10-K – 2026-02-04 – arcc-20251231.htm

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.
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The Valuation Designee, subject to the oversight of our board of directors, undertakes a multi‑step valuation process each quarter, as described below:

• Our quarterly valuation process begins with a preliminary valuation being prepared by the investment professionals responsible for the portfolio investment in conjunction with our portfolio management and valuation team.

• Preliminary valuations are reviewed and discussed by the valuation committee of the Valuation Designee.

• When a portfolio investment is reviewed by an IVP:

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

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

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

• The valuation committee of the Valuation Designee determines the fair value of each investment in our portfolio without a readily available market quotation in good faith based on, among other things, the input of the IVPs, where applicable.

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

Fair Value of Financial Instruments

We follow ASC 825-10, R ecognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and a better understanding of the effect of the company’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. We have not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “other assets” and “debt,” which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.

We also follow ASC 820-10, which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires us to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, we have considered its principal market as the market in which we exit our portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

• Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

• Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

• Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
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In addition to using the above inputs in investment valuations, the Valuation Designee continues to employ its net asset valuation policy and procedures that have been reviewed by our board of directors in connection with their designation of our investment adviser as the valuation designee and are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10. Consistent with its valuation policy and procedures, the Valuation Designee evaluates the source of inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Because there is not a readily available market value for most of the investments in our portfolio, the fair value of the investments must typically be determined using unobservable inputs.

Our portfolio investments (other than as described below in the following paragraph) are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Valuation Designee may also employ other valuation multiples to determine EV, such as revenues or, in the case of certain portfolio companies in the power generation industry, kilowatt capacity. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where we have control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind-down analysis may be utilized to estimate EV. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where we do not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Valuation Designee considers the current contractual interest rate, the maturity and other terms of the investment relative to the risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by us are substantially illiquid with no active transaction market, the Valuation Designee depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

For other portfolio investments such as investments in the SDLP Certificates and IHAM, discounted cash flow analysis is the primary technique utilized to determine fair value. Expected future cash flows associated with the investment are discounted to determine a present value using a discount rate that reflects estimated market return requirements.

See Note 8 to our consolidated financial statements for the year ended December 31, 2025 for more information on our valuation process.

Item 7A.    Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, the conflicts in the Middle East, recent U.S. military action in Venezuela and concerns over future increases in inflation or adverse investor sentiment generally, introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below. For more information concerning these risks and their potential impact on our business and our operating results, see “Risk Factors—General Risk Factors—Difficult market and political conditions may adversely affect our businesses in many ways, including by reducing the value or hampering the performance of our investments or reducing our ability to raise or deploy capital, each of which could have a significant adverse effect on our business, financial condition and results of operations.”, “Risk Factors—Risks Relating to Our Investments—Economic recessions or downturns could impair our portfolio companies and harm our operating results” and “Risk Factors—Risks Relating to Our Business—Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies”.

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Investment Valuation Risk

Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by our investment adviser, as the valuation designee, subject to the oversight of our board of directors based on, among other things, the input of our IVP that have been engaged to support the valuation of each portfolio investment without a readily available market quotation quarterly, beginning as of the third quarter after origination (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” as well as Notes 2 and 8 to our consolidated financial statements for the year ended December 31, 2025 for more information relating to our investment valuation.

Interest Rate Risk
 
Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. See “Risk Factors—Risks Relating to Our Business—We are exposed to risks associated with changes in interest rates, including the current interest rate environment”.
 
In a prolonged low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

As of December 31, 2025, 72% of the investments at fair value in our portfolio bore interest and dividends at variable rates (including our investment in the SDLP Certificates which accounted for 4% of our total investments at fair value), 12% bore interest at fixed rates, 9% were non-income producing, 1% were on non-accrual status and 6% was our equity investment in IHAM which generally pays a quarterly dividend. Additionally, excluding our investment in the SDLP Certificates, 97% of the remaining variable rate investments at fair value contained interest rate floors. The Credit Facilities, the April 2036 CLO Notes, the October 2036 CLO Secured Loans and the January 2038 CLO Notes bear interest at variable rates with no interest rate floors. The Unsecured Notes bear interest at fixed rates, except that the January 2027 Notes, the March 2029 Notes, the July 2029 Notes and the September 2030 Notes have been swapped from a fixed rate to a floating rate through interest rate swaps. The January 2031 Notes and March 2032 Notes have been swapped from a fixed rate to a floating rate through forward starting interest rate swaps, with effective dates of July 15, 2026 and January 8, 2026, respectively. See Note 5 to our consolidated financial statements for the year ended December 31, 2025 for more information on our debt obligations. See Note 6 to our consolidated financial statements for the year ended December 31, 2025 for more information on the interest rate swaps.
 
We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

Based on our December 31, 2025 balance sheet, the following table shows the annualized impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:
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(in millions)
Basis Point Change Interest and Dividend
Income Interest
Expense(1) Net
Income(2)
Up 300 basis points $ 638  $ 293  $ 345 
Up 200 basis points $ 426  $ 195  $ 231 
Up 100 basis points $ 213  $ 98  $ 115 
Down 100 basis points $ (212) $ (98) $ (114)
Down 200 basis points $ (418) $ (195) $ (223)
Down 300 basis points $ (589) $ (293) $ (296)

________________________________________

(1) Includes the impact to interest expense related to the interest rate swaps related to the January 2027 Notes, the March 2029 Notes, the July 2029 Notes and the September 2030 Notes.

(2) Excludes the impact of any income based fee. See Note 3 to our consolidated financial statements for the year ended December 31, 2025 for more information on the income based fee.

Item 8.    Financial Statements and Supplementary Data

See the Index to Consolidated Financial Statements.

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

None.

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Item 9A.    Controls and Procedures

(a)     Evaluation of Disclosure Controls and Procedures.     We maintain disclosure controls and procedures (as that term is defined in Rules 13a‑15(e) and 15d‑15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2025. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of December 31, 2025, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

(b)     Management’s Annual Report on Internal Control over Financial Reporting.     Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our consolidated financial statements; providing reasonable assurance that receipts and expenditures of company assets are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use or disposition of company assets that could have a material effect on our consolidated financial statements would be prevented or detected on a timely basis. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a material misstatement of our consolidated financial statements would be prevented or detected.

Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that the Company's internal control over financial reporting was effective as of December 31, 2025. The Company's independent registered public accounting firm, KPMG LLP, has issued an audit report on the effectiveness of the Company's internal control over financial reporting.

(c)     Attestation Report of the Registered Public Accounting Firm.     Our independent registered public accounting firm, KPMG LLP, has issued an attestation report on the effectiveness of our internal control over financial reporting which is set forth under the heading “Report of Independent Registered Public Accounting Firm” on page F-2.

(d)     Changes in Internal Control over Financial Reporting.     There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended December 31, 2025, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B.    Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended December 31, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 9C.    Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.
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PART III

Item 10.    Directors, Executive Officers and Corporate Governance

The information required by this item will be contained in the Company’s definitive Proxy Statement for its 2026 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2025, and is incorporated herein by reference.

Item 11.    Executive Compensation

The information required by this item will be contained in the Company’s definitive Proxy Statement for its 2026 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2025, and is incorporated herein by reference.

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

The information required by this item will be contained in the Company’s definitive Proxy Statement for its 2026 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2025, and is incorporated herein by reference.

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

The information required by this item will be contained in the Company’s definitive Proxy Statement for its 2026 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2025, and is incorporated herein by reference.

Item 14.    Principal Accountant Fees and Services

The information required by this item will be contained in the Company’s definitive Proxy Statement for its 2026 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2025, and is incorporated herein by reference.

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PART IV

Item 15.    Exhibits, Financial Statement Schedules

The following documents are filed as part of this Annual Report:

1.    Financial Statements—See the Index to Consolidated Financial Statements on Page F-1.

2.    Financial Statement Schedules—None. We have omitted financial statement schedules because they are not required or are not applicable, or the required information is shown in the financial statements or notes to the financial statements.

3.    Exhibits.

Exhibit Number Document
3.1
Articles of Amendment and Restatement, as amended (incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q (File No. 814-00663) for the quarter ended March 31, 2023, filed on April 25, 2023).
3.2
Third Amended and Restated Bylaws, as amended (incorporated by reference to Exhibit 3.2 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2018, filed on February 12, 2019).
4.1
Form of Stock Certificate (incorporated by reference to Exhibit (d) to the Company’s pre effective Amendment No. 2 to the Registration Statement under the Securities Act, on Form N-2 (File No. 333-114656), filed on September 28, 2004).
4.2
Form of Subscription Certificate (incorporated by reference to Exhibit (d)(4) to the Company’s pre effective Amendment No. 2 to the Registration Statement under the Securities Act, on Form N-2 (File No. 333-149139), filed on April 9, 2008).
4.3
Indenture, dated as of October 21, 2010, between Ares Capital Corporation and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814 00663), filed on October 22, 2010).
4. 4
Twelfth Supplemental Indenture, dated as of July 15, 2020, relating to the 3.875% Notes due 2026, between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on July 15, 2020).
4. 5
Form of 3.875% Notes due 2026 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on July 15, 2020).
4. 6
Fourteenth Supplemental Indenture, dated as of June 10, 2021, relating to the 2.875% Notes due 2028, between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on June 10, 2021).
4. 7
Form of 2.875% Notes due 2028 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on June 10, 2021).
4. 8
Fifteenth Supplemental Indenture, dated as of November 4, 2021, relating to the 3.200% Notes due 2031, between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on November 4, 2021).
4. 9
Form of 3.200% Notes due 2031 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on November 4, 2021).
4.1 0
Sixteenth Supplemental Indenture, dated as of January 13, 2022, relating to the 2.875% Notes due 2027, between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on January 13, 2022).
4.11
Form of 2.875% due 2027 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on January 13, 2022).
4.1 2
Seventeenth Supplemental Indenture, dated as of August 3, 2023, relating to the 7.000% Notes due 2027, between Ares Capital Corporation and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on August 3, 2023).
4.1 3
Form of 7.000% Notes due 2027 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on August 3, 2023).
4. 14
Eighteenth Supplemental Indenture, dated as of January 23, 2024, relating to the 5.875% Notes due 2029, between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on January 23, 2024).

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Exhibit Number Document
4. 15
Form of 5.875% Notes due 2029 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on January 23, 2024).
4. 16
Indenture, dated as of May 13, 2024, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 10-Q (File No. 814-000663), for the quarter ended June 30, 2024, filed on July 30, 2024).
4. 17
First Supplemental Indenture, dated as of May 13, 2024, relating to the 5.950% Notes due 2029, between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on May 13, 2024).
4. 18
Form of 5.950% Notes due 2029 (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on May 13, 2024).
4. 19
Second Supplemental Indenture, dated as of January 8, 2025, relating to the 5.800% Notes due 2032, between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on January 8, 2025).
4.2 0
Form of 5.800% Notes due 2032 (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on January 8, 2025).
4.21
Third Supplemental Indenture, dated as of June 3, 2025, relating to the 5.500% Notes due 2030, between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on June 3, 2025).
4.22
Form of 5.500% Notes due 2030 (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on June 3, 2025).
4.23
Fourth Supplemental Indenture, dated as of September 9, 2025, relating to the 5.100% Notes due 2031, between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on September 9, 2025).
4.24
Form of 5.100% Notes due 2031 (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on September 9, 2025).
4.25
Fifth Supplemental Indenture, dated as of January 12, 2026, relating to the 5.250% Notes due 2031, between the Company and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on January 12, 2026).
4.26
Form of 5.250% Notes due 2031 (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on January 12, 2026).
4.27
Indenture, dated as of May 24, 2024, by and between Ares Direct Lending CLO 1 LLC, as issuer, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on May 31, 2024).
4.28
Form of Class A Senior Floating Rate Notes due 2036 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on May 31, 2024).
4.29
Form of Class B Senior Floating Rate Notes due 2036 (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on May 31, 2024).
4.30
Form of Subordinated Notes due 2036 (incorporated by reference to Exhibit 4.4 to the Company’s Form 8-K (File No. 814-00663), filed on May 31, 2024).
4.31
Indenture and Security Agreement, dated as of November 19, 2024, by and between Ares Direct Lending CLO 4 LLC, as issuer, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on November 25, 2024).
4.32
Form of Class A Senior Floating Rate Notes due 2036 (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on November 25, 2024).
4.33
Form of Class B Senior Floating Rate Notes due 2036 (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on November 25, 2024).
4.34
Form of Subordinated Notes due 2036 (incorporated by reference to Exhibit 4.4 to the Company’s Form 8-K (File No. 814-00663), filed on November 25, 2024).
4.35
Indenture, dated as of December 3, 2025, by and between Ares Direct Lending CLO 7 LLC, as issuer, and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025).
4.36
Form of Class A-1 Senior Floating Rate Notes due 2038 (contained in the Indenture filed as Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025) (incorporated by reference to Exhibit 4.2 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025).
4.37
Form of Class A-2 Senior Floating Rate Notes due 2038 (contained in the Indenture filed as Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025) (incorporated by reference to Exhibit 4.3 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025).

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Exhibit Number Document
4.38
Form of Class B Senior Floating Rate Notes due 2038 (contained in the Indenture filed as Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663) (incorporated by reference to Exhibit 4.4 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025).
4.39
Form of Subordinated Notes due 2038 (contained in the Indenture filed as Exhibit 4.1 to the Company’s Form 8-K (File No. 814-00663) (incorporated by reference to Exhibit 4.5 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025).
4.40
Description of Securities (incorporated by reference to Exhibit 4.35 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2024, filed on February 5, 2025).
10.1
Dividend Reinvestment Plan of Ares Capital Corporation (incorporated by reference to Exhibit 10.1 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2018, filed on February 12, 2019).
10.2
Second Amended and Restated Investment Advisory and Management Agreement between Ares Capital Corporation and Ares Capital Management LLC, dated as of June 6, 2019 (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on June 7, 2019).
10.3
Amended and Restated Administration Agreement, dated as of June 1, 2007, between Ares Capital Corporation and Ares Operations LLC (incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q (File No. 814-00663) for the quarter ended June 30, 2007, filed on August 9, 2007).
10.4
Amended and Restated Custodian Agreement, dated as of May 15, 2009, between Ares Capital Corporation and U.S. Bank National Association (incorporated by reference to Exhibit (j) to the Company’s pre-effective Amendment No. 1 to the Registration Statement under the Securities Act, on Form N-2 (File No. 333-158211), filed on May 28, 2009).
10.5
Amendment No. 1, dated as of December 19, 2014, to the Amended and Restated Custodian Agreement dated as of May 15, 2009, by and among Ares Capital Corporation and U.S. Bank National Association (incorporated by reference to Exhibit 10.5 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2014, filed on February 26, 2015).
10.6
Trademark License Agreement between Ares Capital Corporation and Ares Management LLC (incorporated by reference to Exhibit 99(k)(3) to the Company’s pre-effective Amendment No. 1 to the Registration Statement under the Securities Act, on Form N-2 (File No. 333-114656), filed on September 17, 2004).
10.7
Form of Indemnification Agreement between Ares Capital Corporation and directors and certain officers (incorporated by reference to Exhibit (k)(3) to the Company’s Registration Statement under the Securities Act, on Form N-2 (File No. 333-188175), filed on April 26, 2013).
10.8
Form of Indemnification Agreement between Ares Capital Corporation and members of Ares Capital Management LLC investment committee (incorporated by reference to Exhibit (k)(4) to the Company’s Registration Statement under the Securities Act, on Form N-2 (File No. 333-188175), filed on April 26, 2013).
10.9
Amended and Restated Purchase and Sale Agreement, dated as of January 22, 2010, among Ares Capital Corporation, as seller, and Ares Capital CP Funding Holdings LLC, as purchaser (incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K (File No. 814-00663), filed on January 25, 2010).
10.10
Amendment No. 1 to Amended and Restated Purchase and Sale Agreement, dated as of June 7, 2012, among Ares Capital Corporation, as seller, and Ares Capital CP Funding Holdings LLC, as purchaser (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-0663), filed on June 8, 2012).
10.11
Second Tier Purchase and Sale Agreement, dated as of January 22, 2010, among Ares Capital CP Funding Holdings LLC, as seller, and Ares Capital CP Funding LLC, as purchaser (incorporated by reference to Exhibit 10.4 to the Company’s Form 8-K (File No. 814-00663), filed on January 25, 2010).
10.12
Amendment No. 1 to Second Tier Purchase and Sale Agreement, dated as of June 7, 2012, among Ares Capital CP Funding Holdings LLC, as seller, and Ares Capital CP Funding LLC, as purchaser (incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K (File No. 814-0663), filed on June 8, 2012).
10.13
Amended and Restated Sale and Servicing Agreement, dated as of January 22, 2010, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer, Wachovia Bank, National Association, as note purchaser, U.S. Bank National Association, as trustee and collateral custodian, and Wells Fargo Securities, LLC, as agent (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-00663), filed on January 25, 2010).
10.14
Amendment No. 1 to the Amended and Restated Sale and Servicing Agreement, dated as of May 6, 2010, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer, Wells Fargo Bank, National Association, as successor by merger to Wachovia Bank as note purchaser, U.S. Bank, National Association, as trustee and collateral custodian, and Wells Fargo Securities LLC, as agent (incorporated by reference to Exhibit 10.5 to the Company’s Form 10-Q (File No. 814-00663) for the quarter ended March 30, 2010, filed on May 10, 2010).

