10-K – 2026-02-04 – arcc-20251231.htm

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
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (13) Provider of human resources and workforce management solutions First lien senior secured revolving loan 8.72 % SOFR (M) 5.00 % 07/2024 07/2030 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 8.84 % SOFR (Q) 5.00 % 07/2024 07/2031 19.0   19.0   18.8   (2)(9)
Class A common units 07/2024 1,205,000 1.2   0.9   (2)
20.4   19.9  
Lightbeam Bidco, Inc. (13) Provider of yard management services First lien senior secured revolving loan 05/2023 05/2029 —   —   —   (2)(11)
First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 05/2023 05/2030 4.5   4.5   4.5   (2)(9)
First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 05/2023 05/2030 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 8.84 % SOFR (Q) 5.00 % 11/2023 05/2030 2.2   2.2   2.2   (2)(9)
First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 11/2023 05/2030 1.1   1.1   1.1   (2)(9)
First lien senior secured loan 8.51 % SOFR (Q) 4.75 % 12/2025 05/2030 1.9   1.9   1.9   (2)(9)
10.4   10.4  
LJP Purchaser, Inc. and LJP Topco, LP (13) Provider of non-hazardous solid waste and recycling services First lien senior secured loan 10.05 % SOFR (Q) 6.25 % 09/2022 09/2028 11.6   11.6   11.6   (2)(9)
Class A units 8.00 % PIK
09/2022 5,098,000 6.6   6.1   (2)
18.2   17.7  
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc. Keg management solutions provider First lien senior secured loan 11.17 % SOFR (Q) 7.50 % 12/2024 12/2030 134.8   134.8   134.8   (2)(9)
MSIS Holdings, Inc. and MS Precision Parent, LP (13) Provider of heavy industrial machinery maintenance and repair services First lien senior secured revolving loan 03/2025 03/2031 —   —   —   (2)(11)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 03/2025 03/2031 23.5   23.5   23.5   (2)(9)
Class A-1 units 03/2025 1,184,000 1.2   1.3   (2)
24.7   24.8  
NAS, LLC and Nationwide Marketing Group, LLC (13) Buying and marketing services organization for appliance, furniture and consumer electronics dealers First lien senior secured revolving loan 10.51 % SOFR (Q) 6.50 % 11/2020 04/2026 1.9   1.9   1.9   (2)(9)
First lien senior secured loan 10.49 % SOFR (Q) 6.50 % 11/2020 04/2026 6.1   6.1   6.1   (2)(9)
First lien senior secured loan 10.49 % SOFR (Q) 6.50 % 12/2021 04/2026 2.2   2.2   2.2   (2)(9)
First lien senior secured loan 10.49 % SOFR (Q) 6.50 % 05/2022 04/2026 1.3   1.3   1.3   (2)(9)
11.5   11.5  
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. (13) Provider of audience insights, data and analytics to entertainment industry First lien senior secured revolving loan 10/2022 10/2027 —   0.9   —   (2)(11)
First lien senior secured loan 8.76 % SOFR (Q) 4.75 % 10/2022 10/2028 79.9   76.6   78.7   (2)(9)(16)
First lien senior secured loan 9.01 % SOFR (Q) 5.00 % 10/2022 04/2029 96.8   92.3   95.6   (2)(9)(16)
First lien senior secured notes 9.29 % 11/2022 04/2029 52.8   52.0   52.9   (2)(16)
Second lien senior secured loan 13.76 % SOFR (Q) 9.75 % 10/2022 10/2029 65.8   65.8   65.8   (2)(9)

See accompanying notes to consolidated financial statements.
F-35

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 interests 10/2022 4,040,000 4.1   6.9   (2)
291.7   299.9  
Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1 Operator of multiple franchise concepts primarily related to home maintenance or repairs Limited partner interest 09/2021 9,725,000 9.7   12.4   (2)
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC (13) Solid waste services provider First lien senior secured loan 11.99 % SOFR (Q) 8.00 % 08/2023 08/2029 35.0   34.6   29.4   (2)(9)
First lien senior secured loan 11.99 % SOFR (Q) 8.00 % 06/2024 08/2029 11.1   10.5   9.4   (2)(9)
First lien senior secured loan 14.73 % PIK
SOFR (M) 11.00 % 12/2025 08/2029 2.5   2.5   2.3   (2)(9)
Warrant to purchase units of Class A common units 08/2023 08/2036 38,235 0.6   —   (2)
Warrant to purchase units of Class A common units 06/2024 06/2036 6,400 0.9   —   (2)
49.1   41.1  
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC Provider of janitorial and facilities management services First lien senior secured loan 9.57 % SOFR (Q) 5.75 % 10/2021 10/2027 66.3   66.3   61.7   (2)(9)
First lien senior secured loan 9.82 % SOFR (Q) 6.00 % 11/2023 10/2027 18.8   18.8   17.7   (2)(9)
Class A units 10/2021 8,749,201 9.0   4.7   (2)
94.1   84.1  
PS Operating Company LLC and PS Op Holdings LLC (5) Specialty distributor and solutions provider to the swine and poultry markets First lien senior secured revolving loan 12/2021 12/2026 5.5   4.3   1.8   (2)(8)
First lien senior secured loan 12/2021 12/2026 19.1   15.5   6.1   (2)(8)
Common unit 12/2021 279,200 7.4   —   (2)
27.2   7.9  
PSC Parent, Inc. (13) Provider of operational services for US petrochemical and refining companies First lien senior secured revolving loan 8.97 % SOFR (M) 5.25 % 04/2024 04/2030 2.0   2.0   2.0   (2)(9)(12)
First lien senior secured loan 8.98 % SOFR (M) 5.25 % 04/2024 04/2031 54.2   54.2   54.2   (2)(9)
56.2   56.2  
R2 Acquisition Corp. Marketing services Common stock 05/2007 250,000 0.2   0.4   (2)
RE Community Holdings GP, LLC and RE Community Holdings, LP Operator of municipal recycling facilities Limited partnership interest 03/2011 2.49 % —   —   (2)
Limited partnership interest 03/2011 2.86 % —   —   (2)
—   —  
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. (13) Provider of FDA registration and consulting services First lien senior secured revolving loan 8.78 % SOFR (Q) 5.00 % 08/2021 08/2029 2.7   2.7   2.7   (2)(9)
First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 08/2021 08/2029 3.5   3.5   3.5   (2)(9)
First lien senior secured loan 8.77 % SOFR (Q) 5.00 % 03/2025 08/2029 6.2   6.2   6.0   (2)(9)
Limited partner interests 08/2021 1.09 % 2.7   1.8   (2)

See accompanying notes to consolidated financial statements.
F-36

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
15.1   14.0  
Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc. Provider of outsourced data collection to the market research industry Common units 07/2024 49 —   —   (2)
Warrants to purchase shares of common stock 07/2024 07/2028 142 —   —   (2)
—   —  
Rodeo AcquisitionCo LLC (13) Provider of food inspection and recovery services First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2021 07/2029 26.6   26.6   26.6   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 10/2025 07/2029 3.8   3.8   3.8   (2)(9)
30.4   30.4  
Saturn Purchaser Corp. (13) Private aviation management company First lien senior secured loan 8.71 % SOFR (Q) 4.85 % 07/2023 07/2030 1.7   1.7   1.7   (2)(9)
SGM Acquisition Sub, LLC and Schill Holdings, LP (13) Provider of landscape design and planning, and snow removal services First lien senior secured loan 8.72 % SOFR (Q) 5.00 % 12/2025 12/2031 26.2   26.2   26.1   (2)(9)
Common units 12/2025 1,492,000 1.5   1.5  
27.7   27.6  
SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP Manufacturer and distributor of personal protection equipment, commercial cleaning, maintenance and safety products Limited partnership class A-1 units 06/2020 2,173 1.1   —   (2)
Limited partnership class A-2 units 06/2020 2,173 1.1   —   (2)
2.2   —  
Startec Equity, LLC (5) Communication services Member interest 04/2010 190,581 —   —  
SV Newco 2, Inc. and Site 2020 Incorporated (13) Provider of outsourced traffic control safety services First lien senior secured revolving loan 05/2024 06/2031 —   —   —   (2)(6)(11)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 05/2024 06/2031 14.5   14.5   14.5   (2)(6)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 09/2025 06/2031 4.0   4.0   4.0   (2)(6)(9)
18.5   18.5  
Systems Planning and Analysis, Inc. (13) Provider of systems engineering and technical assistance to the US DoD First lien senior secured revolving loan 8.50 % SOFR (M) 4.75 % 05/2022 08/2027 0.4   0.4   0.4   (2)(9)(12)
First lien senior secured revolving loan 10.50 % Base Rate (Q) 3.75 % 05/2022 08/2027 1.1   1.1   1.1   (2)(9)(12)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 05/2022 08/2027 1.0   1.0   1.0   (2)(9)
2.5   2.5  
Talon Buyer Inc. and Talon Holdings SCSP (13) Provider of fire safety and life safety services First lien senior secured loan 8.39 % SOFR (Q) 4.50 % 07/2025 07/2032 18.4   18.4   18.2   (2)(9)
Class A units 07/2025 6,445,000 6.4   8.0   (2)(6)
24.8   26.2  
The Hiller Companies, LLC (13) Provider of fire protection and life safety products First lien senior secured revolving loan 06/2024 06/2030 —   —   —   (2)(11)
First lien senior secured loan 8.72 % SOFR (M) 5.00 % 06/2024 06/2030 48.5   48.5   48.5   (2)(9)
First lien senior secured loan 8.54 % SOFR (M) 4.75 % 07/2025 06/2030 4.1   4.1   4.1   (2)(9)
52.6   52.6  

See accompanying notes to consolidated financial statements.
F-37

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
Thermostat Purchaser III, Inc. (13) Provider of commercial HVAC equipment maintenance and repair services First lien senior secured revolving loan 08/2021 08/2028 —   —   —   (2)(11)
Second lien senior secured loan 11.22 % SOFR (Q) 7.25 % 08/2021 08/2029 23.0   23.0   23.0   (2)(9)
23.0   23.0  
TSS Buyer, LLC Provider of outsourced testing, inspection, certification, and compliance services to healthcare and life sciences end markets First lien senior secured loan 9.34 % SOFR (Q) 5.50 % 07/2023 06/2029 2.6   2.5   2.6   (2)(9)
TVG-MGT Upper Intermediate Holdings, LLC Management consulting firm servicing education, technology and public sectors Senior subordinated loan 14.00 % PIK
08/2025 08/2031 26.1   26.1   25.3   (2)
Class A common units 08/2025 2,712 4.1   4.1   (2)
30.2   29.4  
Unity Purchaser, LLC and Unity Ultimate Holdings, LP (13) Provider of specialty mechanical services for critical HVAC, plumbing, and related systems First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 01/2025 01/2031 12.6   12.6   12.6   (2)(9)
Class A-1 units 01/2025 2,068,000 2.1   2.0   (2)
14.7   14.6  
UP Intermediate II LLC and UPBW Blocker LLC (13) Provider of essential mechanical, electrical and plumbing services to commercial customers First lien senior secured revolving loan 03/2024 03/2031 —   —   —   (2)(11)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2025 03/2032 15.2   15.2   15.2   (2)(9)
Senior Preferred Units 15.00 % PIK
07/2025 10,340 1.1   1.1   (2)
Common units 03/2024 60,470 6.0   7.2   (2)
Common units 09/2024 3,918 0.3   0.5   (2)
22.6   24.0  
Valcourt Holdings II, LLC and Jobs Holdings, Inc. Provider of window cleaning and building facade maintenance and restoration services First lien senior secured loan 9.01 % SOFR (Q) 5.00 % 11/2023 11/2029 58.8   58.8   58.8   (2)(9)
Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC (5)(13) Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies First lien senior secured revolving loan 8.60 % SOFR (S) 5.00 % 12/2025 01/2029 1.0   1.0   1.0   (2)(9)
First lien senior secured loan 8.60 % SOFR (S) 5.00 % 12/2025 01/2029 2.6   2.6   2.6   (2)(9)
First lien senior secured loan 10.82 % ( 3.50 % PIK)
SOFR (M) 7.00 % 07/2023 01/2029 34.1   33.6   34.1   (2)(9)
First lien senior secured loan 15.67 % PIK
SOFR (Q) 12.00 % 07/2023 01/2029 7.2   7.1   7.2   (2)(9)
First lien senior secured loan 15.84 % PIK
SOFR (Q) 12.00 % 12/2025 01/2029 9.5   9.5   9.5   (2)(9)
Common units 12/2025 947,000 17.5   17.5   (2)
71.3   71.9  
VRC Companies, LLC (13) Provider of records and information management services Senior subordinated loan 12.00 % ( 2.00 % PIK)
05/2022 06/2028 5.3   5.4   5.3   (2)

See accompanying notes to consolidated financial statements.
F-38

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
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC (13) Provider of agronomics products for landscapers, contractors and golf course end users First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 05/2024 05/2030 23.4   23.4   23.4   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 04/2025 05/2030 4.3   4.3   4.3   (2)(9)
Class A preferred units 10.00 % PIK
05/2024 9,260 1.1   1.1  
Class A common units 05/2024 862 —   0.4  
28.8   29.2  
XIFIN, Inc. and ACP Charger Co-Invest LLC Revenue cycle management provider to labs Class A units 02/2020 180,000 1.8   4.5   (2)
Class B units 12/2021 46,363 0.9   2.2   (2)
2.7   6.7  
Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. (13) Provider of recurring fire protection services First lien senior secured revolving loan 07/2024 07/2031 —   —   —   (2)(11)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2024 07/2031 12.8   12.8   12.8   (2)(9)
12.8   12.8  

2,806.9   2,776.7   19.39 %
Consumer Services
Aimbridge Topco, LLC Hotel operator Common units 03/2025 56,310 3.3   3.4   (2)
American Residential Services L.L.C. and Aragorn Parent Holdings LP Heating, ventilation and air conditioning services provider Series A preferred units 10.00 % PIK
10/2020 2,531,500 3.6   7.3   (2)
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (13) Provider of residential HVAC, plumbing, and electrical maintenance and repair services First lien senior secured revolving loan 8.71 % SOFR (Q) 5.00 % 10/2023 10/2029 2.3   2.3   2.3   (2)(9)(12)
First lien senior secured loan 8.81 % SOFR (Q) 5.00 % 09/2024 10/2030 199.9   199.7   199.9   (2)(9)
Series B common units 10/2023 262,165 7.2   11.4  
209.2   213.6  
Belfor Holdings, Inc. (13) Disaster recovery services provider First lien senior secured revolving loan 04/2019 01/2026 —   —   —   (2)(11)
Birdie Bidco, Inc. (13) Golf club owner and
operator First lien senior secured revolving loan 8.17 % SOFR (Q) 4.50 % 11/2025 11/2032 0.4   0.4   0.4   (2)(9)
First lien senior secured revolving loan 10.25 % Base Rate (Q) 3.50 % 11/2025 11/2032 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 8.42 % ( 2.25 % PIK)
SOFR (Q) 4.75 % 11/2025 11/2032 19.9   19.9   19.8   (2)(9)
20.5   20.4  
Calera XXVIII, LLC (14) Residential floor coating provider Common units 12/2025 5,420,161 5.4   5.4   (2)(6)
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC (13) Provider of HVAC and plumbing services to residential and commercial customers First lien senior secured revolving loan 9.93 % SOFR (Q) 6.00 % 12/2021 12/2027 0.9   0.9   0.8   (2)(9)
First lien senior secured revolving loan 11.75 % Base Rate (Q) 5.00 % 12/2021 12/2027 0.1   0.1   0.1   (2)(9)

See accompanying notes to consolidated financial statements.
F-39

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 11.98 % ( 6.00 % PIK)
SOFR (Q) 8.00 % 12/2021 12/2027 3.5   3.5   3.1   (2)(9)
First lien senior secured loan 12.05 % ( 6.25 % PIK)
SOFR (Q) 8.25 % 03/2023 12/2027 6.8   6.8   6.2   (2)(9)
Class A units 12/2021 4,296 4.3   1.1  
15.6   11.3  
ClubCorp Holdings, Inc. (13) A manager of golf and country clubs throughout the United States First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 07/2025 07/2032 40.6   40.6   40.6   (2)(9)
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (13) Provider of commercial HVAC equipment maintenance and repair services First lien senior secured loan 8.20 % SOFR (S) 4.50 % 05/2022 11/2030 21.0   21.0   21.0   (2)(9)
First lien senior secured loan 8.28 % SOFR (S) 4.50 % 11/2023 11/2030 2.8   2.8   2.8   (2)(9)
Common stock 05/2022 302 3.1   7.7   (2)
26.9   31.5  
CST Holding Company (13) Provider of ignition interlock devices First lien senior secured loan 8.82 % SOFR (M) 5.00 % 11/2022 11/2028 11.4   11.4   11.4   (2)(9)
First lien senior secured loan 8.82 % SOFR (M) 5.00 % 07/2024 11/2028 0.1   0.1   0.1   (2)(9)
11.5   11.5  
Davidson Hotel Company LLC (13) Provider of hotel operations solutions and advisory services First lien senior secured loan 8.72 % SOFR (M) 5.00 % 10/2024 10/2031 8.3   8.3   8.3   (2)(9)
Equinox Holdings, Inc. Operator of luxury, full-service health fitness clubs First lien senior secured loan 11.92 % ( 4.13 % PIK)
SOFR (Q) 8.25 % 03/2024 03/2029 46.2   45.5   46.2   (2)(9)
Second lien senior secured loan 16.00 % PIK
03/2024 06/2027 4.6   4.5   4.6   (2)
50.0   50.8  
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (13) Provider of plumbing and HVAC services First lien senior secured revolving loan 8.88 % SOFR (Q) 5.00 % 06/2024 06/2030 7.8   7.8   7.6   (2)(9)(12)
First lien senior secured loan 8.88 % SOFR (Q) 5.00 % 06/2024 06/2031 151.5   151.5   147.0   (2)(9)
Preferred units 15.00 % PIK
07/2023 685 9.2   9.2   (2)
Class A units 11/2020 6,447 22.9   25.9   (2)
191.4   189.7  
Eternal Aus Bidco Pty Ltd (13) Operator of cemetery, crematoria and funeral services First lien senior secured loan 8.71 % BBSY (S) 5.00 % 11/2023 10/2029 3.8   3.7   3.8   (2)(6)(9)
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. (13) Fitness facility operator First lien senior secured revolving loan 8.48 % SOFR (M) 4.75 % 11/2025 04/2030 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 05/2024 04/2030 12.9   12.8   12.9   (2)(9)
13.5   13.6  
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP (4) Crunch Fitness franchisee First lien senior secured revolving loan 7.73 % SOFR (M) 4.00 % 08/2024 08/2030 2.5   2.5   2.5   (2)(9)
First lien senior secured loan 8.99 % SOFR (M) 5.25 % 08/2024 08/2031 10.5   10.5   10.5   (2)(9)
Common units 07/2024 11,957,000 12.0   12.3   (2)
25.0   25.3  
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (13) Distributor of instructional products, services and resources First lien senior secured revolving loan 9.22 % SOFR (Q) 5.50 % 08/2018 04/2026 4.0   4.0   4.0   (2)(9)(12)

See accompanying notes to consolidated financial statements.
F-40

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 9.43 % SOFR (Q) 5.50 % 07/2017 04/2026 28.7   28.7   28.4   (2)(9)
First lien senior secured loan 9.43 % SOFR (Q) 5.50 % 08/2018 04/2026 1.1   1.1   1.1   (2)(9)
First lien senior secured loan 9.43 % SOFR (Q) 5.50 % 06/2024 04/2026 7.4   7.4   7.3   (2)(9)
First lien senior secured loan 9.60 % SOFR (Q) 5.50 % 05/2025 04/2026 5.0   5.0   4.9   (2)(9)
Series A preferred stock 10/2014 1,272 0.7   0.9   (2)
46.9   46.6  
Flint OpCo, LLC (13) Provider of residential HVAC and plumbing services First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 08/2023 08/2030 6.9   6.9   6.9   (2)(9)
First lien senior secured loan 8.55 % SOFR (Q) 4.75 % 05/2024 08/2030 3.6   3.6   3.6   (2)(9)
10.5   10.5  
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (13) Provider of commercial and residential HVAC, electrical, and plumbing services First lien senior secured revolving loan 10.52 % SOFR (M) 6.75 % 04/2023 04/2029 0.8   0.8   0.8   (2)(9)(12)
First lien senior secured loan 10.42 % SOFR (Q) 6.75 % 04/2023 04/2030 24.3   24.3   23.6   (2)(9)
Class A common units 04/2023 4,424 4.4   2.1   (2)
29.5   26.5  
Helios Service Partners, LLC and Astra Service Partners, LLC (13) Critical HVAC, refrigeration, and plumbing services for commercial businesses First lien senior secured loan 8.34 % SOFR (Q) 4.50 % 11/2025 11/2032 43.5   43.5   43.1   (2)(9)
HGC Holdings, LLC (13) Operator of golf facilities First lien senior secured loan 8.24 % SOFR (M) 4.50 % 06/2025 06/2029 79.6   79.6   79.6   (2)(9)
IFH Franchisee Holdings, LLC (13) Operator of fitness centers First lien senior secured revolving loan 7.87 % SOFR (Q) 4.00 % 12/2024 12/2029 4.3   4.3   4.3   (2)(9)
First lien senior secured loan 9.37 % SOFR (Q) 5.50 % 12/2024 12/2029 54.7   54.7   54.7   (2)(9)
59.0   59.0  
Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. (13) Provider of residential roofing and exterior repair and replacement services First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 12/2022 12/2028 14.5   14.5   14.5   (2)(6)(9)
First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 11/2023 12/2028 6.3   6.3   6.3   (2)(6)(9)
First lien senior secured loan 8.26 % CORRA (Q) 6.00 % 11/2023 12/2028 1.3   1.3   1.3   (2)(6)(9)
First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 10/2024 12/2028 5.5   5.5   5.5   (2)(6)(9)
Class A units 12/2022 9,524,000 9.5   11.0   (2)(6)
37.1   38.6  
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (13) Franchising platform offering adolescent development programs First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 12/2022 12/2027 30.0   30.0   30.0   (2)(9)
First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 01/2025 12/2027 1.4   1.4   1.4   (2)(9)
Limited partnership interests 12/2022 2,149,690 2.1   2.8  
33.5   34.2  
LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC (13) A direct-to-consumer home solutions and residential improvements platform First lien senior secured revolving loan 11.00 % Base rate (Q) 4.25 % 09/2025 09/2031 1.3   1.3   1.2   (2)(9)
First lien senior secured loan 8.97 % SOFR (M) 5.25 % 09/2025 09/2031 172.7   172.7   171.0   (2)(9)

