-012025-12-310001287750Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.2025-12-310001287750Daylight Beta Parent LLC and CFCo, LLC2025-01-012025-12-310001287750Daylight Beta Parent LLC and CFCo, LLC2025-12-310001287750ESCP PPG Holdings, LLC2025-01-012025-12-310001287750ESCP PPG Holdings, LLC2025-12-310001287750European Capital UK SME Debt 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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 June 30, 2026

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, a 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 July 23, 2026
Common stock, $0.001 par value						718,022,845

ARES CAPITAL CORPORATION

INDEX

Part I.			Financial Information
Item 1.			Financial Statements
			Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 2025			3
			Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (unaudited)			4
			Consolidated Schedules of Investments as of June 30, 2026 (unaudited) and December 31, 2025			5
			Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2026 (unaudited) and the year ended December 31, 2025			164
			Consolidated Statements of Cash Flows for the three and six months ended June 30, 2026 and 2025 (unaudited)			165
			Notes to Consolidated Financial Statements (unaudited)			166
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			211
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			245
Item 4.			Controls and Procedures			247
Part II.			Other Information
Item 1.			Legal Proceedings			248
Item 1A.			Risk Factors			248
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			248
Item 3.			Defaults Upon Senior Securities			249
Item 4.			Mine Safety Disclosures			249
Item 5.			Other Information			249
Item 6.			Exhibits			250
			Signatures			252

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in millions, except per share data)

			As of
			June 30, 2026						December 31, 2025
			(unaudited)
ASSETS
Investments at fair value
Non-controlled/non-affiliate company investments			$	24,282					$	24,872
Non-controlled affiliate company investments			572						600
Controlled affiliate company investments			4,495						4,013
Total investments at fair value (amortized cost of $29,675 and $29,250, respectively)			29,349						29,485
Cash and cash equivalents			383						638
Restricted cash			241						286
Interest receivable			299						288
Receivable for open trades			50						317
Other assets			176						221
Total assets			$	30,498					$	31,235
LIABILITIES
Debt			$	15,773					$	15,991
Base management fee payable			110						111
Income based fee payable			84						89
Capital gains incentive fee payable			—						82
Interest and facility fees payable			199						193
Payable to participants			104						131
Interest rate swap collateral payable			97						155
Payable for open trades			2						5
Accounts payable and other liabilities			167						132
Deferred tax liabilities			71						28
Total liabilities			16,607						16,917
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share, 1,000 common shares authorized; 718 common shares issued and outstanding			1						1
Capital in excess of par value			13,359						13,359
Accumulated undistributed earnings			531						958
Total stockholders’ equity			13,891						14,318
Total liabilities and stockholders’ equity			$	30,498					$	31,235
NET ASSET VALUE PER SHARE			$	19.35					$	19.94

See accompanying notes to consolidated financial statements.

3

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(unaudited)

			For the Three Months Ended June 30,												For the Six Months Ended June 30,
			2026						2025						2026						2025
INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest income (excluding payment-in-kind (“PIK”) interest income)			$	437					$	433					$	876					$	864
PIK interest income			51						47						96						87
Capital structuring service fees			39						33						76						76
Dividend income (excluding PIK dividend income)			13						8						25						11
PIK dividend income			63						75						127						141
Other income			17						18						34						34
Total investment income from non-controlled/non-affiliate company investments			620						614						1,234						1,213
From non-controlled affiliate company investments:
Interest income (excluding PIK interest income)			3						4						6						9
PIK interest income			4						4						8						9
Total investment income from non-controlled affiliate company investments			7						8						14						18
From controlled affiliate company investments:
Interest income (excluding PIK interest income)			59						40						115						80
PIK interest income			3						5						6						10
Capital structuring service fees			1						1						3						4
Dividend income (excluding PIK dividend income)			76						74						156						147
PIK dividend income			—						1						—						2
Other income			2						2						3						3
Total investment income from controlled affiliate company investments			141						123						283						246
Total investment income			768						745						1,531						1,477
EXPENSES:
Interest and credit facility fees			214						188						427						374
Base management fee			110						104						221						206
Income based fee			84						86						168						171
Capital gains incentive fee			(21)						4						(82)						(21)
Administrative and other fees			4						4						8						8
Other general and administrative			10						9						18						17
Total expenses			401						395						760						755
NET INVESTMENT INCOME BEFORE INCOME TAXES			367						350						771						722
Income tax expense, including excise taxes			8						8						14						15
NET INVESTMENT INCOME			359						342						757						707
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses):
Non-controlled/non-affiliate company investments			(7)						228						94						128
Non-controlled affiliate company investments			—						—						—						8
Controlled affiliate company investments			—						(111)						13						(111)
Foreign currency and other transactions			2						(39)						(6)						(8)
Net income tax expense on net realized gains			—						(44)						—						(44)
Net realized gains (losses)			(5)						34						101						(27)
Net unrealized gains (losses):
Non-controlled/non-affiliate company investments			(145)						(114)						(485)						(81)
Non-controlled affiliate company investments			(20)						(22)						(46)						(50)
Controlled affiliate company investments			(15)						96						(65)						94
Foreign currency and other transactions			8						(10)						38						(54)
Net change in deferred tax liabilities			(11)						35						(37)						13
Net unrealized losses			(183)						(15)						(595)						(78)
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions			(188)						19						(494)						(105)
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS			$	171					$	361					$	263					$	602
Basic and diluted net income per common share (see Note 10)			$	0.24					$	0.52					$	0.36					$	0.88
Basic and diluted weighted average shares of common stock outstanding (see Note 10)			718						695						718						686

See accompanying notes to consolidated financial statements.

4

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						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 revolving loan						8.65%			SOFR (Q)			5.00%						04/2025						10/2029									$	0.9					$	0.9					$	0.9		(2)(9)
												First lien senior secured loan						8.69%			SOFR (Q)			5.00%						08/2025						10/2029									3.6						3.5						3.6			(2)(9)
												First lien senior secured loan						8.69%			SOFR (Q)			5.00%						04/2025						10/2029									13.1						13.0						13.1			(2)(9)
																																																			17.4						17.6
Actfy Buyer, Inc. (13)						Software provider of end to end fraud management workflow solutions						First lien senior secured loan						8.39%			SOFR (M)			4.75%						05/2024						05/2031									2.1						2.1						2.1			(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						8.98%			SOFR (Q)			5.25%						09/2024						07/2030									6.8						6.8						6.8			(2)(6)(9)
												First lien senior secured loan						8.98%			SOFR (Q)			5.25%						07/2023						07/2030									41.9						41.9						41.9			(2)(6)(9)
												Limited partnership interest																		10/2023												9,249,000									10.3						13.2			(2)(6)
																																																			59.0						61.9
Adonis Bidco Inc. (13)						Provider of intellectual property management lifecycle software						First lien senior secured loan						9.23%			SOFR (Q)			5.50%						02/2025						02/2032									30.0						30.0						28.5			(2)(9)
												First lien senior secured loan						9.48% (2.88% PIK)			SOFR (Q)			5.75%						02/2025						02/2032									238.6						238.6						226.7			(2)(9)
																																																			268.6						255.2
AI Titan Parent, Inc. (13)						Provider of plant maintenance / scheduling software						First lien senior secured loan						8.13%			SOFR (M)			4.50%						08/2024						08/2031									7.3						7.3						7.2			(2)(9)
Anaplan, Inc. (13)						Provider of cloud-based connected planning platforms for business analytics						First lien senior secured loan						8.17%			SOFR (Q)			4.50%						06/2022						06/2029									5.8						5.8						5.7			(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						3.6			(2)
Apple Bidco Holdings, Inc. (13)						Provider of SaaS-based safety and security software to the K-12 school market						First lien senior secured revolving loan						8.23%			SOFR (Q)			4.50%						01/2026						01/2033									2.7						2.7						2.6			(2)(9)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						01/2026						01/2033									53.2						53.2						51.6			(2)(9)
																																																			55.9						54.2
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						8.49%			SOFR (M)			4.75%						05/2021						05/2028									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						8.42%			SOFR (Q)			4.75%						01/2024						01/2031									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						01/2024						01/2031									19.9						19.8						19.7			(2)(9)
																																																			19.9						19.8

See accompanying notes to consolidated financial statements.

5

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Archduke Buyer, Inc. (13)						Developer and operator of Java runtime solutions for enterprises applications						First lien senior secured loan						9.16%			SOFR (Q)			5.50%						12/2025						12/2032									61.0						61.0						60.4			(2)(9)
Arrow Borrower 2025, Inc. (13)						Provider of accounts payable automation software and payment solutions						First lien senior secured loan						7.98%			SOFR (Q)			4.25%						10/2025						10/2032									28.3						28.3						28.0			(2)(9)
Artifact Bidco, Inc. (13)						Supply chain risk management SaaS platform for global enterprise clients						First lien senior secured loan						7.88%			SOFR (Q)			4.15%						05/2024						07/2031									6.8						6.8						6.8			(2)(9)
Aston Bidco (Holding) Limited						Provider of enterprise software solutions						First lien senior secured loan						9.87%			SONIA (Q)			6.00%						07/2025						07/2032									108.5						108.2						108.5			(2)(6)(9)
Auctane, Inc.						Provider of mailing and shipping solutions						First lien senior secured loan						9.52%			SOFR (Q)			5.75%						05/2026						06/2033									245.3						245.3						241.6			(2)(9)
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. (13)(14)						Vertical software businesses holding company						First lien senior secured revolving loan						9.15%			SOFR (M)			5.50%						01/2025						01/2031									1.5						1.5						1.5			(2)(9)
												First lien senior secured loan						9.14%			SOFR (M)			5.50%						01/2025						01/2031									140.5						140.5						140.5			(2)(9)
												First lien senior secured loan						9.14%			SOFR (M)			5.50%						04/2025						01/2031									21.3						21.3						21.3			(2)(9)
												First lien senior secured loan						8.89%			SOFR (M)			5.25%						10/2025						01/2031									3.5						3.5						3.5			(2)
												Series A preferred shares						14.00% PIK												01/2025												90,019									105.9						105.9			(2)
																																																			272.7						272.7
BCTO Ignition Purchaser, Inc.						Enterprise software provider						Senior subordinated loan						11.17% PIK			SOFR (Q)			7.50%						04/2023						10/2030									4.7						4.7						4.7			(2)(9)
												Senior subordinated loan						11.17% PIK			SOFR (Q)			7.50%						03/2025						10/2030									2.7						2.7						2.7			(2)(9)
																																																			7.4						7.4
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (13)						Healthcare software provider						First lien senior secured loan						8.48%			SOFR (Q)			4.75%						06/2023						06/2030									15.4						15.4						15.4			(2)(9)
												Class A-1 units																		06/2023												1,729,228									1.7						1.3
																																																			17.1						16.7
Borrower R365 Holdings LLC (13)						Provider of restaurant enterprise resource planning systems						First lien senior secured loan						9.88%			SOFR (Q)			6.00%						01/2022						06/2027									1.9						1.9						1.9			(2)(9)
												First lien senior secured loan						9.88%			SOFR (Q)			6.00%						06/2021						06/2027									15.9						15.9						15.9			(2)(9)
																																																			17.8						17.8
Bottomline Technologies, Inc. (13)						Provider of payment automation solutions						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						04/2025						05/2029									16.5						16.5						16.5			(2)(9)
Businessolver.com, Inc. (13)						Provider of SaaS-based benefits solutions for employers and employees						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						12/2021						12/2032									28.0						28.0						27.7			(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						8.38%			SOFR (Q)			4.50%						04/2024						11/2027									16.5						16.2						14.5			(2)(9)(16)
												Second lien senior secured loan						11.63%			SOFR (Q)			7.75%						11/2020						11/2028									71.6						71.3						63.8			(2)(9)
												Series A preferred shares						11.00% PIK												11/2020												24,898									45.9						39.0			(2)
												Series A-2 preferred shares						11.00% PIK												12/2020												8,963									16.3						13.9			(2)
												Series A-3 preferred shares						11.00% PIK												11/2021												11,952									19.7						16.7			(2)
																																																			169.4						147.9

See accompanying notes to consolidated financial statements.

6

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. (13)						Provider of database management services						First lien senior secured revolving loan																		09/2025						09/2030									—						—						—			(2)(11)
												First lien senior secured loan						9.39%			SOFR (M)			5.75%						09/2025						09/2031									29.8						29.8						29.5			(2)(9)
												Senior subordinated loan						13.00% PIK												09/2025						09/2033									26.1						26.1						25.7			(2)
												Limited partnership interests																		09/2025												5,324,000									5.3						5.8			(2)
																																																			61.2						61.0
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)(11)
												First lien senior secured loan						9.39%			SOFR (M)			5.75%						04/2024						04/2030									144.0						144.0						144.0			(2)(9)
												Series A preferred stock						15.00% PIK												04/2024												83,332									115.3						115.5			(2)
																																																			259.3						259.5
Clearwater Analytics, LLC and Clearwater Analytics Holdings, Inc. (13)						Provider of integrated cloud-based investment portfolio management, accounting, reporting and analytics software						First lien senior secured loan						8.23%			SOFR (M)			4.50%						06/2026						06/2033									130.7						130.7						130.0			(2)(9)
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						Limited partnership interests																		09/2022												12,250,000									12.3						30.5			(2)
Community Brands ParentCo, LLC						Software and payment services provider to non-profit institutions						Class A units																		12/2016												500,000									5.0						1.1			(2)
Computer Services, Inc. (13)						Infrastructure software provider to community banks						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						02/2024						11/2031									50.2						50.2						49.2			(2)(9)
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						9.4			(2)(6)
												Series A common units																		09/2022												23,340									0.2						0.5			(2)(6)
																																																			5.0						9.9
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						7.01%			SOFR (M)			3.25%						06/2021						03/2028									12.6						12.6						12.5			(2)
												Second lien senior secured loan						10.26%			SOFR (M)			6.50%						06/2021						06/2029									155.7						155.7						152.9			(2)(9)(16)
												Limited partnership units																		04/2021												59,665,989									59.7						53.0			(2)
																																																			228.0						218.4
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 loan						8.16%			SOFR (Q)			4.50%						10/2025						11/2032									61.7						61.7						59.8			(2)(6)(9)
												Preferred equity						9.00% PIK												07/2019												198									0.4						0.7			(2)(6)
												Common equity																		07/2019												190,143									—						—			(2)(6)

See accompanying notes to consolidated financial statements.

7

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			62.1						60.5
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						6.76%			SOFR (M)			3.00%						10/2021						10/2026									9.8						9.8						6.2			(2)(12)
												First lien senior secured loan						7.51%			SOFR (M)			3.75%						06/2024						10/2028									16.4						15.2						10.3			(2)(9)(16)
												Second lien senior secured loan						10.26%			SOFR (M)			6.50%						10/2021						10/2029									137.5						137.5						88.0			(2)(9)
												Series A preferred shares						10.50% PIK												10/2021												116,413									188.5						113.1			(2)
												Class A-1 common stock																		10/2021												1,360,100									13.6						14.7			(2)
																																																			364.6						232.3
Coupa Holdings, LLC and Coupa Software Incorporated						Provider of Business Spend Management software						First lien senior secured loan						8.91%			SOFR (Q)			5.25%						03/2023						02/2030									9.7						9.7						9.2			(2)(9)
Databricks, Inc. (13)						Cloud-based data and AI platform that helps companies scale and manage data						First lien senior secured loan						8.11%			SOFR (M)			4.50%						12/2024						01/2032									0.1						0.1						0.1			(2)(16)
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						8.73%			SOFR (S)			5.00%						04/2024						04/2031									104.6						104.6						103.5			(2)(6)(9)
												First lien senior secured loan						8.74%			SONIA (S)			5.00%						04/2024						04/2031									56.2						53.1						55.7			(2)(6)(9)
																																																			157.7						159.2
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						9.39%			SOFR (M)			5.75%						07/2025						07/2030									124.1						123.0						121.6			(2)(9)
												Second lien senior secured loan						10.64%			SOFR (M)			7.00%						05/2022						02/2029									22.8						20.5						19.1			(2)
												Series A preferred shares						10.50% PIK												05/2021												129,822									218.8						175.0			(2)
												Series A units																		05/2021												817,194									13.3						12.2			(2)
																																																			375.6						327.9
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						8.65%			SOFR (Q)			5.00%						04/2024						08/2030									0.9						0.9						0.9			(2)(9)(12)
												First lien senior secured loan						12.09% PIK			SOFR (Q)			8.42%						04/2024						08/2030									3.4						3.4						3.3			(2)(9)
												First lien senior secured loan						8.67%			SOFR (Q)			5.00%						04/2024						08/2030									20.1						20.0						19.4			(2)(9)
												Preferred stock						10.50% PIK												04/2021												13,140									21.6						20.8			(2)
																																																			45.9						44.4
Doxim Inc. (13)						Enterprise content management provider						First lien senior secured revolving loan																		09/2025						11/2027									—						—						—			(2)(6)(11)
												First lien senior secured loan						10.14%			SOFR (M)			6.50%						09/2025						11/2027									84.3						84.3						84.3			(2)(6)(9)
																																																			84.3						84.3
DriveCentric Holdings, LLC (13)						Provider of CRM software to the automotive dealership industry						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						07/2025						08/2031									11.6						11.6						11.6			(2)(9)
												First lien senior secured loan						8.20%			SOFR (Q)			4.50%						08/2024						08/2031									12.1						12.1						12.1			(2)(9)
																																																			23.7						23.7

See accompanying notes to consolidated financial statements.

8

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						9.17%			SOFR (Q)			5.50%						11/2023						11/2029									11.3						11.3						11.3			(2)(9)
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (13)						Payment processing solution provider						First lien senior secured loan						8.15%			SOFR (Q)			4.50%						09/2024						09/2031									35.2						35.2						34.9			(2)(9)
												Preferred units						12.50% PIK												09/2024												656									8.2						8.2			(2)
												Class A common units																		09/2024												563									0.6						0.5			(2)
																																																			44.0						43.6
Edition Holdings, Inc. and Enverus, Inc. (13)						SaaS based business analytics company focused on oil and gas industry						First lien senior secured revolving loan						8.15%			SOFR (M)			4.50%						12/2025						12/2032									0.2						0.2						0.2			(2)(9)(12)
												First lien senior secured loan						8.14%			SOFR (M)			4.50%						12/2025						12/2032									80.9						80.9						79.2			(2)(9)
																																																			81.1						79.4
Edmunds Govtech, Inc. (13)						Provider of ERP software solutions for local governments						First lien senior secured revolving loan						7.48%			SOFR (Q)			3.75%						02/2024						02/2030									1.7						1.7						1.7			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						02/2024						02/2031									5.2						5.2						5.2			(2)(9)
																																																			6.9						6.9
Einstein Parent, Inc. (13)						Provider of SaaS based collaborative work management software						First lien senior secured loan						8.91%			SOFR (Q)			5.25%						01/2025						01/2031									45.9						45.9						45.9			(2)(9)
Elemica, Inc. and EZ Elemica Holdings, Inc. (13)						SaaS based supply chain management software provider focused on chemical markets						First lien senior secured revolving loan						8.40%			SOFR (M)			4.75%						02/2026						02/2032									0.9						0.9						0.8			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						02/2026						02/2032									113.0						113.0						110.8			(2)(9)
												Preferred equity																		09/2019												4,599									3.7						5.1			(2)
																																																			117.6						116.7
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						8.28%			SOFR (Q)			4.50%						06/2023						11/2028									49.7						49.5						32.8			(2)(9)
												Partnership units																		05/2019												5,034,483									3.0						1.6			(2)(6)
																																																			52.5						34.4
eResearchTechnology, Inc. and Astorg VII Co-Invest ERT						Provider of mission-critical, software-enabled clinical research solutions						Limited partnership interest																		01/2020												3,988,000									—						0.5			(2)(6)
ESHA Intermediate, LLC (13)						Provider of nutritional information and software as a services (SaaS) compliance solutions						First lien senior secured loan						8.18%			SOFR (S)			4.50%						12/2025						12/2032									22.2						22.2						21.8			(2)(9)
Extrahop Networks, Inc.						Provider of real-time wire data analytics solutions for application and infrastructure monitoring						First lien senior secured revolving loan						10.34%			SOFR (Q)			6.50%						03/2024						07/2027									4.3						4.3						4.3			(2)(9)
												First lien senior secured loan						10.32%			SOFR (Q)			6.50%						03/2023						07/2027									3.8						3.8						3.8			(2)(9)
												First lien senior secured loan						10.32%			SOFR (Q)			6.50%						07/2021						07/2027									35.0						35.0						34.6			(2)(9)
																																																			43.1						42.7

See accompanying notes to consolidated financial statements.

9

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Flexera Software LLC (13)						Provider of IT asset management, SaaS management and cloud optimization software products to enterprises						First lien senior secured loan						8.40%			SOFR (Q)			4.75%						08/2025						08/2032									18.6						18.6						18.2			(2)(9)
												First lien senior secured loan						6.96%			Euribor (M)			4.75%						08/2025						08/2032									6.6						6.8						6.5			(2)(9)
												First lien senior secured loan						8.40%			SOFR (Q)			4.75%						12/2025						08/2032									120.4						120.4						118.0			(2)(9)
																																																			145.8						142.7
Forescout Technologies, Inc. (13)						Network access control solutions provider						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						05/2024						05/2032									5.1						5.1						5.1			(2)(9)
GHP-VGS Purchaser LLC (13)						Provider of assessment software and third party appraisal services						First lien senior secured revolving loan						8.23%			SOFR (Q)			4.50%						04/2025						04/2032									0.3						0.3						0.3			(2)(9)
												First lien senior secured loan						8.16%			SOFR (Q)			4.50%						04/2025						04/2032									10.6						10.6						10.6			(2)(9)
																																																			10.9						10.9
GI Ranger Intermediate LLC (13)						Provider of payment processing services and software to healthcare providers						First lien senior secured revolving loan						9.89%			SOFR (Q)			6.00%						10/2021						10/2027									2.1						2.1						1.9			(2)(9)
												First lien senior secured loan						9.88%			SOFR (Q)			6.00%						10/2021						10/2028									9.8						9.8						8.6			(2)(9)
												First lien senior secured loan						9.88%			SOFR (Q)			6.00%						03/2022						10/2028									3.0						3.0						2.7			(2)(9)
																																																			14.9						13.2
Goose Borrower, L.P. (13)						Energy equipment manufacturing and services company						First lien senior secured loan						8.48%			SOFR (Q)			4.75%						03/2026						03/2033									83.9						83.9						83.1			(2)(9)
Guidepoint Security Holdings, LLC (13)						Cybersecurity solutions provider						First lien senior secured revolving loan						8.65%			SOFR (M)			5.00%						10/2023						10/2029									0.8						0.8						0.8			(2)(9)
												First lien senior secured loan						8.64%			SOFR (M)			5.00%						10/2025						10/2029									7.9						7.9						7.9			(2)(9)
												First lien senior secured loan						8.62%			SOFR (M)			5.00%						10/2023						10/2029									7.0						7.0						7.0			(2)(9)
												First lien senior secured loan						8.64%			SOFR (M)			5.00%						12/2024						10/2029									2.4						2.4						2.4			(2)(9)
																																																			18.1						18.1
Heavy Construction Systems Specialists, LLC (13)						Provider of construction software						First lien senior secured loan						10.50%			Base Rate (Q)			3.75%						03/2024						11/2028									13.7						13.7						13.7			(2)(9)
												First lien senior secured loan						10.50%			Base Rate (Q)			3.75%						11/2021						11/2028									0.1						0.1						0.1			(2)(9)
																																																			13.8						13.8
HS Purchaser, LLC, and Help/Systems Holdings, Inc. (13)						Provider of IT operations management and cybersecurity software						First lien senior secured loan						10.14% (3.25% PIK)			SOFR (Q)			6.50%						11/2025						05/2029									63.6						63.6						56.0			(2)(9)
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (13)						Insurance software provider						First lien senior secured revolving loan						9.25%			SOFR (M)			5.50%						11/2021						11/2029									1.6						1.6						1.5			(2)(9)
												First lien senior secured loan						9.74% (0.50% PIK)			SOFR (M)			6.00%						11/2021						11/2029									58.4						58.4						54.3			(2)(9)
												First lien senior secured loan						9.74%			SOFR (M)			6.00%						10/2025						11/2029									5.3						5.3						5.0			(2)(9)
												Senior subordinated loan						10.00% PIK												11/2021						11/2031									140.6						140.6						120.9			(2)
												Company units																		11/2021												4,246,457									8.8						1.5			(2)
																																																			214.7						183.2
Hyland Software, Inc. (13)						Enterprise content management software provider						First lien senior secured loan						8.39%			SOFR (M)			4.75%						09/2023						09/2030									108.6						107.7						108.6			(2)(9)

See accompanying notes to consolidated financial statements.

10

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Hyphen Solutions, LLC (13)						Provider of residential construction supply chain management software						First lien senior secured loan						8.14%			SOFR (M)			4.50%						08/2025						08/2032									11.9						11.9						11.8			(2)(9)
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						1.1			(2)
Icefall Parent, Inc. (13)						Provider of customer engagement software and integrated payments solutions						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						01/2024						01/2030									1.6						1.6						1.6			(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									132.1						124.8						126.4			(2)
												Series E preferred units																		08/2025												10,827,926									16.0						17.5			(2)
												Warrant to purchase common stock																		01/2025						01/2035						6,924,708									9.6						11.2			(2)
																																																			150.4						155.1
Internet Truckstop Group LLC (13)						Provider of freight-moving lifecycle software						First lien senior secured loan						9.13%			SOFR (Q)			5.25%						06/2024						04/2027									39.5						39.4						39.5			(2)(9)
IQN Holding Corp. (13)						Provider of extended workforce management software						First lien senior secured revolving loan						8.99%			SOFR (Q)			5.25%						05/2022						05/2028									1.4						1.4						1.4			(2)(9)
												First lien senior secured loan						8.98%			SOFR (Q)			5.25%						05/2022						05/2029									1.4						1.4						1.4			(2)(9)
																																																			2.8						2.8
JAMS Holdings LP and Jams Buyer LLC (13)						Provider of IT operations management and cybersecurity software						First lien senior secured loan						8.73%			SOFR (Q)			5.00%						06/2025						06/2032									13.9						13.9						13.9			(2)(9)
												Preferred units						8.00% PIK												06/2025												1,001,000									1.1						1.1			(2)
																																																			15.0						15.0
Jeppesen Holdings, LLC (13)						Provider of aviation software solutions						First lien senior secured loan						8.41%			SOFR (Q)			4.75%						10/2025						11/2032									14.0						14.0						13.9			(2)(9)
Kairos Bidco Limited (13)						Provider of financial data analytics software						First lien senior secured revolving loan						8.48%			SOFR (Q)			4.75%						07/2025						07/2032									0.3						0.3						0.3			(2)(6)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						07/2025						07/2032									24.8						24.8						24.8			(2)(6)(9)
																																																			25.1						25.1
Kaseya Inc. and Knockout Intermediate Holdings I Inc.						Provider of cloud-based software and technology solutions for small and medium sized businesses						Preferred stock						14.59% PIK			SOFR (S)			10.75%						06/2022												21,289									36.6						25.2			(2)(9)
LeanTaaS Holdings, Inc. (13)						Provider of SaaS tools to optimize healthcare asset utilization						First lien senior secured loan						11.48%			SOFR (Q)			7.75%						07/2022						07/2028									73.2						73.2						71.8			(2)(9)
												First lien senior secured loan						11.48%			SOFR (Q)			7.75%						10/2025						07/2028									5.2						5.2						5.1			(2)(9)
																																																			78.4						76.9
Lobos Parent, Inc. (13)						Provider of cloud-based human capital and compliance management SaaS platform focused on public sector agencies						First lien senior secured revolving loan						7.99%			SOFR (Q)			4.25%						09/2025						09/2031									0.9						0.9						0.9			(2)(9)
Majesco and Magic Topco, L.P.						Insurance software provider						Class A units						9.00% PIK												09/2020												1,624									1.7						4.3			(2)

See accompanying notes to consolidated financial statements.

11

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Class B units																		09/2020												570,625									—						—			(2)
																																																			1.7						4.3
Merit Software Finance Holdings, LLC (13)						Vertical software businesses holding company						First lien senior secured loan						8.98%			SOFR (Q)			5.25%						12/2025						12/2032									8.5						8.5						8.5			(2)(9)
												First lien senior secured loan						8.98%			SOFR (Q)			5.25%						12/2025						12/2032									24.5						24.5						24.5			(2)(9)
																																																			33.0						33.0
Metatiedot Bidco OY and Metatiedot US, LLC (13)						Enterprise content management platform						First lien senior secured revolving loan						7.21%			Euribor (Q)			5.00%						11/2024						11/2030									0.2						0.2						0.2			(2)(6)(9)
												First lien senior secured loan						7.24%			Euribor (Q)			5.00%						11/2024						11/2031									8.6						8.1						8.6			(2)(6)(9)
												First lien senior secured loan						8.67%			SOFR (Q)			5.00%						11/2024						11/2031									5.2						5.2						5.2			(2)(6)(9)
																																																			13.5						14.0
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp						Cybersecurity solutions provider						First lien senior secured loan						8.14%			SOFR (M)			4.50%						05/2022						05/2029									10.1						10.1						10.1			(2)(6)(9)
												First lien senior secured loan						8.23%			SONIA (Q)			4.50%						05/2022						05/2029									23.6						22.0						23.6			(2)(6)(9)
												Limited partnership interest																		05/2022												3,975									39.8						50.2			(2)(6)
																																																			71.9						83.9
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						9.24%			SOFR (M)			5.50%						12/2021						12/2028									31.4						31.4						30.1			(2)(9)
												First lien senior secured loan						9.24%			SOFR (M)			5.50%						12/2021						12/2028									7.0						7.0						6.8			(2)(9)
												Limited partner interests																		12/2021												9,574,000									9.6						5.0			(2)
																																																			48.0						41.9
ML Holdco, Inc. (13)						Cloud-based, SaaS lending solutions provider to financial institutions						First lien senior secured loan						7.91%			SOFR (Q)			4.25%						10/2025						10/2032									89.6						89.6						87.8			(2)(9)
Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc. (13)						Provider of practice management, EHR, and RCM software to medical specialists						Series A preferred stock						13.00% PIK												04/2025												24,499									28.4						28.4			(2)
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (13)						Leading technology solution provider for casing and auditioning to the entertainment industry						First lien senior secured loan						9.42%			SOFR (Q)			5.75%						08/2022						08/2028									23.4						23.4						23.4			(2)(9)
												Class A units						8.00% PIK												08/2022												45,320									6.1						3.5
																																																			29.5						26.9
Motor Vehicle Software Corporation (13)						Provider of electronic registration and titling software to auto dealers						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						01/2025						01/2032									10.2						10.2						10.2			(2)(9)
MRI Software LLC (13)						Provider of real estate and investment management software						First lien senior secured revolving loan						8.48%			SOFR (Q)			4.75%						02/2020						02/2028									1.1						1.1						1.1			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						08/2020						02/2028									4.7						4.7						4.7			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						10/2025						02/2028									2.6						2.6						2.6			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						02/2020						02/2028									4.0						4.0						3.9			(2)(9)
																																																			12.4						12.3

See accompanying notes to consolidated financial statements.

12

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
MS Buyer, Inc.						Software and payment services provider to non-profit institutions						First lien senior secured loan						8.98%			SOFR (Q)			5.25%						01/2026						07/2031									4.1						4.0						4.0			(2)(9)
Namecheap, Inc. (13)						Domain register and web services provider						First lien senior secured loan						8.39%			SOFR (Q)			4.75%						05/2026						05/2033									13.5						13.5						13.5			(2)(9)
Netsmart, Inc. and Netsmart Technologies, Inc. (13)						Developer and operator of health care software and technology solutions						First lien senior secured loan						8.84% (2.70% PIK)			SOFR (M)			5.20%						08/2024						08/2031									33.5						33.5						32.8			(2)(9)
												First lien senior secured loan						8.84% (2.70% PIK)			SOFR (M)			5.20%						11/2025						08/2031									28.1						28.1						27.6			(2)(9)
																																																			61.6						60.4
North Star Acquisitionco, LLC and Toucan Bidco Limited (13)						Literacy solution software provider for grades k-12						First lien senior secured loan						9.07%			NIBOR (Q)			4.75%						04/2024						05/2029									6.4						5.7						6.3			(2)(6)
												First lien senior secured loan						8.55%			SONIA (Q)			4.75%						04/2024						05/2029									5.5						5.3						5.5			(2)(6)
												First lien senior secured loan						8.45%			SOFR (Q)			4.75%						04/2024						05/2029									4.0						4.0						3.9			(2)(6)(9)
												First lien senior secured loan						8.20%			SOFR (Q)			4.50%						04/2024						05/2029									4.3						4.3						4.3			(2)(6)(9)
																																																			19.3						20.0
Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q, Inc. (13)						Provider of public safety, incident reporting, and security management solutions for enterprises						First lien senior secured loan						8.64%			SOFR (M)			5.00%						12/2025						12/2030									13.7						13.7						13.5			(2)(9)
Optimizely North America Inc. and Optimizely Sweden Holdings AB (13)						Provider of web content management and digital commerce solutions						First lien senior secured loan						9.14% (2.50% PIK)			SOFR (M)			5.50%						10/2024						10/2031									5.6						5.6						5.3			(2)(6)(9)
												First lien senior secured loan						7.96% (2.50% PIK)			Euribor (M)			5.75%						10/2024						10/2031									2.2						2.0						2.1			(2)(6)(9)
												First lien senior secured loan						9.73% (2.50% PIK)			SONIA (M)			6.00%						10/2024						10/2031									0.9						0.9						0.9			(2)(6)(9)
																																																			8.5						8.3
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						8.42%			SOFR (Q)			4.75%						03/2025						03/2032									6.7						6.7						6.7			(2)(9)
												Class A units						9.00% PIK												03/2025												1,014									1.1						1.5			(2)
												Class B units																		03/2025												241,447									—						—			(2)
																																																			7.8						8.2
PDDS HoldCo, Inc. (13)						Provider of cloud-based dental practice management software						First lien senior secured revolving loan						9.62%			SOFR (M)			6.00%						10/2025						09/2031									0.2						0.1						0.2			(2)(9)
												First lien senior secured loan						9.63%			SOFR (S)			6.00%						10/2025						09/2031									13.8						13.6						13.8			(2)(9)
																																																			13.7						14.0
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC						Provider of enterprise management software for the convenience retail and petroleum wholesale market						First lien senior secured revolving loan						9.17%			SOFR (Q)			5.50%						02/2024						02/2031									2.5						2.5						2.3			(2)(9)
												First lien senior secured loan						9.66% (3.00% PIK)			SOFR (Q)			6.00%						01/2024						02/2031									8.8						8.8						8.3			(2)(9)

See accompanying notes to consolidated financial statements.

13

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Series A preferred stock						13.25% PIK												03/2019												13,656									35.5						35.1			(2)
												Class A units																		03/2019												2,062,493									2.1						1.7			(2)
																																																			48.9						47.4
Petvisor Holdings, LLC (13)						Provider of veterinarian-focused SaaS solutions						First lien senior secured revolving loan						11.25%			Base Rate (Q)			4.50%						06/2022						11/2029									3.5						3.5						3.4			(2)(9)
												First lien senior secured loan						9.23%			SOFR (Q)			5.50%						06/2022						11/2029									6.0						6.0						5.9			(2)(9)
												First lien senior secured loan						9.23%			SOFR (Q)			5.50%						11/2023						11/2029									13.6						13.6						13.4			(2)(9)
																																																			23.1						22.7
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC (4)						Online education learning platform						First lien senior secured loan						6.64%			SOFR (M)			3.00%						08/2024						08/2029									21.8						21.7						21.8			(2)(9)
												First lien senior secured loan																		08/2024						08/2029									23.7						21.9						—			(2)(8)
												Common units																		08/2024												6,356,812									14.3						—			(2)
																																																			57.9						21.8
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC (13)						Software provider for medical practitioners						First lien senior secured revolving loan						8.23%			SOFR (Q)			4.50%						08/2023						08/2029									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						9.48%			SOFR (Q)			5.75%						08/2023						08/2029									36.0						36.0						36.0			(2)(9)
												Senior subordinated loan						14.00% PIK												08/2023						08/2030									57.5						57.5						57.5			(2)
												Class A units						8.00% PIK												03/2021												33,220,282									29.2						22.8			(2)
																																																			123.2						116.8
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)(11)
												First lien senior secured loan						8.98%			SOFR (Q)			5.25%						06/2025						04/2027									25.4						25.4						25.4			(2)(9)
												First lien senior secured loan						8.98%			SOFR (Q)			5.25%						11/2020						04/2027									11.6						11.6						11.6			(2)(9)
												First lien senior secured loan						8.98%			SOFR (Q)			5.25%						04/2020						04/2027									42.1						42.1						42.1			(2)(9)
												First lien senior secured loan						8.98%			SOFR (Q)			5.25%						07/2024						04/2027									17.6						17.6						17.6			(2)(9)
												First lien senior secured loan						8.98%			SOFR (Q)			5.25%						10/2020						04/2027									0.1						0.1						0.1			(2)(9)
												Class B units																		04/2020												588,636									—						2.7			(2)
																																																			96.8						99.5
Proofpoint, Inc. (13)						Cybersecurity solutions provider						First lien senior secured loan						6.73%			SOFR (Q)			3.00%						06/2021						08/2028									1.0						0.9						0.9			(2)(9)(16)
												Second lien senior secured loan						7.88%			Euribor (M)			5.75%						12/2025						12/2033									52.1						52.6						50.5			(2)
												Second lien senior secured loan						9.48%			SOFR (Q)			5.75%						12/2025						12/2033									52.1						51.6						50.5			(2)
																																																			105.1						101.9
QF Holdings, Inc. (13)						SaaS based electronic health record software provider						First lien senior secured revolving loan						8.24%			SOFR (S)			4.50%						12/2025						12/2032									0.4						0.4						0.4			(2)(9)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						12/2025						12/2032									46.9						46.9						46.0			(2)(9)
																																																			47.3						46.4
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									—						—

See accompanying notes to consolidated financial statements.

14

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Revalize, Inc. (13)						Developer and operator of software providing configuration, price and quote capabilities						First lien senior secured revolving loan						10.13%			SOFR (Q)			6.25%						05/2022						04/2029									0.4						0.4						0.3			(2)(9)
												First lien senior secured loan						10.38% (1.75% PIK)			SOFR (Q)			6.50%						05/2022						04/2029									0.7						0.7						0.6			(2)(9)
																																																			1.1						0.9
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						8.66%			SOFR (Q)			5.00%						08/2022						06/2029									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.66%			SOFR (Q)			5.00%						12/2021						06/2029									0.1						0.1						0.1			(2)(9)
												Class A common stock																		12/2021												566									5.5						1.3			(2)
																																																			5.7						1.5
Runway Bidco, LLC (13)						Provider of workload automation software						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						12/2024						12/2031									42.3						42.0						41.4			(2)(9)
Sapphire Software Buyer, Inc. (13)						Provider of application security testing solutions						First lien senior secured loan						8.73%			SOFR (Q)			5.00%						09/2024						09/2031									31.3						31.3						30.4			(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 revolving loan						8.39%			SOFR (M)			4.75%						09/2024						10/2031									13.7						13.7						13.2			(2)(9)
												First lien senior secured loan						8.64% (2.25% PIK)			SOFR (M)			5.00%						09/2024						10/2031									145.9						145.8						141.5			(2)(9)
																																																			159.5						154.7
Smarsh Inc. and Skywalker TopCo, LLC (13)						SaaS based communication archival service provider						First lien senior secured revolving loan						8.39%			SOFR (M)			4.75%						02/2022						02/2029									1.2						1.2						1.1			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						02/2022						02/2029									3.7						3.7						3.7			(2)(9)
												Common units																		11/2020												1,742,623									6.3						5.8			(2)
																																																			11.2						10.6
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																		10/2025						10/2031									—						—						—			(2)(11)
												First lien senior secured loan						7.48%			SOFR (Q)			3.75%						10/2025						10/2031									74.4						74.4						74.4			(2)(9)
																																																			74.4						74.4
Spark Purchaser, Inc. (13)						Software platform for Medicare application process						First lien senior secured loan						8.98%			SOFR (Q)			5.25%						04/2024						04/2031									30.3						30.3						30.3			(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)(11)
												First lien senior secured loan						8.33%			SOFR (Q)			4.50%						09/2022						09/2028									2.5						2.5						2.5			(2)(9)
												Limited partner interests																		09/2022												1,010									10.2						19.8			(2)
																																																			12.7						22.3

See accompanying notes to consolidated financial statements.

15

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						9.8			(2)(6)
Sundance Group Holdings, Inc. (13)						Provider of cloud-based document management and collaboration solutions						First lien senior secured revolving loan						8.48%			SOFR (Q)			4.75%						09/2024						07/2029									0.4						0.4						0.4			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						01/2026						07/2029									28.6						28.6						28.3			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						09/2024						07/2029									3.9						3.9						3.9			(2)(9)
																																																			32.9						32.6
Superman Holdings, LLC (13)						Provider of ERP software for the construction industry						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						08/2024						08/2031									10.7						10.7						10.7			(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						8.68%			SOFR (Q)			5.00%						10/2023						03/2029									10.7						10.7						10.6			(2)(9)
												First lien senior secured loan						8.67%			SOFR (Q)			5.00%						07/2025						03/2029									7.5						7.5						7.5			(2)(9)
												First lien senior secured loan						8.67%			SOFR (Q)			5.00%						03/2022						03/2029									33.9						33.9						33.6			(2)(9)
												First lien senior secured loan						8.67%			SOFR (Q)			5.00%						06/2024						03/2029									5.7						5.7						5.7			(2)(9)
												Class A-2 units																		03/2022												5,057									5.1						7.5
																																																			62.9						64.9
TCP Hawker Intermediate LLC (13)						Workforce management solutions provider						First lien senior secured revolving loan						7.48%			SOFR (Q)			3.75%						11/2024						08/2029									3.6						3.6						3.5			(2)(9)
												First lien senior secured loan						8.73%			SOFR (Q)			5.00%						11/2024						08/2029									2.0						2.0						1.9			(2)(9)
												First lien senior secured loan						8.73%			SOFR (Q)			5.00%						08/2019						08/2029									50.0						50.0						48.4			(2)(9)
																																																			55.6						53.8
Three Rivers Buyer, Inc. (13)						Developer of cloud-based software for government entities						First lien senior secured loan						8.36%			SOFR (M)			4.75%						11/2025						11/2031									5.7						5.7						5.7			(2)(9)
Trading Technologies International, Inc. (13)						Order and execution management software provider						First lien senior secured loan						7.91%			SOFR (Q)			4.25%						11/2025						11/2032									21.2						21.2						20.8			(2)(9)
Transit Technologies LLC (13)						Provider of transportation management software and specialty telematics solutions						First lien senior secured loan						8.68%			SOFR (Q)			5.00%						08/2024						08/2031									12.1						12.1						12.0			(2)(9)
												First lien senior secured loan						8.18%			SOFR (Q)			4.50%						09/2025						08/2031									8.0						8.0						7.8			(2)(9)
																																																			20.1						19.8
UFS, LLC and BV-UFS Aggregator, LLC (13)						Managed IT services and banking solutions provider to community banks						First lien senior secured loan						8.39%			SOFR (M)			4.75%						10/2025						10/2031									36.1						36.1						36.1			(2)(9)
												Membership interests																		12/2025												263,506									0.5						0.6
																																																			36.6						36.7
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						22.4			(2)(6)
Unicorn Holdco Intermediate II LLC (13)						Provider of custom software development, IT services, managed services, and criminal justice case-management software solutions						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						03/2026						03/2033									10.4						10.4						10.3			(2)(9)

See accompanying notes to consolidated financial statements.

16

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
UserZoom Technologies, Inc.						User experience research automation software						First lien senior secured loan						11.40% (1.75% PIK)			SOFR (Q)			7.75%						02/2023						04/2029									5.9						5.8						5.0			(2)(9)
												First lien senior secured loan						11.42% (1.75% PIK)			SOFR (Q)			7.75%						01/2026						04/2029									1.7						1.7						1.5			(2)(9)
																																																			7.5						6.5
Vamos Bidco, Inc. (13)						Provider of software and data services to the alcoholic beverage industry						First lien senior secured revolving loan						8.23%			SOFR (Q)			4.50%						01/2025						01/2032									0.4						0.4						0.4			(2)(9)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						01/2025						01/2032									18.0						18.0						17.8			(2)(9)
																																																			18.4						18.2
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 revolving loan						8.14%			SOFR (M)			4.50%						08/2024						12/2032									1.6						1.6						1.6			(2)(9)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						08/2024						12/2032									6.6						6.6						6.5			(2)(9)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						12/2025						12/2032									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						12/2025						12/2032									39.0						39.0						38.6			(2)(9)
												Partnership units																		08/2024												4,867,968									4.9						6.7			(2)
																																																			52.2						53.5
Viper Bidco, Inc. (13)						Provider of SaaS based supply chain risk management solutions						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						11/2024						11/2031									5.5						5.5						5.5			(2)(9)
WebPT, Inc. and WPT Intermediate Holdco, Inc. (13)						Electronic medical record software provider						First lien senior secured loan						10.20% (3.13% PIK)			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									79.4						79.4						64.3			(2)
																																																			79.5						64.4
Wellington Bidco Inc. and Wellington TopCo LP (13)						Provider of ERP and payments software for local governments						First lien senior secured revolving loan						8.48%			SOFR (Q)			4.75%						06/2024						06/2030									0.6						0.6						0.6			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						12/2025						06/2030									4.2						4.2						4.1			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						06/2024						06/2030									3.9						3.9						3.9			(2)(9)
												Class A-2 preferred units																		06/2024												2,323,000									2.4						2.9			(2)
																																																			11.1						11.5
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																		01/2021						01/2029									—						—						—			(2)(11)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						02/2025						01/2029									3.8						3.8						3.8			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						01/2026						01/2029									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						02/2022						01/2029									3.0						3.0						3.0			(2)(9)
																																																			12.4						12.4
WorkWave Intermediate II, LLC (13)						Provider of cloud-based field services and fleet management solutions						First lien senior secured revolving loan						9.49%			SOFR (Q)			5.75%						09/2025						09/2032									1.3						1.3						1.3			(2)(9)
												First lien senior secured loan						9.45%			SOFR (Q)			5.75%						09/2025						09/2032									144.0						144.0						141.1			(2)(9)
																																																			145.3						142.4
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (13)						Provider of cloud-based customer support solutions						First lien senior secured loan						8.71%			SOFR (Q)			5.00%						12/2022						11/2028									29.2						29.2						28.3			(2)(9)

See accompanying notes to consolidated financial statements.

17

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						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						8.71%			SOFR (Q)			5.00%						12/2022						11/2028									10.5						10.5						10.2			(2)(9)
												Series A preferred stock						13.23% PIK			SOFR (Q)			9.50%						11/2022												6,553									10.4						10.4			(2)(9)
												Class A common units																		11/2022												269,100									2.7						2.0			(2)
																																																			52.8						50.9
																																																			6,793.0						6,451.2						46.45%
Financial Services
Aduro Advisors, LLC (13)						Provider of fund administration services						First lien senior secured loan						8.48%			SOFR (Q)			4.75%						07/2024						07/2030									8.1						8.1						8.1			(2)(9)
BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC						Provider of comprehensive suite of investment management and wealth planning solutions						Senior subordinated loan						10.48%			SOFR (Q)			6.75%						12/2025						12/2031									16.0						16.0						16.0			(2)(9)
												Senior subordinated loan						10.43%			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									7.0						7.0						7.0			(2)
												Common units																		09/2021												7,165,615									7.2						18.2			(2)
																																																			30.4						41.4
Beacon Pointe Harmony, LLC (13)						Provider of comprehensive wealth management services						First lien senior secured loan						8.14%			SOFR (M)			4.50%						10/2025						12/2028									3.7						3.7						3.7			(2)(9)
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						8.42%			SOFR (M)			4.75%						05/2025						02/2029									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						8.46%			SOFR (A)			4.75%						06/2026						02/2029									1.2						1.2						1.2			(2)(9)
												First lien senior secured loan						8.60%			SOFR (Q)			4.75%						02/2026						02/2029									2.0						2.0						2.0			(2)(9)
																																																			3.7						3.7
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						8.63%			SOFR (Q)			4.75%						03/2022						03/2030									23.8						23.8						23.8			(2)(6)(9)
												First lien senior secured loan						8.63%			SOFR (Q)			4.75%						06/2023						03/2030									4.7						4.7						4.7			(2)(6)(9)
																																																			28.5						28.5
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						36.9
												Series B-3 units																		08/2025												11,069									3.1						4.5
																																																			28.0						41.4
eCapital Finance Corp.						Consolidator of commercial finance businesses						Senior subordinated loan						10.97%			SOFR (M)			7.25%						11/2020						09/2029									5.4						5.3						5.3			(2)(9)
												Senior subordinated loan						10.97%			SOFR (M)			7.25%						09/2025						09/2029									5.8						5.8						5.7			(2)(9)
												Senior subordinated loan						10.97%			SOFR (M)			7.25%						04/2022						09/2029									55.8						55.2						55.2			(2)(9)
												Senior subordinated loan						10.97%			SOFR (M)			7.25%						10/2023						09/2029									12.3						12.2						12.2			(2)(9)
												Senior subordinated loan						10.97%			SOFR (M)			7.25%						01/2022						09/2029									24.3						24.1						24.1			(2)(9)
												Senior subordinated loan						10.97%			SOFR (M)			7.25%						01/2020						09/2029									56.0						55.4						55.4			(2)(9)
												Senior subordinated loan						10.97%			SOFR (M)			7.25%						10/2024						09/2029									42.1						41.9						41.7			(2)(9)

See accompanying notes to consolidated financial statements.

18

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Senior subordinated loan						10.97%			SOFR (M)			7.25%						12/2024						09/2029									21.9						21.7						21.7			(2)(9)
																																																			221.6						221.3
Endeavor Bidco LLC and Endeavor TopCo, Inc.						Global securities finance trading platform						First lien senior secured loan						7.98%			SOFR (Q)			4.25%						08/2024						08/2029									6.1						6.1						6.1			(2)(9)
												Class A common units																		08/2024												1,859									1.9						3.0
																																																			8.0						9.1
GAPCO AIV Interholdco (CP), L.P.						Wealth management and financial planning firm						Senior subordinated loan						10.48% PIK			SOFR (Q)			6.75%						03/2025						03/2033									52.1						52.1						52.1			(2)(9)
												Senior subordinated loan						10.48% PIK			SOFR (Q)			6.75%						12/2025						03/2033									12.8						12.8						12.8			(2)(9)
																																																			64.9						64.9
Grit Buyer, Inc. and Integrum Grit Co-Invest LP (13)(14)						Specialized finance and accounting advisory firm						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						07/2025						07/2032									5.0						5.0						5.0			(2)(9)
												Limited partnership interests																		07/2025												4,420,500									3.6						4.5			(2)(6)
																																																			8.6						9.5
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						8.73%			SOFR (Q)			5.00%						09/2023						09/2030									5.5						5.5						5.5			(2)(9)
												First lien senior secured loan						8.73%			SOFR (Q)			5.00%						11/2024						09/2030									0.6						0.6						0.6			(2)(9)
												Limited partnership interests																		09/2023												4,873,286									4.9						11.1			(2)
																																																			11.0						17.2
HighTower Holding, LLC						Provider of investment, financial and retirement planning services						Senior subordinated loan						6.75%												06/2022						04/2029									8.1						7.4						8.0			(2)(16)
IH Elevate Buyer, Inc. and Integrum Elevate Co-Invest LP (13)						Provider of investment, financial and retirement planning services						First lien senior secured loan						8.64%			SOFR (M)			5.00%						06/2026						06/2033									34.7						34.7						34.2			(2)(6)(9)
												Limited partnership interests																		05/2026												2,598,000									2.6						2.6			(2)(6)
																																																			37.3						36.8
Ivy Hill Asset Management, L.P. (5)						Asset management services						Subordinated revolving loan						10.23%			SOFR (Q)			6.50%						02/2018						01/2030									946.0						946.0						946.0			(6)(9)
												Member interest																		06/2009												100.00%									1,700.5						1,896.8			(6)
																																																			2,646.5						2,842.8
Lido Advisors, LLC and LAL Group Holdings, LLC (13)						Wealth management and financial planning firm						First lien senior secured revolving loan						8.43%			SOFR (M)			4.75%						06/2021						05/2032									2.7						2.7						2.7			(2)(9)(12)
												First lien senior secured loan						8.45%			SOFR (Q)			4.75%						06/2023						05/2032									5.9						5.9						5.9			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						06/2021						05/2032									4.7						4.7						4.7			(2)(9)
												Class Z preferred units						7.00% PIK												08/2025												9,671,180									10.6						9.8
												Class A-0 common units																		08/2025												4,835,590									5.0						4.9
																																																			28.9						28.0
Mai Capital Management Intermediate LLC (13)						Provider of comprehensive wealth management services and registered investment advisor						First lien senior secured loan						8.48%			SOFR (Q)			4.75%						06/2025						08/2031									2.0						2.0						2.0			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						08/2024						08/2031									6.0						6.0						6.0			(2)(9)
																																																			8.0						8.0

See accompanying notes to consolidated financial statements.

19

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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									14.2						14.3			(2)(6)
												Z2 preferred shares						12.00% (6.00% PIK)												08/2025						08/2031						12,901									13.5						13.6			(2)(6)
												Z3 preferred shares						12.00% PIK												05/2026												24,572									24.8						24.8			(2)(6)
												Membership interest																		08/2025												1,000									—						—			(2)(6)
																																																			52.5						52.7
Medlar Bidco Limited (13)						Provider of fund and corporate services to alternative assets industry						First lien senior secured loan						8.25%			SONIA (Q)			4.50%						12/2024						05/2032									26.8						26.9						26.8			(2)(6)
Merit Financial Group, LLC and CWC Fund I (MFA) LP (13)						Registered investment adviser platform						First lien senior secured loan						8.46%			SOFR (Q)			4.75%						08/2025						08/2032									17.7						17.7						17.7			(2)(9)
												Limited partnership interests																		08/2025												5,086,230									5.1						5.7			(6)
																																																			22.8						23.4
Monica Holdco (US), Inc. (13)						Investment technology and advisory firm						First lien senior secured loan						9.13%			SOFR (Q)			5.25%						01/2021						07/2030									2.5						2.5						2.5			(2)(9)
												First lien senior secured loan						8.98%			SOFR (Q)			5.25%						08/2024						07/2030									2.7						2.7						2.7			(2)(9)
												First lien senior secured loan						9.13%			SOFR (Q)			5.25%						07/2025						07/2030									4.2						4.2						4.2			(2)(9)
																																																			9.4						9.4
MWH Intermediate II, LLC (13)						Provider of comprehensive wealth management services						First lien senior secured loan						8.89%			SOFR (A)			5.25%						05/2026						08/2032									7.9						7.9						7.8			(2)(6)(9)
Nexus Buyer LLC						Provider of FDIC-insured deposit placement services						Second lien senior secured loan						9.39%			SOFR (M)			5.75%						08/2025						02/2032									124.9						123.9						121.0			(2)(16)
Oak Funding LLC (13)						Provider of wealth management services						First lien senior secured loan						8.16%			SOFR (Q)			4.50%						12/2025						12/2032									41.9						41.9						41.9			(2)(6)(9)
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						8.24%			SOFR (M)			4.50%						06/2024						05/2029									2.4						2.4						2.4			(2)(9)
												First lien senior secured loan						8.24%			SOFR (M)			4.50%						06/2026						05/2029									8.0						8.0						8.0			(2)(9)
												Limited partnership interests																		09/2023												1,965,100									2.0						3.8			(6)
																																																			12.4						14.2
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (13)						Provider of comprehensive wealth management services						First lien senior secured loan						8.39%			SOFR (M)			4.75%						08/2023						08/2029									5.8						5.8						5.8			(2)(9)
												Preferred units																		07/2023												6,431,667									6.5						15.2			(6)
																																																			12.3						21.0
PCS MidCo, Inc. and PCS Parent, L.P. (13)						Provider of 401K recordkeeping software solutions						First lien senior secured loan						9.48%			SOFR (Q)			5.75%						03/2024						03/2030									8.1						8.1						8.1			(2)(9)
												Class A units																		03/2024												785,000									0.8						0.7			(2)
																																																			8.9						8.8
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						8.14%			SOFR (M)			4.50%						08/2025						03/2031									0.3						0.3						0.3			(2)(9)

See accompanying notes to consolidated financial statements.

20

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Limited partnership interest																		03/2024												2,374,000									2.4						2.7			(6)
																																																			2.7						3.0
Petrus Buyer, Inc. (13)						Provider of REIT research data and analytics						First lien senior secured revolving loan						8.42%			SOFR (Q)			4.75%						11/2022						10/2029									0.8						0.8						0.8			(2)(9)
												First lien senior secured loan						8.43%			SOFR (Q)			4.75%						11/2022						10/2029									6.4						6.4						6.4			(2)(9)
												First lien senior secured loan						8.14%			SOFR (Q)			4.50%						02/2025						10/2029									1.2						1.2						1.2			(2)(9)
																																																			8.4						8.4
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)(11)
												First lien senior secured loan						8.64%			SOFR (M)			5.00%						12/2024						12/2030									22.9						22.8						22.9			(2)(9)
												First lien senior secured loan						8.64%			SOFR (M)			5.00%						12/2025						12/2030									5.9						5.9						5.9			(2)(9)
																																																			28.7						28.8
RWA Wealth Partners, LLC (13)						Provider of comprehensive wealth management services						First lien senior secured loan						8.39%			SOFR (M)			4.75%						11/2024						11/2030									9.1						9.1						9.1			(2)(9)
Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC, and Steward Partners New Holdings, LLC (13)						Wealth management platform						First lien senior secured loan						8.64%			SOFR (M)			5.00%						12/2023						10/2028									4.8						4.8						4.8			(2)(9)
												First lien senior secured loan						8.64%			SOFR (M)			5.00%						06/2025						10/2028									9.6						9.6						9.6			(2)(9)
												Senior subordinated loan						11.00% PIK												12/2025						12/2032									25.0						22.5						22.8			(2)(6)
												Warrant to purchase common stock																		12/2025						12/2032						129,164									2.4						2.5			(6)
																																																			39.3						39.7
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (13)						Provider of comprehensive wealth management services						First lien senior secured loan						9.13%			SOFR (Q)			5.25%						03/2022						03/2028									3.8						3.8						3.8			(2)(9)
												First lien senior secured loan						9.10%			SOFR (Q)			5.25%						11/2025						03/2028									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						9.13%			SOFR (Q)			5.25%						05/2025						03/2028									0.4						0.4						0.4			(2)(9)
												Senior subordinated loan						12.00% PIK												03/2022						03/2029									4.6						4.6						4.6			(2)(6)
												Series A preferred units																		03/2022												7,199									7.2						7.2			(2)(6)
												Common units																		03/2022												7,199									—						4.1			(2)(6)
																																																			16.2						20.3
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						8.23%			SOFR (Q)			4.50%						07/2025						07/2032									12.7						12.7						12.6			(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						Senior subordinated loan						10.18% PIK			SOFR (Q)			6.50%						01/2025						01/2033									11.7						11.7						11.7			(2)(9)
												Limited partnership interest																		11/2024												5,719,511									5.8						8.2			(2)(6)

See accompanying notes to consolidated financial statements.

