10-K – 2026-02-04 – arcc-20251231.htm

., First lien senior secured loan 2024-12-31 0001287750 Teasdale Foods, Inc. and Familia Group Holdings Inc., Warrant to purchase shares of common stock 2024-12-31 0001287750 arcc:TeasdaleFoodsIncAndFamiliaGroupHoldingsIncMember 2024-12-31 0001287750 Triton Water Holdings, Inc., First lien senior secured loan 2024-12-31 0001287750 Triton Water Holdings, Inc., Senior subordinated loan 2024-12-31 0001287750 arcc:TritonWaterHoldingsIncMember 2024-12-31 0001287750 Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured revolving loan 1 2024-12-31 0001287750 Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured revolving loan 2 2024-12-31 0001287750 Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 1 2024-12-31 0001287750 Watermill Express, LLC and Watermill Express Holdings, LLC, First lien senior secured loan 2 2024-12-31 0001287750 Watermill Express, LLC and Watermill Express Holdings, LLC, Class A units 2024-12-31 0001287750 arcc:WatermillExpressLLCAndWatermillExpressHoldingsLLCMember 2024-12-31 0001287750 us-gaap:FoodAndBeverageSectorMember 2024-12-31 0001287750 Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 1 2024-12-31 0001287750 Automotive Keys Group, LLC and Automotive Keys Investor, LLC, First lien senior secured loan 2 2024-12-31 0001287750 Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Preferred units 1 2024-12-31 0001287750 Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Preferred units 2 2024-12-31 0001287750 Automotive Keys Group, LLC and Automotive Keys Investor, LLC, Class A common units 2024-12-31 0001287750 arcc:AutomotiveKeysGroupLLCAndAutomotiveKeysInvestorLLCMember 2024-12-31 0001287750 Collision SP Subco, LLC, First lien senior secured revolving loan 2024-12-31 0001287750 Collision SP Subco, LLC, First lien senior secured loan 2024-12-31 0001287750 arcc:CollisionSPSubcoLLCMember 2024-12-31 0001287750 Continental Acquisition Holdings, Inc., First lien senior secured loan 1 2024-12-31 0001287750 Continental Acquisition Holdings, Inc., First lien senior secured loan 2 2024-12-31 0001287750 arcc:ContinentalAcquisitionHoldingsIncMember 2024-12-31 0001287750 Eckler Purchaser LLC, Class A common units 2024-12-31 0001287750 Faraday Buyer, LLC, First lien senior secured loan 1 2024-12-31 0001287750 Faraday Buyer, LLC, First lien senior secured loan 2 2024-12-31 0001287750 arcc:FaradayBuyerLLCMember 2024-12-31 0001287750 Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc., Warrant to purchase shares of Class A common stock 2024-12-31 0001287750 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, First lien senior secured revolving loan 2024-12-31 0001287750 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, Second lien senior secured loan 2024-12-31 0001287750 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC, Co-invest units 2024-12-31 0001287750 arcc:HighlineAftermarketAcquisitionLLCHighlineAftermarketSCAcquisitionIncAndHighlinePPCBlockerLLCMember 2024-12-31 0001287750 New ChurcHill HoldCo LLC and Victory Topco, LP, First lien senior secured loan 2024-12-31 0001287750 New ChurcHill HoldCo LLC and Victory Topco, LP, Class A-2 common units 2024-12-31 0001287750 arcc:NewChurcHillHoldCoLLCAndVictoryTopcoLPMember 2024-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured revolving loan 2024-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 1 2024-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 2 2024-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 3 2024-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 4 2024-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, Class A units 2024-12-31 0001287750 arcc:SunAcquirerCorpAndSunTopCoLPMember 2024-12-31 0001287750 Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, First lien senior secured loan 2024-12-31 0001287750 Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, Class A common units 2024-12-31 0001287750 arcc:TruckLiteCo.LLCEccoHoldingsCorp.AndClarienceTechnologiesLLCMember 2024-12-31 0001287750 arcc:AutomobilesAndComponentsSectorMember 2024-12-31 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured revolving loan 2024-12-31 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured loan 2024-12-31 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured loan 1 2024-12-31 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, Class A units 2024-12-31 0001287750 arcc:ASPRPacAcquisitionCoLLCAndASPRPacHoldingsLPMember 2024-12-31 0001287750 Halex Holdings, Inc., Common stock 2024-12-31 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 2024-12-31 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 1 2024-12-31 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 2 2024-12-31 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, Second lien senior secured loan 2024-12-31 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, Common units 2024-12-31 0001287750 arcc:HFoodHoldingsLLCAndMatterhornParentLLCMember 2024-12-31 0001287750 Meyer Laboratory, LLC and Meyer Parent, LLC, First lien senior secured loan 2024-12-31 0001287750 Meyer Laboratory, LLC and Meyer Parent, LLC, Common units 2024-12-31 0001287750 arcc:MeyerLaboratoryLLCAndMeyerParentLLCMember 2024-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured revolving loan 1 2024-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured revolving loan 2 2024-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 1 2024-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 2 2024-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., Class A units 2024-12-31 0001287750 arcc:NelipakHoldingCompanyNelipakEuropeanHoldingsCooperatiefUAKNPAKHoldingsLPAndPAKNKNetherlandsTreasuryBVMember 2024-12-31 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 1 2024-12-31 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 2 2024-12-31 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class A preferred units 2024-12-31 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class C units 2024-12-31 0001287750 arcc:NovipaxBuyerLLCAndNovipaxParentHoldingCompanyLLCMember 2024-12-31 0001287750 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, First lien senior secured loan 2024-12-31 0001287750 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Second lien senior secured loan 2024-12-31 0001287750 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Preferred units 2024-12-31 0001287750 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Co-Invest units 2024-12-31 0001287750 arcc:PlaskolitePPCIntermediateIILLCAndPlaskolitePPCBlockerLLCMember 2024-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured revolving loan 1 2024-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured revolving loan 2 2024-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 1 2024-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 2 2024-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 3 2024-12-31 0001287750 arcc:PrecisionConceptsInternationalLLCAndPrecisionConceptsCanadaCorporationMember 2024-12-31 0001287750 Reagent Chemical & Research, LLC, First lien senior secured revolving loan 2024-12-31 0001287750 Reagent Chemical & Research, LLC, First lien senior secured loan 2024-12-31 0001287750 arcc:ReagentChemicalResearchLLCMember 2024-12-31 0001287750 SCI PH Parent, Inc., Series B shares 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 1 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 2 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 3 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 4 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 5 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 6 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, Warrant to purchase shares of ordinary shares 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, Warrant to purchase units of class B units 2024-12-31 0001287750 arcc:VobevLLCAndVobevHoldingsLLCMember 2024-12-31 0001287750 arcc:MaterialsSectorMember 2024-12-31 0001287750 Beacon Wellness Brands, Inc. and CDI Holdings I Corp., First lien senior secured loan 2024-12-31 0001287750 Beacon Wellness Brands, Inc. and CDI Holdings I Corp., Common stock 2024-12-31 0001287750 arcc:BeaconWellnessBrandsIncAndCDIHoldingsICorpMember 2024-12-31 0001287750 Foundation Consumer Brands, LLC, First lien senior secured loan 1 2024-12-31 0001287750 Foundation Consumer Brands, LLC, First lien senior secured loan 2 2024-12-31 0001287750 arcc:FoundationConsumerBrandsLLCMember 2024-12-31 0001287750 LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., First lien senior secured loan 1 2024-12-31 0001287750 LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., First lien senior secured loan 2 2024-12-31 0001287750 LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., Preferred units 2024-12-31 0001287750 LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., Class B common units 2024-12-31 0001287750 arcc:LifeStylesBidcoLtd.LifestylesUSHoldcoInc.AndLifeStylesParentL.P.Member 2024-12-31 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured revolving loan 2024-12-31 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured loan 2024-12-31 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., Limited partner interests 2024-12-31 0001287750 arcc:PremierSpecialtiesInc.AndRMCFVCIVXLIVL.P.Member 2024-12-31 0001287750 RD Holdco Inc., Senior subordinated loan 1 2024-12-31 0001287750 RD Holdco Inc., Senior subordinated loan 2 2024-12-31 0001287750 RD Holdco Inc., Common stock 2024-12-31 0001287750 arcc:RDHoldcoIncMember 2024-12-31 0001287750 Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured revolving loan 2024-12-31 0001287750 Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured loan 1 2024-12-31 0001287750 Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured loan 2 2024-12-31 0001287750 Silk Holdings III Corp. and Silk Holdings I Corp., Common stock 2024-12-31 0001287750 arcc:SilkHoldingsIIICorp.AndSilkHoldingsICorpOneMember 2024-12-31 0001287750 TCI Buyer LLC and TCI Holdings, LP, First lien senior secured loan 2024-12-31 0001287750 TCI Buyer LLC and TCI Holdings, LP, Common stock 2024-12-31 0001287750 arcc:TCIBuyerLLCAndTCIHoldingsLPMember 2024-12-31 0001287750 Walnut Parent, Inc., First lien senior secured loan 1 2024-12-31 0001287750 Walnut Parent, Inc., First lien senior secured loan 2 2024-12-31 0001287750 arcc:WalnutParentIncMember 2024-12-31 0001287750 arcc:HouseholdAndPersonalProductsMember 