See accompanying notes to consolidated financial statements.
F-41

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 units 09/2025 64,787 67.3   67.6   (2)
241.3   239.8  
ME Equity LLC Franchisor in the massage industry Common stock 09/2012 3,000,000 3.0   4.9   (2)
Modigent, LLC and OMERS PMC Investment Holdings LLC (13) Provider of commercial HVAC services First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 08/2022 08/2028 12.2   12.2   12.2   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 09/2023 08/2028 6.3   6.3   6.3   (2)(9)
Preferred units 14.00 % PIK
05/2025 82 0.9   0.9   (2)
Class A units 08/2022 1,001 9.7   10.0   (2)
29.1   29.4  
Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC (13) Provider of lawn care, tree care and pest control services First lien senior secured revolving loan 8.72 % SOFR (M) 5.00 % 06/2024 06/2031 0.3   0.3   0.3   (2)(9)(12)
First lien senior secured loan 8.69 % SOFR (Q) 5.00 % 06/2024 06/2031 27.9   27.9   27.9   (2)(9)
First lien senior secured loan 8.72 % SOFR (M) 5.00 % 08/2025 06/2031 1.1   1.1   1.1   (2)(9)
Class A preferred units 09/2024 678 0.7   0.6  
Class B common units 09/2024 677,504 0.3   0.3  
30.3   30.2  
North Haven Fairway Buyer, LLC and Fairway Lawns, LLC (13) Provider of lawncare services First lien senior secured revolving loan 8.73 % SOFR (Q) 5.00 % 12/2022 05/2028 3.9   3.9   3.9   (2)(9)
First lien senior secured loan 8.77 % SOFR (Q) 5.00 % 12/2022 05/2028 17.5   17.5   17.5   (2)(9)
First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 06/2024 05/2028 5.0   5.0   5.0   (2)(9)
First lien senior secured loan 8.90 % SOFR (Q) 5.00 % 02/2025 05/2028 10.1   10.1   10.1   (2)(9)
36.5   36.5  
Northwinds Holding, Inc. and Northwinds Services Group LLC (13) Provider of HVAC and plumbing services First lien senior secured loan 9.30 % SOFR (Q) 5.25 % 05/2023 05/2029 26.7   26.7   26.7   (2)(9)
First lien senior secured loan 9.26 % SOFR (Q) 5.25 % 08/2024 05/2029 6.1   6.1   6.1   (2)(9)
First lien senior secured loan 9.26 % SOFR (Q) 5.25 % 06/2025 05/2029 2.1   2.1   2.1   (2)(9)
Common units 05/2023 2,911,607 4.0   4.8   (2)
38.9   39.7  
OTG Concessions Management, LLC and Octa Parent Holdings, LLC Airport restaurant operator Second lien notes 10.00 % PIK
02/2024 02/2031 8.8   8.8   8.2   (2)
Participation rights 02/2024 02/2054 1 —   —   (2)
8.8   8.2  
PestCo Holdings, LLC and PestCo, LLC (13) Provider of pest control services to the residential and commercial markets First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 08/2025 08/2030 19.0   18.9   18.9   (2)(9)
Class A units 01/2023 139 1.9   2.9  
20.8   21.8  
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. (13) Provider of commercial and residential HVAC, electrical & plumbing services First lien senior secured revolving loan 10.50 % ( 1.50 % PIK)
SOFR (Q) 6.75 % 10/2024 10/2030 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 10.68 % ( 1.50 % PIK)
SOFR (Q) 6.75 % 10/2024 10/2030 6.6   6.6   6.1   (2)(9)

See accompanying notes to consolidated financial statements.
F-42

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
Common stock 10/2024 667 0.7   0.1   (2)
8.0   6.9  
Premiere Buyer, LLC (13) Third-party residential property manager for multi-family residential properties in the United States First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 05/2024 05/2031 5.5   5.5   5.5   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 04/2025 05/2031 1.0   1.0   1.0   (2)(9)
6.5   6.5  
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC (13) Hotel operator First lien senior secured loan 9.11 % SOFR (Q) 5.25 % 01/2023 01/2028 7.3   7.3   7.3   (2)(9)
First lien senior secured loan 9.11 % SOFR (Q) 5.25 % 10/2024 01/2028 2.6   2.6   2.6   (2)(9)
Preferred membership units 8.00 % PIK
07/2016 996,833 1.3   3.2  
11.2   13.1  
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. (13) Car wash operator First lien senior secured loan 8.47 % SOFR (M) 4.75 % 05/2024 06/2031 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 8.47 % SOFR (M) 4.75 % 06/2025 06/2031 6.4   6.4   6.4   (2)(9)
Limited partnership interest 06/2024 11,184,000 11.2   13.8   (2)
23.2   25.8  
Radiant Intermediate Holding, LLC Provider of HVAC, plumbing and electrical services First lien senior secured loan 9.92 % SOFR (Q) 6.00 % 04/2023 11/2026 2.1   2.1   1.9   (2)(9)
Redwood Services LP (13) Provider of residential HVAC and plumbing services First lien senior secured revolving loan 06/2025 06/2032 —   —   —   (2)(11)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 06/2025 06/2032 27.2   27.2   27.2   (2)(9)
27.2   27.2  
Saber Parent Holdings Corp. and MSHC, Inc. (13) Provider of aftermarket maintenance, repair, and replacement services for commercial HVAC equipments First lien senior secured loan 8.23 % SOFR (Q) 4.50 % 12/2025 12/2032 22.8   22.8   22.7   (2)
Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc. Provider of safety systems for business and residential customers First lien senior secured loan 10.43 % ( 1.00 % PIK)
SOFR (M) 6.00 % 08/2020 05/2026 24.0   24.0   23.5   (2)(9)
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. (13) Planet Fitness franchisee First lien senior secured revolving loan 8.94 % SOFR (M) 5.13 % 07/2018 08/2027 0.2   0.2   0.2   (2)(9)
First lien senior secured revolving loan 9.32 % SOFR (M) 5.50 % 01/2024 07/2027 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.90 % SOFR (M) 5.08 % 03/2020 08/2027 1.3   1.3   1.3   (2)(9)
First lien senior secured loan 9.32 % SOFR (M) 5.50 % 01/2024 08/2027 0.4   0.4   0.4   (2)(9)
First lien senior secured loan 8.57 % SOFR (M) 4.75 % 11/2025 07/2027 4.1   4.1   4.1   (2)(9)
Class A units 07/2018 37,020 3.8   9.4  
9.9   15.5  

See accompanying notes to consolidated financial statements.
F-43

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

See accompanying notes to consolidated financial statements.
F-44

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
ZBS Mechanical Group Co-Invest Fund 2, LLC and ZBS Mechanical Group Co-Invest II Fund 2, LLC Provider of residential HVAC and plumbing services Membership interest 10/2021 2,771,000 1.4   7.4  
Membership interest 02/2025 264,161 0.3   1.4  
1.7   8.8  

1,641.7   1,663.4   11.62 %
Insurance
15484880 Canada Inc. and 15484910 Canada Inc. (13) Independent insurance broker First lien senior secured revolving loan 7.82 % CORRA (Q) 5.25 % 04/2025 04/2031 0.4   0.4   0.4   (2)(6)(9)
First lien senior secured loan 7.82 % CORRA (Q) 5.25 % 04/2025 04/2031 29.2   28.0   29.2   (2)(6)(9)
Senior subordinated loan 14.00 % PIK
04/2025 04/2035 14.7   14.2   14.7   (2)(6)
Class A2 shares 04/2025 19,825,189 13.8   13.8   (2)(6)
56.4   58.1  
Acrisure, LLC Independent property and casualty insurance brokerage First lien senior secured loan 6.72 % SOFR (M) 3.00 % 10/2023 11/2030 0.2   0.2   0.2   (2)(16)
AQ Sunshine, Inc. (13) Specialized insurance broker First lien senior secured revolving loan 8.67 % SOFR (Q) 5.00 % 07/2024 07/2030 1.9   1.9   1.9   (2)(9)(12)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 07/2024 07/2031 116.7   116.7   116.7   (2)(9)
118.6   118.6  
Ardonagh Midco 3 Limited, Ardonagh Group Finco Pty Limited, Ardonagh Finco LLC, Ardonagh Finco B.V., and MDCP Co-Investors (Jade I), L.P. Insurance broker and underwriting servicer Limited partnership interest 06/2025 17,510,000 24.1   26.3   (2)(6)
Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. (13) Insurance program administrator First lien senior secured loan 8.23 % SOFR (M) 4.50 % 04/2025 04/2032 14.7   14.7   14.7   (2)(9)
Benecon Midco II LLC and Benecon Holdings, LLC (13) Employee benefits provider for small and mid-size employers First lien senior secured loan 8.19 % SOFR (Q) 4.50 % 01/2024 01/2031 21.0   21.0   21.0   (2)(9)
Class A units 01/2024 7,796,550 27.1   35.2  
48.1   56.2  
Captive Resources Midco, LLC (13) Provider of independent consulting services to member-owned group captives First lien senior secured loan 8.22 % SOFR (M) 4.50 % 07/2022 07/2029 5.8   5.8   5.8   (2)(9)
Daylight Beta Parent LLC and CFCo, LLC (4) Health insurance sales platform provider First lien senior secured loan 09/2023 09/2033 14.6   12.0   1.2   (2)(8)
First lien senior secured loan 09/2023 09/2038 20.8   0.5   —   (2)
Class B units 09/2023 32,391,330 —   —   (2)
12.5   1.2  
Diamond Mezzanine 24 LLC (13) Property and casualty insurance underwriting and distribution platform First lien senior secured revolving loan 8.84 % SOFR (Q) 5.00 % 10/2024 10/2030 0.3   0.3   0.3   (2)(9)
First lien senior secured loan 8.84 % SOFR (Q) 5.00 % 10/2024 10/2030 19.4   19.4   19.4   (2)(9)
19.7   19.7  
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (13)(14) Managing general agent insurance distribution platform First lien senior secured revolving loan 8.17 % SOFR (Q) 4.50 % 12/2023 12/2029 0.2   0.2   0.2   (2)(9)(12)

See accompanying notes to consolidated financial statements.
F-45

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 8.17 % SOFR (Q) 4.50 % 12/2023 12/2030 18.3   18.3   18.3   (2)(9)
First lien senior secured loan 8.34 % SOFR (Q) 4.50 % 05/2024 12/2030 2.3   2.3   2.3   (2)(9)
Limited partnership interest 03/2024 1,348,309 1.3   1.9   (2)(6)
22.1   22.7  
Forza Insurance Holdings, LLC Operator of insurance brands and platforms First lien senior secured loan 9.42 % SOFR (Q) 5.75 % 02/2025 02/2030 38.7   38.7   38.7   (2)(9)
Foundation Risk Partners, Corp. (13) Full service independent insurance agency First lien senior secured revolving loan 8.42 % SOFR (Q) 4.75 % 10/2021 10/2029 7.0   7.0   7.0   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 10/2021 10/2030 66.6   66.6   66.6   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 04/2022 10/2030 9.2   9.2   9.2   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 11/2023 10/2030 17.2   17.2   17.2   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 05/2024 10/2030 16.3   16.3   16.3   (2)(9)
116.3   116.3  
Galway Borrower LLC (13) Insurance service provider First lien senior secured revolving loan 8.19 % SOFR (Q) 4.50 % 09/2021 09/2028 1.9   1.9   1.9   (2)(9)(12)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 09/2021 09/2028 8.3   8.3   8.3   (2)(9)
10.2   10.2  
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. (13) Insurance broker First lien senior secured loan 7.25 % CORRA (M) 5.00 % 03/2024 03/2031 9.7   9.8   9.7   (2)(6)(9)
First lien senior secured loan 7.27 % CDOR (Q) 5.00 % 03/2024 03/2031 0.3   0.3   0.3   (2)(6)(9)
10.1   10.0  
Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc. (13) Independent retail insurance broker First lien senior secured loan 8.22 % SOFR (M) 4.50 % 08/2023 06/2031 9.1   9.1   9.1   (2)(9)
Series A preferred shares 10.50 % 12/2024 1,000 1.0   1.0   (2)
10.1   10.1  
High Street Buyer, Inc. and High Street Holdco LLC (13)(14) Insurance brokerage platform First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 04/2021 04/2028 22.1   22.1   22.1   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 08/2021 04/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 02/2022 04/2028 19.4   19.4   19.4   (2)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 03/2024 04/2028 4.0   4.0   4.0   (2)(9)
Series A preferred units 10.00 % PIK
04/2021 172,211,694 248.0   248.0   (2)
Series A preferred units 10.00 % PIK
12/2023 20,106,667 24.7   24.7   (2)
Series A preferred units 10.00 % PIK
04/2024 1,386,667 1.6   1.6   (2)
Series A preferred units 10.00 % PIK
07/2024 4,506,667 5.2   5.2   (2)
Series A units 10.00 % PIK
04/2021 5,562,381 9.9   16.9   (2)
Series C units 10.00 % PIK
04/2021 10,043,368 4.0   30.5   (2)
339.0   372.5  
Inszone Mid, LLC and INSZ Holdings, LLC (13) Insurance brokerage firm First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 12/2023 11/2029 26.7   26.7   26.7   (2)(9)
First lien senior secured loan 8.93 % SOFR (Q) 5.25 % 07/2024 11/2029 51.7   51.7   51.7   (2)(9)

See accompanying notes to consolidated financial statements.
F-46

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 interests 11/2022 2,146,088 1.7   3.7  
Common units 11/2023 8,473,000 8.5   14.7  
88.6   96.8  
King Risk Partners, LLC (13) Retail insurance brokerage firm First lien senior secured loan 8.22 % SOFR (M) 4.50 % 04/2025 04/2031 13.0   13.0   13.0   (2)(9)
Knight AcquireCo, LLC and Knight Holdings, LP (13) Insurance agency and regulatory services provider First lien senior secured loan 8.37 % SOFR (S) 4.50 % 11/2025 11/2032 25.2   25.2   25.1   (2)(9)
Class A-1 common units 11/2025 213,806 2.1   2.1   (2)
27.3   27.2  
Koala Investment Holdings, Inc. (13) Insurance brokerage platform First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 08/2025 08/2032 24.2   24.2   24.0   (2)(9)
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (13) Insurance brokerage platform First lien senior secured revolving loan 8.48 % SOFR (M) 4.75 % 11/2023 11/2029 0.4   0.4   0.4   (2)(9)
First lien senior secured loan 8.47 % SOFR (M) 4.75 % 11/2023 11/2029 10.9   10.9   10.9   (2)(9)
First lien senior secured loan 8.72 % SOFR (M) 5.00 % 06/2025 11/2029 1.3   1.3   1.3   (2)(9)
Class A2 units 11/2023 115,928 2.3   2.6   (2)
14.9   15.2  
Patriot Growth Insurance Services, LLC (13) National retail insurance agency First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 10/2021 10/2028 15.5   15.4   15.5   (2)(9)
People Corporation (13) Provider of group benefits, group retirement and human resources services First lien senior secured revolving loan 7.82 % CORRA (Q) 5.25 % 02/2021 02/2027 4.2   4.1   4.2   (2)(6)(9)
First lien senior secured loan 7.60 % CORRA (Q) 5.25 % 02/2021 02/2028 41.9   45.3   41.9   (2)(6)(9)
First lien senior secured loan 7.50 % CORRA (Q) 5.25 % 09/2021 02/2028 24.5   25.2   24.5   (2)(6)(9)
First lien senior secured loan 7.50 % CORRA (Q) 5.25 % 09/2023 02/2028 14.8   14.7   14.8   (2)(6)(9)
First lien senior secured loan 7.58 % CORRA (Q) 5.00 % 12/2024 02/2028 16.1   15.9   16.1   (2)(6)(9)
105.2   101.5  
SageSure Holdings, LLC and SageSure LLC (13) Insurance service provider First lien senior secured loan 8.58 % SOFR (M) 4.75 % 08/2024 01/2030 51.7   51.7   51.7   (2)(9)
First lien senior secured loan 8.58 % SOFR (M) 4.75 % 01/2025 01/2030 49.5   49.5   49.5   (2)(9)
First lien senior secured loan 8.47 % SOFR (M) 4.75 % 12/2025 01/2030 12.3   12.3   12.3   (2)(9)
Series A units 05/2025 710 70.0   94.1  
183.5   207.6  
SelectQuote, Inc. and SQ ABS Issuer, LLC Direct to consumer insurance distribution platform First lien senior secured notes 9.65 % 10/2024 10/2039 1.4   1.4   1.4   (2)
First lien senior secured notes 7.80 % 10/2024 10/2039 2.1   2.1   2.1   (2)
First lien senior secured loan 10.32 % SOFR (M) 6.50 % 10/2024 09/2027 9.0   8.5   9.0   (2)(9)
Warrant to purchase shares of common stock 10/2024 10/2028 179,068 —   —   (2)
12.0   12.5  
SG Acquisition, Inc. (13) Provider of insurance solutions for car sales First lien senior secured loan 8.71 % SOFR (Q) 4.75 % 04/2024 04/2030 13.6   13.6   13.6   (2)(9)
SIG Parent Holdings, LLC (13) Independent insurance brokerage First lien senior secured loan 8.47 % SOFR (M) 4.75 % 08/2024 08/2031 19.1   19.1   19.1   (2)(9)

See accompanying notes to consolidated financial statements.
F-47

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
Slaine Holdings LLC (13) Holding company of insurance service providers Senior subordinated loan 10.47 % SOFR (M) 6.75 % 05/2025 05/2030 49.2   49.2   49.2   (2)(9)
THG Acquisition, LLC (13) Multi-line insurance broker First lien senior secured revolving loan 10.50 % Base Rate (Q) 3.75 % 10/2024 10/2031 7.0   7.0   7.0   (2)(9)(12)
First lien senior secured revolving loan 8.47 % SOFR (M) 4.75 % 10/2024 10/2031 2.8   2.8   2.8   (2)(9)(12)
First lien senior secured loan 8.47 % SOFR (M) 4.75 % 10/2024 10/2031 23.6   23.6   23.6   (2)(9)
33.4   33.4  
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC (13) Insurance brokerage firm First lien senior secured loan 6.42 % SOFR (Q) 2.75 % 03/2024 05/2031 0.1   0.1   0.1   (2)(16)
World Insurance Associates, LLC and World Associates Holdings, LLC (13) Insurance service provider First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 10/2023 04/2030 11.4   11.3   11.4   (2)(9)

1,457.4   1,521.4   10.63 %
Consumer Distribution and Retail
Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. Manufacturer and distributor of specialty bakery ingredients First lien senior secured loan 8.33 % SOFR (M) 4.50 % 07/2023 09/2028 16.1   16.1   14.0   (2)(9)
Second lien senior secured loan 10.83 % SOFR (M) 7.00 % 09/2021 09/2029 29.5   29.5   26.0   (2)(9)
Class A preferred units 8.00 % PIK
09/2021 08/2051 5,484 7.7   7.2   (2)
Series A preferred shares 11.00 % PIK
09/2021 08/2051 21,921 35.3   30.0   (2)
88.6   77.2  
Bamboo Purchaser, Inc. (13) Provider of nursery, garden, and greenhouse products First lien senior secured loan 14.01 % PIK
SOFR (Q) 10.00 % 11/2025 12/2029 4.1   4.1   4.1   (2)(9)
First lien senior secured loan 11/2025 12/2028 15.4   3.3   2.9   (2)(8)
7.4   7.0  
BGI Purchaser, Inc. (13) Developer and manufacturer of customized natural and clean flavorings for the food & beverage end market First lien senior secured revolving loan 7.57 % SOFR (Q) 3.75 % 05/2024 05/2030 10.5   10.5   10.5   (2)(9)
First lien senior secured loan 8.57 % SOFR (Q) 4.75 % 05/2024 05/2031 10.5   10.5   10.5   (2)(9)
21.0   21.0  
Blazing Star Parent, LLC Healthcare, pharmacy and retail provider First lien senior secured loan 10.82 % SOFR (Q) 7.00 % 08/2025 08/2030 100.1   100.1   98.6   (2)(9)
BR PJK Produce, LLC Specialty produce distributor First lien senior secured loan 10.39 % SOFR (Q) 6.25 % 12/2023 11/2027 4.0   4.0   4.0   (2)(9)
First lien senior secured loan 10.39 % SOFR (Q) 6.25 % 09/2024 11/2027 0.7   0.7   0.7   (2)(9)
4.7   4.7  
Carrera Bidco Limited Fuel and convenience retailer Senior subordinated loan 7.34 % Euribor (S) 5.25 % 11/2025 11/2032 137.0   135.4   134.3   (2)(6)
City Line Distributors LLC and City Line Investments LLC (13) Specialty food distributor First lien senior secured loan 10.11 % SOFR (Q) 6.00 % 08/2023 08/2028 4.3   4.3   4.3   (2)(9)
Class A units 8.00 % PIK
08/2023 4,172,852 5.0   4.8   (2)