108

Exhibit Number Document
10.15
Amendment No. 2 to the Amended and Restated Sale and Servicing Agreement, dated as of January 18, 2011, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer, Wells Fargo Bank, National Association, as successor by merger to Wachovia Bank as note purchaser, U.S. Bank National Association, as trustee and collateral custodian, and Wells Fargo Securities, LLC, as agent (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on January 19, 2011).
10.16
Amendment No. 3 to the Amended and Restated Sale and Servicing Agreement, dated as of October 13, 2011, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer and as transferor, Wells Fargo Bank, National Association (as successor by merger to Wachovia Bank, National Association), as note purchaser, U.S. Bank National Association, as trustee, collateral custodian and bank and Wells Fargo Securities, LLC, as agent (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on October 14, 2011).
10.17
Amendment No. 4 to the Amended and Restated Sale and Servicing Agreement, dated as of January 18, 2012, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Wells Fargo Bank, National Association (as successor by merger to Wachovia Bank, National Association), as note purchaser, Wells Fargo Securities, LLC, as agent, and U.S. Bank National Association, as collateral custodian, trustee and bank (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on January 19, 2012).
10.18
Amendment No. 5 to the Amended and Restated Sale and Servicing Agreement, dated as of June 7, 2012, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Wells Fargo Bank, National Association (as successor by merger to Wachovia Bank, National Association), as note purchaser, Wells Fargo Securities, LLC, as agent, and U.S. Bank National Association, as collateral custodian, trustee and bank (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-0663), filed on June 8, 2012).
10.19
Amendment No. 6 to Loan and Servicing Agreement, dated as of January 25, 2013, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Wells Fargo Securities, LLC, as agent, Wells Fargo Bank, National Association, as swingline lender, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on January 28, 2013).
10.20
Omnibus Amendment, dated as of May 14, 2014, among Ares Capital CP Funding LLC, Ares Capital CP Funding Holdings LLC, Ares Capital Corporation, Wells Fargo Bank, National Association, as swingline lender and as a lender, Wells Fargo Securities, LLC, as agent, and U.S. Bank National Association, as trustee, bank and collateral custodian (amending the Loan and Servicing Agreement, dated as of January 22, 2010, the Amended and Restated Purchase and Sale Agreement, dated as of January 22, 2010, and the Second Tier Purchase and Sale Agreement, dated as of January 22, 2010) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on May 15, 2014).
10.21
Amendment No. 8 to the Loan and Servicing Agreement, dated as of January 3, 2017, among Ares Capital CP Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Wells Fargo Securities, LLC, as agent, and Wells Fargo Bank, National Association, as swingline lender, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on January 4, 2017).
10.22
Amendment No. 9 to Loan and Servicing Agreement, dated as of October 2, 2017, among Ares Capital CP Funding LLC, as borrower, the Company, as servicer, Wells Fargo Bank, National Association, as swingline lender, as a lender and as a successor agent, Wells Fargo Securities, LLC, as the resigning agent, Bank of America, N.A. as a lender, U.S. Bank National Association as collateral custodian, trustee and bank, and the other lenders party thereto (incorporated by reference to Exhibit 10.22 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2021, filed on February 9, 2022).
10.23
Amendment No. 10 to Loan and Servicing Agreement, dated as of October 2, 2018, among Ares Capital CP Funding LLC, Ares Capital Corporation, Wells Fargo Bank National Association, as the agent and Wells Fargo Bank, National Association, as a lender and Bank of America, N.A. (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-00663), filed on October 3, 2018).
10.24
Amendment No. 11 to Loan and Servicing Agreement, dated as of December 14, 2018, among Ares Capital CP Funding LLC, Ares Capital Corporation, Wells Fargo Bank National Association, as the agent and Wells Fargo Bank, National Association, as a lender and Bank of America, N.A. (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on December 17, 2018).
10.25
Amendment No. 12 to Loan and Servicing Agreement, dated as of June 18, 2019, among Ares Capital CP Funding LLC, as the borrower, Ares Capital Corporation, as the servicer, Wells Fargo Bank, National Association, as the agent, Wells Fargo Bank, National Association, as a lender, Bank of America, N.A, as a lender and U.S. Bank National Association, as trustee, bank and collateral custodian (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on June 19, 2019).

109

Exhibit Number Document
10.26
Amendment No. 13 to Loan and Servicing Agreement, dated as of January 31, 2020, among Ares Capital CP Funding LLC, as the borrower, Ares Capital Corporation, as the servicer, Wells Fargo Bank, National Association, as the agent, Wells Fargo Bank, National Association, as a lender, Bank of America, N.A, as a lender, TIAA, FSB, as a lender, Sampension Livsforsikring A/S, as a lender, Arkitekternes Pensionskasse, as a lender, Pensionskassen for Jordbrugsakademikere og Dyrlæger, as a lender and U.S. Bank National Association, as trustee, bank and collateral custodian (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on February 3, 2020).
10.27
Amendment No. 14 to Loan and Servicing Agreement, dated as of November 13, 2020, among Ares Capital CP Funding LLC, as borrower, the Company, as servicer, Wells Fargo Bank, National Association, as agent, Wells Fargo Bank, National Association, as a lender, and Bank of America, N.A., as a lender, and U.S. Bank National Association, as trustee, bank and collateral custodian (incorporated by reference to Exhibit 10.27 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2021, filed on February 9, 2022).
10.28
Amendment No. 15 to Loan and Servicing Agreement, dated as of December 29, 2021, among Ares Capital CP Funding LLC, as borrower, the Company as servicer, Wells Fargo Bank, National Association, as agent, the lenders named therein, and U.S. Bank National Association, as trustee, bank and collateral custodian (incorporated by reference to Exhibit 10.1 to the Company’s Form 8‑K (File No. 814‑00663), filed on January 3, 2022).
10.29
Amendment No. 16 to Loan and Servicing Agreement, dated as of June 30, 2022, among Ares Capital CP Funding LLC, as the borrower, Ares Capital Corporation, as the servicer, Wells Fargo Bank, National Association, as the agent, Wells Fargo Bank, National Association, as a lender, Bank of America, N.A, as a lender, Sampension Livsforsikring A/S, as a lender, Arkitekternes Pensionskasse, as a lender, Pensionskassen for Jordbrugsakademikere og Dyrlæger, as a lender, Canadian Imperial Bank of Commerce, as a lender, U.S. Bank Trust Company, National Association, as trustee and U.S. Bank National Association, as bank and collateral custodian (incorporated by reference to Exhibit 10.1 to the Company’s Form 8‑K (File No. 814‑00663), filed on July 1, 2022).
10.30
Amendment No. 17 to Loan and Servicing Agreement, dated as of October 8, 2024, among Ares Capital CP Funding LLC, as the borrower, Ares Capital Corporation, as the servicer, Wells Fargo Bank, National Association, as the agent, Wells Fargo Bank, National Association, as a lender, Bank of America, N.A, as a lender, Sampension Livsforsikring A/S, as a lender, Arkitekternes Pensionskasse, as a lender, Pensionskassen for Jordbrugsakademikere og Dyrlæger, as a lender, Pensionskassen for Teknikum og Diplomingeniører, as a lender, Canadian Imperial Bank of Commerce, as a lender, U.S. Bank Trust Company, National Association, as trustee and U.S. Bank National Association, as bank and collateral custodian (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on October 11, 2024).
10.31
Amendment No. 18 to Loan and Servicing Agreement, dated as of July 28, 2025, among Ares Capital CP Funding LLC, as the borrower, Ares Capital Corporation, as the servicer, Wells Fargo Bank, National Association, as the agent, the lenders party thereto, U.S. Bank Trust Company, National Association, as trustee and U.S. Bank National Association, as bank and collateral custodian (incorporated by reference to Exhibit 10.3 to the Company’s Form 10-Q (File No. 814-00663) for the quarter ended June 30, 2025, filed on July 29, 2025).
10.3 2
Sixteenth Amended and Restated Senior Secured Credit Agreement, dated as of April 15, 2025, among Ares Capital Corporation, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-000663), filed on April 21, 2025).
10.3 3
Loan and Servicing Agreement, dated as of January 20, 2012, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender, and U.S. Bank National Association, as collateral custodian and bank (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on January 24, 2012).
10.3 4
Purchase and Sale Agreement, dated as of January 20, 2012, between Ares Capital JB Funding LLC, as purchaser, and Ares Capital Corporation, as seller (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-00663), filed on January 24, 2012).
10.3 5
Revolving Credit and Security Agreement, dated as of June 11, 2020, among ARCC FB Funding LLC, as the borrower, BNP Paribas, as the administrative agent, Ares Capital Corporation as equity holder and servicer, and U.S. Bank National Association as collateral agent (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on June 16, 2020).
10.3 6
Purchase and Sale Agreement, dated as of June 11, 2020, between ARCC FB Funding LLC, as the purchaser and Ares Capital Corporation, as the seller (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-00663), filed on June 16, 2020).

110

Exhibit Number Document
10.3 7
First Amendment to the Revolving Credit and Security Agreement, dated as of December 21, 2020, among ARCC FB Funding LLC, as the borrower, BNP Paribas, as the administrative agent, Ares Capital Corporation as equity holder and servicer, and U.S. Bank National Association as collateral agent (incorporated by reference to Exhibit 10.31 to the Company’s Form 10-K (File No. 814-00663), for the year ended December 30, 2020, filed on February 10, 2021).
10.3 8
Second Amendment to the Revolving Credit and Security Agreement, dated as of June 29, 2021, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on July 1, 2021).
10.3 9
Third Amendment to the Revolving Credit and Security Agreement, dated as of August 17, 2022, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank Trust Company, National Association, as collateral agent (incorporated by reference to Exhibit 10.37 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2022, filed on February 7, 2023).
10. 40
Fourth Amendment to the Revolving Credit and Security Agreement, dated as of January 9, 2023, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent (incorporated by reference to Exhibit 10.38 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2022, filed on February 7, 2023).
10.4 1
Fifth Amendment to the Revolving Credit and Security Agreement, dated as of April 20, 2023, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent (incorporated by reference to Exhibit 10.3 to the Company’s Form 10-Q (File No. 814-00663) for the quarter ended March 31, 2023, filed on April 25, 2023).
10.4 2
Sixth Amendment to the Revolving Credit and Security Agreement, dated as of December 14, 2023, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on December 19, 2023).
10.4 3
Seventh Amendment to the Revolving Credit and Security Agreement, dated as of April 12, 2024, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-00663), filed on April 17, 2024).
10.4 4
Eighth Amendment to the Revolving Credit and Security Agreement, dated as of July 25, 2024, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent (incorporated by reference to Exhibit 10.6 to the Company’s 10-Q (File No. 814-000663), for the quarter ended June 30, 2024, filed on July 30, 2024).
10.45
Ninth Amendment to the Revolving Credit and Security Agreement, dated as of March 20, 2025, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Ares Capital Corporation, as equityholder and servicer, and U.S. Bank National Association, as collateral agent (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-000663), filed on March 24, 2025).
10.4 6
Omnibus Amendment No. 1, dated as of September 14, 2012, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012, and the Purchase and Sale Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on September 17, 2012).
10.4 7
Omnibus Amendment No. 2, dated as of December 20, 2013, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012, and the Purchase and Sale Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on December 23, 2013).

111

Exhibit Number Document
10.4 8
Omnibus Amendment No. 3, dated as of June 30, 2015, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012, and the Purchase and Sale Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on July 1, 2015).
10.4 9
Omnibus Amendment No. 4, dated as of August 24, 2017, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on August 28, 2017).
10. 50
Omnibus Amendment No. 5, dated as of September 12, 2018, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on September 13, 2018).
10. 51
Omnibus Amendment No. 6, dated as of September 10, 2019, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012 and the Purchase and Sale Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on September 10, 2019).
10.5 2
Omnibus Amendment No. 7, dated as of December 31, 2019, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012 and the Purchase and Sale Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on January 2, 2020).
10.5 3
Amendment No. 8, dated as of May 28, 2021, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on May 28, 2021).
10.5 4
Amendment No. 9, dated as of April 28, 2023, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on May 4, 2023).
10.5 5
Amendment No. 10, dated as of March 28, 2024, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, and U.S. Bank National Association, as collateral custodian and bank (amending the Loan and Servicing Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on April 3, 2024).
10.5 6
Amendment No. 11, dated as of December 6, 2024, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, Citizens Bank, N.A., as lender, and Sumitomo Mitsui Trust Bank, Limited, New York Branch, as lender (amending the Loan and Servicing Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on December 11, 2024).
10.57
Amendment No. 12, dated as of July 25, 2025, among Ares Capital JB Funding LLC, as borrower, Ares Capital Corporation, as servicer and transferor, Sumitomo Mitsui Banking Corporation, as administrative agent, lender and collateral agent, Citizens Bank, N.A., as lender, and Sumitomo Mitsui Trust Bank, Limited, New York Branch, as lender (amending the Loan and Servicing Agreement, dated as of January 20, 2012) (incorporated by reference to Exhibit 10.2 to the Company’s Form 10-Q (File No. 814-00663) for the quarter ended June 30, 2025, filed on July 29, 2025).
10.5 8
Uncommitted Continuing Agreement for Standby Letters of Credit and Demand Guarantees, dated as of May 11, 2023, between Ares Capital Corporation and Deutsche Bank AG New York Branch, as the issuer (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on May 17, 2023).

112

Exhibit Number Document
10.5 9
Collateral Administration Agreement, dated as of May 24, 2024, by and between Ares Direct Lending CLO 1 LLC, as issuer, Ares Capital Management LLC, as asset manager, and U.S. Bank Trust Company, National Association as collateral administrator (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on May 31, 2024).
10. 60
Asset Management Agreement, dated as of May 24, 2024, by and between Ares Direct Lending CLO 1 LLC, as issuer and Ares Capital Management LLC, as asset manager (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-00663), filed on May 31, 2024).
10. 61
Master Purchase and Sale Agreement, dated as of May 24, 2024, by and between Ares Capital Corporation, as seller, and Ares Direct Lending CLO 1 LLC, as buyer (incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K (File No. 814-00663), filed on May 31, 2024).
10. 6 2
Contribution Agreement, dated as of May 24, 2024, by and between Ares Capital Corporation, as transferor, and Ares Direct Lending CLO 1 LLC, as transferee (incorporated by reference to Exhibit 10.4 to the Company’s Form 8-K (File No. 814-00663), filed on May 31, 2024).
10.6 3
Equity Distribution Agreement, dated as of February 5, 2025, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and Truist Securities, Inc. (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on February 5, 2025).

10.6 4
Equity Distribution Agreement, dated as of February 5, 2025, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and Mizuho Securities USA LLC (incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K (File No. 814-00663), filed on February 5, 2025).
10.6 5
Equity Distribution Agreement, dated as of February 5, 2025, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and RBC Capital Markets, LLC (incorporated by reference to Exhibit 10.4 to the Company’s Form 8-K (File No. 814-00663), filed on February 5, 2025).
10.6 6
Equity Distribution Agreement, dated as of February 5, 2025, among Ares Capital Corporation, Ares Capital Management LLC, Ares Operations LLC and Regions Securities LLC (incorporated by reference to Exhibit 10.5 to the Company’s Form 8-K (File No. 814-00663), filed on February 5, 2025).
10.6 7
Class A Credit Agreement, dated as of November 19, 2024, by and among Ares Direct Lending CLO 4 LLC, as borrower, the lenders party thereto, and U.S. Bank Trust Company, National Association, as loan agent and collateral trustee (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on November 25, 2024).
10.6 8
Class B Credit Agreement, dated as of November 19, 2024, by and among Ares Direct Lending CLO 4 LLC, as borrower, the lenders party thereto, and U.S. Bank Trust Company, National Association, as loan agent and collateral trustee (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-00663), filed on November 25, 2024).
10.6 9
Collateral Administration Agreement, dated as of November 19, 2024, by and between Ares Direct Lending CLO 4 LLC, as issuer, Ares Capital Management LLC, as asset manager, and U.S. Bank Trust Company, National Association as collateral administrator (incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K (File No. 814-00663), filed on November 25, 2024).
10. 70
Asset Management Agreement, dated as of November 19, 2024, by and between Ares Direct Lending CLO 4 LLC, as issuer and Ares Capital Management LLC, as asset manager (incorporated by reference to Exhibit 10.4 to the Company’s Form 8-K (File No. 814-00663), filed on November 25, 2024).
10. 71
Master Purchase and Sale Agreement, dated as of November 19, 2024, by and between Ares Capital Corporation, as seller, and Ares Direct Lending CLO 4 LLC, as buyer (incorporated by reference to Exhibit 10.5 to the Company’s Form 8-K (File No. 814-00663), filed on November 25, 2024).
10.7 2
Contribution Agreement, dated as of November 19, 2024, by and between Ares Capital Corporation, as transferor, and Ares Direct Lending CLO 4 LLC, as transferee (incorporated by reference to Exhibit 10.6 to the Company’s Form 8-K (File No. 814-00663), filed on November 25, 2024).
10.73
Collateral Administration Agreement, dated as of December 3, 2025, by and between Ares Direct Lending CLO 7 LLC, as issuer, Ares Capital Management LLC, as asset manager, and U.S. Bank Trust Company, National Association, as collateral administrator (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025).
10.74
Asset Management Agreement, dated as of December 3, 2025, by and between Ares Direct Lending CLO 7 LLC, as issuer, and Ares Capital Management LLC, as asset manager (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025).
10.75
Master Purchase and Sale Agreement, dated as of December 3, 2025, by and between Ares Capital Corporation, as seller, and Ares Direct Lending CLO 7 LLC, as buyer (incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025).
10.76
Contribution Agreement, dated as of December 3, 2025, by and between Ares Capital Corporation, as transferor, and Ares Direct Lending CLO 7 LLC, as transferee (incorporated by reference to Exhibit 10.4 to the Company’s Form 8-K (File No. 814-00663), filed on December 9, 2025).
11.1
Statement of Computation of Per Share Earnings (included in Note 10 to the Company’s Notes to Consolidated Financial Statements filed herewith).