2024-12-31 0001287750 GNZ Energy Bidco Limited and Galileo Co-investment Trust I, First lien senior secured loan 2024-12-31 0001287750 GNZ Energy Bidco Limited and Galileo Co-investment Trust I, Common units 2024-12-31 0001287750 arcc:GNZEnergyBidcoLimitedAndGalileoCoInvestmentTrustIMember 2024-12-31 0001287750 HighPeak Energy, Inc., First lien senior secured loan 2024-12-31 0001287750 Murchison Oil and Gas, LLC and Murchison Holdings, LLC, First lien senior secured loan 2024-12-31 0001287750 Murchison Holdings, LLC 2024-12-31 0001287750 Offen, Inc., First lien senior secured loan 2024-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 1 2024-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 2 2024-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 3 2024-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 4 2024-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC, Class A units 2024-12-31 0001287750 arcc:VPROPOperatingLLCAndVSandCoLLCMember 2024-12-31 0001287750 us-gaap:EnergySectorMember 2024-12-31 0001287750 Chariot Buyer LLC, First lien senior secured loan 2024-12-31 0001287750 Everspin Technologies, Inc., Warrant to purchase shares of common stock 2024-12-31 0001287750 Excelitas Technologies Corp., First lien senior secured loan 2024-12-31 0001287750 FL Hawk Intermediate Holdings, Inc., First lien senior secured loan 2024-12-31 0001287750 ITI Holdings, Inc., First lien senior secured revolving loan 1 2024-12-31 0001287750 ITI Holdings, Inc., First lien senior secured revolving loan 2 2024-12-31 0001287750 ITI Holdings, Inc., First lien senior secured loan 2024-12-31 0001287750 arcc:ITIHoldingsIncMember 2024-12-31 0001287750 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 1 2024-12-31 0001287750 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 2 2024-12-31 0001287750 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 3 2024-12-31 0001287750 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., Class A-2 units 2024-12-31 0001287750 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., Limited partnership interests 2024-12-31 0001287750 arcc:PerkinElmerUSLLCAndNMPolarisCoInvestLPMember 2024-12-31 0001287750 Repairify, Inc. and Repairify Holdings, LLC, First lien senior secured revolving loan 2024-12-31 0001287750 Repairify, Inc. and Repairify Holdings, LLC, Class A common units 2024-12-31 0001287750 arcc:RepairifyIncAndRepairifyHoldingsLLCMember 2024-12-31 0001287750 arcc:TechnologyHardwareAndEquipmentMember 2024-12-31 0001287750 Ferrellgas, L.P. and Ferrellgas Partners, L.P., Senior preferred units 2024-12-31 0001287750 Ferrellgas, L.P. and Ferrellgas Partners, L.P., Class B units 2024-12-31 0001287750 arcc:FerrellgasLPAndFerrelgasPartnersLPMember 2024-12-31 0001287750 Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc., First lien senior secured loan 2024-12-31 0001287750 Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc., Class A common stock 2024-12-31 0001287750 arcc:OpalFuelsIntermediateHoldCoLLCAndOpalFuelsInc.Member 2024-12-31 0001287750 arcc:GasUtilitiesMember 2024-12-31 0001287750 Expereo USA, Inc. and Ristretto Bidco B.V., First lien senior secured loan 2024-12-31 0001287750 arcc:TelecommunicationServicesMember 2024-12-31 0001287750 Nordic Ferry Infrastructure AS, Senior subordinated loan 1 2024-12-31 0001287750 Nordic Ferry Infrastructure AS Senior subordinated loan 2 2024-12-31 0001287750 arcc:NordicFerryInfrastructureASMember 2024-12-31 0001287750 arcc:TransportationMember 2024-12-31 0001287750 EUR, CIBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 CAD, CIBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 EUR, RBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 NOK, RBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 CAD, RBC - Toronto, Company Settlement Date 01/21/2025 2024-12-31 0001287750 EGP, RBC - Toronto, Company Settlement Date 08/21/2026 2024-12-31 0001287750 EGP, RBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 EGP, CIBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 NZD, RBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 CAD, RBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 EGP, CIBC - Toronto, Company Settlement Date 08/21/2026 2024-12-31 0001287750 AUD, CIBC - Toronto, Company Settlement Date 11/17/2026 2024-12-31 0001287750 NOK, CIBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 arcc:InterestRateSwap1Member 2024-12-31 0001287750 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember arcc:January2027NotesMember 2024-12-31 0001287750 arcc:InterestRateSwap1Member us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2024-12-31 0001287750 arcc:InterestRateSwap2Member 2024-12-31 0001287750 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember arcc:March2029NotesMember 2024-12-31 0001287750 arcc:InterestRateSwap2Member us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2024-12-31 0001287750 arcc:InterestRateSwap3Member 2024-12-31 0001287750 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember arcc:July2029NotesMember 2024-12-31 0001287750 arcc:InterestRateSwap3Member us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2024-12-31 0001287750 us-gaap:InterestRateSwapMember 2024-12-31 0001287750 Apex Clean Energy TopCo, LLC 2024-01-01 2024-12-31 0001287750 Apex Clean Energy TopCo, LLC 2024-12-31 0001287750 APG Intermediate Holdings Corporation and APG Holdings, LLC 2024-01-01 2024-12-31 0001287750 APG Intermediate Holdings Corporation and APG Holdings, LLC 2024-12-31 0001287750 Bragg Live Food Products, LLC and SPC Investment Co., L.P. 2024-01-01 2024-12-31 0001287750 Bragg Live Food Products, LLC and SPC Investment Co., L.P. 2024-12-31 0001287750 Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. 2024-01-01 2024-12-31 0001287750 Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. 2024-12-31 0001287750 Daylight Beta Parent LLC and CFCo, LLC 2024-01-01 2024-12-31 0001287750 Daylight Beta Parent LLC and CFCo, LLC 2024-12-31 0001287750 ESCP PPG Holdings, LLC 2024-01-01 2024-12-31 0001287750 ESCP PPG Holdings, LLC 2024-12-31 0001287750 European Capital UK SME Debt LP 2024-01-01 2024-12-31 0001287750 European Capital UK SME Debt LP 2024-12-31 0001287750 Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP 2024-01-01 2024-12-31 0001287750 Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP 2024-12-31 0001287750 OPH NEP Investment, LLC 2024-01-01 2024-12-31 0001287750 OPH NEP Investment, LLC 2024-12-31 0001287750 PCG-Ares Sidecar Investment II, L.P. 2024-01-01 2024-12-31 0001287750 PCG-Ares Sidecar Investment II, L.P. 2024-12-31 0001287750 PCG-Ares Sidecar Investment, L.P. 2024-01-01 2024-12-31 0001287750 PCG-Ares Sidecar Investment, L.P. 2024-12-31 0001287750 Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC 2024-01-01 2024-12-31 0001287750 Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC 2024-12-31 0001287750 Production Resource Group, L.L.C. and PRG III, LLC 2024-01-01 2024-12-31 0001287750 Production Resource Group, L.L.C. and PRG III, LLC 2024-12-31 0001287750 Shoes For crews Global, LLC and Shoes for crews Holdings, LLC 2024-01-01 2024-12-31 0001287750 Shoes For crews Global, LLC and Shoes for crews Holdings, LLC 2024-12-31 0001287750 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. 2024-01-01 2024-12-31 0001287750 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. 2024-12-31 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC 2024-01-01 2024-12-31 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC 2024-12-31 0001287750 ACAS Equity Holdings Corporation 2024-01-01 2024-12-31 0001287750 ACAS Equity Holdings Corporation 2024-12-31 0001287750 ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. 2024-01-01 2024-12-31 0001287750 ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. 2024-12-31 0001287750 ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC 2024-01-01 2024-12-31 0001287750 ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC 2024-12-31 0001287750 Eckler Industries, Inc. and Eckler Purchaser LLC 2024-01-01 2024-12-31 0001287750 Eckler Industries, Inc. and Eckler Purchaser LLC 2024-12-31 0001287750 Halex Holdings, Inc. 2024-01-01 2024-12-31 0001287750 Halex Holdings, Inc. 2024-12-31 0001287750 HCI Equity, LLC 2024-01-01 2024-12-31 0001287750 HCI Equity, LLC 2024-12-31 0001287750 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC 2024-01-01 2024-12-31 0001287750 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC 2024-12-31 0001287750 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation 2024-01-01 2024-12-31 0001287750 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation 2024-12-31 0001287750 Ivy Hill Asset Management, L.P. 2024-01-01 2024-12-31 0001287750 Ivy Hill Asset Management, L.P. 2024-12-31 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC 2024-01-01 2024-12-31 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC 2024-12-31 0001287750 Potomac Intermediate Holdings II LLC 2024-01-01 2024-12-31 0001287750 Potomac Intermediate Holdings II LLC 2024-12-31 0001287750 PS Operating Company LLC and PS Op Holdings LLC 2024-01-01 2024-12-31 0001287750 PS Operating Company LLC and PS Op Holdings LLC 2024-12-31 0001287750 RD Holdco Inc. 2024-01-01 2024-12-31 0001287750 RD Holdco Inc. 2024-12-31 0001287750 S Toys Holdings LLC (fka The Step2 Company, LLC) 2024-01-01 2024-12-31 0001287750 S Toys Holdings LLC (fka The Step2 Company, LLC) 2024-12-31 0001287750 Senior Direct Lending Program, LLC 2024-01-01 2024-12-31 0001287750 Senior Direct Lending Program, LLC 2024-12-31 0001287750 Startec Equity, LLC 2024-01-01 2024-12-31 0001287750 Startec Equity, LLC 2024-12-31 0001287750 SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc. 2024-01-01 2024-12-31 0001287750 SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc. 2024-12-31 0001287750 Visual Edge Technology, Inc. 2024-01-01 2024-12-31 0001287750 Visual Edge Technology, Inc. 2024-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC 2024-01-01 2024-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC 2024-12-31 0001287750 arcc:NonQualifyingAssetsMember us-gaap:CustomerConcentrationRiskMember arcc:InvestmentsAtFairValueAndOtherNonQualifyingAssetsMember 2024-01-01 2024-12-31 0001287750 McKenzie Creative Brands, LLC, First lien senior secured loan, First Out Tranche 2024-12-31 0001287750 DFC Global Facility Borrower III LLC, First lien senior secured revolving loan, Secured borrowing 2024-12-31 0001287750 3 Step Sports LLC 2024-12-31 0001287750 760203 N.B. LTD. 2024-12-31 0001287750 Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. 