See accompanying notes to consolidated financial statements.
F-48

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
9.3   9.1  
DecoPac, Inc. and KCAKE Holdings Inc. (13) Supplier of cake decorating solutions and products to in-store bakeries First lien senior secured revolving loan 9.11 % SOFR (Q) 5.25 % 05/2021 05/2030 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 9.09 % SOFR (Q) 5.25 % 09/2024 05/2030 170.1   170.1   170.1   (2)(9)
Common stock 05/2021 9,599 7.4   14.5   (2)
183.1   190.2  
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (13) Provider of visual communications solutions First lien senior secured loan 9.07 % SOFR (M) 5.25 % 03/2019 03/2028 15.2   15.2   15.2   (2)(9)
First lien senior secured loan 9.07 % SOFR (M) 5.25 % 08/2019 03/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 9.07 % SOFR (M) 5.25 % 06/2021 03/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 9.07 % SOFR (M) 5.25 % 01/2024 03/2028 8.0   8.0   8.0   (2)(9)
First lien senior secured loan 9.07 % SOFR (M) 5.25 % 11/2025 03/2028 15.3   15.3   15.3   (2)(9)
Common units 03/2019 600 0.6   1.2   (2)
39.3   39.9  
FS Squared Holding Corp. and FS Squared, LLC (13) Provider of on-site vending and micro market solutions First lien senior secured revolving loan 12/2024 12/2030 —   —   —   (2)(11)
First lien senior secured loan 8.47 % SOFR (M) 4.75 % 12/2024 12/2030 46.6   46.6   46.6   (2)(9)
46.6   46.6  
GMF Parent, Inc. and GMF Group Holdings, LP (13) Distributor of Mediterranean food and beverages First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 12/2025 12/2032 40.5   40.5   40.3   (2)(9)
Common units 12/2025 7,003 7.0   7.0   (2)
47.5   47.3  
GPM Investments, LLC and ARKO Corp. Convenience store operator Common stock 12/2020 2,088,478 19.8   9.5   (16)
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (13) Distributor of HVAC, plumbing, and water heater equipment, parts, supplies and fixtures First lien senior secured revolving loan 7.75 % SOFR (M) 4.00 % 11/2023 11/2029 4.3   4.3   4.3   (2)(9)
First lien senior secured loan 9.20 % SOFR (Q) 5.50 % 11/2023 11/2029 5.2   5.2   5.2   (2)(9)
First lien senior secured loan 9.32 % SOFR (Q) 5.50 % 12/2025 11/2029 3.3   3.3   3.3   (2)(9)
Limited partnership interest 11/2023 5,441,000 5.9   7.8   (2)
18.7   20.6  
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (14) Distributor of specialty foods First lien senior secured loan 10.47 % SOFR (Q) 6.50 % 10/2022 10/2028 39.0   39.0   36.3   (2)(9)
Limited partnership interests 10/2022 9,683,991 9.7   4.4   (2)
48.7   40.7  
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC Distributor of OEM appliance aftermarket parts First lien senior secured loan 7.88 % SOFR (Q) 3.75 % 06/2021 06/2028 0.4   0.4   0.3   (2)(9)
First lien senior secured loan 7.88 % SOFR (Q) 3.75 % 12/2021 06/2028 0.2   0.2   0.2   (2)(9)
Class A common units 06/2021 5,796 6.1   —   (2)
6.7   0.5  
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP (13) Auto parts retailer First lien senior secured revolving loan 7.03 % SOFR (Q) 3.25 % 05/2021 05/2028 13.2   13.2   13.2   (2)(12)

See accompanying notes to consolidated financial statements.
F-49

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 A preferred stock 7.00 % PIK
05/2021 68,601 94.8   94.8   (2)
Class A-1 units 05/2021 24,586 24.6   44.3   (2)
132.6   152.3  
Midco Holding, LLC and Nivel Topco, LLC (4)(13) Manufacturer of aftermarket golf cart parts and accessories First lien senior secured loan 11.36 % SOFR (S) 7.50 % 11/2025 11/2029 10.7   10.7   10.7   (2)(9)
Preferred units 11/2025 6,943,696 2.7   3.1   (2)
Class A units 11/2025 5,341,305 —   —   (2)
13.4   13.8  
Monolith Brands Group, Inc. E-commerce platform focused on consolidating DTC branded businesses Series A-1 preferred stock 04/2022 701,255 15.5   —   (2)
Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP Operator of retail and wholesale tree and plant nurseries Limited partnership interests 10/2021 21,939,152 20.8   15.2  
Mountaineer Merger Corporation (13) Discount retailer that specialized in apparel, housewares, accessories, and a selection of other products First lien senior secured revolving loan 8.84 % SOFR (Q) 5.00 % 10/2024 10/2027 5.3   5.2   5.1   (2)
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (13) Produce distribution platform First lien senior secured revolving loan 9.65 % SOFR (Q) 5.75 % 05/2023 05/2031 1.6   1.6   1.6   (2)(9)(12)
First lien senior secured loan 9.71 % SOFR (Q) 5.75 % 05/2023 05/2031 10.4   10.4   10.4   (2)(9)
First lien senior secured loan 9.71 % SOFR (Q) 5.75 % 06/2025 05/2031 2.4   2.4   2.4   (2)(9)
Class B limited liability company interest 05/2023 3.64 % 9.6   7.6   (2)
24.0   22.0  
Project Cardinal Acquisition, LLC (13) Provider of outsourced foodservice to K-12 school districts First lien senior secured loan 8.49 % SOFR (S) 4.50 % 10/2025 10/2032 18.8   18.8   18.6   (2)(9)
Quirch Foods Holdings, LLC (13) Specialty food distributor First lien senior secured loan 10.34 % SOFR (S) 6.50 % 11/2025 11/2030 114.7   114.7   113.6   (2)(9)
Reddy Ice LLC (13) Packaged ice manufacturer and distributor First lien senior secured revolving loan 9.25 % SOFR (M) 5.50 % 04/2024 04/2029 10.7   10.4   10.7   (2)(9)(12)
First lien senior secured revolving loan 11.25 % Base rate (Q) 4.50 % 04/2024 04/2029 2.7   2.7   2.7   (2)(9)(12)
First lien senior secured loan 9.44 % SOFR (Q) 5.50 % 04/2024 04/2029 125.6   125.6   125.6   (2)(9)
138.7   139.0  
Royal Borrower, LLC and Royal Parent, LP (13) Distributor of fresh produce and dairy products First lien senior secured revolving loan 07/2024 07/2030 —   —   —   (2)(11)
First lien senior secured loan 9.00 % SOFR (M) 5.25 % 07/2024 07/2030 20.5   20.5   20.5   (2)(9)
Class A preferred units 10.00 % PIK
07/2024 2,255,000 2.6   2.1  
23.1   22.6  
SCIH Salt Holdings Inc. (13) Salt and packaged ice melt manufacturer and distributor First lien senior secured revolving loan 5.26 % CORRA (Q) 3.00 % 03/2020 11/2028 3.9   1.9   2.0   (2)(9)

See accompanying notes to consolidated financial statements.
F-50

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
Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc. Provider of tarp systems and accessories for trucks, trailers, carts, and specialty equipment used in the agriculture, construction and flatbed markets First lien senior secured loan 9.22 % SOFR (M) 5.50 % 06/2021 07/2030 31.1   31.1   31.1   (2)(9)
First lien senior secured loan 9.22 % SOFR (M) 5.50 % 06/2022 07/2030 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 9.22 % SOFR (M) 5.50 % 03/2023 07/2030 6.0   6.0   6.0   (2)(9)
First lien senior secured loan 9.22 % SOFR (M) 5.50 % 05/2024 07/2030 12.6   12.6   12.6   (2)(9)
First lien senior secured loan 9.22 % SOFR (M) 5.50 % 08/2024 07/2030 5.4   5.4   5.4   (2)(9)
Common stock 06/2021 75,990 7.6   17.4   (2)
63.2   73.0  
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. (13) Producer and packager of compressed, household, and packaged salt First lien senior secured loan 9.07 % SOFR (Q) 5.25 % 07/2021 07/2028 23.7   23.7   23.7   (2)(9)
Limited partner interests 07/2021 0.42 % 0.8   2.9   (2)
24.5   26.6  
VRS Buyer, Inc. (13) Provider of on-site mobile and rail re-fueling solutions First lien senior secured loan 7.24 % SOFR (Q) 3.50 % 10/2025 10/2032 66.2   66.2   66.2   (2)
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (13)(14) Fresh and specialty food distributor First lien senior secured revolving loan 10.61 % SOFR (Q) 6.75 % 02/2023 01/2029 0.3   0.3   0.2   (2)(9)(12)
First lien senior secured loan 11.59 % SOFR (Q) 7.75 % 02/2023 01/2029 8.4   8.4   7.3   (2)(9)
Common units 01/2023 1,673,000 1.7   —  
10.4   7.5  

1,449.9   1,424.7   9.95 %
Capital Goods
AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. (13) Manufacturer of commercial refrigeration and foodservice equipment First lien senior secured revolving loan 10.34 % SOFR (Q) 6.50 % 08/2025 08/2030 1.5   1.5   1.5   (2)(6)(9)
First lien senior secured loan 10.32 % SOFR (Q) 6.50 % 08/2025 08/2030 35.1   35.1   34.6   (2)(6)(9)
36.6   36.1  
AI Aqua Merger Sub, Inc. End to end provider of water solutions to a wide range of customer bases First lien senior secured loan 6.86 % SOFR (Q) 3.00 % 12/2024 07/2028 1.0   1.0   1.0   (2)(9)(16)
Airx Climate Solutions, Inc. (13) Provider of commercial HVAC equipment and services First lien senior secured loan 9.57 % SOFR (Q) 5.75 % 11/2023 11/2029 9.7   9.7   9.7   (2)(9)
First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 07/2024 11/2029 9.6   9.6   9.5   (2)(9)
19.3   19.2  
Align Precision Group, LLC and Align Precision Topco, L.P. (4)(13) Manufacturer of precision machined components for defense and high-tech industrial platforms First lien senior secured loan 10.71 % PIK
SOFR (Q) 6.75 % 07/2025 07/2030 14.3   14.3   14.3   (2)(9)
Class A-2 Units 07/2025 6,310 —   0.3   (2)
14.3   14.6  

See accompanying notes to consolidated financial statements.
F-51

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
Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC (13) Provider of military aircraft aftermarket parts and distribution, repair and logistics services First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 05/2025 05/2030 2.8   1.9   2.8   (2)(9)
First lien senior secured loan 10.27 % ( 2.00 % PIK)
SOFR (M) 6.50 % 05/2025 05/2030 0.5   0.1   0.2   (2)(9)
First lien senior secured loan 11.07 % ( 6.00 % PIK)
SOFR (M) 7.00 % 05/2025 05/2030 1.7   0.5   0.6   (2)(9)
First lien senior secured loan 9.32 % SOFR (Q) 5.50 % 06/2025 05/2030 0.3   0.3   0.3   (2)(9)
Membership Interest 05/2025 4,015 —   —   (2)
2.8   3.9  
Arrowhead Holdco Company and Arrowhead GS Holdings, Inc. Distributor of non-discretionary, mission-critical aftermarket replacement parts First lien senior secured loan 6.34 % SOFR (Q) 2.50 % 08/2021 08/2028 0.1   0.1   0.1   (2)(9)
Common stock 08/2021 5,054 5.1   —   (2)
5.2   0.1  
BGIF IV Fearless Utility Services, Inc. (13) Maintenance and installation service provider for electric transmission and distribution infrastructure First lien senior secured revolving loan 06/2024 06/2030 —   —   —   (2)(11)
First lien senior secured loan 8.73 % SOFR (M) 5.00 % 06/2024 06/2031 45.1   45.1   45.1   (2)(9)
45.1   45.1  
Burgess Point Purchaser Corporation Remanufacturer of mission-critical and non-discretionary aftermarket vehicle, industrial, energy storage, and solar replacement parts First lien senior secured loan 9.19 % SOFR (Q) 5.25 % 07/2022 07/2029 21.6   20.8   18.3   (2)(9)(16)
CPIG Holdco Inc. Distributor of engineered fluid power and complex machined solutions First lien senior secured loan 11.09 % SOFR (Q) 7.00 % 04/2023 04/2028 14.4   14.4   14.4   (2)(9)
DFS Holding Company, Inc. Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry First lien senior secured loan 11.17 % ( 5.00 % PIK)
SOFR (Q) 7.50 % 01/2023 01/2029 2.1   2.1   2.0   (2)(9)
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP (13) Provider of aerospace technology and equipment First lien senior secured revolving loan 10.63 % SOFR (Q) 6.50 % 12/2020 12/2027 3.2   3.2   3.2   (2)(9)
First lien senior secured loan 10.63 % SOFR (Q) 6.50 % 12/2020 12/2027 25.4   25.4   25.4   (2)(9)
Common units 12/2020 9,773,000 9.8   15.9  
38.4   44.5  
EIS Legacy Holdco, LLC (13) Distributor of electric applicator components First lien senior secured loan 8.38 % SOFR (Q) 4.50 % 11/2024 11/2031 9.5   9.5   9.5   (2)(9)
ELM DebtCo, LLC (13) Provider of underground utility locating services with a focus on the natural gas and electric end markets First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 11/2025 11/2031 5.3   5.2   5.2   (2)(9)
Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC (13) Manufacturer of industrial chain and complementary power transmission products for industrial applications First lien senior secured revolving loan 10.17 % SOFR (Q) 6.50 % 10/2025 10/2031 2.0   2.0   2.0   (2)(9)
First lien senior secured loan 10.17 % SOFR (Q) 6.50 % 10/2025 10/2031 56.1   56.1   55.8   (2)(9)

See accompanying notes to consolidated financial statements.
F-52

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
Preferred equity 8.00 % PIK
10/2025 8,163 8.2   8.2   (2)
Common units 10/2025 9,070 0.9   0.9   (2)
67.2   66.9  
ESCP PPG Holdings, LLC (4) Distributor of new equipment and aftermarket parts to the heavy-duty truck industry Class A-1 units 08/2022 96,897 2.3   0.9   (2)
Class A-2 units 12/2016 3,500 3.5   —   (2)
5.8   0.9  
Generator US Buyer, Inc. and Total Power Limited (13) Provider of generator-based power solutions First lien senior secured loan 6.76 % CORRA (Q) 4.50 % 07/2024 07/2030 5.7   5.7   5.7   (2)(6)(9)
First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 10/2024 07/2030 1.3   1.3   1.3   (2)(6)(9)
7.0   7.0  
Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC (13) Provider of underground utility locating and concrete scanning First lien senior secured revolving loan 8.23 % SOFR (Q) 4.50 % 01/2025 01/2032 0.5   0.5   0.5   (2)(9)
Member Units 01/2025 20,000,000 20.0   22.7   (2)
20.5   23.2  
GSV Purchaser, Inc. (13) Provider of maintenance, repair, and sales services for commercial emergency power backup generators First lien senior secured loan 8.28 % SOFR (M) 4.50 % 08/2024 08/2031 0.1   0.1   0.1   (2)(9)
Harvey Tool Company, LLC (13) Manufacturer of cutting tools used in the metalworking industry First lien senior secured loan 8.47 % SOFR (M) 4.75 % 10/2021 08/2032 52.9   52.9   52.7   (2)(9)
First lien senior secured loan 6.90 % Euribor (M) 5.00 % 08/2025 08/2032 8.4   8.3   8.3   (2)(9)
61.2   61.0  
Helix Acquisition Holdings, Inc. Manufacturer of springs, fasteners and custom components First lien senior secured loan 10.82 % SOFR (M) 7.00 % 03/2023 03/2030 11.9   11.9   11.9   (2)(9)
Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC (13) Manufacturer of mission critical, IP-driven avionics products and provider of an integrated suite of pilot training solutions First lien senior secured revolving loan 10.25 % Base Rate (S) 3.50 % 03/2025 03/2032 1.3   1.3   1.3   (2)(9)(12)
First lien senior secured revolving loan 8.17 % SOFR (Q) 4.50 % 03/2025 03/2032 2.3   2.3   2.3   (2)(9)(12)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 03/2025 03/2032 13.1   13.1   13.1   (2)(9)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 10/2025 03/2032 33.7   33.7   33.7   (2)(9)
50.4   50.4  
HPCC Parent, Inc. and Patriot Container Corp. (13) Manufacturer of waste handling and recycling equipment First lien senior secured loan 13.00 % ( 7.00 % PIK)
09/2024 09/2030 84.5   84.5   84.5   (2)
Common stock 09/2024 459,208 4.4   4.6   (2)
88.9   89.1  
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation (5) Provider of high-speed intelligent document scanning hardware and software Senior subordinated loan 14.00 % ( 7.00 % PIK)
01/2017 12/2028 19.8   19.6   19.8   (2)
Class A common stock 01/2017 48,544 14.8   79.5  
34.4   99.3  
JSG II, Inc. and Checkers USA, Inc. (13) Manufacturer and supplier of non-PPE safety solutions for compliance-driven end markets First lien senior secured loan 8.23 % SOFR (M) 4.50 % 09/2025 09/2032 58.0   57.8   57.8   (2)(9)

See accompanying notes to consolidated financial statements.
F-53

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
Kene Acquisition, Inc. and Kene Holdings, L.P. (13) National utility services firm providing engineering and consulting services to natural gas, electric power and other energy and industrial end markets Class A units 08/2019 4,549,000 0.5   8.0   (2)
LTG Acquisition, Inc. Designer and manufacturer of display, lighting and passenger communication systems for mass transportation markets Class A membership units 01/2017 5,000 5.1   —  
NCWS Holdings LP Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market Class A-2 common units 12/2020 12,296,000 12.9   2.3   (2)
OPH NEP Investment, LLC (4) Provider of energy services for multi-family property owners, developers, and managers Senior subordinated loan 10.00 % ( 7.00 % PIK)
05/2024 05/2032 32.6   31.3   31.9   (2)
Senior subordinated loan 10.00 % ( 7.00 % PIK)
03/2025 05/2032 4.4   4.1   4.3   (2)
Class B common units 05/2024 8 1.9   2.5  
37.3   38.7  
Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC Provider of structural integrity management services to transmission and distribution infrastructure Second lien senior secured loan 10.58 % SOFR (M) 6.75 % 06/2021 06/2029 55.3   55.3   54.1   (2)(9)
Paris US Holdco, Inc. & 1001028292 Ontario Inc. (13) Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry First lien senior secured revolving loan 8.47 % SOFR (M) 4.75 % 12/2024 12/2031 0.3   0.3   0.3   (2)(6)(9)
First lien senior secured loan 8.47 % SOFR (M) 4.75 % 12/2024 12/2031 0.1   0.1   0.1   (2)(6)(9)
0.4   0.4  
Pave America Holding, LLC (13) Provider of high-quality asphalt and concrete services for commercial properties First lien senior secured revolving loan 8.42 % SOFR (Q) 4.75 % 08/2025 08/2032 2.0   2.0   2.0   (2)(9)
First lien senior secured loan 8.94 % ( 2.88 % PIK)
SOFR (Q) 5.25 % 08/2025 08/2032 24.9   24.9   24.7   (2)(9)
26.9   26.7  
Pike Corporation (13) Provider of a full suite of outsourced construction, repair and engineering services First lien senior secured loan 8.20 % SOFR (Q) 4.50 % 12/2025 12/2032 212.2   212.2   211.1   (2)(9)
PumpTech, LLC and Impel CV-B, LP (13)(14) Provider of flow control equipment and related services including pumping products and process solutions for water, wastewater, and industrial applications First lien senior secured revolving loan 8.47 % SOFR (M) 4.75 % 01/2025 01/2031 0.4   0.4   0.3   (2)(9)
First lien senior secured revolving loan 10.50 % Base Rate (Q) 3.75 % 01/2025 01/2031 0.4   0.4   0.3   (2)(9)
First lien senior secured loan 8.47 % SOFR (M) 4.75 % 01/2025 01/2031 14.0   14.0   13.9   (2)(9)

