10-Q – 2025-10-28 – arcc-20250930.htm

-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured revolving loan 2024-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 1 2024-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 2 2024-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 3 2024-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, First lien senior secured loan 4 2024-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP, Class A units 2024-12-31 0001287750 arcc:SunAcquirerCorpAndSunTopCoLPMember 2024-12-31 0001287750 Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, First lien senior secured loan 2024-12-31 0001287750 Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC, Class A common units 2024-12-31 0001287750 arcc:TruckLiteCo.LLCEccoHoldingsCorp.AndClarienceTechnologiesLLCMember 2024-12-31 0001287750 arcc:AutomobilesAndComponentsSectorMember 2024-12-31 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured revolving loan 2024-12-31 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured loan 2024-12-31 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, First lien senior secured loan 1 2024-12-31 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP, Class A units 2024-12-31 0001287750 arcc:ASPRPacAcquisitionCoLLCAndASPRPacHoldingsLPMember 2024-12-31 0001287750 Halex Holdings, Inc., Common stock 2024-12-31 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 2024-12-31 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 1 2024-12-31 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, First lien senior secured loan 2 2024-12-31 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, Second lien senior secured loan 2024-12-31 0001287750 H-Food Holdings, LLC and Matterhorn Parent, LLC, Common units 2024-12-31 0001287750 arcc:HFoodHoldingsLLCAndMatterhornParentLLCMember 2024-12-31 0001287750 Meyer Laboratory, LLC and Meyer Parent, LLC, First lien senior secured loan 2024-12-31 0001287750 Meyer Laboratory, LLC and Meyer Parent, LLC, Common units 2024-12-31 0001287750 arcc:MeyerLaboratoryLLCAndMeyerParentLLCMember 2024-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured revolving loan 1 2024-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured revolving loan 2 2024-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 1 2024-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., First lien senior secured loan 2 2024-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V., Class A units 2024-12-31 0001287750 arcc:NelipakHoldingCompanyNelipakEuropeanHoldingsCooperatiefUAKNPAKHoldingsLPAndPAKNKNetherlandsTreasuryBVMember 2024-12-31 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 1 2024-12-31 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., First lien senior secured loan 2 2024-12-31 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class A preferred units 2024-12-31 0001287750 Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C., Class C units 2024-12-31 0001287750 arcc:NovipaxBuyerLLCAndNovipaxParentHoldingCompanyLLCMember 2024-12-31 0001287750 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, First lien senior secured loan 2024-12-31 0001287750 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Second lien senior secured loan 2024-12-31 0001287750 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Preferred units 2024-12-31 0001287750 Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC, Co-Invest units 2024-12-31 0001287750 arcc:PlaskolitePPCIntermediateIILLCAndPlaskolitePPCBlockerLLCMember 2024-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured revolving loan 1 2024-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured revolving loan 2 2024-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 1 2024-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 2 2024-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation, First lien senior secured loan 3 2024-12-31 0001287750 arcc:PrecisionConceptsInternationalLLCAndPrecisionConceptsCanadaCorporationMember 2024-12-31 0001287750 Reagent Chemical & Research, LLC, First lien senior secured revolving loan 2024-12-31 0001287750 Reagent Chemical & Research, LLC, First lien senior secured loan 2024-12-31 0001287750 arcc:ReagentChemicalResearchLLCMember 2024-12-31 0001287750 SCI PH