2024-12-31 0001287750 Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC 2024-12-31 0001287750 Actfy Buyer, Inc. 2024-12-31 0001287750 Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP 2024-12-31 0001287750 Aduro Advisors, LLC 2024-12-31 0001287750 Advarra Holdings, Inc. 2024-12-31 0001287750 Aerin Medical Inc. 2024-12-31 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC 2024-12-31 0001287750 AI Titan Parent, Inc. 2024-12-31 0001287750 Airx Climate Solutions, Inc. 2024-12-31 0001287750 Alcami Corporation and ACM Note Holdings, LLC 2024-12-31 0001287750 Aldinger Company Inc 2024-12-31 0001287750 Alera Group, Inc. 2024-12-31 0001287750 AMCP Clean Acquisition Company, LLC 2024-12-31 0001287750 American Residential Services L.L.C. and Aragorn Parent Holdings LP 2024-12-31 0001287750 Amerivet Partners Management, Inc. and AVE Holdings LP 2024-12-31 0001287750 Anaplan, Inc. 2024-12-31 0001287750 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua 2024-12-31 0001287750 Apex Service Partners, LLC and Apex Service Partners Holdings, LLC 2024-12-31 0001287750 Applied Technical Services, LLC 2024-12-31 0001287750 Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. 2024-12-31 0001287750 Aptean, Inc. and Aptean Acquiror Inc. 2024-12-31 0001287750 AQ Sage Buyer, LLC 2024-12-31 0001287750 AQ Sunshine, Inc. 2024-12-31 0001287750 Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. 2024-12-31 0001287750 Artifact Bidco, Inc. 2024-12-31 0001287750 Artivion, Inc. 2024-12-31 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP 2024-12-31 0001287750 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (1) 2024-12-31 0001287750 ATI Restoration, LLC 2024-12-31 0001287750 Avalara, Inc. 2024-12-31 0001287750 Avalign Holdings, Inc. and Avalign Technologies, Inc. 2024-12-31 0001287750 Badia Spices, LLC 2024-12-31 0001287750 Bamboo US BidCo LLC 2024-12-31 0001287750 Banyan Software Holdings, LLC and Banyan Software, LP 2024-12-31 0001287750 BCPE Pequod Buyer, Inc. 2024-12-31 0001287750 Beacon Pointe Harmony, LLC 2024-12-31 0001287750 Beacon Wellness Brands, Inc. and CDI Holdings I Corp. 2024-12-31 0001287750 Belfor Holdings, Inc. 2024-12-31 0001287750 Benecon Midco II LLC and Benecon Holdings, LLC 2024-12-31 0001287750 Berner Food & Beverage, LLC 2024-12-31 0001287750 BGI Purchaser, Inc. 2024-12-31 0001287750 BGIF IV Fearless Utility Services, Inc. 2024-12-31 0001287750 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC 2024-12-31 0001287750 BNZ TopCo B.V. 2024-12-31 0001287750 Bobcat Purchaser, LLC and Bobcat Topco, L.P. 2024-12-31 0001287750 Borrower R365 Holdings LLC 2024-12-31 0001287750 Bottomline Technologies, Inc. and Legal Spend Holdings, LLC 2024-12-31 0001287750 BradyPlus Holdings, LLC 2024-12-31 0001287750 Broadcast Music, Inc. 2024-12-31 0001287750 Businessolver.com, Inc. 2024-12-31 0001287750 Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP 2024-12-31 0001287750 Captive Resources Midco, LLC 2024-12-31 0001287750 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. 2024-12-31 0001287750 Center for Autism and Related Disorders, LLC 2024-12-31 0001287750 Centralsquare Technologies, LLC and Supermoose Newco, Inc. 2024-12-31 0001287750 Chariot Buyer LLC 2024-12-31 0001287750 City Line Distributors LLC and City Line Investments LLC 2024-12-31 0001287750 Clarion Home Services Group, LLC and LBC Breeze Holdings LLC 2024-12-31 0001287750 Cliffwater LLC 2024-12-31 0001287750 Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. 2024-12-31 0001287750 CMG HoldCo, LLC and CMG Buyer Holdings, Inc. 2024-12-31 0001287750 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. 2024-12-31 0001287750 Collision SP Subco, LLC 2024-12-31 0001287750 Compex Legal Services, Inc. 2024-12-31 0001287750 Comprehensive EyeCare Partners, LLC 2024-12-31 0001287750 Computer Services, Inc. 2024-12-31 0001287750 Concert Golf Partners Holdco LLC 2024-12-31 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. 2024-12-31 0001287750 Convera International Holdings Limited and Convera International Financial S.A R.L. 2024-12-31 0001287750 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP 2024-12-31 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. 2024-12-31 0001287750 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. 2024-12-31 0001287750 Coupa Holdings, LLC and Coupa Software Incorporated 2024-12-31 0001287750 Cradle Lux Bidco S.A.R.L. 2024-12-31 0001287750 Creek Parent, Inc. and Creek Feeder, L.P. 2024-12-31 0001287750 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC 2024-12-31 0001287750 CST Holding Company 2024-12-31 0001287750 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC 2024-12-31 0001287750 Datix Bidco Limited and RL Datix Holdings (USA), Inc. 2024-12-31 0001287750 Davidson Hotel Company LLC 2024-12-31 0001287750 DecoPac, Inc. and KCAKE Holdings Inc. 2024-12-31 0001287750 Demakes Borrower, LLC 2024-12-31 0001287750 Denali Holdco LLC and Denali Apexco LP 2024-12-31 0001287750 DFC Global Facility Borrower III LLC 2024-12-31 0001287750 DFS Holding Company, Inc. 2024-12-31 0001287750 Diamond Mezzanine 24 LLC 2024-12-31 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc. 2024-12-31 0001287750 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. 2024-12-31 0001287750 Dorado Bidco, Inc. 2024-12-31 0001287750 DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (1) 2024-12-31 0001287750 DP Flores Holdings, LLC 2024-12-31 0001287750 DriveCentric Holdings, LLC 2024-12-31 0001287750 Drogon Bidco Inc. & Drogon Aggregator LP 2024-12-31 0001287750 DRS Holdings III, Inc. and DRS Holdings I, Inc. 2024-12-31 0001287750 Duraserv LLC 2024-12-31 0001287750 Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP 2024-12-31 0001287750 Echo Purchaser, Inc. 2024-12-31 0001287750 Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. 2024-12-31 0001287750 Edmunds Govtech, Inc. 2024-12-31 0001287750 EIS Legacy Holdco, LLC 2024-12-31 0001287750 Elemica Parent, Inc. & EZ Elemica Holdings, Inc. 2024-12-31 0001287750 Elevation Services Parent Holdings, LLC 2024-12-31 0001287750 Empower Payments Investor, LLC 2024-12-31 0001287750 Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc. 2024-12-31 0001287750 eResearch Technology, Inc. and Astorg VII Co-Invest ERT 2024-12-31 0001287750 ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. 2024-12-31 0001287750 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC 2024-12-31 0001287750 Eternal Aus Bidco Pty Ltd 2024-12-31 0001287750 Evolent Health LLC and Evolent Health, Inc. 2024-12-31 0001287750 Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. 2024-12-31 0001287750 Excelitas Technologies Corp. 2024-12-31 0001287750 Expereo USA, Inc. and Ristretto Bidco B.V. 2024-12-31 0001287750 Extrahop Networks, Inc. 2024-12-31 0001287750 Faraday Buyer, LLC 2024-12-31 0001287750 Fever Labs, Inc. 2024-12-31 0001287750 Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. 2024-12-31 0001287750 FL Hawk Intermediate Holdings, Inc. 2024-12-31 0001287750 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. 2024-12-31 0001287750 Flint OpCo, LLC 2024-12-31 0001287750 FlyWheel Acquireco, Inc. 2024-12-31 0001287750 Forescout Technologies, Inc. 2024-12-31 0001287750 Foundation Risk Partners, Corp. 2024-12-31 0001287750 FS Squared Holding Corp. and FS Squared, LLC 2024-12-31 0001287750 Galway Borrower LLC 2024-12-31 0001287750 Generator US Buyer, Inc. and Total Power Limited 2024-12-31 0001287750 Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. 2024-12-31 0001287750 GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC 2024-12-31 0001287750 GI Ranger Intermediate LLC 2024-12-31 0001287750 Global Music Rights, LLC 2024-12-31 0001287750 GNZ Energy Bidco Limited and Galileo Co-investment Trust I 2024-12-31 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC 2024-12-31 0001287750 GS SEER Group Borrower LLC and GS SEER Group Holdings LLC 2024-12-31 0001287750 GSV Purchaser, Inc. 2024-12-31 0001287750 GTCR Everest Borrower, LLC 2024-12-31 0001287750 GTCR F Buyer Corp. and GTCR (D) Investors LP (1) 2024-12-31 0001287750 Guidepoint Security Holdings, LLC 2024-12-31 0001287750 Harvey Tool Company, LLC 2024-12-31 0001287750 HealthEdge Software, Inc. 2024-12-31 0001287750 Heavy Construction Systems Specialists, LLC 2024-12-31 0001287750 Helios Service Partners, LLC and Astra Service Partners, LLC 2024-12-31 0001287750 Help/Systems Holdings, Inc. 2024-12-31 0001287750 HGC Holdings, LLC 2024-12-31 0001287750 HH-Stella, Inc. and Bedrock Parent Holdings, LP 2024-12-31 0001287750 Higginbotham Insurance Agency, Inc. 2024-12-31 0001287750 High Street Buyer, Inc. and High Street Holdco LLC (1) 2024-12-31 0001287750 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC 2024-12-31 0001287750 Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP 2024-12-31 0001287750 HP RSS Buyer, Inc. 2024-12-31 0001287750 HPCC Parent, Inc. and Patriot Container Corp. 2024-12-31 0001287750 HuFriedy Group Acquisition LLC 2024-12-31 0001287750 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP 2024-12-31 0001287750 Hyland Software, Inc. 2024-12-31 0001287750 Icefall Parent, Inc. 2024-12-31 0001287750 IFH Franchisee Holdings, LLC 2024-12-31 0001287750 Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. 2024-12-31 0001287750 Inszone Mid, LLC and INSZ Holdings, LLC 2024-12-31 0001287750 Internet Truckstop Group LLC 2024-12-31 0001287750 IQN Holding Corp. 2024-12-31 0001287750 IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P. 2024-12-31 0001287750 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. 2024-12-31 0001287750 ITI Holdings, Inc. 2024-12-31 0001287750 Kaseya Inc. and Knockout Intermediate Holdings I Inc. 2024-12-31 0001287750 KBHS Acquisition, LLC (d/b/a Alita Care, LLC) 2024-12-31 0001287750 Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC 2024-12-31 0001287750 Kene Acquisition, Inc. and Kene Holdings, L.P. 2024-12-31 0001287750 Keystone Agency Partners LLC 2024-12-31 0001287750 Kings Buyer, LLC 2024-12-31 0001287750 KPS Global LLC and Cool Group LLC 2024-12-31 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC 2024-12-31 0001287750 LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP 2024-12-31 0001287750 LeanTaaS Holdings, Inc. 2024-12-31 0001287750 Legends Hospitality Holding Company, LLC and ASM Buyer, Inc. 2024-12-31 0001287750 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. 