See accompanying notes to consolidated financial statements.
F-54

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 03/2025 752,822 0.8   0.7   (2)
15.6   15.2  
Qnnect, LLC and Connector TopCo, LP Manufacturer of highly engineered hermetic packaging products Limited partnership interests 11/2022 992,500 9.9   19.0   (2)
Radius Aerospace, Inc. and Radius Aerospace Europe Limited (13) Metal fabricator in the aerospace industry First lien senior secured revolving loan 10.12 % ( 0.25 % PIK)
SOFR (Q) 6.00 % 03/2019 03/2027 1.3   1.3   1.3   (2)(6)(9)
First lien senior secured revolving loan 9.72 % ( 0.25 % PIK)
SONIA (M) 6.00 % 11/2019 03/2027 2.1   2.0   2.1   (2)(6)(9)
First lien senior secured loan 9.82 % ( 0.25 % PIK)
SOFR (Q) 6.00 % 06/2024 03/2027 9.9   9.9   9.9   (2)(6)(9)
13.2   13.3  
Radwell Parent, LLC (13) Distributor of maintenance, repair, and operations parts First lien senior secured revolving loan 9.17 % SOFR (Q) 5.50 % 12/2022 04/2029 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 12/2022 04/2029 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 11/2024 04/2029 1.6   1.6   1.6   (2)(9)
2.4   2.4  
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation (13) Manufacturer of metal castings, precision machined components and sub-assemblies in the electrical products, power transmission and distribution and general industrial markets First lien senior secured revolving loan 9.47 % SOFR (M) 5.75 % 10/2017 12/2027 6.0   6.0   6.0   (2)(9)(12)
First lien senior secured loan 9.57 % SOFR (M) 5.75 % 04/2024 12/2027 3.7   3.7   3.7   (2)(9)
First lien senior secured loan 9.57 % SOFR (M) 5.75 % 03/2025 12/2027 15.0   15.0   15.0   (2)(9)
24.7   24.7  
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. (13) Provider of aircraft component maintenance, repair, and overhaul services First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 05/2024 05/2031 38.6   38.6   38.6   (2)(9)
Series A common units 05/2024 1,042 1.0   1.8   (2)
39.6   40.4  
Titan BW Borrower L.P. (13) Provider of aftermarket and OEM solutions to the commercial and military aerospace industry First lien senior secured loan 9.25 % ( 2.88 % PIK)
SOFR (Q) 5.38 % 07/2025 07/2032 63.1   62.9   62.5   (2)(9)
Two Six Labs, LLC (13) Provider of information operations, cyber, and data analytics products and services for government and defense contracts First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 10/2023 08/2027 8.5   8.5   8.5   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 04/2024 08/2027 26.2   26.2   26.2   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 10/2025 08/2027 5.2   5.2   5.2   (2)(9)
39.9   39.9  
Werner Finco LP Provider of safety access and secure storage products across access equipment, ladders, and truck & van solutions. First lien senior secured loan 9.21 % SOFR (Q) 5.50 % 06/2025 06/2031 109.7   109.7   109.7   (2)(9)

See accompanying notes to consolidated financial statements.
F-55

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

1,288.4   1,349.9   9.43 %
Sports, Media and Entertainment
22 HoldCo Limited Sports and entertainment platform Senior subordinated loan 11.47 % PIK
SONIA (S) 7.50 % 08/2023 08/2033 69.1   65.5   69.1   (2)(6)(9)
3 Step Sports LLC (13) Provider of integrated youth sports solutions First lien senior secured loan 10.17 % SOFR (Q) 6.50 % 10/2023 10/2029 12.5   12.5   12.5   (2)(9)
First lien senior secured loan 10.19 % SOFR (Q) 6.50 % 12/2025 10/2029 2.9   2.9   2.9   (2)(9)
15.4   15.4  
Aventine Intermediate LLC & Aventine Holdings II LLC Media and production company First lien senior secured loan 9.77 % ( 3.50 % PIK)
SOFR (Q) 6.00 % 12/2021 06/2029 6.3   6.3   5.8   (2)(9)
Second lien senior secured loan 10.25 % PIK
12/2021 12/2030 53.1   53.1   40.9   (2)
59.4   46.7  
Axiomatic, LLC Premiere e-sports and video game investment platform Class A-1 units 05/2022 500,000 4.7   5.9  
Bad Vibes Forever, LLC and Bad Vibes Forever Publishing, LLC The estate and entity that owns the music copyright of the artist XXXTentacion First lien senior secured loan 9.10 % SOFR (S) 5.50 % 06/2025 06/2032 20.4   20.4   20.4   (2)(9)
CFC Funding LLC SME-related SPV Loan instrument units 9.75 % PIK
07/2023 16,680 20.2   20.2   (6)
CMW Parent LLC (fka Black Arrow, Inc.) Multiplatform media firm Series A units 09/2015 32 —   —  
Dundee Eros, LP Catalog of premier music intellectual property Limited partnership interest 11/2024 4,803,441 4.8   4.5   (2)
Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited (13) Multi-club sports platform Senior subordinated loan 20.00 % PIK
12/2022 12/2028 1.4   1.4   1.4   (2)(6)
Senior subordinated loan 20.00 % PIK
10/2025 12/2026 1.6   1.3   1.4   (2)(6)
Senior subordinated loan 12/2022 12/2028 60.7   58.1   19.2   (2)(6)(8)
Senior subordinated loan 07/2025 01/2027 7.4   6.7   2.3   (2)(6)(8)
Ordinary shares 09/2023 494 4.4   —   (2)(6)
Warrant to purchase shares of ordinary shares 12/2022 11/2028 180 —   —   (2)(6)
Warrant to purchase shares of ordinary shares 12/2022 11/2028 199 —   —   (2)(6)
71.9   24.3  
FEH Group, LLC. Professional sports team and entertainment complex Class A common interest 12/2024 26 180.5   213.4  
Class A common interest 12/2024 26 5.3   6.2  
Class A common interest 12/2024 26 1.3   1.5  
187.1   221.1  
Fever Labs, Inc. (13) Technology led marketing and ticketing platform for live events First lien senior secured revolving loan 11.00 % 08/2024 11/2028 9.3   9.3   9.3   (2)
First lien senior secured loan 11.00 % 05/2024 11/2028 16.9   16.0   16.9   (2)
First lien senior secured loan 10.50 % 12/2025 11/2028 1.9   1.9   1.9   (2)

See accompanying notes to consolidated financial statements.
F-56

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 B redeemable preferred stock 13.50 % PIK
06/2025 8,824 9.5   9.5   (2)
Series E-5 convertible shares 08/2024 217,907 0.9   1.1   (2)
Warrant to purchase shares of common stock 06/2025 06/2035 177,076 —   —   (2)
37.6   38.7  
Global Music Rights, LLC (13) Music right management company First lien senior secured loan 8.17 % SOFR (Q) 4.50 % 12/2024 12/2031 112.9   112.9   112.9   (2)(9)
GSM Rights Fund II LP (14) Private investment firm specializing in music rights and IP assets Class B Interest 03/2025 03/2031 2,242,422 2.2   2.3   (6)
League One Volleyball Clubs, LLC and League One Volleyball, Inc. Operator of youth volleyball clubs Series B preferred stock 07/2023 194 —   —   (2)
Series C preferred stock 09/2024 67 —   —   (2)
Warrant to purchase shares of common stock 01/2025 01/2030 8 —   —   (2)
—   —  
Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P. (13) Hospitality platform provider of premium experiential services First lien senior secured revolving loan 8.73 % SOFR (M) 5.00 % 08/2024 08/2030 3.6   3.6   3.6   (2)(9)(12)
First lien senior secured loan 8.73 % SOFR (M) 5.00 % 08/2024 08/2031 2.7   2.7   2.7   (2)(9)
First lien senior secured loan 9.23 % ( 2.75 % PIK)
SOFR (M) 5.50 % 08/2024 08/2031 58.3   58.3   58.3   (2)(9)
Limited partnership interest 02/2025 6,555,000 6.7   7.6   (2)
71.3   72.2  
LiveBarn Inc. Provider of live and on demand broadcasting of amateur and youth sporting events Middle preferred shares 08/2023 4,902,988 17.3   25.9   (2)(6)
Mari Events Midco LLC and AE EventsCo Holdings LLC (13) Sports and entertainment company First lien senior secured loan 7.75 % SOFR (Q) 4.00 % 10/2025 10/2032 5.3   5.3   5.2   (2)(9)
Common units 10/2025 703 7.0   7.0   (2)
Common units 10/2025 667 6.7   6.7  
19.0   18.9  
Mari Miami II LLC and South Florida Tennis, LLC Professional sporting event First lien senior secured loan 8.67 % PIK
SOFR (Q) 5.00 % 10/2025 10/2032 5.8   5.8   5.8   (2)(9)
Common units 10/2025 26 2.3   2.3  
8.1   8.1  
Miami Beckham United LLC American professional soccer club Class A preferred units 9.50 % PIK
09/2021 85,000 124.9   124.9  
Class B preferred units 9.50 % PIK
06/2023 42,500 53.7   53.7  
178.6   178.6  
Production Resource Group, L.L.C. and PRG III, LLC (4) Provider of rental equipment, labor, production management, scenery, and other products to various entertainment end-markets First lien senior secured loan 11.58 % PIK
SOFR (Q) 7.50 % 07/2020 10/2030 65.1   64.8   65.1   (2)(9)

See accompanying notes to consolidated financial statements.
F-57

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 11.51 % PIK
SOFR (Q) 7.50 % 10/2025 10/2030 2.6   2.6   2.4   (2)(9)
Membership interest 10/2025 151,988 13.4   13.1   (2)
80.8   80.6  
Professional Fighters League, LLC and PFL MMA, Inc. Mixed martial arts league First lien senior secured loan 14.00 % PIK
01/2021 01/2026 25.5   25.5   25.5   (2)
Second lien senior secured loan 16.00 % PIK
11/2022 01/2026 0.3   0.2   0.2   (2)
Series E preferred stock 04/2022 219,035 0.7   —   (2)
Warrant to purchase shares of common stock 01/2021 01/2027 3,223,122 1.7   —   (2)
Warrant to purchase shares of common stock 11/2022 11/2029 68,787 0.2   —   (2)
28.3   25.7  
Propagate Content LLC (14) Developer, producer and distributor of programming content and artist and talent management company Preferred equity 8.00 % PIK
10/2025 3 3.5   3.5  
Sandlot Action Sports, LLC Youth sports platform Common units 05/2024 3,384 —   —  
Shout! Factory, LLC (13) Multi-platform media company specialized in film and TV distribution, development and production First lien senior secured revolving loan 8.93 % SOFR (Q) 5.25 % 07/2025 06/2031 0.3   0.3   0.3   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 07/2025 06/2031 18.2   18.2   17.9   (2)(9)
18.5   18.2  
South Florida Motorsports, LLC Professional sporting event Class A common interest 12/2024 26 5.5   8.4  
Storm Investment S.a.r.l. and Atletico Holdco, S.L. Spanish soccer club First lien senior secured loan 3.75 % 06/2021 06/2029 72.4   73.6   72.4   (2)(6)
Class A redeemable shares 06/2021 3,297,791 1.6   7.4   (2)(6)
Class B redeemable shares 06/2021 3,297,791 1.6   7.4   (2)(6)
Class C redeemable shares 06/2021 3,297,791 1.6   7.4   (2)(6)
Class D redeemable shares 06/2021 3,297,791 1.6   7.4   (2)(6)
Class E redeemable shares 06/2021 3,297,791 1.6   7.4   (2)(6)
Class F redeemable shares 06/2021 3,297,791 1.6   7.4   (2)(6)
Class G redeemable shares 06/2021 3,297,791 1.6   7.4   (2)(6)
Class H redeemable shares 06/2021 3,297,791 1.6   7.4   (2)(6)
Class I redeemable shares 06/2021 3,297,791 1.6   7.4   (2)(6)
Ordinary shares 06/2021 3,958 —   0.7   (2)(6)
88.0   139.7  
The Teaching Company Holdings, Inc. Education publications provider Preferred stock 09/2006 10,663 1.1   2.1   (2)

See accompanying notes to consolidated financial statements.
F-58

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
Common stock 09/2006 15,393 —   —   (2)
1.1   2.1  
WRE Sports Investments LLC Professional sports club First lien senior secured loan 11.00 % ( 5.50 % PIK)
07/2024 07/2031 28.2   28.2   28.2   (2)

1,150.3   1,191.6   8.32 %
Investment Funds and Vehicles
ACAS Equity Holdings Corporation (5) Investment company Common stock 01/2017 589 0.4   0.4   (6)
Constellation Wealth Capital Fund, L.P. (14) Specialist alternative asset management platform Limited partner interests 01/2024 4,504,728 4.1   4.5   (6)(16)
CREST Exeter Street Solar 2004-1 Investment vehicle Preferred shares 01/2017 06/2039 3,500,000 —   —   (6)
CWC Fund I Co-Invest (ALTI) LP Global wealth and alternatives manager Limited partnership interest 03/2024 6,224,000 6.3   7.4   (2)(6)
European Capital UK SME Debt LP (4) Investment partnership Limited partnership interest 01/2017 44.73 % —   0.2   (6)
HCI Equity, LLC (5) Investment company Member interest 04/2010 100.00 % —   —   (6)(16)
Linden Structured Capital Fund II-A LP (14) Investment partnership Limited partnership interest 07/2024 1,652,335 1.4   2.0   (2)(6)(16)
Partnership Capital Growth Investors III, L.P. (4) Investment partnership Limited partnership interest 10/2011 11.50 % 0.7   2.6   (2)(6)(16)
PCG-Ares Sidecar Investment, L.P. (4) Investment partnership Limited partnership interest 05/2014 99.80 % 4.5   0.5   (6)(16)
PCG-TAC-CV, LP (5) Investment partnership Limited partnership interest 01/2025 99.80 % —   6.8   (2)(6)(16)
Piper Jaffray Merchant Banking Fund I, L.P. Investment partnership Limited partnership interest 08/2012 2.02 % 0.1   0.6   (6)(16)
Senior Direct Lending Program, LLC (5)(15) Co-investment vehicle Subordinated certificates 11.65 % SOFR (Q) 8.00 % 07/2016 12/2036 1,117.0   1,103.3   1,117.0   (6)(10)
Membership interest 87.50 % —   —   (6)
1,103.3   1,117.0  

1,120.8   1,142.0   7.98 %
Pharmaceuticals, Biotechnology and Life Sciences
Abzena Holdings, Inc. and Astro Group Holdings Ltd. Organization providing discovery, development and manufacturing services to the pharmaceutical and biotechnology industries A ordinary shares 05/2021 2,476,744 5.7   4.6   (2)(6)
Alcami Corporation and ACM Note Holdings, LLC (13) Outsourced drug development services provider First lien senior secured revolving loan 10.83 % SOFR (M) 7.00 % 12/2022 12/2028 0.4   0.4   0.4   (2)(9)
First lien senior secured loan 10.96 % SOFR (Q) 7.00 % 12/2022 12/2028 9.9   9.9   9.9   (2)(9)
Senior subordinated loan 12.00 % PIK
12/2022 06/2029 26.0   26.0   26.0   (2)
36.3   36.3  
Artemis BidCo 2 LLC (13) Developer and manufacturer of in vitro diagnostic immunoassays First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 10/2025 10/2031 38.1   38.1   37.7   (2)(9)

See accompanying notes to consolidated financial statements.
F-59

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
Bamboo US BidCo LLC (13) Biopharmaceutical company First lien senior secured revolving loan 09/2023 10/2029 —   —   —   (2)(11)
First lien senior secured loan 8.84 % SOFR (Q) 5.00 % 09/2023 09/2030 34.1   34.1   34.1   (2)(9)
First lien senior secured loan 8.79 % SOFR (Q) 5.00 % 11/2024 09/2030 6.0   6.0   6.0   (2)(9)
First lien senior secured loan 8.98 % SOFR (M) 5.25 % 11/2024 09/2030 0.7   0.7   0.7   (2)(9)
40.8   40.8  
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. (13) Provider of biological products to life science and pharmaceutical companies First lien senior secured revolving loan 9.59 % SOFR (Q) 5.75 % 10/2021 10/2027 4.5   4.5   4.2   (2)(9)
First lien senior secured loan 9.57 % SOFR (Q) 5.75 % 10/2021 10/2028 30.8   30.8   29.3   (2)(9)
First lien senior secured loan 9.57 % SOFR (Q) 5.75 % 06/2023 10/2028 11.3   11.3   10.7   (2)(9)
First lien senior secured loan 9.57 % SOFR (Q) 5.75 % 08/2024 10/2028 6.9   6.9   6.5   (2)(9)
Preferred units 8.00 % PIK
10/2021 10/2051 3,020 4.2   1.2   (2)
Series A preferred shares 13.75 % PIK
10/2021 60,236 107.9   104.6   (2)
Class A common units 10/2021 30,500 —   —   (2)
165.6   156.5  
CoreRx, Inc. Small molecule contract development and manufacturing provider First lien senior secured loan 10.92 % SOFR (Q) 7.25 % 12/2025 12/2030 9.9   9.9   9.7   (2)(9)
Creek Parent, Inc. and Creek Feeder, L.P. (13) Provider of delivery technologies, development, drug manufacturing, biologics, gene therapies and consumer health products First lien senior secured revolving loan 12/2024 12/2031 —   —   —   (2)(11)
First lien senior secured loan 8.73 % SOFR (M) 5.00 % 12/2024 12/2031 207.1   207.1   207.1   (2)(9)
Limited partnership interest 12/2024 6,891,000 6.9   10.1   (2)
214.0   217.2  
Gula Buyer Inc. and Gula Co-Invest II, L.P. Distributor and manufacturer of veterinarian-grade pet prescription medications and health products First lien senior secured loan 8.27 % SOFR (M) 4.50 % 10/2024 10/2031 49.8   49.8   49.8   (2)(9)
Common units 03/2025 434 0.5   0.6   (2)
50.3   50.4  
Moderna, Inc. (13) Biotechnology company First lien senior secured loan 9.17 % SOFR (M) 5.50 % 11/2025 11/2030 119.6   119.6   117.8   (2)(6)(9)
NMC Skincare Intermediate Holdings II, LLC (13) Developer, manufacturer and marketer of skincare products First lien senior secured revolving loan 10.43 % SOFR (Q) 6.50 % 10/2018 10/2028 1.9   1.9   1.7   (2)(9)
First lien senior secured revolving loan 10.44 % SOFR (Q) 6.50 % 05/2022 10/2028 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 10.63 % ( 1.50 % PIK)
SOFR (Q) 6.50 % 10/2018 10/2028 28.8   28.8   26.8   (2)(9)
First lien senior secured loan 10.63 % ( 1.50 % PIK)
SOFR (Q) 6.50 % 05/2022 10/2028 4.2   4.2   3.9   (2)(9)
35.1   32.6  

See accompanying notes to consolidated financial statements.
F-60

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
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. Contract research organization providing research and development and testing of medical devices First lien senior secured revolving loan 8.37 % SOFR (Q) 4.50 % 09/2021 03/2027 2.5   2.5   2.5   (2)(9)
First lien senior secured loan 9.85 % SOFR (Q) 6.00 % 09/2020 09/2027 46.1   46.1   46.1   (2)(9)
First lien senior secured loan 9.85 % SOFR (Q) 6.00 % 12/2020 09/2027 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 9.85 % SOFR (Q) 6.00 % 02/2021 09/2027 2.5   2.5   2.5   (2)(9)
First lien senior secured loan 9.85 % SOFR (Q) 6.00 % 09/2021 09/2027 9.2   9.2   9.2   (2)(9)
Senior subordinated loan 11.00 % PIK
03/2023 03/2027 1.8   1.8   1.8   (2)
Class A preferred units 8.00 % PIK
09/2020 13,528 20.5   26.8   (2)
82.7   89.0  
Verista, Inc. (13) Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector First lien senior secured loan 10.85 % ( 1.00 % PIK)
SOFR (M) 7.00 % 05/2022 02/2027 0.8   0.8   0.7   (2)(9)
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. Manufacturer of monoclonal antibodies Limited partnership interest 11/2023 1,529,000 1.5   1.6   (2)

800.4   794.9   5.55 %
Materials
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC (5)(13) Producer and filler of aluminum beverage cans First lien senior secured loan 9.30 % PIK
SOFR (Q) 5.50 % 02/2025 02/2030 15.9   15.9   15.9   (2)(9)
First lien senior secured loan 9.27 % PIK
SOFR (Q) 5.50 % 11/2025 02/2030 0.9   0.9   0.9   (2)(9)
Common units 02/2025 268,223 17.6   7.6   (2)
34.4   24.4  
AP Adhesives Holdings, LLC (13) Distributor of industrial adhesives and equipment First lien senior secured loan 8.66 % SOFR (Q) 4.75 % 04/2025 04/2032 32.2   32.2   31.9   (2)(9)
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP (13) Manufacturer and supplier of printed packaging and trimmings First lien senior secured revolving loan 9.83 % SOFR (M) 6.00 % 12/2021 12/2027 4.9   4.9   4.9   (2)(9)
First lien senior secured loan 10.10 % SOFR (Q) 6.00 % 12/2021 12/2027 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 9.84 % SOFR (Q) 6.00 % 10/2024 12/2027 3.3   3.3   3.3   (2)(9)
Class A units 12/2021 201,557 20.2   21.3   (2)
28.5   29.6  
Bulab Holdings, Inc. and Buckman PPC Co-Invest LP (13) Privately held, global specialty chemical company that provides process and water treatment chemistry for various industries First lien senior secured revolving loan 06/2025 07/2032 —   —   —   (2)(11)
First lien senior secured loan 6.65 % Euribor (M) 4.75 % 06/2025 07/2032 10.1   10.1   10.1   (2)(9)
First lien senior secured loan 8.47 % SOFR (M) 4.75 % 06/2025 07/2032 51.9   51.9   51.9   (2)(9)
Limited partnership interest 06/2025 1,968,000 2.0   2.3   (2)
64.0   64.3  