21

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Limited partnership interest																		12/2025												636,275									0.6						0.9			(2)(6)
																																																			18.1						20.8
Waverly Advisors, LLC and WAAM Topco, LLC (13)						Wealth management and financial planning firm						First lien senior secured revolving loan						9.63%			SOFR (Q)			5.75%						03/2022						03/2028									0.8						0.8						0.8			(2)(6)(9)
												First lien senior secured loan						9.13%			SOFR (Q)			5.25%						01/2025						03/2028									38.5						38.5						38.5			(2)(6)(9)
												First lien senior secured loan						9.63%			SOFR (Q)			5.75%						03/2022						03/2028									0.7						0.7						0.7			(2)(6)(9)
												First lien senior secured loan						9.38%			SOFR (Q)			5.50%						03/2024						03/2028									4.9						4.9						4.9			(2)(6)(9)
												Class A units																		06/2023												1,584,539									2.3						6.2			(6)
																																																			47.2						51.1
Wealth Enhancement Group, LLC (13)						Wealth management and financial planning firm						First lien senior secured loan						7.94%			SOFR (Q)			4.25%						06/2021						10/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						7.94%			SOFR (Q)			4.25%						11/2020						10/2028									1.9						1.9						1.9			(2)(9)
												First lien senior secured loan						7.94%			SOFR (Q)			4.25%						08/2021						10/2028									0.9						0.9						0.9			(2)(9)
												First lien senior secured loan						7.94%			SOFR (Q)			4.25%						10/2019						10/2028									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						7.92%			SOFR (M)			4.25%						12/2024						10/2028									29.1						29.1						28.8			(2)(9)
																																																			32.5						32.2
Wellington-Altus Financial Inc. (13)(14)						Wealth management and advisory firm						First lien senior secured revolving loan																		08/2024						08/2030									—						—						—			(2)(6)(11)
												First lien senior secured loan						7.61%			CORRA (Q)			5.00%						08/2024						08/2030									0.8						0.8						0.8			(2)(6)(9)
												Common stock																		08/2024												76,375									2.7						4.6			(2)(6)
																																																			3.5						5.4
Wharf Street Ratings Acquisition LLC (13)						Global credit rating agency						First lien senior secured loan						8.14%			SOFR (M)			4.50%						09/2025						09/2032									5.0						4.9						5.0			(2)(9)
																																																			3,686.8						3,935.8						28.34%
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																		06/2021						06/2028									24.1						23.1						14.5			(2)(8)
												First lien senior secured loan																		09/2024						06/2028									47.5						44.4						28.5			(2)(8)
												Class A preferred units																		09/2024												20,000,000									16.2						—			(2)
												Class A common units																		06/2021												6,553,553									4.7						—			(2)
																																																			88.4						43.0
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5)						Dental services provider						First lien senior secured loan						10.88% (3.00% PIK)			SOFR (Q)			7.00%						09/2016						09/2026									15.8						15.8						15.8			(2)(9)
												Second lien senior secured loan																		06/2023						03/2027									58.1						54.2						15.7			(2)(8)
												Class A common units																		06/2023												7,604,889									29.4						—			(2)
																																																			99.4						31.5
Advarra Holdings, Inc. (13)						Provider of central institutional review boards over clinical trials						First lien senior secured loan						8.14%			SOFR (M)			4.50%						08/2022						09/2031									3.9						3.9						3.9			(2)(9)
												First lien senior secured loan						8.14%			SOFR (M)			4.50%						10/2025						09/2031									1.6						1.6						1.6			(2)(9)
																																																			5.5						5.5

See accompanying notes to consolidated financial statements.

22

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Aerin Medical Inc.						Developer and manufacturer of non-invasive nasal treatment solutions						First lien senior secured loan						11.48% (4.38% PIK)			SOFR (Q)			7.75%						12/2024						12/2030									16.1						15.9						16.0			(2)(9)
												Series G preferred shares																		12/2024												877,379									1.0						0.9			(2)
																																																			16.9						16.9
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									57.7						56.5			(2)
												Preferred units						8.00% PIK												07/2022												9,900									13.5						6.3			(2)
												Class B common units																		07/2022												100,000									0.1						—			(2)
																																																			71.3						62.8
Alcresta Therapeutics, Inc. (13)						A commercial-stage medical device company						First lien senior secured revolving loan						8.92%			SOFR (Q)			5.25%						12/2025						03/2031									0.4						0.4						0.4			(2)(9)
												First lien senior secured loan						8.92%			SOFR (Q)			5.25%						12/2025						03/2031									13.2						13.2						13.2			(2)(9)
												First lien senior secured loan						8.95%			SOFR (Q)			5.25%						12/2025						03/2031									5.5						5.5						5.5			(2)(9)
																																																			19.1						19.1
Aledade, Inc. (13)						Network of independent primary care groups to serve patients through value-based care						First lien senior secured revolving loan						9.41%			SOFR (M)			5.75%						11/2025						11/2028									26.6						26.6						26.6			(2)(9)
Amerivet Partners Management, Inc. and AVE Holdings LP						Veterinary practice management platform						Subordinated loan																		11/2023						12/2030									84.6						77.0						52.4			(2)(8)
												Class A units																		03/2024												2,922									2.9						—			(2)
												Class C units																		11/2023												7,144									1.4						—			(2)
																																																			81.3						52.4
Artivion, Inc. (13)						Manufacturer, processor and distributor of medical devices and implantable human tissues						First lien senior secured revolving loan						7.19%			SOFR (Q)			3.50%						01/2024						01/2031									0.9						0.9						0.9			(2)(6)(9)
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						6.39%			SOFR (M)			2.75%						07/2023						02/2029									0.1						0.1						0.1			(2)(9)(16)
												Series A preferred units						10.75% PIK												02/2022												198,505									317.7						317.8			(2)
												Class A units																		02/2022												10,487,951									10.5						14.1			(2)
																																																			328.3						332.0
Avalign Holdings, Inc. and Avalign Technologies, Inc.						Full-service contract manufacturer of medical device components for the orthopedic OEM industry						First lien senior secured revolving loan																		03/2024						12/2028									3.6						3.5						2.0			(2)(8)
												First lien senior secured loan																		03/2024						12/2028									40.5						40.2						22.7			(2)(8)
																																																			43.7						24.7
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP						Opiod treatment provider						First lien senior secured loan																		05/2022						06/2027									5.9						5.9						4.9			(2)(8)
Bambino Group Holdings, LLC						Dental services provider						Class A preferred units																		12/2016												1,000,000									1.0						0.7			(2)
Bayou Intermediate II, LLC (13)						Developer and manufacturer of vascular medical devices						First lien senior secured revolving loan						8.45%			SOFR (Q)			4.75%						09/2025						09/2032									2.0						2.0						2.0			(2)(9)

See accompanying notes to consolidated financial statements.

23

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						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						8.48%			SOFR (M)			4.75%						09/2025						09/2032									31.1						31.1						30.8			(2)(9)
																																																			33.1						32.8
Beehive Acquisition Corp (13)						Provider of regulatory-driven testing, inspection, and compliance services for diagnostic imaging equipment across U.S. healthcare facilities						First lien senior secured loan						8.43%			SOFR (Q)			4.75%						06/2026						06/2033									9.6						9.6						9.5			(2)(9)
BrightStar Group Holdings, Inc.						Provider of private-pay home care services for patients						First lien senior secured revolving loan						10.50%			Base Rate (Q)			3.75%						02/2025						03/2032									4.0						4.0						4.0			(2)(9)
												First lien senior secured loan						8.38%			SOFR (S)			4.75%						02/2025						03/2032									7.0						7.0						7.0			(2)(9)
																																																			11.0						11.0
BVI Medical, Inc. and BVI Group Limited (13)						Developer, manufacturer, and distributor of diverse ophthalmic surgical products						First lien senior secured revolving loan						9.61%			SOFR (M)			6.00%						03/2025						03/2032									1.7						1.7						1.4			(2)(6)(9)
												First lien senior secured loan						9.67%			SOFR (Q)			6.00%						03/2025						03/2032									4.5						4.5						3.8			(2)(6)(9)
												First lien senior secured loan						9.91% (5.00% PIK)			SOFR (Q)			6.25%						03/2025						03/2032									144.1						144.1						121.0			(2)(6)(9)
												Ordinary shares																		03/2025												3,742									5.0						1.8			(2)(6)
																																																			155.3						128.0
CMI Parent, Inc. (13)						Developer and manufacturer of regenerative medical devices and implants						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						01/2026						01/2033									23.6						23.6						23.4			(2)(9)
Color Intermediate, LLC						Provider of pre-payment integrity software solution						First lien senior secured loan						8.58%			SOFR (Q)			4.75%						10/2022						10/2029									19.7						19.7						19.7			(2)(9)
Convey Health Solutions, Inc.						Healthcare workforce management software provider						First lien senior secured loan																		02/2022						07/2029									0.1						0.1						—			(2)(6)(8)
												First lien senior secured loan																		10/2022						07/2029									0.1						0.1						—			(2)(6)(8)
												First lien senior secured loan																		09/2019						07/2029									1.9						1.9						0.3			(2)(6)(8)
																																																			2.1						0.3
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						9.17%			SOFR (Q)			5.50%						11/2024						11/2031									2.9						2.9						2.9			(2)(6)(9)
												First lien senior secured loan						7.73%			Euribor (Q)			5.50%						11/2024						11/2031									12.1						11.4						12.1			(2)(6)(9)
																																																			14.3						15.0
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC						Provider of medical devices and services for the treatment of positional plagiocephaly						First lien senior secured revolving loan						9.39%			SOFR (Q)			5.50%						03/2022						03/2028									0.1						0.1						0.1			(2)(9)(12)
												First lien senior secured loan						9.38%			SOFR (Q)			5.50%						03/2022						03/2029									23.7						23.7						23.7			(2)(9)
												Class A shares																		03/2022												192									1.9						2.5			(2)
												Common units																		03/2022												31									0.3						0.4			(2)
																																																			26.0						26.7
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (13)						Veterinary hospital operator						First lien senior secured loan						8.39%			SOFR (M)			4.75%						06/2024						06/2031									41.8						41.8						41.8			(2)(9)
												Class A preferred units																		08/2023												3,678									2.6						2.0			(2)
												Common stock																		10/2019												41,443									14.5						22.1			(2)
																																																			58.9						65.9

See accompanying notes to consolidated financial statements.

24

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Empower Payments Investor, LLC (13)						Financial communication and payment solutions provider						First lien senior secured loan						8.14%			SOFR (M)			4.50%						03/2024						03/2031									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.14%			SOFR (M)			4.50%						06/2025						03/2031									4.1						4.0						4.0			(2)(9)
																																																			4.1						4.1
Evolent Health LLC and Evolent Health, Inc.						Medical technology company focused on value based care services and payment solutions						First lien senior secured loan						9.31%			SOFR (Q)			5.50%						12/2024						12/2029									18.3						18.3						18.3			(2)(6)(9)
												Second lien senior secured loan						9.83%			SOFR (Q)			6.00%						08/2025						12/2029									3.8						3.8						3.9			(2)(6)(9)
																																																			22.1						22.2
Galaxy Buyer, Inc. and Galaxy Topco I, L.P. (13)						Provider of Laboratory Information Management Systems (LIMS) and informatics solutions						First lien senior secured loan						8.42%			SOFR (Q)			4.75%						01/2026						01/2033									16.1						16.1						16.0			(2)(9)
												Class A-1 units																		01/2026												1,406,458									1.4						1.7			(2)
																																																			17.5						17.7
GHX Ultimate Parent Corporation and Nexus TopCo LP (13)						On-demand supply chain automation solutions provider to the healthcare industry						First lien senior secured loan						8.73% (2.50% PIK)			SOFR (Q)			5.00%						12/2024						02/2033									92.4						92.4						91.4			(2)(9)
												First lien senior secured loan						8.73% (2.50% PIK)			SOFR (Q)			5.00%						02/2026						02/2033									16.8						16.8						16.6			(2)(9)
												Class C units																		02/2026												3,208									—						—			(2)
																																																			109.2						108.0
Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP (13)						Provider of software solutions to healthcare payors						First lien senior secured revolving loan						8.64%			SOFR (M)			5.00%						06/2025						06/2032									5.8						5.8						5.7			(2)(9)(12)
												First lien senior secured loan						8.89% (2.25% PIK)			SOFR (M)			5.25%						09/2025						06/2032									20.9						20.9						20.5			(2)(9)
												First lien senior secured loan						8.89% (2.25% PIK)			SOFR (M)			5.25%						06/2025						06/2032									237.0						236.9						232.3			(2)(9)
												Class A units																		09/2025												253,551									2.5						2.3			(2)
																																																			266.1						260.8
HuFriedy Group Acquisition LLC (13)						Manufacturer of surgical dental equipment and sterile instruments						First lien senior secured revolving loan						9.23%			SOFR (Q)			5.50%						05/2024						05/2030									0.6						0.6						0.6			(2)(9)(12)
												First lien senior secured loan						9.16%			SOFR (Q)			5.50%						10/2025						06/2031									15.2						15.2						15.2			(2)(9)
												First lien senior secured loan						9.18%			SOFR (Q)			5.50%						05/2024						05/2031									75.7						75.7						75.7			(2)(9)
																																																			91.5						91.5
KBHS Acquisition, LLC (d/b/a Alita Care, LLC)						Provider of behavioral health services						First lien senior secured revolving loan																		03/2017						03/2027									4.8						4.1						2.5			(2)(8)
												First lien senior secured loan						8.80%			SOFR (S)			5.00%						03/2026						03/2033									0.5						0.5						0.5
																																																			4.6						3.0
LivTech Purchaser, Inc. (13)						Provider of senior care end-to-end software, payments and RCM platform						First lien senior secured loan						8.65%			SOFR (M)			5.00%						11/2024						11/2031									10.4						10.4						10.3			(2)(9)
Napa Management Services Corporation and ASP NAPA Holdings, LLC						Anesthesia management services provider						Preferred units						15.00% PIK												06/2020												1,842									0.3						0.3			(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						2.3			(2)

See accompanying notes to consolidated financial statements.

25

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			3.2						3.0
Next Holdco, LLC (13)						Provider of electronic medical record and practice management software						First lien senior secured loan						8.89%			SOFR (Q)			5.25%						11/2023						11/2030									6.4						6.4						6.4			(2)(9)
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						8.14%			SOFR (M)			4.50%						07/2024						07/2031									69.9						69.9						69.9			(2)(9)
												First lien senior secured loan						7.28%			CORRA (M)			5.00%						09/2025						07/2031									12.9						13.3						12.9			(2)(9)
												First lien senior secured loan						8.39%			SOFR (M)			4.75%						09/2025						07/2031									7.1						7.1						7.1			(2)(9)
												Partnership units																		11/2018												30,000									3.0						9.5			(2)
																																																			93.3						99.4
Nomi Health, Inc.						Provider of software payment services for healthcare industry						Warrant to purchase Series B preferred stock																		07/2023						07/2033						9,941									—						—			(2)
												Warrant to purchase Class A common stock																		06/2024						06/2034						22,211									—						—			(2)
																																																			—						—
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5)						Behavioral health and special education platform provider						Preferred units																		07/2021												417,189									—						—			(2)
												Preferred stock																		02/2022												7,983									—						—			(2)
												Class A common units																		09/2019												9,549,000									—						—			(2)
												Common units																		02/2022												7,584									—						—			(2)
																																																			—						—
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (13)						Veterinary hospital operator						First lien senior secured revolving loan																		03/2025						06/2028									—						—						—			(2)(11)
												Second lien senior secured loan																		03/2020						06/2028									88.4						75.5						57.5			(2)(8)
												Class R common units																		03/2020												6,004,768									6.0						—			(2)
																																																			81.5						57.5
Pegasus Aggregator Parent LLC						Emergency air medical services provider						Class B units																		05/2026												3,952,946									43.2						50.2			(2)(6)
PetVet Care Centers, LLC (13)						Veterinary hospital operator						First lien senior secured revolving loan						9.62%			SOFR (M)			6.00%						11/2023						11/2029									8.1						8.1						6.8			(2)(9)
												First lien senior secured loan						9.64%			SOFR (M)			6.00%						11/2023						11/2030									129.5						129.5						108.7			(2)(9)
																																																			137.6						115.5
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						11/2031									—						—						—			(2)(11)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						02/2024						11/2032									11.9						11.9						11.9			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						11/2025						11/2032									10.6						10.6						10.6			(2)(9)
												Class A units																		07/2018												9,775									5.4						18.9			(2)
																																																			27.9						41.4
Project Alliance Buyer, LLC (13)						Provider of technology solutions for specialty medication management						First lien senior secured loan						8.67%			SOFR (Q)			5.00%						08/2025						08/2031									6.7						6.7						6.7			(2)(9)

See accompanying notes to consolidated financial statements.

26

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Revival Animal Health, LLC (13)						B2B distributor of animal health products						First lien senior secured revolving loan						9.73%			SOFR (Q)			6.00%						01/2025						01/2028									1.8						1.8						1.6			(2)(9)
												First lien senior secured loan						9.71%			SOFR (Q)			6.00%						01/2025						01/2028									26.6						26.6						24.2			(2)(9)
												First lien senior secured loan						9.73%			SOFR (Q)			6.00%						04/2025						01/2028									2.0						2.0						1.8			(2)(9)
																																																			30.4						27.6
Signant Finance One Limited and Bracket Intermediate Holding Corp. (13)						Provider of eClinical software solutions for clinical trial management						First lien senior secured revolving loan						8.67%			SOFR (M)			5.00%						10/2025						10/2031									0.1						0.1						0.1			(2)(6)(9)
												First lien senior secured revolving loan						8.74%			SOFR (M)			5.00%						10/2025						10/2031									1.1						1.0						1.0			(2)(6)(9)
												First lien senior secured loan						8.70%			SOFR (Q)			5.00%						10/2025						10/2031									63.5						63.0						62.3			(2)(6)(9)
																																																			64.1						63.4
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC						Outsourced anesthesia provider						Common units																		03/2018												684,854									4.8						1.5			(2)
SOC Telemed, Inc. and PSC Spark Holdings, LP						Provider of acute care telemedicine						First lien senior secured loan						11.21% (2.00% PIK)			SOFR (Q)			7.50%						08/2022						08/2027									110.6						109.5						107.3			(2)(9)
												Class A-2 units																		08/2022												4,812									4.9						1.5			(2)
												Warrant to purchase units of common stock																		08/2022						08/2029						6,118									4.7						0.3			(2)
																																																			119.1						109.1
Spruce Bidco II Inc. (13)						Provider of medical devices relating to dialysis treatments and services for kidney disease						First lien senior secured revolving loan						8.41%			SOFR (Q)			4.75%						01/2025						01/2032									19.7						19.7						19.7			(2)(9)
												First lien senior secured loan						7.05%			CORRA (S)			4.75%						01/2025						01/2032									7.4						7.2						7.4			(2)(9)
												First lien senior secured loan						5.75%			TONA (Q)			5.00%						01/2025						01/2032									24.8						25.9						24.8			(2)(9)
												First lien senior secured loan						8.41%			SOFR (Q)			4.75%						01/2025						01/2032									25.5						25.5						25.5			(2)(9)
																																																			78.3						77.4
Surescripts, LLC (13)						Healthcare network for e-prescription routing, patient eligibility checks, and secure exchange of medical records						First lien senior secured loan						8.73%			SOFR (Q)			5.00%						11/2024						11/2031									4.9						4.9						4.9			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						11/2025						11/2031									38.1						38.1						38.1			(2)(9)
																																																			43.0						43.0
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.						SaaS based healthcare compliance platform provider						First lien senior secured revolving loan						7.41%			SOFR (Q)			3.75%						12/2020						12/2027									0.8						0.8						0.5			(2)
												First lien senior secured revolving loan						9.50%			Base Rate (Q)			2.75%						12/2020						12/2027									9.2						9.2						6.0			(2)
												First lien senior secured loan						9.01%			SOFR (Q)			5.25%						04/2024						12/2027									17.0						17.0						11.2			(2)(9)
												First lien senior secured loan						8.26%			SOFR (Q)			4.50%						02/2022						12/2027									28.3						27.9						18.5			(2)(9)(16)
												Second lien senior secured loan						11.64%			SOFR (Q)			7.88%						12/2020						12/2028									76.2						76.2						51.1			(2)(9)
												Second lien senior secured loan						13.76% (4.00% PIK)			SOFR (Q)			10.00%						04/2024						12/2028									56.2						56.2						39.4			(2)(9)
												Series C-1 preferred shares						11.00% PIK												06/2021												75,939									138.3						88.5			(2)
												Series C-2 preferred shares						11.00% PIK												06/2021												40,115									69.3						44.3			(2)

See accompanying notes to consolidated financial statements.

27

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Series C-3 preferred shares						11.00% PIK												10/2021												16,201									27.0						17.3			(2)
																																																			421.9						276.8
Tempus AI, Inc.						Provider of technology enabled precision medicine solutions						Common units																		10/2023												60,821									1.9						3.5			(2)(6)(16)
Therapy Brands Holdings LLC						Provider of software solutions for the mental and behavioral health market segments						Second lien senior secured loan						10.68%			SOFR (Q)			6.75%						06/2021						05/2029									29.1						29.0						22.4			(2)(9)
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc.						Anesthesiology service provider						Second lien senior secured loan						11.23%			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						12.1			(2)
																																																			160.7						159.9
U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. (13)						Integrated urologic care platform						First lien senior secured revolving loan						8.16%			SOFR (Q)			4.50%						04/2025						04/2032									0.6						0.6						0.6			(2)(9)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						04/2025						04/2032									13.3						13.3						13.3			(2)(9)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						10/2025						04/2032									3.9						3.9						3.9			(2)(9)
												Common units																		10/2025												442,686									0.5						0.5			(2)
												Limited partnership interest																		04/2025												2,190,000									2.2						3.8			(2)
																																																			20.5						22.1
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (13)						Gastroenterology physician group						First lien senior secured loan						9.47%			SOFR (Q)			5.75%						03/2023						03/2029									12.8						12.8						12.8			(2)(9)
												First lien senior secured loan						9.43%			SOFR (Q)			5.75%						10/2024						03/2029									2.0						2.0						2.0			(2)(9)
												Class A interests																		03/2023												4,623									4.6						8.3
																																																			19.4						23.1
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (13)						Veterinary hospital operator						First lien senior secured loan						9.49%			SOFR (M)			5.75%						12/2021						12/2027									6.0						6.0						6.0			(2)(9)
												First lien senior secured loan						8.89%			SOFR (M)			5.25%						01/2025						12/2027									8.7						8.7						8.7			(2)(9)
												First lien senior secured loan						9.39%			SOFR (M)			5.75%						03/2024						12/2027									2.6						2.6						2.6			(2)(9)
												First lien senior secured loan						9.39%			SOFR (M)			5.75%						08/2023						12/2027									12.2						12.2						12.2			(2)(9)
												First lien senior secured loan						9.49%			SOFR (M)			5.75%						08/2022						12/2027									8.9						8.9						8.9			(2)(9)
												Class A-2 units																		03/2023												45									0.1						0.1			(2)
												Class A-2 units																		12/2021												7,524									7.5						9.4			(2)
																																																			46.0						47.9
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)(11)
												First lien senior secured loan						11.73% (5.00% PIK)			SOFR (Q)			8.00%						08/2025						04/2030									77.7						77.7						77.7			(2)(9)
												First lien senior secured loan						12.00% PIK												08/2025						03/2030									25.0						22.1						21.5			(2)
												Class A preferred units																		11/2024												455									0.3						—
												Common units																		07/2022												35,299									5.0						0.8
																																																			105.1						100.0

See accompanying notes to consolidated financial statements.

28

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
ZocDoc, Inc. (13)						Healthcare marketplace connecting patients and providers						First lien senior secured loan						8.89%			SOFR (Q)			5.25%						07/2025						07/2030									1.6						1.6						1.6			(2)(9)
												First lien senior secured loan						8.89%			SOFR (Q)			5.25%						05/2024						07/2030									64.9						64.9						64.9			(2)(9)
																																																			66.5						66.5
																																																			3,277.9						2,895.2						20.84%
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						8.94%			SOFR (Q)			5.25%						05/2025						05/2032									87.0						87.0						87.0			(2)(9)
												First lien senior secured loan						8.95%			SOFR (Q)			5.25%						12/2025						05/2032									29.9						29.9						29.9			(2)(9)
																																																			116.9						116.9
Aldinger Company Inc (13)						Provider of outsourced calibration and repair services						First lien senior secured revolving loan						8.49%			SOFR (Q)			4.75%						07/2024						10/2030									0.9						0.9						0.9			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						08/2025						10/2030									4.6						4.6						4.6			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						07/2024						10/2030									6.7						6.7						6.7			(2)(9)
																																																			12.2						12.2
AMCP Clean Acquisition Company, LLC						Provider of commercial laundry services						First lien senior secured loan						7.98%			SOFR (Q)			4.25%						12/2025						06/2030									14.9						14.9						14.9			(2)(9)
ATI Restoration, LLC (13)						Provider of disaster recovery services						First lien senior secured revolving loan						10.23% (1.00% PIK)			SOFR (M)			6.50%						07/2020						01/2029									12.2						12.2						10.8			(2)(9)(12)
												First lien senior secured loan						10.22% (1.00% PIK)			SOFR (M)			6.50%						07/2020						01/2029									29.3						29.3						25.8			(2)(9)
												First lien senior secured loan						10.25% (1.00% PIK)			SOFR (M)			6.50%						05/2022						01/2029									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						10.22% (1.00% PIK)			SOFR (M)			6.50%						05/2022						07/2026									43.4						43.4						38.2			(2)(9)
												First lien senior secured loan						10.25% (1.00% PIK)			SOFR (M)			6.50%						09/2023						07/2026									10.8						10.8						9.5			(2)(9)
																																																			95.8						84.4
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 revolving loan						8.39%			SOFR (M)			4.75%						01/2025						01/2031									1.3						1.3						1.3			(2)(9)
												First lien senior secured loan						8.39%			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						1.2			(2)
																																																			9.6						9.4
Bobtail AcquisitionCo, LLC (13)						Provider of non-hazardous liquid waste collection, transportation, processing, recycling, reclamation, and disposal services						First lien senior secured revolving loan						8.46%			SOFR (Q)			4.75%						09/2025						09/2031									0.2						0.2						0.2			(2)(12)
												First lien senior secured loan						8.41%			SOFR (Q)			4.75%						09/2025						09/2031									10.1						10.1						10.1			(2)
																																																			10.3						10.3

See accompanying notes to consolidated financial statements.

29

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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)(11)
												First lien senior secured loan						8.24%			SOFR (M)			4.50%						08/2024						11/2029									6.5						6.5						6.5			(2)(9)
												Second lien senior secured loan						12.24%			SOFR (M)			8.50%						08/2024						11/2030									92.7						92.7						92.7			(2)(9)
												Class A units																		11/2020												10,581									7.3						26.3			(2)
																																																			106.5						125.5
Cards-Live Oak Holdings, Inc. (13)						Provider of solid waste collection services for residential, commercial, and industrial customers						First lien senior secured revolving loan						8.48%			SOFR (Q)			4.75%						10/2025						10/2032									3.2						3.2						3.2			(2)(9)
												First lien senior secured revolving loan						10.50%			Base Rate (Q)			3.75%						10/2025						10/2032									0.9						0.9						0.9			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						10/2025						10/2032									66.4						66.4						66.4			(2)(9)
												First lien senior secured loan						10.50%			Base Rate (Q)			3.75%						10/2025						10/2032									1.2						1.2						1.2			(2)(9)
																																																			71.7						71.7
Covert HoldCo, LP						Environmentally sustainable North American waste-management platform						Senior subordinated loan						9.48%			SOFR (Q)			5.75%						03/2026						03/2031									168.6						168.6						165.2			(2)(9)
Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. (13)						Provider of business decisioning data and analytics						First lien senior secured revolving loan						9.12%			SOFR (M)			5.50%						08/2025						08/2032									6.5						6.5						6.2			(2)(9)(12)
												First lien senior secured loan						9.15%			SOFR (M)			5.50%						08/2025						08/2032									377.6						377.6						359.6			(2)(9)
												Series A units						8.00% PIK												08/2025												540,800									5.8						6.2			(2)
																																																			389.9						372.0
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						8.15%			SOFR (M)			4.50%						04/2025						04/2032									1.9						1.9						1.9			(2)(9)(12)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						04/2025						04/2032									0.1						0.1						0.1			(2)(9)
												Common member units																		08/2020												9,624,000									6.7						16.5			(2)
																																																			8.7						18.5
Dorado Bidco, Inc. (13)						Provider of consumer and market insights for the food and beverage industry						First lien senior secured loan						7.92%			SOFR (Q)			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						10.17% (3.25% PIK)			SOFR (M)			6.50%						09/2024						09/2030									28.1						28.1						27.8			(2)(9)
Drogon Bidco Inc. & Drogon Aggregator LP (13)						Provider of fire safety and life safety services						First lien senior secured revolving loan						8.64%			SOFR (M)			5.00%						08/2024						08/2030									0.1						0.1						0.1			(2)(9)(12)
												First lien senior secured loan						8.64%			SOFR (M)			5.00%						08/2024						08/2031									11.0						11.0						11.0			(2)(9)
												Class A-2 common units																		08/2024												1,850,000									1.9						2.4			(2)
																																																			13.0						13.5
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						9.7			(2)
												Class B common stock																		08/2014												7,500									—						—			(2)

See accompanying notes to consolidated financial statements.

30

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			7.5						9.7
Duraserv LLC (13)						Provider of commercial loading dock maintenance and remodeling services						First lien senior secured revolving loan						8.65%			SOFR (M)			5.00%						06/2024						06/2030									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						8.65%			SOFR (M)			5.00%						06/2024						06/2031									10.2						10.2						10.1			(2)(9)
												First lien senior secured loan						8.65%			SOFR (M)			5.00%						03/2025						06/2031									4.8						4.8						4.8			(2)(9)
																																																			15.5						15.4
Elevation Services Parent Holdings, LLC (13)						Elevator service platform						First lien senior secured revolving loan						10.31%			SOFR (Q)			6.50%						12/2020						12/2028									2.5						2.5						2.5			(2)(9)(12)
												First lien senior secured loan						10.31%			SOFR (Q)			6.50%						05/2022						12/2028									13.7						13.7						13.7			(2)(9)
												First lien senior secured loan						10.31%			SOFR (Q)			6.50%						12/2020						12/2028									1.6						1.6						1.6			(2)(9)
												First lien senior secured loan						10.33%			SOFR (Q)			6.50%						12/2020						12/2028									8.3						8.3						8.3			(2)(9)
																																																			26.1						26.1
Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC (13)						Provider of tax, comprehensive assurance and consulting services						First lien senior secured loan						8.33%			SOFR (S)			4.75%						07/2025						07/2031									7.3						7.3						7.3			(2)(9)
												Common stock																		07/2025												4,273,000									4.3						5.6
																																																			11.6						12.9
EMB Purchaser, Inc. (13)						Provider of fire and life safety solutions						First lien senior secured revolving loan						8.16%			SOFR (Q)			4.50%						03/2025						03/2032									0.8						0.8						0.7			(2)(9)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						03/2025						03/2032									10.6						10.6						10.4			(2)(9)
																																																			11.4						11.1
Firebird Acquisition Corp, Inc. (13)						Provider of fire safety and life safety services						First lien senior secured revolving loan																		01/2025						02/2032									—						—						—			(2)(11)
												First lien senior secured loan						8.66% (2.75% PIK)			SOFR (Q)			5.00%						01/2025						02/2032									4.2						4.2						4.2			(2)(9)
																																																			4.2						4.2
FlyWheel Acquireco, Inc. (13)						Professional employer organization offering human resources, compliance and risk management services						First lien senior secured revolving loan						9.88%			SOFR (M)			6.25%						05/2023						05/2028									7.4						7.4						7.4			(2)(9)
												First lien senior secured loan						9.89%			SOFR (M)			6.25%						05/2023						05/2030									51.2						51.2						51.2			(2)(9)
																																																			58.6						58.6
Frontline Road Safety Operations, LLC (13)						Provider of pavement marking services to roadways						First lien senior secured revolving loan																		03/2025						03/2032									—						—						—			(2)(11)
												First lien senior secured loan						8.64% (2.00% PIK)			SOFR (M)			5.00%						03/2025						03/2032									2.6						2.6						2.6			(2)
												First lien senior secured loan						8.64% (2.00% PIK)			SOFR (M)			5.00%						10/2025						03/2032									7.8						7.8						7.6			(2)
												First lien senior secured loan						8.64%			SOFR (M)			5.00%						06/2026						03/2032									13.8						13.8						13.7			(2)
																																																			24.2						23.9
G702 Buyer, Inc. (13)						Provider of standardized contracts and forms platform for the architecture, engineering, and construction industry						First lien senior secured loan						8.48%			SOFR (Q)			4.75%						07/2025						07/2031									10.4						10.4						10.4			(2)(9)

See accompanying notes to consolidated financial statements.

31

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
HH-Stella, Inc. and Bedrock Parent Holdings, LP (13)						Provider of municipal solid waste transfer management services						First lien senior secured revolving loan																		04/2021						04/2027									—						—						—			(2)(11)
												First lien senior secured loan						9.88%			SOFR (Q)			6.00%						04/2024						04/2028									18.6						18.6						18.4			(2)(9)
												First lien senior secured loan						9.88%			SOFR (Q)			6.00%						04/2021						04/2028									8.7						8.7						8.6			(2)(9)
												First lien senior secured loan						9.88%			SOFR (Q)			6.00%						10/2025						04/2028									18.1						18.1						17.9			(2)(9)
												First lien senior secured loan						9.88%			SOFR (Q)			6.00%						09/2023						04/2028									21.4						21.4						21.2			(2)(9)
												Class A units																		04/2021												32,982									3.3						2.5			(2)
																																																			70.1						68.6
HP RSS Buyer, Inc.						Provider of road striping, and road safety related services						First lien senior secured loan						8.47%			SOFR (Q)			4.75%						12/2023						12/2029									16.7						16.7						16.7			(2)(9)
IRI Group Holdings, Inc. and Circana, LLC (13)						Market research company focused on the consumer packaged goods industry						First lien senior secured revolving loan																		08/2022						12/2028									—						—						—			(2)(11)
												First lien senior secured loan						7.89%			SOFR (M)			4.25%						08/2022						12/2029									139.9						139.8						139.9			(2)(9)
																																																			139.8						139.9
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						7.69%			SOFR (M)			4.00%						01/2026						08/2030									7.1						7.1						7.1			(2)(9)
												First lien senior secured loan						7.69%			SOFR (M)			4.00%						01/2026						08/2031									63.3						63.3						63.3			(2)(9)
												Class A units																		09/2022												13,587									14.5						27.8			(2)
																																																			84.9						98.2
Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC (13)						Provider of lake and pond management services						First lien senior secured loan						7.89%			SOFR (M)			4.25%						11/2025						11/2032									17.1						17.1						17.1			(2)(9)
												Class A units																		11/2025												26,260									2.6						2.5
																																																			19.7						19.6
Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC						Provider of janitorial and facilities management services						First lien senior secured loan						9.06% PIK			SOFR (Q)			5.25%						11/2019						11/2028									47.8						47.7						47.7			(2)(9)
												First lien senior secured loan																		12/2023						11/2028									16.6						13.9						0.8			(2)(8)
												Preferred units																		03/2024												4,042,767									7.7						—			(2)
												Class A common units																		03/2024												4,042,767									—						—			(2)
																																																			69.3						48.5
Kings Buyer, LLC (13)						Provider of comprehensive outsourced waste management consolidation services						First lien senior secured revolving loan						11.00%			Base Rate (Q)			4.25%						09/2023						10/2027									3.0						3.0						2.8			(2)(9)
												First lien senior secured loan						9.05%			SOFR (Q)			5.25%						09/2023						10/2027									16.0						16.0						14.9			(2)(9)
																																																			19.0						17.7
KPS Global LLC and Cool Group LLC (13)						Manufacturer of walk-in cooler and freezer systems						First lien senior secured loan						8.48%			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						7.50%			Base Rate (Q)			0.75%						07/2021						07/2029									4.7						4.5						3.6			(2)(9)
												First lien senior secured revolving loan						5.63%			SOFR (Q)			1.75%						07/2021						07/2029									15.7						15.1						12.1			(2)(9)

See accompanying notes to consolidated financial statements.

32

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						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						5.63%			SOFR (Q)			1.75%						07/2021						07/2029									4.7						4.4						3.6			(2)(9)
												First lien senior secured loan						4.19%			CORRA (Q)			1.75%						10/2019						07/2029									24.0						23.9						18.4			(2)(9)
												First lien senior secured loan						5.63%			SOFR (Q)			1.75%						10/2020						07/2029									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.48%			SOFR (Q)			5.75%						06/2026						07/2029									0.4						0.4						0.3			(2)(9)
												First lien senior secured loan						5.63%			SOFR (Q)			1.75%						10/2019						07/2029									17.8						16.8						13.7			(2)(9)
												Class A units																		07/2021												3,099,335									4.6						—			(2)
																																																			69.8						51.8
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (13)						Provider of human resources and workforce management solutions						First lien senior secured revolving loan						8.66%			SOFR (Q)			5.00%						07/2024						07/2030									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						8.66%			SOFR (Q)			5.00%						07/2024						07/2031									18.9						18.9						18.3			(2)(9)
												Class A common units																		07/2024												1,205,000									1.2						0.8			(2)
																																																			20.3						19.3
Lightbeam Bidco, Inc. (13)						Provider of yard management services						First lien senior secured revolving loan																		05/2023						05/2029									—						—						—			(2)(11)
												First lien senior secured loan						8.46%			SOFR (Q)			4.80%						12/2025						05/2030									3.3						3.3						3.3			(2)(9)
												First lien senior secured loan						8.46%			SOFR (Q)			4.80%						05/2023						05/2030									5.2						5.2						5.2			(2)(9)
												First lien senior secured loan						8.46%			SOFR (Q)			4.80%						11/2023						05/2030									3.3						3.3						3.3			(2)(9)
																																																			11.8						11.8
LJP Purchaser, Inc. and LJP Topco, LP (13)						Provider of non-hazardous solid waste and recycling services						First lien senior secured loan						9.23%			SOFR (Q)			5.50%						09/2022						09/2030									3.4						3.4						3.4			(2)(9)
												First lien senior secured loan						9.23%			SOFR (Q)			5.50%						03/2026						09/2030									17.5						17.5						17.5			(2)(9)
												First lien senior secured loan						9.23%			SOFR (Q)			5.50%						09/2022						09/2030									8.2						8.2						8.2			(2)(9)
												Class A units						8.00% PIK												09/2022												5,884,191									8.0						7.6			(2)
																																																			37.1						36.7
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc.						Keg management solutions provider						First lien senior secured loan						11.23%			SOFR (Q)			7.50%						12/2024						12/2030									134.1						134.1						134.1			(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						10.50%			Base Rate (Q)			3.75%						03/2025						03/2031									1.0						1.0						1.0			(2)(9)(12)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						03/2025						03/2031									23.4						23.4						23.4			(2)(9)
												Class A-1 units																		03/2025												1,184,000									1.2						1.5			(2)
																																																			25.6						25.9
NAS, LLC and Nationwide Marketing Group, LLC						Buying and marketing services organization for appliance, furniture and consumer electronics dealers						First lien senior secured revolving loan																		11/2020						05/2026									3.0						3.0						2.5			(2)(8)
												First lien senior secured loan																		05/2022						05/2026									1.3						1.3						1.1			(2)(8)
												First lien senior secured loan																		12/2021						05/2026									2.2						2.2						1.9			(2)(8)
												First lien senior secured loan																		11/2020						05/2026									6.0						6.0						5.1			(2)(8)
																																																			12.5						10.6

See accompanying notes to consolidated financial statements.

33

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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 notes						9.29%												11/2022						04/2029									52.8						52.1						53.9			(2)(16)
												First lien senior secured loan						8.77%			SOFR (Q)			5.00%						01/2026						02/2033									50.0						50.0						49.5			(2)(16)
												Limited partnership interests																		10/2022												4,040,000									4.1						7.2			(2)
																																																			106.2						110.6
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						12.5			(2)
Priority Waste Holdings LLC and Priority Waste Holdings Indiana LLC						Solid waste services provider						First lien senior secured loan						9.44% PIK			SOFR (S)			5.75%						05/2026						05/2031									45.1						45.1						45.1			(2)(9)
												First lien senior secured loan						9.44% PIK			SOFR (Q)			5.50%						05/2026						05/2031									2.9						2.9						2.9			(2)(9)
																																																			48.0						48.0
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC						Provider of janitorial and facilities management services						First lien senior secured loan						9.85%			SOFR (S)			6.00%						11/2023						10/2027									18.7						18.7						17.6			(2)(9)
												First lien senior secured loan						9.60%			SOFR (S)			5.75%						10/2021						10/2027									66.0						66.0						61.3			(2)(9)
												Class A units																		10/2021												8,749,201									9.0						6.3			(2)
																																																			93.7						85.2
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						06/2028									5.8						4.4						1.0			(2)(8)
												First lien senior secured loan																		12/2021						06/2028									19.6						15.5						3.2			(2)(8)
												Common units																		12/2021												279,200									7.4						—			(2)
																																																			27.3						4.2
PSC Parent, Inc. (13)						Provider of operational services for US petrochemical and refining companies						First lien senior secured revolving loan						8.89%			SOFR (M)			5.25%						04/2024						04/2030									2.3						2.3						2.3			(2)(9)(12)
												First lien senior secured loan						8.89%			SOFR (M)			5.25%						04/2024						04/2031									17.0						17.0						17.0			(2)(9)
												First lien senior secured loan						8.89%			SOFR (M)			5.25%						04/2024						04/2031									41.7						41.7						41.7			(2)(9)
																																																			61.0						61.0
R2 Acquisition Corp.						Marketing services						Common stock																		05/2007												250,000									0.2						0.3			(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.						Provider of FDA registration and consulting services						First lien senior secured revolving loan						8.68%			SOFR (Q)			5.00%						08/2021						08/2029									7.1						7.1						6.9			(2)(9)
												First lien senior secured loan						8.70%			SOFR (Q)			5.00%						03/2025						08/2029									7.9						7.9						7.7			(2)(9)
												First lien senior secured loan						8.67%			SOFR (Q)			5.00%						08/2021						08/2029									3.5						3.5						3.4			(2)(9)

See accompanying notes to consolidated financial statements.

34

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Limited partner interests																		08/2021												1.08%									2.7						2.0			(2)
																																																			21.2						20.0
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)
																																																			—						—
Rocket Buyer, LLC (13)						Provider of security systems to enterprises						First lien senior secured revolving loan						8.16%			SOFR (Q)			4.50%						02/2026						02/2033									1.5						1.5						1.5			(2)(9)
												First lien senior secured loan						8.14%			SOFR (M)			4.50%						02/2026						02/2033									15.9						15.9						15.7			(2)(9)
																																																			17.4						17.2
Rodeo AcquisitionCo LLC (13)						Provider of food inspection and recovery services						First lien senior secured revolving loan						8.48%			SOFR (Q)			4.75%						07/2021						07/2029									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						07/2021						07/2029									18.4						18.4						18.4			(2)(9)
																																																			18.6						18.6
Saturn Purchaser Corp. (13)						Private aviation management company						First lien senior secured loan						8.52%			SOFR (M)			4.85%						07/2023						07/2030									1.7						1.7						1.7			(2)(9)
SGM Acquisition Sub, LLC and Schill Holdings, LP (13)						Provider of landscape design and planning, and snow removal services						First lien senior secured revolving loan						8.39%			SOFR (M)			4.75%						12/2025						12/2031									1.5						1.5						1.5			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						12/2025						12/2031									26.1						26.1						26.1			(2)(9)
												Common units																		12/2025												1,492,000									1.5						1.3
																																																			29.1						28.9
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 revolving loan						10.75%			Base Rate (Q)			4.00%						05/2024						06/2031									0.4						0.4						0.4			(2)(6)(9)(12)
												First lien senior secured revolving loan						8.68%			SOFR (Q)			5.00%						05/2024						06/2031									0.8						0.8						0.8			(2)(6)(9)(12)
												First lien senior secured loan						8.73%			SOFR (Q)			5.00%						05/2024						06/2031									14.4						14.4						14.4			(2)(6)(9)
												First lien senior secured loan						8.73%			SOFR (Q)			5.00%						09/2025						06/2031									2.5						2.5						2.5			(2)(6)(9)
																																																			18.1						18.1
Systems Planning and Analysis, Inc. (13)						Provider of systems engineering and technical assistance to the US DoD						First lien senior secured revolving loan						8.45%			SOFR (Q)			4.75%						05/2022						08/2027									1.5						1.4						1.5			(2)(9)(12)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						05/2022						08/2027									1.0						1.0						1.0			(2)(9)
																																																			2.4						2.5
Talon Buyer Inc. and Talon Holdings SCSP (13)						Provider of fire safety and life safety services						First lien senior secured loan						7.92%			SOFR (Q)			4.25%						07/2025						07/2032									16.1						16.1						15.9			(2)(9)
												Class A units																		07/2025												6,445,000									6.4						7.8			(2)(6)
																																																			22.5						23.7
Thermostat Purchaser III, Inc. (13)						Provider of commercial HVAC equipment maintenance and repair services						First lien senior secured revolving loan						9.75%			Base Rate (M)			3.00%						08/2021						08/2028									1.1						1.1						1.1			(2)(12)
												Second lien senior secured loan						11.07%			SOFR (Q)			7.25%						08/2021						08/2029									23.0						23.0						22.8			(2)(9)
																																																			24.1						23.9

See accompanying notes to consolidated financial statements.

35

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						8.69%			SOFR (Q)			5.00%						03/2026						06/2029									0.3						0.3						0.3			(2)(9)
												First lien senior secured loan						8.73%			SOFR (Q)			5.00%						07/2023						06/2029									2.6						2.5						2.6			(2)(9)
																																																			2.8						2.9
TVG-MGT Upper Intermediate Holdings, LLC and Vistria Blocked MGT Investor, LP						Management consulting firm servicing education, technology and public sectors						Senior subordinated loan						14.00% PIK												08/2025						08/2031									27.9						27.9						27.1			(2)
												Class A common units																		08/2025												2,712									4.1						3.4			(2)
																																																			32.0						30.5
Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. (13)						Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services						First lien senior secured loan						9.07%			SOFR (Q)			5.25%						04/2024						09/2028									48.5						48.5						48.5			(2)(6)(9)
												First lien senior secured loan						9.07%			SOFR (Q)			5.25%						01/2026						09/2028									8.7						8.7						8.7			(2)(6)(9)
																																																			57.2						57.2
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						8.73%			SOFR (Q)			5.00%						01/2025						01/2031									14.2						14.2						14.1			(2)(9)
												Class A-1 units																		01/2025												2,068,000									2.1						2.1			(2)
																																																			16.3						16.2
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						10.25%			Base Rate (Q)			3.50%						03/2024						03/2031									0.6						0.6						0.6			(2)(9)(12)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						03/2024						03/2032									4.7						4.7						4.7			(2)(9)
												Senior preferred units						15.00% PIK												07/2025												10,340									1.2						1.2			(2)
												Common units																		03/2024												60,470									6.0						9.2			(2)
												Common units																		09/2024												3,918									0.3						0.6			(2)
																																																			12.8						16.3
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						8.39%			SOFR (S)			4.75%						05/2026						05/2033									117.6						117.6						117.6			(2)(9)
Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC (5)						Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies						First lien senior secured revolving loan						8.84%			SOFR (Q)			5.00%						12/2025						01/2029									2.6						2.6						2.6			(2)(9)
												First lien senior secured loan						16.00% (12.00% PIK)			SOFR (S)			12.15%						06/2026						01/2029									2.4						2.4						2.4			(2)(9)
												First lien senior secured loan						8.88%			SOFR (Q)			5.00%						12/2025						01/2029									2.2						2.2						2.2			(2)(9)
												First lien senior secured loan						15.88% PIK			SOFR (Q)			12.15%						12/2025						01/2029									10.2						10.2						10.2			(2)(9)
												First lien senior secured loan						15.88% PIK			SOFR (Q)			12.15%						07/2023						01/2029									8.1						8.0						8.1			(2)(9)
												First lien senior secured loan						10.88% (3.50% PIK)			SOFR (Q)			7.00%						07/2023						01/2029									34.7						34.2						34.7			(2)(9)

See accompanying notes to consolidated financial statements.

36

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Limited partnership interests																		12/2025												947,000									17.5						6.7			(2)
																																																			77.1						66.9
VRC Companies, LLC (13)						Provider of records and information management services						Senior subordinated loan						12.00% (2.00% PIK)												05/2022						06/2028									5.4						5.4						5.4			(2)
VRS Buyer, Inc. (13)						Provider of on-site mobile and rail re-fueling solutions						First lien senior secured loan						7.23%			SOFR (Q)			3.50%						10/2025						10/2032									51.7						51.7						51.1			(2)(16)
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						8.98%			SOFR (Q)			5.25%						05/2024						05/2030									17.0						17.0						17.0			(2)(9)
												First lien senior secured loan						8.98%			SOFR (Q)			5.25%						04/2025						05/2030									6.4						6.4						6.4			(2)(9)
												Class A preferred units						10.00% PIK												05/2024												9,260									1.1						1.1
												Class A common units																		05/2024												862									—						0.3
																																																			24.5						24.8
XIFIN, Inc. and ACP Charger Co-Invest LLC						Revenue cycle management provider to labs						Class A units																		02/2020												180,000									1.8						4.7			(2)
												Class B units																		12/2021												46,363									0.9						2.3			(2)
																																																			2.7						7.0
Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. (13)						Provider of recurring fire protection services						First lien senior secured revolving loan						8.40%			SOFR (M)			4.75%						07/2024						07/2031									0.1						0.1						0.1			(2)(9)(12)
												First lien senior secured loan						8.45%			SOFR (Q)			4.75%						07/2024						07/2031									12.7						12.7						12.6			(2)(9)
																																																			12.8						12.7
																																																			2,873.4						2,811.9						20.25%
Consumer Services
Aimbridge Topco, LLC						Hotel operator						Common units																		03/2025												56,310									3.3						2.9			(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									3.8						8.3			(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						8.73%			SOFR (Q)			5.00%						10/2023						10/2029									4.0						4.0						4.0			(2)(9)(12)
												First lien senior secured loan						8.73%			SOFR (Q)			5.00%						09/2024						10/2030									198.9						198.7						198.9			(2)(9)
												Series B common units																		10/2023												262,165									7.2						12.0
																																																			209.9						214.9
Belfor Holdings, Inc. (13)						Disaster recovery services provider						First lien senior secured revolving loan																		11/2023						11/2028									—						—						—			(2)(11)
Birdie Bidco, Inc. (13)						Golf club owner and operator						First lien senior secured loan						8.48% (2.25% PIK)			SOFR (Q)			4.75%						11/2025						11/2032									22.9						22.9						22.9			(2)(9)
Calera XXVIII, LLC (14)						Platform of residential floor coating and vinyl fence installers						Limited liability company interests																		12/2025												5,420,161									5.4						5.7			(2)(6)
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						9.79%			SOFR (Q)			6.00%						12/2021						12/2027									1.0						1.0						0.8			(2)(9)

See accompanying notes to consolidated financial statements.

37

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						11.77% (6.00% PIK)			SOFR (Q)			8.00%						12/2021						12/2027									3.6						3.6						2.9			(2)(9)
												First lien senior secured loan						12.04% (6.25% PIK)			SOFR (Q)			8.25%						03/2023						12/2027									7.0						7.0						5.7			(2)(9)
												Class A units																		12/2021												4,296									4.3						—
																																																			15.9						9.4
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (13)						Provider of commercial HVAC equipment maintenance and repair services						First lien senior secured revolving loan						8.66%			SOFR (Q)			5.00%						05/2022						11/2030									7.2						7.2						7.0			(2)(9)
												First lien senior secured loan						8.67%			SOFR (S)			5.00%						05/2022						11/2030									16.9						16.9						16.4			(2)(9)
												First lien senior secured loan						8.72%			SOFR (Q)			5.00%						11/2023						11/2030									3.6						3.6						3.4			(2)(9)
												First lien senior secured loan						8.67%			SOFR (S)			5.00%						05/2022						11/2030									4.0						4.0						3.8			(2)(9)
												Common stock																		05/2022												302									3.1						3.4			(2)
																																																			34.8						34.0
CST Holding Company (13)						Provider of ignition interlock devices						First lien senior secured loan						8.74%			SOFR (M)			5.00%						11/2022						11/2028									11.3						11.3						11.3			(2)(9)
												First lien senior secured loan						8.74%			SOFR (M)			5.00%						07/2024						11/2028									0.1						0.1						0.1			(2)(9)
																																																			11.4						11.4
Davidson Hotel Company LLC (13)						Provider of hotel operations solutions and advisory services						First lien senior secured loan						8.64%			SOFR (M)			5.00%						10/2024						10/2031									9.1						9.1						9.1			(2)(9)
Equinox Holdings, Inc.						Operator of luxury, full-service health fitness clubs						First lien senior secured loan						10.98%			SOFR (Q)			7.25%						03/2024						03/2029									46.5						45.9						46.5			(2)(9)
												Second lien senior secured loan						16.00% PIK												03/2024						06/2027									4.9						4.9						4.9			(2)
																																																			50.8						51.4
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (13)						Provider of plumbing and HVAC services						First lien senior secured revolving loan						8.91%			SOFR (Q)			5.25%						06/2024						06/2030									8.6						8.6						8.1			(2)(9)(12)
												First lien senior secured loan						9.30%			SOFR (Q)			5.63%						06/2024						06/2031									152.2						152.1						143.0			(2)(9)
												Preferred units						15.00% PIK												07/2023												768									10.8						10.8			(2)
												Class A units																		11/2020												6,447									22.9						8.5			(2)
																																																			194.4						170.4
Eternal Aus Bidco Pty Ltd (13)						Operator of cemetery, crematoria and funeral services						First lien senior secured loan						9.50%			BBSY (Q)			5.00%						11/2023						10/2029									3.9						3.7						3.9			(2)(6)(9)
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. (13)						Fitness facility operator						First lien senior secured loan						8.48%			SOFR (Q)			4.75%						05/2024						04/2030									9.6						9.5						9.5			(2)(9)
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP (4)(13)						Crunch Fitness franchisee						First lien senior secured revolving loan						7.64%			SOFR (M)			4.00%						08/2024						08/2030									2.4						2.4						2.4			(2)(9)(12)
												First lien senior secured loan						8.39%			SOFR (M)			4.75%						08/2024						08/2031									10.5						10.5						10.5			(2)(9)
												First lien senior secured loan						8.39%			SOFR (M)			4.75%						05/2026						08/2031									3.2						3.2						3.2			(2)(9)
												Common units																		07/2024												11,957,000									12.0						17.3			(2)
																																																			28.1						33.4
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (13)						Distributor of instructional products, services and resources						First lien senior secured revolving loan						9.26%			SOFR (M)			5.50%						08/2018						04/2027									9.9						9.9						9.7			(2)(9)(12)

See accompanying notes to consolidated financial statements.