113

Exhibit Number Document
19.1
Insider Trading Policy (incorporated by reference to Exhibit 97.2 to the Company’s Form 10-K (File No. 814-00663), for the year ended December 31, 2024, filed on February 5, 2025).
21.1
Subsidiaries of Ares Capital Corporation*
23.1
Consent of Independent Registered Public Accounting Firm*
31.1
Certification by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2
Certification by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1
Certification by Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
97.1
Clawback Policy (incorporated by reference to Exhibit 97.1 to the Company’s Form 10-K (File No. 814-00663) for the year ended December 31, 2023, filed on February 7, 2024).
99.1
Report of Independent Registered Public Accounting Firm on Supplemental Information*
99.2
Supplemental Financial Information of Senior Direct Lending Program, LLC as of December 31, 2025 and 2024*
101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document*
101.SCH Inline XBRL Taxonomy Extension Schema Document*
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

________________________________________

* Filed herewith
** Furnished herewith

Item 16.    Form 10-K Summary

None.

114

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Reports of Independent Registered Public Accounting Firm ( KPMG LLP , Los Angeles, California , PCAOB ID 185 )
F- 2

Consolidated Balance Sheet as of December 31, 202 5 and 202 4
F- 5

Consolidated Statement of Operations for the years ended December 31, 202 5 , 202 4 and 202 3
F- 6

Consolidated Schedules of Investments as of December 31, 202 5 and 202 4
F- 86

Consolidated Statement of Stockholders’ Equity for the years ended December 31, 202 5 , 202 4 and 202 3
F- 158

Consolidated Statement of Cash Flows for the years ended December 31, 202 5 , 202 4 and 202 3
F- 159

Notes to Consolidated Financial Statements
F- 160

F-1

Report of Independent Registered Public Accounting Firm
To the Stockholders and Board of Directors
Ares Capital Corporation:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Ares Capital Corporation and subsidiaries (the Company), including the consolidated schedules of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 4, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025 and 2024, by correspondence with the custodian, agent banks, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Fair value of investments

As discussed in Notes 2 and 4 to the consolidated financial statements, consistent with the Company’s valuation policy and in consideration of the fact that there is not a readily available market value for most of the investments in the Company’s portfolio, the Company measures substantially all of its investments at fair value using unobservable inputs and assumptions.

We identified the evaluation of the fair value of investments as a critical audit matter. Due to the inherent estimation uncertainty, assessment of the Company’s judgments regarding the use of specific valuation assumptions involved a high degree of subjective auditor judgment. Changes in these assumptions could have a significant impact on the fair value of investments. In particular, the Company made judgments relating to the market yields used in yield analyses for debt and
F-2

other interest-bearing investments, market multiples used in determining enterprise values, and discount rates used in discounted cash flow analyses. Additionally, specialized skills and knowledge were required to evaluate these assumptions.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's process to measure the fair value of its investments. These included controls related to the development of the market yield, market multiples, and discount rate assumptions used in the Company’s valuations. We also evaluated the Company’s ability to estimate fair value by comparing a selection of prior period fair values to transaction prices of transactions occurring subsequent to the prior period valuation date. To assess management’s use of the market yield, market multiples, and discount rate assumptions to measure fair value of its investments, for a selection of investments, we assessed these assumptions by using third-party market and industry data. For a selection of the Company’s investments, we involved valuation professionals with specialized skills and knowledge, who assisted in:

• developing a range of market yields, market multiples, and discount rate assumptions using market information and comparing them to the assumptions used by the Company

• evaluating the Company’s estimate of fair value by developing an independent estimate of fair value based upon independently developed ranges for market yields, market multiples, and discount rate assumptions.

/s/ KPMG LLP

We have served as the Company’s auditor since 2004.
Los Angeles, California
February 4, 2026

F-3

Report of Independent Registered Public Accounting Firm
To the Stockholders and Board of Directors
Ares Capital Corporation:
Opinion on Internal Control Over Financial Reporting
We have audited Ares Capital Corporation and subsidiaries’ (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company, including the consolidated schedules of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated February 4, 2026 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Los Angeles, California
February 4, 2026
F-4

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions, except per share data)

  As of December 31,
2025 2024

ASSETS
Investments at fair value    
Non-controlled/non-affiliate company investments $ 24,872   $ 22,145  
Non-controlled affiliate company investments 600   707  
Controlled affiliate company investments 4,013   3,868  
Total investments at fair value (amortized cost of $ 29,250 and $ 26,374 , respectively)
29,485   26,720  
Cash and cash equivalents 638   635  
Restricted cash 286   225  
Interest receivable 288   292  

Receivable for open trades 317   224  
Other assets 221   158  
Total assets $ 31,235   $ 28,254  
LIABILITIES  
Debt $ 15,991   $ 13,727  
Base management fee payable 111   100  
Income based fee payable 89   91  
Capital gains incentive fee payable 82   105  
Interest and facility fees payable 193   170  
Payable to participants 131   163  
Interest rate swap collateral payable 155   62  
Payable for open trades 5   236  
Accounts payable and other liabilities 132   121  
Deferred tax liabilities 28   92  
Secured borrowings —   32  
Total liabilities 16,917   14,899  
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY  
Common stock, par value $ 0.001 per share, 1,000 common shares authorized; 718 and 672 common shares issued and outstanding, respectively
1   1  
Capital in excess of par value 13,359   12,502  
Accumulated undistributed earnings 958   852  
Total stockholders’ equity 14,318   13,355  
Total liabilities and stockholders’ equity $ 31,235   $ 28,254  
NET ASSET VALUE PER SHARE $ 19.94   $ 19.89  

See accompanying notes to consolidated financial statements.

F-5

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(in millions, except per share data)

  For the Years Ended December 31,
  2025 2024 2023

INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest income (excluding payment-in-kind (“PIK”) interest income) $ 1,790   $ 1,749   $ 1,564  
PIK interest income 184   174   143  
Capital structuring service fees 178   156   83  
Dividend income (excluding PIK dividend income) 30   49   47  
PIK dividend income 266   253   195  
Other income 87   55   53  
Total investment income from non-controlled/non-affiliate company investments 2,535   2,436   2,085  
From non-controlled affiliate company investments:
Interest income (excluding PIK interest income) 15   20   12  
PIK interest income 17   14   5  
Capital structuring service fees 1   3   —  
Dividend income (excluding PIK dividend income) —   2   7  
Other income —   2   —  
Total investment income from non-controlled affiliate company investments 33   41   24  
From controlled affiliate company investments:
Interest income (excluding PIK interest income) 159   187   220  
PIK interest income 18   18   18  
Capital structuring service fees 6   13   9  
Dividend income (excluding PIK dividend income) 293   286   250  
PIK dividend income 2   4   2  
Other income 6   5   6  
Total investment income from controlled affiliate company investments 484   513   505  
Total investment income 3,052   2,990   2,614  
EXPENSES:
Interest and credit facility fees 793   715   582  
Base management fee 425   374   323  
Income based fee 348   364   328  
Capital gains incentive fee ( 23 ) 18   53  
Administrative and other fees 15   12   13  
Other general and administrative 36   31   29  
Total expenses 1,594   1,514   1,328  
NET INVESTMENT INCOME BEFORE INCOME TAXES 1,458   1,476   1,286  
Income tax expense, including excise taxes 43   40   28  
NET INVESTMENT INCOME 1,415   1,436   1,258  
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FOREIGN CURRENCY AND OTHER TRANSACTIONS:
Net realized gains (losses):
Non-controlled/non-affiliate company investments 80   ( 78 ) ( 146 )
Non-controlled affiliate company investments ( 35 ) ( 6 ) ( 10 )
Controlled affiliate company investments 56   24   1  
Foreign currency and other transactions ( 6 ) 5   ( 24 )
Net income tax expense on net realized gains ( 115 ) ( 33 ) 8  
Net realized losses ( 20 ) ( 88 ) ( 171 )
Net unrealized gains (losses):
Non-controlled/non-affiliate company investments 4   35   443  
Non-controlled affiliate company investments ( 44 ) 23   34  
Controlled affiliate company investments ( 74 ) 85   16  
Foreign currency and other transactions ( 41 ) 50   6  
Net change in deferred tax liabilities 59   ( 5 ) ( 64 )
Net unrealized gains (losses) ( 96 ) 188   435  
Net realized and unrealized gains (losses) on investments, foreign currency and other transactions ( 116 ) 100   264  
Realized loss on extinguishment of debt —   ( 14 ) —  
NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS $ 1,299   $ 1,522   $ 1,522  
NET INCOME PER COMMON SHARE (see Note 10)
Basic $ 1.86   $ 2.44   $ 2.75  
Diluted $ 1.86   $ 2.44   $ 2.68  
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (see Note 10)
Basic 699   624   554  
Diluted 699   624   575  

See accompanying notes to consolidated financial statements.
F-6

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Software and Services
ACP Avenu Midco LLC (13) Provider of technology solutions and hardware to U.S. state and local governments and motor vehicle agencies First lien senior secured loan 8.74 % SOFR (Q) 4.75 % 04/2025 10/2029 $ 13.2   $ 13.0   $ 13.2   (2)(9)
First lien senior secured loan 8.74 % SOFR (Q) 4.75 % 08/2025 10/2029 18.9   18.6   18.9   (2)(9)
31.6   32.1  
Actfy Buyer, Inc. (13) Software provider of end to end fraud management workflow solutions First lien senior secured loan 8.47 % SOFR (M) 4.75 % 05/2024 05/2031 20.9   20.9   20.9   (2)(9)
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP (13) Provider of software services that support the management and security of computing devices, applications, data, and networks First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 07/2023 07/2030 42.1   42.1   42.1   (2)(6)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 09/2024 07/2030 6.8   6.8   6.8   (2)(6)(9)
Limited partnership interest 10/2023 9,249,000 10.2   12.6   (2)(6)
59.1   61.5  
Adonis Bidco Inc. (13) Provider of intellectual property management lifecycle software First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 02/2025 02/2032 11.0   11.0   11.0   (2)(9)
First lien senior secured loan 9.42 % ( 3.00 % PIK)
SOFR (Q) 5.75 % 02/2025 02/2032 235.5   235.5   235.5   (2)(9)
246.5   246.5  
AI Titan Parent, Inc. (13) Provider of plant maintenance / scheduling software First lien senior secured loan 8.25 % SOFR (M) 4.50 % 08/2024 08/2031 7.3   7.3   7.3   (2)(9)
Anaplan, Inc. (13) Provider of cloud-based connected planning platforms for business analytics First lien senior secured loan 8.32 % SOFR (Q) 4.50 % 06/2022 06/2029 5.8   5.8   5.8   (2)(9)
APG Intermediate Holdings Corporation and APG Holdings, LLC (4) Aircraft performance software provider Class A membership units 01/2020 9,750,000 9.8   7.6   (2)
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (13) Software platform for identification, prevention and management of substance use disorder First lien senior secured loan 8.57 % SOFR (M) 4.75 % 05/2021 05/2027 2.8   2.8   2.8   (2)(9)
Aptean, Inc. and Aptean Acquiror Inc. (13) Provider of CRM, ERP and supply chain software application First lien senior secured revolving loan 8.49 % SOFR (M) 4.75 % 01/2024 01/2031 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 8.57 % SOFR (Q) 4.75 % 01/2024 01/2031 19.5   19.5   19.5   (2)(9)
19.7   19.7  
Archduke Buyer, Inc. (13) Developer and operator of Java runtime solutions for enterprises applications First lien senior secured loan 9.27 % SOFR (Q) 5.50 % 12/2025 12/2032 61.0   61.0   60.4   (2)(9)
Arrow Borrower 2025, Inc. (13) Provider of accounts payable automation software and payment solutions First lien senior secured loan 8.15 % SOFR (Q) 4.25 % 10/2025 10/2032 28.3   28.3   28.1   (2)(9)
Artifact Bidco, Inc. (13) Supply chain risk management SaaS platform for global enterprise clients First lien senior secured loan 7.82 % SOFR (Q) 4.15 % 05/2024 07/2031 7.4   7.4   7.4   (2)(9)

See accompanying notes to consolidated financial statements.
F-7

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

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

See accompanying notes to consolidated financial statements.
F-8

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 9.47 % SOFR (M) 5.75 % 04/2024 04/2030 144.7   144.7   144.7   (2)(9)
Series A preferred stock 15.00 % PIK
04/2024 83,332 107.2   107.2   (2)
251.9   251.9  
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. (13) Provider of server, application and desktop virtualization, networking, software as a service, and cloud computing technologies Second lien senior secured notes 9.00 % 04/2023 09/2029 121.0   114.8   125.9   (2)(16)
Limited partnership interests 09/2022 12,250,000 12.3   35.2   (2)
127.1   161.1  
Community Brands ParentCo, LLC Software and payment services provider to non-profit institutions Class A units 12/2016 500,000 5.0   1.5   (2)
Computer Services, Inc. (13) Infrastructure software provider to community banks First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 02/2024 11/2031 160.4   160.4   160.4   (2)(9)
Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. Provider of sales software for the interior design industry Common units 05/2021 483,584 4.8   10.5   (2)(6)
Series A common units 09/2022 23,340 0.2   0.5   (2)(6)
5.0   11.0  
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP (13) Provider of information, insight, analytics, software and other outsourced services primarily to the mortgage, real estate and insurance sectors First lien senior secured revolving loan 7.08 % SOFR (M) 3.25 % 06/2021 03/2028 6.4   6.4   6.4   (2)
Second lien senior secured loan 10.33 % SOFR (M) 6.50 % 06/2021 06/2029 155.7   155.7   156.6   (2)(9)(16)
Limited partnership units 04/2021 59,665,989 59.7   53.9   (2)
221.8   216.9  
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. (13) Provider of environmental, health and safety software to track compliance data First lien senior secured loan 8.34 % SOFR (Q) 4.50 % 10/2025 11/2032 61.7   61.7   61.4   (2)(6)(9)
Preferred equity 9.00 % PIK
07/2019 198 0.4   0.9   (2)(6)
Common equity 07/2019 190,143 —   —   (2)(6)
62.1   62.3  
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. (13) Provider of a cloud-based, SaaS platform for talent management First lien senior secured revolving loan 6.84 % SOFR (M) 3.00 % 10/2021 10/2026 8.4   8.4   7.6   (2)(12)
First lien senior secured loan 7.58 % SOFR (M) 3.75 % 06/2024 10/2028 16.4   15.0   15.0   (2)(9)(16)
Second lien senior secured loan 10.33 % SOFR (M) 6.50 % 10/2021 10/2029 137.5   137.5   125.1   (2)(9)
Series A preferred shares 10.50 % PIK
10/2021 116,413 179.2   152.3   (2)
Class A-1 common stock 10/2021 1,360,100 13.6   19.9   (2)
353.7   319.9  
Coupa Holdings, LLC and Coupa Software Incorporated (13) Provider of Business Spend Management software First lien senior secured loan 9.09 % SOFR (Q) 5.25 % 03/2023 02/2030 8.9   8.9   8.9   (2)(9)