See accompanying notes to consolidated financial statements.
F-61

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
Halex Holdings, Inc. (5) Manufacturer of flooring installation products Common stock 01/2017 51,853 —   —  
Meyer Laboratory, LLC and Meyer Parent, LLC (13) Provider of industrial and institutional cleaning chemicals and application systems First lien senior secured revolving loan 12.50 % ( 3.75 % PIK)
Base rate (Q) 5.75 % 02/2024 02/2030 0.6   0.6   0.5   (2)(9)
First lien senior secured loan 10.42 % ( 3.75 % PIK)
SOFR (Q) 6.75 % 02/2024 02/2030 32.0   32.0   29.7   (2)(9)
Common units 02/2024 440,000 0.4   0.3  
33.0   30.5  
MP Midco Holdings, LLC and MP Topco Holdings, LLC Food contract manufacturer First lien senior secured loan 10.34 % SOFR (Q) 6.50 % 03/2025 03/2030 8.9   8.9   9.0   (2)(9)(16)
Common units 03/2025 639,359 4.8   9.7   (2)(16)
13.7   18.7  
NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP (13)(14) Manufacturing and packaging company for major brands First lien senior secured revolving loan 7.48 % SOFR (M) 3.75 % 03/2025 03/2031 4.3   4.3   4.3   (2)(9)(12)
First lien senior secured loan 8.48 % SOFR (M) 4.75 % 03/2025 03/2031 31.9   31.9   31.9   (2)(9)
First lien senior secured loan 8.54 % SOFR (Q) 4.75 % 12/2025 03/2031 1.0   1.0   1.0   (2)(9)
Limited partnership interest 03/2025 852,666 0.9   1.1   (2)
38.1   38.3  
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. (13) Manufacturer of thermoformed packaging for medical devices First lien senior secured revolving loan 9.23 % SOFR (M) 5.50 % 03/2024 03/2031 0.4   0.4   0.4   (2)(6)(9)
First lien senior secured revolving loan 7.44 % Euribor (M) 5.50 % 03/2024 03/2031 0.2   0.2   0.2   (2)(6)(9)
First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 03/2024 03/2031 20.3   20.3   20.1   (2)(6)(9)
First lien senior secured loan 7.52 % Euribor (Q) 5.50 % 03/2024 03/2031 36.0   33.2   35.6   (2)(6)(9)
First lien senior secured loan 9.17 % SOFR (Q) 5.50 % 11/2025 03/2031 3.3   3.3   3.3   (2)(6)(9)
Class A units 07/2019 6,762,668 6.8   8.2   (2)(6)
64.2   67.8  
Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C. Developer and manufacturer of absorbent pads for food products First lien senior secured loan 12.07 % ( 1.00 % PIK)
SOFR (M) 8.25 % 12/2020 12/2026 22.3   22.3   22.3   (2)(9)
First lien senior secured loan 12.07 % ( 1.00 % PIK)
SOFR (M) 8.25 % 12/2022 12/2026 0.3   0.3   0.3   (2)(9)
Class A preferred units 12/2020 4,772 4.6   3.7   (2)
Class C units 12/2020 4,772 —   —   (2)
27.2   26.3  
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC (13) Manufacturer of specialized acrylic and polycarbonate sheets First lien senior secured revolving loan 10.86 % SOFR (Q) 7.00 % 05/2025 02/2030 2.1   2.1   2.0   (2)(9)(12)
First lien senior secured loan 11.86 % ( 4.00 % PIK)
SOFR (Q) 8.00 % 05/2025 05/2030 264.1   264.0   258.8   (2)(9)
Preferred units 10/2023 841 0.1   0.1   (2)
Preferred units 05/2025 26,025 0.4   0.5   (2)
Co-Invest units 12/2018 5,969 0.6   —   (2)
267.2   261.4  

See accompanying notes to consolidated financial statements.
F-62

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
Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation (13) Manufacturer of diversified packaging solutions and plastic injection molded products First lien senior secured revolving loan 8.59 % SOFR (Q) 4.75 % 07/2025 08/2032 0.5   0.5   0.5   (2)(6)(9)
First lien senior secured loan 8.58 % SOFR (Q) 4.75 % 07/2025 08/2032 24.9   24.8   24.6   (2)(6)(9)
First lien senior secured loan 8.59 % SOFR (Q) 4.75 % 10/2025 08/2032 7.8   7.8   7.7   (2)(6)(9)
33.1   32.8  
Reagent Chemical & Research, LLC (13) Supplier of liquid hydrochloric acid First lien senior secured revolving loan 04/2024 04/2030 —   —   —   (2)(11)
First lien senior secured loan 9.17 % SOFR (M) 5.25 % 04/2024 04/2031 11.0   11.0   11.0   (2)(9)
First lien senior secured loan 8.97 % SOFR (M) 5.25 % 10/2025 04/2031 12.5   12.5   12.5   (2)(9)
23.5   23.5  
SCI PH Parent, Inc. Industrial container manufacturer, reconditioner and servicer Series B shares 08/2018 11 1.1   1.9   (2)
Sterilex LLC (13) Provider of enhanced sanitation technologies and solutions within the food supply chain First lien senior secured loan 8.95 % SOFR (Q) 5.25 % 09/2025 09/2030 5.3   5.3   5.2   (2)(9)

665.5   656.6   4.59 %
Independent Power and Renewable Electricity Producers
Apex Clean Energy TopCo, LLC (4) Developer, builder and owner of utility-scale wind and solar power facilities Class A common units 11/2021 1,335,610 134.7   225.8  
Class B common units 07/2025 113,136 11.3   19.2  
146.0   245.0  
BNZ TopCo B.V. (13) Developer and operator of solar photovoltaic plants Senior subordinated loan 8.77 % Euribor (Q) 6.75 % 10/2024 10/2030 13.3   11.9   13.1   (2)(6)(9)
PosiGen, Inc. Seller and leaser of solar power systems for residential and commercial customers Warrant to purchase shares of series D-1 preferred stock 06/2021 06/2028 7,616 —   —   (2)
Warrant to purchase shares of common stock 01/2020 01/2027 5,560 —   —   (2)
—   —  
Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC Residential solar energy provider First lien senior secured loan 3.61 % 10/2019 02/2055 0.1   0.1   0.1   (2)
Senior subordinated loan 10.74 % SOFR (Q) 6.90 % 11/2019 11/2026 186.3   186.3   158.4   (2)(9)
186.4   158.5  
Sunrun Luna Holdco 2021, LLC Residential solar energy provider Senior subordinated loan 10.59 % SOFR (Q) 6.75 % 03/2022 04/2027 150.0   150.0   141.0   (2)(6)(9)
Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC Residential solar energy provider First lien senior secured loan 3.98 % 06/2019 06/2054 0.2   0.2   0.2   (2)
Senior subordinated loan 10.57 % ( 6.90 % PIK)
SOFR (Q) 6.90 % 06/2019 07/2030 86.7   86.7   84.9   (2)(9)
86.9   85.1  

See accompanying notes to consolidated financial statements.
F-63

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
581.2   642.7   4.49 %
Consumer Durables and Apparel
Bowhunter Holdings, LLC Provider of branded archery and bowhunting accessories Common units 04/2014 421 4.2   —  
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. (4) Designer, marketer and distributor of licensed and owned apparel First lien senior secured loan 9.39 % SOFR (Q) 5.50 % 02/2024 08/2029 28.4   26.6   28.4   (2)(9)
Senior subordinated loan 11.89 % PIK
SOFR (Q) 8.00 % 02/2024 02/2031 30.1   28.6   30.1   (2)(9)
Senior subordinated loan 10.39 % SOFR (Q) 6.50 % 02/2024 02/2031 18.6   17.3   18.7   (2)(9)
Class A limited partnership interests 02/2024 6.27 % 2.9   7.6   (2)
75.4   84.8  
DRS Holdings III, Inc. and DRS Holdings I, Inc. (13) Footwear and orthopedic foot-care brand First lien senior secured loan 8.97 % SOFR (M) 5.25 % 03/2025 11/2028 59.6   59.6   59.6   (2)(9)
Common stock 11/2019 8,549 8.5   9.8   (2)
68.1   69.4  
Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. (13) Designer and manufacturer of consumer fashion accessories First lien senior secured revolving loan 9.04 % SOFR (M) 5.00 % 08/2025 08/2030 2.2   2.2   2.2   (2)(6)(9)
Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC (5)(13) Provider of footwear and other accessories First lien senior secured loan 9.68 % ( 4.00 % PIK)
SOFR (Q) 6.00 % 06/2025 10/2028 14.1   14.1   14.1   (2)(9)
First lien senior secured loan 9.68 % PIK
SOFR (Q) 6.00 % 07/2025 10/2028 29.3   29.3   29.3   (2)(9)
Common units 07/2025 28,049,368 41.9   38.8   (2)
85.3   82.2  
Johnnie-O Inc. and Johnnie-O Holdings Inc. Apparel retailer First lien senior secured loan 10.39 % SOFR (Q) 6.25 % 03/2022 03/2027 17.5   17.3   17.5   (2)(9)
Series A convertible preferred stock 03/2022 144,210 4.2   6.0   (2)
Warrant to purchase shares of common stock 03/2022 03/2032 93,577 1.5   3.9   (2)
23.0   27.4  
Lew's Intermediate Holdings, LLC (13) Outdoor brand holding company First lien senior secured loan 8.82 % SOFR (Q) 5.00 % 02/2021 02/2028 1.0   1.0   0.9   (2)(9)
Pelican Products, Inc. (13) Flashlights manufacturer First lien senior secured revolving loan 7.82 % SOFR (Q) 4.00 % 12/2021 09/2028 2.2   2.2   2.0   (2)(9)
Second lien senior secured loan 11.68 % SOFR (Q) 7.75 % 12/2021 12/2029 60.0   60.0   55.2   (2)(9)
62.2   57.2  
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. (13)(14) Sports equipment manufacturing company First lien senior secured revolving loan 7.72 % SOFR (A) 3.75 % 11/2024 11/2029 5.5   5.5   5.5   (2)(9)
First lien senior secured loan 8.57 % SOFR (Q) 4.75 % 12/2020 11/2030 32.9   32.9   32.9   (2)(9)
First lien senior secured loan 8.57 % SOFR (Q) 4.75 % 11/2021 11/2030 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.57 % SOFR (Q) 4.75 % 02/2024 11/2030 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 8.57 % SOFR (Q) 4.75 % 11/2024 11/2030 3.3   3.3   3.3   (2)(9)
Limited partnership interest 06/2024 11,052,702 11.1   17.7   (2)
58.5   65.1  

See accompanying notes to consolidated financial statements.
F-64

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
Reef Lifestyle, LLC (13) Apparel retailer First lien senior secured revolving loan 11.79 % ( 2.25 % PIK)
SOFR (Q) 8.00 % 10/2018 10/2027 25.1   25.1   25.1   (2)(9)(12)
First lien senior secured revolving loan 11.82 % ( 2.25 % PIK)
SOFR (Q) 8.00 % 07/2020 10/2027 4.7   4.7   4.7   (2)(9)(12)
First lien senior secured loan 11.82 % ( 2.25 % PIK)
SOFR (Q) 8.00 % 10/2018 10/2027 19.7   19.7   19.7   (2)(9)
First lien senior secured loan 11.82 % ( 2.25 % PIK)
SOFR (Q) 8.00 % 07/2020 10/2027 3.9   3.9   3.9   (2)(9)
53.4   53.4  
S Toys Holdings LLC (fka The Step2 Company, LLC) (5) Toy manufacturer Common units 04/2011 1,116,879 —   —  
Class B common units 10/2014 126,278,000 —   —  
Warrant to purchase units 04/2010 12/2050 3,157,895 —   —  
—   —  
Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC (4)(13) Manufacturer and distributor of slip resistant footwear First lien senior secured loan 10.33 % SOFR (M) 6.50 % 04/2024 07/2029 1.2   1.2   1.2   (2)(9)
First lien senior secured loan 10.33 % SOFR (M) 6.50 % 06/2024 07/2029 6.5   6.5   6.5   (2)(9)
First lien senior secured loan 10.83 % SOFR (M) 7.00 % 06/2024 07/2029 3.8   3.8   3.8   (2)(9)
Class A common units 06/2024 8,474 10.5   11.4   (2)
22.0   22.9  
Sport Maska Inc. (13) Manufacturer of hockey equipment and related accessories First lien senior secured revolving loan 8.98 % SOFR (M) 5.25 % 12/2024 12/2030 2.3   2.2   2.2   (2)(6)(9)(12)
First lien senior secured loan 7.77 % CDOR (M) 5.50 % 12/2024 12/2030 36.6   35.0   36.6   (2)(6)(9)
37.2   38.8  
St Athena Global LLC and St Athena Global Holdings Limited (13) Designer and manufacturer of branded premium-quality tableware First lien senior secured revolving loan 9.10 % SOFR (Q) 5.25 % 06/2024 06/2029 0.4   0.4   0.4   (2)(6)(9)
First lien senior secured loan 9.02 % SOFR (Q) 5.25 % 06/2024 06/2030 29.7   29.7   29.1   (2)(6)(9)
First lien senior secured loan 8.97 % SONIA (M) 5.25 % 06/2024 06/2030 18.1   17.0   17.7   (2)(6)(9)
47.1   47.2  
Team Acquisition Corporation (13) Provider of team uniforms and athletic wear First lien senior secured revolving loan 10.80 % SOFR (Q) 7.00 % 01/2024 11/2028 2.2   2.2   1.9   (2)(9)
First lien senior secured revolving loan 12.75 % Base Rate (Q) 6.00 % 01/2024 11/2028 1.6   1.6   1.4   (2)(9)
First lien senior secured loan 10.72 % SOFR (M) 7.00 % 01/2024 11/2029 34.2   33.8   29.1   (2)(9)
37.6   32.4  

577.2   583.9   4.08 %
Household and Personal Products
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. (13) Provider of personal care appliances First lien senior secured loan 12.27 % ( 0.50 % PIK)
SOFR (M) 8.25 % 12/2021 12/2027 3.5   3.5   3.3   (2)(9)
Common stock 12/2021 6,149 6.1   2.2   (2)
9.6   5.5  
Foundation Consumer Brands, LLC (13) Pharmaceutical holding company of over the counter brands First lien senior secured loan 9.09 % SOFR (Q) 5.00 % 02/2021 02/2029 32.0   31.8   32.0   (2)(9)

See accompanying notes to consolidated financial statements.
F-65

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 9.09 % SOFR (Q) 5.00 % 06/2023 02/2029 0.2   0.2   0.2   (2)(9)
32.0   32.2  
LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P. Provider of intimate wellness products First lien senior secured loan 9.42 % SOFR (Q) 5.75 % 11/2022 11/2028 18.1   18.1   18.1   (2)(6)(9)
First lien senior secured loan 9.42 % SOFR (Q) 5.75 % 12/2023 11/2028 9.3   8.7   9.3   (2)(6)(9)
Preferred units 8.00 % PIK
11/2022 3,178 4.1   4.1   (2)(6)
Class B common units 11/2022 32,105 —   1.0   (2)(6)
30.9   32.5  
pH Beauty Holdings III, Inc. (13) Beauty and personal care platform First lien senior secured loan 8.78 % SOFR (S) 5.00 % 02/2025 09/2027 12.2   12.2   12.2   (2)
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. (13) Manufacturer and supplier of natural fragrance materials and cosmeceuticals First lien senior secured revolving loan 10.82 % SOFR (M) 7.00 % 08/2021 08/2027 2.9   2.9   2.7   (2)(9)
First lien senior secured loan 10.82 % SOFR (M) 7.00 % 08/2021 08/2027 28.0   28.0   25.7   (2)(9)
Limited partner interests 08/2021 2.69 % 5.0   1.3   (2)
35.9   29.7  
RD Holdco Inc. (5) Manufacturer and marketer of carpet cleaning machines Common stock 01/2017 458,596 14.0   —  
Common units 12/2025 190,445 —   —   (2)
Common units 12/2025 649,880 17.5   24.2   (2)
Common units 12/2025 323 —   —   (2)
31.5   24.2  
Silk Holdings III LLC and Silk Holdings I Corp. (13) Producer of personal care products First lien senior secured revolving loan 8.34 % SOFR (M) 4.50 % 12/2025 12/2032 2.0   2.0   2.0   (2)(9)
First lien senior secured loan 8.34 % SOFR (M) 4.50 % 12/2025 12/2032 132.9   132.9   131.6   (2)(9)
First lien senior secured loan 8.34 % SOFR (M) 4.50 % 05/2023 12/2032 66.5   66.5   65.9   (2)(9)
Common stock 05/2023 15,786 18.1   39.0   (2)
219.5   238.5  
TCI Buyer LLC and TCI Holdings, LP (13) Contract formulator and manufacturer of beauty and personal care products First lien senior secured loan 8.47 % SOFR (M) 4.75 % 11/2024 11/2030 14.8   14.8   14.8   (2)(9)
Common stock 11/2024 24,010 2.4   2.4   (2)
17.2   17.2  
Walnut Parent, Inc. Manufacturer of natural solution pest and animal control products First lien senior secured loan 9.42 % SOFR (Q) 5.75 % 11/2020 11/2027 14.3   14.3   13.3   (2)(9)
First lien senior secured loan 9.47 % SOFR (M) 5.75 % 04/2022 11/2027 0.1   0.1   0.1   (2)(9)
14.4   13.4  
WU Holdco, Inc. (13) Manufacturer and distributor of household cleaning products with focus on specialized surfaces First lien senior secured revolving loan 8.44 % SOFR (Q) 4.75 % 04/2025 04/2032 0.5   0.5   0.5   (2)
First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 04/2025 04/2032 10.5   10.5   10.5   (2)(9)
11.0   11.0  

414.2   416.4   2.91 %
Automobiles and Components
Automotive Keys Group, LLC and Automotive Keys Investor, LLC Provider of replacement wireless keys for automotive market First lien senior secured loan 10.32 % SOFR (Q) 6.50 % 12/2021 08/2026 0.1   0.1   0.1   (2)(9)

See accompanying notes to consolidated financial statements.
F-66

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 10.32 % SOFR (Q) 6.50 % 12/2022 08/2026 4.3   4.3   3.8   (2)(9)
Preferred units 11/2020 4,113,113 5.1   0.4   (2)
Preferred units 11/2020 1,095,046 1.1   0.1   (2)
Class A common units 11/2020 5,208,159 —   —   (2)
10.6   4.4  
Churchill OpCo Holdings LLC and Victory Topco, LP (13) Operator of collision repair centers First lien senior secured revolving loan 8.62 % SOFR (Q) 5.00 % 11/2023 11/2029 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 11/2023 11/2029 21.9   21.9   21.9   (2)(9)
Class A-2 common units 11/2023 20,170 2.0   5.6   (2)
24.4   28.0  
Collision SP Subco, LLC (13) Provider of auto body collision repair services First lien senior secured revolving loan 8.57 % SOFR (Q) 4.75 % 01/2024 01/2030 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 8.54 % SOFR (Q) 4.75 % 01/2024 01/2030 10.1   10.1   10.1   (2)(9)
First lien senior secured loan 8.51 % SOFR (Q) 4.75 % 04/2025 01/2030 0.7   0.7   0.7   (2)(9)
11.0   11.0  
Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets First lien senior secured loan 01/2021 07/2028 42.4   37.0   23.7   (2)(8)
First lien senior secured loan 12/2021 07/2028 6.3   5.5   3.5   (2)(8)
Class A units 07/2025 52,073 —   —   (2)
42.5   27.2  
Faraday Buyer, LLC Manufacturer and supplier for the power utility and automotive markets worldwide First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 10/2022 10/2028 54.3   54.3   54.3   (2)(9)
First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 11/2023 10/2028 7.7   7.7   7.7   (2)(9)
62.0   62.0  
Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc. Electric vehicle manufacturer Warrant to purchase shares of Class A common stock 08/2021 08/2027 27,824,527 2.3   —   (2)
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC (13) Manufacturer and distributor of automotive fluids Co-invest units 11/2020 59,230 5.9   12.8   (2)
Sun Acquirer Corp. and Sun TopCo, LP (13) Automotive parts and repair services retailer First lien senior secured revolving loan 09/2021 09/2027 —   —   —   (2)(11)
First lien senior secured loan 8.22 % SOFR (M) 4.50 % 09/2021 09/2028 23.0   22.9   23.0   (2)(9)
First lien senior secured loan 8.22 % SOFR (M) 4.50 % 11/2021 09/2028 9.1   9.1   9.1   (2)(9)
First lien senior secured loan 8.22 % SOFR (M) 4.50 % 06/2022 09/2028 12.2   12.2   12.2   (2)(9)
First lien senior secured loan 8.23 % SOFR (M) 4.50 % 11/2024 09/2028 19.0   19.0   19.0   (2)(9)
Class A units 09/2021 79,688 8.0   11.3   (2)
71.2   74.6  
Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP (13) Provider of automobile parts and auto repair services First lien senior secured revolving loan 8.95 % SOFR (S) 4.75 % 03/2025 03/2031 0.2   0.2   0.2   (2)(9)

See accompanying notes to consolidated financial statements.
F-67

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 revolving loan 10.50 % Base Rate (Q) 3.75 % 03/2025 03/2031 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.78 % SOFR (Q) 4.75 % 03/2025 03/2031 3.7   3.7   3.7   (2)(9)
First lien senior secured loan 8.64 % SOFR (Q) 4.75 % 07/2025 03/2031 3.1   3.1   3.1   (2)(9)
Limited partnership interests 03/2025 330,000 0.3   0.4  
7.4   7.5  
Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP (13) Provider of global transportation safety and productivity applications First lien senior secured revolving loan 06/2025 02/2031 —   —   —   (2)(11)
First lien senior secured loan 8.48 % SOFR (M) 4.75 % 06/2025 02/2032 149.7   149.7   149.7   (2)(9)
Class A units 09/2025 55,220 5.5   5.5   (2)
155.2   155.2  