38

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						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						10.50%			Base Rate (Q)			3.75%						08/2018						04/2027									4.1						4.1						4.0			(2)(9)(12)
												First lien senior secured loan						9.49%			SOFR (Q)			5.50%						06/2024						04/2027									7.4						7.4						7.2			(2)(9)
												First lien senior secured loan						9.49%			SOFR (Q)			5.50%						07/2017						04/2027									28.6						28.6						28.0			(2)(9)
												First lien senior secured loan						9.43%			SOFR (Q)			5.50%						05/2025						04/2027									5.0						5.0						4.9			(2)(9)
												First lien senior secured loan						9.49%			SOFR (Q)			5.50%						08/2018						04/2027									1.1						1.1						1.1			(2)(9)
												Series A preferred stock																		10/2014												1,272									0.7						0.3			(2)
																																																			56.8						55.2
Flint OpCo, LLC (13)						Provider of residential HVAC and plumbing services						First lien senior secured loan						8.41%			SOFR (Q)			4.75%						05/2024						08/2030									4.1						4.1						4.1			(2)(9)
												First lien senior secured loan						8.41%			SOFR (Q)			4.75%						08/2023						08/2030									6.9						6.9						6.9			(2)(9)
												First lien senior secured loan						8.40%			SOFR (Q)			4.75%						06/2025						08/2030									2.0						2.0						2.0			(2)(9)
												First lien senior secured loan						8.40%			SOFR (Q)			4.75%						06/2026						08/2030									14.9						14.9						14.9			(2)(9)
																																																			27.9						27.9
Goodlife Fitness Centers Inc. and AP Rainbow Co-Invest L.P. (13)						Operator of fitness centers						First lien senior secured revolving loan																		04/2026						04/2033									—						—						—			(2)(6)(11)
												First lien senior secured loan						7.54%			CORRA (Q)			5.25%						04/2026						04/2033									35.3						36.0						34.9			(2)(6)(9)
												Limited partnership interest																		03/2026												7,321,000									7.4						7.3			(2)(6)
																																																			43.4						42.2
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						10.38%			SOFR (M)			6.75%						04/2023						04/2029									2.4						2.4						2.1			(2)(9)(12)
												First lien senior secured loan						10.48%			SOFR (Q)			6.75%						04/2023						04/2030									24.2						24.2						21.8			(2)(9)
												Class A common units																		04/2023												4,424									4.4						0.8			(2)
																																																			31.0						24.7
Helios Service Partners, LLC and Astra Service Partners, LLC (13)						Critical HVAC, refrigeration, and plumbing services for commercial businesses						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						11/2025						11/2032									50.9						50.9						50.9			(2)(9)
IFH Franchisee Holdings, LLC (13)						Operator of fitness centers						First lien senior secured revolving loan						7.64%			SOFR (Q)			4.00%						12/2024						12/2029									4.3						4.3						4.3			(2)(9)
												First lien senior secured loan						9.14%			SOFR (Q)			5.50%						12/2024						12/2029									54.5						54.5						54.5			(2)(9)
																																																			58.8						58.8
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																		12/2022						12/2028									—						—						—			(2)(6)(11)
												First lien senior secured revolving loan																		11/2023						12/2028									—						—						—			(2)(6)
												First lien senior secured loan						9.73%			SOFR (Q)			6.00%						12/2022						12/2028									3.4						3.4						3.4			(2)(6)(9)
												First lien senior secured loan						9.73%			SOFR (Q)			6.00%						12/2022						12/2028									11.0						11.0						11.0			(2)(6)(9)
												First lien senior secured loan						9.23%			SOFR (Q)			5.50%						10/2024						12/2028									5.5						5.5						5.5			(2)(6)(9)
												First lien senior secured loan						9.73%			SOFR (Q)			6.00%						11/2023						12/2028									6.3						6.3						6.3			(2)(6)(9)

See accompanying notes to consolidated financial statements.

39

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						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						8.29%			CORRA (Q)			6.00%						11/2023						12/2028									0.9						0.9						1.3			(2)(6)(9)
												Class A units																		12/2022												9,524,000									9.5						9.0			(2)(6)
																																																			36.6						36.5
Invited, Inc. and KSL Longdrive Co-Invest, L.P. (13)						A manager of golf & country clubs throughout the United States						First lien senior secured loan						8.98%			SOFR (Q)			5.25%						06/2026						06/2032									181.3						181.3						179.5			(2)(9)
												Limited partnership interest																		05/2026												4,492,000									4.5						4.5			(2)
																																																			185.8						184.0
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (13)						Franchising platform offering adolescent development programs						First lien senior secured loan						9.73%			SOFR (Q)			6.00%						01/2025						12/2027									1.4						1.4						1.4			(2)(9)
												First lien senior secured loan						9.73%			SOFR (Q)			6.00%						12/2022						12/2027									29.8						29.8						29.2			(2)(9)
												Limited partnership interests																		12/2022												2,149,690									2.1						2.3
																																																			33.3						32.9
LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC (13)						A direct-to-consumer home solutions and residential improvements platform						First lien senior secured revolving loan						8.89%			SOFR (M)			5.25%						09/2025						09/2031									2.7						2.7						2.6			(2)(9)(12)
												First lien senior secured loan						8.89%			SOFR (M)			5.25%						09/2025						09/2031									171.4						171.4						166.2			(2)(9)
												Limited partnership units																		09/2025												64,787									67.3						73.0			(2)
																																																			241.4						241.8
ME Equity LLC						Franchisor in the massage industry						Common stock																		09/2012												3,000,000									3.0						4.1			(2)
Modigent, LLC and OMERS PMC Investment Holdings LLC (13)						Provider of commercial HVAC services						First lien senior secured loan						8.98%			SOFR (Q)			5.25%						09/2023						08/2028									6.2						6.2						6.2			(2)(9)
												First lien senior secured loan						8.98%			SOFR (Q)			5.25%						08/2022						08/2028									12.2						12.2						12.2			(2)(9)
												Preferred units						14.00% PIK												05/2025												82									1.0						1.0			(2)
												Class A units																		08/2022												1,001									9.7						11.1			(2)
																																																			29.1						30.5
Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC (13)						Provider of lawn care, tree care and pest control services						First lien senior secured revolving loan																		06/2024						06/2031									—						—						—			(2)(11)
												First lien senior secured loan						8.98%			SOFR (Q)			5.25%						03/2026						06/2031									0.9						0.9						0.9			(2)(9)
												First lien senior secured loan						8.95%			SOFR (M)			5.25%						06/2024						06/2031									27.8						27.8						27.8			(2)(9)
												First lien senior secured loan						8.98%			SOFR (Q)			5.25%						08/2025						06/2031									2.0						2.0						2.0			(2)(9)
												Class A preferred units																		09/2024												690									0.7						0.7
												Class B common units																		09/2024												690,179									0.3						0.3
																																																			31.7						31.7
North Haven Fairway Buyer, LLC and Fairway Lawns, LLC (13)						Provider of lawncare services						First lien senior secured revolving loan						8.70%			SOFR (Q)			5.00%						12/2022						05/2028									5.7						5.7						5.7			(2)(9)
												First lien senior secured loan						8.70%			SOFR (Q)			5.00%						12/2022						05/2028									17.4						17.4						17.4			(2)(9)
												First lien senior secured loan						8.66%			SOFR (Q)			5.00%						02/2025						05/2028									10.0						10.0						10.0			(2)(9)
												First lien senior secured loan						8.66%			SOFR (Q)			5.00%						06/2024						05/2028									6.6						6.6						6.6			(2)(9)

See accompanying notes to consolidated financial statements.

40

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						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 (Q)			5.00%						03/2026						05/2028									2.0						2.0						2.0			(2)(9)
																																																			41.7						41.7
Northwinds Holding, Inc. and Northwinds Services Group LLC (13)						Provider of HVAC and plumbing services						First lien senior secured loan						9.08%			SOFR (Q)			5.25%						08/2024						05/2029									6.1						6.1						6.1			(2)(9)
												First lien senior secured loan						9.07%			SOFR (Q)			5.25%						05/2023						05/2029									26.6						26.6						26.6			(2)(9)
												First lien senior secured loan						9.08%			SOFR (Q)			5.25%						06/2025						05/2029									2.7						2.7						2.7			(2)(9)
												Common units																		05/2023												2,911,607									4.0						5.0			(2)
																																																			39.4						40.4
OTG Concessions Management, LLC and Octa Parent Holdings, LLC						Airport restaurant operator						Second lien notes																		02/2024						02/2031									9.7						9.7						7.3			(2)(8)
												Participation rights																		02/2024						02/2054						1									—						—			(2)
																																																			9.7						7.3
PestCo Holdings, LLC and PestCo, LLC (13)						Provider of pest control services to the residential and commercial markets						First lien senior secured revolving loan						10.50%			Base Rate (Q)			3.75%						08/2025						08/2030									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						8.41%			SOFR (M)			4.75%						08/2025						08/2030									16.6						16.5						16.6			(2)(9)
												Class A units																		01/2023												139									1.9						3.1
																																																			18.9						20.2
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						10.47% (1.50% PIK)			SOFR (Q)			6.75%						10/2024						10/2030									0.5						0.5						0.4			(2)(9)
												First lien senior secured loan						10.48% (1.50% PIK)			SOFR (Q)			6.75%						10/2024						10/2030									6.6						6.6						6.0			(2)(9)
												Preferred units						20.00% PIK												01/2026						01/2028						84									0.1						0.1			(2)
												Common stock																		10/2024												667									0.7						—			(2)
																																																			7.9						6.5
Premiere Buyer, LLC (13)						Third-party residential property manager for multi-family residential properties in the United States						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						05/2024						05/2031									5.5						5.5						5.5			(2)(9)
												First lien senior secured loan						8.23%			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						8.92%			SOFR (Q)			5.25%						10/2024						01/2028									2.6						2.6						2.6			(2)(9)
												First lien senior secured loan						8.92%			SOFR (Q)			5.25%						01/2023						01/2028									7.3						7.3						7.3			(2)(9)
												Preferred membership units						8.00% PIK												07/2016												996,833									1.3						3.5
																																																			11.2						13.4
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						8.64%			SOFR (M)			5.00%						05/2024						06/2031									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						8.64%			SOFR (M)			5.00%						06/2025						06/2031									10.9						10.9						10.9			(2)(9)
												Limited partnership interest																		06/2024												11,184,000									11.2						11.2			(2)
																																																			27.7						27.7
Radiant Intermediate Holding, LLC						Provider of HVAC, plumbing and electrical services						First lien senior secured loan						9.52%			SOFR (Q)			5.75%						04/2023						11/2026									2.1						2.1						2.1			(2)(9)

See accompanying notes to consolidated financial statements.

41

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Redwood Services LP (13)						Provider of residential HVAC and plumbing services						First lien senior secured revolving loan																		06/2025						06/2032									—						—						—			(2)(11)
												First lien senior secured loan						7.98%			SOFR (Q)			4.25%						06/2025						06/2032									6.6						6.6						6.6			(2)(9)
																																																			6.6						6.6
Saber Parent Holdings Corp. and MSHC, Inc. (13)						Provider of aftermarket maintenance, repair, and replacement services for commercial HVAC equipments						First lien senior secured revolving loan						10.25%			Base Rate (Q)			3.50%						12/2025						12/2032									1.8						1.8						1.8			(2)
												First lien senior secured loan						8.38% (2.25% PIK)			SOFR (M)			4.75%						12/2025						12/2032									1.2						1.2						1.1			(2)
												First lien senior secured loan						8.42% (2.25% PIK)			SOFR (Q)			4.75%						12/2025						12/2032									23.1						23.1						22.8			(2)
																																																			26.1						25.7
Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc.						Provider of safety systems for business and residential customers						First lien senior secured loan						9.76% (1.00% PIK)			SOFR (M)			6.00%						08/2020						12/2026									25.0						25.0						24.5			(2)(9)
SGP Shaka HoldCo, LLC and SGP Shaka JV, LLC (13)						Surf park operator						First lien senior secured loan						9.98%			SOFR (Q)			6.25%						01/2026						01/2031									5.8						5.8						5.8			(2)(9)
												Series A preferred units						13.25% PIK												01/2026												7,308									7.7						7.7
												Warrant to purchase common units																		01/2026						01/2036						913,500									—						—
																																																			13.5						13.5
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 loan						9.08%			SOFR (M)			5.33%						03/2020						08/2027									1.3						1.3						1.3			(2)(9)
												First lien senior secured loan						8.49%			SOFR (M)			4.75%						11/2025						07/2027									6.3						6.3						6.3			(2)(9)
												First lien senior secured loan						9.24%			SOFR (M)			5.50%						01/2024						08/2027									0.4						0.4						0.4			(2)(9)
												Class A units																		07/2018												37,020									3.8						8.1
																																																			11.8						16.1
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP (13)						Refrigeration, heating, ventilation and air conditioning services provider						First lien senior secured revolving loan						11.62% (4.50% PIK)			SOFR (M)			8.00%						12/2021						12/2027									12.9						12.9						12.9			(2)(9)
												First lien senior secured loan						11.64% (4.50% PIK)			SOFR (M)			8.00%						12/2021						12/2027									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						11.64% (4.50% PIK)			SOFR (M)			8.00%						08/2024						12/2027									11.3						11.3						11.3			(2)(9)
												First lien senior secured loan						11.64% (4.50% PIK)			SOFR (M)			8.00%						04/2023						12/2027									1.7						1.7						1.7			(2)(9)
												First lien senior secured loan						11.64% (4.50% PIK)			SOFR (M)			8.00%						10/2023						12/2027									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						11.64% (4.50% PIK)			SOFR (M)			8.00%						08/2022						12/2027									0.2						0.2						0.2			(2)(9)
												Preferred units																		01/2026												544,260									0.5						0.6
												Class A units																		12/2021												8,493,698									8.5						9.7
												Class C units																		03/2023												333,510									—						—
																																																			40.9						42.2

See accompanying notes to consolidated financial statements.

42

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
TopGolf International, LLC and TopGolf Topco, LLC (13)						Golf focused entertainment complex						First lien senior secured revolving loan																		01/2026						01/2031									—						—						—			(2)(11)
												First lien senior secured loan						8.18%			SOFR (Q)			4.50%						01/2026						01/2033									57.7						57.7						57.1			(2)(9)
												Common units																		01/2026												184,355									18.4						18.4
																																																			76.1						75.5
Triple JJJ Lube, Corp. and TCC Buyer Holdco, LLC (5)(13)						Automotive repair services retailer						First lien senior secured loan						9.67%			SOFR (Q)			6.00%						01/2026						01/2032									34.3						34.3						34.3			(2)(9)
												Class A preferred units																		01/2026												32,086									32.1						43.2			(2)
																																																			66.4						77.5
Triwizard Holdings, Inc. and Triwizard Parent, LP (13)						Parking management and hospitality services provider						First lien senior secured revolving loan						8.65%			SOFR (Q)			5.00%						06/2023						06/2029									4.0						4.0						4.0			(2)(9)(12)
												First lien senior secured revolving loan						10.75%			Base Rate (Q)			4.00%						06/2023						06/2029									4.0						4.0						4.0			(2)(9)
												First lien senior secured loan						8.71%			SOFR (Q)			5.00%						06/2023						06/2029									15.3						15.3						15.3			(2)(9)
												First lien senior secured loan						8.69%			SOFR (Q)			5.00%						06/2026						06/2029									2.8						2.8						2.8			(2)(9)
												Class A-2 common units																		06/2023												30,000									3.0						5.6			(2)
																																																			29.1						31.7
TSWT Acquisition, Inc. and TSWT Holdings, LLC (13)						Provider of residential home services specializing in HVAC, electrical and plumbing services						First lien senior secured revolving loan						10.75%			Base Rate (Q)			4.00%						11/2025						11/2031									0.7						0.7						0.7			(2)(9)
												First lien senior secured revolving loan						8.64%			SOFR (M)			5.00%						11/2025						11/2031									0.7						0.7						0.7			(2)(9)
												First lien senior secured loan						8.67%			SOFR (M)			5.00%						11/2025						11/2031									19.7						19.7						19.7			(2)(9)
												Class A units																		11/2025												42									0.9						1.1			(2)
																																																			22.0						22.2
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (13)						Provider of residential roofing repair & replacement						First lien senior secured revolving loan						9.74%			SOFR (Q)			6.00%						11/2023						11/2030									1.2						1.2						1.0			(2)(9)
												First lien senior secured loan						9.70% (4.09% PIK)			SOFR (Q)			6.00%						10/2024						11/2030									3.0						3.0						2.6			(2)(9)
												First lien senior secured loan						9.73% (4.09% PIK)			SOFR (Q)			6.00%						11/2023						11/2030									15.5						15.5						13.3			(2)(9)
												Class B common units																		11/2023												212									0.2						0.2
																																																			19.9						17.1
Vista Higher Learning, LLC						Developer of print and digital language learning solutions for K–12 and higher education institutions						First lien senior secured loan						8.42%			SOFR (Q)			4.75%						09/2025						09/2031									32.8						32.8						32.1			(2)(9)
YE Brands Holdings, LLC (13)						Sports camp operator						First lien senior secured loan						8.48%			SOFR (Q)			4.75%						10/2021						10/2027									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						09/2023						10/2027									3.6						3.6						3.6			(2)(9)
																																																			3.7						3.7
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						8.0

See accompanying notes to consolidated financial statements.

43

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Membership interest																		02/2025												264,161									0.3						1.5
																																																			1.7						9.5
																																																			1,973.4						1,972.1						14.20%
Insurance
15484880 Canada Inc. and 15484910 Canada Inc. (13)						Independent insurance broker						First lien senior secured revolving loan						7.83%			CORRA (M)			5.25%						04/2025						04/2031									0.3						0.3						0.3			(2)(6)(9)
												First lien senior secured loan						7.83%			CORRA (M)			5.25%						03/2026						04/2031									3.8						4.0						3.8			(2)(6)(9)
												First lien senior secured loan						7.83%			CORRA (M)			5.25%						04/2025						04/2031									33.4						33.4						33.4			(2)(6)(9)
												First lien senior secured loan						7.72%			Euribor (M)			5.25%						03/2026						04/2031									7.6						7.8						7.6			(2)(6)(9)
												Senior subordinated loan						14.00% PIK												04/2025						04/2035									15.2						15.2						15.2			(2)(6)
												Class A2 shares																		04/2025												19,825,189									13.8						14.8			(2)(6)
																																																			74.5						75.1
AQ Sunshine, Inc. and BayPine Regal Co-Invest, LP (13)						Specialized insurance broker						First lien senior secured loan						8.66%			SOFR (Q)			5.00%						06/2026						07/2033									140.3						140.3						138.9			(2)(9)
												Limited partnership interests																		05/2026												5,000,000									5.0						5.0			(2)
																																																			145.3						143.9
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						Limited partnership interest																		06/2025												17,510,000									24.1						23.2			(2)(6)
Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. (13)						Insurance program administrator						First lien senior secured loan						8.15%			SOFR (M)			4.50%						04/2025						04/2032									1.1						1.1						1.1			(2)(9)
Benecon Midco II LLC and Benecon Holdings, LLC (13)						Employee benefits provider for small and mid-size employers						First lien senior secured loan						8.24%			SOFR (Q)			4.50%						01/2024						01/2031									17.9						17.9						17.9			(2)(9)
												Class A units																		01/2024												7,796,550									27.1						35.7
																																																			45.0						53.6
Daylight Beta Parent LLC and CFCo, LLC (4)						Health insurance sales platform provider						First lien senior secured loan																		09/2023						09/2033									15.4						12.0						0.6			(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						0.6
Diamond Mezzanine 24 LLC						Property and casualty insurance underwriting and distribution platform						First lien senior secured revolving loan						8.16%			SOFR (Q)			4.50%						10/2024						10/2030									1.0						1.0						1.0			(2)(9)
												First lien senior secured loan						8.16%			SOFR (Q)			4.50%						10/2024						10/2030									5.5						5.5						5.5			(2)(9)
																																																			6.5						6.5
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (13)(14)						Managing general agent insurance distribution platform						First lien senior secured revolving loan						8.23%			SOFR (Q)			4.50%						12/2023						12/2029									0.5						0.5						0.5			(2)(9)(12)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						12/2023						12/2030									8.8						8.8						8.7			(2)(9)
												Limited partnership interest																		03/2024												1,348,309									1.3						1.9			(2)(6)
																																																			10.6						11.1

See accompanying notes to consolidated financial statements.

44

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Forza Insurance Holdings, LLC						Operator of insurance brands and platforms						First lien senior secured loan						9.48%			SOFR (Q)			5.75%						02/2025						02/2030									38.5						38.5						38.5			(2)(9)
Foundation Risk Partners, Corp. (13)						Full service independent insurance agency						First lien senior secured revolving loan						8.48%			SOFR (Q)			4.75%						10/2021						10/2029									9.6						9.6						9.6			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						04/2022						10/2030									9.2						9.2						9.2			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						05/2024						10/2030									16.2						16.2						16.2			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						10/2021						10/2030									66.3						66.3						66.3			(2)(9)
																																																			101.3						101.3
Galway Borrower LLC (13)						Insurance service provider						First lien senior secured revolving loan						8.24%			SOFR (Q)			4.50%						09/2021						09/2028									4.7						4.7						4.6			(2)(9)(12)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						09/2021						09/2028									45.3						45.3						44.9			(2)(9)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						01/2026						09/2028									1.3						1.3						1.2			(2)(9)
																																																			51.3						50.7
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. (13)						Insurance broker						First lien senior secured loan						7.27%			CORRA (Q)			5.00%						03/2024						03/2031									10.4						10.8						10.4			(2)(6)(9)
												First lien senior secured loan						7.28%			CDOR (Q)			5.00%						03/2024						03/2031									0.5						0.5						0.5			(2)(6)(9)
																																																			11.3						10.9
Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc. (13)						Independent retail insurance broker						First lien senior secured loan						8.14%			SOFR (M)			4.50%						12/2025						06/2031									10.2						10.2						10.2			(2)(9)
												First lien senior secured loan						8.14%			SOFR (M)			4.50%						08/2023						06/2031									5.2						5.2						5.2			(2)(9)
												First lien senior secured loan						8.14%			SOFR (M)			4.50%						03/2024						06/2031									1.4						1.4						1.4			(2)(9)
												Series A preferred shares						10.50%												12/2024												1,000									1.0						1.0			(2)
																																																			17.8						17.8
High Street Buyer, Inc. and High Street Holdco LLC (13)(14)						Insurance brokerage platform						First lien senior secured loan						7.98%			SOFR (Q)			4.25%						04/2021						04/2028									22.0						22.0						22.0			(2)(9)
												First lien senior secured loan						7.98%			SOFR (Q)			4.25%						03/2024						04/2028									4.0						4.0						4.0			(2)(9)
												First lien senior secured loan						7.98%			SOFR (Q)			4.25%						08/2021						04/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						7.98%			SOFR (Q)			4.25%						02/2022						04/2028									19.3						19.3						19.3			(2)(9)
												Series A preferred units						10.00% PIK												12/2023												20,106,667									25.9						25.9			(2)
												Series A preferred units						10.00% PIK												04/2021												172,211,694									260.4						260.4			(2)
												Series A preferred units						10.00% PIK												07/2024												4,506,667									5.5						5.5			(2)
												Series A preferred units						10.00% PIK												04/2024												1,386,667									1.7						1.7			(2)
												Series A units						10.00% PIK												04/2021												5,562,381									10.3						16.2			(2)
												Series C units						10.00% PIK												04/2021												10,043,368									4.7						29.2			(2)
																																																			353.9						384.3
Inszone Mid, LLC and INSZ Holdings, LLC (13)						Insurance brokerage firm						First lien senior secured loan						8.98%			SOFR (Q)			5.25%						12/2023						11/2029									26.6						26.6						26.6			(2)(9)
												First lien senior secured loan						8.98%			SOFR (Q)			5.25%						07/2024						11/2029									63.0						63.0						63.0			(2)(9)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						10/2025						11/2029									22.7						22.7						22.4			(2)(9)
												Common units																		11/2023												8,473,000									8.5						17.3

See accompanying notes to consolidated financial statements.

45

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Limited partnership interests																		11/2022												2,146,088									1.7						4.4
																																																			122.5						133.7
King Risk Partners, LLC (13)						Retail insurance brokerage firm						First lien senior secured loan						8.14%			SOFR (M)			4.50%						04/2025						04/2031									8.4						8.4						8.4			(2)(9)
Knight AcquireCo, LLC and Knight Holdings, LP (13)						Insurance agency and regulatory services provider						First lien senior secured loan						8.15%			SOFR (Q)			4.50%						11/2025						11/2032									11.9						11.8						11.8			(2)(9)
												Class A-1 common units																		11/2025												213,806									2.1						2.3			(2)
																																																			13.9						14.1
Koala Investment Holdings, Inc. (13)						Insurance brokerage platform						First lien senior secured revolving loan						7.96%			SOFR (Q)			4.25%						08/2025						08/2032									1.2						1.2						1.1			(2)(9)
												First lien senior secured loan						7.99%			SOFR (Q)			4.25%						08/2025						08/2032									24.2						24.2						23.7			(2)(9)
																																																			25.4						24.8
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (13)						Insurance brokerage platform						First lien senior secured revolving loan						8.39%			SOFR (M)			4.75%						11/2023						11/2029									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.39%			SOFR (M)			4.75%						11/2023						11/2029									7.3						7.3						7.3			(2)(9)
												Class A2 units																		11/2023												115,928									2.3						3.2			(2)
																																																			9.7						10.6
Patriot Growth Insurance Services, LLC (13)						National retail insurance agency						First lien senior secured loan						8.88%			SOFR (Q)			5.00%						10/2021						10/2028									15.4						15.3						15.0			(2)(9)
People Corporation (13)						Provider of group benefits, group retirement and human resources services						First lien senior secured loan						7.62%			CORRA (Q)			5.00%						02/2021						02/2031									48.6						53.6						48.6			(2)(6)(9)
												First lien senior secured loan						7.62%			CORRA (Q)			5.00%						09/2023						02/2031									19.9						20.5						19.9			(2)(6)(9)
												First lien senior secured loan						7.62%			CORRA (Q)			5.00%						03/2026						02/2031									1.8						1.9						1.8			(2)(6)(9)
												First lien senior secured loan						7.62%			CORRA (Q)			5.00%						09/2021						02/2031									38.8						40.8						38.8			(2)(6)(9)
												First lien senior secured loan						7.62%			CORRA (Q)			5.00%						12/2024						02/2028									19.0						19.4						19.0			(2)(6)(9)
																																																			136.2						128.1
SageSure Holdings, LLC and SageSure LLC (13)						Insurance service provider						First lien senior secured loan						8.26%			SOFR (M)			4.50%						01/2025						01/2030									34.3						34.3						34.3			(2)(9)
												First lien senior secured loan						8.26%			SOFR (M)			4.50%						08/2024						01/2030									23.9						23.9						23.9			(2)(9)
												Series A units																		05/2025												710									70.0						129.1
																																																			128.2						187.3
SelectQuote, Inc. and SQ ABS Issuer, LLC						Direct to consumer insurance distribution platform						First lien senior secured notes						9.65%												10/2024						10/2039									1.2						1.2						1.2			(2)
												First lien senior secured notes						7.80%												10/2024						10/2039									1.8						1.8						1.8			(2)
												Warrant to purchase shares of common stock																		10/2024						10/2028						179,068									—						—			(2)
																																																			3.0						3.0
SG Acquisition, Inc. (13)						Provider of insurance solutions for car sales						First lien senior secured loan						8.43%			SOFR (Q)			4.75%						04/2024						04/2030									13.1						13.1						13.1			(2)(9)
SIG Parent Holdings, LLC (13)						Independent insurance brokerage						First lien senior secured loan						8.39%			SOFR (M)			4.75%						08/2024						08/2031									11.7						11.7						11.7			(2)(9)
Slaine Holdings LLC (13)						Holding company of insurance service providers						Senior subordinated loan						10.14%			SOFR (M)			6.50%						05/2025						05/2030									49.2						49.2						49.2			(2)(9)
THG Acquisition, LLC (13)						Multi-line insurance broker						First lien senior secured revolving loan						8.39%			SOFR (M)			4.75%						10/2024						10/2031									5.3						5.3						5.3			(2)(9)(12)

See accompanying notes to consolidated financial statements.

46

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						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						8.39%			SOFR (M)			4.75%						10/2024						10/2031									35.7						35.7						35.7			(2)(9)
																																																			41.0						41.0
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC (13)						Insurance brokerage firm						First lien senior secured revolving loan						6.92%			SOFR (Q)			3.25%						05/2024						05/2029									0.2						0.1						0.2			(2)
												First lien senior secured loan						6.48%			SOFR (Q)			2.75%						03/2024						05/2031									0.1						0.1						0.1			(2)(16)
																																																			0.2						0.3
World Insurance Associates, LLC and World Associates Holdings, LLC (13)						Insurance service provider						First lien senior secured loan						8.73%			SOFR (M)			5.00%						10/2023						04/2030									11.7						11.7						11.6			(2)(9)
																																																			1,483.2						1,570.5						11.31%
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						10.16%			SOFR (Q)			6.50%						08/2025						08/2030									1.7						1.7						1.7			(2)(6)(9)
												First lien senior secured loan						10.42%			SOFR (Q)			6.75%						08/2025						08/2030									34.9						34.9						34.9			(2)(6)(9)
												First lien senior secured loan						10.17%			SOFR (Q)			6.50%						03/2026						08/2030									5.2						5.2						5.2			(2)(6)(9)
												First lien senior secured loan						10.42%			SOFR (Q)			6.75%						04/2026						08/2030									17.8						17.8						17.8			(2)(6)(9)
																																																			59.6						59.6
Airx Climate Solutions, Inc. (13)						Provider of commercial HVAC equipment and services						First lien senior secured revolving loan						9.40%			SOFR (Q)			5.75%						11/2023						11/2029									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						9.36%			SOFR (M)			5.75%						11/2023						11/2029									9.7						9.7						9.7			(2)(9)
												First lien senior secured loan						8.63%			SOFR (M)			5.00%						07/2024						11/2029									12.4						12.4						12.3			(2)(9)
																																																			22.6						22.5
Align Precision Group, LLC and Align Precision Topco, L.P. (4)(13)						Manufacturer of precision machined components for defense and high-tech industrial platforms						First lien senior secured loan						10.45% PIK			SOFR (M)			6.75%						07/2025						07/2030									15.7						15.6						15.6			(2)(9)
												Class A-2 units																		07/2025												6,310									—						0.1			(2)
																																																			15.6						15.7
Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC (13)						Provider of military aircraft aftermarket parts and distribution, repair and logistics services						First lien senior secured revolving loan						9.38%			SOFR (Q)			5.50%						06/2025						05/2030									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						9.40%			SOFR (Q)			5.50%						05/2025						05/2030									2.8						2.0						2.8			(2)(9)
												First lien senior secured loan						10.49% (2.00% PIK)			SOFR (M)			6.50%						05/2025						05/2030									0.5						0.2						0.2			(2)(9)
												First lien senior secured loan						9.46%			SOFR (Q)			5.50%						06/2025						05/2030									0.9						0.9						0.9			(2)(9)
												First lien senior secured loan						10.99% (6.00% PIK)			SOFR (Q)			7.00%						05/2025						05/2030									1.7						0.6						0.7			(2)(9)
												Membership Interest																		05/2025												4,015									—						—			(2)
																																																			3.9						4.8
Arrowhead Holdco Company and Arrowhead GS Holdings, Inc.						Distributor of non-discretionary, mission-critical aftermarket replacement parts						First lien senior secured loan						6.13%			SOFR (Q)			2.25%						08/2021						08/2028									0.1						0.1						0.1			(2)(9)
												Common stock																		08/2021												5,054									5.1						—			(2)

See accompanying notes to consolidated financial statements.

47

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			5.2						0.1
Arxis, Inc. (fka Qnnect, LLC and Connector TopCo, LP)						Manufacturer of highly engineered hermetic packaging products						Class A common stock																		11/2022												1,245,139									9.9						57.5			(2)(6)(16)
Bells Parent, Inc. (13)						A consulting, engineering, surveying, construction, and environmental services firm						First lien senior secured loan						8.73%			SOFR (Q)			5.00%						04/2026						04/2033									12.5						12.5						12.4			(2)(9)
												First lien senior secured loan						8.78%			SOFR (S)			5.00%						04/2026						04/2033									42.3						42.3						41.7			(2)(9)
																																																			54.8						54.1
BGIF IV Fearless Utility Services, Inc. (13)						Maintenance and installation service provider for electric transmission and distribution infrastructure						First lien senior secured revolving loan						8.65%			SOFR (M)			5.00%						06/2024						06/2030									0.2						0.2						0.2			(2)(9)(12)
												First lien senior secured loan						8.65%			SOFR (M)			5.00%						06/2024						06/2031									19.9						19.9						19.9			(2)(9)
																																																			20.1						20.1
Blue Raven Solutions, LLC, Triman Industries, Inc., and Crestwood Technology Group, LLC (13)						Provider of distribution, supply chain, and repair management services for the military aftermarket						First lien senior secured loan						9.73%			SOFR (Q)			6.00%						01/2026						01/2032									29.1						29.1						28.5			(2)(9)
Burgess Point Purchaser Corporation (13)						Remanufacturer of mission-critical and non-discretionary aftermarket vehicle, industrial, energy storage, and solar replacement parts						First lien senior secured loan						9.01%			SOFR (Q)			5.25%						07/2022						07/2029									21.5						20.8						19.7			(2)(9)(16)
												First lien senior secured loan						9.66%			SOFR (Q)			6.00%						01/2026						07/2029									31.5						31.5						29.8			(2)(9)
																																																			52.3						49.5
CPIG Holdco Inc.						Distributor of engineered fluid power and complex machined solutions						First lien senior secured loan						9.78%			SOFR (Q)			6.00%						04/2023						04/2028									14.3						14.3						14.3			(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						11.23% (5.00% PIK)			SOFR (Q)			7.50%						01/2023						01/2029									2.1						2.1						2.0			(2)(9)
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP						Provider of aerospace technology and equipment						Common units																		12/2020												9,773,000									9.8						17.8
EIS Legacy Holdco, LLC (13)						Distributor of electric applicator components						First lien senior secured loan						8.16%			SOFR (Q)			4.50%						11/2024						11/2031									6.0						6.0						6.0			(2)(9)
ELM DebtCo, LLC (13)						Provider of underground utility locating services with a focus on the natural gas & electric end markets						First lien senior secured revolving loan						10.25%			Base Rate (M)			3.50%						11/2025						11/2031									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						11/2025						11/2031									5.2						5.2						5.2			(2)(9)
																																																			5.3						5.3
Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC (13)						Manufacturer of industrial chain and complementary power transmission products for industrial applications						First lien senior secured revolving loan						10.14%			SOFR (M)			6.50%						10/2025						10/2031									2.0						2.0						2.0			(2)(9)
												First lien senior secured loan						10.23%			SOFR (Q)			6.50%						10/2025						10/2031									55.8						55.8						55.8			(2)(9)
												Preferred units						8.00% PIK												10/2025												8,163									8.3						8.3			(2)
												Common units																		10/2025												9,070									0.9						0.8			(2)

See accompanying notes to consolidated financial statements.

48

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			67.0						66.9
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						—			(2)
												Class A-2 units																		12/2016												3,500									3.5						—			(2)
																																																			5.8						—
Generator US Buyer, Inc. and Total Power Limited (13)						Provider of generator-based power solutions						First lien senior secured revolving loan						6.79%			CORRA (Q)			4.50%						07/2024						07/2030									0.1						0.1						0.1			(2)(6)(9)
												First lien senior secured loan						6.79%			CORRA (Q)			4.50%						07/2024						07/2030									0.8						0.8						0.8			(2)(6)(9)
																																																			0.9						0.9
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						8.23%			SOFR (Q)			4.50%						01/2025						01/2032									0.5						0.5						0.5			(2)(9)
												Member units																		01/2025												20,000,000									17.5						20.2			(2)
																																																			18.0						20.7
GSV Purchaser, Inc. (13)						Provider of maintenance, repair, and sales services for commercial emergency power backup generators						First lien senior secured loan						8.18%			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						8.23%			SOFR (Q)			4.50%						10/2021						08/2032									12.6						12.6						12.6			(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						8.48%			SOFR (Q)			4.75%						03/2025						03/2032									10.9						10.9						10.9			(2)(9)(12)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						10/2025						03/2032									11.5						11.5						11.5			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						03/2025						03/2032									4.0						4.0						4.0			(2)(9)
																																																			26.4						26.4
HPCC Parent, Inc. and Patriot Container Corp.						Manufacturer of waste handling and recycling equipment						First lien senior secured loan						13.00% (7.00% PIK)												09/2024						09/2030									87.1						87.1						87.1			(2)
												First lien senior secured loan						11.50%												03/2026						09/2030									4.0						4.0						4.0			(2)
												Common stock																		09/2024												513,867									4.9						4.8			(2)
																																																			96.0						95.9
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									20.5						20.3						20.5			(2)
												Class A common stock																		01/2017												48,544									14.8						84.5
																																																			35.1						105.0
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 loan						8.12%			SOFR (M)			4.50%						09/2025						09/2032									29.9						29.7						29.9			(2)(9)
LEG Purchaser Inc. (13)						Manufacturer of refuse collection vehicles and related parts						First lien senior secured revolving loan						11.25%			Base Rate (Q)			4.50%						01/2026						01/2032									1.6						1.6						1.6			(2)(6)(9)
												First lien senior secured loan						9.17%			SOFR (Q)			5.50%						01/2026						01/2032									20.9						20.8						21.5			(2)(6)(9)
																																																			22.4						23.1

See accompanying notes to consolidated financial statements.

49

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Livewire Acquisition, Inc. and Livewire Co-Invest Holdings, LP (13)						Provider of construction, industrial, mechanical, electrical and inspection services to commercial clients						First lien senior secured revolving loan						7.98%			SOFR (Q)			4.25%						01/2026						12/2032									6.0						6.0						5.9			(2)(9)
												First lien senior secured loan						7.98%			SOFR (Q)			4.25%						01/2026						12/2032									5.0						5.0						5.0			(2)(9)
												Common units																		01/2026												842									0.8						1.1			(2)
																																																			11.8						12.0
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						2.7			(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)												03/2025						05/2032									4.5						4.2						4.4			(2)
												Senior subordinated loan						10.00% (7.00% PIK)												05/2024						05/2032									33.7						32.6						32.7			(2)
												Class B common units																		05/2024												8									1.9						3.8
																																																			38.7						40.9
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						10.51%			SOFR (M)			6.75%						06/2021						06/2029									55.3						55.3						54.7			(2)(9)
Paris US Holdco, Inc. and Trimaster Manufacturing Inc. (13)						Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry						First lien senior secured revolving loan						8.39%			SOFR (M)			4.75%						12/2024						12/2031									0.3						0.3						0.3			(2)(6)(9)
												First lien senior secured loan						8.39%			SOFR (M)			4.75%						12/2024						12/2031									20.1						20.1						20.1			(2)(6)(9)
												First lien senior secured loan						8.64%			SOFR (M)			5.00%						06/2026						12/2031									3.7						3.7						3.7			(2)(6)(9)
																																																			24.1						24.1
Pave America Holding, LLC (13)						Provider of high-quality asphalt and concrete services for commercial properties						First lien senior secured revolving loan						8.46%			SOFR (Q)			4.75%						08/2025						08/2032									3.4						3.4						3.4			(2)(9)
												First lien senior secured loan						8.98% (2.88% PIK)			SOFR (Q)			5.25%						08/2025						08/2032									26.8						26.8						26.8			(2)(9)
																																																			30.2						30.2
Pike Corporation (13)						Provider of a full suite of outsourced construction, repair and engineering services						First lien senior secured loan						7.89%			SOFR (M)			4.25%						12/2025						12/2032									162.2						162.2						160.6			(2)(9)
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 loan						8.64%			SOFR (M)			5.00%						01/2025						01/2031									17.8						17.8						17.1			(2)(9)

See accompanying notes to consolidated financial statements.

50

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Limited partnership interest																		03/2025												752,822									0.8						0.4			(2)
																																																			18.6						17.5
Radius Aerospace, Inc. and Radius Aerospace Europe Limited (13)						Metal fabricator in the aerospace industry						First lien senior secured revolving loan						9.64%			SOFR (Q)			5.75%						03/2019						03/2027									0.5						0.5						0.5			(2)(6)(9)
												First lien senior secured revolving loan						9.48%			SONIA (M)			5.75%						11/2019						03/2027									2.0						1.9						2.0			(2)(6)(9)
												First lien senior secured loan						9.62%			SOFR (Q)			5.75%						06/2024						03/2027									9.8						9.8						9.8			(2)(6)(9)
																																																			12.2						12.3
Radwell Parent, LLC (13)						Distributor of maintenance, repair, and operations parts						First lien senior secured revolving loan						8.48%			SOFR (Q)			4.75%						12/2022						04/2029									1.3						1.2						1.3			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						12/2022						04/2030									12.3						12.3						12.2			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						04/2026						04/2030									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						11/2024						04/2029									2.8						2.8						2.8			(2)(9)
																																																			16.4						16.4
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						9.49%			SOFR (M)			5.75%						10/2017						12/2027									1.5						1.5						1.5			(2)(9)(12)
												First lien senior secured loan						9.49%			SOFR (M)			5.75%						04/2024						12/2027									3.7						3.7						3.7			(2)(9)
												First lien senior secured loan						9.49%			SOFR (M)			5.75%						03/2025						12/2027									14.9						14.9						14.9			(2)(9)
												First lien senior secured loan						9.48%			SOFR (M)			5.75%						11/2025						12/2027									2.3						2.3						2.3			(2)(9)
																																																			22.4						22.4
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. (13)						Provider of aircraft component maintenance, repair, and overhaul services						First lien senior secured revolving loan						8.66%			SOFR (Q)			5.00%						05/2024						05/2031									0.7						0.7						0.7			(2)(9)
												First lien senior secured loan						8.71%			SOFR (Q)			5.00%						05/2024						05/2031									57.8						57.8						57.8			(2)(9)
												First lien senior secured loan						8.70%			SOFR (A)			5.00%						06/2026						05/2031									9.6						9.6						9.6			(2)(9)
												Series A common units																		05/2024												1,042									1.0						2.1			(2)
																																																			69.1						70.2
Titan BW Borrower L.P. (13)						Provider of aftermarket and OEM solutions to the commercial and military aerospace industry						First lien senior secured loan						9.01% (2.88% PIK)			SOFR (Q)			5.38%						07/2025						07/2032									37.3						37.1						36.9			(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 loan						8.73%			SOFR (Q)			5.00%						05/2022						08/2030									21.8						21.8						21.8			(2)(9)
Werner Finco LP						Provider of safety access and secure storage products across access equipment, ladders, and truck & van solutions.						First lien senior secured loan						8.92%			SOFR (Q)			5.25%						06/2025						06/2031									109.2						109.2						109.2			(2)(9)

See accompanying notes to consolidated financial statements.

51

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Zenith AcquisitionCo, LLC (13)						A family of precision aerospace and defense component companies						First lien senior secured loan						8.17%			SOFR (Q)			4.50%						01/2026						01/2033									67.0						67.0						66.3			(2)(9)
																																																			1,338.7						1,437.5						10.35%
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						8.26%			SOFR (M)			4.50%						07/2023						09/2028									17.2						16.9						12.6			(2)(9)(16)
												First lien senior secured loan						7.76%			SOFR (M)			4.00%						03/2026						09/2028									3.6						2.6						2.7			(2)(16)
												Second lien senior secured loan						10.76%			SOFR (M)			7.00%						09/2021						09/2029									29.5						29.5						22.7			(2)(9)
												Class A preferred units						8.00% PIK												09/2021						08/2051						5,484									8.0						6.0			(2)
												Series A preferred shares						11.00% PIK												09/2021						08/2051						21,921									37.3						27.6			(2)
																																																			94.3						71.6
Bamboo Purchaser, Inc.						Provider of nursery, garden, and greenhouse products						First lien senior secured loan																		11/2025						12/2029									22.2						8.5						3.6			(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						7.42%			SOFR (Q)			3.75%						05/2024						05/2030									10.5						10.5						10.5			(2)(9)
												First lien senior secured loan						8.17%			SOFR (Q)			4.50%						05/2024						05/2031									6.5						6.5						6.5			(2)(9)
																																																			17.0						17.0
Blazing Star Parent, LLC						Healthcare, pharmacy and retail provider						First lien senior secured loan						10.67%			SOFR (Q)			7.00%						08/2025						08/2030									98.9						98.9						98.9			(2)(9)
BR PJK Produce, LLC						Specialty produce distributor						First lien senior secured loan						10.09%			SOFR (Q)			6.25%						09/2024						11/2027									0.7						0.7						0.6			(2)(9)
												First lien senior secured loan						10.09%			SOFR (Q)			6.25%						01/2026						12/2027									0.6						0.6						0.6			(2)(9)
												First lien senior secured loan						10.09%			SOFR (Q)			6.25%						12/2023						11/2027									4.0						4.0						3.8			(2)(9)
																																																			5.3						5.0
Carrera Bidco Limited						Fuel and convenience retailer						Senior subordinated loan						7.75%			Euribor (S)			5.25%						11/2025						11/2032									133.3						135.4						133.3			(2)(6)
City Line Distributors LLC and City Line Investments LLC (13)						Specialty food distributor						First lien senior secured revolving loan						9.90%			SOFR (Q)			6.00%						08/2023						08/2028									0.4						0.4						0.4			(2)(9)
												First lien senior secured loan						9.92%			SOFR (Q)			6.00%						08/2023						08/2028									4.3						4.3						4.3			(2)(9)
												Class A units						8.00% PIK												08/2023												4,172,852									5.1						3.7			(2)
																																																			9.8						8.4
DecoPac, Inc. and KCAKE Holdings Inc. (13)						Supplier of cake decorating solutions and products to in-store bakeries						First lien senior secured loan						8.67%			SOFR (Q)			5.00%						09/2024						05/2030									129.6						129.6						129.6			(2)(9)
												Common stock																		05/2021												9,599									7.4						12.6			(2)
																																																			137.0						142.2
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (13)						Provider of visual communications solutions						First lien senior secured loan						8.97%			SOFR (M)			5.25%						01/2024						03/2028									7.9						7.9						7.9			(2)(9)
												First lien senior secured loan						8.97%			SOFR (M)			5.25%						11/2025						03/2028									15.2						15.2						15.2			(2)(9)

See accompanying notes to consolidated financial statements.

52

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						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						8.97%			SOFR (M)			5.25%						06/2021						03/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.97%			SOFR (M)			5.25%						03/2019						03/2028									15.0						15.0						15.0			(2)(9)
												First lien senior secured loan						8.97%			SOFR (M)			5.25%						08/2019						03/2028									0.1						0.1						0.1			(2)(9)
												Common units																		03/2019												600									0.6						1.2			(2)
																																																			38.9						39.5
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)(11)
												First lien senior secured loan						8.39%			SOFR (M)			4.75%						12/2024						12/2030									50.7						50.7						50.7			(2)(9)
																																																			50.7						50.7
GMF Parent, Inc. and GMF Group Holdings, LP (13)						Distributor of Mediterranean food and beverages						First lien senior secured revolving loan						8.23%			SOFR (Q)			4.50%						12/2025						12/2032									0.8						0.8						0.7			(2)(9)
												First lien senior secured loan						8.18%			SOFR (Q)			4.50%						12/2025						12/2032									40.4						40.4						39.2			(2)(9)
												Class A2 units																		12/2025												7,003									7.0						5.4			(2)
																																																			48.2						45.3
GPM Investments, LLC and ARKO Corp.						Convenience store operator						Common stock																		12/2020												2,088,478									19.8						16.8			(16)
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						7.70%			SOFR (M)			4.00%						11/2023						11/2029									4.7						4.7						4.7			(2)(9)
												First lien senior secured loan						9.19%			SOFR (Q)			5.50%						12/2025						11/2029									4.8						4.8						4.8			(2)(9)
												First lien senior secured loan						9.23%			SOFR (Q)			5.50%						11/2023						11/2029									5.2						5.2						5.2			(2)(9)
												Limited partnership interest																		11/2023												5,441,000									5.9						9.3			(2)
																																																			20.6						24.0
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (13)						Distributor of specialty foods						First lien senior secured loan						9.31%			SOFR (Q)			5.50%						05/2026						10/2031									38.9						38.9						38.6			(2)(9)
												Limited partnership interests																		10/2022												11,563,845									11.6						8.2			(2)
																																																			50.5						46.8
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC						Distributor of OEM appliance aftermarket parts						First lien senior secured loan						7.58%			SOFR (Q)			3.75%						12/2021						06/2028									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						7.58%			SOFR (Q)			3.75%						06/2021						06/2028									0.4						0.4						0.3			(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																		05/2021						05/2028									—						—						—			(2)(11)
												Class A-1 units																		05/2021												24,586									24.6						52.2			(2)
																																																			24.6						52.2
Midco Holding, LLC and Nivel Topco, LLC (4)						Manufacturer of aftermarket golf cart parts and accessories						First lien senior secured loan						11.15% (5.00% PIK)			SOFR (Q)			7.50%						11/2025						11/2029									11.7						11.7						11.7			(2)(9)
												Preferred units																		11/2025												6,943,696									2.7						2.0			(2)
												Class A units																		11/2025												5,341,305									—						—			(2)
																																																			14.4						13.7

See accompanying notes to consolidated financial statements.

53

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						11.0
Mountaineer Merger Corporation (13)						Discount retailer that specialized in apparel, housewares, accessories, and a selection of other products						First lien senior secured revolving loan						9.91% (1.25% PIK)			SOFR (Q)			6.25%						10/2024						10/2027									8.1						8.0						7.7			(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																		05/2023						05/2031									—						—						—			(2)(11)
												First lien senior secured loan						9.52%			SOFR (Q)			5.75%						06/2025						05/2031									2.4						2.4						2.4			(2)(9)
												First lien senior secured loan						9.51%			SOFR (Q)			5.75%						05/2023						05/2031									11.6						11.6						11.6			(2)(9)
												First lien senior secured loan						9.49%			SOFR (Q)			5.75%						05/2026						05/2031									1.6						1.6						1.6			(2)(9)
												Class B limited liability company interest																		05/2023												3.65%									10.2						9.5			(2)
																																																			25.8						25.1
Project Cardinal Acquisition, LLC (13)						Provider of outsourced foodservice to K-12 school districts						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						10/2025						10/2032									6.8						6.8						6.7			(2)(9)
Quirch Foods Holdings, LLC (13)						Specialty food distributor						First lien senior secured loan						10.19%			SOFR (M)			6.50%						11/2025						11/2030									114.4						114.4						114.4			(2)(9)
Reddy Ice LLC (13)						Packaged ice manufacturer and distributor						First lien senior secured revolving loan						8.90%			SOFR (M)			5.25%						04/2024						04/2029									19.3						19.3						19.3			(2)(9)(12)
												First lien senior secured revolving loan						11.00%			Base Rate (Q)			4.25%						04/2024						04/2029									9.3						9.3						9.3			(2)(9)(12)
												First lien senior secured revolving loan						11.00%			Base Rate (Q)			4.25%						04/2024						04/2029									5.8						5.8						5.8			(2)(9)
												First lien senior secured loan						8.86%			SOFR (M)			5.25%						04/2024						04/2029									125.6						125.6						125.6			(2)(9)
												First lien senior secured loan						8.86%			SOFR (M)			5.25%						07/2025						04/2029									183.6						183.6						183.6			(2)(9)
																																																			343.6						343.6
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)(11)
												First lien senior secured loan						9.39%			SOFR (M)			5.75%						07/2024						07/2030									25.2						25.2						25.2			(2)(9)
												Class A preferred units						10.00% PIK												07/2024												2,255,000									2.7						2.4
																																																			27.9						27.6
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						9.14%			SOFR (M)			5.50%						03/2023						07/2030									6.0						6.0						6.0			(2)(9)

See accompanying notes to consolidated financial statements.

54

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						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						9.14%			SOFR (M)			5.50%						05/2024						07/2030									12.5						12.5						12.5			(2)(9)
												First lien senior secured loan						9.14%			SOFR (M)			5.50%						06/2021						07/2030									30.9						30.9						30.9			(2)(9)
												First lien senior secured loan						9.14%			SOFR (M)			5.50%						08/2024						07/2030									5.4						5.4						5.4			(2)(9)
												First lien senior secured loan						9.23%			SOFR (A)			5.50%						06/2026						07/2030									9.1						9.1						9.1			(2)(9)
												First lien senior secured loan						9.14%			SOFR (M)			5.50%						06/2022						07/2030									0.5						0.5						0.5			(2)(9)
																																																			64.4						64.4
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (13)(14)						Fresh and specialty food distributor						First lien senior secured revolving loan						10.40%			SOFR (Q)			6.75%						02/2023						01/2029									0.3						0.3						0.2			(2)(9)(12)
												First lien senior secured loan						12.41%			SOFR (Q)			8.75%						02/2023						01/2029									8.5						8.5						7.4			(2)(9)
												Common units																		01/2023												1,673,000									1.7						—
																																																			10.5						7.6
																																																			1,418.3						1,377.6						9.92%
Investment Funds and Vehicles
ACAS Equity Holdings Corporation (5)						Investment company						Common stock																		01/2017												589									0.4						0.4			(6)
Constellation Wealth Capital Fund, L.P., Constellation Wealth Capital Fund II LP, and CWC Fund II GP Capital LP (14)						Specialist alternative asset management platform						Limited partner interests																		01/2024												4,665,197									4.3						5.0			(6)(16)
												Limited partnership interests																		06/2026												2,560,000									0.6						0.6			(6)
												Limited partnership interests																		06/2026												3,840,000									0.8						0.8			(6)
																																																			5.7						6.4
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									6.3						7.8			(2)(6)
European Capital UK SME Debt LP (4)						Investment partnership						Limited partnership interest																		01/2017												44.73%									—						0.2			(6)(16)
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												1,828,249									1.3						2.2			(2)(6)(16)
Partnership Capital Growth Investors III, L.P. (4)						Investment partnership						Limited partnership interest																		10/2011												11.50%									0.7						2.3			(2)(6)(16)
PCG-Ares Sidecar Investment, L.P. (4)						Investment partnership						Limited partnership interest																		05/2014												99.80%									4.5						0.2			(6)(16)
PCG-TAC-CV, LP (5)						Investment partnership						Limited partnership interest																		01/2025												99.80%									—						6.8			(2)(6)(16)
Piper Jaffray Merchant Banking Fund I, L.P.						Investment partnership						Limited partnership interest																		08/2012												2.02%									0.1						0.5			(6)(16)
Senior Direct Lending Program, LLC (5)(15)						Co-investment vehicle						Subordinated certificates						11.73%			SOFR (S)			8.00%						07/2016						12/2036									1,153.7						1,140.4						1,153.7			(6)(10)
												Membership interest																														87.5%									—						—			(6)
																																																			1140.4						1153.7

See accompanying notes to consolidated financial statements.

55

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			1,159.4						1,180.5						8.50%
Sports, Media and Entertainment
22 HoldCo Limited						Sports and entertainment platform						Senior subordinated loan						11.55% PIK			SONIA (S)			7.50%						08/2023						08/2033									72.1						69.6						72.1			(2)(6)(9)
3 Step Sports LLC (13)						Provider of integrated youth sports solutions						First lien senior secured revolving loan						10.15%			SOFR (M)			6.50%						10/2023						10/2028									1.4						1.4						1.4			(2)(9)
												First lien senior secured loan						10.23%			SOFR (Q)			6.50%						10/2023						10/2029									12.6						12.6						12.6			(2)(9)
												First lien senior secured loan						10.23%			SOFR (Q)			6.50%						12/2025						10/2029									2.8						2.8						2.8			(2)(9)
																																																			16.8						16.8
Aventine Intermediate LLC & Aventine Holdings II LLC						Media and production company						First lien senior secured loan						9.80% (3.50% PIK)			SOFR (Q)			6.00%						12/2021						06/2029									6.3						6.3						5.8			(2)(9)
												Second lien senior secured loan																		12/2021						12/2030									55.9						55.3						40.8			(2)(8)
																																																			61.6						46.6
Axiomatic, LLC						Premiere e-sports and video game investment platform						First lien senior secured notes																		06/2026						12/2027									0.1						0.1						0.1			(2)
												Class A-1 units																		05/2022												500,000									4.7						5.9
																																																			4.8						6.0
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						9.35%			SOFR (S)			5.50%						06/2025						06/2032									20.4						20.4						20.4			(2)(9)
CFC Funding LLC						SME-related SPV						Loan instrument units						9.75% PIK												07/2023												16,680									21.2						21.2			(6)
CMW Parent LLC (fka Black Arrow, Inc.)						Multiplatform media firm						Series A units																		09/2015												32									—						—
Create Music Holdings, LLC (13)						Music rights management company						Second lien senior secured loan						10.14% (3.25% PIK)			SOFR (Q)			6.25%						02/2026						02/2033									29.2						29.2						28.7			(2)(9)
												Class A common stock																		02/2026												642,138									7.1						7.1
																																																			36.3						35.8
Dundee Eros, LP						Catalog of premier music intellectual property						Limited partnership interest																		11/2024												4,803,441									4.8						5.1			(2)
Eagle Football Holdings BidCo Limited						Multi-club sports platform						Common stock																		06/2026												2,550,171									2.6						2.6			(2)(6)
FEH Group, LLC.						Professional sports team and entertainment complex						Class A common interest																		12/2024												26									180.5						266.5
												Class A common interest																		12/2024												26									5.3						7.8
												Class A common interest																		12/2024												26									1.3						1.9
																																																			187.1						276.2
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									14.8						14.8						14.8			(2)
												First lien senior secured loan						10.50%												01/2026						11/2028									3.8						3.8						3.8			(2)
												First lien senior secured loan						11.00%												05/2024						11/2028									16.8						15.7						16.8			(2)
												First lien senior secured loan						10.50%												12/2025						11/2028									1.9						1.9						1.9			(2)
												Series B redeemable preferred stock						13.50% PIK												06/2025												8,824									10.2						10.2			(2)

See accompanying notes to consolidated financial statements.

56

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Series E-5 convertible shares																		08/2024												217,907									0.9						1.5			(2)
												Warrant to purchase common stock																		06/2025						06/2035						177,076									—						0.7			(2)
																																																			47.3						49.7
Firebird Music Holdings, LLC						Acquiror of music companies primarily focused on artist and rights management						Common units																		06/2026												2,955,319									4.2						4.2
Firebird Music Rights I LP (4) (14)						Acquiror of music companies primarily focused on artist and rights management						Limited partnership interests						10.00% PIK												06/2026												340,110									0.3						0.3
Global Music Rights, LLC (13)						Music right management company						First lien senior secured revolving loan						7.88%			SOFR (M)			4.25%						12/2024						12/2031									6.0						6.0						6.1			(2)(9)
												First lien senior secured loan						7.98%			SOFR (Q)			4.25%						12/2024						12/2031									72.0						72.0						72.7			(2)(9)
																																																			78.0						78.8
GSM Rights Fund II LP (14)						Private investment firm specializing in music rights and IP assets						Class B interest																		03/2025						03/2031						5,123,898									5.1						5.2			(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 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						8.64%			SOFR (M)			5.00%						08/2024						08/2030									3.0						3.0						3.0			(2)(9)(12)
												First lien senior secured loan						8.66%			SOFR (Q)			5.00%						08/2024						08/2031									3.3						3.3						3.3			(2)(9)
												First lien senior secured loan						9.16% (2.75% PIK)			SOFR (Q)			5.50%						08/2024						08/2031									58.6						58.6						58.0			(2)(9)
												Limited partnership interest																		02/2025												6,555,000									6.7						6.2			(2)
																																																			71.6						70.5
LiveBarn Inc., LiveBarn US, LLC, LiveBarn Canada I, ULC, and Royal Topco Holdings, LLC (13)						Provider of Live & On Demand broadcasting of amateur and youth sporting events						First lien senior secured revolving loan						6.78%			CORRA (S)			4.50%						03/2026						03/2033									1.5						1.5						1.5			(2)(6)(9)
												Class A units						8.00% PIK												03/2026												5,430									5.5						5.6			(2)(6)
												Vested Class B units																		03/2026												5,429,644									—						—			(2)(6)
																																																			7.0						7.1
Mari Events Midco LLC and AE EventsCo Holdings LLC (13)						Sports and entertainment company						First lien senior secured loan						7.73%			SOFR (Q)			4.00%						10/2025						10/2032									5.3						5.3						5.3			(2)(9)
												Class A-1 units																		10/2025												449									4.5						5.0
												Class A-2 units																		10/2025												628									6.3						6.9			(2)
												Class A-3 units																		10/2025												293									2.9						3.2			(2)
																																																			19.0						20.4
Mari Miami II LLC and South Florida Tennis, LLC						Professional sporting event						First lien senior secured loan						8.73%			SOFR (Q)			5.00%						10/2025						10/2032									5.8						5.8						5.8			(2)(9)

See accompanying notes to consolidated financial statements.