See accompanying notes to consolidated financial statements.
F-9

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Databricks, Inc. (13) Cloud-based data and AI platform that helps companies scale and manage data First lien senior secured loan 8.27 % SOFR (M) 4.50 % 12/2024 01/2031 0.1   0.1   0.1   (2)
Datix Bidco Limited and RL Datix Holdings (USA), Inc. (13) Global healthcare software company that provides software solutions for patient safety and risk management First lien senior secured loan 8.73 % SOFR (S) 5.00 % 04/2024 04/2031 104.6   104.6   104.6   (2)(6)(9)
First lien senior secured loan 8.97 % SONIA (S) 5.25 % 04/2024 04/2031 57.1   53.1   57.1   (2)(6)(9)
157.7   161.7  
Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. (13) Provider of internet security tools and solutions First lien senior secured loan 9.47 % SOFR (M) 5.75 % 07/2025 07/2030 124.7   123.0   122.9   (2)(9)
Second lien senior secured loan 10.72 % SOFR (M) 7.00 % 05/2022 02/2029 20.3   18.1   18.1   (2)(16)
Series A preferred shares 10.50 % PIK
05/2021 129,822 208.0   178.9   (2)
Series A units 05/2021 817,194 13.3   15.1   (2)
362.4   335.0  
Diligent Corporation and Diligent Preferred Issuer, Inc. (13) Provider of secure SaaS solutions for board and leadership team documents First lien senior secured revolving loan 8.75 % SOFR (Q) 5.00 % 04/2024 08/2030 0.5   0.5   0.5   (2)(9)(12)
First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 04/2024 08/2030 23.5   23.4   23.3   (2)(9)
Preferred stock 10.50 % PIK
04/2021 13,140 20.6   20.3   (2)
44.5   44.1  
Doxim Inc. (13) Enterprise content management provider First lien senior secured revolving loan 09/2025 11/2027 —   —   —   (2)(6)(11)
First lien senior secured loan 10.22 % SOFR (M) 6.50 % 09/2025 11/2027 84.7   84.7   83.9   (2)(6)(9)
84.7   83.9  
DriveCentric Holdings, LLC (13) Provider of CRM software to the automotive dealership industry First lien senior secured loan 8.19 % SOFR (Q) 4.50 % 08/2024 08/2031 12.1   12.1   12.1   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 07/2025 08/2031 11.6   11.6   11.6   (2)(9)
23.7   23.7  
Echo Purchaser, Inc. (13) Software provider of mission critical security, supply chain, and collaboration solutions for highly regulated end markets First lien senior secured loan 9.22 % SOFR (M) 5.50 % 11/2023 11/2029 11.3   11.3   11.3   (2)(9)
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. (13) Payment processing solution provider First lien senior secured loan 8.25 % SOFR (M) 4.50 % 09/2024 09/2031 96.1   96.1   96.1   (2)(9)
Preferred units 12.50 % PIK
09/2024 656 7.7   7.7   (2)
Class A common units 09/2024 563 0.6   0.6   (2)
104.4   104.4  
Edition Holdings, Inc. and Enverus, Inc. (13) SaaS based business analytics company focused on oil and gas industry First lien senior secured loan 8.20 % SOFR (M) 4.50 % 12/2025 12/2032 63.1   63.1   62.9   (2)(9)

See accompanying notes to consolidated financial statements.
F-10

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Edmunds Govtech, Inc. (13) Provider of ERP software solutions for local governments First lien senior secured revolving loan 7.42 % SOFR (Q) 3.75 % 02/2024 02/2030 1.7   1.7   1.7   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 02/2024 02/2031 8.5   8.5   8.5   (2)(9)
10.2   10.2  
Einstein Parent, Inc. (13) Provider of SaaS based collaborative work management software First lien senior secured loan 10.36 % SOFR (Q) 6.50 % 01/2025 01/2031 45.9   45.9   45.9   (2)(9)
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. (13) SaaS based supply chain management software provider focused on chemical markets First lien senior secured revolving loan 9.50 % SOFR (Q) 5.50 % 05/2024 09/2026 6.8   6.8   6.8   (2)(9)
First lien senior secured loan 9.53 % SOFR (Q) 5.50 % 09/2019 09/2026 59.3   59.3   59.3   (2)(9)
First lien senior secured loan 9.56 % SOFR (Q) 5.50 % 12/2020 09/2026 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 9.53 % SOFR (Q) 5.50 % 05/2024 09/2026 4.9   4.9   4.9   (2)(9)
Preferred equity 09/2019 4,599 4.6   7.1   (2)
81.2   83.7  
EP Purchaser, LLC and TPG VIII EP Co-Invest II, L.P. Provider of entertainment workforce and production management solutions First lien senior secured loan 8.44 % SOFR (Q) 4.50 % 06/2023 11/2028 50.0   49.8   36.5   (2)(9)
Partnership units 05/2019 5,034,483 3.0   4.9   (2)(6)
52.8   41.4  
eResearchTechnology, Inc. and Astorg VII Co-Invest ERT (13) Provider of mission-critical, software-enabled clinical research solutions First lien senior secured loan 8.47 % SOFR (M) 4.75 % 01/2025 01/2032 181.9   181.9   181.9   (2)(9)
Limited partnership interest 01/2020 3,988,000 4.5   10.1   (2)(6)
186.4   192.0  
ESHA Intermediate, LLC (13) Provider of nutritional information and software as a services (SaaS) compliance solutions First lien senior secured loan 8.44 % SOFR (Q) 4.75 % 12/2025 12/2032 22.3   22.3   22.2   (2)(9)
Extrahop Networks, Inc. (13) Provider of real-time wire data analytics solutions for application and infrastructure monitoring First lien senior secured revolving loan 10.33 % SOFR (M) 6.50 % 03/2024 07/2027 2.6   2.6   2.6   (2)(9)
First lien senior secured loan 10.32 % SOFR (M) 6.50 % 07/2021 07/2027 35.1   35.1   35.1   (2)(9)
First lien senior secured loan 10.32 % SOFR (M) 6.50 % 03/2023 07/2027 3.9   3.9   3.9   (2)(9)
41.6   41.6  
Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. Provider of back-office software services for the banking sector First lien senior secured loan 10.97 % SOFR (Q) 7.25 % 09/2023 09/2029 52.1   51.4   52.6   (2)(6)(9)
Flexera Software LLC (13) Provider of IT asset management, SaaS management and cloud optimization software products to enterprises First lien senior secured loan 8.60 % SOFR (Q) 4.75 % 08/2025 08/2032 18.6   18.6   18.5   (2)(9)
First lien senior secured loan 6.43 % Euribor (M) 4.50 % 08/2025 08/2032 6.8   6.8   6.8   (2)(9)
First lien senior secured loan 8.44 % SOFR (Q) 4.75 % 12/2025 08/2032 120.4   120.4   120.1   (2)(9)
145.8   145.4  

See accompanying notes to consolidated financial statements.
F-11

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Forescout Technologies, Inc. (13) Network access control solutions provider First lien senior secured loan 8.24 % SOFR (A) 4.50 % 12/2025 05/2032 37.1   37.1   37.1   (2)(9)
GHP-VGS Purchaser LLC (13) Provider of assessment software and third party appraisal services First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 04/2025 04/2032 14.3   14.3   14.3   (2)(9)
GI Ranger Intermediate LLC (13) Provider of payment processing services and software to healthcare providers First lien senior secured revolving loan 9.82 % SOFR (Q) 6.00 % 10/2021 10/2027 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 9.82 % SOFR (Q) 6.00 % 10/2021 10/2028 9.9   9.9   9.4   (2)(9)
First lien senior secured loan 9.82 % SOFR (Q) 6.00 % 03/2022 10/2028 3.1   3.1   2.9   (2)(9)
13.5   12.8  
Goldeneye Parent, LLC (13) Provider of clinical trial financial solutions First lien senior secured loan 8.47 % SOFR (M) 4.75 % 03/2025 03/2032 17.3   17.3   17.3   (2)(9)
Guidepoint Security Holdings, LLC (13) Cybersecurity solutions provider First lien senior secured loan 8.97 % SOFR (M) 5.25 % 10/2023 10/2029 6.6   6.6   6.6   (2)(9)
First lien senior secured loan 8.97 % SOFR (M) 5.25 % 12/2024 10/2029 2.4   2.4   2.4   (2)(9)
First lien senior secured loan 8.97 % SOFR (M) 5.25 % 10/2025 10/2029 7.9   7.9   7.9   (2)(9)
16.9   16.9  
Heavy Construction Systems Specialists, LLC (13) Provider of construction software First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 11/2021 11/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 03/2024 11/2028 13.8   13.8   13.8   (2)(9)
13.9   13.9  
HS Purchaser, LLC, and Help/Systems Holdings, Inc. (13) Provider of IT operations management and cybersecurity software First lien senior secured loan 10.37 % SOFR (Q) 6.50 % 11/2025 05/2029 62.5   62.5   59.1   (2)(9)
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP (13) Insurance software provider First lien senior secured revolving loan 9.32 % SOFR (M) 5.50 % 11/2021 11/2029 3.7   3.7   3.7   (2)(9)
First lien senior secured loan 9.82 % ( 0.50 % PIK)
SOFR (M) 6.00 % 11/2021 11/2029 58.6   58.6   58.0   (2)(9)
First lien senior secured loan 9.82 % SOFR (M) 6.00 % 10/2025 11/2029 5.4   5.4   5.3   (2)(9)
Senior subordinated loan 10.00 % PIK
11/2021 11/2031 133.9   133.9   121.8   (2)
Company units 11/2021 4,246,457 8.8   3.7   (2)
210.4   192.5  
Hyland Software, Inc. (13) Enterprise content management software provider First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 09/2023 09/2030 95.6   94.6   95.6   (2)(9)
Hyphen Solutions, LLC (13) Provider of residential construction supply chain management software First lien senior secured loan 8.22 % SOFR (M) 4.50 % 08/2025 08/2032 12.0   11.9   11.9   (2)(9)
iCapital, Inc. Provider of platform solutions that increase access to alternative investments for institutional investors and wealth managers Common stock 04/2025 71,430 1.0   1.1   (2)
Icefall Parent, Inc. (13) Provider of customer engagement software and integrated payments solutions First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 01/2024 01/2030 4.0   4.0   4.0   (2)(9)
ID.me, LLC and ID.me, Inc. (13) Provider of remote digital identity verification solutions First lien senior secured loan 10.25 % ( 5.25 % PIK)
01/2025 01/2031 126.4   118.3   119.7   (2)

See accompanying notes to consolidated financial statements.
F-12

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Series E preferred units 08/2025 10,827,926 16.0   16.6   (2)
Warrant to purchase shares of common stock 01/2025 01/2035 6,924,708 9.6   10.6   (2)
143.9   146.9  
Internet Truckstop Group LLC (13) Provider of freight-moving lifecycle software First lien senior secured loan 9.07 % SOFR (Q) 5.25 % 06/2024 04/2027 39.5   39.3   39.5   (2)(9)
IQN Holding Corp. (13) Provider of extended workforce management software First lien senior secured revolving loan 8.93 % SOFR (Q) 5.25 % 05/2022 05/2028 1.5   1.5   1.5   (2)(9)
First lien senior secured loan 9.42 % ( 3.13 % PIK)
SOFR (Q) 5.75 % 05/2022 05/2029 1.4   1.4   1.4   (2)(9)
2.9   2.9  
JAMS Holdings LP and Jams Buyer LLC (13) Provider of IT operations management and cybersecurity software First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 06/2025 06/2032 14.4   14.4   14.4   (2)(9)
Preferred units 8.00 % PIK
06/2025 1,001,000 1.0   1.4   (2)
15.4   15.8  
Jeppesen Holdings, LLC (13) Provider of aviation software solutions First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 10/2025 11/2032 14.0   14.0   13.9   (2)(9)
Kairos Bidco Limited (13) Provider of financial data analytics software First lien senior secured revolving loan 8.42 % SOFR (Q) 4.75 % 07/2025 07/2032 0.3   0.3   0.3   (2)(6)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2025 07/2032 24.8   24.8   24.6   (2)(6)(9)
25.1   24.9  
Kaseya Inc. and Knockout Intermediate Holdings I Inc. Provider of cloud-based software and technology solutions for small and medium sized businesses Preferred stock 14.35 % PIK
SOFR (S) 10.75 % 06/2022 21,289 34.1   34.1   (2)(9)
LeanTaaS Holdings, Inc. (13) Provider of SaaS tools to optimize healthcare asset utilization First lien senior secured loan 11.42 % SOFR (Q) 7.75 % 07/2022 07/2028 72.1   72.1   72.1   (2)(9)
First lien senior secured loan 11.17 % SOFR (Q) 7.50 % 10/2025 07/2028 1.7   1.7   1.7   (2)(9)
73.8   73.8  
Majesco and Magic Topco, L.P. (13) Insurance software provider First lien senior secured loan 8.47 % SOFR (W) 4.75 % 09/2020 09/2028 17.9   17.9   17.9   (2)(9)
Class A units 9.00 % PIK
09/2020 2,539 4.0   6.8   (2)
Class B units 09/2020 570,625 —   —   (2)
21.9   24.7  
Merit Software Finance Holdings, LLC (13) Vertical software businesses holding company First lien senior secured loan 8.94 % SOFR (Q) 5.25 % 12/2025 12/2032 24.5   24.5   24.3   (2)(9)
Metatiedot Bidco OY and Metatiedot US, LLC (13) Enterprise content management platform First lien senior secured revolving loan 7.06 % Euribor (Q) 5.00 % 11/2024 11/2030 1.7   1.7   1.7   (2)(6)(9)
First lien senior secured loan 7.07 % Euribor (Q) 5.00 % 11/2024 11/2031 8.9   8.1   8.9   (2)(6)(9)
First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 11/2024 11/2031 5.2   5.2   5.2   (2)(6)(9)
15.0   15.8  
Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp Cybersecurity solutions provider First lien senior secured loan 8.22 % SOFR (M) 4.50 % 05/2022 05/2029 14.2   14.2   14.2   (2)(6)(9)
First lien senior secured loan 8.22 % SONIA (Q) 4.50 % 05/2022 05/2029 37.6   34.5   37.6   (2)(6)(9)
First lien senior secured loan 8.22 % SOFR (M) 4.50 % 03/2024 05/2029 5.1   5.1   5.1   (2)(6)(9)

See accompanying notes to consolidated financial statements.
F-13

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Limited partnership interest 05/2022 3,975 39.8   48.6   (2)(6)
93.6   105.5  
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. (13) Software and payment services provider to faith-based institutions First lien senior secured revolving loan 11.25 % Base Rate (Q) 4.50 % 12/2021 12/2027 0.7   0.7   0.7   (2)(9)(12)
First lien senior secured loan 9.32 % SOFR (M) 5.50 % 12/2021 12/2028 38.6   38.6   37.8   (2)(9)
Limited partner interests 12/2021 9,574,000 9.6   5.8   (2)
48.9   44.3  
ML Holdco, Inc. (13) Cloud-based, SaaS lending solutions provider to financial institutions First lien senior secured loan 8.37 % SOFR (Q) 4.50 % 10/2025 10/2032 89.6   89.6   89.1   (2)(9)
Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc. (13) Provider of practice management, EHR, and RCM software to medical specialists First lien senior secured loan 8.42 % ( 2.25 % PIK)
SOFR (Q) 4.75 % 04/2025 04/2032 70.5   70.5   70.5   (2)(9)
Series A preferred stock 13.00 % PIK
04/2025 24,499 26.7   26.7   (2)
97.2   97.2  
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC (13) Leading technology solution provider for casing and auditioning to the entertainment industry First lien senior secured loan 9.45 % SOFR (S) 5.75 % 08/2022 08/2028 23.9   23.9   23.9   (2)(9)
Class A units 8.00 % PIK
08/2022 45,320 5.9   4.1  
29.8   28.0  
Motor Vehicle Software Corporation (13) Provider of electronic registration and titling software to auto dealers First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 01/2025 01/2032 10.3   10.3   10.3   (2)(9)
MRI Software LLC (13) Provider of real estate and investment management software First lien senior secured revolving loan 8.44 % SOFR (Q) 4.75 % 02/2020 02/2028 0.9   0.9   0.9   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 02/2020 02/2028 4.0   4.0   4.0   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 08/2020 02/2028 4.7   4.7   4.7   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 10/2025 02/2028 0.6   0.6   0.6   (2)(9)
10.2   10.2  
Netsmart, Inc. and Netsmart Technologies, Inc. (13) Developer and operator of health care software and technology solutions First lien senior secured loan 8.92 % ( 2.70 % PIK)
SOFR (M) 5.20 % 08/2024 08/2031 33.1   33.1   33.1   (2)(9)
First lien senior secured loan 8.92 % ( 2.70 % PIK)
SOFR (M) 5.20 % 11/2025 08/2031 27.8   27.8   27.8   (2)(9)
60.9   60.9  
North Star Acquisitionco, LLC and Toucan Bidco Limited (13) Literacy solution software provider for grades k-12 First lien senior secured loan 8.64 % NIBOR (M) 4.50 % 04/2024 05/2029 6.2   5.7   6.2   (2)(6)
First lien senior secured loan 8.27 % SONIA (M) 4.50 % 04/2024 05/2029 5.5   5.3   5.6   (2)(6)
First lien senior secured loan 8.22 % SOFR (M) 4.50 % 04/2024 05/2029 11.9   11.9   11.9   (2)(6)(9)
22.9   23.7  