392.5   382.7   2.67 %
Food and Beverage
American Seafoods Group LLC and American Seafoods Partners LLC Harvester and processor of seafood Class A units 08/2015 77,922 0.1   0.1   (2)
Warrant to purchase units of Class A units 08/2015 08/2035 7,422,078 7.4   8.1   (2)
7.5   8.2  
Badia Spices, LLC (13) Spices and seasonings brand First lien senior secured loan 8.09 % SOFR (Q) 4.25 % 11/2024 11/2030 9.1   9.1   9.1   (2)(9)
Berner Food & Beverage, LLC (13) Supplier of dairy-based food and beverage products First lien senior secured revolving loan 10.49 % SOFR (Q) 6.50 % 07/2021 07/2026 0.8   0.8   0.8   (2)(9)
First lien senior secured loan 10.49 % SOFR (Q) 6.50 % 12/2024 07/2027 1.4   1.4   1.4   (2)(9)
2.2   2.2  
Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4) Health food company Common units 03/2019 14,850 8.4   21.4   (2)
CHG PPC Parent LLC & PPC CHG Blocker LLC Diversified food products manufacturer Common units 12/2021 59 3.0   5.0   (2)
Demakes Enterprises, LLC Value-added protein manufacturer First lien senior secured loan 9.67 % SOFR (Q) 6.00 % 12/2023 12/2029 6.2   6.2   6.2   (2)(9)
Florida Food Products, LLC Provider of plant extracts and juices First lien senior secured loan 9.43 % SOFR (Q) 5.50 % 10/2021 10/2030 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 9.05 % SOFR (Q) 5.00 % 10/2021 10/2030 0.4   0.4   0.3   (2)(9)
First lien senior secured loan 9.43 % SOFR (Q) 5.50 % 06/2022 10/2030 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.93 % SOFR (Q) 5.00 % 06/2022 10/2030 0.4   0.3   0.2   (2)(9)
First lien senior secured loan 9.05 % SOFR (Q) 5.00 % 10/2025 10/2030 11.3   8.0   7.8   (2)(9)
First lien senior secured loan 9.43 % SOFR (Q) 5.50 % 10/2025 10/2030 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 10/2025 04/2031 60.5   36.3   36.3   (2)(8)
45.3   44.9  
Forward Keystone Holdings, LP (13) Provider of better-for-you breakfast and snacking brand Senior subordinated loan 15.00 % ( 8.00 % PIK)
03/2025 03/2029 26.5   26.5   26.5   (2)
Common units 03/2025 3,852,000 3.9   4.2   (2)
30.4   30.7  

See accompanying notes to consolidated financial statements.
F-68

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
Gotham Greens Holdings, PBC Producer of vegetables and culinary herbs for restaurants and retailers Second lien senior secured loan 15.00 % PIK
11/2025 02/2029 3.3   3.1   3.0  
Series E-1 preferred stock 06/2022 188,605 16.5   —   (2)
Warrant to purchase shares of Series E-1 preferred stock 06/2022 06/2032 78,216 —   —   (2)
19.6   3.0  
HBH Buyer, LLC (13) Food retailer specializing in fully cooked hams and catering services First lien senior secured loan 8.92 % SOFR (Q) 5.25 % 09/2025 09/2031 23.8   23.8   23.5   (2)(9)
KNPC HoldCo, LLC Producer of trail mix and mixed nut snack products First lien senior secured loan 9.80 % SOFR (S) 5.50 % 04/2022 10/2029 5.4   5.4   5.4   (2)(9)
First lien senior secured loan 11.05 % SOFR (S) 6.75 % 12/2022 10/2029 1.3   1.3   1.3   (2)(9)
First lien senior secured loan 10.30 % SOFR (S) 6.00 % 11/2023 10/2029 2.7   2.7   2.7   (2)(9)
First lien senior secured loan 10.05 % SOFR (S) 5.75 % 12/2024 10/2029 27.4   27.4   27.4   (2)(9)
36.8   36.8  
Manna Pro Products, LLC and MP Blocker A LLC Manufacturer and supplier of specialty nutrition and care products for animals Common units 10/2025 998 —   —   (2)
Max US Bidco Inc. Manufacturer of premium dry dog food First lien senior secured loan 8.67 % SOFR (Q) 5.00 % 10/2023 10/2030 1.0   0.9   0.8   (2)(16)
Primo Water Holdings Inc / Triton Water Holdings Inc Producer and provider of bottled water brands First lien senior secured loan 5.92 % SOFR (Q) 2.25 % 03/2021 03/2028 1.0   1.0   1.0   (2)(9)(16)
Senior subordinated loan 6.25 % 03/2021 04/2029 0.1   0.1   0.1   (2)(6)(16)
1.1   1.1  
RB Holdings InterCo, LLC (13) Manufacturer of pet food and treats First lien senior secured revolving loan 9.03 % SOFR (Q) 5.00 % 05/2022 05/2028 0.8   0.8   0.8   (2)(9)
First lien senior secured loan 9.04 % SOFR (Q) 5.00 % 05/2022 05/2028 11.1   11.1   10.9   (2)(9)
11.9   11.7  
Spindrift Beverage Co., Inc. and SBC Aggregator LP (13)(14) Premium flavored sparkling water brand First lien senior secured loan 8.94 % SOFR (Q) 5.00 % 02/2025 02/2032 12.2   12.2   12.2   (2)(9)
Limited partnership units 02/2025 8,739 8.7   11.3   (2)
20.9   23.5  
Sugar PPC Buyer LLC (13) Manufacturer and distributor of food products First lien senior secured loan 8.42 % SOFR (S) 4.75 % 10/2023 10/2031 15.6   15.6   15.6   (2)(9)
First lien senior secured loan 8.35 % SOFR (S) 4.75 % 07/2024 10/2031 1.2   1.2   1.2   (2)(9)
16.8   16.8  
Teasdale Foods, Inc. and Familia Group Holdings Inc. Provider of beans, sauces and hominy to the retail, foodservice and wholesale channels First lien senior secured loan 12/2020 12/2027 77.4   76.7   58.8   (2)(8)
Warrant to purchase shares of common stock 02/2019 02/2034 57,827 —   —   (2)
76.7   58.8  
Watermill Express, LLC and Watermill Express Holdings, LLC (13) Owner and operator of self-service water and ice stations First lien senior secured revolving loan 04/2021 04/2031 —   —   —   (2)(11)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 04/2021 04/2031 9.4   9.4   9.4   (2)(9)

See accompanying notes to consolidated financial statements.
F-69

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 8.71 % SOFR (Q) 4.75 % 01/2024 04/2031 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 8.60 % SOFR (Q) 4.75 % 08/2024 04/2031 3.9   3.9   3.9   (2)(9)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 04/2025 04/2031 3.7   3.7   3.7   (2)(9)
Class E units 07/2025 45,449 —   —  
22.6   22.6  

343.2   326.3   2.28 %
Energy
GNZ Energy Bidco Limited and Galileo Co-investment Trust I (13) Independent fuel provider in New Zealand First lien senior secured loan 8.57 % BKBM (Q) 6.00 % 05/2022 07/2027 28.0   30.5   28.0   (2)(6)(9)
Common units 07/2022 17,616,667 5.1   11.6   (2)(6)
35.6   39.6  
HighPeak Energy, Inc. Oil and gas exploration and production company First lien senior secured loan 11.32 % SOFR (Q) 7.50 % 09/2023 09/2028 156.7   155.5   156.7   (2)(6)(9)
Murchison Oil and Gas, LLC and Murchison Holdings, LLC Exploration and production company Preferred units 06/2022 41,000 —   0.8  
Phoenix Operating LLC Oil and gas investment company First lien senior secured loan 10.77 % SOFR (Q) 7.00 % 08/2025 10/2028 46.0   43.4   43.0   (2)(9)
First lien senior secured loan 10.77 % SOFR (Q) 7.00 % 10/2025 10/2028 28.0   28.0   27.2   (2)(9)
71.4   70.2  
VPROP Operating, LLC and V SandCo, LLC (5) Sand-based proppant producer and distributor to the oil and natural gas industry First lien senior secured loan 13.55 % PIK
SOFR (M) 9.50 % 06/2020 11/2026 7.1   7.1   7.1   (2)(9)
First lien senior secured loan 13.55 % PIK
SOFR (M) 9.50 % 11/2020 11/2026 5.8   5.8   5.8   (2)(9)
First lien senior secured loan 13.46 % PIK
SOFR (M) 9.50 % 12/2024 01/2026 7.4   7.4   7.4   (2)(9)
First lien senior secured loan 03/2017 11/2026 32.2   30.3   14.1   (2)(8)
Class A units 11/2020 347,900 32.8   —   (2)
83.4   34.4  

345.9   301.7   2.11 %
Gas Utilities
Ferrellgas, L.P. and Ferrellgas Partners, L.P. Distributor of propane and related accessories Senior preferred units 8.96 % 03/2021 64,155 64.2   73.4  
Class B units 09/2022 95,354 15.4   25.3   (2)
79.6   98.7  
Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc. Owner of natural gas facilities First lien senior secured loan 7.17 % SOFR (Q) 3.50 % 09/2023 09/2028 0.1   0.1   0.1   (2)(6)
Class A common stock 07/2022 3,059,533 23.3   7.2   (6)(16)
23.4   7.3  

103.0   106.0   0.74 %
Technology Hardware & Equipment
Everspin Technologies, Inc. Designer and manufacturer of computer memory solutions Warrant to purchase shares of common stock 10/2016 10/2026 18,461 0.4   —  

See accompanying notes to consolidated financial statements.
F-70

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
Excelitas Technologies Corp. (13) Provider of photonic solutions First lien senior secured loan 8.97 % SOFR (M) 5.25 % 05/2024 08/2029 7.1   7.1   7.1   (2)(9)
FL Hawk Intermediate Holdings, Inc. (13) Provider of variable data labeling for the apparel industry First lien senior secured loan 8.35 % SOFR (M) 4.50 % 10/2024 02/2030 10.3   10.2   10.3   (2)(9)
PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P. Provider of analytical instrumentation and testing equipment and services First lien senior secured loan 8.48 % SOFR (M) 4.75 % 05/2024 03/2029 11.0   11.0   11.0   (2)(9)
Class A-2 units 01/2022 34,832 4.8   5.1  
Limited partnership interests 03/2023 0.55 % 9.9   14.3   (2)
25.7   30.4  
Repairify, Inc. and Repairify Holdings, LLC (13) Provider of automotive diagnostics scans and solutions First lien senior secured revolving loan 9.24 % SOFR (S) 5.25 % 06/2021 06/2027 5.1   5.1   5.1   (2)(9)
First lien senior secured loan 9.10 % SOFR (S) 5.25 % 05/2025 06/2027 5.0   5.0   5.0   (2)(9)
Class A common units 06/2021 163,820 4.9   2.7   (2)
15.0   12.8  

58.4   60.6   0.42 %
Telecommunication Services
Expereo USA, Inc. and Ristretto Bidco B.V. (13) Global internet managed service provider First lien senior secured loan 10.22 % ( 3.50 % PIK)
SOFR (Q) 6.50 % 12/2024 12/2030 61.8   61.8   60.6   (2)(6)(9)

61.8   60.6   0.42 %
Data Centers
Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP (13) Global data center developer and operator First lien senior secured loan 9.50 % 12/2025 12/2031 40.8   40.8   40.1   (2)

40.8   40.1   0.28 %
Transportation
Nordic Ferry Infrastructure AS Private passenger & freight ferry transportation company Senior subordinated loan 7.07 % Euribor (Q) 5.00 % 11/2024 11/2031 0.1   0.1   0.1   (2)(6)
Senior subordinated loan 9.23 % NIBOR (Q) 5.00 % 11/2024 11/2031 0.1   0.1   0.1   (2)(6)
0.2   0.2  
Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. (13)(14) Specialty logistics platform for high-stakes projects in music, sports, production, fine art, and automotive industries First lien senior secured loan 8.42 % SOFR (Q) 4.75 % 07/2025 08/2032 11.0   11.0   10.9   (2)(9)
Limited partnership interest 07/2025 1,418,569 1.4   1.4   (2)
12.4   12.3  

12.6   12.5   0.09 %

Total Investments $ 29,249.9   $ 29,484.8   (17) 205.93 %

See accompanying notes to consolidated financial statements.
F-71

Derivative Instruments

Forward currency contracts

Description Notional Amount to be Purchased Notional Amount to be sold Counterparty Settlement Date Unrealized Appreciation / (Depreciation)
Foreign currency forward contract $ 181   € 155   Royal Bank of Canada January 23, 2026 $ ( 1 )
Foreign currency forward contract $ 165   CAD 230   Canadian Imperial Bank of Commerce January 23, 2026 ( 3 )
Foreign currency forward contract $ 159   £ 144   Canadian Imperial Bank of Commerce June 11, 2027 ( 1 )
Foreign currency forward contract $ 112   € 96   Canadian Imperial Bank of Commerce January 23, 2026 ( 1 )
Foreign currency forward contract $ 109   £ 82   Royal Bank of Canada July 28, 2028 —  
Foreign currency forward contract $ 109   £ 82   Canadian Imperial Bank of Commerce July 28, 2028 —  
Foreign currency forward contract $ 84   £ 68   Royal Bank of Canada August 21, 2026 ( 3 )
Foreign currency forward contract $ 75   £ 56   Canadian Imperial Bank of Commerce January 23, 2026 ( 1 )
Foreign currency forward contract $ 71   £ 53   Royal Bank of Canada January 23, 2026 ( 1 )
Foreign currency forward contract $ 69   CAD 95   Canadian Imperial Bank of Commerce March 31, 2028 ( 1 )
Foreign currency forward contract $ 67   € 58   Canadian Imperial Bank of Commerce June 11, 2027 ( 1 )
Foreign currency forward contract $ 58   JPY 8,131   Royal Bank of Canada January 31, 2028 2  
Foreign currency forward contract $ 56   CAD 77   Canadian Imperial Bank of Commerce March 31, 2027 ( 1 )
Foreign currency forward contract $ 55   CAD 76   Royal Bank of Canada January 31, 2028 ( 1 )
Foreign currency forward contract $ 52   CAD 72   Royal Bank of Canada January 23, 2026 ( 1 )
Foreign currency forward contract $ 48   £ 35   Royal Bank of Canada June 27, 2028 1  
Foreign currency forward contract $ 37   NZD 64   Royal Bank of Canada January 23, 2026 —  
Foreign currency forward contract $ 31   € 26   Canadian Imperial Bank of Commerce August 14, 2028 —  
Foreign currency forward contract $ 24   £ 22   Canadian Imperial Bank of Commerce August 21, 2026 —  
Foreign currency forward contract $ 15   AUD 22   Canadian Imperial Bank of Commerce November 17, 2026 —  
Foreign currency forward contract $ 6   NOK 64   Canadian Imperial Bank of Commerce January 23, 2026 —  
Total $ ( 13 )

Interest rate swaps

Description Hedged Item Company Receives Company Pays Counterparty Maturity Date Notional Amount Fair Value Upfront Payments/Receipts Change in Unrealized Appreciation / (Depreciation)
Interest rate swap January 2027 Notes 7.000   % SOFR + 2.5810 %
Wells Fargo Bank, N.A. 01/15/2027 $ 900   $ 8   $ —   $ 4  
Interest rate swap March 2029 Notes 5.875   % SOFR + 2.0230 %
Wells Fargo Bank, N.A. 03/01/2029 1,000   13   —   22  
Interest rate swap July 2029 Notes 5.950   % SOFR + 1.6430 %
Wells Fargo Bank, N.A. 07/15/2029 850   25   —   18  
Interest rate swap September 2030 Notes 5.500   % SOFR + 1.7705 %
Wells Fargo Bank, N.A. 09/01/2030 750   7   —   7  
Interest rate swap January 2031 Notes 5.100   % SOFR + 1.7270 %
SMBC Capital Markets, Inc. 01/15/2031 650   ( 4 ) —   ( 4 )
Interest rate swap March 2032 Notes 5.800   % SOFR + 1.6995 %
Wells Fargo Bank, N.A. 03/08/2032 1,000   28   —   28  
Total $ 5,150   $ 77   $ —   $ 75  
______________________________________________

(1) Other than the Company’s investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of December 31, 2025 represented 206 % of the Company’s net assets or 94 % of the Company’s total assets, are subject to legal restrictions on sales.

(2) These assets are pledged as collateral under the Company’s or the Company’s consolidated subsidiaries’ various revolving credit facilities and debt securitizations and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the obligations under each of the respective credit facilities and debt securitizations (see Note 5).

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

See accompanying notes to consolidated financial statements.
F-72

(4) As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2025 in which the issuer was an Affiliated Person of the Company (but not a portfolio company that the Company is deemed to Control) are as follows:

For the Year Ended December 31, 2025 As of December 31, 2025

(in millions)
Company Purchases (cost) Redemptions (cost) Sales (cost) Interest income Capital
structuring service fees Dividend income Other income Net realized gains (losses) Net 
unrealized gains (losses) Fair Value
Align Precision Group, LLC and Align Precision Topco, L.P. $ 1.3   $ —   $ —   $ 0.8   $ —   $ —   $ —   $ —   $ 0.3   $ 14.6  
Apex Clean Energy TopCo, LLC 11.4   —   —   —   —   —   —   —   11.2   245.0  
APG Intermediate Holdings Corporation and APG Holdings, LLC —   13.1   —   —   —   —   —   —   2.0   7.6  
Bragg Live Food Products, LLC and SPC Investment Co., L.P. —   26.2   —   1.3   —   0.3   —   —   ( 8.7 ) 21.4  
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. —   9.9   —   8.8   —   —   0.2   0.7   ( 11.5 ) 84.8  
Daylight Beta Parent LLC and CFCo, LLC —   —   —   —   —   —   0.1   —   ( 1.2 ) 1.2  
ESCP PPG Holdings, LLC —   —   —   —   —   —   —   —   ( 2.7 ) 0.9  
European Capital UK SME Debt LP —   1.0   —   —   —   —   —   6.2   ( 6.1 ) 0.2  
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP 3.9   0.4   30.2   2.4   —   —   0.1   —   ( 0.7 ) 25.3  
Midco Holding, LLC and Nivel Topco, LLC —   —   —   —   —   —   —   —   —   13.8  
OPH NEP Investment, LLC 4.1   —   —   3.7   0.1   —   —   —   0.8   38.7  
Partnership Capital Growth Investors III, L.P. —   1.1   —   —   —   —   —   —   ( 0.2 ) 2.6  
PCG-Ares Sidecar Investment, L.P. —   —   —   —   —   —   —   —   ( 0.1 ) 0.5  
PCG-TAC-CV, LP (fka PCG-Ares Sidecar Investment II, L.P.) —   7.3   —   —   —   —   —   1.3   ( 8.3 ) —  
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC —   0.1   —   3.9   —   —   0.1   —   ( 17.2 ) 40.1  
Production Resource Group, L.L.C. and PRG III, LLC 10.1   43.8   —   9.8   0.5   —   —   ( 43.1 ) ( 1.2 ) 80.6  
Shoes For Crews Global, LLC and Shoes for Crews Holdings, LLC —   0.1   —   1.3   —   —   —   —   0.1   22.9  
$ 30.8   $ 103.0   $ 30.2   $ 32.0   $ 0.6   $ 0.3   $ 0.5   $ ( 34.9 ) $ ( 43.5 ) $ 600.2  

See accompanying notes to consolidated financial statements.
F-73

(5) As defined in the Investment Company Act, the Company is deemed to be both an “Affiliated Person” and “Control” this portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2025 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows:

For the Year Ended December 31, 2025 As of December 31, 2025

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

______________________________________________________________________

*    Together with Varagon Capital Partners (“Varagon”) and its clients, the Company has co-invested through the Senior Direct Lending Program LLC (d/b/a the “Senior Direct Lending Program” or the “SDLP”). The SDLP has been capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of the SDLP must be approved by an investment committee of the SDLP consisting of representatives of the Company and Varagon (with approval from a representative of each required); therefore, although the Company owns more than 25 % of the voting securities of the SDLP, the Company does not believe that it has control over the SDLP (for purposes of the Investment Company Act or otherwise) because, among other things, these “voting securities” do not afford the Company the right to elect directors of the SDLP or any other special rights (see Note 4).

See accompanying notes to consolidated financial statements.
F-74

(6) This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. Pursuant to Section 55(a) of the Investment Company Act, 22 % of the Company’s total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of December 31, 2025.

(7) Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually (A), semi-annually (S), quarterly (Q), bi-monthly (B), monthly (M) or daily (D). For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread.

(8) Loan was on non-accrual status as of December 31, 2025.

(9) Loan includes interest rate floor feature.

(10) In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP’s loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate.