Parent, Inc., Series B shares 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 1 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 2 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 3 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 4 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 5 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, First lien senior secured loan 6 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, Warrant to purchase shares of ordinary shares 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC, Warrant to purchase units of class B units 2024-12-31 0001287750 arcc:VobevLLCAndVobevHoldingsLLCMember 2024-12-31 0001287750 arcc:MaterialsSectorMember 2024-12-31 0001287750 Beacon Wellness Brands, Inc. and CDI Holdings I Corp., First lien senior secured loan 2024-12-31 0001287750 Beacon Wellness Brands, Inc. and CDI Holdings I Corp., Common stock 2024-12-31 0001287750 arcc:BeaconWellnessBrandsIncAndCDIHoldingsICorpMember 2024-12-31 0001287750 Foundation Consumer Brands, LLC, First lien senior secured loan 1 2024-12-31 0001287750 Foundation Consumer Brands, LLC, First lien senior secured loan 2 2024-12-31 0001287750 arcc:FoundationConsumerBrandsLLCMember 2024-12-31 0001287750 LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., First lien senior secured loan 1 2024-12-31 0001287750 LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., First lien senior secured loan 2 2024-12-31 0001287750 LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., Preferred units 2024-12-31 0001287750 LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P., Class B common units 2024-12-31 0001287750 arcc:LifeStylesBidcoLtd.LifestylesUSHoldcoInc.AndLifeStylesParentL.P.Member 2024-12-31 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured revolving loan 2024-12-31 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., First lien senior secured loan 2024-12-31 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P., Limited partner interests 2024-12-31 0001287750 arcc:PremierSpecialtiesInc.AndRMCFVCIVXLIVL.P.Member 2024-12-31 0001287750 RD Holdco Inc., Senior subordinated loan 1 2024-12-31 0001287750 RD Holdco Inc., Senior subordinated loan 2 2024-12-31 0001287750 RD Holdco Inc., Common stock 2024-12-31 0001287750 arcc:RDHoldcoIncMember 2024-12-31 0001287750 Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured revolving loan 2024-12-31 0001287750 Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured loan 1 2024-12-31 0001287750 Silk Holdings III Corp. and Silk Holdings I Corp., First lien senior secured loan 2 2024-12-31 0001287750 Silk Holdings III Corp. and Silk Holdings I Corp., Common stock 2024-12-31 0001287750 arcc:SilkHoldingsIIICorp.AndSilkHoldingsICorpOneMember 2024-12-31 0001287750 TCI Buyer LLC and TCI Holdings, LP, First lien senior secured loan 2024-12-31 0001287750 TCI Buyer LLC and TCI Holdings, LP, Common stock 2024-12-31 0001287750 arcc:TCIBuyerLLCAndTCIHoldingsLPMember 2024-12-31 0001287750 Walnut Parent, Inc., First lien senior secured loan 1 2024-12-31 0001287750 Walnut Parent, Inc., First lien senior secured loan 2 2024-12-31 0001287750 arcc:WalnutParentIncMember 2024-12-31 0001287750 arcc:HouseholdAndPersonalProductsMember 2024-12-31 0001287750 GNZ Energy Bidco Limited and Galileo Co-investment Trust I, First lien senior secured loan 2024-12-31 0001287750 GNZ Energy Bidco Limited and Galileo Co-investment Trust I, Common units 2024-12-31 0001287750 arcc:GNZEnergyBidcoLimitedAndGalileoCoInvestmentTrustIMember 2024-12-31 0001287750 HighPeak Energy, Inc., First lien senior secured loan 2024-12-31 0001287750 Murchison Oil and Gas, LLC and Murchison Holdings, LLC, First lien senior secured loan 2024-12-31 0001287750 Murchison Holdings, LLC 2024-12-31 0001287750 Offen, Inc., First lien senior secured loan 2024-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 1 2024-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 2 2024-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 3 2024-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC, First lien senior secured loan 4 2024-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC, Class A units 2024-12-31 0001287750 arcc:VPROPOperatingLLCAndVSandCoLLCMember 2024-12-31 0001287750 us-gaap:EnergySectorMember 