57

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Class A common interests																		10/2025												26									2.3						7.8
																																																			8.1						13.6
Miami Beckham United LLC						American professional soccer club						Class A preferred units						9.50% PIK												09/2021												85,000									130.9						130.9
												Class B preferred units						9.50% PIK												06/2023												42,500									56.3						56.3
																																																			187.2						187.2
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						11.17% PIK			SOFR (Q)			7.50%						07/2020						10/2030									69.0						68.7						69.0			(2)(9)
												First lien senior secured loan						11.30% PIK			SOFR (M)			7.50%						04/2026						10/2030									6.9						6.9						6.9			(2)(9)
												First lien senior secured loan						11.22% PIK			SOFR (Q)			7.50%						10/2025						10/2030									2.8						2.7						2.8			(2)(9)
												First lien senior secured loan						11.31% PIK			SOFR (Q)			7.50%						01/2026						10/2030									2.6						2.6						2.6			(2)(9)
												Membership interest																		10/2025												151,988									13.6						3.1			(2)
																																																			94.5						84.4
Professional Fighters League, LLC, PFL MMA LLC and PFL MMA, Inc.						Mixed martial arts league						First lien senior secured loan						14.00% PIK												01/2021						01/2029									14.2						14.2						14.2			(2)
												Senior subordinated loan						8.00% PIK												11/2022						01/2036									0.3						0.2						0.2			(2)
												Warrant to purchase common units																		01/2026						01/2036						86									—						—			(2)
																																																			14.4						14.4
Propagate Content LLC (14)						Developer, producer and distributor of programming content and artist and talent management company						Preferred units						8.00% PIK												10/2025												3									3.7						3.7
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						8.90%			SOFR (Q)			5.25%						07/2025						06/2031									0.6						0.6						0.6			(2)(9)
												First lien senior secured loan						8.98%			SOFR (Q)			5.25%						07/2025						06/2031									17.9						17.9						17.6			(2)(9)
																																																			18.5						18.2
South Florida Motorsports, LLC						Professional sporting event						Class A common interest																		12/2024												26									5.5						29.9
The Teaching Company Holdings, Inc.						Education publications provider						Preferred stock																		09/2006												10,663									1.1						0.8			(2)
												Common stock																		09/2006												15,393									—						—			(2)
																																																			1.1						0.8
WRE Sports Investments LLC						Professional sports club						First lien senior secured loan						11.00% (5.50% PIK)												07/2024						07/2031									29.8						29.8						29.8			(2)
																																																			1,020.5						1,121.0						8.07%
Pharmaceuticals, Biotechnology and Life Sciences

See accompanying notes to consolidated financial statements.

58

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						2.9			(2)(6)
Alcami Corporation and ACM Note Holdings, LLC (13)						Outsourced drug development services provider						First lien senior secured loan						9.25%			SOFR (M)			5.50%						04/2026						12/2029									7.2						7.2						7.2			(2)(9)
												First lien senior secured loan						9.31%			SOFR (M)			5.50%						12/2022						12/2028									9.8						9.8						9.8			(2)(9)
												Senior subordinated loan						12.00% PIK												12/2022						06/2029									26.0						26.0						24.5			(2)
																																																			43.0						41.5
Artemis BidCo 2 LLC (13)						Developer and manufacturer of in vitro diagnostic immunoassays						First lien senior secured loan						8.73%			SOFR (Q)			5.00%						10/2025						10/2031									38.1						38.0						38.1			(2)(9)
Bamboo US BidCo LLC (13)						Biopharmaceutical company						First lien senior secured revolving loan						8.89%			SOFR (M)			5.25%						09/2023						10/2029									3.5						3.5						3.5			(2)(9)(12)
												First lien senior secured loan						8.91%			SOFR (Q)			5.25%						11/2024						09/2030									7.4						7.4						7.3			(2)(9)
												First lien senior secured loan						8.91%			SOFR (Q)			5.25%						09/2023						09/2030									33.9						33.9						33.5			(2)(9)
																																																			44.8						44.3
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.						Provider of biological products to life science and pharmaceutical companies						First lien senior secured revolving loan						9.42%			SOFR (Q)			5.75%						10/2021						10/2027									7.1						7.1						6.4			(2)(9)
												First lien senior secured loan						9.42%			SOFR (Q)			5.75%						08/2024						10/2028									6.8						6.8						6.1			(2)(9)
												First lien senior secured loan						9.42%			SOFR (Q)			5.75%						10/2021						10/2028									30.7						30.7						27.3			(2)(9)
												First lien senior secured loan						9.42%			SOFR (Q)			5.75%						06/2023						10/2028									11.2						11.2						10.0			(2)(9)
												Preferred units						8.00% PIK												10/2021						10/2051						3,020									4.4						0.1			(2)
												Series A preferred shares						13.75% PIK												10/2021												60,236									115.5						107.4			(2)
												Class A common units																		10/2021												30,500									—						—			(2)
																																																			175.7						157.3
CoreRx, Inc.						Small molecule contract development and manufacturing provider						First lien senior secured loan						10.98%			SOFR (Q)			7.25%						12/2025						12/2030									9.9						9.9						9.7			(2)(9)
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)(11)
												First lien senior secured loan						8.64%			SOFR (M)			5.00%						12/2024						12/2031									206.1						206.1						206.1			(2)(9)
												Limited partnership interest																		12/2024												6,891,000									6.9						8.3			(2)
																																																			213.0						214.4
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						8.13%			SOFR (M)			4.50%						10/2024						10/2031									18.5						18.5						18.5			(2)(9)
												Common units																		03/2025												434									0.5						0.7			(2)
																																																			19.0						19.2

See accompanying notes to consolidated financial statements.

59

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Maravai Intermediate Holdings, LLC (13)						Life sciences tools platform						First lien senior secured loan						8.73%			SOFR (Q)			5.00%						06/2026						06/2032									28.1						28.1						27.7			(2)(6)(9)
Moderna, Inc. (13)						Biotechnology company						First lien senior secured loan						9.23%			SOFR (Q)			5.50%						11/2025						11/2030									111.6						111.6						109.9			(2)(6)(9)
NAMSA Holdco, LLC, North American Science Associates, LLC and Cardinal Topco Holdings L.P. (13)						Contract research organization providing research and development and testing of medical devices						First lien senior secured loan						8.38%			SOFR (Q)			4.75%						03/2026						03/2033									91.0						90.8						90.1			(2)(9)
												Senior subordinated loan						11.00% PIK												03/2023						03/2027									2.0						2.0						2.0			(2)
												Class A preferred units						8.00% PIK												09/2020												13,528									21.3						38.1			(2)
																																																			114.1						130.2
NMC Skincare Intermediate Holdings II, LLC (13)						Developer, manufacturer and marketer of skincare products						First lien senior secured revolving loan						10.32%			SOFR (Q)			6.50%						05/2022						10/2028									0.2						0.2						0.2			(2)(9)
												First lien senior secured revolving loan						10.32%			SOFR (M)			6.50%						10/2018						10/2028									6.5						6.5						6.0			(2)(9)
												First lien senior secured loan						10.33% (1.50% PIK)			SOFR (Q)			6.50%						05/2022						10/2028									4.3						4.3						4.0			(2)(9)
												First lien senior secured loan						10.33% (1.50% PIK)			SOFR (Q)			6.50%						10/2018						10/2028									29.1						29.1						27.0			(2)(9)
																																																			40.1						37.2
Verista, Inc. (13)						Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector						First lien senior secured revolving loan						9.74%			SOFR (M)			6.00%						05/2022						02/2027									1.1						1.0						0.9			(2)(9)
												First lien senior secured loan						10.75% (1.00% PIK)			SOFR (M)			7.00%						05/2022						02/2027									0.8						0.8						0.6			(2)(9)
																																																			1.8						1.5
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P.						Manufacturer of monoclonal antibodies						Limited partnership interest																		11/2023												1,529,000									1.5						1.3			(2)
																																																			846.3						835.2						6.01%
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						9.29% PIK			SOFR (Q)			5.50%						11/2025						02/2030									2.8						2.8						2.8			(2)(9)
												First lien senior secured loan						9.33% PIK			SOFR (Q)			5.50%						02/2025						02/2030									16.7						16.7						16.7			(2)(9)
												Common units																		02/2025												268,223									17.6						7.7			(2)
																																																			37.1						27.2
AP Adhesives Holdings, LLC (13)						Distributor of industrial adhesives and equipment						First lien senior secured loan						8.42%			SOFR (Q)			4.75%						04/2025						04/2032									32.1						32.1						31.8			(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 loan						8.89%			SOFR (Q)			5.25%						12/2021						12/2030									2.8						2.8						2.8			(2)(9)
												Class A units																		12/2021												201,557									20.2						18.0			(2)
																																																			23.0						20.8

See accompanying notes to consolidated financial statements.

60

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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 revolving loan																		06/2025						07/2032									—						—						—			(2)(11)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						06/2025						07/2032									6.5						6.5						6.5			(2)(9)
												Limited partnership interest																		06/2025												1,968,000									2.0						2.4			(2)
																																																			8.5						8.9
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						10.46% (3.75% PIK)			SOFR (M)			6.75%						02/2024						02/2030									0.7						0.7						0.7			(2)(9)
												First lien senior secured revolving loan						12.50% (3.75% PIK)			Base rate (Q)			5.75%						02/2024						02/2030									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						10.48% (3.75% PIK)			SOFR (Q)			6.75%						02/2024						02/2030									32.6						32.6						31.3			(2)(9)
												Common units																		02/2024												440,000									0.4						0.3
																																																			33.8						32.4
MP Midco Holdings, LLC and MP Topco Holdings, LLC						Food contract manufacturer						First lien senior secured loan						10.23%			SOFR (Q)			6.50%						03/2025						03/2030									8.9						8.9						9.0			(2)(9)(16)
												Common units																		03/2025												639,359									4.8						11.6			(2)(16)
																																																			13.7						20.6
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						7.48%			SOFR (Q)			3.75%						03/2025						03/2031									4.8						4.8						4.8			(2)(9)(12)
												First lien senior secured loan						8.73%			SOFR (Q)			5.00%						03/2025						03/2031									31.7						31.7						31.7			(2)(9)
												First lien senior secured loan						8.66%			SOFR (Q)			5.00%						12/2025						03/2031									1.0						1.0						1.0			(2)(9)
												Limited partnership interest																		03/2025												852,666									0.9						0.6			(2)
																																																			38.4						38.1
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 loan						9.23%			SOFR (Q)			5.50%						03/2024						03/2032									24.8						24.8						24.8			(2)(6)(9)
												First lien senior secured loan						9.23%			SOFR (Q)			5.50%						04/2026						03/2031									1.4						1.4						1.4			(2)(6)(9)
												First lien senior secured loan						9.23%			SOFR (Q)			5.50%						11/2025						03/2031									3.3						3.3						3.3			(2)(6)(9)
												First lien senior secured loan						7.79%			Euribor (Q)			5.50%						03/2024						03/2032									37.3						35.6						37.3			(2)(6)(9)
												Class A units																		07/2019												6,762,668									6.8						9.1			(2)(6)
																																																			71.9						75.9
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						12.06% (1.00% PIK)			SOFR (Q)			8.25%						12/2020						12/2028									22.4						22.4						22.4			(2)(9)
												First lien senior secured loan						12.06% (1.00% PIK)			SOFR (Q)			8.25%						12/2022						12/2028									0.3						0.3						0.3			(2)(9)
												Class A preferred units																		12/2020												4,772									4.6						3.8			(2)
												Class C units																		12/2020												4,772									—						—			(2)

See accompanying notes to consolidated financial statements.

61

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			27.3						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						10.65%			SOFR (Q)			7.00%						05/2025						02/2030									4.8						4.8						4.5			(2)(9)(12)
												First lien senior secured loan						11.65% (4.00% PIK)			SOFR (Q)			8.00%						05/2025						05/2030									268.2						268.1						249.4			(2)(9)
												Preferred units																		05/2025												26,025									0.4						0.5			(2)
												Preferred units																		10/2023												841									0.1						0.1			(2)
												Co-invest units																		12/2018												5,969									0.6						—			(2)
																																																			274.0						254.5
PLZ Corp.						Manufacturer of specialty aerosol and liquid products						Second lien senior secured loan						14.25% (7.25% PIK)												03/2026						03/2033									76.4						76.4						74.1			(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 revolving loan						8.41%			SOFR (Q)			4.75%						07/2025						08/2032									0.9						0.9						0.9			(2)(6)(9)
												First lien senior secured revolving loan						10.50%			Base Rate (Q)			3.75%						07/2025						08/2032									0.1						0.1						0.1			(2)(6)(9)
												First lien senior secured loan						8.41%			SOFR (Q)			4.75%						07/2025						08/2032									24.7						24.7						24.5			(2)(6)(9)
												First lien senior secured loan						8.41%			SOFR (Q)			4.75%						10/2025						08/2032									7.8						7.8						7.7			(2)(6)(9)
																																																			33.5						33.2
Reagent Chemical & Research, LLC (13)						Supplier of liquid hydrochloric acid						First lien senior secured revolving loan																		04/2024						04/2030									—						—						—			(2)(11)
												First lien senior secured loan						8.89%			SOFR (M)			5.25%						10/2025						04/2031									11.8						11.8						11.8			(2)(9)
												First lien senior secured loan						8.89%			SOFR (M)			5.25%						04/2024						04/2031									10.5						10.4						10.5			(2)(9)
																																																			22.2						22.3
SCI PH Parent, Inc.						Industrial container manufacturer, reconditioner and servicer						Series B shares																		08/2018												11									1.1						1.4			(2)
Sterilex LLC						Provider of enhanced sanitation technologies and solutions within the food supply chain						First lien senior secured loan						8.64%			SOFR (M)			5.00%						09/2025						09/2030									5.2						5.2						5.2			(2)(9)
																																																			698.2						672.9						4.84%
Consumer Durables and Apparel
Bowhunter Holdings, LLC						Provider of branded archery and bowhunting accessories						Common units																		04/2014												421									4.2						—
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. (4)						Designer, marketer and distributor of licensed and owned apparel						First lien senior secured loan						9.15%			SOFR (Q)			5.50%						02/2024						08/2029									28.4						26.6						28.5			(2)(9)
												Senior subordinated loan						11.65% PIK			SOFR (Q)			8.00%						02/2024						02/2031									31.9						30.4						32.0			(2)(9)
												Senior subordinated loan						10.15%			SOFR (Q)			6.50%						02/2024						02/2031									13.3						12.3						13.3			(2)(9)
												Class A limited partnership interests																		02/2024												6.27%									2.9						12.5			(2)
																																																			72.2						86.3
DIEM-VII (QP), LLC (5)						Italian luxury fashion brand						Limited liability company interest																		05/2026												11,062,367									11.6						11.1			(2)(6)

See accompanying notes to consolidated financial statements.

62

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
DRS Holdings III, Inc. and DRS Holdings I, Inc. (13)						Footwear and orthopedic foot-care brand						First lien senior secured loan						8.89%			SOFR (M)			5.25%						03/2025						11/2028									64.5						64.5						64.5			(2)(9)
												First lien senior secured loan						8.89%			SOFR (M)			5.25%						05/2026						11/2028									5.7						5.7						5.7			(2)(9)
												Common stock																		11/2019												8,549									8.5						8.4			(2)
																																																			78.7						78.6
Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. (13)						Designer and manufacturer of consumer fashion accessories						First lien senior secured revolving loan						8.91%			SOFR (M)			5.00%						08/2025						08/2030									5.1						5.1						5.1			(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						9.74% PIK			SOFR (Q)			6.00%						07/2025						10/2028									30.7						30.7						30.7			(2)(9)
												First lien senior secured loan						9.74% (4.00% PIK)			SOFR (Q)			6.00%						06/2025						10/2028									14.4						14.4						14.4			(2)(9)
												Common units																		07/2025												28,049,368									41.9						33.7			(2)
																																																			87.0						78.8
Johnnie-O Inc. and Johnnie-O Holdings Inc.						Apparel retailer						First lien senior secured loan						9.33%			SOFR (Q)			5.50%						03/2022						03/2027									17.5						17.4						17.5			(2)(9)
												Series A convertible preferred stock																		03/2022												144,210									4.2						5.9			(2)
												Warrant to purchase shares of common stock																		03/2022						03/2032						93,577									1.5						3.8			(2)
																																																			23.1						27.2
Lew's Intermediate Holdings, LLC						Outdoor brand holding company						First lien senior secured loan						8.67%			SOFR (Q)			5.00%						02/2021						02/2028									0.9						0.9						0.9			(2)(9)
Pelican Products, Inc.						Flashlights manufacturer						First lien senior secured revolving loan						7.88%			SOFR (Q)			4.00%						12/2021						09/2028									2.3						2.3						2.2			(2)(9)
												Second lien senior secured loan						11.74%			SOFR (Q)			7.75%						12/2021						12/2029									60.0						60.0						58.2			(2)(9)
																																																			62.3						60.4
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. (13)(14)						Sports equipment manufacturing company						First lien senior secured loan						8.63%			SOFR (Q)			4.75%						11/2024						11/2030									3.3						3.3						3.3			(2)(9)
												First lien senior secured loan						8.63%			SOFR (Q)			4.75%						12/2020						11/2030									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.63%			SOFR (Q)			4.75%						02/2024						11/2030									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						8.63%			SOFR (Q)			4.75%						11/2021						11/2030									0.1						0.1						0.1			(2)(9)
												Limited partnership interest																		06/2024												11,107,539									11.1						20.0			(2)
																																																			20.2						29.1
Reef Lifestyle, LLC (13)						Apparel retailer						First lien senior secured revolving loan						10.42% (1.00% PIK)			SOFR (Q)			6.75%						07/2020						10/2028									5.0						5.0						5.0			(2)(9)(12)
												First lien senior secured revolving loan						10.41% (1.00% PIK)			SOFR (Q)			6.75%						10/2018						10/2028									10.4						10.4						10.4			(2)(9)(12)
												First lien senior secured loan						10.42% (1.00% PIK)			SOFR (Q)			6.75%						10/2018						10/2028									19.0						19.0						19.0			(2)(9)
												First lien senior secured loan						10.42% (1.00% PIK)			SOFR (Q)			6.75%						10/2018						10/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						10.42% (1.00% PIK)			SOFR (Q)			6.75%						07/2020						10/2028									4.1						4.1						4.1			(2)(9)
																																																			38.6						38.6
S Toys Holdings LLC (fka The Step2 Company, LLC) (5)						Toy manufacturer						Common units																		04/2011												1,116,879									—						—

See accompanying notes to consolidated financial statements.

63

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												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						10.49%			SOFR (Q)			6.50%						04/2024						07/2029									1.2						1.2						1.2			(2)(9)
												First lien senior secured loan						10.49%			SOFR (Q)			6.50%						06/2024						07/2029									6.4						6.4						6.4			(2)(9)
												First lien senior secured loan						10.96%			SOFR (Q)			7.00%						06/2024						07/2029									3.8						3.8						3.8			(2)(9)
												Class A common units																		06/2024												8,474									10.5						12.6			(2)
																																																			21.9						24.0
Sport Maska Inc. (13)						Manufacturer of hockey equipment and related accessories						First lien senior secured revolving loan						7.77%			CORRA (A)			5.50%						12/2024						12/2030									3.9						4.2						4.1			(2)(6)(9)(12)
												First lien senior secured revolving loan						8.88%			SOFR (M)			5.25%						12/2024						12/2030									4.8						5.0						5.0			(2)(6)(9)(12)
												First lien senior secured loan						7.78%			CDOR (M)			5.50%						12/2024						12/2030									35.2						34.8						35.2			(2)(6)(9)
																																																			44.0						44.3
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						8.97%			SOFR (M)			5.25%						06/2024						06/2029									0.4						0.4						0.4			(2)(6)(9)
												First lien senior secured loan						8.92%			SOFR (Q)			5.25%						06/2024						06/2030									29.6						29.6						28.7			(2)(6)(9)
												First lien senior secured loan						8.98%			SONIA (Q)			5.25%						06/2024						06/2030									17.8						16.9						17.2			(2)(6)(9)
																																																			46.9						46.3
Team Acquisition Corporation						Provider of team uniforms and athletic wear						First lien senior secured revolving loan																		01/2024						11/2028									5.7						5.5						2.7			(2)(8)(12)
												First lien senior secured loan																		01/2024						11/2029									34.1						33.7						16.0			(2)(8)
																																																			39.2						18.7
																																																			555.9						549.4						3.96%
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						212.5
												Class B common units																		07/2025												113,136									11.3						18.0
																																																			146.0						230.5
BNZ TopCo B.V. (13)						Developer and operator of solar photovoltaic plants						Senior subordinated loan						8.88%			Euribor (Q)			6.75%						10/2024						10/2030									13.4						12.4						13.1			(2)(6)(9)
Sunrun Luna Holdco 2021, LLC (13)						Residential solar energy provider						Senior subordinated loan						10.41%			SOFR (Q)			6.75%						03/2022						04/2027									85.5						85.5						82.9			(2)(6)(9)
												Senior subordinated loan						10.41%			SOFR (Q)			6.75%						02/2026						02/2030									31.2						31.2						30.2			(2)(6)(9)
												Senior subordinated loan						10.39%			SOFR (M)			6.73%						02/2026						02/2030									5.8						5.8						5.6			(2)(6)(9)
																																																			122.5						118.7
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									0.2						0.2						0.2			(2)(6)

See accompanying notes to consolidated financial statements.

64

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Senior subordinated loan						10.63% (6.63% PIK)			SOFR (Q)			6.90%						06/2019						07/2030									89.5						89.5						89.5			(2)(6)(9)
																																																			89.7						89.7
																																																			370.6						452.0						3.25%
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						10.38%			SOFR (M)			6.50%						12/2021						08/2026									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						10.38%			SOFR (M)			6.50%						12/2022						08/2026									4.2						4.2						3.6			(2)(9)
												Preferred units																		11/2020												4,113,113									5.1						—			(2)
												Preferred units																		11/2020												1,095,046									1.1						—			(2)
												Class A common units																		11/2020												5,208,159									—						—			(2)
																																																			10.5						3.7
Bolt Newco Holdings, L.P. and Bolt Purchaser, LLC (13)						Automotive repair services retailer						First lien senior secured loan						8.48%			SOFR (Q)			4.75%						06/2026						06/2033									18.4						18.4						18.2			(2)(9)
												Class A -1 units																		06/2026												5,696,000									5.7						5.7
																																																			24.1						23.9
Churchill OpCo Holdings LLC and Victory Topco, LP (13)						Operator of collision repair centers						First lien senior secured revolving loan						8.48%			SOFR (Q)			4.75%						11/2023						11/2029									0.9						0.9						0.9			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						12/2025						11/2029									6.7						6.7						6.7			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						11/2023						11/2029									21.8						21.8						21.8			(2)(9)
												Class A-2 common units																		11/2023												20,170									2.0						5.7			(2)
																																																			31.4						35.1
Collision SP Subco, LLC (13)						Provider of auto body collision repair services						First lien senior secured loan						8.44%			SOFR (Q)			4.75%						01/2024						01/2030									10.0						10.0						9.7			(2)(9)
												First lien senior secured loan						8.46%			SOFR (Q)			4.75%						04/2025						01/2030									0.7						0.7						0.7			(2)(9)
																																																			10.7						10.4
Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P.						Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets						First lien senior secured loan																		01/2021						07/2028									44.6						37.0						21.4			(2)(8)
												First lien senior secured loan																		12/2021						07/2028									6.6						5.5						3.2			(2)(8)
												Class A units																		07/2025												52,073									—						—			(2)
																																																			42.5						24.6
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						15.7			(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						8.14%			SOFR (M)			4.50%						09/2021						09/2028									21.9						21.8						21.6			(2)(9)

See accompanying notes to consolidated financial statements.

65

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						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						8.14%			SOFR (M)			4.50%						11/2024						09/2028									42.3						42.3						41.9			(2)(9)
												First lien senior secured loan						8.14%			SOFR (M)			4.50%						11/2021						09/2028									9.1						9.1						9.0			(2)(9)
												Class A units																		09/2021												79,688									8.0						10.9			(2)
																																																			81.2						83.4
Telle Tire & Auto Service, LLC, Telle Tire Holdco, LLC, and Next Horizon Capital TireCo SPV, LP (13)						Provider of automobile parts and auto repair services						First lien senior secured revolving loan						9.13%			SOFR (S)			5.50%						03/2025						03/2031									0.2						0.2						0.2			(2)(9)
												First lien senior secured revolving loan						10.50%			Base Rate (Q)			3.75%						03/2025						03/2031									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.60%			SOFR (S)			4.75%						01/2026						03/2031									7.9						7.9						7.9			(2)(9)
												First lien senior secured loan						8.41%			SOFR (Q)			4.75%						07/2025						03/2031									8.0						8.0						8.0			(2)(9)
												Senior subordinated loan						15.00% PIK												06/2026						06/2033									10.9						10.9						10.7			(2)
												Limited partnership interests																		03/2025												330,000									0.3						0.6
																																																			27.4						27.5
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)(11)
												First lien senior secured loan						8.41%			SOFR (Q)			4.75%						06/2025						02/2032									143.6						143.6						143.6			(2)(9)
												Class A units																		09/2025												55,220									5.5						5.3			(2)
																																																			149.1						148.9
																																																			385.1						373.2						2.69%
Household and Personal Products
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. (13)						Provider of personal care appliances						First lien senior secured loan						12.74% (1.25% PIK)			SOFR (M)			9.00%						12/2021						12/2027									3.4						3.4						3.4			(2)(9)
												Common stock																		12/2021												6,149									6.1						3.5			(2)
																																																			9.5						6.9
Foundation Consumer Brands, LLC (13)						Pharmaceutical holding company of over the counter brands						First lien senior secured loan						8.72%			SOFR (M)			5.00%						06/2023						02/2029									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.72%			SOFR (M)			5.00%						02/2021						02/2029									9.6						9.5						9.6			(2)(9)
																																																			9.6						9.7
LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P.						Provider of intimate wellness products						First lien senior secured loan						9.48%			SOFR (Q)			5.75%						11/2022						11/2028									18.0						18.0						18.0			(2)(6)(9)
												First lien senior secured loan						9.48%			SOFR (Q)			5.75%						12/2023						11/2028									9.0						8.6						9.0			(2)(6)(9)
												Preferred units						8.00% PIK												11/2022												3,178									4.2						4.2			(2)(6)
												Class B common units																		11/2022												32,105									—						1.4			(2)(6)
																																																			30.8						32.6
pH Beauty Holdings III, Inc. (13)						Beauty and personal care platform						First lien senior secured loan						9.18%			SOFR (Q)			5.50%						02/2025						09/2027									11.1						11.1						11.1			(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						10.74%			SOFR (M)			7.00%						08/2021						08/2027									1.9						1.9						1.8			(2)(9)
												First lien senior secured loan						10.74%			SOFR (M)			7.00%						08/2021						08/2027									28.0						28.0						26.9			(2)(9)

See accompanying notes to consolidated financial statements.

66

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Limited partner interests																		08/2021												2.69%									5.0						1.8			(2)
																																																			34.9						30.5
RD Holdco Inc. (5)						Manufacturer and marketer of carpet cleaning machines						Common stock																		12/2025												206,254									—						—
												Class B common stock																		12/2025												350									—						—
												Common stock																		01/2017												458,596									14.0						—
												Class C common stock																		12/2025												649,880									17.5						23.7
																																																			31.5						23.7
Salt & Stone, Inc. and Leila Parent, LLC (13)						Producer of personal care products						First lien senior secured loan						9.23%			SOFR (Q)			5.50%						04/2026						04/2032									6.1						6.1						6.0			(2)(9)
												Common units																		04/2026												681,000									0.7						0.7			(2)
																																																			6.8						6.7
Silk Holdings III LLC and Silk Holdings I Corp. (13)						Producer of personal care products						First lien senior secured revolving loan						8.11%			SOFR (M)			4.50%						12/2025						12/2032									0.7						0.7						0.7			(2)(9)
												First lien senior secured loan						8.11%			SOFR (M)			4.50%						12/2025						12/2032									81.4						81.4						80.6			(2)(9)
												First lien senior secured loan						8.11%			SOFR (M)			4.50%						05/2023						12/2032									62.5						62.5						61.8			(2)(9)
												Common stock																		05/2023												15,786									18.1						43.0			(2)
																																																			162.7						186.1
TCI Buyer LLC and TCI Holdings, LP (13)						Contract formulator and manufacturer of beauty and personal care products						First lien senior secured loan						8.65%			SOFR (M)			5.00%						11/2024						11/2030									14.8						14.8						14.6			(2)(9)
												Common stock																		11/2024												24,010									2.4						2.1			(2)
																																																			17.2						16.7
Walnut Parent, Inc.						Manufacturer of natural solution pest and animal control products						First lien senior secured loan						10.06% (3.38% PIK)			SOFR (Q)			6.25%						04/2022						11/2029									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.99% (3.38% PIK)			SOFR (M)			6.25%						11/2020						11/2029									14.5						14.5						13.6			(2)(9)
																																																			14.6						13.7
WU Holdco, Inc. (13)						Manufacturer and distributor of household cleaning products with focus on specialized surfaces						First lien senior secured loan						8.48%			SOFR (Q)			4.75%						04/2025						04/2032									10.5						10.4						10.5			(2)(9)
																																																			339.1						348.2						2.51%
Energy
Astra Energy Group Limited, GNZ Energy Bidco Limited, and Galileo Co-investment Trust I (13)						Independent fuel provider in New Zealand						First lien senior secured loan						8.49%			BKBM (M)			6.00%						05/2022						07/2027									27.6						30.5						27.6			(2)(6)(9)
												Common units																		07/2022												17,616,667									5.1						16.7			(2)(6)
																																																			35.6						44.3
HighPeak Energy, Inc.						Oil and gas exploration and production company						First lien senior secured loan						11.38%			SOFR (Q)			7.50%						09/2023						09/2028									156.7						155.8						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						10.83%			SOFR (Q)			7.00%						08/2025						10/2028									46.0						43.9						44.4			(2)(9)
												First lien senior secured loan						10.83%			SOFR (Q)			7.00%						02/2026						10/2028									33.0						33.0						33.0			(2)(9)

See accompanying notes to consolidated financial statements.

67

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						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						10.83%			SOFR (Q)			7.00%						10/2025						10/2028									28.0						28.0						28.0			(2)(9)
																																																			104.9						105.4
VPROP Operating, LLC and V SandCo, LLC (5)						Sand-based proppant producer and distributor to the oil and natural gas industry						First lien senior secured loan						13.42% PIK			SOFR (M)			9.50%						11/2020						11/2026									6.3						6.3						6.3			(2)(9)
												First lien senior secured loan						13.42% PIK			SOFR (M)			9.50%						06/2020						11/2026									7.6						7.6						7.6			(2)(9)
												First lien senior secured loan						13.42% PIK			SOFR (M)			9.50%						12/2024						11/2026									7.8						7.8						7.8			(2)(9)
												First lien senior secured loan																		03/2017						11/2026									34.4						30.3						0.6			(2)(8)
												Class A units																		11/2020												347,900									32.8						—			(2)
																																																			84.8						22.3
																																																			381.1						329.5						2.37%
Food and Beverage
American Seafoods Group LLC and American Seafoods Partners LLC						Harvester and processor of seafood						Class A units																		08/2015												77,922									0.1						0.1			(2)
												Warrant to purchase units of Class A units																		08/2015						08/2035						7,422,078									7.4						8.0			(2)
																																																			7.5						8.1
Badia Spices, LLC (13)						Spices and seasonings brand						First lien senior secured loan						7.91%			SOFR (Q)			4.25%						11/2024						11/2030									5.9						5.9						5.9			(2)(9)
Berner Food & Beverage, LLC (13)						Supplier of dairy-based food and beverage products						First lien senior secured revolving loan						9.81%			SOFR (Q)			6.00%						07/2021						07/2027									1.3						1.3						1.3			(2)(9)
												First lien senior secured loan						9.81%			SOFR (Q)			6.00%						12/2024						07/2027									1.4						1.4						1.4			(2)(9)
																																																			2.7						2.7
Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4)						Health food company						Common units																		03/2019												14,850									8.4						14.0			(2)
CHG PPC Parent LLC & PPC CHG Blocker LLC						Diversified food products manufacturer						Common units																		12/2021												59									3.0						5.0			(2)
Demakes FinanceCo, LLC						Value-added protein manufacturer						First lien senior secured loan						9.23%			SOFR (Q)			5.50%						12/2023						12/2029									6.1						6.1						6.1			(2)(9)
												First lien senior secured loan						9.17%			SOFR (A)			5.50%						06/2026						12/2031									12.1						12.1						12.1			(2)(9)
																																																			18.2						18.2
Florida Food Products, LLC						Provider of plant extracts and juices						First lien senior secured loan						9.23%			SOFR (Q)			5.50%						10/2021						10/2030									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.23%			SOFR (Q)			5.50%						10/2025						10/2030									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.23%			SOFR (Q)			5.50%						06/2022						10/2030									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.86% (2.00% PIK)			SOFR (Q)			5.00%						10/2025						10/2030									13.9						8.5						9.5			(2)(9)
												First lien senior secured loan						8.73% (2.00% PIK)			SOFR (Q)			5.00%						06/2022						10/2030									0.4						0.4						0.2			(2)(9)
												First lien senior secured loan						8.99% (2.00% PIK)			SOFR (Q)			5.00%						10/2021						10/2030									0.4						0.4						0.2			(2)(9)
												First lien senior secured loan																		10/2025						04/2031									60.5						34.5						28.4			(2)(8)
																																																			44.1						38.6
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									28.6						28.6						28.6			(2)
												Common units																		03/2025												3,852,000									3.9						4.6			(2)
																																																			32.5						33.2

See accompanying notes to consolidated financial statements.

68

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Gotham Greens Holdings, PBC						Producer of vegetables and culinary herbs for restaurants and retailers						Second lien senior secured loan						15.00% PIK												11/2025						02/2029									3.3						3.1						3.0
												Series E-1 preferred stock																		06/2022												188,605									16.5						—			(2)
												Warrant to purchase shares of Series E-1 preferred stock																		06/2022						06/2032						78,216									—						—			(2)
																																																			19.6						3.0
HBH Buyer, LLC (13)						Food retailer specializing in fully cooked hams and catering services						First lien senior secured loan						8.73%			SOFR (Q)			5.00%						09/2025						09/2031									23.7						23.7						23.7			(2)(9)
KNPC HoldCo, LLC						Producer of trail mix and mixed nut snack products						First lien senior secured loan						10.52%			SOFR (Q)			6.75%						12/2022						10/2029									1.3						1.3						1.3			(2)(9)
												First lien senior secured loan						9.77%			SOFR (Q)			6.00%						11/2023						10/2029									2.7						2.7						2.7			(2)(9)
												First lien senior secured loan						9.27%			SOFR (Q)			5.50%						04/2022						10/2029									5.4						5.4						5.4			(2)(9)
												First lien senior secured loan						9.52%			SOFR (Q)			5.75%						12/2024						10/2029									27.3						27.3						27.3			(2)(9)
																																																			36.7						36.7
Manna Pro Products, LLC and MP Blocker A LLC						Manufacturer and supplier of specialty nutrition and care products for animals						First lien senior secured revolving loan																		12/2020						12/2029									1.1						1.1						0.8			(2)(8)
												Common units																		10/2025												998									—						—			(2)
																																																			1.1						0.8
Max US Bidco Inc.						Manufacturer of premium dry dog food						First lien senior secured loan						8.73%			SOFR (Q)			5.00%						10/2023						10/2030									1.0						0.9						0.9			(2)(16)
Primo Water Holdings Inc / Triton Water Holdings Inc						Producer and provider of bottled water brands						Senior subordinated loan						6.25%												03/2021						04/2029									0.1						0.1						0.1			(2)(6)(16)
RB Holdings InterCo, LLC (13)						Manufacturer of pet food and treats						First lien senior secured revolving loan						8.80%			SOFR (Q)			5.00%						05/2022						05/2028									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						8.80%			SOFR (Q)			5.00%						05/2022						05/2028									11.1						11.1						10.6			(2)(9)
																																																			11.6						11.1
Spindrift Beverage Co., Inc. and SBC Aggregator LP (13)(14)						Premium flavored sparkling water brand						First lien senior secured revolving loan						8.66%			SOFR (Q)			5.00%						02/2025						02/2032									0.3						0.3						0.3			(2)(9)
												First lien senior secured loan						8.68%			SOFR (Q)			5.00%						02/2025						02/2032									12.6						12.6						12.6			(2)(9)
												Limited partnership units																		02/2025												8,739									8.7						12.6			(2)
																																																			21.6						25.5
Sugar PPC Buyer LLC						Manufacturer and distributor of food products						First lien senior secured loan						8.50%			SOFR (S)			4.75%						10/2023						10/2031									15.5						15.5						15.5			(2)(9)
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																		12/2020						03/2029									83.2						76.3						62.4			(2)(8)
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																		04/2021						04/2031									—						—						—			(2)(11)
												First lien senior secured loan						8.18%			SOFR (Q)			4.50%						08/2024						04/2031									3.9						3.9						3.9			(2)(9)
												First lien senior secured loan						8.23%			SOFR (Q)			4.50%						04/2025						04/2031									3.7						3.7						3.7			(2)(9)
												First lien senior secured loan						8.22%			SOFR (Q)			4.50%						01/2024						04/2031									1.5						1.5						1.5			(2)(9)
												Class E units																		07/2025												45,449									—						—
																																																			9.1						9.1

See accompanying notes to consolidated financial statements.

69

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			338.5						314.5						2.26%
Data Centers
EdgeConneX MCN US Finance Co 1, LLC						Global data center developer and operator						Senior subordinated loan						9.85%			SOFR (S)			6.00%						05/2026						06/2032									85.4						85.4						83.7			(2)
Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP						Global data center developer and operator						Senior subordinated loan						9.50%												12/2025						12/2031									195.9						195.9						195.9			(2)
																																																			281.3						279.6						2.01%
Technology Hardware and Equipment
365RM Holdco, LLC (13)						Developer and manufacturer of self-checkout kiosks						First lien senior secured revolving loan						8.48%			SOFR (Q)			4.75%						05/2026						05/2033									0.7						0.7						0.6			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						05/2026						05/2033									67.8						67.8						67.1			(2)(9)
																																																			68.5						67.7
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.						Provider of photonic solutions						First lien senior secured loan						8.89%			SOFR (M)			5.25%						05/2024						08/2029									31.9						31.8						31.9			(2)(9)
FL Hawk Intermediate Holdings, Inc. (13)						Provider of variable data labeling for the apparel industry						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						10/2024						02/2030									10.2						10.1						10.2			(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						8.17%			SOFR (Q)			4.50%						05/2024						03/2029									2.7						2.7						2.7			(2)(9)
												Class A-2 units																		01/2022												34,832									4.8						4.7
												Limited partnership interests																		03/2023												0.55%									9.9						13.2			(2)
																																																			17.4						20.6
Repairify, Inc. and Repairify Holdings, LLC (13)						Provider of automotive diagnostics scans and solutions						First lien senior secured revolving loan						9.20%			SOFR (Q)			5.25%						06/2021						06/2027									5.1						5.1						5.1			(2)(9)
												First lien senior secured loan						8.99%			SOFR (S)			5.25%						05/2025						06/2027									5.0						5.0						5.0			(2)(9)
												Class A common units																		06/2021												163,820									4.9						2.0			(2)
																																																			15.0						12.1
																																																			143.2						142.5						1.03%
Transportation
FTAI Infrastructure Inc. and FIP RR Holdings LLC						Platform acquiring and developing infrastructure assets						First lien senior secured loan						9.75%												02/2026						02/2028									111.1						111.1						110.5			(2)(6)
												First lien senior secured loan						9.75%												06/2026						02/2028									7.0						6.8						7.0			(2)(6)
																																																			117.9						117.5
Marco Polo Fund SCSp-RAIF (14)						Operator of airports in Italy						Limited partnership interest																		02/2026												10,269,171									7.8						10.5			(2)(6)(16)
Nordic Ferry Infrastructure AS						Private passenger & freight ferry transportation company						Senior subordinated loan						7.23%			Euribor (Q)			5.00%						11/2024						11/2031									0.1						0.1						0.1			(2)(6)

See accompanying notes to consolidated financial statements.

70

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS    

As of June 30, 2026

(dollar amounts in millions)

(unaudited)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Senior subordinated loan						9.56%			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						8.44%			SOFR (Q)			4.75%						07/2025						08/2032									0.7						0.7						0.7			(2)(9)
												First lien senior secured loan						8.48%			SOFR (Q)			4.75%						07/2025						08/2032									11.0						11.0						10.9			(2)(9)
												Limited partnership interest																		07/2025												1,475,181									1.5						1.7			(2)
																																																			13.2						13.3
																																																			139.1						141.5						1.02%
Gas Utilities
Ferrellgas, L.P. and Ferrellgas Partners, L.P.						Distributor of propane and related accessories						Senior preferred units						9.71%												03/2021												64,155									64.2						73.4
												Class A units																		09/2022												476,770									15.4						11.4			(2)(16)
																																																			79.6						84.8
Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc.						Owner of natural gas facilities						First lien senior secured loan						7.23%			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						91.6						0.66%
Telecommunication Services
Expereo USA, Inc. and Ristretto Bidco B.V. (13)						Global internet managed service provider						First lien senior secured revolving loan						9.69%			SOFR (Q)			6.00%						12/2024						12/2030									3.5						3.5						3.4			(2)(6)(9)
												First lien senior secured loan						10.17% (3.50% PIK)			SOFR (Q)			6.50%						12/2024						12/2030									4.4						4.4						4.2			(2)(6)(9)
												First lien senior secured loan						10.17% (3.50% PIK)			SOFR (Q)			6.50%						12/2024						12/2030									58.3						58.3						55.9			(2)(6)(9)
																																																			66.2						63.5
																																																			66.2						63.5						0.46%
Real Estate Management and Development
Odevo AB (13)						Technology-enabled provider of residential property management services						First lien senior secured loan						8.50%			SONIA (Q)			4.75%						09/2025						12/2030									2.4						2.4						2.4			(2)(6)
																																																			2.4						2.4						0.02%
Total Investments																																																			$	29,674.6					$	29,349.3		(17)			211.32%

See accompanying notes to consolidated financial statements.

71

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			$			185			CAD			251			Canadian Imperial Bank of Commerce			July 24, 2026			$	7
Foreign currency forward contract			$			152			€			141			Canadian Imperial Bank of Commerce			July 24, 2026			3
Foreign currency forward contract			$			79			£			72			Canadian Imperial Bank of Commerce			June 11, 2027			—
Foreign currency forward contract			$			78			CAD			102			Royal Bank of Canada			July 24, 2026			3
Foreign currency forward contract			$			64			£			48			Canadian Imperial Bank of Commerce			July 24, 2026			1
Foreign currency forward contract			$			62			£			46			Royal Bank of Canada			July 24, 2026			1
Foreign currency forward contract			$			59			JPY			4,066			Royal Bank of Canada			January 31, 2028			3
Foreign currency forward contract			$			55			£			41			Canadian Imperial Bank of Commerce			July 28, 2028			—
Foreign currency forward contract			$			55			£			41			Royal Bank of Canada			July 28, 2028			1
Foreign currency forward contract			$			54			CAD			58			Royal Bank of Canada			January 31, 2028			(1)
Foreign currency forward contract			$			43			NZD			73			Royal Bank of Canada			July 24, 2026			2
Foreign currency forward contract			$			42			£			34			Royal Bank of Canada			August 21, 2026			(3)
Foreign currency forward contract			$			34			CAD			47			Canadian Imperial Bank of Commerce			March 31, 2028			—
Foreign currency forward contract			$			34			€			29			Canadian Imperial Bank of Commerce			June 11, 2027			—
Foreign currency forward contract			$			28			CAD			39			Canadian Imperial Bank of Commerce			March 31, 2027			—
Foreign currency forward contract			$			27			€			25			Royal Bank of Canada			July 24, 2026			—
Foreign currency forward contract			$			24			£			18			Royal Bank of Canada			June 27, 2028			1
Foreign currency forward contract			$			17			CAD			24			Canadian Imperial Bank of Commerce			July 7, 2026			—
Foreign currency forward contract			$			16			€			13			Canadian Imperial Bank of Commerce			August 14, 2028			—
Foreign currency forward contract			$			15			£			14			Canadian Imperial Bank of Commerce			August 21, 2026			—
Foreign currency forward contract			$			13			AUD			14			Canadian Imperial Bank of Commerce			November 17, 2026			—
Foreign currency forward contract			$			9			CAD			12			Canadian Imperial Bank of Commerce			July 6, 2026			—
Foreign currency forward contract			$			7			NOK			64			Canadian Imperial Bank of Commerce			July 24, 2026			1
Total																					$	19

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		$	2		$	—		$	(2)
Interest rate swap			March 2029 Notes			5.875		%	SOFR +2.0227%			Wells Fargo Bank, N.A.			03/01/2029			1,000			(4)			—			(10)
Interest rate swap			July 2029 Notes			5.950		%	SOFR +1.6430%			Wells Fargo Bank, N.A.			07/15/2029			850			7			—			(10)
Interest rate swap			January 2030 Notes			5.550		%	SOFR +1.6995%			JPMorgan Chase Bank, N.A.			01/15/2030			800			(4)			—			(4)
Interest rate swap			September 2030 Notes			5.500		%	SOFR +1.7705%			Wells Fargo Bank, N.A.			09/01/2030			750			(7)			—			(9)
Interest rate swap			January 2031 Notes			5.100		%	SOFR +1.7270%			SMBC Capital Markets, Inc.			01/15/2031			650			(16)			—			(8)
Interest rate swap			April 2031 Notes			5.250		%	SOFR + 1.7217%			SMBC Capital Markets, Inc.			04/12/2031			750			(15)			—			(10)
Interest rate swap			March 2032 Notes			5.800		%	SOFR +1.6995%			Wells Fargo Bank, N.A.			03/08/2032			1,000			6			—			(14)
Total																		$	6,700		$	(31)		$	—		$	(67)

______________________________________________

(1)Other than the Company’s investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of June 30, 2026 represented 211% of the Company’s net assets or 96% of the Company’s total assets, are subject to legal restrictions on sales.

(2)These assets are pledged as collateral under the Company’s or the Company’s consolidated subsidiaries’ various revolving credit facilities and debt 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.

72

(4)As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the six months ended June 30, 2026 in which the issuer was an Affiliated Person of the Company (but not a portfolio company that the Company is deemed to Control) are as follows:

For the Six Months Ended June 30, 2026																																																												As of June 30, 2026
(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.						$	0.6					$	—					$	—					$	0.8					$	—					$	—					$	—					$	—					$	(0.2)					$	15.7
Apex Clean Energy TopCo, LLC						—						—						—						—						—						—						—						—						(14.3)						230.5
APG Intermediate Holdings Corporation and APG Holdings, LLC						—						—						—						—						—						—						—						—						(4.0)						3.6
Bragg Live Food Products, LLC and SPC Investment Co., L.P.						—						—						—						—						—						—						—						—						(7.5)						14.0
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.						—						4.9						—						4.0						—						—						0.1						0.4						4.6						86.3
Daylight Beta Parent LLC and CFCo, LLC						—						—						—						—						—						—						—						—						(0.6)						0.6
ESCP PPG Holdings, LLC						—						—						—						—						—						—						—						—						(0.9)						—
European Capital UK SME Debt LP						—						—						—						—						—						—						—						—						—						0.2
Firebird Music Holdings, LLC and Firebird Music Rights I LP						0.3						—						—						—						—						—						—						—						—						0.3
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP						5.9						2.8						—						0.6						0.1						—						—						—						5.0						33.4
Midco Holding, LLC and Nivel Topco, LLC						0.7						—						—						0.8						—						—						0.2						—						(1.1)						13.7
OPH NEP Investment, LLC						—						—						—						2.0						—						—						—						—						0.7						40.9
Partnership Capital Growth Investors III, L.P.						—						—						—						—						—						0.3						—						—						(0.3)						2.3
PCG-Ares Sidecar Investment, L.P.						—						—						—						—						—						—						—						—						(0.3)						0.2
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC						—						0.1						—						0.8						—						—						—						—						(18.3)						21.8
Production Resource Group, L.L.C. and PRG III, LLC						9.5						—						—						4.3						0.3						—						—						—						(10.0)						84.4
Shoes For Crews Global, LLC and Shoes for Crews Holdings, LLC						—						0.1						—						0.6						—						—						—						—						1.1						24.0
						$	17.0					$	7.9					$	—					$	13.9					$	0.4					$	0.3					$	0.3					$	0.4					$	(46.1)					$	571.9

See accompanying notes to consolidated financial statements.

73

(5)As defined in the Investment Company Act, the Company is deemed to be both an “Affiliated Person” and “Control” this portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the six months ended June 30, 2026 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows:

For the Six Months Ended June 30, 2026																																																												As of June 30, 2026
(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						$	4.3					$	4.4					$	—					$	—					$	—					$	—					$	0.1					$	—					$	(9.5)					$	43.0
ACAS Equity Holdings Corporation						—						—						—						—						—						—						—						—						—						0.4
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.						—						—						—						—						—						—						—						—						—						—
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC						4.5						0.1						—						0.6						—						—						—						—						(31.6)						31.5
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC						1.7						—						—						0.8						—						—						—						—						0.2						27.2
DIEM-VII (QP), LLC						11.6						—						—						—						—						—						—						—						—						11.6
Halex Holdings, Inc.						—						—						—						—						—						—						—						—						—						—
HCI Equity, LLC						—						—						—						—						—						—						—						—						—						—
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation						—						—						—						1.4						—						1.9						0.3						—						4.9						105.0
Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC						—						—						—						2.1						—						—						—						—						(5.2)						78.8
Ivy Hill Asset Management, L.P.						932.0						516.5						—						35.5						—						154.0						—						—						(6.7)						2,842.8
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC						—						—						—						—						—						—						—						0.1						—						—
PCG-TAC-CV, LP (fka PCG-Ares Sidecar Investment II, L.P.)						—						—						—						—						—						—						—						—						—						6.8
Potomac Intermediate Holdings II LLC						—						—						—						—						—						—						—						12.5						—						—
PS Operating Company LLC and PS Op Holdings LLC						0.4						0.2						—						—						—						—						—						—						(3.7)						4.2
RD Holdco Inc.						—						—						—						—						—						—						—						—						(0.5)						23.7
S Toys Holdings LLC (fka The Step2 Company, LLC)						—						—						—						—						—						—						—						—						—						—
Senior Direct Lending Program, LLC						94.6						57.9						—						74.2						2.4						—						2.5						—						(0.3)						1,153.7
Startec Equity, LLC						—						—						—						—						—						—						—						—						—						—
Triple JJJ Lube, Corp. and TCC Buyer Holdco, LLC						70.2						3.9						—						1.5						0.8						—						—						—						11.1						77.5
Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC						4.2						0.6						—						3.9						—						—						0.1						—						(10.7)						66.9
VPROP Operating, LLC and V SandCo, LLC						—						—						—						1.4						—						—						—						—						(13.5)						22.3
						$	1,123.5					$	583.6					$	—					$	121.4					$	3.2					$	155.9					$	3.0					$	12.6					$	(65.5)					$	4,495.4

______________________________________________________________________

*    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.

74

(6)This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. Pursuant to Section 55(a) of the Investment Company Act, 24% of the Company's total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of June 30, 2026.

(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 June 30, 2026.