(11) As of December 31, 2025, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(12) As of December 31, 2025, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(13) As of December 31, 2025, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

See accompanying notes to consolidated financial statements.
F-75

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
15484880 Canada Inc. and 15484910 Canada Inc. $ 12.3   $ ( 0.4 ) $ 11.9   $ —   $ —   $ 11.9  
3 Step Sports LLC 10.4   —   10.4   —   —   10.4  
Absolute Dental Group LLC and Absolute Dental Equity, LLC 25.3   ( 23.7 ) 1.6   —   ( 1.6 ) —  
Accommodations Plus Technologies LLC 15.6   —   15.6   —   —   15.6  
ACP Avenu Midco LLC 15.2   —   15.2   —   —   15.2  
Actfy Buyer, Inc. 10.4   —   10.4   —   —   10.4  
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP 3.6   —   3.6   —   —   3.6  
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC 9.5   —   9.5   —   ( 9.5 ) —  
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC 3.1   —   3.1   —   —   3.1  
Adonis Bidco Inc. 84.6   —   84.6   —   —   84.6  
Aduro Advisors, LLC 5.3   —   5.3   —   —   5.3  
Advarra Holdings, Inc. 0.4   —   0.4   —   —   0.4  
Aerin Medical Inc. 4.4   —   4.4   —   —   4.4  
AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. 3.8   ( 1.5 ) 2.3   —   —   2.3  
AI Titan Parent, Inc. 15.7   —   15.7   —   —   15.7  
Airx Climate Solutions, Inc. 9.9   —   9.9   —   —   9.9  
Alcami Corporation and ACM Note Holdings, LLC 1.9   ( 0.4 ) 1.5   —   —   1.5  
Alcresta Therapeutics, Inc. 16.3   ( 0.1 ) 16.2   —   —   16.2  
Aldinger Company Inc 13.3   ( 0.2 ) 13.1   —   —   13.1  
Aledade, Inc. 56.8   ( 17.6 ) 39.2   —   —   39.2  
Align Precision Group, LLC and Align Precision Topco, L.P. 0.7   —   0.7   —   —   0.7  
Anaplan, Inc. 1.4   —   1.4   —   —   1.4  
AP Adhesives Holdings, LLC 16.4   —   16.4   —   —   16.4  
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC 8.6   ( 2.6 ) 6.0   —   —   6.0  
Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC 1.1   —   1.1   —   —   1.1  
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. 0.1   —   0.1   —   —   0.1  
Aptean, Inc. and Aptean Acquiror Inc. 4.8   ( 0.2 ) 4.6   —   —   4.6  
AQ Sunshine, Inc. 22.5   ( 1.9 ) 20.6   —   —   20.6  
Archduke Buyer, Inc. 4.8   —   4.8   —   —   4.8  
Arrow Borrower 2025, Inc. 5.5   —   5.5   —   —   5.5  
Artemis BidCo 2 LLC 10.6   —   10.6   —   —   10.6  
Artifact Bidco, Inc. 6.9   —   6.9   —   —   6.9  
Artivion, Inc. 19.2   ( 0.9 ) 18.3   —   —   18.3  
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP 6.2   ( 4.9 ) 1.3   —   —   1.3  
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP 9.0   —   9.0   —   —   9.0  
ATI Restoration, LLC 20.9   ( 12.6 ) 8.3   —   —   8.3  
Avalign Holdings, Inc. and Avalign Technologies, Inc. 5.3   ( 2.6 ) 2.7   —   —   2.7  
Badia Spices, LLC 16.8   —   16.8   —   —   16.8  
Bamboo Purchaser, Inc. 1.3   —   1.3   —   —   1.3  
Bamboo US BidCo LLC 10.7   ( 0.4 ) 10.3   —   —   10.3  
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. 17.0   —   17.0   —   —   17.0  
Bayou Intermediate II, LLC 8.3   —   8.3   —   —   8.3  
BCPE Pequod Buyer, Inc. 8.6   —   8.6   —   —   8.6  
Beacon Pointe Harmony, LLC 12.8   —   12.8   —   —   12.8  
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. 0.5   —   0.5   —   —   0.5  
Belfor Holdings, Inc. 58.5   ( 6.2 ) 52.3   —   —   52.3  
Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. 10.9   —   10.9   —   —   10.9  
Benecon Midco II LLC and Benecon Holdings, LLC 8.7   —   8.7   —   —   8.7  
Berner Food & Beverage, LLC 1.7   ( 0.8 ) 0.9   —   —   0.9  
BGI Purchaser, Inc. 35.3   ( 10.5 ) 24.8   —   —   24.8  
BGIF IV Fearless Utility Services, Inc. 5.0   ( 0.2 ) 4.8   —   —   4.8  
Birdie Bidco, Inc. 22.0   ( 0.6 ) 21.4   —   —   21.4  

See accompanying notes to consolidated financial statements.
F-76

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC 12.0   ( 0.4 ) 11.6   —   —   11.6  
BNZ TopCo B.V. 22.6   —   22.6   —   —   22.6  
Bobcat Purchaser, LLC and Bobcat Topco, L.P. 2.5   —   2.5   —   —   2.5  
Bobtail AcquisitionCo, LLC 24.2   ( 1.0 ) 23.2   —   —   23.2  
Borrower R365 Holdings LLC 1.5   —   1.5   —   —   1.5  
Bottomline Technologies, Inc. 2.6   —   2.6   —   —   2.6  
BrightStar Group Holdings, Inc. 3.6   ( 0.5 ) 3.1   —   —   3.1  
Bulab Holdings, Inc. and Buckman PPC Co-Invest LP 17.5   ( 0.1 ) 17.4   —   —   17.4  
Businessolver.com, Inc. 7.6   —   7.6   —   —   7.6  
BVI Medical, Inc. and BVI Group Limited 15.0   —   15.0   —   —   15.0  
Cambrex Corporation 33.3   —   33.3   —   —   33.3  
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP 21.4   ( 15.1 ) 6.3   —   —   6.3  
Captive Resources Midco, LLC 1.6   —   1.6   —   —   1.6  
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. 5.0   —   5.0   —   —   5.0  
Cards-Live Oak Holdings, Inc. 28.2   ( 2.3 ) 25.9   —   —   25.9  
Cascade Parent Inc., Cascade Intermediate II, Inc., and Haveli Cascade Co-Invest I, L.P. 2.8   —   2.8   —   —   2.8  
Centralsquare Technologies, LLC and Supermoose Newco, Inc. 15.8   ( 0.4 ) 15.4   —   —   15.4  
Chariot Buyer LLC 12.3   —   12.3   —   —   12.3  
City Line Distributors LLC and City Line Investments LLC 2.7   —   2.7   —   —   2.7  
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC 1.4   ( 1.1 ) 0.3   —   —   0.3  
Clearstead Advisors, LLC 0.6   ( 0.3 ) 0.3   —   —   0.3  
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. 19.0   —   19.0   —   —   19.0  
ClubCorp Holdings, Inc. 7.3   —   7.3   —   —   7.3  
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. 50.3   —   50.3   —   —   50.3  
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. 21.1   ( 4.5 ) 16.6   —   —   16.6  
Collision SP Subco, LLC 6.0   ( 0.2 ) 5.8   —   —   5.8  
Computer Services, Inc. 16.6   —   16.6   —   —   16.6  

Convera International Holdings Limited and Convera International Financial S.A R.L. 5.5   —   5.5   —   —   5.5  
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP 32.5   ( 6.4 ) 26.1   —   —   26.1  
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. 8.2   —   8.2   —   —   8.2  
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. 38.7   ( 8.9 ) 29.8   —   —   29.8  
Coupa Holdings, LLC and Coupa Software Incorporated 0.9   —   0.9   —   —   0.9  
Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. 4.0   —   4.0   —   —   4.0  
Creek Parent, Inc. and Creek Feeder, L.P. 30.1   ( 0.1 ) 30.0   —   —   30.0  
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC 0.1   —   0.1   —   —   0.1  
CST Holding Company 1.9   —   1.9   —   —   1.9  
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC 46.6   —   46.6   —   —   46.6  
Databricks, Inc. 38.6   —   38.6   —   —   38.6  
Datix Bidco Limited and RL Datix Holdings (USA), Inc. 47.1   —   47.1   —   —   47.1  
Davidson Hotel Company LLC 4.0   —   4.0   —   —   4.0  
DecoPac, Inc. and KCAKE Holdings Inc. 24.7   ( 5.6 ) 19.1   —   —   19.1  
Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. 36.2   ( 1.0 ) 35.2   —   —   35.2  
Diamond Mezzanine 24 LLC 1.0   ( 0.3 ) 0.7   —   —   0.7  
Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. 4.8   —   4.8   —   —   4.8  
Diligent Corporation and Diligent Preferred Issuer, Inc. 5.4   ( 0.6 ) 4.8   —   —   4.8  
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. 8.2   —   8.2   —   —   8.2  
Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC 9.6   ( 0.1 ) 9.5   —   —   9.5  
Dorado Bidco, Inc. 7.4   —   7.4   —   —   7.4  
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 13.4   ( 0.2 ) 13.2   —   —   13.2  
Doxim Inc. 2.7   ( 0.3 ) 2.4   —   —   2.4  

See accompanying notes to consolidated financial statements.
F-77

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
DP Flores Holdings, LLC 11.4   —   11.4   —   —   11.4  
DriveCentric Holdings, LLC 13.3   —   13.3   —   —   13.3  
Drogon Bidco Inc. & Drogon Aggregator LP 12.0   —   12.0   —   —   12.0  
DRS Holdings III, Inc. and DRS Holdings I, Inc. 10.9   —   10.9   —   —   10.9  
Duraserv LLC 13.2   ( 0.2 ) 13.0   —   —   13.0  
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP 9.6   ( 3.2 ) 6.4   —   —   6.4  
Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited 1.2   —   1.2   —   —   1.2  
Echo Purchaser, Inc. 2.0   —   2.0   —   —   2.0  
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. 50.4   —   50.4   —   —   50.4  
Edition Holdings, Inc. and Enverus, Inc. 35.2   —   35.2   —   —   35.2  
Edmunds Govtech, Inc. 21.5   ( 1.7 ) 19.8   —   —   19.8  
Einstein Parent, Inc. 4.8   —   4.8   —   —   4.8  
EIS Legacy Holdco, LLC 22.9   —   22.9   —   —   22.9  
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. 7.3   ( 6.8 ) 0.5   —   —   0.5  
Elevation Services Parent Holdings, LLC 3.5   ( 3.3 ) 0.2   —   —   0.2  
Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC 9.5   ( 2.0 ) 7.5   —   —   7.5  
ELM DebtCo, LLC 2.5   —   2.5   —   —   2.5  
EMB Purchaser, Inc. 7.7   —   7.7   —   —   7.7  
Empower Payments Investor, LLC 3.3   —   3.3   —   —   3.3  
Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC 5.1   ( 2.0 ) 3.1   —   —   3.1  
eResearchTechnology, Inc. and Astorg VII Co-Invest ERT 34.5   —   34.5   —   —   34.5  
ESHA Intermediate, LLC 8.2   —   8.2   —   —   8.2  
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC 49.3   ( 12.4 ) 36.9   —   —   36.9  
Eternal Aus Bidco Pty Ltd 0.6   —   0.6   —   —   0.6  
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. 5.5   ( 0.7 ) 4.8   —   —   4.8  
Excelitas Technologies Corp. 27.1   —   27.1   —   —   27.1  
Expereo USA, Inc. and Ristretto Bidco B.V. 16.6   —   16.6   —   —   16.6  
Extrahop Networks, Inc. 4.3   ( 2.6 ) 1.7   —   —   1.7  
Fever Labs, Inc. 25.4   ( 9.3 ) 16.1   —   ( 3.0 ) 13.1  
Firebird Acquisition Corp, Inc. 7.9   ( 0.1 ) 7.8   —   —   7.8  
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP 2.5   ( 2.5 ) —   —   —   —  
FL Hawk Intermediate Holdings, Inc. 2.1   —   2.1   —   —   2.1  
Flexera Software LLC 1.5   —   1.5   —   —   1.5  
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. 17.5   ( 4.1 ) 13.4   —   —   13.4  
Flint OpCo, LLC 8.1   —   8.1   —   —   8.1  
FlyWheel Acquireco, Inc. 8.2   ( 0.8 ) 7.4   —   —   7.4  
Forescout Technologies, Inc. 4.2   —   4.2   —   —   4.2  
Forward Keystone Holdings, LP 7.7   —   7.7   —   —   7.7  
Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. 20.8   ( 2.2 ) 18.6   —   —   18.6  
Foundation Consumer Brands, LLC 2.4   —   2.4   —   —   2.4  
Foundation Risk Partners, Corp. 27.8   ( 7.0 ) 20.8   —   —   20.8  
Frontline Road Safety Operations, LLC 6.4   ( 0.1 ) 6.3   —   —   6.3  
FS Squared Holding Corp. and FS Squared, LLC 25.1   ( 0.5 ) 24.6   —   —   24.6  
G702 Buyer, Inc. 1.9   —   1.9   —   —   1.9  
Galway Borrower LLC 24.0   ( 2.3 ) 21.7   —   —   21.7  
GAPCO AIV Interholdco (CP), L.P. 12.2   —   12.2   —   —   12.2  
Generator US Buyer, Inc. and Total Power Limited 4.0   —   4.0   —   —   4.0  
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. 6.1   —   6.1   —   —   6.1  
GHP-VGS Purchaser LLC 8.7   —   8.7   —   —   8.7  
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC 22.2   —   22.2   —   —   22.2  
GI Ranger Intermediate LLC 3.6   ( 0.5 ) 3.1   —   —   3.1  
Global Music Rights, LLC 15.0   —   15.0   —   —   15.0  

See accompanying notes to consolidated financial statements.
F-78

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
GMF Parent, Inc. and GMF Group Holdings, LP 30.1   —   30.1   —   —   30.1  
GNZ Energy Bidco Limited and Galileo Co-investment Trust I 2.8   —   2.8   —   —   2.8  
Goldeneye Parent, LLC 2.6   —   2.6   —   —   2.6  
Grit Buyer, Inc. and Integrum Grit Co-Invest LP 22.0   —   22.0   —   —   22.0  
Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC 9.4   ( 0.5 ) 8.9   —   —   8.9  
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC 4.3   ( 0.9 ) 3.4   —   —   3.4  
GSV Purchaser, Inc. 4.0   —   4.0   —   —   4.0  
GTCR Everest Borrower, LLC 1.2   —   1.2   —   —   1.2  
GTCR F Buyer Corp. and GTCR (D) Investors LP 0.9   —   0.9   —   —   0.9  
Guidepoint Security Holdings, LLC 5.6   —   5.6   —   —   5.6  
Harvey Tool Company, LLC 66.7   —   66.7   —   —   66.7  
HBH Buyer, LLC 2.5   —   2.5   —   —   2.5  
Heavy Construction Systems Specialists, LLC 4.0   —   4.0   —   —   4.0  
Helios Service Partners, LLC and Astra Service Partners, LLC 14.3   —   14.3   —   —   14.3  
HGC Holdings, LLC 22.0   —   22.0   —   —   22.0  
HH-Stella, Inc. and Bedrock Parent Holdings, LP 22.0   ( 1.0 ) 21.0   —   —   21.0  
Higginbotham Insurance Agency, Inc., HIG Operations Holdings, Inc., and HIG Intermediate, Inc. 29.7   —   29.7   —   —   29.7  
High Street Buyer, Inc. and High Street Holdco LLC 6.1   —   6.1   —   —   6.1  
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC 17.5   —   17.5   —   —   17.5  
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP 15.1   ( 4.3 ) 10.8   —   —   10.8  
Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP 130.0   ( 0.2 ) 129.8   —   —   129.8  
Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC 34.7   ( 4.0 ) 30.7   —   —   30.7  
HP RSS Buyer, Inc. 28.5   —   28.5   —   —   28.5  
HPCC Parent, Inc. and Patriot Container Corp. 5.8   —   5.8   —   —   5.8  
HS Purchaser, LLC, and Help/Systems Holdings, Inc. 15.0   —   15.0   —   —   15.0  
HuFriedy Group Acquisition LLC 24.9   ( 0.3 ) 24.6   —   —   24.6  
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP 13.3   ( 3.7 ) 9.6   —   —   9.6  
Hyland Software, Inc. 2.0   —   2.0   —   —   2.0  
Hyphen Solutions, LLC 9.6   —   9.6   —   —   9.6  
Icefall Parent, Inc. 1.1   —   1.1   —   —   1.1  
ID.me, LLC and ID.me, Inc. 24.6   —   24.6   —   —   24.6  
IFH Franchisee Holdings, LLC 18.9   ( 4.3 ) 14.6   —   —   14.6  
Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC 1.5   —   1.5   —   —   1.5  
Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. 20.9   —   20.9   —   —   20.9  
Innovative Systems L.L.C. 3.1   —   3.1   —   —   3.1  
Inszone Mid, LLC and INSZ Holdings, LLC 99.3   —   99.3   —   —   99.3  
Internet Truckstop Group LLC 1.2   —   1.2   —   —   1.2  
IQN Holding Corp. 2.3   ( 1.5 ) 0.8   —   —   0.8  
IRI Group Holdings, Inc. and Circana, LLC 23.7   ( 0.1 ) 23.6   —   —   23.6  
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. 30.2   ( 3.7 ) 26.5   —   —   26.5  
JAMS Holdings LP and Jams Buyer LLC 7.0   —   7.0   —   —   7.0  
Jeppesen Holdings, LLC 0.7   —   0.7   —   —   0.7  
Jones Fish Hatcheries & Distributors, LLC and Pond Management Group Holdings, LLC 19.8   —   19.8   —   —   19.8  
JSG II, Inc. and Checkers USA, Inc. 23.0   —   23.0   —   —   23.0  
Kairos Bidco Limited 3.0   ( 0.3 ) 2.7   —   —   2.7  
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) 5.0   ( 4.2 ) 0.8   —   ( 0.8 ) —  
Kene Acquisition, Inc. and Kene Holdings, L.P. 0.1   —   0.1   —   —   0.1  
King Risk Partners, LLC 5.7   —   5.7   —   —   5.7  
Kings Buyer, LLC 5.0   ( 1.8 ) 3.2   —   —   3.2  
Knight AcquireCo, LLC and Knight Holdings, LP 20.9   —   20.9   —   —   20.9  
Koala Investment Holdings, Inc. 6.9   —   6.9   —   —   6.9  
KPS Global LLC and Cool Group LLC 3.4   —   3.4   —   —   3.4  

See accompanying notes to consolidated financial statements.
F-79

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
Laboratories Bidco LLC and Laboratories Topco LLC 20.4   ( 20.0 ) 0.4   —   ( 0.4 ) —  
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP 9.7   ( 0.2 ) 9.5   —   —   9.5  
LeanTaaS Holdings, Inc. 13.7   —   13.7   —   —   13.7  
Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P. 11.6   ( 5.3 ) 6.3   —   —   6.3  
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. 1.5   —   1.5   —   —   1.5  
Lew's Intermediate Holdings, LLC 2.3   —   2.3   —   —   2.3  
LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC 10.5   ( 1.3 ) 9.2   —   —   9.2  
Lido Advisors, LLC and LAL Group Holdings, LLC 5.7   ( 1.8 ) 3.9   —   —   3.9  
Lightbeam Bidco, Inc. 3.3   ( 0.2 ) 3.1   —   —   3.1  
LivTech Purchaser, Inc. 2.5   —   2.5   —   —   2.5  
LJP Purchaser, Inc. and LJP Topco, LP 1.0   —   1.0   —   —   1.0  
Lobos Parent, Inc. 9.0   —   9.0   —   —   9.0  
Mai Capital Management Intermediate LLC 4.0   ( 0.4 ) 3.6   —   —   3.6  
Majesco and Magic Topco, L.P. 2.0   —   2.0   —   —   2.0  
Manna Pro Products, LLC and MP Blocker A LLC 7.0   —   7.0   —   ( 7.0 ) —  
Mari Events Midco LLC and AE EventsCo Holdings LLC 0.8   —   0.8   —   —   0.8  
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP 32.9   ( 16.6 ) 16.3   —   —   16.3  
Medlar Bidco Limited 8.7   —   8.7   —   —   8.7  
Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP 8.0   ( 1.8 ) 6.2   —   —   6.2  
Merit Software Finance Holdings, LLC 23.7   —   23.7   —   —   23.7  
Metatiedot Bidco OY and Metatiedot US, LLC 3.5   ( 1.7 ) 1.8   —   —   1.8  
Meyer Laboratory, LLC and Meyer Parent, LLC 6.8   ( 0.6 ) 6.2   —   —   6.2  
Midco Holding, LLC and Nivel Topco, LLC 0.7   —   0.7   —   —   0.7  
Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. 8.0   ( 0.7 ) 7.3   —   —   7.3  
ML Holdco, Inc. 23.3   —   23.3   —   —   23.3  
Moderna, Inc. 179.4   —   179.4   —   —   179.4  
Modernizing Medicine, Inc. and ModMed Software Midco Holdings, Inc. 9.1   —   9.1   —   —   9.1  
Modigent, LLC and OMERS PMC Investment Holdings LLC 6.5   —   6.5   —   —   6.5  
Monica Holdco (US), Inc. 6.8   —   6.8   —   —   6.8  
Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC 1.2   —   1.2   —   —   1.2  
Motor Vehicle Software Corporation 7.0   —   7.0   —   —   7.0  
Mountaineer Merger Corporation 13.4   ( 5.3 ) 8.1   —   —   8.1  
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC 7.2   ( 2.3 ) 4.9   —   —   4.9  
MRI Software LLC 8.6   ( 0.9 ) 7.7   —   —   7.7  
MSIS Holdings, Inc. and MS Precision Parent, LP 13.2   ( 0.2 ) 13.0   —   —   13.0  
Mustang Prospects Purchaser, LLC, Senske Acquisition, Inc., and Mustang Prospects Holdco, LLC 2.5   ( 0.5 ) 2.0   —   —   2.0  
NAS, LLC and Nationwide Marketing Group, LLC 3.0   ( 1.9 ) 1.1   —   —   1.1  
NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP 12.6   ( 4.4 ) 8.2   —   —   8.2  
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. 21.2   ( 0.6 ) 20.6   —   —   20.6  
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. 12.6   ( 0.3 ) 12.3   —   —   12.3  
Netsmart, Inc. and Netsmart Technologies, Inc. 33.8   —   33.8   —   —   33.8  
Churchill OpCo Holdings LLC and Victory Topco, LP 40.0   ( 0.5 ) 39.5   —   —   39.5  
Next Holdco, LLC 0.7   —   0.7   —   —   0.7  
NMC Skincare Intermediate Holdings II, LLC 9.3   ( 2.1 ) 7.2   —   —   7.2  
NMN Holdings III Corp. and NMN Holdings LP 65.4   ( 2.7 ) 62.7   —   —   62.7  
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. 2.5   ( 2.5 ) —   —   —   —  
North Haven Fairway Buyer, LLC and Fairway Lawns, LLC 7.0   ( 3.9 ) 3.1   —   —   3.1  
North Star Acquisitionco, LLC and Toucan Bidco Limited 3.3   —   3.3   —   —   3.3  
Northwinds Holding, Inc. and Northwinds Services Group LLC 17.8   —   17.8   —   —   17.8  
Oak Funding LLC 8.3   —   8.3   —   —   8.3  