2024-12-31 0001287750 Chariot Buyer LLC, First lien senior secured loan 2024-12-31 0001287750 Everspin Technologies, Inc., Warrant to purchase shares of common stock 2024-12-31 0001287750 Excelitas Technologies Corp., First lien senior secured loan 2024-12-31 0001287750 FL Hawk Intermediate Holdings, Inc., First lien senior secured loan 2024-12-31 0001287750 ITI Holdings, Inc., First lien senior secured revolving loan 1 2024-12-31 0001287750 ITI Holdings, Inc., First lien senior secured revolving loan 2 2024-12-31 0001287750 ITI Holdings, Inc., First lien senior secured loan 2024-12-31 0001287750 arcc:ITIHoldingsIncMember 2024-12-31 0001287750 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 1 2024-12-31 0001287750 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 2 2024-12-31 0001287750 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., First lien senior secured loan 3 2024-12-31 0001287750 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., Class A-2 units 2024-12-31 0001287750 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P., Limited partnership interests 2024-12-31 0001287750 arcc:PerkinElmerUSLLCAndNMPolarisCoInvestLPMember 2024-12-31 0001287750 Repairify, Inc. and Repairify Holdings, LLC, First lien senior secured revolving loan 2024-12-31 0001287750 Repairify, Inc. and Repairify Holdings, LLC, Class A common units 2024-12-31 0001287750 arcc:RepairifyIncAndRepairifyHoldingsLLCMember 2024-12-31 0001287750 arcc:TechnologyHardwareAndEquipmentMember 2024-12-31 0001287750 Ferrellgas, L.P. and Ferrellgas Partners, L.P., Senior preferred units 2024-12-31 0001287750 Ferrellgas, L.P. and Ferrellgas Partners, L.P., Class B units 2024-12-31 0001287750 arcc:FerrellgasLPAndFerrelgasPartnersLPMember 2024-12-31 0001287750 Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc., First lien senior secured loan 2024-12-31 0001287750 Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc., Class A common stock 2024-12-31 0001287750 arcc:OpalFuelsIntermediateHoldCoLLCAndOpalFuelsInc.Member 2024-12-31 0001287750 arcc:GasUtilitiesMember 2024-12-31 0001287750 Expereo USA, Inc. and Ristretto Bidco B.V., First lien senior secured loan 2024-12-31 0001287750 arcc:TelecommunicationServicesMember 2024-12-31 0001287750 Nordic Ferry Infrastructure AS, Senior subordinated loan 1 2024-12-31 0001287750 Nordic Ferry Infrastructure AS Senior subordinated loan 2 2024-12-31 0001287750 arcc:NordicFerryInfrastructureASMember 2024-12-31 0001287750 arcc:TransportationMember 2024-12-31 0001287750 EUR, CIBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 CAD, CIBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 EUR, RBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 NOK, RBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 CAD, RBC - Toronto, Company Settlement Date 01/21/2025 2024-12-31 0001287750 EGP, RBC - Toronto, Company Settlement Date 08/21/2026 2024-12-31 0001287750 EGP, RBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 EGP, CIBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 NZD, RBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 CAD, RBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 EGP, CIBC - Toronto, Company Settlement Date 08/21/2026 2024-12-31 0001287750 AUD, CIBC - Toronto, Company Settlement Date 11/17/2026 2024-12-31 0001287750 NOK, CIBC - Toronto, Company Settlement Date 01/24/2025 2024-12-31 0001287750 arcc:InterestRateSwap1Member 2024-12-31 0001287750 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember arcc:January2027NotesMember 2024-12-31 0001287750 arcc:InterestRateSwap1Member us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2024-12-31 0001287750 arcc:InterestRateSwap2Member 2024-12-31 0001287750 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember arcc:March2029NotesMember 2024-12-31 0001287750 arcc:InterestRateSwap2Member us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2024-12-31 0001287750 arcc:InterestRateSwap3Member 2024-12-31 0001287750 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember arcc:July2029NotesMember 2024-12-31 0001287750 arcc:InterestRateSwap3Member us-gaap:AccountsPayableAndAccruedLiabilitiesMember 2024-12-31 0001287750 us-gaap:InterestRateSwapMember 2024-12-31 0001287750 Apex Clean Energy TopCo, LLC 2024-01-01 2024-12-31 0001287750 Apex Clean Energy TopCo, LLC 2024-12-31 0001287750 APG Intermediate Holdings Corporation and APG Holdings, LLC 2024-01-01 2024-12-31 0001287750 APG Intermediate Holdings Corporation and APG Holdings, LLC 2024-12-31 0001287750 Bragg Live Food Products, LLC and SPC Investment Co., L.P. 2024-01-01 2024-12-31 0001287750 Bragg Live Food Products, LLC and SPC Investment Co., L.P. 2024-12-31 0001287750 Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. 