(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 June 30, 2026, 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 June 30, 2026, 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 June 30, 2026, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

(in millions) Portfolio Company			Total revolving and delayed draw loan commitments			Less: funded commitments			Total unfunded commitments			Less: commitments substantially at discretion of the Company			Less: unavailable commitments due to borrowing base or other covenant restrictions			Total net unfunded revolving and delayed draw commitments
15484880 Canada Inc. and 15484910 Canada Inc.			$	6.5		$	(0.3)		$	6.2		$	—		$	—		$	6.2
3 Step Sports LLC			10.2			(1.4)			8.8			—			—			8.8
365RM Holdco, LLC			8.1			(0.7)			7.4			—			—			7.4
Absolute Dental Group LLC and Absolute Dental Equity, LLC			25.7			(24.1)			1.6			—			(1.5)			0.1
Accommodations Plus Technologies LLC			15.6			—			15.6			—			—			15.6
ACP Avenu Midco LLC			15.2			(0.9)			14.3			—			—			14.3
Actfy Buyer, Inc.			6.1			—			6.1			—			—			6.1
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			5.0			—			5.0			—			(5.0)			—
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC			1.3			—			1.3			—			—			1.3
Adonis Bidco Inc.			65.6			—			65.6			—			—			65.6
Aduro Advisors, LLC			5.3			—			5.3			—			—			5.3
Advarra Holdings, Inc.			0.4			—			0.4			—			—			0.4
AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp.			5.9			(1.7)			4.2			—			—			4.2
AI Titan Parent, Inc.			15.7			—			15.7			—			—			15.7
Airx Climate Solutions, Inc.			7.0			(0.5)			6.5			—			—			6.5
Alcami Corporation and ACM Note Holdings, LLC			5.3			—			5.3			—			—			5.3
Alcresta Therapeutics, Inc.			10.8			(0.4)			10.4			—			—			10.4
Aldinger Company Inc			11.9			(0.9)			11.0			—			—			11.0

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
Aledade, Inc.			56.8			(26.6)			30.2			—			—			30.2
Align Precision Group, LLC and Align Precision Topco, L.P.			0.2			—			0.2			—			—			0.2
Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC			0.6			(0.2)			0.4			—			—			0.4
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			(4.3)			4.3			—			—			4.3
Apple Bidco Holdings, Inc.			23.2			(2.7)			20.5			—			—			20.5
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.			0.1			—			0.1			—			—			0.1
Aptean, Inc. and Aptean Acquiror Inc.			4.3			(0.1)			4.2			—			—			4.2
AQ Sunshine, Inc. and BayPine Regal Co-Invest, LP			23.4			—			23.4			—			—			23.4
Archduke Buyer, Inc.			4.8			—			4.8			—			—			4.8
Arrow Borrower 2025, Inc.			5.5			—			5.5			—			—			5.5
Artemis BidCo 2 LLC			10.6			—			10.6			—			—			10.6
Artifact Bidco, Inc.			6.9			—			6.9			—			—			6.9
Artivion, Inc.			1.7			(0.9)			0.8			—			—			0.8
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP			6.2			—			6.2			—			—			6.2
Astra Energy Group Limited, GNZ Energy Bidco Limited, and Galileo Co-investment Trust I			8.0			—			8.0			—			—			8.0
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP			8.9			—			8.9			—			—			8.9
ATI Restoration, LLC			17.1			(16.2)			0.9			—			—			0.9
Avalign Holdings, Inc. and Avalign Technologies, Inc.			5.3			(3.6)			1.7			—			(1.7)			—
Badia Spices, LLC			6.7			—			6.7			—			—			6.7
Bamboo US BidCo LLC			10.1			(4.3)			5.8			—			—			5.8
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc.			14.6			(1.5)			13.1			—			—			13.1
Bayou Intermediate II, LLC			5.6			(2.0)			3.6			—			—			3.6
BCPE Pequod Buyer, Inc.			8.6			—			8.6			—			—			8.6
Beacon Pointe Harmony, LLC			9.1			—			9.1			—			—			9.1
Beacon Wellness Brands, Inc. and CDI Holdings I Corp.			0.3			—			0.3			—			—			0.3
Beehive Acquisition Corp			8.2			—			8.2			—			—			8.2
Belfor Holdings, Inc.			58.5			(6.2)			52.3			—			—			52.3
Bells Parent, Inc.			3.5			—			3.5			—			—			3.5
Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc.			9.8			—			9.8			—			—			9.8
Benecon Midco II LLC and Benecon Holdings, LLC			8.7			—			8.7			—			—			8.7
Berner Food & Beverage, LLC			1.7			(1.3)			0.4			—			—			0.4
BGI Purchaser, Inc.			17.1			(10.5)			6.6			—			—			6.6
BGIF IV Fearless Utility Services, Inc.			11.9			(0.5)			11.4			—			—			11.4
Birdie Bidco, Inc.			19.1			—			19.1			—			—			19.1
Blue Raven Solutions, LLC, Triman Industries, Inc., and Crestwood Technology Group, LLC			4.7			—			4.7			—			—			4.7
Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC			12.0			(1.3)			10.7			—			—			10.7
BNZ TopCo B.V.			22.0			—			22.0			—			—			22.0
Bobcat Purchaser, LLC and Bobcat Topco, L.P.			2.5			—			2.5			—			—			2.5
Bobtail AcquisitionCo, LLC			21.8			(0.4)			21.4			—			—			21.4
Bolt Newco Holdings, L.P. and Bolt Purchaser, LLC			2.8			—			2.8			—			—			2.8
Borrower R365 Holdings LLC			1.5			—			1.5			—			—			1.5
Bottomline Technologies, Inc.			2.6			—			2.6			—			—			2.6
BrightStar Group Holdings, Inc.			4.0			(4.0)			—			—			—			—
Bulab Holdings, Inc. and Buckman PPC Co-Invest LP			17.5			(0.1)			17.4			—			—			17.4
Burgess Point Purchaser Corporation			31.5			—			31.5			—			—			31.5
Businessolver.com, Inc.			7.6			—			7.6			—			—			7.6
BVI Medical, Inc. and BVI Group Limited			12.6			(1.7)			10.9			—			—			10.9
C Block Development LLC			37.0			—			37.0			—			—			37.0
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP			21.4			(16.2)			5.2			—			—			5.2
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
Cards-Live Oak Holdings, Inc.			14.2			(4.1)			10.1			—			—			10.1

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
Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P.			2.8			(0.1)			2.7			—			—			2.7
Centralsquare Technologies, LLC and Supermoose Newco, Inc.			15.8			(0.4)			15.4			—			—			15.4
Chariot Buyer LLC			12.3			—			12.3			—			—			12.3
Churchill OpCo Holdings LLC and Victory Topco, LP			33.3			(0.9)			32.4			—			—			32.4
City Line Distributors LLC and City Line Investments LLC			2.7			(0.4)			2.3			—			—			2.3
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC			1.4			(1.0)			0.4			—			—			0.4
Clearstead Advisors, LLC			1.0			(0.5)			0.5			—			—			0.5
Clearwater Analytics, LLC and Clearwater Analytics Holdings, Inc.			36.7			—			36.7			—			—			36.7
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.			49.5			(7.2)			42.3			—			—			42.3
CMI Parent, Inc.			11.0			—			11.0			—			—			11.0
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.			7.1			(7.1)			—			—			—			—
Collision SP Subco, LLC			5.9			—			5.9			—			—			5.9
Computer Services, Inc.			16.6			—			16.6			—			—			16.6
Convera International Holdings Limited and Convera International Financial S.A R.L.			5.5			—			5.5			—			—			5.5
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP			38.9			(12.6)			26.3			—			—			26.3
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc.			8.2			—			8.2			—			—			8.2
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.			38.7			(10.3)			28.4			—			—			28.4
Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc.			4.0			—			4.0			—			—			4.0
Create Music Holdings, LLC			17.4			—			17.4			—			—			17.4
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)			—			—			—			—
CST Holding Company			1.9			—			1.9			—			—			1.9
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC			32.4			—			32.4			—			—			32.4
Databricks, Inc.			38.6			—			38.6			—			—			38.6
Datix Bidco Limited and RL Datix Holdings (USA), Inc.			47.1			—			47.1			—			—			47.1
Davidson Hotel Company LLC			3.2			—			3.2			—			—			3.2
DecoPac, Inc. and KCAKE Holdings Inc.			24.7			—			24.7			—			—			24.7
Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P.			36.2			(7.5)			28.7			—			—			28.7
Diamond Mezzanine 24 LLC			1.0			(1.0)			—			—			—			—
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.			2.3			(0.9)			1.4			—			—			1.4
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc.			8.2			—			8.2			—			—			8.2
Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC			9.6			(2.0)			7.6			—			—			7.6
Dorado Bidco, Inc.			7.4			—			7.4			—			—			7.4
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP			44.6			(0.5)			44.1			—			—			44.1
Doxim Inc.			2.7			(0.3)			2.4			—			—			2.4
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			1.8			(0.2)			1.6			—			—			1.6
DRS Holdings III, Inc. and DRS Holdings I, Inc.			10.9			—			10.9			—			—			10.9
Duraserv LLC			13.2			(0.5)			12.7			—			—			12.7
Echo Purchaser, Inc.			2.0			—			2.0			—			—			2.0
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc.			50.4			—			50.4			—			—			50.4
Edition Holdings, Inc. and Enverus, Inc.			22.3			(0.3)			22.0			—			—			22.0
Edmunds Govtech, Inc.			3.3			(1.7)			1.6			—			—			1.6
Einstein Parent, Inc.			4.8			—			4.8			—			—			4.8
EIS Legacy Holdco, LLC			73.0			—			73.0			—			—			73.0
Elcano Bidco S.à r.l. and Vivagym Group, S.L.U.			24.7			—			24.7			—			—			24.7
Elemica, Inc. and EZ Elemica Holdings, Inc.			15.3			(0.9)			14.4			—			—			14.4
Elevation Services Parent Holdings, LLC			3.5			(3.4)			0.1			—			—			0.1
Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC			8.9			—			8.9			—			—			8.9

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
ELM DebtCo, LLC			2.5			(0.1)			2.4			—			—			2.4
EMB Purchaser, Inc.			42.6			(0.8)			41.8			—			—			41.8
Empower Payments Investor, LLC			2.4			—			2.4			—			—			2.4
Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC			5.1			(2.0)			3.1			—			—			3.1
ESHA Intermediate, LLC			8.2			—			8.2			—			—			8.2
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC			19.6			(13.5)			6.1			—			—			6.1
Eternal Aus Bidco Pty Ltd			0.6			—			0.6			—			—			0.6
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc.			1.2			—			1.2			—			—			1.2
Expereo USA, Inc. and Ristretto Bidco B.V.			16.6			(3.5)			13.1			—			—			13.1
Extrahop Networks, Inc.			4.3			(4.3)			—			—			—			—
Fever Labs, Inc.			35.0			(14.8)			20.2			—			—			20.2
Firebird Acquisition Corp, Inc.			2.7			(0.2)			2.5			—			—			2.5
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP			9.0			(2.5)			6.5			—			—			6.5
FL Hawk Intermediate Holdings, Inc.			2.1			—			2.1			—			—			2.1
Flexera Software LLC			1.5			—			1.5			—			—			1.5
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc.			17.5			(14.1)			3.4			—			—			3.4
Flint OpCo, LLC			12.6			—			12.6			—			—			12.6
FlyWheel Acquireco, Inc.			8.2			(7.4)			0.8			—			—			0.8
Forescout Technologies, Inc.			6.6			—			6.6			—			—			6.6
Forward Keystone Holdings, LP			6.7			—			6.7			—			—			6.7
Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc.			20.8			(5.1)			15.7			—			—			15.7
Foundation Consumer Brands, LLC			2.4			—			2.4			—			—			2.4
Foundation Risk Partners, Corp.			27.8			(9.6)			18.2			—			—			18.2
Frontline Road Safety Operations, LLC			43.1			(0.2)			42.9			—			—			42.9
FS Squared Holding Corp. and FS Squared, LLC			23.8			(0.5)			23.3			—			—			23.3
G702 Buyer, Inc.			1.9			—			1.9			—			—			1.9
Galaxy Buyer, Inc. and Galaxy Topco I, L.P.			2.9			—			2.9			—			—			2.9
Galway Borrower LLC			33.4			(5.2)			28.2			—			—			28.2
Generator US Buyer, Inc. and Total Power Limited			3.9			(0.1)			3.8			—			—			3.8
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc.			4.6			—			4.6			—			—			4.6
GHP-VGS Purchaser LLC			8.7			(0.3)			8.4			—			—			8.4
GHX Ultimate Parent Corporation and Nexus TopCo LP			43.9			—			43.9			—			—			43.9
GI Ranger Intermediate LLC			3.6			(2.1)			1.5			—			—			1.5
Global Music Rights, LLC			15.0			(6.0)			9.0			—			—			9.0
GMF Parent, Inc. and GMF Group Holdings, LP			19.9			(0.8)			19.1			—			—			19.1
Goldeneye Parent, LLC			2.6			—			2.6			—			—			2.6
Goodlife Fitness Centers Inc. and AP Rainbow Co-Invest L.P.			2.9			(0.1)			2.8			—			—			2.8
Goose Borrower, L.P.			19.2			—			19.2			—			—			19.2
Grit Buyer, Inc. and Integrum Grit Co-Invest LP			3.6			(0.1)			3.5			—			—			3.5
Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC			9.4			(0.5)			8.9			—			—			8.9
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC			3.2			(2.5)			0.7			—			—			0.7
GSV Purchaser, Inc.			4.0			—			4.0			—			—			4.0
GTCR Everest Borrower, LLC			1.2			—			1.2			—			—			1.2
GTCR F Buyer Corp. and GTCR (D) Investors LP			0.9			—			0.9			—			—			0.9
Guidepoint Security Holdings, LLC			5.1			(0.8)			4.3			—			—			4.3
Harvey Tool Company, LLC			66.7			—			66.7			—			—			66.7
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			6.9			—			6.9			—			—			6.9
Helix TS, LLC			18.8			—			18.8			—			—			18.8
HH-Stella, Inc. and Bedrock Parent Holdings, LP			14.3			(1.0)			13.3			—			—			13.3
Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc.			19.5			—			19.5			—			—			19.5
High Street Buyer, Inc. and High Street Holdco LLC			6.1			—			6.1			—			—			6.1

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
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			13.5			(4.7)			8.8			—			—			8.8
Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP			128.3			(5.9)			122.4			—			—			122.4
Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC			29.1			(11.4)			17.7			—			—			17.7
HS Purchaser, LLC, and Help/Systems Holdings, Inc.			15.0			—			15.0			—			—			15.0
HuFriedy Group Acquisition LLC			17.3			(0.9)			16.4			—			—			16.4
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP			13.3			(1.6)			11.7			—			—			11.7
Hyland Software, Inc.			2.7			—			2.7			—			—			2.7
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.			22.2			—			22.2			—			—			22.2
IFH Franchisee Holdings, LLC			18.9			(4.3)			14.6			—			—			14.6
IH Elevate Buyer, Inc. and Integrum Elevate Co-Invest LP			21.5			—			21.5			—			—			21.5
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.			20.8			(0.2)			20.6			—			—			20.6
Innovative Systems L.L.C.			3.1			—			3.1			—			—			3.1
Inszone Mid, LLC and INSZ Holdings, LLC			64.9			—			64.9			—			—			64.9
Internet Truckstop Group LLC			1.2			—			1.2			—			—			1.2
Invited, Inc. and KSL Longdrive Co-Invest, L.P.			32.2			—			32.2			—			—			32.2
IQN Holding Corp.			2.3			(1.4)			0.9			—			—			0.9
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.			54.9			(7.1)			47.8			—			—			47.8
JAMS Holdings LP and Jams Buyer LLC			7.0			—			7.0			—			—			7.0
Jeppesen Holdings, LLC			0.7			—			0.7			—			—			0.7
Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC			18.3			—			18.3			—			—			18.3
JSG II, Inc. and Checkers USA, Inc.			23.0			—			23.0			—			—			23.0
Kairos Bidco Limited			3.0			(0.3)			2.7			—			—			2.7
KBHS Acquisition, LLC (d/b/a Alita Care, LLC)			5.6			(5.3)			0.3			—			(0.3)			—
King Risk Partners, LLC			10.9			—			10.9			—			—			10.9
Kings Buyer, LLC			5.0			(3.0)			2.0			—			—			2.0
Knight AcquireCo, LLC and Knight Holdings, LP			20.9			—			20.9			—			—			20.9
Koala Investment Holdings, Inc.			6.9			(1.2)			5.7			—			—			5.7
KPS Global LLC and Cool Group LLC			3.4			—			3.4			—			—			3.4
Laboratories Bidco LLC and Laboratories Topco LLC			21.2			(20.4)			0.8			—			(0.3)			0.5
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP			9.7			(0.2)			9.5			—			—			9.5
LeanTaaS Holdings, Inc.			9.1			—			9.1			—			(1.1)			8.0
LEG Purchaser Inc.			2.8			(1.6)			1.2			—			—			1.2
Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P.			11.0			(4.7)			6.3			—			—			6.3
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P.			1.5			—			1.5			—			—			1.5
LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC			10.5			(3.1)			7.4			—			—			7.4
Lido Advisors, LLC and LAL Group Holdings, LLC			3.6			(2.7)			0.9			—			—			0.9
Lightbeam Bidco, Inc.			1.9			(0.2)			1.7			—			—			1.7
LiveBarn Inc., LiveBarn US, LLC, LiveBarn Canada I, ULC, and Royal Topco Holdings, LLC			11.9			(1.5)			10.4			—			—			10.4
Livewire Acquisition, Inc. and Livewire Co-Invest Holdings, LP			57.5			(6.0)			51.5			—			—			51.5
LivTech Purchaser, Inc.			1.4			—			1.4			—			—			1.4
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P.			10.9			—			10.9			—			—			10.9
LJP Purchaser, Inc. and LJP Topco, LP			5.7			—			5.7			—			—			5.7
Lobos Parent, Inc.			9.0			(0.9)			8.1			—			—			8.1
Mai Capital Management Intermediate LLC			14.1			—			14.1			—			—			14.1
Manna Pro Products, LLC and MP Blocker A LLC			7.0			(1.1)			5.9			—			(5.9)			—
Maravai Intermediate Holdings, LLC			6.1			—			6.1			—			—			6.1
Mari Events Midco LLC and AE EventsCo Holdings LLC			0.8			—			0.8			—			—			0.8

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
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP			32.9			(3.5)			29.4			—			—			29.4
Medlar Bidco Limited			8.6			—			8.6			—			—			8.6
Merit Financial Group, LLC and CWC Fund I (MFA) LP			2.7			—			2.7			—			—			2.7
Merit Software Finance Holdings, LLC			15.2			—			15.2			—			—			15.2
Metatiedot Bidco OY and Metatiedot US, LLC			1.6			(0.2)			1.4			—			—			1.4
Meyer Laboratory, LLC and Meyer Parent, LLC			2.5			(0.8)			1.7			—			—			1.7
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P.			8.0			—			8.0			—			—			8.0
ML Holdco, Inc.			23.3			—			23.3			—			—			23.3
Moderna, Inc.			167.4			—			167.4			—			—			167.4
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			—			6.5			—			—			6.5
Monica Holdco (US), Inc.			6.8			—			6.8			—			—			6.8
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC			1.2			—			1.2			—			—			1.2
Motor Vehicle Software Corporation			7.0			—			7.0			—			—			7.0
Mountaineer Merger Corporation			13.4			(8.1)			5.3			—			—			5.3
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC			7.8			(0.7)			7.1			—			—			7.1
MRI Software LLC			6.5			(1.1)			5.4			—			—			5.4
MSIS Holdings, Inc. and MS Precision Parent, LP			13.2			(1.2)			12.0			—			—			12.0
Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC			5.9			(0.3)			5.6			—			—			5.6
MWH Intermediate II, LLC			5.8			—			5.8			—			—			5.8
Namecheap, Inc.			3.1			—			3.1			—			—			3.1
NAMSA Holdco, LLC, North American Science Associates, LLC and Cardinal Topco Holdings L.P.			12.7			—			12.7			—			—			12.7
NAS, LLC and Nationwide Marketing Group, LLC			3.0			(3.0)			—			—			—			—
NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP			12.6			(4.9)			7.7			—			—			7.7
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.			24.2			—			24.2			—			—			24.2
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
Next Holdco, LLC			0.7			—			0.7			—			—			0.7
NMC Skincare Intermediate Holdings II, LLC			9.3			(6.7)			2.6			—			—			2.6
NMN Holdings III Corp. and NMN Holdings LP			65.1			(2.7)			62.4			—			—			62.4
North Haven Fairway Buyer, LLC and Fairway Lawns, LLC			14.9			(5.7)			9.2			—			—			9.2
North Star Acquisitionco, LLC and Toucan Bidco Limited			3.0			—			3.0			—			—			3.0
Northwinds Holding, Inc. and Northwinds Services Group LLC			17.2			—			17.2			—			—			17.2
Oak Funding LLC			8.3			—			8.3			—			—			8.3
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP			1.2			(0.1)			1.1			—			—			1.1
Odevo AB			17.1			—			17.1			—			—			17.1
Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q, Inc.			2.2			—			2.2			—			—			2.2
Optimizely North America Inc. and Optimizely Sweden Holdings AB			0.8			—			0.8			—			—			0.8
Paris US Holdco, Inc. and Trimaster Manufacturing Inc.			22.5			(0.3)			22.2			—			—			22.2
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P.			9.8			—			9.8			—			—			9.8
Pathway Vet Alliance LLC and Jedi Group Holdings LLC			1.8			(0.6)			1.2			—			—			1.2
Patriot Growth Insurance Services, LLC			2.2			—			2.2			—			—			2.2
Pave America Holding, LLC			10.7			(3.4)			7.3			—			—			7.3
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC			1.0			—			1.0			—			—			1.0
PCMI Parent, LLC and PCMI Ultimate Holdings, LP			6.3			—			6.3			—			—			6.3
PCS MidCo, Inc. and PCS Parent, L.P.			7.9			—			7.9			—			—			7.9
PDDS HoldCo, Inc.			2.1			(0.2)			1.9			—			—			1.9
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC			2.5			(2.5)			—			—			—			—
Pelican Products, Inc.			2.3			(2.3)			—			—			—			—
People Corporation			29.5			—			29.5			—			—			29.5
Perforce Software, Inc.			7.5			—			7.5			—			—			7.5

See accompanying notes to consolidated financial statements.

80

(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			3.2			—			3.2			—			—			3.2
PestCo Holdings, LLC and PestCo, LLC			1.7			(0.5)			1.2			—			—			1.2
Petrus Buyer, Inc.			1.1			(0.8)			0.3			—			—			0.3
PetVet Care Centers, LLC			26.9			(8.1)			18.8			—			—			18.8
Petvisor Holdings, LLC			7.9			(3.5)			4.4			—			—			4.4
pH Beauty Holdings III, Inc.			1.6			—			1.6			—			—			1.6
Pike Corporation			86.7			—			86.7			—			—			86.7
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc.			6.0			(0.5)			5.5			—			—			5.5
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC			18.8			(5.1)			13.7			—			—			13.7
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			5.6			(1.0)			4.6			—			—			4.6
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.			3.5			(1.9)			1.6			—			—			1.6
Premiere Buyer, LLC			6.4			—			6.4			—			—			6.4
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP			11.5			(0.1)			11.4			—			—			11.4
Project Alliance Buyer, LLC			2.2			—			2.2			—			—			2.2
Project Cardinal Acquisition, LLC			8.3			—			8.3			—			—			8.3
Project Potter Buyer, LLC and Project Potter Parent, L.P.			13.6			(0.1)			13.5			—			—			13.5
Proofpoint, Inc.			3.2			—			3.2			—			—			3.2
PS Operating Company LLC and PS Op Holdings LLC			7.4			(5.8)			1.6			—			(1.6)			—
PSC Parent, Inc.			4.7			(2.7)			2.0			—			—			2.0
PumpTech, LLC and Impel CV-B, LP			4.9			—			4.9			—			—			4.9
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.			15.7			(0.4)			15.3			—			—			15.3
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P.			4.8			—			4.8			—			—			4.8
Quirch Foods Holdings, LLC			13.3			—			13.3			—			—			13.3
Radius Aerospace, Inc. and Radius Aerospace Europe Limited			5.7			(2.6)			3.1			—			—			3.1
Radwell Parent, LLC			8.0			(1.3)			6.7			—			—			6.7
RailPros Parent, LLC			5.3			—			5.3			—			—			5.3
Raven Acquisition Holdings, LLC			5.3			—			5.3			—			—			5.3
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P.			11.8			—			11.8			—			—			11.8
RB Holdings InterCo, LLC			2.1			(0.5)			1.6			—			—			1.6
Reagent Chemical & Research, LLC			2.7			(0.1)			2.6			—			—			2.6
Reddy Ice LLC			53.6			(37.7)			15.9			—			—			15.9
Redwood Services LP			9.2			(0.6)			8.6			—			—			8.6
Reef Lifestyle, LLC			49.2			(16.8)			32.4			—			—			32.4
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.			7.1			(7.1)			—			—			—			—
Repairify, Inc. and Repairify Holdings, LLC			7.3			(5.1)			2.2			—			—			2.2
Revalize, Inc.			0.9			(0.4)			0.5			—			—			0.5
Revival Animal Health, LLC			3.3			(1.8)			1.5			—			—			1.5
Rialto Management Group, LLC			1.5			(0.1)			1.4			—			—			1.4
RMS HoldCo II, LLC & RMS Group Holdings, Inc.			2.9			—			2.9			—			—			2.9
Rocket Buyer, LLC			16.6			(1.5)			15.1			—			—			15.1
Rodeo AcquisitionCo LLC			3.9			(0.2)			3.7			—			—			3.7
Royal Borrower, LLC and Royal Parent, LP			9.6			(0.3)			9.3			—			—			9.3
Runway Bidco, LLC			15.6			—			15.6			—			—			15.6
RWA Wealth Partners, LLC			6.5			—			6.5			—			—			6.5
Saber Parent Holdings Corp. and MSHC, Inc.			9.0			(1.8)			7.2			—			—			7.2
SageSure Holdings, LLC and SageSure LLC			9.7			—			9.7			—			—			9.7
Salt & Stone, Inc. and Leila Parent, LLC			3.6			—			3.6			—			—			3.6

See accompanying notes to consolidated financial statements.

81

(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
SCIH Salt Holdings Inc.			22.5			—			22.5			—			—			22.5
Severin Acquisition, LLC			61.8			(13.7)			48.1			—			—			48.1
SG Acquisition, Inc.			2.0			—			2.0			—			—			2.0
SGM Acquisition Sub, LLC and Schill Holdings, LP			24.6			(1.5)			23.1			—			—			23.1
SGP Shaka HoldCo, LLC and SGP Shaka JV, LLC			4.1			—			4.1			—			—			4.1
Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC			0.6			—			0.6			—			—			0.6
Shout! Factory, LLC			2.3			(0.6)			1.7			—			—			1.7
SIG Parent Holdings, LLC			33.9			—			33.9			—			—			33.9
Signant Finance One Limited and Bracket Intermediate Holding Corp.			11.8			(1.2)			10.6			—			—			10.6
Silk Holdings III LLC and Silk Holdings I Corp.			10.0			(0.7)			9.3			—			—			9.3
Slaine Holdings LLC			23.2			—			23.2			—			—			23.2
Smarsh Inc. and Skywalker TopCo, LLC			4.4			(1.2)			3.2			—			—			3.2
Spaceship Purchaser, Inc.			6.5			(0.1)			6.4			—			—			6.4
Spark Purchaser, Inc.			2.3			—			2.3			—			—			2.3
Spindrift Beverage Co., Inc. and SBC Aggregator LP			3.4			(0.3)			3.1			—			—			3.1
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp			1.7			(0.1)			1.6			—			—			1.6
Sport Maska Inc.			12.5			(9.2)			3.3			—			—			3.3
Spruce Bidco II Inc.			50.7			(19.7)			31.0			—			—			31.0
St Athena Global LLC and St Athena Global Holdings Limited			2.8			(0.4)			2.4			—			—			2.4
Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC, and Steward Partners New Holdings, LLC			1.5			—			1.5			—			—			1.5
Sun Acquirer Corp. and Sun TopCo, LP			28.5			(1.1)			27.4			—			—			27.4
Sundance Group Holdings, Inc.			6.5			(0.4)			6.1			—			—			6.1
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation			8.1			(3.5)			4.6			—			—			4.6
Sunrun Luna Holdco 2021, LLC			40.6			(37.0)			3.6			—			—			3.6
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P.			22.0			(0.7)			21.3			—			—			21.3
Superman Holdings, LLC			5.1			—			5.1			—			—			5.1
Supplying Demand, Inc.			0.1			—			0.1			—			—			0.1
Surescripts, LLC			26.9			—			26.9			—			—			26.9
SV Newco 2, Inc. and Site 2020 Incorporated			8.4			(1.7)			6.7			—			—			6.7
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.			10.0			(10.0)			—			—			—			—
Systems Planning and Analysis, Inc.			4.0			(1.7)			2.3			—			—			2.3
Talon Buyer Inc. and Talon Holdings SCSP			4.5			—			4.5			—			—			4.5
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.			14.8			—			14.8			—			—			14.8
TCI Buyer LLC and TCI Holdings, LP			24.2			—			24.2			—			—			24.2
TCP Hawker Intermediate LLC			16.6			(3.6)			13.0			—			—			13.0
Team Acquisition Corporation			6.1			(5.7)			0.4			—			(0.4)			—
Telle Tire & Auto Service, LLC, Telle Tire Holdco, LLC, and Next Horizon Capital TireCo SPV, LP			10.2			(0.3)			9.9			—			—			9.9
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP			14.2			(12.9)			1.3			—			—			1.3
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC			1.7			—			1.7			—			—			1.7
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP			14.1			—			14.1			—			—			14.1
Thermostat Purchaser III, Inc.			7.7			(2.1)			5.6			—			—			5.6
THG Acquisition, LLC			28.4			(5.3)			23.1			—			—			23.1
Three Rivers Buyer, Inc.			1.9			—			1.9			—			—			1.9
Tiger Holdco LLC			10.6			—			10.6			—			—			10.6
Titan BW Borrower L.P.			8.3			—			8.3			—			—			8.3
TopGolf International, LLC and TopGolf Topco, LLC			19.8			(2.5)			17.3			—			—			17.3
Trading Technologies International, Inc.			2.3			—			2.3			—			—			2.3
Transit Technologies LLC			6.7			—			6.7			—			—			6.7
Triple JJJ Lube, Corp. and TCC Buyer Holdco, LLC			6.4			—			6.4			—			—			6.4
Triwizard Holdings, Inc. and Triwizard Parent, LP			24.3			(11.1)			13.2			—			—			13.2

See accompanying notes to consolidated financial statements.

82

(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
Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP			70.4			(0.2)			70.2			—			—			70.2
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC			5.4			(0.2)			5.2			—			—			5.2
TSS Buyer, LLC			1.2			—			1.2			—			—			1.2
TSWT Acquisition, Inc. and TSWT Holdings, LLC			4.0			(1.4)			2.6			—			—			2.6
Two Six Labs, LLC			10.2			—			10.2			—			—			10.2
U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P.			4.0			(0.6)			3.4			—			—			3.4
UFS, LLC and BV-UFS Aggregator, LLC			2.7			—			2.7			—			—			2.7
Unicorn Holdco Intermediate II LLC			1.9			—			1.9			—			—			1.9
Unifi Aviation North America LLC and Unifi Aviation Canada, Inc.			3.5			—			3.5			—			—			3.5
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP			3.6			—			3.6			—			—			3.6
Unity Purchaser, LLC and Unity Ultimate Holdings, LP			7.1			—			7.1			—			—			7.1
UP Intermediate II LLC and UPBW Blocker LLC			5.9			(0.9)			5.0			—			—			5.0
Valcourt Holdings II, LLC and Jobs Holdings, Inc.			34.9			—			34.9			—			—			34.9
Vamos Bidco, Inc.			9.9			(0.4)			9.5			—			—			9.5
Verista, Inc.			4.0			(1.1)			2.9			—			—			2.9
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC			13.6			(1.2)			12.4			—			(12.0)			0.4
Victors Purchaser, LLC and WP Victors Co-Investment, L.P.			20.0			(1.6)			18.4			—			—			18.4
Viper Bidco, Inc.			10.3			—			10.3			—			—			10.3
Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC			2.6			(2.6)			—			—			—			—
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.			7.8			—			7.8			—			—			7.8
VRC Companies, LLC			5.4			—			5.4			—			—			5.4
VRS Buyer, Inc.			3.7			—			3.7			—			—			3.7
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC			2.1			—			2.1			—			—			2.1
Watermill Express, LLC and Watermill Express Holdings, LLC			3.9			(0.1)			3.8			—			—			3.8
Waverly Advisors, LLC and WAAM Topco, LLC			3.8			(0.8)			3.0			—			—			3.0
Wealth Enhancement Group, LLC			19.4			—			19.4			—			—			19.4
WebPT, Inc. and WPT Intermediate Holdco, Inc.			0.9			—			0.9			—			—			0.9
Wellington Bidco Inc. and Wellington TopCo LP			16.1			(0.6)			15.5			—			—			15.5
Wellington-Altus Financial Inc.			1.1			(0.2)			0.9			—			—			0.9
Wellness AcquisitionCo, Inc.			4.2			(0.1)			4.1			—			—			4.1
Wharf Street Ratings Acquisition LLC			9.2			—			9.2			—			—			9.2
WorkWave Intermediate II, LLC			10.7			(1.3)			9.4			—			—			9.4
World Insurance Associates, LLC and World Associates Holdings, LLC			1.4			—			1.4			—			—			1.4
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P.			1.8			(0.4)			1.4			—			—			1.4
WRE Sports Investments LLC			4.4			—			4.4			—			(4.4)			—
WSHP FC Acquisition LLC and WSHP FC Holdings LLC			16.3			(0.8)			15.5			—			—			15.5
WU Holdco, Inc.			8.7			—			8.7			—			—			8.7
YE Brands Holdings, LLC			2.3			—			2.3			—			—			2.3
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP			2.2			—			2.2			—			—			2.2
Zenith AcquisitionCo, LLC			38.6			—			38.6			—			—			38.6
Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P.			5.1			(0.7)			4.4			—			—			4.4
Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc.			1.3			(0.2)			1.1			—			—			1.1
ZocDoc, Inc.			12.3			—			12.3			—			—			12.3
			$	5,526.4		$	(708.6)		$	4,817.8		$	—		$	(49.4)		$	4,768.4

See accompanying notes to consolidated financial statements.

83

(14)As of June 30, 2026, 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
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc.			4.9			—			4.9			—			4.9
Calera XXVIII, LLC			1.0			—			1.0			—			1.0
Constellation Wealth Capital Fund, L.P., Constellation Wealth Capital Fund II LP, and CWC Fund II GP Capital LP			17.5			(11.1)			6.4			—			6.4
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)			—
Firebird Music Rights I LP			20.5			—			20.5			—			20.5
Grit Buyer, Inc. and Integrum Grit Co-Invest LP			2.3			—			2.3			—			2.3
GSM Rights Fund II LP			7.2			—			7.2			—			7.2
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			2.5			(1.8)			0.7			—			0.7
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P.			11.6			(11.6)			—			—			—
Marco Polo Fund SCSp-RAIF			27.2			(7.9)			19.3			—			19.3
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)			—
Propagate Content LLC			8.1			—			8.1			—			8.1
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
Spindrift Beverage Co., Inc. and SBC Aggregator LP			1.2			—			1.2			—			1.2
Wellington-Altus Financial Inc.			0.8			—			0.8			—			0.8
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
			$	223.6		$	(56.8)		$	166.8		$	(43.3)		$	123.5

(15)As of June 30, 2026, the Company had commitments to co-invest in the SDLP for its portion of the SDLP’s commitment to fund delayed draw loans of up to $60. See Note 4 for more information on the SDLP.

(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 June 30, 2026, the estimated net unrealized loss for federal tax purposes was approximately $0.2 billion based on a tax cost basis of approximately $29.5 billion. As of June 30, 2026, the estimated aggregate gross unrealized loss for federal income tax purposes was approximately $1.5 billion and the estimated aggregate gross unrealized gain for federal income tax purposes was approximately $1.3 billion.     

(18)The relative payment priority of investments may vary within a portfolio company’s capital structure. For portfolio companies in which the Company holds multiple investments of the same investment type, such investments are presented in order of relative payment priority within the portfolio company’s capital structure.

See accompanying notes to consolidated financial statements.

84

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						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						8.74%			SOFR (Q)			4.75%						04/2025						10/2029									$	13.2					$	13.0					$	13.2		(2)(9)
												First lien senior secured loan						8.74%			SOFR (Q)			4.75%						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						8.47%			SOFR (M)			4.75%						05/2024						05/2031									20.9						20.9						20.9			(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						8.92%			SOFR (Q)			5.25%						07/2023						07/2030									42.1						42.1						42.1			(2)(6)(9)
												First lien senior secured loan						8.92%			SOFR (Q)			5.25%						09/2024						07/2030									6.8						6.8						6.8			(2)(6)(9)
												Limited partnership interest																		10/2023												9,249,000									10.2						12.6			(2)(6)
																																																			59.1						61.5
Adonis Bidco Inc. (13)						Provider of intellectual property management lifecycle software						First lien senior secured loan						9.17%			SOFR (Q)			5.50%						02/2025						02/2032									11.0						11.0						11.0			(2)(9)
												First lien senior secured loan						9.42% (3.00% PIK)			SOFR (Q)			5.75%						02/2025						02/2032									235.5						235.5						235.5			(2)(9)
																																																			246.5						246.5
AI Titan Parent, Inc. (13)						Provider of plant maintenance / scheduling software						First lien senior secured loan						8.25%			SOFR (M)			4.50%						08/2024						08/2031									7.3						7.3						7.3			(2)(9)
Anaplan, Inc. (13)						Provider of cloud-based connected planning platforms for business analytics						First lien senior secured loan						8.32%			SOFR (Q)			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						8.57%			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						8.49%			SOFR (M)			4.75%						01/2024						01/2031									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						8.57%			SOFR (Q)			4.75%						01/2024						01/2031									19.5						19.5						19.5			(2)(9)
																																																			19.7						19.7
Archduke Buyer, Inc. (13)						Developer and operator of Java runtime solutions for enterprises applications						First lien senior secured loan						9.27%			SOFR (Q)			5.50%						12/2025						12/2032									61.0						61.0						60.4			(2)(9)
Arrow Borrower 2025, Inc. (13)						Provider of accounts payable automation software and payment solutions						First lien senior secured loan						8.15%			SOFR (Q)			4.25%						10/2025						10/2032									28.3						28.3						28.1			(2)(9)
Artifact Bidco, Inc. (13)						Supply chain risk management SaaS platform for global enterprise clients						First lien senior secured loan						7.82%			SOFR (Q)			4.15%						05/2024						07/2031									7.4						7.4						7.4			(2)(9)

See accompanying notes to consolidated financial statements.

85

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Aston Bidco (Holding) Limited						Provider of enterprise software solutions						First lien senior secured loan						9.97%			SONIA (Q)			6.00%						07/2025						07/2032									110.2						108.2						110.2			(2)(6)(9)
Auctane, Inc.						Provider of mailing and shipping solutions						First lien senior secured loan						9.58%			SOFR (S)			5.75%						10/2021						10/2028									143.4						143.4						143.4			(2)(9)
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. (13)(14)						Vertical software businesses holding company						First lien senior secured loan						9.22%			SOFR (M)			5.50%						01/2025						01/2031									141.2						141.2						141.2			(2)(9)
												First lien senior secured loan						9.22%			SOFR (M)			5.50%						04/2025						01/2031									21.4						21.4						21.4			(2)(9)
												First lien senior secured loan						8.98%			SOFR (M)			5.25%						10/2025						01/2031									1.2						1.2						1.2			(2)
												Series A preferred shares						14.00% PIK												01/2025												80,007									89.2						88.2			(2)
																																																			253.0						252.0
BCTO Ignition Purchaser, Inc.						Enterprise software provider						Senior subordinated loan						11.37% PIK			SOFR (Q)			7.50%						04/2023						10/2030									4.5						4.5						4.5			(2)(9)
												Senior subordinated loan						11.37% PIK			SOFR (Q)			7.50%						03/2025						10/2030									2.5						2.5						2.5			(2)(9)
																																																			7.0						7.0
Bobcat Purchaser, LLC and Bobcat Topco, L.P. (13)						Healthcare software provider						First lien senior secured loan						8.44%			SOFR (Q)			4.75%						06/2023						06/2030									15.5						15.5						15.5			(2)(9)
												Class A-1 units																		06/2023												1,729,228									1.7						1.8
																																																			17.2						17.3
Borrower R365 Holdings LLC (13)						Provider of restaurant enterprise resource planning systems						First lien senior secured loan						9.82%			SOFR (Q)			6.00%						06/2021						06/2027									15.9						15.9						15.9			(2)(9)
												First lien senior secured loan						9.82%			SOFR (Q)			6.00%						01/2022						06/2027									1.9						1.9						1.9			(2)(9)
																																																			17.8						17.8
Bottomline Technologies, Inc. (13)						Provider of payment automation solutions						First lien senior secured loan						8.17%			SOFR (Q)			4.50%						04/2025						05/2029									16.5						16.5						16.5			(2)(9)
Businessolver.com, Inc. (13)						Provider of SaaS-based benefits solutions for employers and employees						First lien senior secured loan						8.17%			SOFR (Q)			4.50%						12/2021						12/2032									28.0						28.0						27.9			(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						8.32%			SOFR (Q)			4.50%						04/2024						11/2027									16.6						16.2						16.2			(2)(9)(16)
												Second lien senior secured loan						11.58%			SOFR (Q)			7.75%						11/2020						11/2028									71.6						71.2						70.9			(2)(9)
												Series A preferred shares						11.00% PIK												11/2020												24,898									43.5						41.3			(2)
												Series A-2 preferred shares						11.00% PIK												12/2020												8,963									15.5						14.7			(2)
												Series A-3 preferred shares						11.00% PIK												11/2021												11,952									18.7						17.7			(2)
																																																			165.1						160.8
Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. (13)						Provider of database management services						First lien senior secured loan						9.47%			SOFR (M)			5.75%						09/2025						09/2031									29.8						29.8						29.4			(2)(9)
												Senior subordinated loan						13.00% PIK												09/2025						09/2033									24.5						24.5						24.0			(2)
												Limited partnership interests																		09/2025												5,324,000									5.3						5.3			(2)
																																																			59.6						58.7
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)(11)

See accompanying notes to consolidated financial statements.

86

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						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						9.47%			SOFR (M)			5.75%						04/2024						04/2030									144.7						144.7						144.7			(2)(9)
												Series A preferred stock						15.00% PIK												04/2024												83,332									107.2						107.2			(2)
																																																			251.9						251.9
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						114.8						125.9			(2)(16)
												Limited partnership interests																		09/2022												12,250,000									12.3						35.2			(2)
																																																			127.1						161.1
Community Brands ParentCo, LLC						Software and payment services provider to non-profit institutions						Class A units																		12/2016												500,000									5.0						1.5			(2)
Computer Services, Inc. (13)						Infrastructure software provider to community banks						First lien senior secured loan						8.17%			SOFR (Q)			4.50%						02/2024						11/2031									160.4						160.4						160.4			(2)(9)
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						10.5			(2)(6)
												Series A common units																		09/2022												23,340									0.2						0.5			(2)(6)
																																																			5.0						11.0
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						7.08%			SOFR (M)			3.25%						06/2021						03/2028									6.4						6.4						6.4			(2)
												Second lien senior secured loan						10.33%			SOFR (M)			6.50%						06/2021						06/2029									155.7						155.7						156.6			(2)(9)(16)
												Limited partnership units																		04/2021												59,665,989									59.7						53.9			(2)
																																																			221.8						216.9
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 loan						8.34%			SOFR (Q)			4.50%						10/2025						11/2032									61.7						61.7						61.4			(2)(6)(9)
												Preferred equity						9.00% PIK												07/2019												198									0.4						0.9			(2)(6)
												Common equity																		07/2019												190,143									—						—			(2)(6)
																																																			62.1						62.3
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						6.84%			SOFR (M)			3.00%						10/2021						10/2026									8.4						8.4						7.6			(2)(12)
												First lien senior secured loan						7.58%			SOFR (M)			3.75%						06/2024						10/2028									16.4						15.0						15.0			(2)(9)(16)
												Second lien senior secured loan						10.33%			SOFR (M)			6.50%						10/2021						10/2029									137.5						137.5						125.1			(2)(9)
												Series A preferred shares						10.50% PIK												10/2021												116,413									179.2						152.3			(2)
												Class A-1 common stock																		10/2021												1,360,100									13.6						19.9			(2)
																																																			353.7						319.9
Coupa Holdings, LLC and Coupa Software Incorporated (13)						Provider of Business Spend Management software						First lien senior secured loan						9.09%			SOFR (Q)			5.25%						03/2023						02/2030									8.9						8.9						8.9			(2)(9)

See accompanying notes to consolidated financial statements.

87

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Databricks, Inc. (13)						Cloud-based data and AI platform that helps companies scale and manage data						First lien senior secured loan						8.27%			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						8.73%			SOFR (S)			5.00%						04/2024						04/2031									104.6						104.6						104.6			(2)(6)(9)
												First lien senior secured loan						8.97%			SONIA (S)			5.25%						04/2024						04/2031									57.1						53.1						57.1			(2)(6)(9)
																																																			157.7						161.7
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						9.47%			SOFR (M)			5.75%						07/2025						07/2030									124.7						123.0						122.9			(2)(9)
												Second lien senior secured loan						10.72%			SOFR (M)			7.00%						05/2022						02/2029									20.3						18.1						18.1			(2)(16)
												Series A preferred shares						10.50% PIK												05/2021												129,822									208.0						178.9			(2)
												Series A units																		05/2021												817,194									13.3						15.1			(2)
																																																			362.4						335.0
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						8.75%			SOFR (Q)			5.00%						04/2024						08/2030									0.5						0.5						0.5			(2)(9)(12)
												First lien senior secured loan						8.82%			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						20.3			(2)
																																																			44.5						44.1
Doxim Inc. (13)						Enterprise content management provider						First lien senior secured revolving loan																		09/2025						11/2027									—						—						—			(2)(6)(11)
												First lien senior secured loan						10.22%			SOFR (M)			6.50%						09/2025						11/2027									84.7						84.7						83.9			(2)(6)(9)
																																																			84.7						83.9
DriveCentric Holdings, LLC (13)						Provider of CRM software to the automotive dealership industry						First lien senior secured loan						8.19%			SOFR (Q)			4.50%						08/2024						08/2031									12.1						12.1						12.1			(2)(9)
												First lien senior secured loan						8.17%			SOFR (Q)			4.50%						07/2025						08/2031									11.6						11.6						11.6			(2)(9)
																																																			23.7						23.7
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						9.22%			SOFR (M)			5.50%						11/2023						11/2029									11.3						11.3						11.3			(2)(9)
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (13)						Payment processing solution provider						First lien senior secured loan						8.25%			SOFR (M)			4.50%						09/2024						09/2031									96.1						96.1						96.1			(2)(9)
												Preferred units						12.50% PIK												09/2024												656									7.7						7.7			(2)
												Class A common units																		09/2024												563									0.6						0.6			(2)
																																																			104.4						104.4
Edition Holdings, Inc. and Enverus, Inc. (13)						SaaS based business analytics company focused on oil and gas industry						First lien senior secured loan						8.20%			SOFR (M)			4.50%						12/2025						12/2032									63.1						63.1						62.9			(2)(9)

See accompanying notes to consolidated financial statements.

88

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Edmunds Govtech, Inc. (13)						Provider of ERP software solutions for local governments						First lien senior secured revolving loan						7.42%			SOFR (Q)			3.75%						02/2024						02/2030									1.7						1.7						1.7			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						02/2024						02/2031									8.5						8.5						8.5			(2)(9)
																																																			10.2						10.2
Einstein Parent, Inc. (13)						Provider of SaaS based collaborative work management software						First lien senior secured loan						10.36%			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						9.50%			SOFR (Q)			5.50%						05/2024						09/2026									6.8						6.8						6.8			(2)(9)
												First lien senior secured loan						9.53%			SOFR (Q)			5.50%						09/2019						09/2026									59.3						59.3						59.3			(2)(9)
												First lien senior secured loan						9.56%			SOFR (Q)			5.50%						12/2020						09/2026									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						9.53%			SOFR (Q)			5.50%						05/2024						09/2026									4.9						4.9						4.9			(2)(9)
												Preferred equity																		09/2019												4,599									4.6						7.1			(2)
																																																			81.2						83.7
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						8.44%			SOFR (Q)			4.50%						06/2023						11/2028									50.0						49.8						36.5			(2)(9)
												Partnership units																		05/2019												5,034,483									3.0						4.9			(2)(6)
																																																			52.8						41.4
eResearchTechnology, Inc. and Astorg VII Co-Invest ERT (13)						Provider of mission-critical, software-enabled clinical research solutions						First lien senior secured loan						8.47%			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						10.1			(2)(6)
																																																			186.4						192.0
ESHA Intermediate, LLC (13)						Provider of nutritional information and software as a services (SaaS) compliance solutions						First lien senior secured loan						8.44%			SOFR (Q)			4.75%						12/2025						12/2032									22.3						22.3						22.2			(2)(9)
Extrahop Networks, Inc. (13)						Provider of real-time wire data analytics solutions for application and infrastructure monitoring						First lien senior secured revolving loan						10.33%			SOFR (M)			6.50%						03/2024						07/2027									2.6						2.6						2.6			(2)(9)
												First lien senior secured loan						10.32%			SOFR (M)			6.50%						07/2021						07/2027									35.1						35.1						35.1			(2)(9)
												First lien senior secured loan						10.32%			SOFR (M)			6.50%						03/2023						07/2027									3.9						3.9						3.9			(2)(9)
																																																			41.6						41.6
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						10.97%			SOFR (Q)			7.25%						09/2023						09/2029									52.1						51.4						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						8.60%			SOFR (Q)			4.75%						08/2025						08/2032									18.6						18.6						18.5			(2)(9)
												First lien senior secured loan						6.43%			Euribor (M)			4.50%						08/2025						08/2032									6.8						6.8						6.8			(2)(9)
												First lien senior secured loan						8.44%			SOFR (Q)			4.75%						12/2025						08/2032									120.4						120.4						120.1			(2)(9)
																																																			145.8						145.4

See accompanying notes to consolidated financial statements.

89

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Forescout Technologies, Inc. (13)						Network access control solutions provider						First lien senior secured loan						8.24%			SOFR (A)			4.50%						12/2025						05/2032									37.1						37.1						37.1			(2)(9)
GHP-VGS Purchaser LLC (13)						Provider of assessment software and third party appraisal services						First lien senior secured loan						8.59%			SOFR (Q)			4.75%						04/2025						04/2032									14.3						14.3						14.3			(2)(9)
GI Ranger Intermediate LLC (13)						Provider of payment processing services and software to healthcare providers						First lien senior secured revolving loan						9.82%			SOFR (Q)			6.00%						10/2021						10/2027									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						9.82%			SOFR (Q)			6.00%						10/2021						10/2028									9.9						9.9						9.4			(2)(9)
												First lien senior secured loan						9.82%			SOFR (Q)			6.00%						03/2022						10/2028									3.1						3.1						2.9			(2)(9)
																																																			13.5						12.8
Goldeneye Parent, LLC (13)						Provider of clinical trial financial solutions						First lien senior secured loan						8.47%			SOFR (M)			4.75%						03/2025						03/2032									17.3						17.3						17.3			(2)(9)
Guidepoint Security Holdings, LLC (13)						Cybersecurity solutions provider						First lien senior secured loan						8.97%			SOFR (M)			5.25%						10/2023						10/2029									6.6						6.6						6.6			(2)(9)
												First lien senior secured loan						8.97%			SOFR (M)			5.25%						12/2024						10/2029									2.4						2.4						2.4			(2)(9)
												First lien senior secured loan						8.97%			SOFR (M)			5.25%						10/2025						10/2029									7.9						7.9						7.9			(2)(9)
																																																			16.9						16.9
Heavy Construction Systems Specialists, LLC (13)						Provider of construction software						First lien senior secured loan						8.42%			SOFR (Q)			4.75%						11/2021						11/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						03/2024						11/2028									13.8						13.8						13.8			(2)(9)
																																																			13.9						13.9
HS Purchaser, LLC, and Help/Systems Holdings, Inc. (13)						Provider of IT operations management and cybersecurity software						First lien senior secured loan						10.37%			SOFR (Q)			6.50%						11/2025						05/2029									62.5						62.5						59.1			(2)(9)
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (13)						Insurance software provider						First lien senior secured revolving loan						9.32%			SOFR (M)			5.50%						11/2021						11/2029									3.7						3.7						3.7			(2)(9)
												First lien senior secured loan						9.82% (0.50% PIK)			SOFR (M)			6.00%						11/2021						11/2029									58.6						58.6						58.0			(2)(9)
												First lien senior secured loan						9.82%			SOFR (M)			6.00%						10/2025						11/2029									5.4						5.4						5.3			(2)(9)
												Senior subordinated loan						10.00% PIK												11/2021						11/2031									133.9						133.9						121.8			(2)
												Company units																		11/2021												4,246,457									8.8						3.7			(2)
																																																			210.4						192.5
Hyland Software, Inc. (13)						Enterprise content management software provider						First lien senior secured loan						8.67%			SOFR (Q)			5.00%						09/2023						09/2030									95.6						94.6						95.6			(2)(9)
Hyphen Solutions, LLC (13)						Provider of residential construction supply chain management software						First lien senior secured loan						8.22%			SOFR (M)			4.50%						08/2025						08/2032									12.0						11.9						11.9			(2)(9)
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						1.1			(2)
Icefall Parent, Inc. (13)						Provider of customer engagement software and integrated payments solutions						First lien senior secured loan						8.17%			SOFR (Q)			4.50%						01/2024						01/2030									4.0						4.0						4.0			(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									126.4						118.3						119.7			(2)

See accompanying notes to consolidated financial statements.

90

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Series E preferred units																		08/2025												10,827,926									16.0						16.6			(2)
												Warrant to purchase shares of common stock																		01/2025						01/2035						6,924,708									9.6						10.6			(2)
																																																			143.9						146.9
Internet Truckstop Group LLC (13)						Provider of freight-moving lifecycle software						First lien senior secured loan						9.07%			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						8.93%			SOFR (Q)			5.25%						05/2022						05/2028									1.5						1.5						1.5			(2)(9)
												First lien senior secured loan						9.42% (3.13% PIK)			SOFR (Q)			5.75%						05/2022						05/2029									1.4						1.4						1.4			(2)(9)
																																																			2.9						2.9
JAMS Holdings LP and Jams Buyer LLC (13)						Provider of IT operations management and cybersecurity software						First lien senior secured loan						9.17%			SOFR (Q)			5.50%						06/2025						06/2032									14.4						14.4						14.4			(2)(9)
												Preferred units						8.00% PIK												06/2025												1,001,000									1.0						1.4			(2)
																																																			15.4						15.8
Jeppesen Holdings, LLC (13)						Provider of aviation software solutions						First lien senior secured loan						8.59%			SOFR (Q)			4.75%						10/2025						11/2032									14.0						14.0						13.9			(2)(9)
Kairos Bidco Limited (13)						Provider of financial data analytics software						First lien senior secured revolving loan						8.42%			SOFR (Q)			4.75%						07/2025						07/2032									0.3						0.3						0.3			(2)(6)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			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						14.35% PIK			SOFR (S)			10.75%						06/2022												21,289									34.1						34.1			(2)(9)
LeanTaaS Holdings, Inc. (13)						Provider of SaaS tools to optimize healthcare asset utilization						First lien senior secured loan						11.42%			SOFR (Q)			7.75%						07/2022						07/2028									72.1						72.1						72.1			(2)(9)
												First lien senior secured loan						11.17%			SOFR (Q)			7.50%						10/2025						07/2028									1.7						1.7						1.7			(2)(9)
																																																			73.8						73.8
Majesco and Magic Topco, L.P. (13)						Insurance software provider						First lien senior secured loan						8.47%			SOFR (W)			4.75%						09/2020						09/2028									17.9						17.9						17.9			(2)(9)
												Class A units						9.00% PIK												09/2020												2,539									4.0						6.8			(2)
												Class B units																		09/2020												570,625									—						—			(2)
																																																			21.9						24.7
Merit Software Finance Holdings, LLC (13)						Vertical software businesses holding company						First lien senior secured loan						8.94%			SOFR (Q)			5.25%						12/2025						12/2032									24.5						24.5						24.3			(2)(9)
Metatiedot Bidco OY and Metatiedot US, LLC (13)						Enterprise content management platform						First lien senior secured revolving loan						7.06%			Euribor (Q)			5.00%						11/2024						11/2030									1.7						1.7						1.7			(2)(6)(9)
												First lien senior secured loan						7.07%			Euribor (Q)			5.00%						11/2024						11/2031									8.9						8.1						8.9			(2)(6)(9)
												First lien senior secured loan						8.82%			SOFR (Q)			5.00%						11/2024						11/2031									5.2						5.2						5.2			(2)(6)(9)
																																																			15.0						15.8
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp						Cybersecurity solutions provider						First lien senior secured loan						8.22%			SOFR (M)			4.50%						05/2022						05/2029									14.2						14.2						14.2			(2)(6)(9)
												First lien senior secured loan						8.22%			SONIA (Q)			4.50%						05/2022						05/2029									37.6						34.5						37.6			(2)(6)(9)
												First lien senior secured loan						8.22%			SOFR (M)			4.50%						03/2024						05/2029									5.1						5.1						5.1			(2)(6)(9)

See accompanying notes to consolidated financial statements.

91

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Limited partnership interest																		05/2022												3,975									39.8						48.6			(2)(6)
																																																			93.6						105.5
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 revolving loan						11.25%			Base Rate (Q)			4.50%						12/2021						12/2027									0.7						0.7						0.7			(2)(9)(12)
												First lien senior secured loan						9.32%			SOFR (M)			5.50%						12/2021						12/2028									38.6						38.6						37.8			(2)(9)
												Limited partner interests																		12/2021												9,574,000									9.6						5.8			(2)
																																																			48.9						44.3
ML Holdco, Inc. (13)						Cloud-based, SaaS lending solutions provider to financial institutions						First lien senior secured loan						8.37%			SOFR (Q)			4.50%						10/2025						10/2032									89.6						89.6						89.1			(2)(9)
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						8.42% (2.25% PIK)			SOFR (Q)			4.75%						04/2025						04/2032									70.5						70.5						70.5			(2)(9)
												Series A preferred stock						13.00% PIK												04/2025												24,499									26.7						26.7			(2)
																																																			97.2						97.2
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (13)						Leading technology solution provider for casing and auditioning to the entertainment industry						First lien senior secured loan						9.45%			SOFR (S)			5.75%						08/2022						08/2028									23.9						23.9						23.9			(2)(9)
												Class A units						8.00% PIK												08/2022												45,320									5.9						4.1
																																																			29.8						28.0
Motor Vehicle Software Corporation (13)						Provider of electronic registration and titling software to auto dealers						First lien senior secured loan						8.17%			SOFR (Q)			4.50%						01/2025						01/2032									10.3						10.3						10.3			(2)(9)
MRI Software LLC (13)						Provider of real estate and investment management software						First lien senior secured revolving loan						8.44%			SOFR (Q)			4.75%						02/2020						02/2028									0.9						0.9						0.9			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						02/2020						02/2028									4.0						4.0						4.0			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						08/2020						02/2028									4.7						4.7						4.7			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						10/2025						02/2028									0.6						0.6						0.6			(2)(9)
																																																			10.2						10.2
Netsmart, Inc. and Netsmart Technologies, Inc. (13)						Developer and operator of health care software and technology solutions						First lien senior secured loan						8.92% (2.70% PIK)			SOFR (M)			5.20%						08/2024						08/2031									33.1						33.1						33.1			(2)(9)
												First lien senior secured loan						8.92% (2.70% PIK)			SOFR (M)			5.20%						11/2025						08/2031									27.8						27.8						27.8			(2)(9)
																																																			60.9						60.9
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 (M)			4.50%						04/2024						05/2029									6.2						5.7						6.2			(2)(6)
												First lien senior secured loan						8.27%			SONIA (M)			4.50%						04/2024						05/2029									5.5						5.3						5.6			(2)(6)
												First lien senior secured loan						8.22%			SOFR (M)			4.50%						04/2024						05/2029									11.9						11.9						11.9			(2)(6)(9)
																																																			22.9						23.7

See accompanying notes to consolidated financial statements.

92

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q, Inc. (13)						Provider of public safety, incident reporting, and security management solutions for enterprises						First lien senior secured loan						8.70%			SOFR (Q)			5.00%						12/2025						12/2030									13.7						13.7						13.7			(2)(9)
Optimizely North America Inc. and Optimizely Sweden Holdings AB (13)						Provider of web content management and digital commerce solutions						First lien senior secured loan						8.72%			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						9.22%			SONIA (M)			5.50%						10/2024						10/2031									1.0						0.9						0.9			(2)(6)(9)
																																																			8.5						8.7
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						9.21%			SOFR (Q)			5.50%						03/2025						03/2032									21.1						21.1						21.1			(2)(9)
												First lien senior secured loan						9.21%			SOFR (Q)			5.50%						11/2025						03/2032									15.1						15.1						15.1			(2)(9)
												Class A units						9.00% PIK												03/2025												1,014									1.1						1.3			(2)
												Class B units																		03/2025												241,447									—						—			(2)
																																																			37.3						37.5
PDDS HoldCo, Inc. (13)						Provider of cloud-based dental practice management software						First lien senior secured loan						9.72%			SOFR (M)			6.00%						10/2025						09/2031									13.8						13.6						13.6			(2)(9)
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						9.34%			SOFR (Q)			5.50%						02/2024						02/2031									1.8						1.8						1.8			(2)(9)
												First lien senior secured loan						9.34%			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									33.2						33.5			(2)
												Class A units																		03/2019												2,062,493									2.1						4.7			(2)
																																																			45.9						48.8
Petvisor Holdings, LLC (13)						Provider of veterinarian-focused SaaS solutions						First lien senior secured revolving loan						11.25%			Base rate (Q)			4.50%						06/2022						11/2029									1.3						1.3						1.3			(2)(9)
												First lien senior secured loan						9.17%			SOFR (Q)			5.50%						06/2022						11/2029									6.0						6.0						6.0			(2)(9)
												First lien senior secured loan						9.17%			SOFR (Q)			5.50%						11/2023						11/2029									13.6						13.6						13.6			(2)(9)
																																																			20.9						20.9
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC (4)(13)						Online education learning platform						First lien senior secured loan						8.32% (1.50% PIK)			SOFR (Q)			4.50%						08/2024						08/2029									21.7						21.7						21.7			(2)(9)
												First lien senior secured loan																		08/2024						08/2029									22.2						21.9						18.4			(2)(8)
												Common units																		08/2024												6,356,812									14.3						—			(2)
																																																			57.9						40.1
Poseidon IntermediateCo, Inc. (13)						Provider of practice management software to law firms						First lien senior secured loan						8.23%			SOFR (M)			4.50%						06/2025						06/2032									28.1						28.1						28.1			(2)(9)

See accompanying notes to consolidated financial statements.