See accompanying notes to consolidated financial statements.
F-14

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q, Inc. (13) Provider of public safety, incident reporting, and security management solutions for enterprises First lien senior secured loan 8.70 % SOFR (Q) 5.00 % 12/2025 12/2030 13.7   13.7   13.7   (2)(9)
Optimizely North America Inc. and Optimizely Sweden Holdings AB (13) Provider of web content management and digital commerce solutions First lien senior secured loan 8.72 % SOFR (M) 5.00 % 10/2024 10/2031 5.6   5.6   5.6   (2)(6)(9)
First lien senior secured loan 7.15 % Euribor (M) 5.25 % 10/2024 10/2031 2.2   2.0   2.2   (2)(6)(9)
First lien senior secured loan 9.22 % SONIA (M) 5.50 % 10/2024 10/2031 1.0   0.9   0.9   (2)(6)(9)
8.5   8.7  
PCMI Parent, LLC and PCMI Ultimate Holdings, LP (13) Developer and provider of administration software for managing service contracts and extended warranty products First lien senior secured loan 9.21 % SOFR (Q) 5.50 % 03/2025 03/2032 21.1   21.1   21.1   (2)(9)
First lien senior secured loan 9.21 % SOFR (Q) 5.50 % 11/2025 03/2032 15.1   15.1   15.1   (2)(9)
Class A units 9.00 % PIK
03/2025 1,014 1.1   1.3   (2)
Class B units 03/2025 241,447 —   —   (2)
37.3   37.5  
PDDS HoldCo, Inc. (13) Provider of cloud-based dental practice management software First lien senior secured loan 9.72 % SOFR (M) 6.00 % 10/2025 09/2031 13.8   13.6   13.6   (2)(9)
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC (13) Provider of enterprise management software for the convenience retail and petroleum wholesale market First lien senior secured revolving loan 9.34 % SOFR (Q) 5.50 % 02/2024 02/2031 1.8   1.8   1.8   (2)(9)
First lien senior secured loan 9.34 % SOFR (Q) 5.50 % 01/2024 02/2031 8.8   8.8   8.8   (2)(9)
Series A preferred stock 13.25 % PIK
03/2019 13,656 33.2   33.5   (2)
Class A units 03/2019 2,062,493 2.1   4.7   (2)
45.9   48.8  
Petvisor Holdings, LLC (13) Provider of veterinarian-focused SaaS solutions First lien senior secured revolving loan 11.25 % Base rate (Q) 4.50 % 06/2022 11/2029 1.3   1.3   1.3   (2)(9)
First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 06/2022 11/2029 6.0   6.0   6.0   (2)(9)
First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 11/2023 11/2029 13.6   13.6   13.6   (2)(9)
20.9   20.9  
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC (4)(13) Online education learning platform First lien senior secured loan 8.32 % ( 1.50 % PIK)
SOFR (Q) 4.50 % 08/2024 08/2029 21.7   21.7   21.7   (2)(9)
First lien senior secured loan 08/2024 08/2029 22.2   21.9   18.4   (2)(8)
Common units 08/2024 6,356,812 14.3   —   (2)
57.9   40.1  
Poseidon IntermediateCo, Inc. (13) Provider of practice management software to law firms First lien senior secured loan 8.23 % SOFR (M) 4.50 % 06/2025 06/2032 28.1   28.1   28.1   (2)(9)

See accompanying notes to consolidated financial statements.
F-15

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC (13) Software provider for medical practitioners First lien senior secured revolving loan 8.22 % SOFR (M) 4.50 % 08/2023 08/2029 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 9.47 % SOFR (M) 5.75 % 08/2023 08/2029 36.2   36.2   36.2   (2)(9)
Senior subordinated loan 14.00 % PIK
08/2023 08/2030 53.7   53.7   53.7   (2)
Class A units 8.00 % PIK
03/2021 33,220,282 28.1   32.4   (2)
118.5   122.8  
Project Potter Buyer, LLC and Project Potter Parent, L.P. (13) Software solutions provider to the ready-mix concrete industry First lien senior secured revolving loan 06/2025 04/2027 —   —   —   (2)(11)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 04/2020 04/2027 42.3   42.3   42.3   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 10/2020 04/2027 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 11/2020 04/2027 11.6   11.6   11.6   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 07/2024 04/2027 17.7   17.7   17.7   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 06/2025 04/2027 25.6   25.6   25.6   (2)(9)
Class B units 04/2020 588,636 —   3.3   (2)
97.3   100.6  
Proofpoint, Inc. (13) Cybersecurity solutions provider First lien senior secured loan 6.92 % SOFR (M) 3.00 % 06/2021 08/2028 1.0   0.9   1.0   (2)(9)(16)
Second lien senior secured loan 7.66 % Euribor (M) 5.75 % 12/2025 12/2033 53.5   52.5   53.0   (2)
Second lien senior secured loan 9.53 % SOFR (M) 5.75 % 12/2025 12/2033 52.1   51.6   51.6   (2)
105.0   105.6  
QBS Parent, Inc. (13) Provider of vertical software solutions and related implementation, migration, and integration services First lien senior secured revolving loan 8.22 % SOFR (M) 4.50 % 11/2024 06/2032 0.1   0.1   0.1   (2)(9)(12)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 11/2024 06/2032 15.3   15.3   15.3   (2)(9)
15.4   15.4  
QF Holdings, Inc. (13) SaaS based electronic health record software provider First lien senior secured loan 8.19 % SOFR (A) 4.50 % 12/2025 12/2032 46.9   46.9   46.7   (2)(9)
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC (13) Provider of SaaS-based safety and security software to the K-12 school market First lien senior secured revolving loan 8.44 % SOFR (Q) 4.75 % 10/2021 10/2027 3.8   3.8   3.8   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 10/2021 10/2028 8.3   8.3   8.3   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 04/2023 10/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 05/2024 10/2028 8.0   8.0   8.0   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 12/2024 10/2028 24.8   24.8   24.8   (2)(9)
Class A common units 12/2018 2,880,582 3.5   19.5  
48.5   64.5  
Regent Education, Inc. Provider of software solutions designed to optimize the financial aid and enrollment processes Warrant to purchase shares of common stock 12/2016 12/2026 5,394,181 —   —  

See accompanying notes to consolidated financial statements.
F-16

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Relativity ODA LLC (13) Electronic discovery document review software platform for use in litigations and investigations First lien senior secured loan 8.22 % SOFR (M) 4.50 % 07/2024 05/2029 6.6   6.6   6.6   (2)(9)
Revalize, Inc. (13) Developer and operator of software providing configuration, price and quote capabilities First lien senior secured revolving loan 10.07 % ( 1.75 % PIK)
SOFR (Q) 6.25 % 05/2022 04/2029 0.6   0.6   0.5   (2)(9)
First lien senior secured loan 10.32 % ( 1.75 % PIK)
SOFR (Q) 6.50 % 05/2022 04/2029 0.7   0.7   0.6   (2)(9)
1.3   1.1  
RMS HoldCo II, LLC & RMS Group Holdings, Inc. (13) Developer of revenue cycle management solutions, process automation, analytics and integration for the healthcare industry First lien senior secured loan 9.34 % SOFR (Q) 5.50 % 12/2021 12/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 9.34 % SOFR (Q) 5.50 % 08/2022 12/2028 0.2   0.2   0.2   (2)(9)
Class A common stock 12/2021 566 5.5   2.2   (2)
5.8   2.5  
Runway Bidco, LLC (13) Provider of workload automation software First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 12/2024 12/2031 42.5   42.1   42.1   (2)(9)
Sapphire Software Buyer, Inc. (13) Provider of application security testing solutions First lien senior secured loan 8.87 % SOFR (S) 5.00 % 09/2024 09/2031 31.5   31.5   31.5   (2)(9)
Severin Acquisition, LLC (13) Provider of student information system software solutions to the K-12 education market in North America First lien senior secured loan 8.47 % ( 2.25 % PIK)
SOFR (M) 4.75 % 09/2024 10/2031 142.8   142.8   141.4   (2)(9)
Smarsh Inc. and Skywalker TopCo, LLC (13) SaaS based communication archival service provider First lien senior secured revolving loan 8.43 % SOFR (Q) 4.75 % 02/2022 02/2029 0.8   0.8   0.8   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 02/2022 02/2029 3.4   3.4   3.4   (2)(9)
Common units 11/2020 1,742,623 6.3   8.6   (2)
10.5   12.8  
SocialFlow, Inc. Social media optimization platform provider Warrant to purchase shares of Series C preferred stock 01/2016 01/2026 215,331 —   —  
SoundCloud Limited Platform for receiving, sending, and distributing music Common stock 08/2017 73,422 0.4   0.7   (2)(6)
Spaceship Purchaser, Inc. (13) SaaS based website builder and hosting platform First lien senior secured revolving loan 10/2025 10/2031 —   —   —   (2)(11)
First lien senior secured loan 7.92 % SOFR (Q) 4.25 % 10/2025 10/2031 74.8   74.8   74.8   (2)(9)
74.8   74.8  
Spark Purchaser, Inc. (13) Software platform for Medicare application process First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 04/2024 04/2031 30.4   30.4   30.4   (2)(9)
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp (13) Provider of data, analytics, news, and workflow tools to customers in the counter-cyclical distressed debt space First lien senior secured revolving loan 09/2022 09/2028 —   —   —   (2)(11)
First lien senior secured loan 8.27 % SOFR (Q) 4.50 % 09/2022 09/2028 2.5   2.5   2.5   (2)(9)
First lien senior secured loan 8.27 % SOFR (Q) 4.50 % 12/2023 09/2028 1.6   1.6   1.6   (2)(9)

See accompanying notes to consolidated financial statements.
F-17

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 8.27 % SOFR (Q) 4.50 % 05/2025 09/2028 0.8   0.8   0.8   (2)(9)
Limited partner interests 09/2022 1,010 10.2   21.5   (2)
15.1   26.4  
Storable, Inc. and EQT IX Co-Investment (E) SCSP Payment management system solutions and web services for the self-storage industry Limited partnership interests 04/2021 614,950 5.7   12.0   (2)(6)
Sundance Group Holdings, Inc. (13) Provider of cloud-based document management and collaboration solutions First lien senior secured revolving loan 8.17 % SOFR (Q) 4.50 % 09/2024 07/2029 0.8   0.8   0.8   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 09/2024 07/2029 4.0   4.0   4.0   (2)(9)
4.8   4.8  
Superman Holdings, LLC (13) Provider of ERP software for the construction industry First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 08/2024 08/2031 22.2   22.2   22.2   (2)(9)
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. (13) Provider of environment, health, safety, and sustainability software First lien senior secured loan 8.90 % SOFR (Q) 5.00 % 03/2022 03/2029 34.1   34.1   34.1   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.00 % 10/2023 03/2029 10.7   10.7   10.7   (2)(9)
First lien senior secured loan 8.90 % SOFR (Q) 5.00 % 06/2024 03/2029 5.7   5.7   5.7   (2)(9)
First lien senior secured loan 8.90 % SOFR (Q) 5.00 % 07/2025 03/2029 7.6   7.6   7.6   (2)(9)
Class A-2 units 03/2022 5,057 5.1   7.7  
63.2   65.8  
TCP Hawker Intermediate LLC (13) Workforce management solutions provider First lien senior secured revolving loan 7.42 % SOFR (Q) 3.75 % 11/2024 08/2029 3.4   3.4   3.4   (2)(9)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 08/2019 08/2029 50.2   50.2   50.2   (2)(9)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 11/2024 08/2029 2.0   2.0   2.0   (2)(9)
55.6   55.6  
Three Rivers Buyer, Inc. (13) Developer of cloud-based software for government entities First lien senior secured loan 8.60 % SOFR (Q) 4.75 % 11/2025 11/2031 5.7   5.7   5.7   (2)(9)
Trading Technologies International, Inc. (13) Order and execution management software provider First lien senior secured loan 8.09 % SOFR (Q) 4.25 % 11/2025 11/2032 13.8   13.8   13.8   (2)(9)
First lien senior secured loan 7.95 % SOFR (Q) 4.25 % 12/2025 11/2032 7.4   7.4   7.4   (2)(9)
21.2   21.2  
Transit Technologies LLC (13) Provider of transportation management software and
specialty telematics solutions First lien senior secured loan 8.72 % SOFR (S) 5.00 % 08/2024 08/2031 12.2   12.2   12.2   (2)(9)
First lien senior secured loan 8.23 % SOFR (S) 4.50 % 09/2025 08/2031 8.0   8.0   7.9   (2)(9)
20.2   20.1  
UFS, LLC and BV-UFS Aggregator, LLC (13) Managed IT services and banking solutions provider to community banks First lien senior secured revolving loan 8.50 % SOFR (M) 4.75 % 10/2025 10/2031 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 8.50 % SOFR (M) 4.75 % 10/2025 10/2031 36.3   36.3   35.9   (2)(9)
Limited partner interests 12/2025 506,537 0.5   0.5  
37.5   37.1  

See accompanying notes to consolidated financial statements.
F-18

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
UKG Inc. and H&F Unite Partners, L.P. Provider of cloud based HCM solutions for businesses Limited partnership interests 05/2019 12,583,556 12.6   31.9   (2)(6)
UserZoom Technologies, Inc. User experience research automation software First lien senior secured loan 11.63 % SOFR (Q) 7.50 % 02/2023 04/2029 5.8   5.8   5.7   (2)(9)
Vamos Bidco, Inc. (13) Provider of software and data services to the alcoholic beverage industry First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 01/2025 01/2032 18.1   18.1   17.9   (2)(9)
Victors Purchaser, LLC and WP Victors Co-Investment, L.P. (13) Third-party maintenance provider for hardware and data center infrastructure First lien senior secured revolving loan 8.23 % SOFR (Q) 4.50 % 08/2024 12/2032 1.4   1.4   1.4   (2)(9)
First lien senior secured loan 8.19 % SOFR (Q) 4.50 % 08/2024 12/2032 6.6   6.6   6.6   (2)(9)
First lien senior secured loan 8.19 % SOFR (Q) 4.50 % 12/2025 12/2032 39.1   39.1   39.0   (2)(9)
Partnership units 08/2024 4,867,968 4.9   11.3   (2)
52.0   58.3  
Viper Bidco, Inc. (13) Provider of SaaS based supply chain risk management solutions First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 11/2024 11/2031 5.5   5.5   5.5   (2)(9)
First lien senior secured loan 8.47 % SONIA (Q) 4.75 % 11/2024 11/2031 11.0   10.3   11.0   (2)(9)
15.8   16.5  
WebPT, Inc. and WPT Intermediate Holdco, Inc. (13) Electronic medical record software provider First lien senior secured revolving loan 10.20 % SOFR (Q) 6.25 % 08/2019 01/2028 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 10.17 % SOFR (Q) 6.25 % 08/2019 01/2028 0.1   0.1   0.1   (2)(9)
Senior subordinated loan 13.25 % PIK
05/2024 05/2029 74.4   74.4   66.2   (2)
75.2   67.0  
Wellington Bidco Inc. and Wellington TopCo LP (13) Provider of ERP and payments software for local governments First lien senior secured revolving loan 8.42 % SOFR (Q) 4.75 % 06/2024 06/2030 0.6   0.6   0.6   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 06/2024 06/2030 6.1   6.1   6.1   (2)(9)
Class A-2 preferred units 06/2024 2,323,000 2.4   2.8   (2)
9.1   9.5  
Wellness AcquisitionCo, Inc. (13) Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry First lien senior secured revolving loan 02/2025 01/2029 —   —   —   (2)(11)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 02/2025 01/2029 18.3   18.3   18.3   (2)(9)
18.3   18.3  
WorkWave Intermediate II, LLC (13) Provider of cloud-based field services and fleet management solutions First lien senior secured revolving loan 9.44 % SOFR (Q) 5.75 % 09/2025 09/2032 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 9.94 % ( 3.13 % PIK)
SOFR (Q) 6.25 % 09/2025 09/2032 144.0   144.0   142.5   (2)(9)
144.7   143.2  
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (13) Provider of cloud-based customer support solutions First lien senior secured loan 8.69 % SOFR (Q) 5.00 % 12/2022 11/2028 36.2   36.2   36.2   (2)(9)
Series A preferred stock 13.50 % PIK
SOFR (Q) 9.50 % 11/2022 8,997 13.4   13.4   (2)(9)
Class A common units 11/2022 269,100 2.7   2.6   (2)
52.3   52.2  