2024-12-31 0001287750 Lew's Intermediate Holdings, LLC 2024-12-31 0001287750 Lido Advisors, LLC 2024-12-31 0001287750 Lightbeam Bidco, Inc. 2024-12-31 0001287750 LivTech Purchaser, Inc. 2024-12-31 0001287750 LJP Purchaser, Inc. and LJP Topco, LP 2024-12-31 0001287750 Mai Capital Management Intermediate LLC 2024-12-31 0001287750 Majesco and Magic Topco, L.P. 2024-12-31 0001287750 Manna Pro Products, LLC 2024-12-31 0001287750 Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP 2024-12-31 0001287750 McKenzie Creative Brands, LLC 2024-12-31 0001287750 Medlar Bidco Limited 2024-12-31 0001287750 Metatiedot Bidco OY and Metatiedot US, LLC 2024-12-31 0001287750 Meyer Laboratory, LLC and Meyer Parent, LLC 2024-12-31 0001287750 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. 2024-12-31 0001287750 Modigent, LLC and OMERS PMC Investment Holdings LLC 2024-12-31 0001287750 Monica Holdco (US) Inc. 2024-12-31 0001287750 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC 2024-12-31 0001287750 Mountaineer Merger Corporation 2024-12-31 0001287750 Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC 2024-12-31 0001287750 MRI Software LLC 2024-12-31 0001287750 Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc. 2024-12-31 0001287750 NAS, LLC and Nationwide Marketing Group, LLC 2024-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. 2024-12-31 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. 2024-12-31 0001287750 Netsmart, Inc. and Netsmart Technologies, Inc. 2024-12-31 0001287750 New ChurcHill HoldCo LLC and Victory Topco, LP 2024-12-31 0001287750 Next Holdco, LLC 2024-12-31 0001287750 NMC Skincare Intermediate Holdings II, LLC 2024-12-31 0001287750 NMN Holdings III Corp. and NMN Holdings LP 2024-12-31 0001287750 North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. 2024-12-31 0001287750 North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC 2024-12-31 0001287750 North Haven Stack Buyer, LLC 2024-12-31 0001287750 North Star Acquisitionco, LLC and Toucan Bidco Limited 2024-12-31 0001287750 Northwinds Holding, Inc. and Northwinds Services Group LLC 2024-12-31 0001287750 OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP 2024-12-31 0001287750 OMH-HealthEdge Holdings, LLC 2024-12-31 0001287750 Optimizely North America Inc. and Optimizely Sweden Holdings AB 2024-12-31 0001287750 Packaging Coordinators Midco, Inc. 2024-12-31 0001287750 Paragon 28, Inc. and Paragon Advanced Technologies, Inc. 2024-12-31 0001287750 Paris US Holdco, Inc. & 1001028292 Ontario Inc. 2024-12-31 0001287750 Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (1) 2024-12-31 0001287750 Pathway Vet Alliance LLC and Jedi Group Holdings LLC 2024-12-31 0001287750 Patriot Growth Insurance Services, LLC 2024-12-31 0001287750 PCIA SPV-3, LLC and ASE Royal Aggregator, LLC 2024-12-31 0001287750 PCS MidCo, Inc. and PCS Parent, L.P. 2024-12-31 0001287750 PDDS HoldCo, Inc. 2024-12-31 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC 2024-12-31 0001287750 Pelican Products, Inc. 2024-12-31 0001287750 People Corporation 2024-12-31 0001287750 Perforce Software, Inc. 2024-12-31 0001287750 Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP 2024-12-31 0001287750 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P. 2024-12-31 0001287750 PestCo Holdings, LLC and PestCo, LLC 2024-12-31 0001287750 Petrus Buyer, Inc. 2024-12-31 0001287750 PetVet Care Centers, LLC 2024-12-31 0001287750 Petvisor Holdings, LLC 2024-12-31 0001287750 Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc. 2024-12-31 0001287750 Ping Identity Holding Corp. 2024-12-31 0001287750 Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. 2024-12-31 0001287750 PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC 2024-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation 2024-12-31 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. 2024-12-31 0001287750 Premiere Buyer, LLC 2024-12-31 0001287750 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP 2024-12-31 0001287750 Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC 2024-12-31 0001287750 ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. 2024-12-31 0001287750 Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. 2024-12-31 0001287750 Project Potter Buyer, LLC and Project Potter Parent, L.P. 2024-12-31 0001287750 Proofpoint, Inc. 2024-12-31 0001287750 PSC Parent, Inc. 2024-12-31 0001287750 PYE-Barker Fire & Safety, LLC 2024-12-31 0001287750 Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC 2024-12-31 0001287750 QBS Parent, Inc. 2024-12-31 0001287750 QF Holdings, Inc. 2024-12-31 0001287750 Qnnect, LLC and Connector TopCo, LP 2024-12-31 0001287750 Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. 2024-12-31 0001287750 Radius Aerospace, Inc. and Radius Aerospace Europe Limited 2024-12-31 0001287750 Radwell Parent, LLC 2024-12-31 0001287750 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC 2024-12-31 0001287750 Raven Acquisition Holdings, LLC 2024-12-31 0001287750 Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC 2024-12-31 0001287750 RB Holdings InterCo, LLC 2024-12-31 0001287750 Reagent Chemical & Research, LLC 2024-12-31 0001287750 Reddy Ice LLC 2024-12-31 0001287750 Redwood Services, LLC and Redwood Services Holdco, LLC 2024-12-31 0001287750 Reef Lifestyle, LLC 2024-12-31 0001287750 Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. 2024-12-31 0001287750 Relativity ODA LLC 2024-12-31 0001287750 Repairify, Inc. and Repairify Holdings, LLC 2024-12-31 0001287750 Revalize, Inc. 2024-12-31 0001287750 RFS Opco LLC 2024-12-31 0001287750 Rialto Management Group, LLC 2024-12-31 0001287750 Riser Topco II, LLC 2024-12-31 0001287750 RMS HoldCo II, LLC & RMS Group Holdings, Inc. 2024-12-31 0001287750 Rodeo AcquisitionCo LLC 2024-12-31 0001287750 Royal Borrower, LLC and Royal Parent, LP 2024-12-31 0001287750 RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. 2024-12-31 0001287750 Runway Bidco, LLC 2024-12-31 0001287750 RWA Wealth Partners, LLC 2024-12-31 0001287750 SageSure Holdings, LLC and SageSure LLC 2024-12-31 0001287750 SAPPHIRE SOFTWARE BUYER, INC. 2024-12-31 0001287750 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. (1) 2024-12-31 0001287750 SCIH Salt Holdings Inc. 2024-12-31 0001287750 SCM Insurance Services Inc. 2024-12-31 0001287750 SePro Holdings, LLC 2024-12-31 0001287750 Severin Acquisition, LLC 2024-12-31 0001287750 SG Acquisition, Inc. 2024-12-31 0001287750 Shermco Intermediate Holdings, Inc. 2024-12-31 0001287750 Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC 2024-12-31 0001287750 SIG Parent Holdings, LLC 2024-12-31 0001287750 Silk Holdings III Corp. and Silk Holdings I Corp. 2024-12-31 0001287750 SM Wellness Holdings, Inc. and SM Holdco, LLC 2024-12-31 0001287750 Smarsh Inc. and Skywalker TopCo, LLC 2024-12-31 0001287750 Spaceship Purchaser, Inc. 2024-12-31 0001287750 Spark Purchaser, Inc. 2024-12-31 0001287750 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp 2024-12-31 0001287750 St Athena Global LLC and St Athena Global Holdings Limited 2024-12-31 0001287750 Star US Bidco LLC 2024-12-31 0001287750 Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC 2024-12-31 0001287750 Sugar PPC Buyer LLC 2024-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP 2024-12-31 0001287750 Sundance Group Holdings, Inc. 2024-12-31 0001287750 Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation 2024-12-31 0001287750 Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. 2024-12-31 0001287750 Superman Holdings, LLC 2024-12-31 0001287750 Supplying Demand, Inc. 2024-12-31 0001287750 Surescripts, LLC 2024-12-31 0001287750 SV Newco 2, Inc. and Site 2020 Incorporated 2024-12-31 0001287750 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. 2024-12-31 0001287750 Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC 2024-12-31 0001287750 Systems Planning and Analysis, Inc. 2024-12-31 0001287750 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. 2024-12-31 0001287750 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. 2024-12-31 0001287750 TCI Buyer LLC and TCI Holdings, LP 2024-12-31 0001287750 TCP Hawker Intermediate LLC 2024-12-31 0001287750 Team Acquisition Corporation 2024-12-31 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP 2024-12-31 0001287750 The Hiller Companies, LLC 2024-12-31 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC 2024-12-31 0001287750 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP 2024-12-31 0001287750 Thermostat Purchaser III, Inc. 2024-12-31 0001287750 THG Acquisition, LLC 2024-12-31 0001287750 Transit Technologies LLC 2024-12-31 0001287750 Triwizard Holdings, Inc. and Triwizard Parent, LP 2024-12-31 0001287750 Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC 2024-12-31 0001287750 Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC 2024-12-31 0001287750 TSS Buyer, LLC 2024-12-31 0001287750 Two Six Labs, LLC 2024-12-31 0001287750 United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP 2024-12-31 0001287750 UP Intermediate II LLC and UPBW Blocker LLC 2024-12-31 0001287750 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. 2024-12-31 0001287750 Valcourt Holdings II, LLC and Jobs Holdings, Inc. 2024-12-31 0001287750 Verista, Inc. 2024-12-31 0001287750 Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC 2024-12-31 0001287750 Victors Purchaser, LLC and WP Victors Co-Investment, L.P. 2024-12-31 0001287750 Viper Bidco, Inc. 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC 2024-12-31 0001287750 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. 2024-12-31 0001287750 VRC Companies, LLC 2024-12-31 0001287750 W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC 2024-12-31 0001287750 Watermill Express, LLC and Watermill Express Holdings, LLC 2024-12-31 0001287750 Waverly Advisors, LLC and WAAM Topco, LLC 2024-12-31 0001287750 WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. 2024-12-31 0001287750 Wealth Enhancement Group, LLC 2024-12-31 0001287750 WebPT, Inc. and WPT Intermediate Holdco, Inc. 2024-12-31 0001287750 Wellington Bidco Inc. and Wellington TopCo LP 2024-12-31 0001287750 Wellington-Altus Financial Inc. (2) 2024-12-31 0001287750 Wellness AcquisitionCo, Inc. 2024-12-31 0001287750 WorkWave Intermediate II, LLC 2024-12-31 0001287750 World Insurance Associates, LLC and World Associates Holdings, LLC 2024-12-31 0001287750 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________