93

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC (13)						Software provider for medical practitioners						First lien senior secured revolving loan						8.22%			SOFR (M)			4.50%						08/2023						08/2029									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						9.47%			SOFR (M)			5.75%						08/2023						08/2029									36.2						36.2						36.2			(2)(9)
												Senior subordinated loan						14.00% PIK												08/2023						08/2030									53.7						53.7						53.7			(2)
												Class A units						8.00% PIK												03/2021												33,220,282									28.1						32.4			(2)
																																																			118.5						122.8
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)(11)
												First lien senior secured loan						8.92%			SOFR (Q)			5.25%						04/2020						04/2027									42.3						42.3						42.3			(2)(9)
												First lien senior secured loan						8.92%			SOFR (Q)			5.25%						10/2020						04/2027									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.92%			SOFR (Q)			5.25%						11/2020						04/2027									11.6						11.6						11.6			(2)(9)
												First lien senior secured loan						8.92%			SOFR (Q)			5.25%						07/2024						04/2027									17.7						17.7						17.7			(2)(9)
												First lien senior secured loan						8.92%			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)
																																																			97.3						100.6
Proofpoint, Inc. (13)						Cybersecurity solutions provider						First lien senior secured loan						6.92%			SOFR (M)			3.00%						06/2021						08/2028									1.0						0.9						1.0			(2)(9)(16)
												Second lien senior secured loan						7.66%			Euribor (M)			5.75%						12/2025						12/2033									53.5						52.5						53.0			(2)
												Second lien senior secured loan						9.53%			SOFR (M)			5.75%						12/2025						12/2033									52.1						51.6						51.6			(2)
																																																			105.0						105.6
QBS Parent, Inc. (13)						Provider of vertical software solutions and related implementation, migration, and integration services						First lien senior secured revolving loan						8.22%			SOFR (M)			4.50%						11/2024						06/2032									0.1						0.1						0.1			(2)(9)(12)
												First lien senior secured loan						8.17%			SOFR (Q)			4.50%						11/2024						06/2032									15.3						15.3						15.3			(2)(9)
																																																			15.4						15.4
QF Holdings, Inc. (13)						SaaS based electronic health record software provider						First lien senior secured loan						8.19%			SOFR (A)			4.50%						12/2025						12/2032									46.9						46.9						46.7			(2)(9)
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 revolving loan						8.44%			SOFR (Q)			4.75%						10/2021						10/2027									3.8						3.8						3.8			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						10/2021						10/2028									8.3						8.3						8.3			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						04/2023						10/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						05/2024						10/2028									8.0						8.0						8.0			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						12/2024						10/2028									24.8						24.8						24.8			(2)(9)
												Class A common units																		12/2018												2,880,582									3.5						19.5
																																																			48.5						64.5
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									—						—

See accompanying notes to consolidated financial statements.

94

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Relativity ODA LLC (13)						Electronic discovery document review software platform for use in litigations and investigations						First lien senior secured loan						8.22%			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						10.07% (1.75% PIK)			SOFR (Q)			6.25%						05/2022						04/2029									0.6						0.6						0.5			(2)(9)
												First lien senior secured loan						10.32% (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						9.34%			SOFR (Q)			5.50%						12/2021						12/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.34%			SOFR (Q)			5.50%						08/2022						12/2028									0.2						0.2						0.2			(2)(9)
												Class A common stock																		12/2021												566									5.5						2.2			(2)
																																																			5.8						2.5
Runway Bidco, LLC (13)						Provider of workload automation software						First lien senior secured loan						8.67%			SOFR (Q)			5.00%						12/2024						12/2031									42.5						42.1						42.1			(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									31.5						31.5						31.5			(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						8.47% (2.25% PIK)			SOFR (M)			4.75%						09/2024						10/2031									142.8						142.8						141.4			(2)(9)
Smarsh Inc. and Skywalker TopCo, LLC (13)						SaaS based communication archival service provider						First lien senior secured revolving loan						8.43%			SOFR (Q)			4.75%						02/2022						02/2029									0.8						0.8						0.8			(2)(9)
												First lien senior secured loan						8.42%			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						8.6			(2)
																																																			10.5						12.8
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																		10/2025						10/2031									—						—						—			(2)(11)
												First lien senior secured loan						7.92%			SOFR (Q)			4.25%						10/2025						10/2031									74.8						74.8						74.8			(2)(9)
																																																			74.8						74.8
Spark Purchaser, Inc. (13)						Software platform for Medicare application process						First lien senior secured loan						9.17%			SOFR (Q)			5.50%						04/2024						04/2031									30.4						30.4						30.4			(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)(11)
												First lien senior secured loan						8.27%			SOFR (Q)			4.50%						09/2022						09/2028									2.5						2.5						2.5			(2)(9)
												First lien senior secured loan						8.27%			SOFR (Q)			4.50%						12/2023						09/2028									1.6						1.6						1.6			(2)(9)

See accompanying notes to consolidated financial statements.

95

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						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						8.27%			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						21.5			(2)
																																																			15.1						26.4
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						12.0			(2)(6)
Sundance Group Holdings, Inc. (13)						Provider of cloud-based document management and collaboration solutions						First lien senior secured revolving loan						8.17%			SOFR (Q)			4.50%						09/2024						07/2029									0.8						0.8						0.8			(2)(9)
												First lien senior secured loan						8.17%			SOFR (Q)			4.50%						09/2024						07/2029									4.0						4.0						4.0			(2)(9)
																																																			4.8						4.8
Superman Holdings, LLC (13)						Provider of ERP software for the construction industry						First lien senior secured loan						8.17%			SOFR (Q)			4.50%						08/2024						08/2031									22.2						22.2						22.2			(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						8.90%			SOFR (Q)			5.00%						03/2022						03/2029									34.1						34.1						34.1			(2)(9)
												First lien senior secured loan						8.92%			SOFR (Q)			5.00%						10/2023						03/2029									10.7						10.7						10.7			(2)(9)
												First lien senior secured loan						8.90%			SOFR (Q)			5.00%						06/2024						03/2029									5.7						5.7						5.7			(2)(9)
												First lien senior secured loan						8.90%			SOFR (Q)			5.00%						07/2025						03/2029									7.6						7.6						7.6			(2)(9)
												Class A-2 units																		03/2022												5,057									5.1						7.7
																																																			63.2						65.8
TCP Hawker Intermediate LLC (13)						Workforce management solutions provider						First lien senior secured revolving loan						7.42%			SOFR (Q)			3.75%						11/2024						08/2029									3.4						3.4						3.4			(2)(9)
												First lien senior secured loan						8.67%			SOFR (Q)			5.00%						08/2019						08/2029									50.2						50.2						50.2			(2)(9)
												First lien senior secured loan						8.67%			SOFR (Q)			5.00%						11/2024						08/2029									2.0						2.0						2.0			(2)(9)
																																																			55.6						55.6
Three Rivers Buyer, Inc. (13)						Developer of cloud-based software for government entities						First lien senior secured loan						8.60%			SOFR (Q)			4.75%						11/2025						11/2031									5.7						5.7						5.7			(2)(9)
Trading Technologies International, Inc. (13)						Order and execution management software provider						First lien senior secured loan						8.09%			SOFR (Q)			4.25%						11/2025						11/2032									13.8						13.8						13.8			(2)(9)
												First lien senior secured loan						7.95%			SOFR (Q)			4.25%						12/2025						11/2032									7.4						7.4						7.4			(2)(9)
																																																			21.2						21.2
Transit Technologies LLC (13)						Provider of transportation management software and specialty telematics solutions						First lien senior secured loan						8.72%			SOFR (S)			5.00%						08/2024						08/2031									12.2						12.2						12.2			(2)(9)
												First lien senior secured loan						8.23%			SOFR (S)			4.50%						09/2025						08/2031									8.0						8.0						7.9			(2)(9)
																																																			20.2						20.1
UFS, LLC and BV-UFS Aggregator, LLC (13)						Managed IT services and banking solutions provider to community banks						First lien senior secured revolving loan						8.50%			SOFR (M)			4.75%						10/2025						10/2031									0.7						0.7						0.7			(2)(9)
												First lien senior secured loan						8.50%			SOFR (M)			4.75%						10/2025						10/2031									36.3						36.3						35.9			(2)(9)
												Limited partner interests																		12/2025												506,537									0.5						0.5
																																																			37.5						37.1

See accompanying notes to consolidated financial statements.

96

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						5.7			(2)(9)
Vamos Bidco, Inc. (13)						Provider of software and data services to the alcoholic beverage industry						First lien senior secured loan						8.42%			SOFR (Q)			4.75%						01/2025						01/2032									18.1						18.1						17.9			(2)(9)
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 revolving loan						8.23%			SOFR (Q)			4.50%						08/2024						12/2032									1.4						1.4						1.4			(2)(9)
												First lien senior secured loan						8.19%			SOFR (Q)			4.50%						08/2024						12/2032									6.6						6.6						6.6			(2)(9)
												First lien senior secured loan						8.19%			SOFR (Q)			4.50%						12/2025						12/2032									39.1						39.1						39.0			(2)(9)
												Partnership units																		08/2024												4,867,968									4.9						11.3			(2)
																																																			52.0						58.3
Viper Bidco, Inc. (13)						Provider of SaaS based supply chain risk management solutions						First lien senior secured loan						8.42%			SOFR (Q)			4.75%						11/2024						11/2031									5.5						5.5						5.5			(2)(9)
												First lien senior secured loan						8.47%			SONIA (Q)			4.75%						11/2024						11/2031									11.0						10.3						11.0			(2)(9)
																																																			15.8						16.5
WebPT, Inc. and WPT Intermediate Holdco, Inc. (13)						Electronic medical record software provider						First lien senior secured revolving loan						10.20%			SOFR (Q)			6.25%						08/2019						01/2028									0.7						0.7						0.7			(2)(9)
												First lien senior secured loan						10.17%			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									74.4						74.4						66.2			(2)
																																																			75.2						67.0
Wellington Bidco Inc. and Wellington TopCo LP (13)						Provider of ERP and payments software for local governments						First lien senior secured revolving loan						8.42%			SOFR (Q)			4.75%						06/2024						06/2030									0.6						0.6						0.6			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						06/2024						06/2030									6.1						6.1						6.1			(2)(9)
												Class A-2 preferred units																		06/2024												2,323,000									2.4						2.8			(2)
																																																			9.1						9.5
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)(11)
												First lien senior secured loan						8.42%			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						9.44%			SOFR (Q)			5.75%						09/2025						09/2032									0.7						0.7						0.7			(2)(9)
												First lien senior secured loan						9.94% (3.13% PIK)			SOFR (Q)			6.25%						09/2025						09/2032									144.0						144.0						142.5			(2)(9)
																																																			144.7						143.2
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (13)						Provider of cloud-based customer support solutions						First lien senior secured loan						8.69%			SOFR (Q)			5.00%						12/2022						11/2028									36.2						36.2						36.2			(2)(9)
												Series A preferred stock						13.50% PIK			SOFR (Q)			9.50%						11/2022												8,997									13.4						13.4			(2)(9)
												Class A common units																		11/2022												269,100									2.7						2.6			(2)
																																																			52.3						52.2

See accompanying notes to consolidated financial statements.

97

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			7,030.9						7,032.3						49.12%
Financial Services
Aduro Advisors, LLC (13)						Provider of fund administration services						First lien senior secured loan						8.42%			SOFR (Q)			4.75%						07/2024						07/2030									8.2						8.2						8.2			(2)(9)
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						10.60%			SOFR (Q)			6.75%						09/2021						09/2027									0.2						0.2						0.2			(2)(9)
												Senior subordinated loan						10.44%			SOFR (Q)			6.75%						12/2025						12/2031									16.0						16.0						16.0			(2)(9)
												Senior subordinated loan						9.30% PIK												09/2021						09/2026									6.6						6.6						6.6			(2)
												Common units																		09/2021												6,833,284									6.8						8.2			(2)
																																																			29.6						31.0
Beacon Pointe Harmony, LLC (13)						Provider of comprehensive wealth management services						First lien senior secured loan						8.22%			SOFR (M)			4.50%						12/2021						12/2028									9.5						9.5						9.5			(2)(6)(9)
												First lien senior secured loan						8.22%			SOFR (M)			4.50%						07/2023						12/2028									3.8						3.8						3.8			(2)(6)(9)
												First lien senior secured loan						8.24%			SOFR (Q)			4.50%						06/2024						12/2028									10.0						10.0						10.0			(2)(6)(9)
																																																			23.3						23.3
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						8.22%			SOFR (M)			4.50%						05/2025						02/2028									0.3						0.3						0.3			(2)(6)(9)
												First lien senior secured loan						8.23%			SOFR (Q)			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						8.44%			SOFR (Q)			4.75%						03/2022						03/2030									44.0						44.0						44.0			(2)(6)(9)
												First lien senior secured loan						8.44%			SOFR (Q)			4.75%						06/2023						03/2030									4.7						4.7						4.7			(2)(6)(9)
												First lien senior secured loan						8.44%			SOFR (Q)			4.75%						11/2024						03/2030									10.0						10.0						10.0			(2)(6)(9)
																																																			58.7						58.7
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						31.9
												Series B-3 units																		08/2025												11,069									3.1						3.9
																																																			28.0						35.8
eCapital Finance Corp.						Consolidator of commercial finance businesses						Senior subordinated loan						11.22%			SOFR (M)			7.25%						01/2020						09/2029									56.0						55.4						56.0			(2)(9)
												Senior subordinated loan						11.22%			SOFR (M)			7.25%						11/2020						09/2029									5.4						5.3						5.4			(2)(9)
												Senior subordinated loan						11.22%			SOFR (M)			7.25%						01/2022						09/2029									24.3						24.1						24.3			(2)(9)
												Senior subordinated loan						11.22%			SOFR (M)			7.25%						04/2022						09/2029									55.8						55.2						55.8			(2)(9)
												Senior subordinated loan						11.22%			SOFR (M)			7.25%						10/2023						09/2029									12.3						12.2						12.3			(2)(9)
												Senior subordinated loan						11.22%			SOFR (M)			7.25%						10/2024						09/2029									42.1						41.8						42.1			(2)(9)
												Senior subordinated loan						11.22%			SOFR (M)			7.25%						12/2024						09/2029									21.9						21.7						21.9			(2)(9)
												Senior subordinated loan						11.22%			SOFR (M)			7.25%						09/2025						09/2029									5.8						5.8						5.8			(2)(9)
																																																			221.5						223.6

See accompanying notes to consolidated financial statements.

98

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Endeavor Bidco LLC and Endeavor TopCo, Inc.						Global securities finance trading platform						First lien senior secured loan						7.92%			SOFR (Q)			4.25%						08/2024						08/2029									6.1						6.1						6.1			(2)(9)
												First lien senior secured loan						7.92%			SOFR (Q)			4.25%						07/2025						08/2029									5.9						5.9						5.9			(2)(9)
												Class A common units																		08/2024												1,859									1.9						2.9
																																																			13.9						14.9
GAPCO AIV Interholdco (CP), L.P. (13)						Wealth management and financial planning firm						Senior subordinated loan						10.42% PIK			SOFR (Q)			6.75%						03/2025						03/2033									49.5						49.5						49.5			(2)(6)(9)
Grit Buyer, Inc. and Integrum Grit Co-Invest LP (13)(14)						Specialized finance and accounting advisory firm						First lien senior secured loan						8.37%			SOFR (Q)			4.50%						07/2025						07/2032									63.0						63.0						62.1			(2)(9)
												Limited partnership interests																		07/2025												4,420,500									3.6						3.8			(2)(6)
																																																			66.6						65.9
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						8.67%			SOFR (Q)			5.00%						09/2023						09/2030									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						8.67%			SOFR (Q)			5.00%						11/2024						09/2030									0.6						0.6						0.6			(2)(9)
												Limited partnership interests																		09/2023												4,873,286									4.9						10.3			(2)
																																																			11.1						16.5
HighTower Holding, LLC						Provider of investment, financial and retirement planning services						Senior subordinated loan						6.75%												06/2022						04/2029									8.1						7.3						8.0			(2)(6)(16)
Ivy Hill Asset Management, L.P. (5)						Asset management services						Subordinated revolving loan						10.32%			SOFR (Q)			6.50%						02/2018						01/2030									530.5						530.5						530.5			(6)(9)
												Member interest																		06/2009												100.00%									1,700.5						1,903.4			(6)
																																																			2,231.0						2,433.9
Lido Advisors, LLC and LAL Group Holdings, LLC (13)						Wealth management and financial planning firm						First lien senior secured revolving loan						8.51%			SOFR (M)			4.75%						06/2021						05/2032									1.8						1.8						1.8			(2)(9)(12)
												First lien senior secured loan						8.59%			SOFR (Q)			4.75%						06/2021						05/2032									4.7						4.7						4.7			(2)(9)
												First lien senior secured loan						8.50%			SOFR (Q)			4.75%						06/2023						05/2032									5.9						5.9						5.9			(2)(9)
												First lien senior secured loan						8.61%			SOFR (Q)			4.75%						11/2024						05/2032									7.5						7.5						7.5			(2)(9)
												First lien senior secured loan						8.54%			SOFR (Q)			4.75%						05/2025						05/2032									3.7						3.7						3.7			(2)(9)
												Class Z preferred units						7.00% PIK												08/2025												9,671,180									10.3						10.0
												Class A-0 common units																		08/2025												4,835,590									5.0						5.0
																																																			38.9						38.6
Mai Capital Management Intermediate LLC (13)						Provider of comprehensive wealth management services and registered investment advisor						First lien senior secured revolving loan						8.43%			SOFR (Q)			4.75%						08/2024						08/2031									0.4						0.4						0.4			(2)(6)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						08/2024						08/2031									13.1						13.1						13.1			(2)(6)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						06/2025						08/2031									2.1						2.1						2.1			(2)(6)(9)
																																																			15.6						15.6
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									13.4						13.4			(2)(6)
												Z2 preferred shares						12.00% (6.00% PIK)												08/2025						08/2031						12,901									13.1						13.1			(2)(6)

See accompanying notes to consolidated financial statements.

99

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Membership interest																		08/2025												1,000									—						—			(2)(6)
																																																			26.5						26.5
Medlar Bidco Limited (13)						Provider of fund and corporate services to alternative assets industry						First lien senior secured loan						8.74%			SONIA (Q)			5.00%						12/2024						05/2032									27.2						26.9						26.8			(2)(6)
												First lien senior secured loan						6.99%			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 revolving loan						10.75%			Base Rate (Q)			4.00%						08/2025						08/2032									0.5						0.5						0.5			(2)(6)(9)
												First lien senior secured revolving loan						8.67%			SOFR (Q)			5.00%						08/2025						08/2032									1.3						1.3						1.2			(2)(6)(9)
												First lien senior secured loan						8.67%			SOFR (Q)			5.00%						08/2025						08/2032									12.5						12.5						12.3			(2)(6)(9)
												Limited partnership interests																		08/2025												4,655,000									4.7						4.7			(6)
																																																			19.0						18.7
Monica Holdco (US), Inc. (13)						Investment technology and advisory firm						First lien senior secured loan						9.07%			SOFR (Q)			5.25%						01/2021						07/2030									2.5						2.5						2.5			(2)(6)(9)
												First lien senior secured loan						8.92%			SOFR (Q)			5.25%						08/2024						07/2030									2.7						2.7						2.7			(2)(6)(9)
												First lien senior secured loan						9.07%			SOFR (Q)			5.25%						07/2025						07/2030									4.2						4.2						4.2			(2)(6)(9)
																																																			9.4						9.4
Nexus Buyer LLC						Provider of FDIC-insured deposit placement services						Second lien senior secured loan						9.47%			SOFR (M)			5.75%						08/2025						02/2032									124.9						123.8						123.4			(2)(16)
Oak Funding LLC (13)						Provider of wealth management services						First lien senior secured loan						8.29%			SOFR (Q)			4.50%						12/2025						12/2032									85.4						85.4						84.5			(2)(6)(9)
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 revolving loan						8.82%			SOFR (M)			5.00%						05/2023						05/2028									0.4						0.4						0.4			(2)(6)(9)
												First lien senior secured loan						8.82%			SOFR (M)			5.00%						05/2023						05/2029									4.8						4.8						4.8			(2)(6)(9)
												First lien senior secured loan						8.82%			SOFR (M)			5.00%						09/2023						05/2029									7.9						7.9						7.9			(2)(6)(9)
												First lien senior secured loan						8.82%			SOFR (M)			5.00%						06/2024						05/2029									0.3						0.3						0.3			(2)(6)(9)
												First lien senior secured loan						8.82%			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						2.8			(6)
																																																			19.4						20.2
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (13)						Provider of comprehensive wealth management services						First lien senior secured loan						8.92%			SOFR (Q)			5.25%						08/2023						08/2029									8.8						8.8						8.8			(2)(6)(9)
												Preferred units																		07/2023												6,431,667									6.5						8.4			(6)
																																																			15.3						17.2
PCS MidCo, Inc. and PCS Parent, L.P. (13)						Provider of 401K recordkeeping software solutions						First lien senior secured loan						9.42%			SOFR (Q)			5.75%						03/2024						03/2030									8.5						8.5						8.5			(2)(9)
												Class A units																		03/2024												785,000									0.8						0.9			(2)
																																																			9.3						9.4

See accompanying notes to consolidated financial statements.

100

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						8.47%			SOFR (M)			4.75%						03/2024						03/2031									3.7						3.7						3.7			(2)(6)(9)
												Limited partnership interest																		03/2024												2,374,000									2.4						2.8			(6)
																																																			6.1						6.5
Petrus Buyer, Inc. (13)						Provider of REIT research data and analytics						First lien senior secured loan						8.39%			SOFR (Q)			4.50%						11/2022						10/2029									6.5						6.5						6.5			(2)(9)
												First lien senior secured loan						8.59%			SOFR (Q)			4.75%						02/2025						10/2029									1.2						1.2						1.2			(2)(9)
																																																			7.7						7.7
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)(11)
												First lien senior secured loan						8.72%			SOFR (M)			5.00%						12/2024						12/2030									22.9						22.8						22.9			(2)(6)(9)
												First lien senior secured loan						8.72%			SOFR (M)			5.00%						12/2025						12/2030									5.9						5.9						5.9			(2)(6)(9)
																																																			28.7						28.8
RWA Wealth Partners, LLC (13)						Provider of comprehensive wealth management services						First lien senior secured loan						8.61%			SOFR (Q)			4.75%						11/2024						11/2030									9.2						9.2						9.2			(2)(6)(9)
Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC, and Steward Partners New Holdings, LLC (13)						Wealth management platform						First lien senior secured loan						8.47%			SOFR (M)			4.75%						12/2023						10/2028									4.9						4.8						4.9			(2)(6)(9)
												First lien senior secured loan						8.47%			SOFR (M)			4.75%						06/2025						10/2028									1.2						1.2						1.2			(2)(6)(9)
												Senior subordinated loan						11.00% PIK												12/2025						12/2032									23.7						21.3						20.8			(2)(6)
												Warrant to purchase shares of common stock																		12/2025						03/2026						129,164									2.5						2.5			(6)
																																																			29.8						29.4
The Edelman Financial Center, LLC						Provider of investment, financial and retirement planning services						Second lien senior secured loan						8.97%			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						11.00%			Base rate (Q)			4.25%						03/2022						03/2028									0.1						0.1						0.1			(2)(6)(9)
												First lien senior secured loan						9.07%			SOFR (Q)			5.25%						03/2022						03/2028									3.8						3.8						3.8			(2)(6)(9)
												First lien senior secured loan						9.07%			SOFR (Q)			5.25%						05/2025						03/2028									0.5						0.5						0.5			(2)(6)(9)
												First lien senior secured loan						9.49%			SOFR (Q)			5.50%						11/2025						03/2028									0.1						0.1						0.1			(2)(6)(9)
												Senior subordinated loan						12.00% PIK												03/2022						03/2029									4.3						4.3						4.3			(2)(6)
												Series A preferred units																		03/2022												7,199									7.2						7.2			(2)(6)
												Common units																		03/2022												7,199									—						1.1			(2)(6)
																																																			16.0						17.1
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						8.42%			SOFR (Q)			4.75%						07/2025						07/2032									22.1						22.1						22.0			(2)(9)

See accompanying notes to consolidated financial statements.

101

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						9.96%			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						7.3			(2)(6)
												Limited partner interests																		12/2025												636,664									0.6						0.6			(2)(6)
																																																			17.8						19.3
Waverly Advisors, LLC and WAAM Topco, LLC (13)						Wealth management and financial planning firm						First lien senior secured revolving loan						9.57%			SOFR (Q)			5.75%						03/2022						03/2028									0.8						0.8						0.8			(2)(6)(9)
												First lien senior secured loan						9.57%			SOFR (Q)			5.75%						03/2022						03/2028									0.7						0.7						0.7			(2)(6)(9)
												First lien senior secured loan						9.32%			SOFR (Q)			5.50%						03/2024						03/2028									5.0						5.0						5.0			(2)(6)(9)
												First lien senior secured loan						8.82%			SOFR (Q)			5.00%						01/2025						03/2028									34.6						34.6						34.6			(2)(6)(9)
												Class A units																		06/2023												1,584,539									2.3						6.0			(6)
																																																			43.4						47.1
Wealth Enhancement Group, LLC (13)						Wealth management and financial planning firm						First lien senior secured loan						8.49%			SOFR (Q)			4.50%						10/2019						10/2028									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						8.49%			SOFR (Q)			4.50%						11/2020						10/2028									1.9						1.9						1.9			(2)(9)
												First lien senior secured loan						8.49%			SOFR (Q)			4.50%						06/2021						10/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.49%			SOFR (Q)			4.50%						08/2021						10/2028									0.9						0.9						0.9			(2)(9)
												First lien senior secured loan						8.49%			SOFR (Q)			4.50%						02/2024						10/2028									16.6						16.6						16.6			(2)(9)
												First lien senior secured loan						8.36%			SOFR (Q)			4.50%						12/2024						10/2028									13.8						13.8						13.8			(2)(9)
																																																			33.8						33.8
Wellington-Altus Financial Inc. (13)(14)						Wealth management and advisory firm						First lien senior secured revolving loan																		08/2024						08/2030									—						—						—			(2)(6)(11)
												First lien senior secured loan						7.55%			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						3.9			(2)(6)
																																																			3.4						4.7
Wharf Street Ratings Acquisition LLC (13)						Global credit rating agency						First lien senior secured loan						8.47%			SOFR (M)			4.75%						09/2025						09/2032									37.2						37.2						37.0			(2)(9)
																																																			3,434.9						3,664.3						25.59%
Health Care Equipment and Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)						Dental services provider						First lien senior secured revolving loan																		06/2021						06/2026									23.7						23.1						18.0			(2)(8)
												First lien senior secured loan																		09/2024						06/2026									45.5						44.4						34.5			(2)(8)
												Class A preferred units																		09/2024												20,000,000									16.2						—			(2)
												Class A common units																		06/2021												6,553,553									4.7						—			(2)
																																																			88.4						52.5
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5)						Dental services provider						First lien senior secured loan						10.82% (3.00% PIK)			SOFR (Q)			7.00%						09/2016						09/2026									15.7						15.7						15.7			(2)(9)
												Second lien senior secured loan																		06/2023						03/2027									50.9						49.7						42.8			(2)(8)
												Membership units																		09/2016												3,000,000									—						—			(2)

See accompanying notes to consolidated financial statements.

102

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Class A common units																		06/2023												7,604,889									29.4						—			(2)
																																																			94.8						58.5
Advarra Holdings, Inc. (13)						Provider of central institutional review boards over clinical trials						First lien senior secured loan						8.22%			SOFR (M)			4.50%						08/2022						09/2031									4.0						4.0						4.0			(2)(9)
												First lien senior secured loan						8.22%			SOFR (M)			4.50%						10/2025						09/2031									1.6						1.6						1.6			(2)(9)
																																																			5.6						5.6
Aerin Medical Inc. (13)						Developer and manufacturer of non-invasive nasal treatment solutions						First lien senior secured loan						10.92% (3.88% PIK)			SOFR (Q)			7.25%						12/2024						12/2030									15.8						15.6						15.8			(2)(9)
												Series G preferred shares																		12/2024												877,379									1.0						1.0			(2)
																																																			16.6						16.8
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									53.8						53.8			(2)
						Provider of Revenue Cycle Management solutions to hospitals						Preferred units						8.00% PIK												07/2022												9,900									13.0						12.1			(2)
												Class B common units																		07/2022												100,000									0.1						—			(2)
																																																			66.9						65.9
Alcresta Therapeutics, Inc. (13)						A commercial-stage medical device company						First lien senior secured revolving loan						9.24%			SOFR (Q)			5.50%						12/2025						03/2031									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.27%			SOFR (Q)			5.50%						12/2025						03/2031									13.2						13.2						13.1			(2)(9)
																																																			13.3						13.2
Aledade, Inc. (13)						Network of independent primary care groups to serve patients through value-based care						First lien senior secured revolving loan						9.64%			SOFR (A)			5.75%						11/2025						11/2028									17.6						17.6						17.5			(2)(9)
Amerivet Partners Management, Inc. and AVE Holdings LP						Veterinary practice management platform						Subordinated loan						8.25% PIK												11/2023						12/2030									78.0						75.4						64.7			(2)
												Class A units																		03/2024												2,922									2.9						—			(2)
												Class C units																		11/2023												7,144									1.4						—			(2)
																																																			79.7						64.7
Artivion, Inc. (13)						Manufacturer, processor and distributor of medical devices and implantable human tissues						First lien senior secured revolving loan						7.49%			SOFR (Q)			3.50%						01/2024						01/2031									0.9						0.9						0.9			(2)(6)(9)
												First lien senior secured loan						8.74%			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						6.47%			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									301.2						301.2			(2)
												Class A units																		02/2022												10,487,951									10.5						15.5			(2)
																																																			311.8						316.8
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						10.22%			SOFR (M)			6.50%						03/2024						12/2028									2.6						2.6						2.2			(2)(9)

See accompanying notes to consolidated financial statements.

103

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						11.07% (3.63% PIK)			SOFR (Q)			7.25%						03/2024						12/2028									39.9						39.9						33.1			(2)(9)
																																																			42.5						35.3
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP						Opiod treatment provider						First lien senior secured loan																		05/2022						06/2027									5.8						5.9						4.9			(2)(8)
Bambino Group Holdings, LLC						Dental services provider						Class A preferred units																		12/2016												1,000,000									1.0						0.8			(2)
Bayou Intermediate II, LLC (13)						Developer and manufacturer of vascular medical devices						First lien senior secured loan						8.42%			SOFR (Q)			4.75%						09/2025						09/2032									28.4						28.4						28.2			(2)(9)
BrightStar Group Holdings, Inc. (13)						Provider of private-pay home care services for patients						First lien senior secured revolving loan						10.75%			Base Rate (Q)			4.00%						02/2025						03/2032									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						8.80%			SOFR (Q)			4.75%						02/2025						03/2032									26.8						26.8						26.8			(2)(9)
																																																			27.3						27.3
BVI Medical, Inc. and BVI Group Limited (13)						Developer, manufacturer, and distributor of diverse ophthalmic surgical products						First lien senior secured loan						9.88%			SOFR (Q)			6.00%						03/2025						03/2032									2.1						2.1						2.0			(2)(6)(9)
												First lien senior secured loan						9.97% (5.00% PIK)			SOFR (M)			6.25%						03/2025						03/2032									141.7						141.7						136.0			(2)(6)(9)
												Ordinary shares																		03/2025												3,742									5.0						4.3			(2)(6)
																																																			148.8						142.3
Color Intermediate, LLC						Provider of pre-payment integrity software solution						First lien senior secured loan						8.52%			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						4.77%			SOFR (Q)			1.00%						09/2019						07/2029									1.9						1.9						1.5			(2)(6)(9)
												First lien senior secured loan						4.77%			SOFR (Q)			1.00%						02/2022						07/2029									0.1						0.1						0.1			(2)(6)(9)
												First lien senior secured loan						4.77%			SOFR (Q)			1.00%						10/2022						07/2029									0.1						0.1						0.1			(2)(6)(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						9.04%			SOFR (Q)			5.25%						11/2024						11/2031									2.9						2.9						2.9			(2)(6)(9)
												First lien senior secured loan						7.32%			Euribor (Q)			5.25%						11/2024						11/2031									12.3						11.4						12.4			(2)(6)(9)
																																																			14.3						15.3
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						9.32%			SOFR (Q)			5.50%						03/2022						03/2029									23.8						23.8						23.8			(2)(9)
												Class A shares																		03/2022												192									1.9						2.5			(2)
												Common units																		03/2022												31									0.3						0.4			(2)
																																																			26.0						26.7
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (13)						Veterinary hospital operator						First lien senior secured loan						8.47%			SOFR (M)			4.75%						06/2024						06/2031									27.7						27.7						27.7			(2)(9)
												Class A preferred units																		08/2023												3,678									2.6						1.9			(2)
												Common stock																		10/2019												41,443									14.5						21.9			(2)
																																																			44.8						51.5
Empower Payments Investor, LLC (13)						Financial communication and payment solutions provider						First lien senior secured loan						8.17%			SOFR (Q)			4.50%						03/2024						03/2031									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.17%			SOFR (Q)			4.50%						06/2025						03/2031									4.1						4.0						4.1			(2)(9)

See accompanying notes to consolidated financial statements.

104

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						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						8.62%			SOFR (Q)			4.75%						06/2025						03/2031									5.0						5.0						5.0			(2)(9)
												First lien senior secured loan						8.37%			SOFR (Q)			4.50%						10/2025						03/2031									6.7						6.6						6.7			(2)(9)
																																																			15.7						15.9
Evolent Health LLC and Evolent Health, Inc.						Medical technology company focused on value based care services and payment solutions						First lien senior secured loan						9.49%			SOFR (Q)			5.50%						12/2024						12/2029									18.3						18.3						18.3			(2)(6)(9)
												Second lien senior secured loan						10.14%			SOFR (Q)			6.00%						08/2025						12/2029									3.8						3.7						3.8			(2)(6)(9)
																																																			22.0						22.1
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						8.42%			SOFR (Q)			4.75%						12/2024						12/2031									130.2						130.2						130.2			(2)(9)
												Class A units																		06/2017												15,706,534									12.9						32.3			(2)
																																																			143.1						162.5
Global Medical Response, Inc. and GMR Buyer Corp.						Emergency air medical services provider						Series B preferred shares						15.00% PIK												05/2024												63,277									78.2						80.3			(2)
												Warrant to purchase units of common stock																		03/2018						03/2028						115,733									0.9						1.6			(2)
												Warrant to purchase units of common stock																		12/2021						12/2031						1,927									0.1						—			(2)
												Warrants to purchase shares of common stock																		05/2024						05/2031						3,116,642									—						43.5			(2)
																																																			79.2						125.4
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)(11)
												First lien senior secured loan						8.72% (2.25% PIK)			SOFR (M)			5.00%						06/2025						06/2032									232.6						232.6						230.3			(2)(9)
												First lien senior secured loan						8.72% (2.25% PIK)			SOFR (M)			5.00%						09/2025						06/2032									20.7						20.7						20.5			(2)(9)
												Class A units																		09/2025												253,551									2.5						2.5			(2)
																																																			255.8						253.3
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						05/2030									—						—						—			(2)(11)
												First lien senior secured loan						9.30%			SOFR (Q)			5.50%						05/2024						05/2031									76.1						76.1						76.1			(2)(9)
												First lien senior secured loan						9.26%			SOFR (S)			5.50%						10/2025						06/2031									7.6						7.6						7.6			(2)(9)
																																																			83.7						83.7
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						4.4						3.1			(2)(8)
LivTech Purchaser, Inc. (13)						Provider of senior care end-to-end software, payments and RCM platform						First lien senior secured loan						8.76%			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									0.3						0.3			(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						3.9			(2)
																																																			3.2						4.6

See accompanying notes to consolidated financial statements.

105

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Next Holdco, LLC (13)						Provider of electronic medical record and practice management software						First lien senior secured loan						9.09%			SOFR (Q)			5.25%						11/2023						11/2030									6.4						6.4						6.4			(2)(9)
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						8.22%			SOFR (M)			4.50%						07/2024						07/2031									95.3						95.3						95.3			(2)(9)
												First lien senior secured loan						7.27%			CORRA (M)			5.00%						09/2025						07/2031									13.4						13.4						13.4			(2)(9)
												First lien senior secured loan						8.47%			SOFR (M)			4.75%						09/2025						07/2031									7.2						7.2						7.2			(2)(9)
												Partnership units																		11/2018												30,000									3.0						8.5			(2)
																																																			118.9						124.4
Nomi Health, Inc.						Provider of software payment services for healthcare industry						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)
																																																			—						—
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5)						Behavioral health and special education platform provider						Preferred units																		07/2021												417,189									—						—			(2)
												Preferred stock																		02/2022												7,983									—						—			(2)
												Class A common units																		09/2019												9,549,000									—						—			(2)
												Common units																		02/2022												7,584									—						—			(2)
																																																			—						—
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (13)						Veterinary hospital operator						First lien senior secured revolving loan																		03/2025						06/2028									—						—						—			(2)(11)
												Second lien senior secured loan																		03/2020						06/2028									83.5						75.5						54.3			(2)(8)
												Class R common units																		03/2020												6,004,768									6.0						—			(2)
																																																			81.5						54.3
PetVet Care Centers, LLC (13)						Veterinary hospital operator						First lien senior secured revolving loan						9.84%			SOFR (M)			6.00%						11/2023						11/2029									2.7						2.7						2.3			(2)(9)
												First lien senior secured loan						9.72%			SOFR (M)			6.00%						11/2023						11/2030									130.1						130.1						111.9			(2)(9)
																																																			132.8						114.2
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						11/2031									—						—						—			(2)(11)
												First lien senior secured loan						8.17%			SOFR (Q)			4.50%						02/2024						11/2032									33.7						33.7						33.7			(2)(9)
												First lien senior secured loan						8.17%			SOFR (Q)			4.50%						11/2025						11/2032									22.2						22.2						22.2			(2)(9)
												Class A units																		07/2018												9,775									5.4						17.8			(2)
																																																			61.3						73.7
Project Alliance Buyer, LLC (13)						Provider of technology solutions for specialty medication management						First lien senior secured loan						8.82%			SOFR (Q)			5.00%						08/2025						08/2031									10.8						10.8						10.7			(2)(9)
Revival Animal Health, LLC (13)						B2B distributor of animal health products						First lien senior secured revolving loan						9.73%			SOFR (Q)			6.00%						01/2025						01/2028									1.8						1.8						1.7			(2)(9)
												First lien senior secured loan						9.72%			SOFR (Q)			6.00%						01/2025						01/2028									26.8						26.7						25.7			(2)(9)

See accompanying notes to consolidated financial statements.

106

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						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 (Q)			6.00%						04/2025						01/2028									2.0						2.0						2.0			(2)(9)
																																																			30.5						29.4
Signant Finance One Limited and Bracket Intermediate Holding Corp. (13)						Provider of software solutions for clinical trial management						First lien senior secured loan						8.42%			SOFR (Q)			4.75%						10/2025						10/2031									63.5						62.9						62.9			(2)(6)(9)
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC						Outsourced anesthesia provider						Common units																		03/2018												684,854									4.8						2.3			(2)
SOC Telemed, Inc. and PSC Spark Holdings, LP						Provider of acute care telemedicine						First lien senior secured loan						11.19% (2.00% PIK)			SOFR (Q)			7.50%						08/2022						08/2027									109.5						107.9						104.0			(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)
																																																			117.5						105.7
Spruce Bidco II Inc. (13)						Provider of medical devices relating to dialysis treatments and services for kidney disease						First lien senior secured loan						7.25%			CORRA (Q)			5.00%						01/2025						01/2032									27.6						26.1						27.6			(2)(9)
												First lien senior secured loan						6.00%			TONA (Q)			5.25%						01/2025						01/2032									25.8						26.1						25.8			(2)(9)
												First lien senior secured loan						8.45%			SOFR (S)			4.75%						01/2025						01/2032									145.0						145.0						145.0			(2)(9)
																																																			197.2						198.4
Surescripts, LLC (13)						Healthcare network for e-prescription routing, patient eligibility checks, and secure exchange of medical records						First lien senior secured loan						8.67%			SOFR (Q)			5.00%						11/2024						11/2031									5.0						5.0						5.0			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						11/2025						11/2031									78.4						78.4						78.0			(2)(9)
																																																			83.4						83.0
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (13)						SaaS based healthcare compliance platform provider						First lien senior secured revolving loan						7.59%			SOFR (Q)			3.75%						12/2020						12/2027									0.8						0.8						0.7			(2)
												First lien senior secured revolving loan						9.50%			Base Rate (Q)			2.75%						12/2020						12/2027									6.5						6.5						5.5			(2)
												First lien senior secured loan						8.44%			SOFR (Q)			4.50%						02/2022						12/2027									28.5						27.9						24.1			(2)(9)(16)
												First lien senior secured loan						9.19%			SOFR (Q)			5.25%						04/2024						12/2027									17.1						17.1						14.7			(2)(9)
												Second lien senior secured loan						11.82%			SOFR (Q)			7.88%						12/2020						12/2028									76.2						76.2						66.3			(2)(9)
												Second lien senior secured loan						13.94% (4.00% PIK)			SOFR (Q)			10.00%						04/2024						12/2028									55.1						55.1						50.7			(2)(9)
												Series C-1 preferred shares						11.00% PIK												06/2021												75,939									131.0						106.1			(2)
												Series C-2 preferred shares						11.00% PIK												06/2021												40,115									65.6						53.1			(2)
												Series C-3 preferred shares						11.00% PIK												10/2021												16,201									25.6						20.7			(2)
																																																			405.8						341.9
Tempus AI, Inc.						Provider of technology enabled precision medicine solutions						First lien senior secured loan						11.92% (3.25% PIK)			SOFR (Q)			8.25%						02/2025						02/2030									31.8						31.8						31.8			(2)(6)(9)
												Common units																		10/2023												60,821									1.9						3.6			(2)(6)(16)
																																																			33.7						35.4

See accompanying notes to consolidated financial statements.

107

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Therapy Brands Holdings LLC						Provider of software solutions for the mental and behavioral health market segments						Second lien senior secured loan						10.58%			SOFR (M)			6.75%						06/2021						05/2029									29.1						29.0						23.3			(2)(9)
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc.						Anesthesiology service provider						Second lien senior secured loan						11.49%			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						10.8			(2)
																																																			160.7						158.6
U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. (13)						Integrated urologic care platform						First lien senior secured loan						8.17%			SOFR (Q)			4.50%						04/2025						04/2032									13.4						13.4						13.4			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						10/2025						04/2032									3.9						3.9						3.9			(2)(9)
												Limited partnership interest																		04/2025												2,190,000									2.2						3.5			(2)
												Common units																		10/2025												442,686									0.5						0.4			(2)
																																																			20.0						21.2
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (13)						Gastroenterology physician group						First lien senior secured loan						9.48%			SOFR (Q)			5.75%						03/2023						03/2029									12.9						12.9						12.9			(2)(9)
												First lien senior secured loan						9.71%			SOFR (Q)			5.75%						10/2024						03/2029									1.9						1.9						1.9			(2)(9)
												Class A interests																		03/2023												4,623									4.6						7.8
																																																			19.4						22.6
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (13)						Veterinary hospital operator						First lien senior secured loan						9.57%			SOFR (M)			5.75%						12/2021						12/2027									6.0						6.0						6.0			(2)(9)
												First lien senior secured loan						9.57%			SOFR (M)			5.75%						08/2022						12/2027									9.0						9.0						9.0			(2)(9)
												First lien senior secured loan						9.47%			SOFR (M)			5.75%						08/2023						12/2027									12.2						12.2						12.2			(2)(9)
												First lien senior secured loan						9.47%			SOFR (M)			5.75%						03/2024						12/2027									2.6						2.6						2.6			(2)(9)
												First lien senior secured loan						8.97%			SOFR (M)			5.25%						01/2025						12/2027									5.4						5.4						5.4			(2)(9)
												Class A-2 units																		12/2021												7,524									7.5						9.9			(2)
												Class A-2 units																		03/2023												45									0.1						0.1			(2)
																																																			42.8						45.2
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)(11)
												First lien senior secured loan						11.67% (6.00% PIK)			SOFR (Q)			8.00%						08/2025						04/2030									75.8						75.8						75.8			(2)(9)
												First lien senior secured loan						12.00% PIK												08/2025						03/2030									23.5						20.5						19.5			(2)
												Class A preferred units																		11/2024												455									0.3						—
												Common units																		07/2022												35,299									5.0						0.5
																																																			101.6						95.8
ZocDoc, Inc. (13)						Healthcare marketplace connecting patients and providers						First lien senior secured loan						9.12%			SOFR (Q)			5.25%						05/2024						07/2030									64.9						64.9						64.9			(2)(9)
												First lien senior secured loan						9.12%			SOFR (Q)			5.25%						07/2025						07/2030									1.6						1.6						1.6			(2)(9)
																																																			66.5						66.5
																																																			3,472.0						3,333.5						23.28%

See accompanying notes to consolidated financial statements.

108

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						8.94%			SOFR (Q)			5.25%						05/2025						05/2032									87.5						87.5						87.5			(2)(9)
												First lien senior secured loan						8.94%			SOFR (Q)			5.25%						12/2025						05/2032									30.0						30.0						30.0			(2)(9)
																																																			117.5						117.5
Aldinger Company Inc (13)						Provider of outsourced calibration and repair services						First lien senior secured revolving loan						8.44%			SOFR (Q)			4.75%						07/2024						10/2030									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						07/2024						10/2030									31.3						31.3						31.3			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						03/2025						10/2030									9.4						9.4						9.4			(2)(9)
												First lien senior secured loan						8.45%			SOFR (Q)			4.75%						08/2025						10/2030									3.3						3.3						3.3			(2)(9)
																																																			44.2						44.2
AMCP Clean Acquisition Company, LLC						Provider of commercial laundry services						First lien senior secured loan						7.94%			SOFR (Q)			4.25%						12/2025						06/2030									15.0						15.0						14.9			(2)(9)
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						9.02%			SOFR (Q)			5.00%						04/2024						09/2028									48.7						48.7						48.7			(2)(6)(9)
ATI Restoration, LLC (13)						Provider of disaster recovery services						First lien senior secured revolving loan						9.48%			SOFR (Q)			5.50%						07/2020						07/2026									8.7						8.7						8.7			(2)(9)(12)
												First lien senior secured loan						9.49%			SOFR (Q)			5.50%						07/2020						07/2026									32.0						32.0						32.0			(2)(9)
												First lien senior secured loan						9.41%			SOFR (Q)			5.50%						05/2022						07/2026									47.4						47.4						47.4			(2)(9)
												First lien senior secured loan						9.45%			SOFR (Q)			5.50%						09/2023						07/2026									11.8						11.8						11.8			(2)(9)
																																																			99.9						99.9
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 revolving loan						8.50%			SOFR (M)			4.75%						01/2025						01/2031									0.4						0.4						0.4			(2)(9)
												First lien senior secured loan						8.47%			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						1.3			(2)
																																																			8.7						8.6
Bobtail AcquisitionCo, LLC (13)						Provider of non-hazardous liquid waste collection, transportation, processing, recycling, reclamation, and disposal services						First lien senior secured revolving loan						8.44%			SOFR (Q)			4.75%						09/2025						09/2031									0.7						0.7						0.7			(2)(12)
												First lien senior secured loan						8.54%			SOFR (Q)			4.75%						09/2025						09/2031									31.0						31.0						30.7			(2)
																																																			31.7						31.4
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)(11)
												First lien senior secured loan						8.32%			SOFR (M)			4.50%						08/2024						11/2029									8.1						8.1						8.1			(2)(9)
												Second lien senior secured loan						12.32%			SOFR (M)			8.50%						08/2024						11/2030									92.7						92.7						92.7			(2)(9)
												Class A units																		11/2020												10,581									7.3						19.1			(2)

See accompanying notes to consolidated financial statements.

109

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			108.1						119.9
Cards-Live Oak Holdings, Inc. (13)						Provider of solid waste collection services for residential, commercial, and industrial customers						First lien senior secured revolving loan						10.50%			Base rate (Q)			3.75%						10/2025						10/2032									2.3						2.3						2.3			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						10/2025						10/2032									53.8						53.8						53.3			(2)(9)
																																																			56.1						55.6
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)(11)
												First lien senior secured loan						9.23%			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									5.6						5.4			(2)
																																																			385.1						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)(11)
												First lien senior secured loan						8.17%			SOFR (Q)			4.50%						04/2025						04/2032									0.1						0.1						0.1			(2)(9)
												Common member units																		08/2020												9,624,000									7.7						17.6			(2)
																																																			7.8						17.7
Dorado Bidco, Inc. (13)						Provider of consumer and market insights for the food and beverage industry						First lien senior secured loan						8.22%			SOFR (M)			4.50%						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						10.22% (3.25% PIK)			SOFR (M)			6.50%						09/2024						09/2030									27.9						27.8						27.9			(2)(9)
Drogon Bidco Inc. & Drogon Aggregator LP (13)						Provider of fire safety and life safety services						First lien senior secured loan						8.47%			SOFR (M)			4.75%						08/2024						08/2031									14.2						14.2						14.2			(2)(9)
												Class A-2 common units																		08/2024												1,850,000									1.9						2.0			(2)
																																																			16.1						16.2
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						11.1			(2)
												Class B common stock																		08/2014												7,500									—						—			(2)
																																																			7.5						11.1
Duraserv LLC (13)						Provider of commercial loading dock maintenance and remodeling services						First lien senior secured revolving loan						8.57%			SOFR (M)			4.75%						06/2024						06/2030									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						8.48%			SOFR (M)			4.75%						06/2024						06/2031									10.3						10.3						10.3			(2)(9)
												First lien senior secured loan						8.48%			SOFR (M)			4.75%						03/2025						06/2031									4.8						4.8						4.8			(2)(9)
																																																			15.3						15.3
Elevation Services Parent Holdings, LLC (13)						Elevator service platform						First lien senior secured revolving loan						10.49%			SOFR (Q)			6.50%						12/2020						12/2028									2.5						2.5						2.4			(2)(9)(12)
												First lien senior secured loan						10.61%			SOFR (Q)			6.50%						12/2020						12/2028									9.9						9.9						9.5			(2)(9)
												First lien senior secured loan						10.51%			SOFR (Q)			6.50%						05/2022						12/2028									13.8						13.8						13.2			(2)(9)
																																																			26.2						25.1

See accompanying notes to consolidated financial statements.

110

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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 (Q)			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						8.30%			SOFR (Q)			4.50%						03/2025						03/2032									8.5						8.5						8.5			(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)(11)
												First lien senior secured loan						8.84% (2.75% PIK)			SOFR (Q)			5.00%						01/2025						02/2032									4.2						4.2						4.2			(2)(9)
												First lien senior secured loan						8.34%			SOFR (Q)			4.50%						01/2025						02/2032									3.5						3.5						3.5			(2)(9)
																																																			7.7						7.7
FlyWheel Acquireco, Inc. (13)						Professional employer organization offering human resources, compliance and risk management services						First lien senior secured revolving loan						10.22%			SOFR (M)			6.50%						05/2023						05/2028									0.8						0.8						0.8			(2)(9)
												First lien senior secured loan						10.22%			SOFR (M)			6.50%						05/2023						05/2030									51.4						51.4						51.4			(2)(9)
																																																			52.2						52.2
Frontline Road Safety Operations, LLC (13)						Provider of pavement marking services to roadways						First lien senior secured revolving loan																		03/2025						03/2032									—						—						—			(2)(11)
												First lien senior secured loan						8.72% (2.00% PIK)			SOFR (M)			5.00%						03/2025						03/2032									2.6						2.6						2.6			(2)
												First lien senior secured loan						8.72% (2.00% PIK)			SOFR (M)			5.00%						10/2025						03/2032									3.0						3.0						3.0			(2)
												First lien senior secured loan						8.72% (2.00% PIK)			SOFR (M)			5.00%						12/2025						03/2032									6.9						6.9						6.9			(2)(9)
																																																			12.5						12.5
G702 Buyer, Inc. (13)						Provider of standardized contracts and forms platform for the architecture, engineering, and construction industry						First lien senior secured loan						8.42%			SOFR (Q)			4.75%						07/2025						07/2031									10.5						10.5						10.3			(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																		04/2021						04/2027									—						—						—			(2)(11)
												First lien senior secured loan						9.82%			SOFR (Q)			6.00%						04/2021						04/2028									8.7						8.7						8.7			(2)(9)
												First lien senior secured loan						9.82%			SOFR (Q)			6.00%						09/2023						04/2028									20.5						20.5						20.5			(2)(9)
												First lien senior secured loan						9.97%			SOFR (Q)			6.00%						09/2023						04/2028									1.1						1.1						1.1			(2)(9)
												First lien senior secured loan						9.67%			SOFR (Q)			6.00%						04/2024						04/2028									18.7						18.7						18.7			(2)(9)
												First lien senior secured loan						9.82%			SOFR (Q)			6.00%						10/2025						04/2028									10.5						10.5						10.5			(2)(9)
												Class A units																		04/2021												32,982									3.3						2.8			(2)
																																																			62.8						62.3
HP RSS Buyer, Inc. (13)						Provider of road striping, and road safety related services						First lien senior secured loan						8.67%			SOFR (Q)			5.00%						12/2023						12/2029									16.8						16.8						16.8			(2)(9)

See accompanying notes to consolidated financial statements.

111

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						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						8.42%			SOFR (Q)			4.75%						03/2024						12/2029									6.7						6.7						6.7			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						07/2025						12/2029									12.4						12.4						12.4			(2)(9)
												First lien senior secured loan						8.48%			SOFR (M)			4.75%						12/2025						12/2029									1.6						1.6						1.6			(2)(9)
																																																			37.5						37.5
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						7.97%			SOFR (M)			4.25%						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						8.43%			SOFR (M)			4.68%						08/2022						08/2030									3.4						3.4						3.4			(2)(9)(12)
												First lien senior secured loan						8.43%			SOFR (M)			4.68%						08/2022						08/2031									4.9						4.9						4.9			(2)(9)
												First lien senior secured loan						8.43%			SOFR (M)			4.68%						08/2024						08/2031									3.8						3.8						3.8			(2)(9)
												Class A units																		09/2022												13,324									14.0						25.1			(2)
																																																			26.1						37.2
Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC (13)						Provider of lake and pond management services						First lien senior secured loan						8.13%			SOFR (Q)			4.25%						11/2025						11/2032									15.6						15.6						15.4			(2)(9)
												Class A units																		11/2025												26,260									2.6						2.6
																																																			18.2						18.0
Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC						Provider of janitorial and facilities management services						First lien senior secured loan						9.24% PIK			SOFR (Q)			5.25%						11/2019						11/2028									45.8						45.8						45.8			(2)(9)
												First lien senior secured loan																		12/2023						11/2028									15.7						13.9						4.4			(2)(8)
												Preferred units																		03/2024												4,042,767									7.7						—			(2)
												Class A common units																		03/2024												4,042,767									—						—			(2)
																																																			67.4						50.2
Kings Buyer, LLC (13)						Provider of comprehensive outsourced waste management consolidation services						First lien senior secured revolving loan						11.00%			Base Rate (Q)			4.25%						09/2023						10/2027									1.8						1.8						1.8			(2)(9)
												First lien senior secured loan						9.35%			SOFR (Q)			5.25%						09/2023						10/2027									16.1						16.1						15.3			(2)(9)
																																																			17.9						17.1
KPS Global LLC and Cool Group LLC (13)						Manufacturer of walk-in cooler and freezer systems						First lien senior secured loan						8.42%			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						5.57%			SOFR (Q)			1.75%						07/2021						07/2029									15.4						14.9						11.9			(2)(9)
												First lien senior secured revolving loan						7.50%			Base Rate (Q)			0.75%						07/2021						07/2029									4.6						4.5						3.6			(2)(9)
												First lien senior secured loan						4.16%			CORRA (Q)			1.75%						10/2019						07/2029									24.4						24.1						18.8			(2)(9)
												First lien senior secured loan						5.57%			SOFR (Q)			1.75%						10/2019						07/2029									17.5						16.8						13.5			(2)(9)
												First lien senior secured loan						5.57%			SOFR (Q)			1.75%						10/2020						07/2029									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						5.57%			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)
																																																			69.5						51.5

See accompanying notes to consolidated financial statements.

112

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (13)						Provider of human resources and workforce management solutions						First lien senior secured revolving loan						8.72%			SOFR (M)			5.00%						07/2024						07/2030									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						8.84%			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)
																																																			20.4						19.9
Lightbeam Bidco, Inc. (13)						Provider of yard management services						First lien senior secured revolving loan																		05/2023						05/2029									—						—						—			(2)(11)
												First lien senior secured loan						8.59%			SOFR (Q)			4.75%						05/2023						05/2030									4.5						4.5						4.5			(2)(9)
												First lien senior secured loan						8.59%			SOFR (Q)			4.75%						05/2023						05/2030									0.7						0.7						0.7			(2)(9)
												First lien senior secured loan						8.84%			SOFR (Q)			5.00%						11/2023						05/2030									2.2						2.2						2.2			(2)(9)
												First lien senior secured loan						8.59%			SOFR (Q)			4.75%						11/2023						05/2030									1.1						1.1						1.1			(2)(9)
												First lien senior secured loan						8.51%			SOFR (Q)			4.75%						12/2025						05/2030									1.9						1.9						1.9			(2)(9)
																																																			10.4						10.4
LJP Purchaser, Inc. and LJP Topco, LP (13)						Provider of non-hazardous solid waste and recycling services						First lien senior secured loan						10.05%			SOFR (Q)			6.25%						09/2022						09/2028									11.6						11.6						11.6			(2)(9)
												Class A units						8.00% PIK												09/2022												5,098,000									6.6						6.1			(2)
																																																			18.2						17.7
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc.						Keg management solutions provider						First lien senior secured loan						11.17%			SOFR (Q)			7.50%						12/2024						12/2030									134.8						134.8						134.8			(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)(11)
												First lien senior secured loan						8.67%			SOFR (Q)			5.00%						03/2025						03/2031									23.5						23.5						23.5			(2)(9)
												Class A-1 units																		03/2025												1,184,000									1.2						1.3			(2)
																																																			24.7						24.8
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						10.51%			SOFR (Q)			6.50%						11/2020						04/2026									1.9						1.9						1.9			(2)(9)
												First lien senior secured loan						10.49%			SOFR (Q)			6.50%						11/2020						04/2026									6.1						6.1						6.1			(2)(9)
												First lien senior secured loan						10.49%			SOFR (Q)			6.50%						12/2021						04/2026									2.2						2.2						2.2			(2)(9)
												First lien senior secured loan						10.49%			SOFR (Q)			6.50%						05/2022						04/2026									1.3						1.3						1.3			(2)(9)
																																																			11.5						11.5
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									—						0.9						—			(2)(11)
												First lien senior secured loan						8.76%			SOFR (Q)			4.75%						10/2022						10/2028									79.9						76.6						78.7			(2)(9)(16)
												First lien senior secured loan						9.01%			SOFR (Q)			5.00%						10/2022						04/2029									96.8						92.3						95.6			(2)(9)(16)
												First lien senior secured notes						9.29%												11/2022						04/2029									52.8						52.0						52.9			(2)(16)
												Second lien senior secured loan						13.76%			SOFR (Q)			9.75%						10/2022						10/2029									65.8						65.8						65.8			(2)(9)

See accompanying notes to consolidated financial statements.