See accompanying notes to consolidated financial statements.
F-19

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets

7,030.9   7,032.3   49.12 %
Financial Services
Aduro Advisors, LLC (13) Provider of fund administration services First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2024 07/2030 8.2   8.2   8.2   (2)(9)
BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC Provider of comprehensive suite of investment management and wealth planning solutions First lien senior secured loan 10.60 % SOFR (Q) 6.75 % 09/2021 09/2027 0.2   0.2   0.2   (2)(9)
Senior subordinated loan 10.44 % SOFR (Q) 6.75 % 12/2025 12/2031 16.0   16.0   16.0   (2)(9)
Senior subordinated loan 9.30 % PIK
09/2021 09/2026 6.6   6.6   6.6   (2)
Common units 09/2021 6,833,284 6.8   8.2   (2)
29.6   31.0  
Beacon Pointe Harmony, LLC (13) Provider of comprehensive wealth management services First lien senior secured loan 8.22 % SOFR (M) 4.50 % 12/2021 12/2028 9.5   9.5   9.5   (2)(6)(9)
First lien senior secured loan 8.22 % SOFR (M) 4.50 % 07/2023 12/2028 3.8   3.8   3.8   (2)(6)(9)
First lien senior secured loan 8.24 % SOFR (Q) 4.50 % 06/2024 12/2028 10.0   10.0   10.0   (2)(6)(9)
23.3   23.3  
Clearstead Advisors, LLC (13) A leading wealth management firm focused on serving institutional and high net-worth private clients First lien senior secured revolving loan 8.22 % SOFR (M) 4.50 % 05/2025 02/2028 0.3   0.3   0.3   (2)(6)(9)
First lien senior secured loan 8.23 % SOFR (Q) 4.50 % 05/2025 02/2028 8.4   8.4   8.4   (2)(6)(9)
8.7   8.7  
Convera International Holdings Limited and Convera International Financial S.A R.L. (13) Provider of B2B international payment and FX risk management solutions First lien senior secured loan 8.44 % SOFR (Q) 4.75 % 03/2022 03/2030 44.0   44.0   44.0   (2)(6)(9)
First lien senior secured loan 8.44 % SOFR (Q) 4.75 % 06/2023 03/2030 4.7   4.7   4.7   (2)(6)(9)
First lien senior secured loan 8.44 % SOFR (Q) 4.75 % 11/2024 03/2030 10.0   10.0   10.0   (2)(6)(9)
58.7   58.7  
CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC Mortgage company originating loans in the retail and consumer direct channels Series D preferred units 11/2023 90,577 24.9   31.9  
Series B-3 units 08/2025 11,069 3.1   3.9  
28.0   35.8  
eCapital Finance Corp. Consolidator of commercial finance businesses Senior subordinated loan 11.22 % SOFR (M) 7.25 % 01/2020 09/2029 56.0   55.4   56.0   (2)(9)
Senior subordinated loan 11.22 % SOFR (M) 7.25 % 11/2020 09/2029 5.4   5.3   5.4   (2)(9)
Senior subordinated loan 11.22 % SOFR (M) 7.25 % 01/2022 09/2029 24.3   24.1   24.3   (2)(9)
Senior subordinated loan 11.22 % SOFR (M) 7.25 % 04/2022 09/2029 55.8   55.2   55.8   (2)(9)
Senior subordinated loan 11.22 % SOFR (M) 7.25 % 10/2023 09/2029 12.3   12.2   12.3   (2)(9)
Senior subordinated loan 11.22 % SOFR (M) 7.25 % 10/2024 09/2029 42.1   41.8   42.1   (2)(9)
Senior subordinated loan 11.22 % SOFR (M) 7.25 % 12/2024 09/2029 21.9   21.7   21.9   (2)(9)
Senior subordinated loan 11.22 % SOFR (M) 7.25 % 09/2025 09/2029 5.8   5.8   5.8   (2)(9)
221.5   223.6  

See accompanying notes to consolidated financial statements.
F-20

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Endeavor Bidco LLC and Endeavor TopCo, Inc. Global securities finance trading platform First lien senior secured loan 7.92 % SOFR (Q) 4.25 % 08/2024 08/2029 6.1   6.1   6.1   (2)(9)
First lien senior secured loan 7.92 % SOFR (Q) 4.25 % 07/2025 08/2029 5.9   5.9   5.9   (2)(9)
Class A common units 08/2024 1,859 1.9   2.9  
13.9   14.9  
GAPCO AIV Interholdco (CP), L.P. (13) Wealth management and financial planning firm Senior subordinated loan 10.42 % PIK
SOFR (Q) 6.75 % 03/2025 03/2033 49.5   49.5   49.5   (2)(6)(9)
Grit Buyer, Inc. and Integrum Grit Co-Invest LP (13)(14) Specialized finance and accounting advisory firm First lien senior secured loan 8.37 % SOFR (Q) 4.50 % 07/2025 07/2032 63.0   63.0   62.1   (2)(9)
Limited partnership interests 07/2025 4,420,500 3.6   3.8   (2)(6)
66.6   65.9  
GTCR F Buyer Corp. and GTCR (D) Investors LP (13)(14) Provider of end-to-end tech-enabled administrative services to private foundations First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 09/2023 09/2030 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 11/2024 09/2030 0.6   0.6   0.6   (2)(9)
Limited partnership interests 09/2023 4,873,286 4.9   10.3   (2)
11.1   16.5  
HighTower Holding, LLC Provider of investment, financial and retirement planning services Senior subordinated loan 6.75 % 06/2022 04/2029 8.1   7.3   8.0   (2)(6)(16)
Ivy Hill Asset Management, L.P. (5) Asset management services Subordinated revolving loan 10.32 % SOFR (Q) 6.50 % 02/2018 01/2030 530.5   530.5   530.5   (6)(9)
Member interest 06/2009 100.00 % 1,700.5   1,903.4   (6)
2,231.0   2,433.9  
Lido Advisors, LLC and LAL Group Holdings, LLC (13) Wealth management and financial planning firm First lien senior secured revolving loan 8.51 % SOFR (M) 4.75 % 06/2021 05/2032 1.8   1.8   1.8   (2)(9)(12)
First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 06/2021 05/2032 4.7   4.7   4.7   (2)(9)
First lien senior secured loan 8.50 % SOFR (Q) 4.75 % 06/2023 05/2032 5.9   5.9   5.9   (2)(9)
First lien senior secured loan 8.61 % SOFR (Q) 4.75 % 11/2024 05/2032 7.5   7.5   7.5   (2)(9)
First lien senior secured loan 8.54 % SOFR (Q) 4.75 % 05/2025 05/2032 3.7   3.7   3.7   (2)(9)
Class Z preferred units 7.00 % PIK
08/2025 9,671,180 10.3   10.0  
Class A-0 common units 08/2025 4,835,590 5.0   5.0  
38.9   38.6  
Mai Capital Management Intermediate LLC (13) Provider of comprehensive wealth management services and registered investment advisor First lien senior secured revolving loan 8.43 % SOFR (Q) 4.75 % 08/2024 08/2031 0.4   0.4   0.4   (2)(6)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 08/2024 08/2031 13.1   13.1   13.1   (2)(6)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 06/2025 08/2031 2.1   2.1   2.1   (2)(6)(9)
15.6   15.6  
MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd. Global wealth management firm Z1 preferred shares 12.00 % PIK
08/2025 08/2031 12,901 13.4   13.4   (2)(6)
Z2 preferred shares 12.00 % ( 6.00 % PIK)
08/2025 08/2031 12,901 13.1   13.1   (2)(6)

See accompanying notes to consolidated financial statements.
F-21

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Membership interest 08/2025 1,000 —   —   (2)(6)
26.5   26.5  
Medlar Bidco Limited (13) Provider of fund and corporate services to alternative assets industry First lien senior secured loan 8.74 % SONIA (Q) 5.00 % 12/2024 05/2032 27.2   26.9   26.8   (2)(6)
First lien senior secured loan 6.99 % Euribor (Q) 5.00 % 12/2024 05/2032 33.8   32.7   33.3   (2)(6)
59.6   60.1  
Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP (13) Registered investment adviser platform First lien senior secured revolving loan 10.75 % Base Rate (Q) 4.00 % 08/2025 08/2032 0.5   0.5   0.5   (2)(6)(9)
First lien senior secured revolving loan 8.67 % SOFR (Q) 5.00 % 08/2025 08/2032 1.3   1.3   1.2   (2)(6)(9)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 08/2025 08/2032 12.5   12.5   12.3   (2)(6)(9)
Limited partnership interests 08/2025 4,655,000 4.7   4.7   (6)
19.0   18.7  
Monica Holdco (US), Inc. (13) Investment technology and advisory firm First lien senior secured loan 9.07 % SOFR (Q) 5.25 % 01/2021 07/2030 2.5   2.5   2.5   (2)(6)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 08/2024 07/2030 2.7   2.7   2.7   (2)(6)(9)
First lien senior secured loan 9.07 % SOFR (Q) 5.25 % 07/2025 07/2030 4.2   4.2   4.2   (2)(6)(9)
9.4   9.4  
Nexus Buyer LLC Provider of FDIC-insured deposit placement services Second lien senior secured loan 9.47 % SOFR (M) 5.75 % 08/2025 02/2032 124.9   123.8   123.4   (2)(16)
Oak Funding LLC (13) Provider of wealth management services First lien senior secured loan 8.29 % SOFR (Q) 4.50 % 12/2025 12/2032 85.4   85.4   84.5   (2)(6)(9)
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (13)(14) Provider of comprehensive wealth management services and registered investment advisor First lien senior secured revolving loan 8.82 % SOFR (M) 5.00 % 05/2023 05/2028 0.4   0.4   0.4   (2)(6)(9)
First lien senior secured loan 8.82 % SOFR (M) 5.00 % 05/2023 05/2029 4.8   4.8   4.8   (2)(6)(9)
First lien senior secured loan 8.82 % SOFR (M) 5.00 % 09/2023 05/2029 7.9   7.9   7.9   (2)(6)(9)
First lien senior secured loan 8.82 % SOFR (M) 5.00 % 06/2024 05/2029 0.3   0.3   0.3   (2)(6)(9)
First lien senior secured loan 8.82 % SOFR (M) 5.00 % 12/2024 05/2029 4.0   4.0   4.0   (2)(6)(9)
Limited partnership interests 09/2023 1,965,100 2.0   2.8   (6)
19.4   20.2  
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (13) Provider of comprehensive wealth management services First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 08/2023 08/2029 8.8   8.8   8.8   (2)(6)(9)
Preferred units 07/2023 6,431,667 6.5   8.4   (6)
15.3   17.2  
PCS MidCo, Inc. and PCS Parent, L.P. (13) Provider of 401K recordkeeping software solutions First lien senior secured loan 9.42 % SOFR (Q) 5.75 % 03/2024 03/2030 8.5   8.5   8.5   (2)(9)
Class A units 03/2024 785,000 0.8   0.9   (2)
9.3   9.4  

See accompanying notes to consolidated financial statements.
F-22

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP (13) Wealth management and financial planning firm First lien senior secured loan 8.47 % SOFR (M) 4.75 % 03/2024 03/2031 3.7   3.7   3.7   (2)(6)(9)
Limited partnership interest 03/2024 2,374,000 2.4   2.8   (6)
6.1   6.5  
Petrus Buyer, Inc. (13) Provider of REIT research data and analytics First lien senior secured loan 8.39 % SOFR (Q) 4.50 % 11/2022 10/2029 6.5   6.5   6.5   (2)(9)
First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 02/2025 10/2029 1.2   1.2   1.2   (2)(9)
7.7   7.7  
Rialto Management Group, LLC (13) Investment and asset management platform focused on real estate First lien senior secured revolving loan 12/2024 12/2030 —   —   —   (2)(6)(11)
First lien senior secured loan 8.72 % SOFR (M) 5.00 % 12/2024 12/2030 22.9   22.8   22.9   (2)(6)(9)
First lien senior secured loan 8.72 % SOFR (M) 5.00 % 12/2025 12/2030 5.9   5.9   5.9   (2)(6)(9)
28.7   28.8  
RWA Wealth Partners, LLC (13) Provider of comprehensive wealth management services First lien senior secured loan 8.61 % SOFR (Q) 4.75 % 11/2024 11/2030 9.2   9.2   9.2   (2)(6)(9)
Steward Partners Global Advisory, LLC, Steward Partners Investment Advisory, LLC, Steward Partners Intermediate II, LLC, and Steward Partners New Holdings, LLC (13) Wealth management platform First lien senior secured loan 8.47 % SOFR (M) 4.75 % 12/2023 10/2028 4.9   4.8   4.9   (2)(6)(9)
First lien senior secured loan 8.47 % SOFR (M) 4.75 % 06/2025 10/2028 1.2   1.2   1.2   (2)(6)(9)
Senior subordinated loan 11.00 % PIK
12/2025 12/2032 23.7   21.3   20.8   (2)(6)
Warrant to purchase shares of common stock 12/2025 03/2026 129,164 2.5   2.5   (6)
29.8   29.4  
The Edelman Financial Center, LLC Provider of investment, financial and retirement planning services Second lien senior secured loan 8.97 % SOFR (M) 5.25 % 05/2024 10/2028 0.1   0.1   0.1   (2)(6)(16)
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (13) Provider of comprehensive wealth management services First lien senior secured revolving loan 11.00 % Base rate (Q) 4.25 % 03/2022 03/2028 0.1   0.1   0.1   (2)(6)(9)
First lien senior secured loan 9.07 % SOFR (Q) 5.25 % 03/2022 03/2028 3.8   3.8   3.8   (2)(6)(9)
First lien senior secured loan 9.07 % SOFR (Q) 5.25 % 05/2025 03/2028 0.5   0.5   0.5   (2)(6)(9)
First lien senior secured loan 9.49 % SOFR (Q) 5.50 % 11/2025 03/2028 0.1   0.1   0.1   (2)(6)(9)
Senior subordinated loan 12.00 % PIK
03/2022 03/2029 4.3   4.3   4.3   (2)(6)
Series A preferred units 03/2022 7,199 7.2   7.2   (2)(6)
Common units 03/2022 7,199 —   1.1   (2)(6)
16.0   17.1  
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (13) Provider of asset-servicing capabilities for fund managers First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2025 07/2032 22.1   22.1   22.0   (2)(9)

See accompanying notes to consolidated financial statements.
F-23

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
TPG IX Cardiff Debt HoldCo I, LLC, TPG IX Cardiff Debt Holdco II, LLC, TPG IX Cardiff CI I, L.P., and TPG IX Cardiff CI II, L.P. Provider of comprehensive wealth management services First lien senior secured loan 9.96 % SOFR (Q) 6.00 % 01/2025 01/2033 11.4   11.4   11.4   (2)(6)(9)
Limited partnership interest 11/2024 5,719,511 5.8   7.3   (2)(6)
Limited partner interests 12/2025 636,664 0.6   0.6   (2)(6)
17.8   19.3  
Waverly Advisors, LLC and WAAM Topco, LLC (13) Wealth management and financial planning firm First lien senior secured revolving loan 9.57 % SOFR (Q) 5.75 % 03/2022 03/2028 0.8   0.8   0.8   (2)(6)(9)
First lien senior secured loan 9.57 % SOFR (Q) 5.75 % 03/2022 03/2028 0.7   0.7   0.7   (2)(6)(9)
First lien senior secured loan 9.32 % SOFR (Q) 5.50 % 03/2024 03/2028 5.0   5.0   5.0   (2)(6)(9)
First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 01/2025 03/2028 34.6   34.6   34.6   (2)(6)(9)
Class A units 06/2023 1,584,539 2.3   6.0   (6)
43.4   47.1  
Wealth Enhancement Group, LLC (13) Wealth management and financial planning firm First lien senior secured loan 8.49 % SOFR (Q) 4.50 % 10/2019 10/2028 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 8.49 % SOFR (Q) 4.50 % 11/2020 10/2028 1.9   1.9   1.9   (2)(9)
First lien senior secured loan 8.49 % SOFR (Q) 4.50 % 06/2021 10/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.49 % SOFR (Q) 4.50 % 08/2021 10/2028 0.9   0.9   0.9   (2)(9)
First lien senior secured loan 8.49 % SOFR (Q) 4.50 % 02/2024 10/2028 16.6   16.6   16.6   (2)(9)
First lien senior secured loan 8.36 % SOFR (Q) 4.50 % 12/2024 10/2028 13.8   13.8   13.8   (2)(9)
33.8   33.8  
Wellington-Altus Financial Inc. (13)(14) Wealth management and advisory firm First lien senior secured revolving loan 08/2024 08/2030 —   —   —   (2)(6)(11)
First lien senior secured loan 7.55 % CORRA (Q) 5.00 % 08/2024 08/2030 0.8   0.8   0.8   (2)(6)(9)
Common stock 08/2024 74,001 2.6   3.9   (2)(6)
3.4   4.7  
Wharf Street Ratings Acquisition LLC (13) Global credit rating agency First lien senior secured loan 8.47 % SOFR (M) 4.75 % 09/2025 09/2032 37.2   37.2   37.0   (2)(9)

3,434.9   3,664.3   25.59 %
Health Care Equipment and Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5) Dental services provider First lien senior secured revolving loan 06/2021 06/2026 23.7   23.1   18.0   (2)(8)
First lien senior secured loan 09/2024 06/2026 45.5   44.4   34.5   (2)(8)
Class A preferred units 09/2024 20,000,000 16.2   —   (2)
Class A common units 06/2021 6,553,553 4.7   —   (2)
88.4   52.5  
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5) Dental services provider First lien senior secured loan 10.82 % ( 3.00 % PIK)
SOFR (Q) 7.00 % 09/2016 09/2026 15.7   15.7   15.7   (2)(9)
Second lien senior secured loan 06/2023 03/2027 50.9   49.7   42.8   (2)(8)
Membership units 09/2016 3,000,000 —   —   (2)