FORM 10-K
ý   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31 , 2025
OR
o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File No.  814-00663

__________________________________________________________________________

ARES CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)
Maryland   33-1089684
(State or other jurisdiction of
incorporation or organization)   (I.R.S. Employer
Identification No.)
245 Park Avenue , 44th Floor , New York , New York 10167
 (Address of principal executive offices) (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 The NASDAQ Global Select Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes   ý     No  o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes  o      No   ý

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 (Section §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 the 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   ý
  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 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes  ý     No  o

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). 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

The aggregate market value of the voting stock held by non-affiliates of the registrant on June 30, 2025, based on the closing price on that date of $21.96 on The NASDAQ Global Select Market, was approximately $ 15,415,428,367 . As of January 29, 2026, there were 718,022,845 shares of the registrant’s common stock outstanding.

Portions of the registrant’s Proxy Statement for its 2026 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Form 10-K.

ARES CAPITAL CORPORATION
 
TABLE OF CONTENTS

Part I.
 
Item 1. Business
3

Item 1A. Risk Factors
25

Item 1B. Unresolved Staff Comments
56

Item 1C. Cybersecurity
56

Item 2. Properties
57

Item 3. Legal Proceedings
57

Item 4. Mine Safety Disclosures
57

Part II.
 
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
58

Item 6. [Reserved]
69

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
70

Item 7A. Quantitative and Qualitative Disclosures about Market Risk
101

Item 8. Financial Statements and Supplementary Data
103

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
103

Item 9A. Controls and Procedures
104

Item 9B. Other Information
104

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
104

Part III.
 
Item 10. Directors, Executive Officers and Corporate Governance
105

Item 11. Executive Compensation
105

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
105

Item 13. Certain Relationships and Related Transactions, and Director Independence
105

Item 14. Principal Accountant Fees and Services
105

Part IV.

Item 15. Exhibits and Financial Statement Schedules
106

Item 16. Form 10-K Summary
114

Signatures

2

PART I

Item 1.    Business

GENERAL

Ares Capital Corporation

Ares Capital Corporation, a Maryland corporation (together with its subsidiaries, where applicable, “Ares Capital” or the “Company,” which may also be referred to as “we,” “us” or “our”), is a specialty finance company that is a closed-end, non-diversified management investment company. We have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder, the “Investment Company Act.” We were founded on April 16, 2004, were initially funded on June 23, 2004 and completed our initial public offering (“IPO”) on October 8, 2004. As of December 31, 2025, we were the largest publicly traded BDC by market capitalization and had approximately $31.2 billion of total assets.

We are externally managed by Ares Capital Management LLC (“Ares Capital Management” or our “investment adviser”), a subsidiary of Ares Management Corporation (“Ares Management” or “Ares”), a publicly traded, leading global alternative investment manager, pursuant to our investment advisory and management agreement. Ares Operations LLC (“Ares Operations” or our “administrator”), a subsidiary of Ares Management, provides certain administrative and other services necessary for us to operate.

Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily in U.S. middle-market companies, where we believe the supply of primary capital is limited and the investment opportunities are most attractive. However, we may from time to time invest in larger or smaller companies. We generally use the term “middle-market” to refer to companies with annual EBITDA between $10 million and $250 million. As used herein, EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization.

We invest primarily in first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and subordinated loans, generally in a first lien position), and second lien senior secured loans. In addition to senior secured loans, we also invest in subordinated debt (sometimes referred to as mezzanine debt), which in some cases includes an equity component, and preferred equity. First and second lien senior secured loans generally are senior debt instruments that rank ahead of subordinated debt of a given portfolio company. Subordinated debt and preferred equity are subordinated to senior loans and are generally unsecured. Our investments in corporate borrowers generally range between $30 million and $500 million each. However, the investment sizes may be more or less than these ranges and may vary based on, among other things, our capital availability, the composition of our portfolio and general micro- and macro-economic factors.

To a lesser extent, we also make common equity investments, which have generally been non-control equity investments of less than $20 million (usually in conjunction with a concurrent debt investment). However, we may increase the size or change the nature of these investments.

The proportion of these types of investments will change over time given our views on, among other things, the economic and credit environment in which we are operating. In pursuit of our investment objective, we generally seek to self-originate investments and lead the investment process.

The instruments in which we invest typically are not rated by any rating agency, but we believe that if such instruments were rated, they would be below investment grade (rated lower than “Baa3” by Moody’s Investors Service, lower than “BBB-” by Fitch Ratings or lower than “BBB-” by Standard & Poor’s Ratings Services), which, under the guidelines established by these entities, is an indication of having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. Bonds that are rated below investment grade are sometimes referred to as “high yield bonds” or “junk bonds.” We may invest without limit in debt or other securities of any rating, as well as debt or other securities that have not been rated by any nationally recognized statistical rating organization.

We believe that our investment adviser, Ares Capital Management, is able to leverage the current investment platform, resources and existing relationships of Ares Management with financial sponsors, financial institutions, hedge funds and other investment firms to provide us with attractive investment opportunities. For purposes of this document, we refer to Ares Management and its affiliated companies (other than portfolio companies of its affiliated funds) as “Ares” and to funds or other investment vehicles managed by Ares or its affiliated companies, including our investment adviser, as “Ares funds.” In addition to deal flow, the Ares investment platform assists our investment adviser in analyzing, structuring and monitoring investments.
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Ares has been in existence for over 25 years and its partners have an average of approximately 25 years of investment experience in managing, advising, underwriting and restructuring companies. We have access to Ares’ investment professionals and operations management professionals, who provide assistance in accounting, finance, legal, compliance, operations, information technology, human resources and investor relations. As of December 31, 2025, Ares had over 1,650 investment professionals and over 2,550 operations management professionals.

While our primary focus is to generate current income and capital appreciation through investments in first and second lien senior secured loans, subordinated debt and preferred equity and, to a lesser extent, equity securities of eligible portfolio companies, we also may invest up to 30% of our portfolio in non‑qualifying assets, as permitted by the Investment Company Act. Specifically, as part of this 30% basket, we may invest in entities that are not considered “eligible portfolio companies” (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act.
Ares Management Corporation

Ares is a publicly traded, leading global alternative investment manager. As of December 31, 2025, Ares had over 4,250 employees in over 55 offices in more than 25 countries. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns through market cycles. Ares believes each of its distinct but complementary investment groups in credit, real assets, private equity and secondaries is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of Ares’ broader platform.

Ares Capital Management LLC

Ares Capital Management, our investment adviser, is served by origination, investment and portfolio management and valuation teams of approximately 230 U.S.-based investment professionals as of December 31, 2025 and led by certain partners of the Ares Credit Group: Mitchell Goldstein and Michael Smith. Ares Capital Management leverages off of Ares’ investment platform and benefits from the significant capital markets, trading and research expertise of Ares’ investment professionals. Ares Capital Management’s U.S. direct lending investment committee has 12 members primarily comprised of certain of the U.S.-based partners of the Ares Credit Group.

MARKET OPPORTUNITY

We believe that current market conditions present attractive opportunities for us to invest in middle-market companies, specifically:

• We believe that many commercial and investment banks have de-emphasized their service and product offerings to middle-market businesses in favor of lending to large corporate clients and managing capital markets transactions. In addition, these lenders may be constrained in their ability to underwrite and hold bank loans and high yield securities for middle-market issuers as they seek to meet existing and future regulatory capital requirements. These factors may result in opportunities for alternative funding sources to middle-market companies and therefore more new-issue market opportunities for us.

• We believe the disruption and volatility that occurs periodically in the credit markets reduces capital available to certain capital providers, causing a reduction in competition. Furthermore, in our view, the stable capital solutions provided by direct lenders is increasingly valuable and, as a result, widens the market opportunity for direct lending.

• We believe that there is a lack of market participants that are willing to hold meaningful amounts of certain middle-market loans, (especially commercial investment banks). As a result, we believe our ability to minimize syndication risk for a company seeking financing by being able to hold our loans without having to syndicate or sell them is a competitive advantage.

• We believe that middle-market companies have faced difficulty in raising debt through the capital markets. This approach to financing may become more difficult to the extent institutional investors seek to invest in larger, more liquid offerings, leaving less competition and fewer financing alternatives for middle-market companies.  