113

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Limited partnership interests																		10/2022												4,040,000									4.1						6.9			(2)
																																																			291.7						299.9
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						12.4			(2)
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC (13)						Solid waste services provider						First lien senior secured loan						11.99%			SOFR (Q)			8.00%						08/2023						08/2029									35.0						34.6						29.4			(2)(9)
												First lien senior secured loan						11.99%			SOFR (Q)			8.00%						06/2024						08/2029									11.1						10.5						9.4			(2)(9)
												First lien senior secured loan						14.73% PIK			SOFR (M)			11.00%						12/2025						08/2029									2.5						2.5						2.3			(2)(9)
												Warrant to purchase units of Class A common units																		08/2023						08/2036						38,235									0.6						—			(2)
												Warrant to purchase units of Class A common units																		06/2024						06/2036						6,400									0.9						—			(2)
																																																			49.1						41.1
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC						Provider of janitorial and facilities management services						First lien senior secured loan						9.57%			SOFR (Q)			5.75%						10/2021						10/2027									66.3						66.3						61.7			(2)(9)
												First lien senior secured loan						9.82%			SOFR (Q)			6.00%						11/2023						10/2027									18.8						18.8						17.7			(2)(9)
												Class A units																		10/2021												8,749,201									9.0						4.7			(2)
																																																			94.1						84.1
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									5.5						4.3						1.8			(2)(8)
												First lien senior secured loan																		12/2021						12/2026									19.1						15.5						6.1			(2)(8)
												Common unit																		12/2021												279,200									7.4						—			(2)
																																																			27.2						7.9
PSC Parent, Inc. (13)						Provider of operational services for US petrochemical and refining companies						First lien senior secured revolving loan						8.97%			SOFR (M)			5.25%						04/2024						04/2030									2.0						2.0						2.0			(2)(9)(12)
												First lien senior secured loan						8.98%			SOFR (M)			5.25%						04/2024						04/2031									54.2						54.2						54.2			(2)(9)
																																																			56.2						56.2
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						8.78%			SOFR (Q)			5.00%						08/2021						08/2029									2.7						2.7						2.7			(2)(9)
												First lien senior secured loan						8.82%			SOFR (Q)			5.00%						08/2021						08/2029									3.5						3.5						3.5			(2)(9)
												First lien senior secured loan						8.77%			SOFR (Q)			5.00%						03/2025						08/2029									6.2						6.2						6.0			(2)(9)
												Limited partner interests																		08/2021												1.09%									2.7						1.8			(2)

See accompanying notes to consolidated financial statements.

114

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			15.1						14.0
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 loan						8.42%			SOFR (Q)			4.75%						07/2021						07/2029									26.6						26.6						26.6			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						10/2025						07/2029									3.8						3.8						3.8			(2)(9)
																																																			30.4						30.4
Saturn Purchaser Corp. (13)						Private aviation management company						First lien senior secured loan						8.71%			SOFR (Q)			4.85%						07/2023						07/2030									1.7						1.7						1.7			(2)(9)
SGM Acquisition Sub, LLC and Schill Holdings, LP (13)						Provider of landscape design and planning, and snow removal services						First lien senior secured loan						8.72%			SOFR (Q)			5.00%						12/2025						12/2031									26.2						26.2						26.1			(2)(9)
												Common units																		12/2025												1,492,000									1.5						1.5
																																																			27.7						27.6
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 revolving loan																		05/2024						06/2031									—						—						—			(2)(6)(11)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						05/2024						06/2031									14.5						14.5						14.5			(2)(6)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						09/2025						06/2031									4.0						4.0						4.0			(2)(6)(9)
																																																			18.5						18.5
Systems Planning and Analysis, Inc. (13)						Provider of systems engineering and technical assistance to the US DoD						First lien senior secured revolving loan						8.50%			SOFR (M)			4.75%						05/2022						08/2027									0.4						0.4						0.4			(2)(9)(12)
												First lien senior secured revolving loan						10.50%			Base Rate (Q)			3.75%						05/2022						08/2027									1.1						1.1						1.1			(2)(9)(12)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						05/2022						08/2027									1.0						1.0						1.0			(2)(9)
																																																			2.5						2.5
Talon Buyer Inc. and Talon Holdings SCSP (13)						Provider of fire safety and life safety services						First lien senior secured loan						8.39%			SOFR (Q)			4.50%						07/2025						07/2032									18.4						18.4						18.2			(2)(9)
												Class A units																		07/2025												6,445,000									6.4						8.0			(2)(6)
																																																			24.8						26.2
The Hiller Companies, LLC (13)						Provider of fire protection and life safety products						First lien senior secured revolving loan																		06/2024						06/2030									—						—						—			(2)(11)
												First lien senior secured loan						8.72%			SOFR (M)			5.00%						06/2024						06/2030									48.5						48.5						48.5			(2)(9)
												First lien senior secured loan						8.54%			SOFR (M)			4.75%						07/2025						06/2030									4.1						4.1						4.1			(2)(9)
																																																			52.6						52.6

See accompanying notes to consolidated financial statements.

115

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						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						11.22%			SOFR (Q)			7.25%						08/2021						08/2029									23.0						23.0						23.0			(2)(9)
																																																			23.0						23.0
TSS Buyer, LLC						Provider of outsourced testing, inspection, certification, and compliance services to healthcare and life sciences end markets						First lien senior secured loan						9.34%			SOFR (Q)			5.50%						07/2023						06/2029									2.6						2.5						2.6			(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									26.1						26.1						25.3			(2)
												Class A common units																		08/2025												2,712									4.1						4.1			(2)
																																																			30.2						29.4
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						8.42%			SOFR (Q)			4.75%						01/2025						01/2031									12.6						12.6						12.6			(2)(9)
												Class A-1 units																		01/2025												2,068,000									2.1						2.0			(2)
																																																			14.7						14.6
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)(11)
												First lien senior secured loan						8.42%			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						7.2			(2)
												Common units																		09/2024												3,918									0.3						0.5			(2)
																																																			22.6						24.0
Valcourt Holdings II, LLC and Jobs Holdings, Inc.						Provider of window cleaning and building facade maintenance and restoration services						First lien senior secured loan						9.01%			SOFR (Q)			5.00%						11/2023						11/2029									58.8						58.8						58.8			(2)(9)
Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC (5)(13)						Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies						First lien senior secured revolving loan						8.60%			SOFR (S)			5.00%						12/2025						01/2029									1.0						1.0						1.0			(2)(9)
												First lien senior secured loan						8.60%			SOFR (S)			5.00%						12/2025						01/2029									2.6						2.6						2.6			(2)(9)
												First lien senior secured loan						10.82% (3.50% PIK)			SOFR (M)			7.00%						07/2023						01/2029									34.1						33.6						34.1			(2)(9)
												First lien senior secured loan						15.67% PIK			SOFR (Q)			12.00%						07/2023						01/2029									7.2						7.1						7.2			(2)(9)
												First lien senior secured loan						15.84% PIK			SOFR (Q)			12.00%						12/2025						01/2029									9.5						9.5						9.5			(2)(9)
												Common units																		12/2025												947,000									17.5						17.5			(2)
																																																			71.3						71.9
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						5.4						5.3			(2)

See accompanying notes to consolidated financial statements.

116

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						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						8.42%			SOFR (Q)			4.75%						05/2024						05/2030									23.4						23.4						23.4			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						04/2025						05/2030									4.3						4.3						4.3			(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
																																																			28.8						29.2
XIFIN, Inc. and ACP Charger Co-Invest LLC						Revenue cycle management provider to labs						Class A units																		02/2020												180,000									1.8						4.5			(2)
												Class B units																		12/2021												46,363									0.9						2.2			(2)
																																																			2.7						6.7
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)(11)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						07/2024						07/2031									12.8						12.8						12.8			(2)(9)
																																																			12.8						12.8
																																																			2,806.9						2,776.7						19.39%
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									3.6						7.3			(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						8.71%			SOFR (Q)			5.00%						10/2023						10/2029									2.3						2.3						2.3			(2)(9)(12)
												First lien senior secured loan						8.81%			SOFR (Q)			5.00%						09/2024						10/2030									199.9						199.7						199.9			(2)(9)
												Series B common units																		10/2023												262,165									7.2						11.4
																																																			209.2						213.6
Belfor Holdings, Inc. (13)						Disaster recovery services provider						First lien senior secured revolving loan																		04/2019						01/2026									—						—						—			(2)(11)
Birdie Bidco, Inc. (13)						Golf club owner and operator						First lien senior secured revolving loan						8.17%			SOFR (Q)			4.50%						11/2025						11/2032									0.4						0.4						0.4			(2)(9)
												First lien senior secured revolving loan						10.25%			Base Rate (Q)			3.50%						11/2025						11/2032									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						8.42% (2.25% PIK)			SOFR (Q)			4.75%						11/2025						11/2032									19.9						19.9						19.8			(2)(9)
																																																			20.5						20.4
Calera XXVIII, LLC (14)						Residential floor coating provider						Common units																		12/2025												5,420,161									5.4						5.4			(2)(6)
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						9.93%			SOFR (Q)			6.00%						12/2021						12/2027									0.9						0.9						0.8			(2)(9)
												First lien senior secured revolving loan						11.75%			Base Rate (Q)			5.00%						12/2021						12/2027									0.1						0.1						0.1			(2)(9)

See accompanying notes to consolidated financial statements.

117

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						11.98% (6.00% PIK)			SOFR (Q)			8.00%						12/2021						12/2027									3.5						3.5						3.1			(2)(9)
												First lien senior secured loan						12.05% (6.25% PIK)			SOFR (Q)			8.25%						03/2023						12/2027									6.8						6.8						6.2			(2)(9)
												Class A units																		12/2021												4,296									4.3						1.1
																																																			15.6						11.3
ClubCorp Holdings, Inc. (13)						A manager of golf and country clubs throughout the United States						First lien senior secured loan						8.67%			SOFR (Q)			5.00%						07/2025						07/2032									40.6						40.6						40.6			(2)(9)
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (13)						Provider of commercial HVAC equipment maintenance and repair services						First lien senior secured loan						8.20%			SOFR (S)			4.50%						05/2022						11/2030									21.0						21.0						21.0			(2)(9)
												First lien senior secured loan						8.28%			SOFR (S)			4.50%						11/2023						11/2030									2.8						2.8						2.8			(2)(9)
												Common stock																		05/2022												302									3.1						7.7			(2)
																																																			26.9						31.5
CST Holding Company (13)						Provider of ignition interlock devices						First lien senior secured loan						8.82%			SOFR (M)			5.00%						11/2022						11/2028									11.4						11.4						11.4			(2)(9)
												First lien senior secured loan						8.82%			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						8.72%			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						11.92% (4.13% PIK)			SOFR (Q)			8.25%						03/2024						03/2029									46.2						45.5						46.2			(2)(9)
												Second lien senior secured loan						16.00% PIK												03/2024						06/2027									4.6						4.5						4.6			(2)
																																																			50.0						50.8
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (13)						Provider of plumbing and HVAC services						First lien senior secured revolving loan						8.88%			SOFR (Q)			5.00%						06/2024						06/2030									7.8						7.8						7.6			(2)(9)(12)
												First lien senior secured loan						8.88%			SOFR (Q)			5.00%						06/2024						06/2031									151.5						151.5						147.0			(2)(9)
												Preferred units						15.00% PIK												07/2023												685									9.2						9.2			(2)
												Class A units																		11/2020												6,447									22.9						25.9			(2)
																																																			191.4						189.7
Eternal Aus Bidco Pty Ltd (13)						Operator of cemetery, crematoria and funeral services						First lien senior secured loan						8.71%			BBSY (S)			5.00%						11/2023						10/2029									3.8						3.7						3.8			(2)(6)(9)
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. (13)						Fitness facility operator						First lien senior secured revolving loan						8.48%			SOFR (M)			4.75%						11/2025						04/2030									0.7						0.7						0.7			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						05/2024						04/2030									12.9						12.8						12.9			(2)(9)
																																																			13.5						13.6
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP (4)						Crunch Fitness franchisee						First lien senior secured revolving loan						7.73%			SOFR (M)			4.00%						08/2024						08/2030									2.5						2.5						2.5			(2)(9)
												First lien senior secured loan						8.99%			SOFR (M)			5.25%						08/2024						08/2031									10.5						10.5						10.5			(2)(9)
												Common units																		07/2024												11,957,000									12.0						12.3			(2)
																																																			25.0						25.3
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (13)						Distributor of instructional products, services and resources						First lien senior secured revolving loan						9.22%			SOFR (Q)			5.50%						08/2018						04/2026									4.0						4.0						4.0			(2)(9)(12)

See accompanying notes to consolidated financial statements.

118

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						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						9.43%			SOFR (Q)			5.50%						07/2017						04/2026									28.7						28.7						28.4			(2)(9)
												First lien senior secured loan						9.43%			SOFR (Q)			5.50%						08/2018						04/2026									1.1						1.1						1.1			(2)(9)
												First lien senior secured loan						9.43%			SOFR (Q)			5.50%						06/2024						04/2026									7.4						7.4						7.3			(2)(9)
												First lien senior secured loan						9.60%			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						0.9			(2)
																																																			46.9						46.6
Flint OpCo, LLC (13)						Provider of residential HVAC and plumbing services						First lien senior secured loan						8.59%			SOFR (Q)			4.75%						08/2023						08/2030									6.9						6.9						6.9			(2)(9)
												First lien senior secured loan						8.55%			SOFR (Q)			4.75%						05/2024						08/2030									3.6						3.6						3.6			(2)(9)
																																																			10.5						10.5
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						10.52%			SOFR (M)			6.75%						04/2023						04/2029									0.8						0.8						0.8			(2)(9)(12)
												First lien senior secured loan						10.42%			SOFR (Q)			6.75%						04/2023						04/2030									24.3						24.3						23.6			(2)(9)
												Class A common units																		04/2023												4,424									4.4						2.1			(2)
																																																			29.5						26.5
Helios Service Partners, LLC and Astra Service Partners, LLC (13)						Critical HVAC, refrigeration, and plumbing services for commercial businesses						First lien senior secured loan						8.34%			SOFR (Q)			4.50%						11/2025						11/2032									43.5						43.5						43.1			(2)(9)
HGC Holdings, LLC (13)						Operator of golf facilities						First lien senior secured loan						8.24%			SOFR (M)			4.50%						06/2025						06/2029									79.6						79.6						79.6			(2)(9)
IFH Franchisee Holdings, LLC (13)						Operator of fitness centers						First lien senior secured revolving loan						7.87%			SOFR (Q)			4.00%						12/2024						12/2029									4.3						4.3						4.3			(2)(9)
												First lien senior secured loan						9.37%			SOFR (Q)			5.50%						12/2024						12/2029									54.7						54.7						54.7			(2)(9)
																																																			59.0						59.0
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 loan						9.67%			SOFR (Q)			6.00%						12/2022						12/2028									14.5						14.5						14.5			(2)(6)(9)
												First lien senior secured loan						9.67%			SOFR (Q)			6.00%						11/2023						12/2028									6.3						6.3						6.3			(2)(6)(9)
												First lien senior secured loan						8.26%			CORRA (Q)			6.00%						11/2023						12/2028									1.3						1.3						1.3			(2)(6)(9)
												First lien senior secured loan						9.17%			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						11.0			(2)(6)
																																																			37.1						38.6
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (13)						Franchising platform offering adolescent development programs						First lien senior secured loan						9.67%			SOFR (Q)			6.00%						12/2022						12/2027									30.0						30.0						30.0			(2)(9)
												First lien senior secured loan						9.67%			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						2.8
																																																			33.5						34.2
LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC (13)						A direct-to-consumer home solutions and residential improvements platform						First lien senior secured revolving loan						11.00%			Base rate (Q)			4.25%						09/2025						09/2031									1.3						1.3						1.2			(2)(9)
												First lien senior secured loan						8.97%			SOFR (M)			5.25%						09/2025						09/2031									172.7						172.7						171.0			(2)(9)

See accompanying notes to consolidated financial statements.

119

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Limited partnership units																		09/2025												64,787									67.3						67.6			(2)
																																																			241.3						239.8
ME Equity LLC						Franchisor in the massage industry						Common stock																		09/2012												3,000,000									3.0						4.9			(2)
Modigent, LLC and OMERS PMC Investment Holdings LLC (13)						Provider of commercial HVAC services						First lien senior secured loan						8.92%			SOFR (Q)			5.25%						08/2022						08/2028									12.2						12.2						12.2			(2)(9)
												First lien senior secured loan						8.92%			SOFR (Q)			5.25%						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						10.0			(2)
																																																			29.1						29.4
Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC (13)						Provider of lawn care, tree care and pest control services						First lien senior secured revolving loan						8.72%			SOFR (M)			5.00%						06/2024						06/2031									0.3						0.3						0.3			(2)(9)(12)
												First lien senior secured loan						8.69%			SOFR (Q)			5.00%						06/2024						06/2031									27.9						27.9						27.9			(2)(9)
												First lien senior secured loan						8.72%			SOFR (M)			5.00%						08/2025						06/2031									1.1						1.1						1.1			(2)(9)
												Class A preferred units																		09/2024												678									0.7						0.6
												Class B common units																		09/2024												677,504									0.3						0.3
																																																			30.3						30.2
North Haven Fairway Buyer, LLC and Fairway Lawns, LLC (13)						Provider of lawncare services						First lien senior secured revolving loan						8.73%			SOFR (Q)			5.00%						12/2022						05/2028									3.9						3.9						3.9			(2)(9)
												First lien senior secured loan						8.77%			SOFR (Q)			5.00%						12/2022						05/2028									17.5						17.5						17.5			(2)(9)
												First lien senior secured loan						8.82%			SOFR (Q)			5.00%						06/2024						05/2028									5.0						5.0						5.0			(2)(9)
												First lien senior secured loan						8.90%			SOFR (Q)			5.00%						02/2025						05/2028									10.1						10.1						10.1			(2)(9)
																																																			36.5						36.5
Northwinds Holding, Inc. and Northwinds Services Group LLC (13)						Provider of HVAC and plumbing services						First lien senior secured loan						9.30%			SOFR (Q)			5.25%						05/2023						05/2029									26.7						26.7						26.7			(2)(9)
												First lien senior secured loan						9.26%			SOFR (Q)			5.25%						08/2024						05/2029									6.1						6.1						6.1			(2)(9)
												First lien senior secured loan						9.26%			SOFR (Q)			5.25%						06/2025						05/2029									2.1						2.1						2.1			(2)(9)
												Common units																		05/2023												2,911,607									4.0						4.8			(2)
																																																			38.9						39.7
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						8.59%			SOFR (Q)			4.75%						08/2025						08/2030									19.0						18.9						18.9			(2)(9)
												Class A units																		01/2023												139									1.9						2.9
																																																			20.8						21.8
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						10.50% (1.50% PIK)			SOFR (Q)			6.75%						10/2024						10/2030									0.7						0.7						0.7			(2)(9)
												First lien senior secured loan						10.68% (1.50% PIK)			SOFR (Q)			6.75%						10/2024						10/2030									6.6						6.6						6.1			(2)(9)

See accompanying notes to consolidated financial statements.

120

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Common stock																		10/2024												667									0.7						0.1			(2)
																																																			8.0						6.9
Premiere Buyer, LLC (13)						Third-party residential property manager for multi-family residential properties in the United States						First lien senior secured loan						8.17%			SOFR (Q)			4.50%						05/2024						05/2031									5.5						5.5						5.5			(2)(9)
												First lien senior secured loan						8.17%			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						9.11%			SOFR (Q)			5.25%						01/2023						01/2028									7.3						7.3						7.3			(2)(9)
												First lien senior secured loan						9.11%			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									1.3						3.2
																																																			11.2						13.1
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						8.47%			SOFR (M)			4.75%						05/2024						06/2031									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						8.47%			SOFR (M)			4.75%						06/2025						06/2031									6.4						6.4						6.4			(2)(9)
												Limited partnership interest																		06/2024												11,184,000									11.2						13.8			(2)
																																																			23.2						25.8
Radiant Intermediate Holding, LLC						Provider of HVAC, plumbing and electrical services						First lien senior secured loan						9.92%			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)(11)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						06/2025						06/2032									27.2						27.2						27.2			(2)(9)
																																																			27.2						27.2
Saber Parent Holdings Corp. and MSHC, Inc. (13)						Provider of aftermarket maintenance, repair, and replacement services for commercial HVAC equipments						First lien senior secured loan						8.23%			SOFR (Q)			4.50%						12/2025						12/2032									22.8						22.8						22.7			(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						10.43% (1.00% PIK)			SOFR (M)			6.00%						08/2020						05/2026									24.0						24.0						23.5			(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						8.94%			SOFR (M)			5.13%						07/2018						08/2027									0.2						0.2						0.2			(2)(9)
												First lien senior secured revolving loan						9.32%			SOFR (M)			5.50%						01/2024						07/2027									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.90%			SOFR (M)			5.08%						03/2020						08/2027									1.3						1.3						1.3			(2)(9)
												First lien senior secured loan						9.32%			SOFR (M)			5.50%						01/2024						08/2027									0.4						0.4						0.4			(2)(9)
												First lien senior secured loan						8.57%			SOFR (M)			4.75%						11/2025						07/2027									4.1						4.1						4.1			(2)(9)
												Class A units																		07/2018												37,020									3.8						9.4
																																																			9.9						15.5

See accompanying notes to consolidated financial statements.

121

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						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						11.72% (4.50% PIK)			SOFR (M)			8.00%						12/2021						12/2027									12.6						12.6						12.5			(2)(9)
												First lien senior secured loan						11.72% (4.50% PIK)			SOFR (M)			8.00%						12/2021						12/2027									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						11.72% (4.50% PIK)			SOFR (M)			8.00%						08/2022						12/2027									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						11.72% (4.50% PIK)			SOFR (M)			8.00%						04/2023						12/2027									1.7						1.7						1.7			(2)(9)
												First lien senior secured loan						11.72% (4.50% PIK)			SOFR (M)			8.00%						10/2023						12/2027									5.5						5.5						5.5			(2)(9)
												First lien senior secured loan						11.72% (4.50% PIK)			SOFR (M)			8.00%						08/2024						12/2027									11.1						11.0						10.9			(2)(9)
												Class A units																		12/2021												8,493,698									8.5						6.7
												Class C units																		03/2023												333,510									—						—
																																																			39.7						37.7
Triwizard Holdings, Inc. and Triwizard Parent, LP (13)						Parking management and hospitality services provider						First lien senior secured revolving loan						8.86%			SOFR (Q)			5.00%						06/2023						06/2029									1.5						1.5						1.5			(2)(9)(12)
												Class A-2 common units																		06/2023												30,000									3.0						5.3			(2)
																																																			4.5						6.8
TSWT Acquisition, Inc. and TSWT Holdings, LLC (13)						Provider of residential home services specializing in HVAC, electrical and plumbing services						First lien senior secured revolving loan						8.73%			SOFR (M)			5.00%						11/2025						11/2031									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.73%			SOFR (M)			5.00%						11/2025						11/2031									16.3						16.3						16.1			(2)(9)
												Class A units																		11/2025												42									0.9						0.9			(2)
																																																			17.3						17.1
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (13)						Provider of residential roofing repair & replacement						First lien senior secured revolving loan						9.67%			SOFR (Q)			6.00%						11/2023						11/2030									0.4						0.4						0.4			(2)(9)
												First lien senior secured loan						9.67% (4.14% PIK)			SOFR (Q)			6.00%						11/2023						11/2030									15.2						15.2						14.0			(2)(9)
												First lien senior secured loan						9.67% (3.83% PIK)			SOFR (Q)			6.00%						10/2024						11/2030									3.0						3.0						2.7			(2)(9)
												Class B common units																		11/2023												212									0.2						0.1
																																																			18.8						17.2
Vista Higher Learning, LLC						Developer of print and digital language learning solutions for K–12 and higher education institutions						First lien senior secured loan						8.46%			SOFR (Q)			4.75%						09/2025						09/2031									33.0						33.0						32.6			(2)(9)
YE Brands Holdings, LLC (13)						Sports camp operator						First lien senior secured revolving loan						8.42%			SOFR (Q)			4.75%						10/2021						10/2027									0.6						0.6						0.6			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						10/2021						10/2027									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						06/2022						10/2027									7.9						7.9						7.9			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						09/2023						10/2027									3.6						3.6						3.6			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						01/2024						10/2027									2.8						2.8						2.8			(2)(9)
																																																			15.0						15.0

See accompanying notes to consolidated financial statements.

122

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						7.4
												Membership interest																		02/2025												264,161									0.3						1.4
																																																			1.7						8.8
																																																			1,641.7						1,663.4						11.62%
Insurance
15484880 Canada Inc. and 15484910 Canada Inc. (13)						Independent insurance broker						First lien senior secured revolving loan						7.82%			CORRA (Q)			5.25%						04/2025						04/2031									0.4						0.4						0.4			(2)(6)(9)
												First lien senior secured loan						7.82%			CORRA (Q)			5.25%						04/2025						04/2031									29.2						28.0						29.2			(2)(6)(9)
												Senior subordinated loan						14.00% PIK												04/2025						04/2035									14.7						14.2						14.7			(2)(6)
												Class A2 shares																		04/2025												19,825,189									13.8						13.8			(2)(6)
																																																			56.4						58.1
Acrisure, LLC						Independent property and casualty insurance brokerage						First lien senior secured loan						6.72%			SOFR (M)			3.00%						10/2023						11/2030									0.2						0.2						0.2			(2)(16)
AQ Sunshine, Inc. (13)						Specialized insurance broker						First lien senior secured revolving loan						8.67%			SOFR (Q)			5.00%						07/2024						07/2030									1.9						1.9						1.9			(2)(9)(12)
												First lien senior secured loan						8.67%			SOFR (Q)			5.00%						07/2024						07/2031									116.7						116.7						116.7			(2)(9)
																																																			118.6						118.6
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						Limited partnership interest																		06/2025												17,510,000									24.1						26.3			(2)(6)
Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. (13)						Insurance program administrator						First lien senior secured loan						8.23%			SOFR (M)			4.50%						04/2025						04/2032									14.7						14.7						14.7			(2)(9)
Benecon Midco II LLC and Benecon Holdings, LLC (13)						Employee benefits provider for small and mid-size employers						First lien senior secured loan						8.19%			SOFR (Q)			4.50%						01/2024						01/2031									21.0						21.0						21.0			(2)(9)
												Class A units																		01/2024												7,796,550									27.1						35.2
																																																			48.1						56.2
Captive Resources Midco, LLC (13)						Provider of independent consulting services to member-owned group captives						First lien senior secured loan						8.22%			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									14.6						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
Diamond Mezzanine 24 LLC (13)						Property and casualty insurance underwriting and distribution platform						First lien senior secured revolving loan						8.84%			SOFR (Q)			5.00%						10/2024						10/2030									0.3						0.3						0.3			(2)(9)
												First lien senior secured loan						8.84%			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						8.17%			SOFR (Q)			4.50%						12/2023						12/2029									0.2						0.2						0.2			(2)(9)(12)

See accompanying notes to consolidated financial statements.

123

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						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						8.17%			SOFR (Q)			4.50%						12/2023						12/2030									18.3						18.3						18.3			(2)(9)
												First lien senior secured loan						8.34%			SOFR (Q)			4.50%						05/2024						12/2030									2.3						2.3						2.3			(2)(9)
												Limited partnership interest																		03/2024												1,348,309									1.3						1.9			(2)(6)
																																																			22.1						22.7
Forza Insurance Holdings, LLC						Operator of insurance brands and platforms						First lien senior secured loan						9.42%			SOFR (Q)			5.75%						02/2025						02/2030									38.7						38.7						38.7			(2)(9)
Foundation Risk Partners, Corp. (13)						Full service independent insurance agency						First lien senior secured revolving loan						8.42%			SOFR (Q)			4.75%						10/2021						10/2029									7.0						7.0						7.0			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						10/2021						10/2030									66.6						66.6						66.6			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						04/2022						10/2030									9.2						9.2						9.2			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						11/2023						10/2030									17.2						17.2						17.2			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						05/2024						10/2030									16.3						16.3						16.3			(2)(9)
																																																			116.3						116.3
Galway Borrower LLC (13)						Insurance service provider						First lien senior secured revolving loan						8.19%			SOFR (Q)			4.50%						09/2021						09/2028									1.9						1.9						1.9			(2)(9)(12)
												First lien senior secured loan						8.17%			SOFR (Q)			4.50%						09/2021						09/2028									8.3						8.3						8.3			(2)(9)
																																																			10.2						10.2
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. (13)						Insurance broker						First lien senior secured loan						7.25%			CORRA (M)			5.00%						03/2024						03/2031									9.7						9.8						9.7			(2)(6)(9)
												First lien senior secured loan						7.27%			CDOR (Q)			5.00%						03/2024						03/2031									0.3						0.3						0.3			(2)(6)(9)
																																																			10.1						10.0
Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc. (13)						Independent retail insurance broker						First lien senior secured loan						8.22%			SOFR (M)			4.50%						08/2023						06/2031									9.1						9.1						9.1			(2)(9)
												Series A preferred shares						10.50%												12/2024												1,000									1.0						1.0			(2)
																																																			10.1						10.1
High Street Buyer, Inc. and High Street Holdco LLC (13)(14)						Insurance brokerage platform						First lien senior secured loan						8.17%			SOFR (Q)			4.50%						04/2021						04/2028									22.1						22.1						22.1			(2)(9)
												First lien senior secured loan						8.17%			SOFR (Q)			4.50%						08/2021						04/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.17%			SOFR (Q)			4.50%						02/2022						04/2028									19.4						19.4						19.4			(2)(9)
												First lien senior secured loan						8.17%			SOFR (Q)			4.50%						03/2024						04/2028									4.0						4.0						4.0			(2)(9)
												Series A preferred units						10.00% PIK												04/2021												172,211,694									248.0						248.0			(2)
												Series A preferred units						10.00% PIK												12/2023												20,106,667									24.7						24.7			(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									5.2						5.2			(2)
												Series A units						10.00% PIK												04/2021												5,562,381									9.9						16.9			(2)
												Series C units						10.00% PIK												04/2021												10,043,368									4.0						30.5			(2)
																																																			339.0						372.5
Inszone Mid, LLC and INSZ Holdings, LLC (13)						Insurance brokerage firm						First lien senior secured loan						8.92%			SOFR (Q)			5.25%						12/2023						11/2029									26.7						26.7						26.7			(2)(9)
												First lien senior secured loan						8.93%			SOFR (Q)			5.25%						07/2024						11/2029									51.7						51.7						51.7			(2)(9)

See accompanying notes to consolidated financial statements.

124

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Limited partnership interests																		11/2022												2,146,088									1.7						3.7
												Common units																		11/2023												8,473,000									8.5						14.7
																																																			88.6						96.8
King Risk Partners, LLC (13)						Retail insurance brokerage firm						First lien senior secured loan						8.22%			SOFR (M)			4.50%						04/2025						04/2031									13.0						13.0						13.0			(2)(9)
Knight AcquireCo, LLC and Knight Holdings, LP (13)						Insurance agency and regulatory services provider						First lien senior secured loan						8.37%			SOFR (S)			4.50%						11/2025						11/2032									25.2						25.2						25.1			(2)(9)
												Class A-1 common units																		11/2025												213,806									2.1						2.1			(2)
																																																			27.3						27.2
Koala Investment Holdings, Inc. (13)						Insurance brokerage platform						First lien senior secured loan						8.17%			SOFR (Q)			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 revolving loan						8.48%			SOFR (M)			4.75%						11/2023						11/2029									0.4						0.4						0.4			(2)(9)
												First lien senior secured loan						8.47%			SOFR (M)			4.75%						11/2023						11/2029									10.9						10.9						10.9			(2)(9)
												First lien senior secured loan						8.72%			SOFR (M)			5.00%						06/2025						11/2029									1.3						1.3						1.3			(2)(9)
												Class A2 units																		11/2023												115,928									2.3						2.6			(2)
																																																			14.9						15.2
Patriot Growth Insurance Services, LLC (13)						National retail insurance agency						First lien senior secured loan						8.82%			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						7.82%			CORRA (Q)			5.25%						02/2021						02/2027									4.2						4.1						4.2			(2)(6)(9)
												First lien senior secured loan						7.60%			CORRA (Q)			5.25%						02/2021						02/2028									41.9						45.3						41.9			(2)(6)(9)
												First lien senior secured loan						7.50%			CORRA (Q)			5.25%						09/2021						02/2028									24.5						25.2						24.5			(2)(6)(9)
												First lien senior secured loan						7.50%			CORRA (Q)			5.25%						09/2023						02/2028									14.8						14.7						14.8			(2)(6)(9)
												First lien senior secured loan						7.58%			CORRA (Q)			5.00%						12/2024						02/2028									16.1						15.9						16.1			(2)(6)(9)
																																																			105.2						101.5
SageSure Holdings, LLC and SageSure LLC (13)						Insurance service provider						First lien senior secured loan						8.58%			SOFR (M)			4.75%						08/2024						01/2030									51.7						51.7						51.7			(2)(9)
												First lien senior secured loan						8.58%			SOFR (M)			4.75%						01/2025						01/2030									49.5						49.5						49.5			(2)(9)
												First lien senior secured loan						8.47%			SOFR (M)			4.75%						12/2025						01/2030									12.3						12.3						12.3			(2)(9)
												Series A units																		05/2025												710									70.0						94.1
																																																			183.5						207.6
SelectQuote, Inc. and SQ ABS Issuer, LLC						Direct to consumer insurance distribution platform						First lien senior secured notes						9.65%												10/2024						10/2039									1.4						1.4						1.4			(2)
												First lien senior secured notes						7.80%												10/2024						10/2039									2.1						2.1						2.1			(2)
												First lien senior secured loan						10.32%			SOFR (M)			6.50%						10/2024						09/2027									9.0						8.5						9.0			(2)(9)
												Warrant to purchase shares of common stock																		10/2024						10/2028						179,068									—						—			(2)
																																																			12.0						12.5
SG Acquisition, Inc. (13)						Provider of insurance solutions for car sales						First lien senior secured loan						8.71%			SOFR (Q)			4.75%						04/2024						04/2030									13.6						13.6						13.6			(2)(9)
SIG Parent Holdings, LLC (13)						Independent insurance brokerage						First lien senior secured loan						8.47%			SOFR (M)			4.75%						08/2024						08/2031									19.1						19.1						19.1			(2)(9)

See accompanying notes to consolidated financial statements.

125

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Slaine Holdings LLC (13)						Holding company of insurance service providers						Senior subordinated loan						10.47%			SOFR (M)			6.75%						05/2025						05/2030									49.2						49.2						49.2			(2)(9)
THG Acquisition, LLC (13)						Multi-line insurance broker						First lien senior secured revolving loan						10.50%			Base Rate (Q)			3.75%						10/2024						10/2031									7.0						7.0						7.0			(2)(9)(12)
												First lien senior secured revolving loan						8.47%			SOFR (M)			4.75%						10/2024						10/2031									2.8						2.8						2.8			(2)(9)(12)
												First lien senior secured loan						8.47%			SOFR (M)			4.75%						10/2024						10/2031									23.6						23.6						23.6			(2)(9)
																																																			33.4						33.4
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC (13)						Insurance brokerage firm						First lien senior secured loan						6.42%			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						8.67%			SOFR (Q)			5.00%						10/2023						04/2030									11.4						11.3						11.4			(2)(9)
																																																			1,457.4						1,521.4						10.63%
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						8.33%			SOFR (M)			4.50%						07/2023						09/2028									16.1						16.1						14.0			(2)(9)
												Second lien senior secured loan						10.83%			SOFR (M)			7.00%						09/2021						09/2029									29.5						29.5						26.0			(2)(9)
												Class A preferred units						8.00% PIK												09/2021						08/2051						5,484									7.7						7.2			(2)
												Series A preferred shares						11.00% PIK												09/2021						08/2051						21,921									35.3						30.0			(2)
																																																			88.6						77.2
Bamboo Purchaser, Inc. (13)						Provider of nursery, garden, and greenhouse products						First lien senior secured loan						14.01% PIK			SOFR (Q)			10.00%						11/2025						12/2029									4.1						4.1						4.1			(2)(9)
												First lien senior secured loan																		11/2025						12/2028									15.4						3.3						2.9			(2)(8)
																																																			7.4						7.0
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						7.57%			SOFR (Q)			3.75%						05/2024						05/2030									10.5						10.5						10.5			(2)(9)
												First lien senior secured loan						8.57%			SOFR (Q)			4.75%						05/2024						05/2031									10.5						10.5						10.5			(2)(9)
																																																			21.0						21.0
Blazing Star Parent, LLC						Healthcare, pharmacy and retail provider						First lien senior secured loan						10.82%			SOFR (Q)			7.00%						08/2025						08/2030									100.1						100.1						98.6			(2)(9)
BR PJK Produce, LLC						Specialty produce distributor						First lien senior secured loan						10.39%			SOFR (Q)			6.25%						12/2023						11/2027									4.0						4.0						4.0			(2)(9)
												First lien senior secured loan						10.39%			SOFR (Q)			6.25%						09/2024						11/2027									0.7						0.7						0.7			(2)(9)
																																																			4.7						4.7
Carrera Bidco Limited						Fuel and convenience retailer						Senior subordinated loan						7.34%			Euribor (S)			5.25%						11/2025						11/2032									137.0						135.4						134.3			(2)(6)
City Line Distributors LLC and City Line Investments LLC (13)						Specialty food distributor						First lien senior secured loan						10.11%			SOFR (Q)			6.00%						08/2023						08/2028									4.3						4.3						4.3			(2)(9)
												Class A units						8.00% PIK												08/2023												4,172,852									5.0						4.8			(2)

See accompanying notes to consolidated financial statements.

126

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			9.3						9.1
DecoPac, Inc. and KCAKE Holdings Inc. (13)						Supplier of cake decorating solutions and products to in-store bakeries						First lien senior secured revolving loan						9.11%			SOFR (Q)			5.25%						05/2021						05/2030									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						9.09%			SOFR (Q)			5.25%						09/2024						05/2030									170.1						170.1						170.1			(2)(9)
												Common stock																		05/2021												9,599									7.4						14.5			(2)
																																																			183.1						190.2
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (13)						Provider of visual communications solutions						First lien senior secured loan						9.07%			SOFR (M)			5.25%						03/2019						03/2028									15.2						15.2						15.2			(2)(9)
												First lien senior secured loan						9.07%			SOFR (M)			5.25%						08/2019						03/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.07%			SOFR (M)			5.25%						06/2021						03/2028									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.07%			SOFR (M)			5.25%						01/2024						03/2028									8.0						8.0						8.0			(2)(9)
												First lien senior secured loan						9.07%			SOFR (M)			5.25%						11/2025						03/2028									15.3						15.3						15.3			(2)(9)
												Common units																		03/2019												600									0.6						1.2			(2)
																																																			39.3						39.9
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)(11)
												First lien senior secured loan						8.47%			SOFR (M)			4.75%						12/2024						12/2030									46.6						46.6						46.6			(2)(9)
																																																			46.6						46.6
GMF Parent, Inc. and GMF Group Holdings, LP (13)						Distributor of Mediterranean food and beverages						First lien senior secured loan						8.20%			SOFR (Q)			4.50%						12/2025						12/2032									40.5						40.5						40.3			(2)(9)
												Common units																		12/2025												7,003									7.0						7.0			(2)
																																																			47.5						47.3
GPM Investments, LLC and ARKO Corp.						Convenience store operator						Common stock																		12/2020												2,088,478									19.8						9.5			(16)
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						7.75%			SOFR (M)			4.00%						11/2023						11/2029									4.3						4.3						4.3			(2)(9)
												First lien senior secured loan						9.20%			SOFR (Q)			5.50%						11/2023						11/2029									5.2						5.2						5.2			(2)(9)
												First lien senior secured loan						9.32%			SOFR (Q)			5.50%						12/2025						11/2029									3.3						3.3						3.3			(2)(9)
												Limited partnership interest																		11/2023												5,441,000									5.9						7.8			(2)
																																																			18.7						20.6
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (14)						Distributor of specialty foods						First lien senior secured loan						10.47%			SOFR (Q)			6.50%						10/2022						10/2028									39.0						39.0						36.3			(2)(9)
												Limited partnership interests																		10/2022												9,683,991									9.7						4.4			(2)
																																																			48.7						40.7
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC						Distributor of OEM appliance aftermarket parts						First lien senior secured loan						7.88%			SOFR (Q)			3.75%						06/2021						06/2028									0.4						0.4						0.3			(2)(9)
												First lien senior secured loan						7.88%			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						7.03%			SOFR (Q)			3.25%						05/2021						05/2028									13.2						13.2						13.2			(2)(12)

See accompanying notes to consolidated financial statements.

127

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Series A preferred stock						7.00% PIK												05/2021												68,601									94.8						94.8			(2)
												Class A-1 units																		05/2021												24,586									24.6						44.3			(2)
																																																			132.6						152.3
Midco Holding, LLC and Nivel Topco, LLC (4)(13)						Manufacturer of aftermarket golf cart parts and accessories						First lien senior secured loan						11.36%			SOFR (S)			7.50%						11/2025						11/2029									10.7						10.7						10.7			(2)(9)
												Preferred units																		11/2025												6,943,696									2.7						3.1			(2)
												Class A units																		11/2025												5,341,305									—						—			(2)
																																																			13.4						13.8
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						15.2
Mountaineer Merger Corporation (13)						Discount retailer that specialized in apparel, housewares, accessories, and a selection of other products						First lien senior secured revolving loan						8.84%			SOFR (Q)			5.00%						10/2024						10/2027									5.3						5.2						5.1			(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						9.65%			SOFR (Q)			5.75%						05/2023						05/2031									1.6						1.6						1.6			(2)(9)(12)
												First lien senior secured loan						9.71%			SOFR (Q)			5.75%						05/2023						05/2031									10.4						10.4						10.4			(2)(9)
												First lien senior secured loan						9.71%			SOFR (Q)			5.75%						06/2025						05/2031									2.4						2.4						2.4			(2)(9)
												Class B limited liability company interest																		05/2023												3.64%									9.6						7.6			(2)
																																																			24.0						22.0
Project Cardinal Acquisition, LLC (13)						Provider of outsourced foodservice to K-12 school districts						First lien senior secured loan						8.49%			SOFR (S)			4.50%						10/2025						10/2032									18.8						18.8						18.6			(2)(9)
Quirch Foods Holdings, LLC (13)						Specialty food distributor						First lien senior secured loan						10.34%			SOFR (S)			6.50%						11/2025						11/2030									114.7						114.7						113.6			(2)(9)
Reddy Ice LLC (13)						Packaged ice manufacturer and distributor						First lien senior secured revolving loan						9.25%			SOFR (M)			5.50%						04/2024						04/2029									10.7						10.4						10.7			(2)(9)(12)
												First lien senior secured revolving loan						11.25%			Base rate (Q)			4.50%						04/2024						04/2029									2.7						2.7						2.7			(2)(9)(12)
												First lien senior secured loan						9.44%			SOFR (Q)			5.50%						04/2024						04/2029									125.6						125.6						125.6			(2)(9)
																																																			138.7						139.0
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)(11)
												First lien senior secured loan						9.00%			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						2.1
																																																			23.1						22.6
SCIH Salt Holdings Inc. (13)						Salt and packaged ice melt manufacturer and distributor						First lien senior secured revolving loan						5.26%			CORRA (Q)			3.00%						03/2020						11/2028									3.9						1.9						2.0			(2)(9)

See accompanying notes to consolidated financial statements.

128

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc.						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						9.22%			SOFR (M)			5.50%						06/2021						07/2030									31.1						31.1						31.1			(2)(9)
												First lien senior secured loan						9.22%			SOFR (M)			5.50%						06/2022						07/2030									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						9.22%			SOFR (M)			5.50%						03/2023						07/2030									6.0						6.0						6.0			(2)(9)
												First lien senior secured loan						9.22%			SOFR (M)			5.50%						05/2024						07/2030									12.6						12.6						12.6			(2)(9)
												First lien senior secured loan						9.22%			SOFR (M)			5.50%						08/2024						07/2030									5.4						5.4						5.4			(2)(9)
												Common stock																		06/2021												75,990									7.6						17.4			(2)
																																																			63.2						73.0
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						9.07%			SOFR (Q)			5.25%						07/2021						07/2028									23.7						23.7						23.7			(2)(9)
												Limited partner interests																		07/2021												0.42%									0.8						2.9			(2)
																																																			24.5						26.6
VRS Buyer, Inc. (13)						Provider of on-site mobile and rail re-fueling solutions						First lien senior secured loan						7.24%			SOFR (Q)			3.50%						10/2025						10/2032									66.2						66.2						66.2			(2)
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (13)(14)						Fresh and specialty food distributor						First lien senior secured revolving loan						10.61%			SOFR (Q)			6.75%						02/2023						01/2029									0.3						0.3						0.2			(2)(9)(12)
												First lien senior secured loan						11.59%			SOFR (Q)			7.75%						02/2023						01/2029									8.4						8.4						7.3			(2)(9)
												Common units																		01/2023												1,673,000									1.7						—
																																																			10.4						7.5
																																																			1,449.9						1,424.7						9.95%
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						10.34%			SOFR (Q)			6.50%						08/2025						08/2030									1.5						1.5						1.5			(2)(6)(9)
												First lien senior secured loan						10.32%			SOFR (Q)			6.50%						08/2025						08/2030									35.1						35.1						34.6			(2)(6)(9)
																																																			36.6						36.1
AI Aqua Merger Sub, Inc.						End to end provider of water solutions to a wide range of customer bases						First lien senior secured loan						6.86%			SOFR (Q)			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						9.57%			SOFR (Q)			5.75%						11/2023						11/2029									9.7						9.7						9.7			(2)(9)
												First lien senior secured loan						8.82%			SOFR (Q)			5.00%						07/2024						11/2029									9.6						9.6						9.5			(2)(9)
																																																			19.3						19.2
Align Precision Group, LLC and Align Precision Topco, L.P. (4)(13)						Manufacturer of precision machined components for defense and high-tech industrial platforms						First lien senior secured loan						10.71% PIK			SOFR (Q)			6.75%						07/2025						07/2030									14.3						14.3						14.3			(2)(9)
												Class A-2 Units																		07/2025												6,310									—						0.3			(2)
																																																			14.3						14.6

See accompanying notes to consolidated financial statements.

129

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC (13)						Provider of military aircraft aftermarket parts and distribution, repair and logistics services						First lien senior secured loan						9.17%			SOFR (Q)			5.50%						05/2025						05/2030									2.8						1.9						2.8			(2)(9)
												First lien senior secured loan						10.27% (2.00% PIK)			SOFR (M)			6.50%						05/2025						05/2030									0.5						0.1						0.2			(2)(9)
												First lien senior secured loan						11.07% (6.00% PIK)			SOFR (M)			7.00%						05/2025						05/2030									1.7						0.5						0.6			(2)(9)
												First lien senior secured loan						9.32%			SOFR (Q)			5.50%						06/2025						05/2030									0.3						0.3						0.3			(2)(9)
												Membership Interest																		05/2025												4,015									—						—			(2)
																																																			2.8						3.9
Arrowhead Holdco Company and Arrowhead GS Holdings, Inc.						Distributor of non-discretionary, mission-critical aftermarket replacement parts						First lien senior secured loan						6.34%			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)(11)
												First lien senior secured loan						8.73%			SOFR (M)			5.00%						06/2024						06/2031									45.1						45.1						45.1			(2)(9)
																																																			45.1						45.1
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						9.19%			SOFR (Q)			5.25%						07/2022						07/2029									21.6						20.8						18.3			(2)(9)(16)
CPIG Holdco Inc.						Distributor of engineered fluid power and complex machined solutions						First lien senior secured loan						11.09%			SOFR (Q)			7.00%						04/2023						04/2028									14.4						14.4						14.4			(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						11.17% (5.00% PIK)			SOFR (Q)			7.50%						01/2023						01/2029									2.1						2.1						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						10.63%			SOFR (Q)			6.50%						12/2020						12/2027									3.2						3.2						3.2			(2)(9)
												First lien senior secured loan						10.63%			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						15.9
																																																			38.4						44.5
EIS Legacy Holdco, LLC (13)						Distributor of electric applicator components						First lien senior secured loan						8.38%			SOFR (Q)			4.50%						11/2024						11/2031									9.5						9.5						9.5			(2)(9)
ELM DebtCo, LLC (13)						Provider of underground utility locating services with a focus on the natural gas and electric end markets						First lien senior secured loan						8.42%			SOFR (Q)			4.75%						11/2025						11/2031									5.3						5.2						5.2			(2)(9)
Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC (13)						Manufacturer of industrial chain and complementary power transmission products for industrial applications						First lien senior secured revolving loan						10.17%			SOFR (Q)			6.50%						10/2025						10/2031									2.0						2.0						2.0			(2)(9)
												First lien senior secured loan						10.17%			SOFR (Q)			6.50%						10/2025						10/2031									56.1						56.1						55.8			(2)(9)

See accompanying notes to consolidated financial statements.

130

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Preferred equity						8.00% PIK												10/2025												8,163									8.2						8.2			(2)
												Common units																		10/2025												9,070									0.9						0.9			(2)
																																																			67.2						66.9
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						0.9			(2)
												Class A-2 units																		12/2016												3,500									3.5						—			(2)
																																																			5.8						0.9
Generator US Buyer, Inc. and Total Power Limited (13)						Provider of generator-based power solutions						First lien senior secured loan						6.76%			CORRA (Q)			4.50%						07/2024						07/2030									5.7						5.7						5.7			(2)(6)(9)
												First lien senior secured loan						8.17%			SOFR (Q)			4.50%						10/2024						07/2030									1.3						1.3						1.3			(2)(6)(9)
																																																			7.0						7.0
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						8.23%			SOFR (Q)			4.50%						01/2025						01/2032									0.5						0.5						0.5			(2)(9)
												Member Units																		01/2025												20,000,000									20.0						22.7			(2)
																																																			20.5						23.2
GSV Purchaser, Inc. (13)						Provider of maintenance, repair, and sales services for commercial emergency power backup generators						First lien senior secured loan						8.28%			SOFR (M)			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						8.47%			SOFR (M)			4.75%						10/2021						08/2032									52.9						52.9						52.7			(2)(9)
												First lien senior secured loan						6.90%			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						10.82%			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						10.25%			Base Rate (S)			3.50%						03/2025						03/2032									1.3						1.3						1.3			(2)(9)(12)
												First lien senior secured revolving loan						8.17%			SOFR (Q)			4.50%						03/2025						03/2032									2.3						2.3						2.3			(2)(9)(12)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						03/2025						03/2032									13.1						13.1						13.1			(2)(9)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						10/2025						03/2032									33.7						33.7						33.7			(2)(9)
																																																			50.4						50.4
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									84.5						84.5						84.5			(2)
												Common stock																		09/2024												459,208									4.4						4.6			(2)
																																																			88.9						89.1
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									19.8						19.6						19.8			(2)
												Class A common stock																		01/2017												48,544									14.8						79.5
																																																			34.4						99.3
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 loan						8.23%			SOFR (M)			4.50%						09/2025						09/2032									58.0						57.8						57.8			(2)(9)

See accompanying notes to consolidated financial statements.

131

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						Class A units																		08/2019												4,549,000									0.5						8.0			(2)
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 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						2.3			(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									32.6						31.3						31.9			(2)
												Senior subordinated loan						10.00% (7.00% PIK)												03/2025						05/2032									4.4						4.1						4.3			(2)
												Class B common units																		05/2024												8									1.9						2.5
																																																			37.3						38.7
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						10.58%			SOFR (M)			6.75%						06/2021						06/2029									55.3						55.3						54.1			(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						8.47%			SOFR (M)			4.75%						12/2024						12/2031									0.3						0.3						0.3			(2)(6)(9)
												First lien senior secured loan						8.47%			SOFR (M)			4.75%						12/2024						12/2031									0.1						0.1						0.1			(2)(6)(9)
																																																			0.4						0.4
Pave America Holding, LLC (13)						Provider of high-quality asphalt and concrete services for commercial properties						First lien senior secured revolving loan						8.42%			SOFR (Q)			4.75%						08/2025						08/2032									2.0						2.0						2.0			(2)(9)
												First lien senior secured loan						8.94% (2.88% PIK)			SOFR (Q)			5.25%						08/2025						08/2032									24.9						24.9						24.7			(2)(9)
																																																			26.9						26.7
Pike Corporation (13)						Provider of a full suite of outsourced construction, repair and engineering services						First lien senior secured loan						8.20%			SOFR (Q)			4.50%						12/2025						12/2032									212.2						212.2						211.1			(2)(9)
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						8.47%			SOFR (M)			4.75%						01/2025						01/2031									0.4						0.4						0.3			(2)(9)
												First lien senior secured revolving loan						10.50%			Base Rate (Q)			3.75%						01/2025						01/2031									0.4						0.4						0.3			(2)(9)
												First lien senior secured loan						8.47%			SOFR (M)			4.75%						01/2025						01/2031									14.0						14.0						13.9			(2)(9)

See accompanying notes to consolidated financial statements.

132

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Limited partnership interest																		03/2025												752,822									0.8						0.7			(2)
																																																			15.6						15.2
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						10.12% (0.25% PIK)			SOFR (Q)			6.00%						03/2019						03/2027									1.3						1.3						1.3			(2)(6)(9)
												First lien senior secured revolving loan						9.72% (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						9.82% (0.25% PIK)			SOFR (Q)			6.00%						06/2024						03/2027									9.9						9.9						9.9			(2)(6)(9)
																																																			13.2						13.3
Radwell Parent, LLC (13)						Distributor of maintenance, repair, and operations parts						First lien senior secured revolving loan						9.17%			SOFR (Q)			5.50%						12/2022						04/2029									0.7						0.7						0.7			(2)(9)
												First lien senior secured loan						9.17%			SOFR (Q)			5.50%						12/2022						04/2029									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.17%			SOFR (Q)			5.50%						11/2024						04/2029									1.6						1.6						1.6			(2)(9)
																																																			2.4						2.4
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						9.47%			SOFR (M)			5.75%						10/2017						12/2027									6.0						6.0						6.0			(2)(9)(12)
												First lien senior secured loan						9.57%			SOFR (M)			5.75%						04/2024						12/2027									3.7						3.7						3.7			(2)(9)
												First lien senior secured loan						9.57%			SOFR (M)			5.75%						03/2025						12/2027									15.0						15.0						15.0			(2)(9)
																																																			24.7						24.7
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						8.67%			SOFR (Q)			5.00%						05/2024						05/2031									38.6						38.6						38.6			(2)(9)
												Series A common units																		05/2024												1,042									1.0						1.8			(2)
																																																			39.6						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						9.25% (2.88% PIK)			SOFR (Q)			5.38%						07/2025						07/2032									63.1						62.9						62.5			(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 loan						9.67%			SOFR (Q)			6.00%						10/2023						08/2027									8.5						8.5						8.5			(2)(9)
												First lien senior secured loan						8.92%			SOFR (Q)			5.25%						04/2024						08/2027									26.2						26.2						26.2			(2)(9)
												First lien senior secured loan						8.92%			SOFR (Q)			5.25%						10/2025						08/2027									5.2						5.2						5.2			(2)(9)
																																																			39.9						39.9
Werner Finco LP						Provider of safety access and secure storage products across access equipment, ladders, and truck & van solutions.						First lien senior secured loan						9.21%			SOFR (Q)			5.50%						06/2025						06/2031									109.7						109.7						109.7			(2)(9)

See accompanying notes to consolidated financial statements.

133

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			1,288.4						1,349.9						9.43%
Sports, Media and Entertainment
22 HoldCo Limited						Sports and entertainment platform						Senior subordinated loan						11.47% 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						10.17%			SOFR (Q)			6.50%						10/2023						10/2029									12.5						12.5						12.5			(2)(9)
												First lien senior secured loan						10.19%			SOFR (Q)			6.50%						12/2025						10/2029									2.9						2.9						2.9			(2)(9)
																																																			15.4						15.4
Aventine Intermediate LLC & Aventine Holdings II LLC						Media and production company						First lien senior secured loan						9.77% (3.50% PIK)			SOFR (Q)			6.00%						12/2021						06/2029									6.3						6.3						5.8			(2)(9)
												Second lien senior secured loan						10.25% PIK												12/2021						12/2030									53.1						53.1						40.9			(2)
																																																			59.4						46.7
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						9.10%			SOFR (S)			5.50%						06/2025						06/2032									20.4						20.4						20.4			(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 (13)						Multi-club sports platform						Senior subordinated loan						20.00% PIK												12/2022						12/2028									1.4						1.4						1.4			(2)(6)
												Senior subordinated loan						20.00% PIK												10/2025						12/2026									1.6						1.3						1.4			(2)(6)
												Senior subordinated loan																		12/2022						12/2028									60.7						58.1						19.2			(2)(6)(8)
												Senior subordinated loan																		07/2025						01/2027									7.4						6.7						2.3			(2)(6)(8)
												Ordinary shares																		09/2023												494									4.4						—			(2)(6)
												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)
																																																			71.9						24.3
FEH Group, LLC.						Professional sports team and entertainment complex						Class A common interest																		12/2024												26									180.5						213.4
												Class A common interest																		12/2024												26									5.3						6.2
												Class A common interest																		12/2024												26									1.3						1.5
																																																			187.1						221.1
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									9.3						9.3						9.3			(2)
												First lien senior secured loan						11.00%												05/2024						11/2028									16.9						16.0						16.9			(2)
												First lien senior secured loan						10.50%												12/2025						11/2028									1.9						1.9						1.9			(2)

See accompanying notes to consolidated financial statements.