See accompanying notes to consolidated financial statements.
F-80

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP 7.1   ( 0.4 ) 6.7   —   —   6.7  
Odevo AB 20.0   —   20.0   —   —   20.0  
Omnigo Software, LLC, Omnigo Software - I, Inc., and Omnigo Software - Q, Inc. 2.2   —   2.2   —   —   2.2  

Optimizely North America Inc. and Optimizely Sweden Holdings AB 0.8   —   0.8   —   —   0.8  
Paris US Holdco, Inc. & 1001028292 Ontario Inc. 24.0   ( 0.3 ) 23.7   —   —   23.7  
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. 4.2   ( 0.4 ) 3.8   —   —   3.8  
Pathway Vet Alliance LLC and Jedi Group Holdings LLC 1.8   ( 0.8 ) 1.0   —   —   1.0  
Patriot Growth Insurance Services, LLC 2.2   —   2.2   —   —   2.2  
Pave America Holding, LLC 12.3   ( 2.0 ) 10.3   —   —   10.3  
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC 0.5   —   0.5   —   —   0.5  
PCMI Parent, LLC and PCMI Ultimate Holdings, LP 6.3   —   6.3   —   —   6.3  
PCS MidCo, Inc. and PCS Parent, L.P. 5.7   —   5.7   —   —   5.7  
PDDS HoldCo, Inc. 2.1   —   2.1   —   —   2.1  
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC 2.5   ( 1.8 ) 0.7   —   —   0.7  
Pelican Products, Inc. 2.3   ( 2.2 ) 0.1   —   —   0.1  
People Corporation 16.6   ( 4.2 ) 12.4   —   —   12.4  
Perforce Software, Inc. 7.5   —   7.5   —   —   7.5  
Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP 3.4   —   3.4   —   —   3.4  
PestCo Holdings, LLC and PestCo, LLC 4.6   —   4.6   —   —   4.6  
Petrus Buyer, Inc. 1.1   —   1.1   —   —   1.1  
PetVet Care Centers, LLC 26.9   ( 2.7 ) 24.2   —   —   24.2  
Petvisor Holdings, LLC 7.9   ( 1.3 ) 6.6   —   —   6.6  
pH Beauty Holdings III, Inc. 1.6   —   1.6   —   —   1.6  
Pike Corporation 86.7   —   86.7   —   —   86.7  
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. 6.0   ( 0.7 ) 5.3   —   —   5.3  
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC 18.8   ( 2.3 ) 16.5   —   —   16.5  
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC 15.2   —   15.2   —   —   15.2  
Poseidon IntermediateCo, Inc. 9.5   —   9.5   —   —   9.5  
PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC 1.0   ( 0.5 ) 0.5   —   —   0.5  
Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation 5.6   ( 0.5 ) 5.1   —   —   5.1  
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. 3.5   ( 2.9 ) 0.6   —   —   0.6  
Premiere Buyer, LLC 6.4   —   6.4   —   —   6.4  
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP 17.1   ( 0.1 ) 17.0   —   —   17.0  
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC 0.6   —   0.6   —   —   0.6  
Project Alliance Buyer, LLC 2.2   —   2.2   —   —   2.2  
Project Cardinal Acquisition, LLC 8.3   —   8.3   —   —   8.3  
Project Potter Buyer, LLC and Project Potter Parent, L.P. 13.6   ( 0.1 ) 13.5   —   —   13.5  
Proofpoint, Inc. 6.4   —   6.4   —   —   6.4  
PS Operating Company LLC and PS Op Holdings LLC 7.2   ( 5.5 ) 1.7   —   ( 1.7 ) —  
PSC Parent, Inc. 9.5   ( 2.5 ) 7.0   —   —   7.0  
PumpTech, LLC and Impel CV-B, LP 8.7   ( 0.7 ) 8.0   —   —   8.0  
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC 1.6   —   1.6   —   —   1.6  
QBS Parent, Inc. 1.6   ( 0.1 ) 1.5   —   —   1.5  
QF Holdings, Inc. 15.7   —   15.7   —   —   15.7  
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. 9.3   —   9.3   —   —   9.3  
Quirch Foods Holdings, LLC 13.3   —   13.3   —   —   13.3  
Radius Aerospace, Inc. and Radius Aerospace Europe Limited 5.8   ( 3.4 ) 2.4   —   —   2.4  
Radwell Parent, LLC 4.4   ( 0.7 ) 3.7   —   —   3.7  
RailPros Parent, LLC 5.3   —   5.3   —   —   5.3  

See accompanying notes to consolidated financial statements.
F-81

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC 8.9   ( 3.8 ) 5.1   —   —   5.1  
Raven Acquisition Holdings, LLC 5.3   —   5.3   —   —   5.3  
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. 11.8   ( 5.5 ) 6.3   —   —   6.3  
RB Holdings InterCo, LLC 2.1   ( 0.8 ) 1.3   —   —   1.3  
Reagent Chemical & Research, LLC 2.7   ( 0.1 ) 2.6   —   —   2.6  
Reddy Ice LLC 237.7   ( 16.7 ) 221.0   —   —   221.0  
Redwood Services LP 11.4   ( 0.2 ) 11.2   —   —   11.2  
Reef Lifestyle, LLC 34.2   ( 31.7 ) 2.5   —   —   2.5  
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. 8.9   ( 2.7 ) 6.2   —   —   6.2  
Relativity ODA LLC 8.8   —   8.8   —   —   8.8  
Repairify, Inc. and Repairify Holdings, LLC 7.3   ( 5.1 ) 2.2   —   —   2.2  
Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP 155.1   —   155.1   —   —   155.1  
Revalize, Inc. 0.9   ( 0.6 ) 0.3   —   —   0.3  
Revival Animal Health, LLC 3.3   ( 1.8 ) 1.5   —   —   1.5  
Rialto Management Group, LLC 1.5   ( 0.1 ) 1.4   —   —   1.4  
RMS HoldCo II, LLC & RMS Group Holdings, Inc. 2.9   —   2.9   —   —   2.9  
Rodeo AcquisitionCo LLC 3.9   —   3.9   —   —   3.9  
Royal Borrower, LLC and Royal Parent, LP 14.3   ( 0.2 ) 14.1   —   —   14.1  
Runway Bidco, LLC 15.6   —   15.6   —   —   15.6  
RWA Wealth Partners, LLC 6.5   —   6.5   —   —   6.5  
Saber Parent Holdings Corp. and MSHC, Inc. 10.1   —   10.1   —   —   10.1  
SageSure Holdings, LLC and SageSure LLC 9.7   —   9.7   —   —   9.7  
Sapphire Software Buyer, Inc. 5.9   —   5.9   —   —   5.9  
Saturn Purchaser Corp. 0.5   —   0.5   —   —   0.5  
SCIH Salt Holdings Inc. 22.5   ( 3.9 ) 18.6   —   —   18.6  
Severin Acquisition, LLC 63.9   —   63.9   —   —   63.9  
SG Acquisition, Inc. 2.0   —   2.0   —   —   2.0  
SGM Acquisition Sub, LLC and Schill Holdings, LP 24.6   —   24.6   —   —   24.6  
Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC 0.6   —   0.6   —   —   0.6  
Shout! Factory, LLC 2.3   ( 0.3 ) 2.0   —   —   2.0  
SIG Parent Holdings, LLC 2.4   —   2.4   —   —   2.4  
Signant Finance One Limited and Bracket Intermediate Holding Corp. 18.7   —   18.7   —   —   18.7  
Silk Holdings III LLC and Silk Holdings I Corp. 10.0   ( 2.0 ) 8.0   —   —   8.0  
Slaine Holdings LLC 23.2   —   23.2   —   —   23.2  
Smarsh Inc. and Skywalker TopCo, LLC 4.7   ( 0.8 ) 3.9   —   —   3.9  
Spaceship Purchaser, Inc. 6.5   ( 0.1 ) 6.4   —   —   6.4  
Spark Purchaser, Inc. 2.3   —   2.3   —   —   2.3  
Spindrift Beverage Co., Inc. and SBC Aggregator LP 3.8   —   3.8   —   —   3.8  
Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp 1.7   ( 0.1 ) 1.6   —   —   1.6  
Sport Maska Inc. 12.9   ( 2.8 ) 10.1   —   —   10.1  
Spruce Bidco II Inc. 50.7   —   50.7   —   —   50.7  
St Athena Global LLC and St Athena Global Holdings Limited 4.0   ( 0.4 ) 3.6   —   —   3.6  
Sterilex LLC 1.3   —   1.3   —   —   1.3  
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC 9.9   —   9.9   —   —   9.9  
Sugar PPC Buyer LLC 2.7   —   2.7   —   —   2.7  
Sun Acquirer Corp. and Sun TopCo, LP 52.0   ( 1.1 ) 50.9   —   —   50.9  
Sundance Group Holdings, Inc. 4.4   ( 0.8 ) 3.6   —   —   3.6  
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation 10.4   ( 7.2 ) 3.2   —   —   3.2  
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. 34.8   —   34.8   —   —   34.8  
Superman Holdings, LLC 5.1   —   5.1   —   —   5.1  
Supplying Demand, Inc. 0.1   —   0.1   —   —   0.1  
Surescripts, LLC 26.9   —   26.9   —   —   26.9  
SV Newco 2, Inc. and Site 2020 Incorporated 9.4   ( 0.5 ) 8.9   —   —   8.9  

See accompanying notes to consolidated financial statements.
F-82

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. 10.0   ( 7.3 ) 2.7   —   —   2.7  
Systems Planning and Analysis, Inc. 4.0   ( 1.7 ) 2.3   —   —   2.3  
Talon Buyer Inc. and Talon Holdings SCSP 14.7   —   14.7   —   —   14.7  
Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. 25.8   —   25.8   —   —   25.8  
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. 17.0   ( 0.3 ) 16.7   —   —   16.7  
TCI Buyer LLC and TCI Holdings, LP 24.2   —   24.2   —   —   24.2  
TCP Hawker Intermediate LLC 16.6   ( 3.4 ) 13.2   —   —   13.2  
Team Acquisition Corporation 6.1   ( 3.8 ) 2.3   —   —   2.3  
Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP 5.7   ( 0.3 ) 5.4   —   —   5.4  
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP 14.0   ( 12.6 ) 1.4   —   —   1.4  
The Hiller Companies, LLC 6.4   ( 0.1 ) 6.3   —   —   6.3  
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC 1.4   ( 0.1 ) 1.3   —   —   1.3  
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP 10.2   —   10.2   —   —   10.2  
Thermostat Purchaser III, Inc. 7.7   ( 0.6 ) 7.1   —   —   7.1  
THG Acquisition, LLC 40.6   ( 9.8 ) 30.8   —   —   30.8  
Three Rivers Buyer, Inc. 1.9   —   1.9   —   —   1.9  
Tiger Holdco LLC 10.6   —   10.6   —   —   10.6  
Titan BW Borrower L.P. 13.6   —   13.6   —   —   13.6  
Trading Technologies International, Inc. 2.3   —   2.3   —   —   2.3  
Transit Technologies LLC 6.7   —   6.7   —   —   6.7  
Triwizard Holdings, Inc. and Triwizard Parent, LP 21.0   ( 4.6 ) 16.4   —   —   16.4  
Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP 72.3   ( 0.2 ) 72.1   —   —   72.1  
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC 5.4   —   5.4   —   —   5.4  
TSWT Acquisition, Inc. and TSWT Holdings, LLC 7.6   ( 0.1 ) 7.5   —   —   7.5  
Two Six Labs, LLC 10.2   —   10.2   —   —   10.2  
U.S. Urology Partners, LLC, General Atlantic (USU) Blocker Collection Holdco, L.P., and General Atlantic (USU-2) Coinvest, L.P. 1.3   —   1.3   —   —   1.3  
UFS, LLC and BV-UFS Aggregator, LLC 2.7   ( 0.7 ) 2.0   —   —   2.0  
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP 3.8   —   3.8   —   —   3.8  
Unity Purchaser, LLC and Unity Ultimate Holdings, LP 8.8   —   8.8   —   —   8.8  
UP Intermediate II LLC and UPBW Blocker LLC 5.9   ( 0.2 ) 5.7   —   —   5.7  
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. 9.9   —   9.9   —   —   9.9  
Vamos Bidco, Inc. 9.9   —   9.9   —   —   9.9  
Verista, Inc. 4.0   —   4.0   —   —   4.0  
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC 13.6   ( 0.4 ) 13.2   —   ( 12.0 ) 1.2  
Victors Purchaser, LLC and WP Victors Co-Investment, L.P. 20.0   ( 1.4 ) 18.6   —   —   18.6  
Viper Bidco, Inc. 10.3   —   10.3   —   —   10.3  
Visual Edge Technology, Inc., VEIT, LLC, and VEIT Topco, LLC 2.6   ( 1.0 ) 1.6   —   —   1.6  
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. 11.0   —   11.0   —   —   11.0  
VRC Companies, LLC 5.4   —   5.4   —   —   5.4  
VRS Buyer, Inc. 6.8   —   6.8   —   —   6.8  
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC 4.2   —   4.2   —   —   4.2  
Watermill Express, LLC and Watermill Express Holdings, LLC 3.9   ( 0.1 ) 3.8   —   —   3.8  
Waverly Advisors, LLC and WAAM Topco, LLC 7.9   ( 0.8 ) 7.1   —   —   7.1  
Wealth Enhancement Group, LLC 34.7   —   34.7   —   —   34.7  
WebPT, Inc. and WPT Intermediate Holdco, Inc. 0.9   ( 0.7 ) 0.2   —   —   0.2  
Wellington Bidco Inc. and Wellington TopCo LP 30.2   ( 0.6 ) 29.6   —   —   29.6  
Wellington-Altus Financial Inc. 1.2   ( 0.3 ) 0.9   —   —   0.9  
Wellness AcquisitionCo, Inc. 4.2   ( 0.1 ) 4.1   —   —   4.1  
Wharf Street Ratings Acquisition LLC 9.2   —   9.2   —   —   9.2  
WorkWave Intermediate II, LLC 10.7   ( 0.7 ) 10.0   —   —   10.0  

See accompanying notes to consolidated financial statements.
F-83

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
World Insurance Associates, LLC and World Associates Holdings, LLC 1.9   —   1.9   —   —   1.9  
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 1.8   ( 0.4 ) 1.4   —   —   1.4  
WRE Sports Investments LLC 5.1   —   5.1   —   ( 5.1 ) —  
WSHP FC Acquisition LLC and WSHP FC Holdings LLC 16.3   ( 1.0 ) 15.3   —   —   15.3  
WU Holdco, Inc. 8.6   ( 0.6 ) 8.0   —   —   8.0  
YE Brands Holdings, LLC 3.0   ( 0.6 ) 2.4   —   —   2.4  
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP 2.2   —   2.2   —   —   2.2  
Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. 5.1   —   5.1   —   —   5.1  
Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. 5.7   ( 0.1 ) 5.6   —   —   5.6  
ZocDoc, Inc. 12.3   —   12.3   —   —   12.3  
$ 5,722.7   $ ( 491.5 ) $ 5,231.2   $ —   $ ( 41.1 ) $ 5,190.1  

(14) As of December 31, 2025, the Company was party to agreements to fund equity investments as follows:

(in millions)
Company Total equity commitments Less: funded equity commitments Total unfunded equity commitments Less: equity commitments substantially at the discretion of the Company Total net unfunded equity commitments
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP $ 1.2   $ —   $ 1.2   $ —   $ 1.2  
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. 14.8   —   14.8   —   14.8  
Calera XXVIII, LLC 1.0   —   1.0   —   1.0  
Constellation Wealth Capital Fund, L.P. 6.0   ( 4.5 ) 1.5   —   1.5  
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 0.1   —   0.1   —   0.1  
European Capital UK SME Debt LP 5.7   —   5.7   ( 5.7 ) —  
Grit Buyer, Inc. and Integrum Grit Co-Invest LP 2.3   —   2.3   —   2.3  
GSM Rights Fund II LP 10.1   —   10.1   —   10.1  
GTCR F Buyer Corp. and GTCR (D) Investors LP 1.3   —   1.3   —   1.3  
HFCP XI (Parallel - A), L.P. 7.5   —   7.5   —   7.5  
High Street Buyer, Inc. and High Street Holdco LLC 38.6   —   38.6   —   38.6  
Linden Structured Capital Fund II-A LP 2.3   ( 1.7 ) 0.6   —   0.6  
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. 11.6   ( 9.7 ) 1.9   —   1.9  
Marco Polo Fund SCSp-RAIF 31.9   —   31.9   —   31.9  
NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP 1.3   ( 0.9 ) 0.4   —   0.4  
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. 0.1   —   0.1   —   0.1  
PCG-Ares Sidecar Investment, L.P. 50.0   ( 12.4 ) 37.6   ( 37.6 ) —  
Propagate Content LLC 8.1   —   8.1   —   8.1  
PumpTech, LLC and Impel CV-B, LP 0.3   —   0.3   —   0.3  
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. 12.2   ( 11.1 ) 1.1   —   1.1  
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. —   —   —   —   —  
Spindrift Beverage Co., Inc. and SBC Aggregator LP 1.2   —   1.2   —   1.2  
Wellington-Altus Financial Inc. 1.0   —   1.0   —   1.0  
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. 0.2   —   0.2   —   0.2  
Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. 0.3   —   0.3   —   0.3  
$ 209.1   $ ( 40.3 ) $ 168.8   $ ( 43.3 ) $ 125.5  

(15) As of December 31, 2025, the Company had commitments to co-invest in the SDLP for its portion of the SDLP’s commitment to fund delayed draw loans of up to $ 60 . See Note 4 for more information on the SDLP.

(16) Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 8 for more information regarding the fair value of the Company’s investments.

See accompanying notes to consolidated financial statements.
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(17) As of December 31, 2025, the estimated net unrealized gain for federal tax purposes was approximately $ 300  million based on a tax cost basis of $ 29.2  billion. As of December 31, 2025, the estimated aggregate gross unrealized gain for federal income tax purposes was approximately $ 1.3  billion and the estimated aggregate gross unrealized loss for federal income tax purposes was approximately $ 1.0  billion.

See accompanying notes to consolidated financial statements.
F-85

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of December 31, 2024
(dollar amounts in millions)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Software and Services
Actfy Buyer, Inc. (15) Software provider of end to end fraud management workflow solutions First lien senior secured loan 9.36 % SOFR (M) 5.00 % 05/2024 05/2031 $ 57.0   $ 57.0   $ 57.0   (2)(11)
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP (15) Provider of software services that support the management and security of computing devices, applications, data, and networks First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 07/2023 07/2030 42.5   42.5   42.5   (2)(6)(11)
First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 09/2024 07/2030 6.9   6.9   6.9   (2)(6)(11)
Limited partnership interest 10/2023 9,249,000 10.2   13.3   (2)(6)
59.6   62.7  
AI Titan Parent, Inc. (15) Provider of plant maintenance / scheduling software First lien senior secured loan 9.11 % SOFR (M) 4.75 % 08/2024 08/2031 61.5   61.5   60.9   (2)(11)
Anaplan, Inc. (15) Provider of cloud-based connected planning platforms for business analytics First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 06/2022 06/2029 1.8   1.8   1.8   (2)(11)
First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 05/2024 06/2029 4.1   4.1   4.1   (2)(11)
5.9   5.9  
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua (15) Provider of intellectual property management lifecycle software First lien senior secured loan 7.43 % Euribor (S) 4.75 % 04/2019 08/2031 7.5   8.2   7.5   (2)
First lien senior secured loan 9.27 % SOFR (S) 4.75 % 06/2021 08/2031 3.7   3.7   3.7   (2)(11)
First lien senior secured loan 9.41 % SOFR (Q) 4.75 % 01/2024 08/2031 5.4   5.4   5.4   (2)(11)
Limited partnership units 06/2019 4,400,000 4.2   12.9   (2)(6)
21.5   29.5  
APG Intermediate Holdings Corporation and APG Holdings, LLC (4)(15) Aircraft performance software provider First lien senior secured loan 9.75 % SOFR (M) 5.25 % 01/2020 01/2025 13.1   13.1   13.1   (2)(11)
Class A membership units 01/2020 9,750,000 9.8   5.6   (2)
22.9   18.7  
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. (15) Software platform for identification, prevention and management of substance use disorder First lien senior secured loan 12.08 % SOFR (S) 7.00 % 05/2021 05/2027 5.5   5.5   5.5   (2)(11)
Series A preferred shares 11.00 % PIK
05/2021 32,236 48.2   48.2   (2)
53.7   53.7  
Aptean, Inc. and Aptean Acquiror Inc. (15) Provider of CRM, ERP and supply chain software applications First lien senior secured loan 9.58 % SOFR (Q) 5.00 % 01/2024 01/2031 18.4   18.2   18.4   (2)(11)
Artifact Bidco, Inc. (15) Supply chain risk management SaaS platform for global enterprise clients First lien senior secured loan 8.83 % SOFR (Q) 4.50 % 05/2024 07/2031 18.9   18.9   18.9   (2)(11)
Auctane, Inc. Provider of mailing and shipping solutions First lien senior secured loan 10.94 % SOFR (S) 5.75 % 10/2021 10/2028 143.8   143.8   136.6   (2)(11)
Avalara, Inc. (15) Provider of cloud-based solutions for transaction tax compliance worldwide First lien senior secured loan 10.58 % SOFR (Q) 6.25 % 10/2022 10/2028 72.2   72.2   72.2   (2)(11)

F-86

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS    
As of December 31, 2024
(dollar amounts in millions)