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• We believe there is a large pool of un-invested private equity capital for middle-market businesses. We expect private equity firms will seek to leverage their investments by combining equity capital with senior secured loans and subordinated debt from other sources such as us.

• We believe the middle-market represents a significant portion of the overall economy, and exhibits healthy demand for capital. In addition, due to the fragmented nature of the middle-market and the lack of publicly available information, we believe direct lenders have an opportunity to originate and underwrite investments with more favorable terms, including stronger covenant and reporting packages, as well as better call protection and change of control provisions as compared to the large, broadly syndicated loan market.

COMPETITIVE ADVANTAGES

We believe that we have the following competitive advantages over other capital providers to middle-market companies:

The Ares Platform

Ares operates integrated groups across credit, real assets, private equity and secondaries. We believe our affiliation with Ares provides a distinct competitive advantage through Ares’ originations, due diligence and marketing activities. In particular, we believe that the Ares platform provides us with an advantage through its deal flow generation and investment evaluation process. Ares’ asset management platform also provides additional market information, company knowledge and industry insight that benefit our investment and due diligence process. Ares’ professionals maintain extensive financial sponsor and intermediary relationships, which provide valuable insight and access to transactions and information.

Seasoned Investment Team

The investment professionals in the Ares Credit Group and members of our investment adviser’s U.S. direct lending investment committee have significant experience investing across market cycles. This experience provides us with a competitive advantage in identifying, originating, investing in and managing a portfolio of investments in middle-market companies.

Broad Origination Strategy

We focus on self-originating most of our investments by pursuing a broad array of investment opportunities in middle-market companies. We also leverage off of the extensive relationships of the broader Ares platform, including relationships with the portfolio companies in the IHAM Vehicles (as defined below), to identify investment opportunities. Additionally, our size and scale provide the opportunity to source attractive investments in some of our existing portfolio companies. Collectively, we believe these advantages allow for enhanced asset selectivity as we believe there is a significant relationship between proprietary deal origination and credit performance. We believe that our focus on generating proprietary deal flow and lead investing also gives us greater control over capital structure, deal terms, pricing and documentation and enables us to actively manage our portfolio investments. Moreover, by leading the investment process, we are often able to secure controlling positions in credit tranches, thereby providing additional control in investment outcomes. We also have originated substantial proprietary deal flow from middle-market intermediaries, which often allows us to act as the sole or principal source of institutional capital to the borrower.

Scale and Flexible Transaction Structuring

We believe that being one of the largest BDCs makes us a more desirable and flexible capital provider, especially in competitive markets. We are flexible with the types of investments we make and the terms associated with those investments. We believe this approach and experience enables our investment adviser to identify attractive investment opportunities throughout economic cycles and across a company’s capital structure so we can make investments consistent with our stated investment objective and preserve principal while seeking appropriate risk adjusted returns. In addition, we have the flexibility to provide “one stop” financing with the ability to invest capital across the balance sheet and syndicate and hold larger investments than many of our competitors. We believe that the ability to underwrite, syndicate and hold larger investments benefits our stockholders by (a) potentially increasing net income and earnings through leadership of the investment process and making commitments in excess of our final investment, (b) increasing originated deal flow flexibility, (c) broadening market relationships and deal flow, (d) allowing us to optimize our portfolio composition and (e) allowing us to provide capital to a broader spectrum of middle-market companies, which we believe currently have limited access to capital from traditional
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lending sources. In addition, we believe that the ability to provide capital at every level of the balance sheet provides a strong value proposition to middle-market borrowers, which supports meaningful deal sourcing and relative value analysis capabilities.

Experience with and Focus on Middle-Market Companies

Ares has historically focused on investments in middle-market companies and we benefit from this experience. In sourcing and analyzing deals, our investment adviser benefits from Ares’ extensive network of relationships focused on middle-market companies, including management teams, members of the investment banking community, private equity groups and other investment firms with whom Ares has had long-term relationships. We believe this network enables us to identify well-positioned prospective portfolio company investments. The Ares Credit Group works closely with Ares’ other investment professionals. As of December 31, 2025, Ares oversaw a portfolio of investments in over 2,150 companies, over 1,900 alternative credit investments and over 1,300 properties, over 90 infrastructure assets and over 1,000 limited partnership interests in investment funds across over 55 industries, which provides access to an extensive network of relationships and insights into industry trends and the state of the capital markets.

Disciplined Investment Philosophy

In making its investment decisions, our investment adviser has adopted Ares’ long-standing, consistent, credit-based investment approach that was developed over 25 years ago by its founders. Specifically, our investment adviser’s investment philosophy, portfolio construction and portfolio management involve an assessment of the overall macroeconomic environment and financial markets and company-specific research and analysis. Its investment approach emphasizes capital preservation, low volatility and minimization of downside risk. In addition to engaging in extensive due diligence from the perspective of a long-term investor, our investment adviser’s approach seeks to reduce risk in investments by focusing on:

• businesses with strong franchises and sustainable competitive advantages;

• industries with positive long-term dynamics;

• businesses and industries with cash flows that are dependable and predictable;

• management teams with demonstrated track records and appropriate economic incentives;

• rates of return commensurate with the perceived risks;

• securities or investments that are structured with appropriate terms and covenants; and

• businesses backed by experienced private equity sponsors.

Extensive Industry Focus

We seek to concentrate our investing activities in industries with a history of predictable and dependable cash flows and in which the Ares investment professionals have had extensive investment experience. Ares investment professionals have developed long-term relationships with management teams and management consultants in over 55 industries, and have accumulated substantial information and identified potential trends within these industries. In turn, we benefit from these relationships, information and identification of potential trends in making investments.

OPERATING AND REGULATORY STRUCTURE

Our investment activities are managed by our investment adviser and supervised by our board of directors, a majority of whom are independent of Ares and its affiliates. Our investment adviser is registered under the Investment Advisers Act of 1940, or the “Advisers Act.” Under our Second Amended and Restated Investment Advisory and Management Agreement with Ares Capital Management, referred to herein as our “investment advisory and management agreement,” we have agreed to pay our investment adviser a base management fee based on our total assets, as defined under the Investment Company Act (other than cash and cash equivalents, but including assets purchased with borrowed funds) (“base management fee”), a fee based on our net investment income (“income based fee”) and a fee based on our net capital gains (“capital gains incentive fee”). See “Investment Advisory and Management Agreement.” Ares Operations provides us with certain administrative and other services necessary for us to operate pursuant to an Amended and Restated Administration Agreement, referred to herein as our “administration agreement.” See “Administration Agreement.”

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We have elected to be regulated as a BDC under the Investment Company Act and have elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). As with other companies regulated by the Investment Company Act, we are required to comply with certain substantive regulatory requirements. For example, we are generally not permitted to invest in any portfolio company in which a fund managed by Ares or any of its downstream affiliates (other than us and our downstream affiliates) is also investing. We, our investment adviser and certain of our affiliates have received an order from the Securities and Exchange Commission (the “SEC”) that permits us and other BDCs and registered closed-end management investment companies managed by Ares to co-invest in portfolio companies with each other and with other affiliated entities (the “Co-Investment Exemptive Order”). As required by the Co-Investment Exemptive Order, we have adopted, and our board of directors has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Co-Investment Exemptive Order. Co-investments made under the Co-Investment Exemptive Order are subject to compliance with certain conditions and other requirements, which could limit our ability to participate in co-investment transactions. As a result of investments permitted by the Co-Investment Exemptive Order, there could be significant overlap in our investment portfolio and the investment portfolios of affiliated Ares entities that can rely on the Co-Investment Exemptive Order and that have an investment objective similar to ours. We may also otherwise co-invest with funds managed by Ares or any of its downstream affiliates, subject to compliance with existing regulatory guidance, applicable regulations and our investment adviser’s allocation policy.

Also, while we may borrow funds to make investments, our ability to use debt is limited in certain significant aspects. See “Regulation.” In particular, because we obtained the required approvals under Section 61(a)(2) of the Investment Company Act, we must have at least 150% asset coverage calculated pursuant to the Investment Company Act in order to incur debt or issue preferred stock (which we refer to collectively as “senior securities”) (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources.”

As of December 31, 2025, our asset coverage was 189%.

In addition, as a consequence of our being a RIC under the Code, for U.S. federal income tax purposes, our asset growth is dependent on our ability to raise equity capital through the issuance of common stock. RICs generally must distribute substantially all of their investment company taxable income (as defined under the Code) to stockholders as dividends in order to preserve their status as a RIC and not to be subject to additional U.S. federal corporate-level income taxes. This requirement, in turn, generally prevents us from using our earnings to support our operations, including making new investments.

INVESTMENTS

Ares Capital Corporation Portfolio

We have built an investment portfolio of primarily first and second lien senior secured loans, subordinated debt, preferred equity and, to a lesser extent, common equity investments in private middle-market companies. Our portfolio is well diversified by industry sector and its concentration to any single issuer is limited.

Our debt investments in corporate borrowers generally range between $30 million and $500 million each. However, the sizes of our investments may be more or less than these ranges and may vary based on, among other things, our capital availability, the composition of our portfolio and general micro- and macro-economic factors.

Our common equity investments have generally been non-control equity investments of less than $20 million (usually in conjunction with a concurrent debt investment). However, we may increase the size or change the nature of these investments.