134

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Series B redeemable preferred stock						13.50% PIK												06/2025												8,824									9.5						9.5			(2)
												Series E-5 convertible shares																		08/2024												217,907									0.9						1.1			(2)
												Warrant to purchase shares of common stock																		06/2025						06/2035						177,076									—						—			(2)
																																																			37.6						38.7
Global Music Rights, LLC (13)						Music right management company						First lien senior secured loan						8.17%			SOFR (Q)			4.50%						12/2024						12/2031									112.9						112.9						112.9			(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						2.3			(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						8.73%			SOFR (M)			5.00%						08/2024						08/2030									3.6						3.6						3.6			(2)(9)(12)
												First lien senior secured loan						8.73%			SOFR (M)			5.00%						08/2024						08/2031									2.7						2.7						2.7			(2)(9)
												First lien senior secured loan						9.23% (2.75% PIK)			SOFR (M)			5.50%						08/2024						08/2031									58.3						58.3						58.3			(2)(9)
												Limited partnership interest																		02/2025												6,555,000									6.7						7.6			(2)
																																																			71.3						72.2
LiveBarn Inc.						Provider of live and on demand broadcasting of amateur and youth sporting events						Middle preferred shares																		08/2023												4,902,988									17.3						25.9			(2)(6)
Mari Events Midco LLC and AE EventsCo Holdings LLC (13)						Sports and entertainment company						First lien senior secured loan						7.75%			SOFR (Q)			4.00%						10/2025						10/2032									5.3						5.3						5.2			(2)(9)
												Common units																		10/2025												703									7.0						7.0			(2)
												Common units																		10/2025												667									6.7						6.7
																																																			19.0						18.9
Mari Miami II LLC and South Florida Tennis, LLC						Professional sporting event						First lien senior secured loan						8.67% PIK			SOFR (Q)			5.00%						10/2025						10/2032									5.8						5.8						5.8			(2)(9)
												Common units																		10/2025												26									2.3						2.3
																																																			8.1						8.1
Miami Beckham United LLC						American professional soccer club						Class A preferred units						9.50% PIK												09/2021												85,000									124.9						124.9
												Class B preferred units						9.50% PIK												06/2023												42,500									53.7						53.7
																																																			178.6						178.6
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						11.58% PIK			SOFR (Q)			7.50%						07/2020						10/2030									65.1						64.8						65.1			(2)(9)

See accompanying notes to consolidated financial statements.

135

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												First lien senior secured loan						11.51% PIK			SOFR (Q)			7.50%						10/2025						10/2030									2.6						2.6						2.4			(2)(9)
												Membership interest																		10/2025												151,988									13.4						13.1			(2)
																																																			80.8						80.6
Professional Fighters League, LLC and PFL MMA, Inc.						Mixed martial arts league						First lien senior secured loan						14.00% PIK												01/2021						01/2026									25.5						25.5						25.5			(2)
												Second lien senior secured loan						16.00% PIK												11/2022						01/2026									0.3						0.2						0.2			(2)
												Series E preferred stock																		04/2022												219,035									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)
																																																			28.3						25.7
Propagate Content LLC (14)						Developer, producer and distributor of programming content and artist and talent management company						Preferred equity						8.00% PIK												10/2025												3									3.5						3.5
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						8.93%			SOFR (Q)			5.25%						07/2025						06/2031									0.3						0.3						0.3			(2)(9)
												First lien senior secured loan						8.92%			SOFR (Q)			5.25%						07/2025						06/2031									18.2						18.2						17.9			(2)(9)
																																																			18.5						18.2
South Florida Motorsports, LLC						Professional sporting event						Class A common interest																		12/2024												26									5.5						8.4
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									72.4						73.6						72.4			(2)(6)
												Class A redeemable shares																		06/2021												3,297,791									1.6						7.4			(2)(6)
												Class B redeemable shares																		06/2021												3,297,791									1.6						7.4			(2)(6)
												Class C redeemable shares																		06/2021												3,297,791									1.6						7.4			(2)(6)
												Class D redeemable shares																		06/2021												3,297,791									1.6						7.4			(2)(6)
												Class E redeemable shares																		06/2021												3,297,791									1.6						7.4			(2)(6)
												Class F redeemable shares																		06/2021												3,297,791									1.6						7.4			(2)(6)
												Class G redeemable shares																		06/2021												3,297,791									1.6						7.4			(2)(6)
												Class H redeemable shares																		06/2021												3,297,791									1.6						7.4			(2)(6)
												Class I redeemable shares																		06/2021												3,297,791									1.6						7.4			(2)(6)
												Ordinary shares																		06/2021												3,958									—						0.7			(2)(6)
																																																			88.0						139.7
The Teaching Company Holdings, Inc.						Education publications provider						Preferred stock																		09/2006												10,663									1.1						2.1			(2)

See accompanying notes to consolidated financial statements.

136

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
												Common stock																		09/2006												15,393									—						—			(2)
																																																			1.1						2.1
WRE Sports Investments LLC						Professional sports club						First lien senior secured loan						11.00% (5.50% PIK)												07/2024						07/2031									28.2						28.2						28.2			(2)
																																																			1,150.3						1,191.6						8.32%
Investment Funds and Vehicles
ACAS Equity Holdings Corporation (5)						Investment company						Common stock																		01/2017												589									0.4						0.4			(6)
Constellation Wealth Capital Fund, L.P. (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									6.3						7.4			(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												1,652,335									1.4						2.0			(2)(6)(16)
Partnership Capital Growth Investors III, L.P. (4)						Investment partnership						Limited partnership interest																		10/2011												11.50%									0.7						2.6			(2)(6)(16)
PCG-Ares Sidecar Investment, L.P. (4)						Investment partnership						Limited partnership interest																		05/2014												99.80%									4.5						0.5			(6)(16)
PCG-TAC-CV, LP (5)						Investment partnership						Limited partnership interest																		01/2025												99.80%									—						6.8			(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						11.65%			SOFR (Q)			8.00%						07/2016						12/2036									1,117.0						1,103.3						1,117.0			(6)(10)
						Membership interest																																				87.50%									—						—			(6)
																																																			1,103.3						1,117.0
																																																			1,120.8						1,142.0						7.98%
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						4.6			(2)(6)
Alcami Corporation and ACM Note Holdings, LLC (13)						Outsourced drug development services provider						First lien senior secured revolving loan						10.83%			SOFR (M)			7.00%						12/2022						12/2028									0.4						0.4						0.4			(2)(9)
												First lien senior secured loan						10.96%			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									26.0						26.0						26.0			(2)
																																																			36.3						36.3
Artemis BidCo 2 LLC (13)						Developer and manufacturer of in vitro diagnostic immunoassays						First lien senior secured loan						8.67%			SOFR (Q)			5.00%						10/2025						10/2031									38.1						38.1						37.7			(2)(9)

See accompanying notes to consolidated financial statements.

137

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Bamboo US BidCo LLC (13)						Biopharmaceutical company						First lien senior secured revolving loan																		09/2023						10/2029									—						—						—			(2)(11)
												First lien senior secured loan						8.84%			SOFR (Q)			5.00%						09/2023						09/2030									34.1						34.1						34.1			(2)(9)
												First lien senior secured loan						8.79%			SOFR (Q)			5.00%						11/2024						09/2030									6.0						6.0						6.0			(2)(9)
												First lien senior secured loan						8.98%			SOFR (M)			5.25%						11/2024						09/2030									0.7						0.7						0.7			(2)(9)
																																																			40.8						40.8
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						9.59%			SOFR (Q)			5.75%						10/2021						10/2027									4.5						4.5						4.2			(2)(9)
												First lien senior secured loan						9.57%			SOFR (Q)			5.75%						10/2021						10/2028									30.8						30.8						29.3			(2)(9)
												First lien senior secured loan						9.57%			SOFR (Q)			5.75%						06/2023						10/2028									11.3						11.3						10.7			(2)(9)
												First lien senior secured loan						9.57%			SOFR (Q)			5.75%						08/2024						10/2028									6.9						6.9						6.5			(2)(9)
												Preferred units						8.00% PIK												10/2021						10/2051						3,020									4.2						1.2			(2)
												Series A preferred shares						13.75% PIK												10/2021												60,236									107.9						104.6			(2)
												Class A common units																		10/2021												30,500									—						—			(2)
																																																			165.6						156.5
CoreRx, Inc.						Small molecule contract development and manufacturing provider						First lien senior secured loan						10.92%			SOFR (Q)			7.25%						12/2025						12/2030									9.9						9.9						9.7			(2)(9)
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)(11)
												First lien senior secured loan						8.73%			SOFR (M)			5.00%						12/2024						12/2031									207.1						207.1						207.1			(2)(9)
												Limited partnership interest																		12/2024												6,891,000									6.9						10.1			(2)
																																																			214.0						217.2
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						8.27%			SOFR (M)			4.50%						10/2024						10/2031									49.8						49.8						49.8			(2)(9)
												Common units																		03/2025												434									0.5						0.6			(2)
																																																			50.3						50.4
Moderna, Inc. (13)						Biotechnology company						First lien senior secured loan						9.17%			SOFR (M)			5.50%						11/2025						11/2030									119.6						119.6						117.8			(2)(6)(9)
NMC Skincare Intermediate Holdings II, LLC (13)						Developer, manufacturer and marketer of skincare products						First lien senior secured revolving loan						10.43%			SOFR (Q)			6.50%						10/2018						10/2028									1.9						1.9						1.7			(2)(9)
												First lien senior secured revolving loan						10.44%			SOFR (Q)			6.50%						05/2022						10/2028									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						10.63% (1.50% PIK)			SOFR (Q)			6.50%						10/2018						10/2028									28.8						28.8						26.8			(2)(9)
												First lien senior secured loan						10.63% (1.50% PIK)			SOFR (Q)			6.50%						05/2022						10/2028									4.2						4.2						3.9			(2)(9)
																																																			35.1						32.6

See accompanying notes to consolidated financial statements.

138

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						8.37%			SOFR (Q)			4.50%						09/2021						03/2027									2.5						2.5						2.5			(2)(9)
												First lien senior secured loan						9.85%			SOFR (Q)			6.00%						09/2020						09/2027									46.1						46.1						46.1			(2)(9)
												First lien senior secured loan						9.85%			SOFR (Q)			6.00%						12/2020						09/2027									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.85%			SOFR (Q)			6.00%						02/2021						09/2027									2.5						2.5						2.5			(2)(9)
												First lien senior secured loan						9.85%			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									20.5						26.8			(2)
																																																			82.7						89.0
Verista, Inc. (13)						Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector						First lien senior secured loan						10.85% (1.00% PIK)			SOFR (M)			7.00%						05/2022						02/2027									0.8						0.8						0.7			(2)(9)
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P.						Manufacturer of monoclonal antibodies						Limited partnership interest																		11/2023												1,529,000									1.5						1.6			(2)
																																																			800.4						794.9						5.55%
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						9.30% PIK			SOFR (Q)			5.50%						02/2025						02/2030									15.9						15.9						15.9			(2)(9)
												First lien senior secured loan						9.27% PIK			SOFR (Q)			5.50%						11/2025						02/2030									0.9						0.9						0.9			(2)(9)
												Common units																		02/2025												268,223									17.6						7.6			(2)
																																																			34.4						24.4
AP Adhesives Holdings, LLC (13)						Distributor of industrial adhesives and equipment						First lien senior secured loan						8.66%			SOFR (Q)			4.75%						04/2025						04/2032									32.2						32.2						31.9			(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						9.83%			SOFR (M)			6.00%						12/2021						12/2027									4.9						4.9						4.9			(2)(9)
												First lien senior secured loan						10.10%			SOFR (Q)			6.00%						12/2021						12/2027									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.84%			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						21.3			(2)
																																																			28.5						29.6
Bulab Holdings, Inc. and Buckman PPC Co-Invest LP (13)						Privately held, global specialty chemical company that provides process and water treatment chemistry for various industries						First lien senior secured revolving loan																		06/2025						07/2032									—						—						—			(2)(11)
												First lien senior secured loan						6.65%			Euribor (M)			4.75%						06/2025						07/2032									10.1						10.1						10.1			(2)(9)
												First lien senior secured loan						8.47%			SOFR (M)			4.75%						06/2025						07/2032									51.9						51.9						51.9			(2)(9)
												Limited partnership interest																		06/2025												1,968,000									2.0						2.3			(2)
																																																			64.0						64.3

See accompanying notes to consolidated financial statements.

139

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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						12.50% (3.75% PIK)			Base rate (Q)			5.75%						02/2024						02/2030									0.6						0.6						0.5			(2)(9)
												First lien senior secured loan						10.42% (3.75% PIK)			SOFR (Q)			6.75%						02/2024						02/2030									32.0						32.0						29.7			(2)(9)
												Common units																		02/2024												440,000									0.4						0.3
																																																			33.0						30.5
MP Midco Holdings, LLC and MP Topco Holdings, LLC						Food contract manufacturer						First lien senior secured loan						10.34%			SOFR (Q)			6.50%						03/2025						03/2030									8.9						8.9						9.0			(2)(9)(16)
												Common units																		03/2025												639,359									4.8						9.7			(2)(16)
																																																			13.7						18.7
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						7.48%			SOFR (M)			3.75%						03/2025						03/2031									4.3						4.3						4.3			(2)(9)(12)
												First lien senior secured loan						8.48%			SOFR (M)			4.75%						03/2025						03/2031									31.9						31.9						31.9			(2)(9)
												First lien senior secured loan						8.54%			SOFR (Q)			4.75%						12/2025						03/2031									1.0						1.0						1.0			(2)(9)
												Limited partnership interest																		03/2025												852,666									0.9						1.1			(2)
																																																			38.1						38.3
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						9.23%			SOFR (M)			5.50%						03/2024						03/2031									0.4						0.4						0.4			(2)(6)(9)
												First lien senior secured revolving loan						7.44%			Euribor (M)			5.50%						03/2024						03/2031									0.2						0.2						0.2			(2)(6)(9)
												First lien senior secured loan						9.17%			SOFR (Q)			5.50%						03/2024						03/2031									20.3						20.3						20.1			(2)(6)(9)
												First lien senior secured loan						7.52%			Euribor (Q)			5.50%						03/2024						03/2031									36.0						33.2						35.6			(2)(6)(9)
												First lien senior secured loan						9.17%			SOFR (Q)			5.50%						11/2025						03/2031									3.3						3.3						3.3			(2)(6)(9)
												Class A units																		07/2019												6,762,668									6.8						8.2			(2)(6)
																																																			64.2						67.8
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						12.07% (1.00% PIK)			SOFR (M)			8.25%						12/2020						12/2026									22.3						22.3						22.3			(2)(9)
												First lien senior secured loan						12.07% (1.00% PIK)			SOFR (M)			8.25%						12/2022						12/2026									0.3						0.3						0.3			(2)(9)
												Class A preferred units																		12/2020												4,772									4.6						3.7			(2)
												Class C units																		12/2020												4,772									—						—			(2)
																																																			27.2						26.3
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC (13)						Manufacturer of specialized acrylic and polycarbonate sheets						First lien senior secured revolving loan						10.86%			SOFR (Q)			7.00%						05/2025						02/2030									2.1						2.1						2.0			(2)(9)(12)
												First lien senior secured loan						11.86% (4.00% PIK)			SOFR (Q)			8.00%						05/2025						05/2030									264.1						264.0						258.8			(2)(9)
												Preferred units																		10/2023												841									0.1						0.1			(2)
												Preferred units																		05/2025												26,025									0.4						0.5			(2)
												Co-Invest units																		12/2018												5,969									0.6						—			(2)
																																																			267.2						261.4

See accompanying notes to consolidated financial statements.

140

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
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 revolving loan						8.59%			SOFR (Q)			4.75%						07/2025						08/2032									0.5						0.5						0.5			(2)(6)(9)
												First lien senior secured loan						8.58%			SOFR (Q)			4.75%						07/2025						08/2032									24.9						24.8						24.6			(2)(6)(9)
												First lien senior secured loan						8.59%			SOFR (Q)			4.75%						10/2025						08/2032									7.8						7.8						7.7			(2)(6)(9)
																																																			33.1						32.8
Reagent Chemical & Research, LLC (13)						Supplier of liquid hydrochloric acid						First lien senior secured revolving loan																		04/2024						04/2030									—						—						—			(2)(11)
												First lien senior secured loan						9.17%			SOFR (M)			5.25%						04/2024						04/2031									11.0						11.0						11.0			(2)(9)
												First lien senior secured loan						8.97%			SOFR (M)			5.25%						10/2025						04/2031									12.5						12.5						12.5			(2)(9)
																																																			23.5						23.5
SCI PH Parent, Inc.						Industrial container manufacturer, reconditioner and servicer						Series B shares																		08/2018												11									1.1						1.9			(2)
Sterilex LLC (13)						Provider of enhanced sanitation technologies and solutions within the food supply chain						First lien senior secured loan						8.95%			SOFR (Q)			5.25%						09/2025						09/2030									5.3						5.3						5.2			(2)(9)
																																																			665.5						656.6						4.59%
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						225.8
												Class B common units																		07/2025												113,136									11.3						19.2
																																																			146.0						245.0
BNZ TopCo B.V. (13)						Developer and operator of solar photovoltaic plants						Senior subordinated loan						8.77%			Euribor (Q)			6.75%						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						10.74%			SOFR (Q)			6.90%						11/2019						11/2026									186.3						186.3						158.4			(2)(9)
																																																			186.4						158.5
Sunrun Luna Holdco 2021, LLC						Residential solar energy provider						Senior subordinated loan						10.59%			SOFR (Q)			6.75%						03/2022						04/2027									150.0						150.0						141.0			(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									0.2						0.2						0.2			(2)
												Senior subordinated loan						10.57% (6.90% PIK)			SOFR (Q)			6.90%						06/2019						07/2030									86.7						86.7						84.9			(2)(9)
																																																			86.9						85.1

See accompanying notes to consolidated financial statements.

141

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
																																																			581.2						642.7						4.49%
Consumer Durables and Apparel
Bowhunter Holdings, LLC						Provider of branded archery and bowhunting accessories						Common units																		04/2014												421									4.2						—
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. (4)						Designer, marketer and distributor of licensed and owned apparel						First lien senior secured loan						9.39%			SOFR (Q)			5.50%						02/2024						08/2029									28.4						26.6						28.4			(2)(9)
												Senior subordinated loan						11.89% PIK			SOFR (Q)			8.00%						02/2024						02/2031									30.1						28.6						30.1			(2)(9)
												Senior subordinated loan						10.39%			SOFR (Q)			6.50%						02/2024						02/2031									18.6						17.3						18.7			(2)(9)
												Class A limited partnership interests																		02/2024												6.27%									2.9						7.6			(2)
																																																			75.4						84.8
DRS Holdings III, Inc. and DRS Holdings I, Inc. (13)						Footwear and orthopedic foot-care brand						First lien senior secured loan						8.97%			SOFR (M)			5.25%						03/2025						11/2028									59.6						59.6						59.6			(2)(9)
												Common stock																		11/2019												8,549									8.5						9.8			(2)
																																																			68.1						69.4
Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. (13)						Designer and manufacturer of consumer fashion accessories						First lien senior secured revolving loan						9.04%			SOFR (M)			5.00%						08/2025						08/2030									2.2						2.2						2.2			(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						9.68% (4.00% PIK)			SOFR (Q)			6.00%						06/2025						10/2028									14.1						14.1						14.1			(2)(9)
												First lien senior secured loan						9.68% PIK			SOFR (Q)			6.00%						07/2025						10/2028									29.3						29.3						29.3			(2)(9)
												Common units																		07/2025												28,049,368									41.9						38.8			(2)
																																																			85.3						82.2
Johnnie-O Inc. and Johnnie-O Holdings Inc.						Apparel retailer						First lien senior secured loan						10.39%			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						6.0			(2)
												Warrant to purchase shares of common stock																		03/2022						03/2032						93,577									1.5						3.9			(2)
																																																			23.0						27.4
Lew's Intermediate Holdings, LLC (13)						Outdoor brand holding company						First lien senior secured loan						8.82%			SOFR (Q)			5.00%						02/2021						02/2028									1.0						1.0						0.9			(2)(9)
Pelican Products, Inc. (13)						Flashlights manufacturer						First lien senior secured revolving loan						7.82%			SOFR (Q)			4.00%						12/2021						09/2028									2.2						2.2						2.0			(2)(9)
												Second lien senior secured loan						11.68%			SOFR (Q)			7.75%						12/2021						12/2029									60.0						60.0						55.2			(2)(9)
																																																			62.2						57.2
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. (13)(14)						Sports equipment manufacturing company						First lien senior secured revolving loan						7.72%			SOFR (A)			3.75%						11/2024						11/2029									5.5						5.5						5.5			(2)(9)
												First lien senior secured loan						8.57%			SOFR (Q)			4.75%						12/2020						11/2030									32.9						32.9						32.9			(2)(9)
												First lien senior secured loan						8.57%			SOFR (Q)			4.75%						11/2021						11/2030									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.57%			SOFR (Q)			4.75%						02/2024						11/2030									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						8.57%			SOFR (Q)			4.75%						11/2024						11/2030									3.3						3.3						3.3			(2)(9)
												Limited partnership interest																		06/2024												11,052,702									11.1						17.7			(2)
																																																			58.5						65.1

See accompanying notes to consolidated financial statements.

142

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Reef Lifestyle, LLC (13)						Apparel retailer						First lien senior secured revolving loan						11.79% (2.25% PIK)			SOFR (Q)			8.00%						10/2018						10/2027									25.1						25.1						25.1			(2)(9)(12)
												First lien senior secured revolving loan						11.82% (2.25% PIK)			SOFR (Q)			8.00%						07/2020						10/2027									4.7						4.7						4.7			(2)(9)(12)
												First lien senior secured loan						11.82% (2.25% PIK)			SOFR (Q)			8.00%						10/2018						10/2027									19.7						19.7						19.7			(2)(9)
												First lien senior secured loan						11.82% (2.25% PIK)			SOFR (Q)			8.00%						07/2020						10/2027									3.9						3.9						3.9			(2)(9)
																																																			53.4						53.4
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						10.33%			SOFR (M)			6.50%						04/2024						07/2029									1.2						1.2						1.2			(2)(9)
												First lien senior secured loan						10.33%			SOFR (M)			6.50%						06/2024						07/2029									6.5						6.5						6.5			(2)(9)
												First lien senior secured loan						10.83%			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						11.4			(2)
																																																			22.0						22.9
Sport Maska Inc. (13)						Manufacturer of hockey equipment and related accessories						First lien senior secured revolving loan						8.98%			SOFR (M)			5.25%						12/2024						12/2030									2.3						2.2						2.2			(2)(6)(9)(12)
												First lien senior secured loan						7.77%			CDOR (M)			5.50%						12/2024						12/2030									36.6						35.0						36.6			(2)(6)(9)
																																																			37.2						38.8
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						9.10%			SOFR (Q)			5.25%						06/2024						06/2029									0.4						0.4						0.4			(2)(6)(9)
												First lien senior secured loan						9.02%			SOFR (Q)			5.25%						06/2024						06/2030									29.7						29.7						29.1			(2)(6)(9)
												First lien senior secured loan						8.97%			SONIA (M)			5.25%						06/2024						06/2030									18.1						17.0						17.7			(2)(6)(9)
																																																			47.1						47.2
Team Acquisition Corporation (13)						Provider of team uniforms and athletic wear						First lien senior secured revolving loan						10.80%			SOFR (Q)			7.00%						01/2024						11/2028									2.2						2.2						1.9			(2)(9)
												First lien senior secured revolving loan						12.75%			Base Rate (Q)			6.00%						01/2024						11/2028									1.6						1.6						1.4			(2)(9)
												First lien senior secured loan						10.72%			SOFR (M)			7.00%						01/2024						11/2029									34.2						33.8						29.1			(2)(9)
																																																			37.6						32.4
																																																			577.2						583.9						4.08%
Household and Personal Products
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. (13)						Provider of personal care appliances						First lien senior secured loan						12.27% (0.50% PIK)			SOFR (M)			8.25%						12/2021						12/2027									3.5						3.5						3.3			(2)(9)
												Common stock																		12/2021												6,149									6.1						2.2			(2)
																																																			9.6						5.5
Foundation Consumer Brands, LLC (13)						Pharmaceutical holding company of over the counter brands						First lien senior secured loan						9.09%			SOFR (Q)			5.00%						02/2021						02/2029									32.0						31.8						32.0			(2)(9)

See accompanying notes to consolidated financial statements.

143

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						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						9.09%			SOFR (Q)			5.00%						06/2023						02/2029									0.2						0.2						0.2			(2)(9)
																																																			32.0						32.2
LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P.						Provider of intimate wellness products						First lien senior secured loan						9.42%			SOFR (Q)			5.75%						11/2022						11/2028									18.1						18.1						18.1			(2)(6)(9)
												First lien senior secured loan						9.42%			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									4.1						4.1			(2)(6)
												Class B common units																		11/2022												32,105									—						1.0			(2)(6)
																																																			30.9						32.5
pH Beauty Holdings III, Inc. (13)						Beauty and personal care platform						First lien senior secured loan						8.78%			SOFR (S)			5.00%						02/2025						09/2027									12.2						12.2						12.2			(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						10.82%			SOFR (M)			7.00%						08/2021						08/2027									2.9						2.9						2.7			(2)(9)
												First lien senior secured loan						10.82%			SOFR (M)			7.00%						08/2021						08/2027									28.0						28.0						25.7			(2)(9)
												Limited partner interests																		08/2021												2.69%									5.0						1.3			(2)
																																																			35.9						29.7
RD Holdco Inc. (5)						Manufacturer and marketer of carpet cleaning machines						Common stock																		01/2017												458,596									14.0						—
												Common units																		12/2025												190,445									—						—			(2)
												Common units																		12/2025												649,880									17.5						24.2			(2)
												Common units																		12/2025												323									—						—			(2)
																																																			31.5						24.2
Silk Holdings III LLC and Silk Holdings I Corp. (13)						Producer of personal care products						First lien senior secured revolving loan						8.34%			SOFR (M)			4.50%						12/2025						12/2032									2.0						2.0						2.0			(2)(9)
												First lien senior secured loan						8.34%			SOFR (M)			4.50%						12/2025						12/2032									132.9						132.9						131.6			(2)(9)
												First lien senior secured loan						8.34%			SOFR (M)			4.50%						05/2023						12/2032									66.5						66.5						65.9			(2)(9)
												Common stock																		05/2023												15,786									18.1						39.0			(2)
																																																			219.5						238.5
TCI Buyer LLC and TCI Holdings, LP (13)						Contract formulator and manufacturer of beauty and personal care products						First lien senior secured loan						8.47%			SOFR (M)			4.75%						11/2024						11/2030									14.8						14.8						14.8			(2)(9)
												Common stock																		11/2024												24,010									2.4						2.4			(2)
																																																			17.2						17.2
Walnut Parent, Inc.						Manufacturer of natural solution pest and animal control products						First lien senior secured loan						9.42%			SOFR (Q)			5.75%						11/2020						11/2027									14.3						14.3						13.3			(2)(9)
												First lien senior secured loan						9.47%			SOFR (M)			5.75%						04/2022						11/2027									0.1						0.1						0.1			(2)(9)
																																																			14.4						13.4
WU Holdco, Inc. (13)						Manufacturer and distributor of household cleaning products with focus on specialized surfaces						First lien senior secured revolving loan						8.44%			SOFR (Q)			4.75%						04/2025						04/2032									0.5						0.5						0.5			(2)
												First lien senior secured loan						8.42%			SOFR (Q)			4.75%						04/2025						04/2032									10.5						10.5						10.5			(2)(9)
																																																			11.0						11.0
																																																			414.2						416.4						2.91%
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						10.32%			SOFR (Q)			6.50%						12/2021						08/2026									0.1						0.1						0.1			(2)(9)

See accompanying notes to consolidated financial statements.

144

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						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						10.32%			SOFR (Q)			6.50%						12/2022						08/2026									4.3						4.3						3.8			(2)(9)
												Preferred units																		11/2020												4,113,113									5.1						0.4			(2)
												Preferred units																		11/2020												1,095,046									1.1						0.1			(2)
												Class A common units																		11/2020												5,208,159									—						—			(2)
																																																			10.6						4.4
Churchill OpCo Holdings LLC and Victory Topco, LP (13)						Operator of collision repair centers						First lien senior secured revolving loan						8.62%			SOFR (Q)			5.00%						11/2023						11/2029									0.5						0.5						0.5			(2)(9)
												First lien senior secured loan						8.67%			SOFR (Q)			5.00%						11/2023						11/2029									21.9						21.9						21.9			(2)(9)
												Class A-2 common units																		11/2023												20,170									2.0						5.6			(2)
																																																			24.4						28.0
Collision SP Subco, LLC (13)						Provider of auto body collision repair services						First lien senior secured revolving loan						8.57%			SOFR (Q)			4.75%						01/2024						01/2030									0.2						0.2						0.2			(2)(9)
												First lien senior secured loan						8.54%			SOFR (Q)			4.75%						01/2024						01/2030									10.1						10.1						10.1			(2)(9)
												First lien senior secured loan						8.51%			SOFR (Q)			4.75%						04/2025						01/2030									0.7						0.7						0.7			(2)(9)
																																																			11.0						11.0
Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P.						Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets						First lien senior secured loan																		01/2021						07/2028									42.4						37.0						23.7			(2)(8)
												First lien senior secured loan																		12/2021						07/2028									6.3						5.5						3.5			(2)(8)
												Class A units																		07/2025												52,073									—						—			(2)
																																																			42.5						27.2
Faraday Buyer, LLC						Manufacturer and supplier for the power utility and automotive markets worldwide						First lien senior secured loan						9.67%			SOFR (Q)			6.00%						10/2022						10/2028									54.3						54.3						54.3			(2)(9)
												First lien senior secured loan						9.67%			SOFR (Q)			6.00%						11/2023						10/2028									7.7						7.7						7.7			(2)(9)
																																																			62.0						62.0
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						12.8			(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						8.22%			SOFR (M)			4.50%						09/2021						09/2028									23.0						22.9						23.0			(2)(9)
												First lien senior secured loan						8.22%			SOFR (M)			4.50%						11/2021						09/2028									9.1						9.1						9.1			(2)(9)
												First lien senior secured loan						8.22%			SOFR (M)			4.50%						06/2022						09/2028									12.2						12.2						12.2			(2)(9)
												First lien senior secured loan						8.23%			SOFR (M)			4.50%						11/2024						09/2028									19.0						19.0						19.0			(2)(9)
												Class A units																		09/2021												79,688									8.0						11.3			(2)
																																																			71.2						74.6
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						8.95%			SOFR (S)			4.75%						03/2025						03/2031									0.2						0.2						0.2			(2)(9)

See accompanying notes to consolidated financial statements.

145

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						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						10.50%			Base Rate (Q)			3.75%						03/2025						03/2031									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.78%			SOFR (Q)			4.75%						03/2025						03/2031									3.7						3.7						3.7			(2)(9)
												First lien senior secured loan						8.64%			SOFR (Q)			4.75%						07/2025						03/2031									3.1						3.1						3.1			(2)(9)
												Limited partnership interests																		03/2025												330,000									0.3						0.4
																																																			7.4						7.5
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)(11)
												First lien senior secured loan						8.48%			SOFR (M)			4.75%						06/2025						02/2032									149.7						149.7						149.7			(2)(9)
												Class A units																		09/2025												55,220									5.5						5.5			(2)
																																																			155.2						155.2
																																																			392.5						382.7						2.67%
Food and Beverage
American Seafoods Group LLC and American Seafoods Partners LLC						Harvester and processor of seafood						Class A units																		08/2015												77,922									0.1						0.1			(2)
												Warrant to purchase units of Class A units																		08/2015						08/2035						7,422,078									7.4						8.1			(2)
																																																			7.5						8.2
Badia Spices, LLC (13)						Spices and seasonings brand						First lien senior secured loan						8.09%			SOFR (Q)			4.25%						11/2024						11/2030									9.1						9.1						9.1			(2)(9)
Berner Food & Beverage, LLC (13)						Supplier of dairy-based food and beverage products						First lien senior secured revolving loan						10.49%			SOFR (Q)			6.50%						07/2021						07/2026									0.8						0.8						0.8			(2)(9)
												First lien senior secured loan						10.49%			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						21.4			(2)
CHG PPC Parent LLC & PPC CHG Blocker LLC						Diversified food products manufacturer						Common units																		12/2021												59									3.0						5.0			(2)
Demakes Enterprises, LLC						Value-added protein manufacturer						First lien senior secured loan						9.67%			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						9.43%			SOFR (Q)			5.50%						10/2021						10/2030									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						9.05%			SOFR (Q)			5.00%						10/2021						10/2030									0.4						0.4						0.3			(2)(9)
												First lien senior secured loan						9.43%			SOFR (Q)			5.50%						06/2022						10/2030									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan						8.93%			SOFR (Q)			5.00%						06/2022						10/2030									0.4						0.3						0.2			(2)(9)
												First lien senior secured loan						9.05%			SOFR (Q)			5.00%						10/2025						10/2030									11.3						8.0						7.8			(2)(9)
												First lien senior secured loan						9.43%			SOFR (Q)			5.50%						10/2025						10/2030									0.1						0.1						0.1			(2)(9)
												First lien senior secured loan																		10/2025						04/2031									60.5						36.3						36.3			(2)(8)
																																																			45.3						44.9
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									26.5						26.5						26.5			(2)
												Common units																		03/2025												3,852,000									3.9						4.2			(2)
																																																			30.4						30.7

See accompanying notes to consolidated financial statements.

146

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Gotham Greens Holdings, PBC						Producer of vegetables and culinary herbs for restaurants and retailers						Second lien senior secured loan						15.00% PIK												11/2025						02/2029									3.3						3.1						3.0
												Series E-1 preferred stock																		06/2022												188,605									16.5						—			(2)
												Warrant to purchase shares of Series E-1 preferred stock																		06/2022						06/2032						78,216									—						—			(2)
																																																			19.6						3.0
HBH Buyer, LLC (13)						Food retailer specializing in fully cooked hams and catering services						First lien senior secured loan						8.92%			SOFR (Q)			5.25%						09/2025						09/2031									23.8						23.8						23.5			(2)(9)
KNPC HoldCo, LLC						Producer of trail mix and mixed nut snack products						First lien senior secured loan						9.80%			SOFR (S)			5.50%						04/2022						10/2029									5.4						5.4						5.4			(2)(9)
												First lien senior secured loan						11.05%			SOFR (S)			6.75%						12/2022						10/2029									1.3						1.3						1.3			(2)(9)
												First lien senior secured loan						10.30%			SOFR (S)			6.00%						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									27.4						27.4						27.4			(2)(9)
																																																			36.8						36.8
Manna Pro Products, LLC and MP Blocker A LLC						Manufacturer and supplier of specialty nutrition and care products for animals						Common units																		10/2025												998									—						—			(2)
Max US Bidco Inc.						Manufacturer of premium dry dog food						First lien senior secured loan						8.67%			SOFR (Q)			5.00%						10/2023						10/2030									1.0						0.9						0.8			(2)(16)
Primo Water Holdings Inc / Triton Water Holdings Inc						Producer and provider of bottled water brands						First lien senior secured loan						5.92%			SOFR (Q)			2.25%						03/2021						03/2028									1.0						1.0						1.0			(2)(9)(16)
												Senior subordinated loan						6.25%												03/2021						04/2029									0.1						0.1						0.1			(2)(6)(16)
																																																			1.1						1.1
RB Holdings InterCo, LLC (13)						Manufacturer of pet food and treats						First lien senior secured revolving loan						9.03%			SOFR (Q)			5.00%						05/2022						05/2028									0.8						0.8						0.8			(2)(9)
												First lien senior secured loan						9.04%			SOFR (Q)			5.00%						05/2022						05/2028									11.1						11.1						10.9			(2)(9)
																																																			11.9						11.7
Spindrift Beverage Co., Inc. and SBC Aggregator LP (13)(14)						Premium flavored sparkling water brand						First lien senior secured loan						8.94%			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						11.3			(2)
																																																			20.9						23.5
Sugar PPC Buyer LLC (13)						Manufacturer and distributor of food products						First lien senior secured loan						8.42%			SOFR (S)			4.75%						10/2023						10/2031									15.6						15.6						15.6			(2)(9)
												First lien senior secured loan						8.35%			SOFR (S)			4.75%						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																		12/2020						12/2027									77.4						76.7						58.8			(2)(8)
												Warrant to purchase shares of common stock																		02/2019						02/2034						57,827									—						—			(2)
																																																			76.7						58.8
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																		04/2021						04/2031									—						—						—			(2)(11)
												First lien senior secured loan						8.75%			SOFR (Q)			4.75%						04/2021						04/2031									9.4						9.4						9.4			(2)(9)

See accompanying notes to consolidated financial statements.

147

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						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						8.71%			SOFR (Q)			4.75%						01/2024						04/2031									5.6						5.6						5.6			(2)(9)
												First lien senior secured loan						8.60%			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									—						—
																																																			22.6						22.6
																																																			343.2						326.3						2.28%
Energy
GNZ Energy Bidco Limited and Galileo Co-investment Trust I (13)						Independent fuel provider in New Zealand						First lien senior secured loan						8.57%			BKBM (Q)			6.00%						05/2022						07/2027									28.0						30.5						28.0			(2)(6)(9)
												Common units																		07/2022												17,616,667									5.1						11.6			(2)(6)
																																																			35.6						39.6
HighPeak Energy, Inc.						Oil and gas exploration and production company						First lien senior secured loan						11.32%			SOFR (Q)			7.50%						09/2023						09/2028									156.7						155.5						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						10.77%			SOFR (Q)			7.00%						08/2025						10/2028									46.0						43.4						43.0			(2)(9)
												First lien senior secured loan						10.77%			SOFR (Q)			7.00%						10/2025						10/2028									28.0						28.0						27.2			(2)(9)
																																																			71.4						70.2
VPROP Operating, LLC and V SandCo, LLC (5)						Sand-based proppant producer and distributor to the oil and natural gas industry						First lien senior secured loan						13.55% PIK			SOFR (M)			9.50%						06/2020						11/2026									7.1						7.1						7.1			(2)(9)
												First lien senior secured loan						13.55% PIK			SOFR (M)			9.50%						11/2020						11/2026									5.8						5.8						5.8			(2)(9)
												First lien senior secured loan						13.46% PIK			SOFR (M)			9.50%						12/2024						01/2026									7.4						7.4						7.4			(2)(9)
												First lien senior secured loan																		03/2017						11/2026									32.2						30.3						14.1			(2)(8)
												Class A units																		11/2020												347,900									32.8						—			(2)
																																																			83.4						34.4
																																																			345.9						301.7						2.11%
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						73.4
												Class B units																		09/2022												95,354									15.4						25.3			(2)
																																																			79.6						98.7
Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc.						Owner of natural gas facilities						First lien senior secured loan						7.17%			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						7.2			(6)(16)
																																																			23.4						7.3
																																																			103.0						106.0						0.74%
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						—

See accompanying notes to consolidated financial statements.

148

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULES OF INVESTMENTS

As of December 31, 2025

(dollar amounts in millions)

Company (1)						Business Description						Investment (18)						Coupon (3)			Reference (7)			Spread (3)						Acquisition Date						Maturity Date						Shares/Units			Principal						Amortized Cost						Fair Value						% of Net Assets
Excelitas Technologies Corp. (13)						Provider of photonic solutions						First lien senior secured loan						8.97%			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						8.35%			SOFR (M)			4.50%						10/2024						02/2030									10.3						10.2						10.3			(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						8.48%			SOFR (M)			4.75%						05/2024						03/2029									11.0						11.0						11.0			(2)(9)
												Class A-2 units																		01/2022												34,832									4.8						5.1
												Limited partnership interests																		03/2023												0.55%									9.9						14.3			(2)
																																																			25.7						30.4
Repairify, Inc. and Repairify Holdings, LLC (13)						Provider of automotive diagnostics scans and solutions						First lien senior secured revolving loan						9.24%			SOFR (S)			5.25%						06/2021						06/2027									5.1						5.1						5.1			(2)(9)
												First lien senior secured loan						9.10%			SOFR (S)			5.25%						05/2025						06/2027									5.0						5.0						5.0			(2)(9)
												Class A common units																		06/2021												163,820									4.9						2.7			(2)
																																																			15.0						12.8
																																																			58.4						60.6						0.42%
Telecommunication Services
Expereo USA, Inc. and Ristretto Bidco B.V. (13)						Global internet managed service provider						First lien senior secured loan						10.22% (3.50% PIK)			SOFR (Q)			6.50%						12/2024						12/2030									61.8						61.8						60.6			(2)(6)(9)
																																																			61.8						60.6						0.42%
Data Centers
Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP (13)						Global data center developer and operator						Senior subordinated loan						9.50%												12/2025						12/2031									40.8						40.8						40.1			(2)
																																																			40.8						40.1						0.28%
Transportation
Nordic Ferry Infrastructure AS						Private passenger & freight ferry transportation company						Senior subordinated loan						7.07%			Euribor (Q)			5.00%						11/2024						11/2031									0.1						0.1						0.1			(2)(6)
												Senior subordinated loan						9.23%			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 loan						8.42%			SOFR (Q)			4.75%						07/2025						08/2032									11.0						11.0						10.9			(2)(9)
												Limited partnership interest																		07/2025												1,418,569									1.4						1.4			(2)
																																																			12.4						12.3
																																																			12.6						12.5						0.09%
Total Investments																																																			$	29,249.9					$	29,484.8		(17)			205.93%

See accompanying notes to consolidated financial statements.

149

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			$			181			€			155			Royal Bank of Canada			January 23, 2026			$	(1)
Foreign currency forward contract			$			165			CAD			230			Canadian Imperial Bank of Commerce			January 23, 2026			(3)
Foreign currency forward contract			$			159			£			144			Canadian Imperial Bank of Commerce			June 11, 2027			(1)
Foreign currency forward contract			$			112			€			96			Canadian Imperial Bank of Commerce			January 23, 2026			(1)
Foreign currency forward contract			$			109			£			82			Royal Bank of Canada			July 28, 2028			—
Foreign currency forward contract			$			109			£			82			Canadian Imperial Bank of Commerce			July 28, 2028			—
Foreign currency forward contract			$			84			£			68			Royal Bank of Canada			August 21, 2026			(3)
Foreign currency forward contract			$			75			£			56			Canadian Imperial Bank of Commerce			January 23, 2026			(1)
Foreign currency forward contract			$			71			£			53			Royal Bank of Canada			January 23, 2026			(1)
Foreign currency forward contract			$			69			CAD			95			Canadian Imperial Bank of Commerce			March 31, 2028			(1)
Foreign currency forward contract			$			67			€			58			Canadian Imperial Bank of Commerce			June 11, 2027			(1)
Foreign currency forward contract			$			58			JPY			8,131			Royal Bank of Canada			January 31, 2028			2
Foreign currency forward contract			$			56			CAD			77			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			$			52			CAD			72			Royal Bank of Canada			January 23, 2026			(1)
Foreign currency forward contract			$			48			£			35			Royal Bank of Canada			June 27, 2028			1
Foreign currency forward contract			$			37			NZD			64			Royal Bank of Canada			January 23, 2026			—
Foreign currency forward contract			$			31			€			26			Canadian Imperial Bank of Commerce			August 14, 2028			—
Foreign currency forward contract			$			24			£			22			Canadian Imperial Bank of Commerce			August 21, 2026			—
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			January 23, 2026			—
Total																					$	(13)

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		$	8		$	—		$	4
Interest rate swap			March 2029 Notes			5.875		%	SOFR +2.0230%			Wells Fargo Bank, N.A.			03/01/2029			1,000			13			—			22
Interest rate swap			July 2029 Notes			5.950		%	SOFR +1.6430%			Wells Fargo Bank, N.A.			07/15/2029			850			25			—			18
Interest rate swap			September 2030 Notes			5.500		%	SOFR +1.7705%			Wells Fargo Bank, N.A.			09/01/2030			750			7			—			7
Interest rate swap			January 2031 Notes			5.100		%	SOFR +1.7270%			SMBC Capital Markets, Inc.			01/15/2031			650			(4)			—			(4)
Interest rate swap			March 2032 Notes			5.800		%	SOFR +1.6995%			Wells Fargo Bank, N.A.			03/08/2032			1,000			28			—			28
Total																		$	5,150		$	77		$	—		$	75

______________________________________________

(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, 2025 represented 206% of the Company’s net assets or 94% 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 credit facilities and debt securitizations (see Note 5).

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

See accompanying notes to consolidated financial statements.

150

(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, 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 Year Ended December 31, 2025																																																												As of December 31, 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.						$	1.3					$	—					$	—					$	0.8					$	—					$	—					$	—					$	—					$	0.3					$	14.6
Apex Clean Energy TopCo, LLC						11.4						—						—						—						—						—						—						—						11.2						245.0
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						—						1.3						—						0.3						—						—						(8.7)						21.4
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.						—						9.9						—						8.8						—						—						0.2						0.7						(11.5)						84.8
Daylight Beta Parent LLC and CFCo, LLC						—						—						—						—						—						—						0.1						—						(1.2)						1.2
ESCP PPG Holdings, LLC						—						—						—						—						—						—						—						—						(2.7)						0.9
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						2.4						—						—						0.1						—						(0.7)						25.3
Midco Holding, LLC and Nivel Topco, LLC						—						—						—						—						—						—						—						—						—						13.8
OPH NEP Investment, LLC						4.1						—						—						3.7						0.1						—						—						—						0.8						38.7
Partnership Capital Growth Investors III, L.P.						—						1.1						—						—						—						—						—						—						(0.2)						2.6
PCG-Ares Sidecar Investment, L.P.						—						—						—						—						—						—						—						—						(0.1)						0.5
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						—						3.9						—						—						0.1						—						(17.2)						40.1
Production Resource Group, L.L.C. and PRG III, LLC						10.1						43.8						—						9.8						0.5						—						—						(43.1)						(1.2)						80.6
Shoes For Crews Global, LLC and Shoes for Crews Holdings, LLC						—						0.1						—						1.3						—						—						—						—						0.1						22.9
						$	30.8					$	103.0					$	30.2					$	32.0					$	0.6					$	0.3					$	0.5					$	(34.9)					$	(43.5)					$	600.2

See accompanying notes to consolidated financial statements.

151

(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, 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 Year Ended December 31, 2025																																																												As of December 31, 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						$	13.8					$	6.6					$	—					$	4.4					$	—					$	—					$	0.1					$	—					$	(27.2)					$	52.5
ACAS Equity Holdings Corporation						—						—						—						—						—						—						—						—						—						0.4
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc.						—						—						—						—						—						—						—						—						—						—
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC						2.7						0.2						—						4.8						—						—						—						—						(9.0)						58.5
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC						5.0						—						—						1.2						—						—						—						—						(10.0)						24.4
Halex Holdings, Inc.						—						—						—						—						—						—						—						—						—						—
HCI Equity, LLC						—						—						—						—						—						—						—						—						—						—
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation						1.3						—						—						2.6						—						—						0.6						—						30.4						99.3
Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC						—						—						—						1.3						—						—						—						—						(3.2)						82.2
Ivy Hill Asset Management, L.P.						812.0						281.5						—						8.5						—						292.0						—						—						(11.9)						2,433.9
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC						—						76.2						—						0.5						—						—						0.1						(56.1)						37.8						—
PCG-TAC-CV, LP (fka PCG-Ares Sidecar Investment II, L.P.)						—						—						—						—						—						—						—						(0.1)						—						6.8
Potomac Intermediate Holdings II LLC						28.6						—						239.5						—						0.8						—						0.6						261.8						(139.8)						—
PS Operating Company LLC and PS Op Holdings LLC						2.2						4.2						—						—						—						—						—						—						0.9						7.9
RD Holdco Inc.												4.7						—						—						—						—						—						(1.7)						14.9						24.2
S Toys Holdings LLC (fka The Step2 Company, LLC)						—						—						—						—						—						—						—						—						—						—
Senior Direct Lending Program, LLC						195.3						355.6						—						145.4						5.2						—						4.2						(111.5)						84.9						1,117.0
Startec Equity, LLC						—						—						—						—						—						—						—						0.5						—						—
Visual Edge Technology, Inc.						19.7						36.4						—						3.7						0.2						2.8						0.2						(36.5)						6.4						71.9
VPROP Operating, LLC and V SandCo, LLC						2.2						—						—						4.5						—						—						0.1						—						(48.3)						34.4
						$	1,082.8					$	765.4					$	239.5					$	176.9					$	6.2					$	294.8					$	5.9					$	56.4					$	(74.1)					$	4,013.4

______________________________________________________________________

*    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.

152

(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, 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 December 31, 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 December 31, 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 December 31, 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 December 31, 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.

153

(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.			$	12.3		$	(0.4)		$	11.9		$	—		$	—		$	11.9
3 Step Sports LLC			10.4			—			10.4			—			—			10.4
Absolute Dental Group LLC and Absolute Dental Equity, LLC			25.3			(23.7)			1.6			—			(1.6)			—
Accommodations Plus Technologies LLC			15.6			—			15.6			—			—			15.6
ACP Avenu Midco LLC			15.2			—			15.2			—			—			15.2
Actfy Buyer, Inc.			10.4			—			10.4			—			—			10.4
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			3.1			—			3.1			—			—			3.1
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			(1.5)			2.3			—			—			2.3
AI Titan Parent, Inc.			15.7			—			15.7			—			—			15.7
Airx Climate Solutions, Inc.			9.9			—			9.9			—			—			9.9
Alcami Corporation and ACM Note Holdings, LLC			1.9			(0.4)			1.5			—			—			1.5
Alcresta Therapeutics, Inc.			16.3			(0.1)			16.2			—			—			16.2
Aldinger Company Inc			13.3			(0.2)			13.1			—			—			13.1
Aledade, Inc.			56.8			(17.6)			39.2			—			—			39.2
Align Precision Group, LLC and Align Precision Topco, L.P.			0.7			—			0.7			—			—			0.7
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			(2.6)			6.0			—			—			6.0
Allclear Commercial Inc., Allclear Military Inc., Allclear Space 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			(0.2)			4.6			—			—			4.6
AQ Sunshine, Inc.			22.5			(1.9)			20.6			—			—			20.6
Archduke Buyer, Inc.			4.8			—			4.8			—			—			4.8
Arrow Borrower 2025, Inc.			5.5			—			5.5			—			—			5.5
Artemis BidCo 2 LLC			10.6			—			10.6			—			—			10.6
Artifact Bidco, Inc.			6.9			—			6.9			—			—			6.9
Artivion, Inc.			19.2			(0.9)			18.3			—			—			18.3
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP			6.2			(4.9)			1.3			—			—			1.3
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP			9.0			—			9.0			—			—			9.0
ATI Restoration, LLC			20.9			(12.6)			8.3			—			—			8.3
Avalign Holdings, Inc. and Avalign Technologies, Inc.			5.3			(2.6)			2.7			—			—			2.7
Badia Spices, LLC			16.8			—			16.8			—			—			16.8
Bamboo Purchaser, Inc.			1.3			—			1.3			—			—			1.3
Bamboo US BidCo LLC			10.7			(0.4)			10.3			—			—			10.3
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc.			17.0			—			17.0			—			—			17.0
Bayou Intermediate II, LLC			8.3			—			8.3			—			—			8.3
BCPE Pequod Buyer, Inc.			8.6			—			8.6			—			—			8.6
Beacon Pointe Harmony, LLC			12.8			—			12.8			—			—			12.8
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			—			10.9			—			—			10.9
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			(10.5)			24.8			—			—			24.8
BGIF IV Fearless Utility Services, Inc.			5.0			(0.2)			4.8			—			—			4.8
Birdie Bidco, Inc.			22.0			(0.6)			21.4			—			—			21.4

See accompanying notes to consolidated financial statements.

154

(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
Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC			12.0			(0.4)			11.6			—			—			11.6
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			24.2			(1.0)			23.2			—			—			23.2
Borrower R365 Holdings LLC			1.5			—			1.5			—			—			1.5
Bottomline Technologies, Inc.			2.6			—			2.6			—			—			2.6
BrightStar Group Holdings, Inc.			3.6			(0.5)			3.1			—			—			3.1
Bulab Holdings, Inc. and Buckman PPC Co-Invest LP			17.5			(0.1)			17.4			—			—			17.4
Businessolver.com, Inc.			7.6			—			7.6			—			—			7.6
BVI Medical, Inc. and BVI Group Limited			15.0			—			15.0			—			—			15.0
Cambrex Corporation			33.3			—			33.3			—			—			33.3
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP			21.4			(15.1)			6.3			—			—			6.3
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
Cards-Live Oak Holdings, Inc.			28.2			(2.3)			25.9			—			—			25.9
Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P.			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			(1.1)			0.3			—			—			0.3
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			—			50.3			—			—			50.3
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.			21.1			(4.5)			16.6			—			—			16.6
Collision SP Subco, LLC			6.0			(0.2)			5.8			—			—			5.8
Computer Services, Inc.			16.6			—			16.6			—			—			16.6
Convera International Holdings Limited and Convera International Financial S.A R.L.			5.5			—			5.5			—			—			5.5
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP			32.5			(6.4)			26.1			—			—			26.1
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc.			8.2			—			8.2			—			—			8.2
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			46.6			—			46.6			—			—			46.6
Databricks, Inc.			38.6			—			38.6			—			—			38.6
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.			24.7			(5.6)			19.1			—			—			19.1
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			(0.6)			4.8			—			—			4.8
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc.			8.2			—			8.2			—			—			8.2
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			13.4			(0.2)			13.2			—			—			13.2
Doxim Inc.			2.7			(0.3)			2.4			—			—			2.4

See accompanying notes to consolidated financial statements.

155

(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
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			12.0			—			12.0			—			—			12.0
DRS Holdings III, Inc. and DRS Holdings I, Inc.			10.9			—			10.9			—			—			10.9
Duraserv LLC			13.2			(0.2)			13.0			—			—			13.0
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP			9.6			(3.2)			6.4			—			—			6.4
Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited			1.2			—			1.2			—			—			1.2
Echo Purchaser, Inc.			2.0			—			2.0			—			—			2.0
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc.			50.4			—			50.4			—			—			50.4
Edition Holdings, Inc. and Enverus, Inc.			35.2			—			35.2			—			—			35.2
Edmunds Govtech, Inc.			21.5			(1.7)			19.8			—			—			19.8
Einstein Parent, Inc.			4.8			—			4.8			—			—			4.8
EIS Legacy Holdco, LLC			22.9			—			22.9			—			—			22.9
Elemica Parent, Inc. & EZ Elemica Holdings, Inc.			7.3			(6.8)			0.5			—			—			0.5
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
ELM DebtCo, LLC			2.5			—			2.5			—			—			2.5
EMB Purchaser, Inc.			7.7			—			7.7			—			—			7.7
Empower Payments Investor, LLC			3.3			—			3.3			—			—			3.3
Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC			5.1			(2.0)			3.1			—			—			3.1
eResearchTechnology, Inc. and Astorg VII Co-Invest ERT			34.5			—			34.5			—			—			34.5
ESHA Intermediate, LLC			8.2			—			8.2			—			—			8.2
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC			49.3			(12.4)			36.9			—			—			36.9
Eternal Aus Bidco Pty Ltd			0.6			—			0.6			—			—			0.6
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc.			5.5			(0.7)			4.8			—			—			4.8
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			(2.6)			1.7			—			—			1.7
Fever Labs, Inc.			25.4			(9.3)			16.1			—			(3.0)			13.1
Firebird Acquisition Corp, Inc.			7.9			(0.1)			7.8			—			—			7.8
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP			2.5			(2.5)			—			—			—			—
FL Hawk Intermediate Holdings, Inc.			2.1			—			2.1			—			—			2.1
Flexera Software LLC			1.5			—			1.5			—			—			1.5
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc.			17.5			(4.1)			13.4			—			—			13.4
Flint OpCo, LLC			8.1			—			8.1			—			—			8.1
FlyWheel Acquireco, Inc.			8.2			(0.8)			7.4			—			—			7.4
Forescout Technologies, Inc.			4.2			—			4.2			—			—			4.2
Forward Keystone Holdings, LP			7.7			—			7.7			—			—			7.7
Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc.			20.8			(2.2)			18.6			—			—			18.6
Foundation Consumer Brands, LLC			2.4			—			2.4			—			—			2.4
Foundation Risk Partners, Corp.			27.8			(7.0)			20.8			—			—			20.8
Frontline Road Safety Operations, LLC			6.4			(0.1)			6.3			—			—			6.3
FS Squared Holding Corp. and FS Squared, LLC			25.1			(0.5)			24.6			—			—			24.6
G702 Buyer, Inc.			1.9			—			1.9			—			—			1.9
Galway Borrower LLC			24.0			(2.3)			21.7			—			—			21.7
GAPCO AIV Interholdco (CP), L.P.			12.2			—			12.2			—			—			12.2
Generator US Buyer, Inc. and Total Power Limited			4.0			—			4.0			—			—			4.0						⚠️ Filing Content Truncated This filing was too large to display in its entirety (original size: 18.02 MB). The content has been truncated to fit within database limits. To view the complete filing, please visit the original source: View Complete Filing on SEC Website Filing: 10-Q - ARES CAPITAL CORP (ARCC) Accession Number: 0001628280-26-050307