See accompanying notes to consolidated financial statements.
F-24

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Class A common units 06/2023 7,604,889 29.4   —   (2)
94.8   58.5  
Advarra Holdings, Inc. (13) Provider of central institutional review boards over clinical trials First lien senior secured loan 8.22 % SOFR (M) 4.50 % 08/2022 09/2031 4.0   4.0   4.0   (2)(9)
First lien senior secured loan 8.22 % SOFR (M) 4.50 % 10/2025 09/2031 1.6   1.6   1.6   (2)(9)
5.6   5.6  
Aerin Medical Inc. (13) Developer and manufacturer of non-invasive nasal treatment solutions First lien senior secured loan 10.92 % ( 3.88 % PIK)
SOFR (Q) 7.25 % 12/2024 12/2030 15.8   15.6   15.8   (2)(9)
Series G preferred shares 12/2024 877,379 1.0   1.0   (2)
16.6   16.8  
AHR Funding Holdings, Inc. and AHR Parent Holdings, LP Provider of revenue cycle management solutions to hospitals Series A preferred shares 12.75 % PIK
07/2022 07/2028 35,000 53.8   53.8   (2)
Provider of Revenue Cycle Management solutions to hospitals Preferred units 8.00 % PIK
07/2022 9,900 13.0   12.1   (2)
Class B common units 07/2022 100,000 0.1   —   (2)
66.9   65.9  
Alcresta Therapeutics, Inc. (13) A commercial-stage medical device company First lien senior secured revolving loan 9.24 % SOFR (Q) 5.50 % 12/2025 03/2031 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 9.27 % SOFR (Q) 5.50 % 12/2025 03/2031 13.2   13.2   13.1   (2)(9)
13.3   13.2  
Aledade, Inc. (13) Network of independent primary care groups to serve patients through value-based care First lien senior secured revolving loan 9.64 % SOFR (A) 5.75 % 11/2025 11/2028 17.6   17.6   17.5   (2)(9)
Amerivet Partners Management, Inc. and AVE Holdings LP Veterinary practice management platform Subordinated loan 8.25 % PIK
11/2023 12/2030 78.0   75.4   64.7   (2)
Class A units 03/2024 2,922 2.9   —   (2)
Class C units 11/2023 7,144 1.4   —   (2)
79.7   64.7  
Artivion, Inc. (13) Manufacturer, processor and distributor of medical devices and implantable human tissues First lien senior secured revolving loan 7.49 % SOFR (Q) 3.50 % 01/2024 01/2031 0.9   0.9   0.9   (2)(6)(9)
First lien senior secured loan 8.74 % SOFR (Q) 4.75 % 01/2024 01/2031 11.5   11.5   11.5   (2)(6)(9)
12.4   12.4  
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (13)(14) Revenue cycle management provider to the physician practices and acute care hospitals First lien senior secured loan 6.47 % SOFR (M) 2.75 % 07/2023 02/2029 0.1   0.1   0.1   (2)(9)(16)
Series A preferred stock 10.75 % PIK
02/2022 198,505 301.2   301.2   (2)
Class A units 02/2022 10,487,951 10.5   15.5   (2)
311.8   316.8  
Avalign Holdings, Inc. and Avalign Technologies, Inc. (13) Full-service contract manufacturer of medical device components for the orthopedic OEM industry First lien senior secured revolving loan 10.22 % SOFR (M) 6.50 % 03/2024 12/2028 2.6   2.6   2.2   (2)(9)

See accompanying notes to consolidated financial statements.
F-25

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 11.07 % ( 3.63 % PIK)
SOFR (Q) 7.25 % 03/2024 12/2028 39.9   39.9   33.1   (2)(9)
42.5   35.3  
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP Opiod treatment provider First lien senior secured loan 05/2022 06/2027 5.8   5.9   4.9   (2)(8)
Bambino Group Holdings, LLC Dental services provider Class A preferred units 12/2016 1,000,000 1.0   0.8   (2)
Bayou Intermediate II, LLC (13) Developer and manufacturer of vascular medical devices First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 09/2025 09/2032 28.4   28.4   28.2   (2)(9)
BrightStar Group Holdings, Inc. (13) Provider of private-pay home care services for patients First lien senior secured revolving loan 10.75 % Base Rate (Q) 4.00 % 02/2025 03/2032 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 8.80 % SOFR (Q) 4.75 % 02/2025 03/2032 26.8   26.8   26.8   (2)(9)
27.3   27.3  
BVI Medical, Inc. and BVI Group Limited (13) Developer, manufacturer, and distributor of diverse ophthalmic surgical products First lien senior secured loan 9.88 % SOFR (Q) 6.00 % 03/2025 03/2032 2.1   2.1   2.0   (2)(6)(9)
First lien senior secured loan 9.97 % ( 5.00 % PIK)
SOFR (M) 6.25 % 03/2025 03/2032 141.7   141.7   136.0   (2)(6)(9)
Ordinary shares 03/2025 3,742 5.0   4.3   (2)(6)
148.8   142.3  
Color Intermediate, LLC Provider of pre-payment integrity software solution First lien senior secured loan 8.52 % SOFR (Q) 4.75 % 10/2022 10/2029 19.8   19.8   19.8   (2)(9)
Convey Health Solutions, Inc. Healthcare workforce management software provider First lien senior secured loan 4.77 % SOFR (Q) 1.00 % 09/2019 07/2029 1.9   1.9   1.5   (2)(6)(9)
First lien senior secured loan 4.77 % SOFR (Q) 1.00 % 02/2022 07/2029 0.1   0.1   0.1   (2)(6)(9)
First lien senior secured loan 4.77 % SOFR (Q) 1.00 % 10/2022 07/2029 0.1   0.1   0.1   (2)(6)(9)
2.1   1.7  
Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. (13) Provider of consumables and equipment for ART and IVF procedures First lien senior secured loan 9.04 % SOFR (Q) 5.25 % 11/2024 11/2031 2.9   2.9   2.9   (2)(6)(9)
First lien senior secured loan 7.32 % Euribor (Q) 5.25 % 11/2024 11/2031 12.3   11.4   12.4   (2)(6)(9)
14.3   15.3  
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC (13) Provider of medical devices and services for the treatment of positional plagiocephaly First lien senior secured loan 9.32 % SOFR (Q) 5.50 % 03/2022 03/2029 23.8   23.8   23.8   (2)(9)
Class A shares 03/2022 192 1.9   2.5   (2)
Common units 03/2022 31 0.3   0.4   (2)
26.0   26.7  
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC (13) Veterinary hospital operator First lien senior secured loan 8.47 % SOFR (M) 4.75 % 06/2024 06/2031 27.7   27.7   27.7   (2)(9)
Class A preferred units 08/2023 3,678 2.6   1.9   (2)
Common stock 10/2019 41,443 14.5   21.9   (2)
44.8   51.5  
Empower Payments Investor, LLC (13) Financial communication and payment solutions provider First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 03/2024 03/2031 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 06/2025 03/2031 4.1   4.0   4.1   (2)(9)

See accompanying notes to consolidated financial statements.
F-26

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 8.62 % SOFR (Q) 4.75 % 06/2025 03/2031 5.0   5.0   5.0   (2)(9)
First lien senior secured loan 8.37 % SOFR (Q) 4.50 % 10/2025 03/2031 6.7   6.6   6.7   (2)(9)
15.7   15.9  
Evolent Health LLC and Evolent Health, Inc. Medical technology company focused on value based care services and payment solutions First lien senior secured loan 9.49 % SOFR (Q) 5.50 % 12/2024 12/2029 18.3   18.3   18.3   (2)(6)(9)
Second lien senior secured loan 10.14 % SOFR (Q) 6.00 % 08/2025 12/2029 3.8   3.7   3.8   (2)(6)(9)
22.0   22.1  
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC (13) On-demand supply chain automation solutions provider to the healthcare industry First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 12/2024 12/2031 130.2   130.2   130.2   (2)(9)
Class A units 06/2017 15,706,534 12.9   32.3   (2)
143.1   162.5  
Global Medical Response, Inc. and GMR Buyer Corp. Emergency air medical services provider Series B preferred shares 15.00 % PIK
05/2024 63,277 78.2   80.3   (2)
Warrant to purchase units of common stock 03/2018 03/2028 115,733 0.9   1.6   (2)
Warrant to purchase units of common stock 12/2021 12/2031 1,927 0.1   —   (2)
Warrants to purchase shares of common stock 05/2024 05/2031 3,116,642 —   43.5   (2)
79.2   125.4  
Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP (13) Provider of software solutions to healthcare payors First lien senior secured revolving loan 06/2025 06/2032 —   —   —   (2)(11)
First lien senior secured loan 8.72 % ( 2.25 % PIK)
SOFR (M) 5.00 % 06/2025 06/2032 232.6   232.6   230.3   (2)(9)
First lien senior secured loan 8.72 % ( 2.25 % PIK)
SOFR (M) 5.00 % 09/2025 06/2032 20.7   20.7   20.5   (2)(9)
Class A units 09/2025 253,551 2.5   2.5   (2)
255.8   253.3  
Honor Technology, Inc. Nursing and home care provider Warrant to purchase shares of Series D-2 preferred stock 08/2021 08/2031 133,333 0.1   —   (2)
HuFriedy Group Acquisition LLC (13) Manufacturer of surgical dental equipment and sterile instruments First lien senior secured revolving loan 05/2024 05/2030 —   —   —   (2)(11)
First lien senior secured loan 9.30 % SOFR (Q) 5.50 % 05/2024 05/2031 76.1   76.1   76.1   (2)(9)
First lien senior secured loan 9.26 % SOFR (S) 5.50 % 10/2025 06/2031 7.6   7.6   7.6   (2)(9)
83.7   83.7  
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) Provider of behavioral health services First lien senior secured revolving loan 03/2017 03/2027 4.2   4.4   3.1   (2)(8)
LivTech Purchaser, Inc. (13) Provider of senior care end-to-end software, payments and RCM platform First lien senior secured loan 8.76 % SOFR (Q) 5.00 % 11/2024 11/2031 9.3   9.3   9.3   (2)(9)
Napa Management Services Corporation and ASP NAPA Holdings, LLC Anesthesia management services provider Preferred units 15.00 % PIK
06/2020 1,842 0.3   0.3   (2)
Senior preferred units 8.00 % PIK
06/2020 5,320 0.4   0.4   (2)
Class A units 04/2016 25,277 2.5   3.9   (2)
3.2   4.6  

See accompanying notes to consolidated financial statements.
F-27

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Next Holdco, LLC (13) Provider of electronic medical record and practice management software First lien senior secured loan 9.09 % SOFR (Q) 5.25 % 11/2023 11/2030 6.4   6.4   6.4   (2)(9)
NMN Holdings III Corp. and NMN Holdings LP (13) Provider of complex rehabilitation technology solutions for patients with mobility loss First lien senior secured revolving loan 07/2024 07/2031 —   —   —   (2)(11)
First lien senior secured loan 8.22 % SOFR (M) 4.50 % 07/2024 07/2031 95.3   95.3   95.3   (2)(9)
First lien senior secured loan 7.27 % CORRA (M) 5.00 % 09/2025 07/2031 13.4   13.4   13.4   (2)(9)
First lien senior secured loan 8.47 % SOFR (M) 4.75 % 09/2025 07/2031 7.2   7.2   7.2   (2)(9)
Partnership units 11/2018 30,000 3.0   8.5   (2)
118.9   124.4  
Nomi Health, Inc. Provider of software payment services for healthcare industry Warrant to purchase shares of Series B preferred stock 07/2023 07/2033 9,941 —   —   (2)
Warrant to purchase units of Class A common stock 06/2024 06/2034 22,211 —   —   (2)
—   —  
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5) Behavioral health and special education platform provider Preferred units 07/2021 417,189 —   —   (2)
Preferred stock 02/2022 7,983 —   —   (2)
Class A common units 09/2019 9,549,000 —   —   (2)
Common units 02/2022 7,584 —   —   (2)
—   —  
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (13) Veterinary hospital operator First lien senior secured revolving loan 03/2025 06/2028 —   —   —   (2)(11)
Second lien senior secured loan 03/2020 06/2028 83.5   75.5   54.3   (2)(8)
Class R common units 03/2020 6,004,768 6.0   —   (2)
81.5   54.3  
PetVet Care Centers, LLC (13) Veterinary hospital operator First lien senior secured revolving loan 9.84 % SOFR (M) 6.00 % 11/2023 11/2029 2.7   2.7   2.3   (2)(9)
First lien senior secured loan 9.72 % SOFR (M) 6.00 % 11/2023 11/2030 130.1   130.1   111.9   (2)(9)
132.8   114.2  
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (13) Provider of employer-sponsored onsite health and wellness clinics and pharmacies First lien senior secured revolving loan 02/2024 11/2031 —   —   —   (2)(11)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 02/2024 11/2032 33.7   33.7   33.7   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 11/2025 11/2032 22.2   22.2   22.2   (2)(9)
Class A units 07/2018 9,775 5.4   17.8   (2)
61.3   73.7  
Project Alliance Buyer, LLC (13) Provider of technology solutions for specialty medication management First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 08/2025 08/2031 10.8   10.8   10.7   (2)(9)
Revival Animal Health, LLC (13) B2B distributor of animal health products First lien senior secured revolving loan 9.73 % SOFR (Q) 6.00 % 01/2025 01/2028 1.8   1.8   1.7   (2)(9)
First lien senior secured loan 9.72 % SOFR (Q) 6.00 % 01/2025 01/2028 26.8   26.7   25.7   (2)(9)

See accompanying notes to consolidated financial statements.
F-28

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 04/2025 01/2028 2.0   2.0   2.0   (2)(9)
30.5   29.4  
Signant Finance One Limited and Bracket Intermediate Holding Corp. (13) Provider of software solutions for clinical trial management First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 10/2025 10/2031 63.5   62.9   62.9   (2)(6)(9)
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC Outsourced anesthesia provider Common units 03/2018 684,854 4.8   2.3   (2)
SOC Telemed, Inc. and PSC Spark Holdings, LP Provider of acute care telemedicine First lien senior secured loan 11.19 % ( 2.00 % PIK)
SOFR (Q) 7.50 % 08/2022 08/2027 109.5   107.9   104.0   (2)(9)
Class A-2 units 08/2022 4,812 4.9   1.4   (2)
Warrant to purchase units of common stock 08/2022 08/2029 6,118 4.7   0.3   (2)
117.5   105.7  
Spruce Bidco II Inc. (13) Provider of medical devices relating to dialysis treatments and services for kidney disease First lien senior secured loan 7.25 % CORRA (Q) 5.00 % 01/2025 01/2032 27.6   26.1   27.6   (2)(9)
First lien senior secured loan 6.00 % TONA (Q) 5.25 % 01/2025 01/2032 25.8   26.1   25.8   (2)(9)
First lien senior secured loan 8.45 % SOFR (S) 4.75 % 01/2025 01/2032 145.0   145.0   145.0   (2)(9)
197.2   198.4  
Surescripts, LLC (13) Healthcare network for e-prescription routing, patient eligibility checks, and secure exchange of medical records First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 11/2024 11/2031 5.0   5.0   5.0   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 11/2025 11/2031 78.4   78.4   78.0   (2)(9)
83.4   83.0  
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. (13) SaaS based healthcare compliance platform provider First lien senior secured revolving loan 7.59 % SOFR (Q) 3.75 % 12/2020 12/2027 0.8   0.8   0.7   (2)
First lien senior secured revolving loan 9.50 % Base Rate (Q) 2.75 % 12/2020 12/2027 6.5   6.5   5.5   (2)
First lien senior secured loan 8.44 % SOFR (Q) 4.50 % 02/2022 12/2027 28.5   27.9   24.1   (2)(9)(16)
First lien senior secured loan 9.19 % SOFR (Q) 5.25 % 04/2024 12/2027 17.1   17.1   14.7   (2)(9)
Second lien senior secured loan 11.82 % SOFR (Q) 7.88 % 12/2020 12/2028 76.2   76.2   66.3   (2)(9)
Second lien senior secured loan 13.94 % ( 4.00 % PIK)
SOFR (Q) 10.00 % 04/2024 12/2028 55.1   55.1   50.7   (2)(9)
Series C-1 preferred shares 11.00 % PIK
06/2021 75,939 131.0   106.1   (2)
Series C-2 preferred shares 11.00 % PIK
06/2021 40,115 65.6   53.1   (2)
Series C-3 preferred shares 11.00 % PIK
10/2021 16,201 25.6   20.7   (2)
405.8   341.9  
Tempus AI, Inc. Provider of technology enabled precision medicine solutions First lien senior secured loan 11.92 % ( 3.25 % PIK)
SOFR (Q) 8.25 % 02/2025 02/2030 31.8   31.8   31.8   (2)(6)(9)
Common units 10/2023 60,821 1.9   3.6   (2)(6)(16)
33.7   35.4  