The proportion of these types of investments will change over time given our views on, among other things, the economic and credit environment in which we are operating. In pursuit of our investment objective, we generally seek to self-originate investments and lead the investment process, which may result in us making commitments with respect to indebtedness or securities of a potential portfolio company in excess of our expected final hold size. In such situations, while we may initially agree to fund up to a certain dollar amount of an investment, we may subsequently syndicate or sell a portion of such amount (including, without limitation, to our wholly owned portfolio company, IHAM (as defined below), or to the IHAM Vehicles (as defined below), such that we are left with a smaller investment than what was reflected in our original commitment. In addition to originating investments, we may also acquire investments in the secondary market (including purchases of a portfolio of investments).
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We make senior secured loans primarily in the form of first lien loans (including “unitranche” loans, which are loans that combine both senior and subordinated loans, generally in a first lien position) and second lien loans. Our senior secured loans generally have terms of three to 10 years and our subordinated debt investments generally have a term of up to 10 years. However, we may invest in loans and securities with any maturity or duration. In connection with our senior secured loans, we generally receive a security interest in certain of the assets of the borrower and consequently such assets serve as collateral in support of the repayment of such senior secured loans. Senior secured loans are generally exposed to the least amount of credit risk because they typically hold a senior position with respect to scheduled interest and principal payments and security interests in assets of the borrower. In connection with our senior secured loans, we may be provided opportunities to invest in equity interests of the borrower, typically in the form of an equity co-investment. However, unlike subordinated debt, senior secured loans typically do not receive any stock, warrants to purchase stock or other yield enhancements. Senior secured loans may include both revolving lines of credit and term loans.

Structurally, subordinated debt usually ranks junior in priority of payment to senior secured loans and is often unsecured. However, subordinated debt ranks senior to preferred and common equity in a borrower’s capital structure. Subordinated debt investments generally offer lenders fixed returns in the form of interest payments and will often provide lenders an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest. This equity interest typically takes the form of preferred equity, an equity co-investment and/or warrants. The preferred equity, equity co-investment and warrants (if any) associated with a subordinated debt investment typically allow lenders to receive repayment of their debt principal on an agreed upon amortization schedule or at maturity while retaining their equity interest in the borrower.

In making an equity investment, in addition to considering the factors discussed under “—Investment Selection” below, we also consider the anticipated timing of a liquidity event, such as a public offering, sale of the company or redemption of our equity securities.

While our primary focus is to generate current income and capital appreciation through debt and equity investments in eligible portfolio companies, we also may invest up to 30% of our portfolio in non-qualifying assets, as permitted by the Investment Company Act. See “—Regulation.” Specifically, as part of this 30% basket, we may invest in entities that are not considered “eligible portfolio companies” (as defined in the Investment Company Act), including companies located outside of the United States, entities that are operating pursuant to certain exceptions under the Investment Company Act, and publicly traded entities whose public equity market capitalization exceeds the levels provided for under the Investment Company Act.

Ivy Hill Asset Management, L.P.

As of December 31, 2025, our wholly owned portfolio company, Ivy Hill Asset Management, L.P. (“IHAM”), an asset manager and an SEC-registered investment adviser, managed 23 vehicles (such vehicles are collectively referred to as the “IHAM Vehicles”). As of December 31, 2025, IHAM had assets under management of approximately $14.6 billion. As of December 31, 2025, the amortized cost and fair value of our investment in IHAM was approximately $2.2 billion and $2.4 billion, respectively. In connection with IHAM’s registration as a registered investment adviser, on March 30, 2012, we received exemptive relief from the SEC allowing us to, subject to certain conditions, own directly or indirectly up to 100% of IHAM’s outstanding equity interests and make additional investments in IHAM. From time to time, IHAM or certain IHAM Vehicles may purchase investments from us or sell investments to us, in each case for a price equal to the fair market value of such investments determined at the time of such transactions.

For more information on IHAM, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity—Ivy Hill Asset Management, L.P.” and Note 4 to our consolidated financial statements for the year ended December 31, 2025.

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Senior Direct Lending Program

We have established a joint venture with Varagon Capital Partners (“Varagon”) to make certain first lien senior secured loans, including certain stretch senior and unitranche loans, primarily to U.S. middle-market companies. The joint venture is called the Senior Direct Lending Program, LLC (d/b/a the “Senior Direct Lending Program” or the “SDLP”). In July 2016, we and Varagon and its clients completed the initial funding of the SDLP. We, and other BDCs, registered closed-end management investment companies and other affiliated investment entities managed by our investment adviser or its affiliates, may directly co‑invest with the SDLP in accordance with the terms of the Co-Investment Exemptive Order. The SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP, including co-investment transactions made by the SDLP in accordance with the terms of the Co-Investment Exemptive Order, must be approved by an investment committee of the SDLP consisting of representatives of ours and Varagon (with approval from a representative of each required).

We provide capital to the SDLP in the form of subordinated certificates (the “SDLP Certificates”), and Varagon and its clients provide capital to the SDLP in the form of senior notes, intermediate funding notes and the SDLP Certificates. As of December 31, 2025, we and a client of Varagon owned 87.5% and 12.5%, respectively, of the outstanding SDLP Certificates. The SDLP Certificates pay a coupon equal to Secured Overnight Financing Rate (“SOFR”) plus a stated spread and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, which may result in a return to the holders of the SDLP Certificates that is greater than the stated coupon. The SDLP Certificates are junior in right of payment to the senior notes and intermediate funding notes.

As of December 31, 2025, we and Varagon and its clients had agreed to make capital available to the SDLP of $6.2 billion in the aggregate, of which $1.4 billion is to be made available from us. We will continue to provide capital to the SDLP in the form of the SDLP Certificates, and Varagon and its clients will provide capital to the SDLP in the form of senior notes, intermediate funding notes and the SDLP Certificates. This capital will only be committed to the SDLP upon approval of transactions by the investment committee of the SDLP as discussed above.

For more information on the SDLP, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity—Senior Direct Lending Program” and Note 4 to our consolidated financial statements for the year ended December 31, 2025.

Industrial and Geographic Compositions

We generally seek to invest in companies in the industries in which Ares’ investment professionals have direct expertise. The industries in the table listed below are where we have focused our investment activities; however, we may invest in other industries if we are presented with attractive opportunities.

The industrial and geographic compositions of our portfolio at fair value as of December 31, 2025 were as follows:

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As of December 31, 2025
Industry
Software and Services 23.8  %
Financial Services(1) 12.4 
Health Care Equipment and Services 11.3 
Commercial and Professional Services 9.4 
Consumer Services 5.6 
Insurance 5.2 
Consumer Distribution and Retail 4.8 
Capital Goods 4.6 
Sports, Media and Entertainment 4.0 
Investment Funds and Vehicles(2) 3.9 
Pharmaceuticals, Biotechnology and Life Sciences 2.7 
Materials 2.2 
Independent Power and Renewable Electricity Producers 2.2 
Consumer Durables and Apparel 2.0 
Household and Personal Products 1.4 
Other 4.5 
Total 100.0  %

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(1) Includes our investment in IHAM.

(2) Includes our investment in the SDLP, which had made first lien senior secured loans to 39 different borrowers as of December 31, 2025. The portfolio companies in the SDLP are in industries similar to the companies in our portfolio.

  As of December 31, 2025

Geographic Region  
Midwest 22.9  %
West(1) 20.3 
Southeast 18.8 
Mid-Atlantic 16.3 
Northeast(2) 15.1 
International 6.6 
Total 100.0  %

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(1) Includes our investment in the SDLP, which represented 3.8% of the total investment portfolio at fair value as of December 31, 2025.

(2) Includes our investment in IHAM, which represented 8.3% of the total investment portfolio at fair value as of December 31, 2025.

As of December 31, 2025, loans on non-accrual status represented 1.8% of the total investments at amortized cost (or 1.2% at fair value).

Since our IPO on October 8, 2004 through December 31, 2025, our exited investments resulted in an asset level realized gross internal rate of return to us of approximately 13% (based on original cash invested, net of syndications, of approximately $55.7 billion and total proceeds from such exited investments of approximately $71.7 billion). Internal rate of return is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. Internal rate of return is gross of expenses related to investments as these expenses are not allocable to specific investments. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash
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and/or non-cash consideration upon the repayment of a debt investment or sale of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized.

Additionally, since our IPO on October 8, 2004 through December 31, 2025, our realized gains have exceeded our realized losses by approximately $1.0 billion (excluding a one-time gain on the acquisition of Allied Capital Corporation in April 2010 (the “Allied Acquisition”) and realized gains/losses from the extinguishment of debt and other transactions). For the same time period, our average annualized net realized gain rate was approximately 0.8% (excluding a one-time gain on the Allied Acquisition and realized gains/losses from the extinguishment of debt and other transactions). Net realized gain/loss rates for a particular period are the amount of net realized gains/losses during such period divided by the average quarterly investments at amortized cost in such period.

Information included herein regarding internal rates of return, realized gains and losses and annualized net realized gain rates are historical results relating to our past performance and are not necessarily indicative of future results, the achievement of which cannot be assured.

INVESTMENT SELECTION

Ares’ investment philosophy was developed over 25 years ago and has remained consistent and relevant throughout a number of economic cycles. We are managed using a similar investment philosophy used by the investment professionals of Ares in respect of its other investment funds.

This investment philosophy involves, among other things:

• an assessment of the overall macroeconomic environment and financial markets and how such assessment may impact industry and asset selection;

• company-specific research and analysis; and

• with respect to each individual company, an emphasis on capital preservation, low volatility and minimization of downside risk.

The foundation of Ares’ investment philosophy is intensive credit investment analysis, a portfolio management discipline based on both market technicals and fundamental value-oriented research, and diversification strategy. Ares also recognizes the importance of considering material environmental, social and governance (“ESG”) factors in the investment process to help generate attractive risk-adjusted returns and has adopted a Responsible Investment Program for this purpose. We follow a rigorous investment process based on:

• a comprehensive analysis of issuer creditworthiness, including a quantitative and qualitative assessment of the issuer’s business;

• an evaluation of management and its economic incentives;

• an analysis of business strategy and industry trends; and

• an in-depth examination of capital structure, financial results and projections.

We seek to identify those companies exhibiting superior fundamental risk-reward profiles and strong defensible business franchises while focusing on the relative value of the investment across the industry as well as for the specific company.

Intensive Due Diligence

The process through which an investment decision is made involves extensive research into the target company, its industry, its growth prospects and its ability to withstand adverse conditions. If the senior investment professional responsible for the potential transaction determines that an investment opportunity should be pursued, we will engage in an intensive due diligence process. Approximately 30-40% of the investments initially reviewed by us proceed to this phase. Though each transaction will involve a somewhat different approach, the regular due diligence steps generally undertaken include:

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• meeting with the target company’s management team to get a detailed review of the business, and to probe for potential weaknesses in business prospects;

• checking management’s backgrounds and references;

• performing a detailed review of historical financial performance, including performance through various economic cycles, and the quality of earnings;

• reviewing both short and long term projections of the business, and sensitizing them for both upside and downside risk;

• visiting headquarters and company operations and meeting with top and middle-level executives;

• contacting customers and vendors to assess both business prospects and standard practices;

• conducting a competitive analysis, and comparing the issuer to its main competitors on an operating, financial, market share and valuation basis;

• researching the industry for historic growth trends and future prospects as well as to identify future exit alternatives (including available Wall Street research, industry association literature and general news);

• assessing asset value and the ability of physical infrastructure and information systems to handle anticipated growth; and

• investigating legal risks and financial and accounting systems.

Selective Investment Process

After an investment has been identified and preliminary diligence has been completed, a credit research and analysis report is prepared. This report is reviewed by the senior investment professional in charge of the potential investment. If such senior and other investment professionals are in favor of the potential investment, then it is first presented to the investment committee on a preliminary basis.

After the investment committee approves continued work on the potential investment, a more extensive due diligence process is employed by the transaction team. Additional due diligence with respect to any investment may be conducted on our behalf by attorneys, independent accountants, and other third-party consultants and research firms prior to the closing of the investment, as appropriate on a case-by-case basis. Approximately 10-15% of all investments initially reviewed by us will be presented to the investment committee. Approval of an investment for funding requires the approval of the majority of the investment committee, although unanimous consent is encouraged.

Issuance of Formal Commitment

Once we have determined that a prospective portfolio company is suitable for investment, we work with the management and/or sponsor of that company and its other capital providers, including senior, junior and equity capital providers, if any, to finalize the structure of the investment. Approximately 3-5% of the investments initially reviewed by us eventually result in the issuance of formal commitments and the closing of such transactions.

Investments

We invest in portfolio companies primarily in the form of first lien senior secured loans (including “unitranche” loans which are loans that combine both senior and subordinated loans, generally in a first lien position), second lien senior secured loans, subordinated debt and preferred equity. The first and second lien senior secured loans generally have terms of three to 10 years. In connection with our first and second lien senior secured loans, we generally receive security interests in certain assets of our portfolio companies that could serve as collateral in support of the repayment of such loans. First and second lien senior secured loans generally have floating interest rates, which may have interest rate floors, and also may provide for some amortization of principal and excess cash flow payments, with the remaining principal balance due at maturity.

We structure our subordinated debt investments primarily as unsecured subordinated loans that provide for relatively higher fixed interest rates. The subordinated debt investments generally have terms of up to 10 years. These loans typically
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have interest-only payments, with amortization of principal, if any, deferred to the later years of the subordinated debt investment. In some cases, we may enter into loans that, by their terms, convert into equity or additional debt or defer payments of interest (or at least cash interest) for the first few years after our investment. Also, in some cases our subordinated debt will be secured by a subordinated lien on some or all of the assets of the borrower.

In some cases, our debt and preferred equity investments may provide for a portion of the interest or dividends payable to be payment-in-kind (“PIK”). To the extent interest or dividends are PIK, they will be payable through the increase of the principal amount of the loan or preferred equity by the amount of interest or dividend due on the then-outstanding aggregate principal amount of such loan or preferred equity and is generally collected upon repayment of the outstanding principal or redemption of the equity, as applicable.

In the case of our first and second lien senior secured loans, subordinated debt and preferred equity investments, we tailor the terms of the investment to the facts and circumstances of the transaction and the prospective portfolio company, negotiating a structure that aims to protect our rights and manage our risk while creating incentives for the portfolio company to achieve its business plan and improve its profitability. For example, in addition to generally seeking a senior position in the capital structure of our portfolio companies, we will seek, where appropriate, to limit the downside potential of our investments by:

• targeting a total return on our investments (including from both interest and potential equity appreciation) that compensates us for credit risk;

• incorporating call protection and interest rate floors for floating rate loans into the investment structure; and

• negotiating covenants in connection with our investments that afford our portfolio companies as much flexibility in managing their businesses as possible, consistent with preservation of our capital. Such restrictions may include affirmative and negative covenants, default penalties, lien protection, change of control provisions and board rights, including either observation or participation rights.

We generally require financial covenants and terms that require an issuer to reduce leverage, thereby enhancing credit quality. These methods include: (a) maintenance leverage covenants requiring a decreasing ratio of indebtedness to cash flow over time, (b) maintenance cash flow covenants requiring an increasing ratio of cash flow to the sum of interest expense and capital expenditures and (c) indebtedness incurrence prohibitions, limiting a company’s ability to take on additional indebtedness. In addition, by including limitations on asset sales and capital expenditures we may be able to prevent a borrower from changing the nature of its business or capitalization without our consent.

Structurally, subordinated debt usually ranks junior in priority of payment to senior secured loans and is often unsecured. However, subordinated debt ranks senior to preferred and common equity in a borrower’s capital structure. Subordinated debt investments generally offer lenders fixed returns in the form of interest payments and will often provide lenders an opportunity to participate in the capital appreciation of a borrower, if any, through an equity interest. This equity interest typically takes the form of preferred equity, an equity co-investment and/or warrants. The preferred equity, equity co-investment and warrants (if any) associated with a subordinated debt investment typically allow lenders to receive repayment of their debt principal on an agreed upon amortization schedule or at maturity while retaining their equity interest in the borrower.

We believe that our focus on generating proprietary deal flow and lead investing gives us greater control over the capital structures and investment terms described above and enables us to actively manage our investments. Moreover, by leading the investment process, we are often able to secure controlling positions in loan tranches, thereby providing additional control in investment outcomes.

To a lesser extent, we also make common equity investments, which have generally been non-control equity investments of less than $20 million (usually in conjunction with a concurrent debt investment). However, we may increase the size or change the nature of these investments.

ACQUISITION OPPORTUNITIES

We believe that there may be opportunity for further consolidation in our industry. From time to time, we evaluate potential strategic opportunities, including acquisitions of:

• asset portfolios;

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• other private and public finance companies, business development companies and asset managers; and

• selected secondary market assets.

We have been in, and from time to time may engage in, discussions with counterparties in respect of various potential strategic acquisition and investment transactions, including potential acquisitions of other finance companies, business development companies and asset managers. Some of these transactions could be material to our business and, if completed, could be difficult to integrate, result in increased leverage or dilution and/or subject us to unexpected liabilities. However, none of these discussions has progressed to the point at which the completion of any such transaction could be deemed to be probable or reasonably certain as of the date of this Annual Report. Completion of any such transaction would be subject to completion of due diligence, finalization of key business and financial terms (including price) and negotiation of final definitive documentation as well as a number of other factors and conditions including, without limitation, the approval of our board of directors, any required third-party consents and, in certain cases, the approval of our stockholders. We cannot predict how quickly the terms of any such transaction could be finalized, if at all. Accordingly, there can be no assurance that such transaction would be completed. In connection with evaluating potential strategic acquisition and investment transactions, we may incur significant expenses for the evaluation and due diligence investigation of these potential transactions.

ON-GOING RELATIONSHIPS WITH AND MONITORING OF PORTFOLIO COMPANIES

We closely monitor each investment we make, maintain a regular dialogue with both the management team and other stakeholders and seek specifically tailored financial reporting. In addition, senior investment professionals may take board seats or obtain board observation rights in connection with our portfolio companies. As of December 31, 2025, of our 603 portfolio companies, we were entitled to board seats or board observation rights on 14% of these companies and these companies represented approximately 24% of our portfolio at fair value.

In addition to covenants and other contractual rights and through board participation, when appropriate, we seek to enhance portfolio company performance post-investment by actively working with management on strategic and operating initiatives where there is an opportunity to do so. We often introduce managers of companies in which we have invested to other portfolio companies to capitalize on complementary business activities and best practices.

We believe that our focus on generating proprietary deal flow gives us greater control over capital structure and investment terms and lead investing enhances our ability to closely monitor each investment we make.

Our investment adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our investment adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The grade of a portfolio investment may be reduced or increased over time. The following is a description of each investment grade:

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

As of December 31, 2025, the weighted average grade of the investments in our portfolio at fair value was 3.1. For more information on our portfolio investment grades, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Portfolio and Investment Activity.”

MANAGERIAL ASSISTANCE

As a BDC, we must offer, and must provide upon request, significant managerial assistance to certain of our portfolio companies. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. Ares Operations may provide all or a portion of this assistance pursuant to our administration agreement, the costs of which will be reimbursed by us. We may receive fees for these services.

COMPETITION

Our primary competitors include public and private funds, commercial and investment banks, commercial finance companies, other BDCs and private equity funds, each of which we compete with for financing opportunities. Some of our competitors are substantially larger and have considerably greater financial and marketing resources than we do. For example, some competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wide variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the Investment Company Act imposes on us as a BDC. In addition, new competitors frequently enter the financing markets in which we operate. For more information concerning the competitive risks we face, see “Risk Factors—Risks Relating to Our Business—We operate in a highly competitive market for investment opportunities.”

We believe that the relationships of the members of our investment adviser’s U.S. direct lending investment committee and of the partners of Ares enable us to learn about, and compete effectively for, financing opportunities with attractive middle-market companies in the industries in which we seek to invest. We believe that Ares’ professionals’ deep and long-standing direct sponsor relationships and the resulting proprietary transaction opportunities that these relationships often present, provide valuable insight and access to transactions and information. We use the industry information of Ares’ investment professionals to which we have access to assess investment risks and determine appropriate pricing for our investments in portfolio companies.

STAFFING

We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees or affiliates of our investment adviser, Ares Capital Management, and our administrator, Ares Operations, each of which is a subsidiary of Ares Management, pursuant to the terms of our investment advisory and management agreement and our administration agreement, respectively, each as described below. Each of our
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