See accompanying notes to consolidated financial statements.
F-29

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Therapy Brands Holdings LLC Provider of software solutions for the mental and behavioral health market segments Second lien senior secured loan 10.58 % SOFR (M) 6.75 % 06/2021 05/2029 29.1   29.0   23.3   (2)(9)
U.S. Anesthesia Partners, Inc. & U.S. Anesthesia Partners Holdings, Inc. Anesthesiology service provider Second lien senior secured loan 11.49 % SOFR (M) 7.50 % 10/2021 10/2029 147.8   147.8   147.8   (2)(9)
Common stock 12/2021 3,671,429 12.9   10.8   (2)
160.7   158.6  
U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. (13) Integrated urologic care platform First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 04/2025 04/2032 13.4   13.4   13.4   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 10/2025 04/2032 3.9   3.9   3.9   (2)(9)
Limited partnership interest 04/2025 2,190,000 2.2   3.5   (2)
Common units 10/2025 442,686 0.5   0.4   (2)
20.0   21.2  
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (13) Gastroenterology physician group First lien senior secured loan 9.48 % SOFR (Q) 5.75 % 03/2023 03/2029 12.9   12.9   12.9   (2)(9)
First lien senior secured loan 9.71 % SOFR (Q) 5.75 % 10/2024 03/2029 1.9   1.9   1.9   (2)(9)
Class A interests 03/2023 4,623 4.6   7.8  
19.4   22.6  
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (13) Veterinary hospital operator First lien senior secured loan 9.57 % SOFR (M) 5.75 % 12/2021 12/2027 6.0   6.0   6.0   (2)(9)
First lien senior secured loan 9.57 % SOFR (M) 5.75 % 08/2022 12/2027 9.0   9.0   9.0   (2)(9)
First lien senior secured loan 9.47 % SOFR (M) 5.75 % 08/2023 12/2027 12.2   12.2   12.2   (2)(9)
First lien senior secured loan 9.47 % SOFR (M) 5.75 % 03/2024 12/2027 2.6   2.6   2.6   (2)(9)
First lien senior secured loan 8.97 % SOFR (M) 5.25 % 01/2025 12/2027 5.4   5.4   5.4   (2)(9)
Class A-2 units 12/2021 7,524 7.5   9.9   (2)
Class A-2 units 03/2023 45 0.1   0.1   (2)
42.8   45.2  
WSHP FC Acquisition LLC and WSHP FC Holdings LLC (13) Provider of biospecimen products for pharma research First lien senior secured revolving loan 03/2018 03/2028 —   —   —   (2)(11)
First lien senior secured loan 11.67 % ( 6.00 % PIK)
SOFR (Q) 8.00 % 08/2025 04/2030 75.8   75.8   75.8   (2)(9)
First lien senior secured loan 12.00 % PIK
08/2025 03/2030 23.5   20.5   19.5   (2)
Class A preferred units 11/2024 455 0.3   —  
Common units 07/2022 35,299 5.0   0.5  
101.6   95.8  
ZocDoc, Inc. (13) Healthcare marketplace connecting patients and providers First lien senior secured loan 9.12 % SOFR (Q) 5.25 % 05/2024 07/2030 64.9   64.9   64.9   (2)(9)
First lien senior secured loan 9.12 % SOFR (Q) 5.25 % 07/2025 07/2030 1.6   1.6   1.6   (2)(9)
66.5   66.5  

3,472.0   3,333.5   23.28 %

See accompanying notes to consolidated financial statements.
F-30

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Commercial and Professional Services
Accommodations Plus Technologies LLC (13) Provider of outsourced crew accommodations and logistics management solutions to the airline industry First lien senior secured loan 8.94 % SOFR (Q) 5.25 % 05/2025 05/2032 87.5   87.5   87.5   (2)(9)
First lien senior secured loan 8.94 % SOFR (Q) 5.25 % 12/2025 05/2032 30.0   30.0   30.0   (2)(9)
117.5   117.5  
Aldinger Company Inc (13) Provider of outsourced calibration and repair services First lien senior secured revolving loan 8.44 % SOFR (Q) 4.75 % 07/2024 10/2030 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2024 10/2030 31.3   31.3   31.3   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 03/2025 10/2030 9.4   9.4   9.4   (2)(9)
First lien senior secured loan 8.45 % SOFR (Q) 4.75 % 08/2025 10/2030 3.3   3.3   3.3   (2)(9)
44.2   44.2  
AMCP Clean Acquisition Company, LLC Provider of commercial laundry services First lien senior secured loan 7.94 % SOFR (Q) 4.25 % 12/2025 06/2030 15.0   15.0   14.9   (2)(9)
Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services First lien senior secured loan 9.02 % SOFR (Q) 5.00 % 04/2024 09/2028 48.7   48.7   48.7   (2)(6)(9)
ATI Restoration, LLC (13) Provider of disaster recovery services First lien senior secured revolving loan 9.48 % SOFR (Q) 5.50 % 07/2020 07/2026 8.7   8.7   8.7   (2)(9)(12)
First lien senior secured loan 9.49 % SOFR (Q) 5.50 % 07/2020 07/2026 32.0   32.0   32.0   (2)(9)
First lien senior secured loan 9.41 % SOFR (Q) 5.50 % 05/2022 07/2026 47.4   47.4   47.4   (2)(9)
First lien senior secured loan 9.45 % SOFR (Q) 5.50 % 09/2023 07/2026 11.8   11.8   11.8   (2)(9)
99.9   99.9  
Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC (13) Provider of fire and life safety services including inspection and repair First lien senior secured revolving loan 8.50 % SOFR (M) 4.75 % 01/2025 01/2031 0.4   0.4   0.4   (2)(9)
First lien senior secured loan 8.47 % SOFR (M) 4.75 % 01/2025 01/2031 6.9   6.9   6.9   (2)(9)
Class A-1 units 01/2025 1,368 1.4   1.3   (2)
8.7   8.6  
Bobtail AcquisitionCo, LLC (13) Provider of non-hazardous liquid waste collection, transportation, processing, recycling, reclamation, and disposal services First lien senior secured revolving loan 8.44 % SOFR (Q) 4.75 % 09/2025 09/2031 0.7   0.7   0.7   (2)(12)
First lien senior secured loan 8.54 % SOFR (Q) 4.75 % 09/2025 09/2031 31.0   31.0   30.7   (2)
31.7   31.4  
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP (13) Outsourced supply chain solutions provider to operators of distribution centers First lien senior secured revolving loan 08/2024 05/2029 —   —   —   (2)(11)
First lien senior secured loan 8.32 % SOFR (M) 4.50 % 08/2024 11/2029 8.1   8.1   8.1   (2)(9)
Second lien senior secured loan 12.32 % SOFR (M) 8.50 % 08/2024 11/2030 92.7   92.7   92.7   (2)(9)
Class A units 11/2020 10,581 7.3   19.1   (2)

See accompanying notes to consolidated financial statements.
F-31

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
108.1   119.9  
Cards-Live Oak Holdings, Inc. (13) Provider of solid waste collection services for residential, commercial, and industrial customers First lien senior secured revolving loan 10.50 % Base rate (Q) 3.75 % 10/2025 10/2032 2.3   2.3   2.3   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 10/2025 10/2032 53.8   53.8   53.3   (2)(9)
56.1   55.6  
Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. (13) Provider of business decisioning data and analytics First lien senior secured revolving loan 08/2025 08/2032 —   —   —   (2)(11)
First lien senior secured loan 9.23 % SOFR (M) 5.50 % 08/2025 08/2032 379.5   379.5   375.7   (2)(9)
Series A units 8.00 % PIK
08/2025 540,800 5.6   5.4   (2)
385.1   381.1  
Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC (13) Technology based aggregator for facility maintenance services First lien senior secured revolving loan 04/2025 04/2032 —   —   —   (2)(11)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 04/2025 04/2032 0.1   0.1   0.1   (2)(9)
Common member units 08/2020 9,624,000 7.7   17.6   (2)
7.8   17.7  
Dorado Bidco, Inc. (13) Provider of consumer and market insights for the food and beverage industry First lien senior secured loan 8.22 % SOFR (M) 4.50 % 09/2024 09/2031 7.7   7.7   7.7   (2)(9)
DP Flores Holdings, LLC (13) Benefits administrator of tax-advantaged reimbursement plans First lien senior secured loan 10.22 % ( 3.25 % PIK)
SOFR (M) 6.50 % 09/2024 09/2030 27.9   27.8   27.9   (2)(9)
Drogon Bidco Inc. & Drogon Aggregator LP (13) Provider of fire safety and life safety services First lien senior secured loan 8.47 % SOFR (M) 4.75 % 08/2024 08/2031 14.2   14.2   14.2   (2)(9)
Class A-2 common units 08/2024 1,850,000 1.9   2.0   (2)
16.1   16.2  
DTI Holdco, Inc. and OPE DTI Holdings, Inc. Provider of legal process outsourcing and managed services Class A common stock 08/2014 7,500 7.5   11.1   (2)
Class B common stock 08/2014 7,500 —   —   (2)
7.5   11.1  
Duraserv LLC (13) Provider of commercial loading dock maintenance and remodeling services First lien senior secured revolving loan 8.57 % SOFR (M) 4.75 % 06/2024 06/2030 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 8.48 % SOFR (M) 4.75 % 06/2024 06/2031 10.3   10.3   10.3   (2)(9)
First lien senior secured loan 8.48 % SOFR (M) 4.75 % 03/2025 06/2031 4.8   4.8   4.8   (2)(9)
15.3   15.3  
Elevation Services Parent Holdings, LLC (13) Elevator service platform First lien senior secured revolving loan 10.49 % SOFR (Q) 6.50 % 12/2020 12/2028 2.5   2.5   2.4   (2)(9)(12)
First lien senior secured loan 10.61 % SOFR (Q) 6.50 % 12/2020 12/2028 9.9   9.9   9.5   (2)(9)
First lien senior secured loan 10.51 % SOFR (Q) 6.50 % 05/2022 12/2028 13.8   13.8   13.2   (2)(9)
26.2   25.1  

See accompanying notes to consolidated financial statements.
F-32

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC (13) Provider of tax, comprehensive assurance and consulting services First lien senior secured revolving loan 8.73 % SOFR (Q) 4.75 % 07/2025 07/2031 2.0   2.0   2.0   (2)(9)
First lien senior secured loan 8.87 % SOFR (S) 4.75 % 07/2025 07/2031 24.9   24.9   24.6   (2)(9)
Common stock 07/2025 4,273,000 4.3   4.3  
31.2   30.9  
EMB Purchaser, Inc. (13) Provider of fire and life safety solutions First lien senior secured loan 8.30 % SOFR (Q) 4.50 % 03/2025 03/2032 8.5   8.5   8.5   (2)(9)
Firebird Acquisition Corp, Inc. (13) Provider of fire safety and life safety services First lien senior secured revolving loan 01/2025 02/2032 —   —   —   (2)(11)
First lien senior secured loan 8.84 % ( 2.75 % PIK)
SOFR (Q) 5.00 % 01/2025 02/2032 4.2   4.2   4.2   (2)(9)
First lien senior secured loan 8.34 % SOFR (Q) 4.50 % 01/2025 02/2032 3.5   3.5   3.5   (2)(9)
7.7   7.7  
FlyWheel Acquireco, Inc. (13) Professional employer organization offering human resources, compliance and risk management services First lien senior secured revolving loan 10.22 % SOFR (M) 6.50 % 05/2023 05/2028 0.8   0.8   0.8   (2)(9)
First lien senior secured loan 10.22 % SOFR (M) 6.50 % 05/2023 05/2030 51.4   51.4   51.4   (2)(9)
52.2   52.2  
Frontline Road Safety Operations, LLC (13) Provider of pavement marking services to roadways First lien senior secured revolving loan 03/2025 03/2032 —   —   —   (2)(11)
First lien senior secured loan 8.72 % ( 2.00 % PIK)
SOFR (M) 5.00 % 03/2025 03/2032 2.6   2.6   2.6   (2)
First lien senior secured loan 8.72 % ( 2.00 % PIK)
SOFR (M) 5.00 % 10/2025 03/2032 3.0   3.0   3.0   (2)
First lien senior secured loan 8.72 % ( 2.00 % PIK)
SOFR (M) 5.00 % 12/2025 03/2032 6.9   6.9   6.9   (2)(9)
12.5   12.5  
G702 Buyer, Inc. (13) Provider of standardized contracts and forms platform for the architecture, engineering, and construction industry First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2025 07/2031 10.5   10.5   10.3   (2)(9)
HH-Stella, Inc. and Bedrock Parent Holdings, LP (13) Provider of municipal solid waste transfer management services First lien senior secured revolving loan 04/2021 04/2027 —   —   —   (2)(11)
First lien senior secured loan 9.82 % SOFR (Q) 6.00 % 04/2021 04/2028 8.7   8.7   8.7   (2)(9)
First lien senior secured loan 9.82 % SOFR (Q) 6.00 % 09/2023 04/2028 20.5   20.5   20.5   (2)(9)
First lien senior secured loan 9.97 % SOFR (Q) 6.00 % 09/2023 04/2028 1.1   1.1   1.1   (2)(9)
First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 04/2024 04/2028 18.7   18.7   18.7   (2)(9)
First lien senior secured loan 9.82 % SOFR (Q) 6.00 % 10/2025 04/2028 10.5   10.5   10.5   (2)(9)
Class A units 04/2021 32,982 3.3   2.8   (2)
62.8   62.3  
HP RSS Buyer, Inc. (13) Provider of road striping, and road safety related services First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 12/2023 12/2029 16.8   16.8   16.8   (2)(9)

See accompanying notes to consolidated financial statements.
F-33

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 03/2024 12/2029 6.7   6.7   6.7   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2025 12/2029 12.4   12.4   12.4   (2)(9)
First lien senior secured loan 8.48 % SOFR (M) 4.75 % 12/2025 12/2029 1.6   1.6   1.6   (2)(9)
37.5   37.5  
IRI Group Holdings, Inc. and Circana, LLC (13) Market research company focused on the consumer packaged goods industry First lien senior secured revolving loan 04/2025 12/2028 —   —   —   (2)(11)
First lien senior secured loan 7.97 % SOFR (M) 4.25 % 04/2025 12/2029 159.9   159.8   159.9   (2)(9)
159.8   159.9  
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. (13) Provider of commercial and industrial waste processing and disposal services First lien senior secured revolving loan 8.43 % SOFR (M) 4.68 % 08/2022 08/2030 3.4   3.4   3.4   (2)(9)(12)
First lien senior secured loan 8.43 % SOFR (M) 4.68 % 08/2022 08/2031 4.9   4.9   4.9   (2)(9)
First lien senior secured loan 8.43 % SOFR (M) 4.68 % 08/2024 08/2031 3.8   3.8   3.8   (2)(9)
Class A units 09/2022 13,324 14.0   25.1   (2)
26.1   37.2  
Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC (13) Provider of lake and pond management services First lien senior secured loan 8.13 % SOFR (Q) 4.25 % 11/2025 11/2032 15.6   15.6   15.4   (2)(9)
Class A units 11/2025 26,260 2.6   2.6  
18.2   18.0  
Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC Provider of janitorial and facilities management services First lien senior secured loan 9.24 % PIK
SOFR (Q) 5.25 % 11/2019 11/2028 45.8   45.8   45.8   (2)(9)
First lien senior secured loan 12/2023 11/2028 15.7   13.9   4.4   (2)(8)
Preferred units 03/2024 4,042,767 7.7   —   (2)
Class A common units 03/2024 4,042,767 —   —   (2)
67.4   50.2  
Kings Buyer, LLC (13) Provider of comprehensive outsourced waste management consolidation services First lien senior secured revolving loan 11.00 % Base Rate (Q) 4.25 % 09/2023 10/2027 1.8   1.8   1.8   (2)(9)
First lien senior secured loan 9.35 % SOFR (Q) 5.25 % 09/2023 10/2027 16.1   16.1   15.3   (2)(9)
17.9   17.1  
KPS Global LLC and Cool Group LLC (13) Manufacturer of walk-in cooler and freezer systems First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 09/2024 09/2030 5.2   5.2   5.2   (2)(9)
Laboratories Bidco LLC and Laboratories Topco LLC (13) Lab testing services for nicotine containing products First lien senior secured revolving loan 5.57 % SOFR (Q) 1.75 % 07/2021 07/2029 15.4   14.9   11.9   (2)(9)
First lien senior secured revolving loan 7.50 % Base Rate (Q) 0.75 % 07/2021 07/2029 4.6   4.5   3.6   (2)(9)
First lien senior secured loan 4.16 % CORRA (Q) 1.75 % 10/2019 07/2029 24.4   24.1   18.8   (2)(9)
First lien senior secured loan 5.57 % SOFR (Q) 1.75 % 10/2019 07/2029 17.5   16.8   13.5   (2)(9)
First lien senior secured loan 5.57 % SOFR (Q) 1.75 % 10/2020 07/2029 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 5.57 % SOFR (Q) 1.75 % 07/2021 07/2029 4.6   4.5   3.6   (2)(9)
Class A units 07/2021 3,099,335 4.6   —   (2)
69.5   51.5  

See accompanying notes to consolidated financial statements.
F-34

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2025
(dollar amounts in millions)