2024-01-01 2024-12-31 0001287750 Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. 2024-12-31 0001287750 Daylight Beta Parent LLC and CFCo, LLC 2024-01-01 2024-12-31 0001287750 Daylight Beta Parent LLC and CFCo, LLC 2024-12-31 0001287750 ESCP PPG Holdings, LLC 2024-01-01 2024-12-31 0001287750 ESCP PPG Holdings, LLC 2024-12-31 0001287750 European Capital UK SME Debt LP 2024-01-01 2024-12-31 0001287750 European Capital UK SME Debt LP 2024-12-31 0001287750 Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP 2024-01-01 2024-12-31 0001287750 Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP 2024-12-31 0001287750 OPH NEP Investment, LLC 2024-01-01 2024-12-31 0001287750 OPH NEP Investment, LLC 2024-12-31 0001287750 PCG-Ares Sidecar Investment II, L.P. 2024-01-01 2024-12-31 0001287750 PCG-Ares Sidecar Investment II, L.P. 2024-12-31 0001287750 PCG-Ares Sidecar Investment, L.P. 2024-01-01 2024-12-31 0001287750 PCG-Ares Sidecar Investment, L.P. 2024-12-31 0001287750 Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC 2024-01-01 2024-12-31 0001287750 Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC 2024-12-31 0001287750 Production Resource Group, L.L.C. and PRG III, LLC 2024-01-01 2024-12-31 0001287750 Production Resource Group, L.L.C. and PRG III, LLC 2024-12-31 0001287750 Shoes For crews Global, LLC and Shoes for crews Holdings, LLC 2024-01-01 2024-12-31 0001287750 Shoes For crews Global, LLC and Shoes for crews Holdings, LLC 2024-12-31 0001287750 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. 2024-01-01 2024-12-31 0001287750 Totes Isotoner Corporation and Totes Ultimate Holdco, Inc. 2024-12-31 0001287750 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2024-01-01 2024-12-31 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC 2024-01-01 2024-12-31 0001287750 Absolute Dental Group LLC and Absolute Dental Equity, LLC 2024-12-31 0001287750 ACAS Equity Holdings Corporation 2024-01-01 2024-12-31 0001287750 ACAS Equity Holdings Corporation 2024-12-31 0001287750 ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. 2024-01-01 2024-12-31 0001287750 ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. 2024-12-31 0001287750 ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC 2024-01-01 2024-12-31 0001287750 ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC 2024-12-31 0001287750 Eckler Industries, Inc. and Eckler Purchaser LLC 2024-01-01 2024-12-31 0001287750 Eckler Industries, Inc. and Eckler Purchaser LLC 2024-12-31 0001287750 Halex Holdings, Inc. 2024-01-01 2024-12-31 0001287750 Halex Holdings, Inc. 2024-12-31 0001287750 HCI Equity, LLC 2024-01-01 2024-12-31 0001287750 HCI Equity, LLC 2024-12-31 0001287750 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC 2024-01-01 2024-12-31 0001287750 Heelstone Renewable Energy, LLC and Heelstone Renewable Energy Investors, LLC 2024-12-31 0001287750 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation 2024-01-01 2024-12-31 0001287750 Imaging Business Machines, L.L.C. and Scanner Holdings Corporation 2024-12-31 0001287750 Ivy Hill Asset Management, L.P. 2024-01-01 2024-12-31 0001287750 Ivy Hill Asset Management, L.P. 2024-12-31 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC 2024-01-01 2024-12-31 0001287750 Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC 2024-12-31 0001287750 Potomac Intermediate Holdings II LLC 2024-01-01 2024-12-31 0001287750 Potomac Intermediate Holdings II LLC 2024-12-31 0001287750 PS Operating Company LLC and PS Op Holdings LLC 2024-01-01 2024-12-31 0001287750 PS Operating Company LLC and PS Op Holdings LLC 2024-12-31 0001287750 RD Holdco Inc. 2024-01-01 2024-12-31 0001287750 RD Holdco Inc. 2024-12-31 0001287750 S Toys Holdings LLC (fka The Step2 Company, LLC) 2024-01-01 2024-12-31 0001287750 S Toys Holdings LLC (fka The Step2 Company, LLC) 2024-12-31 0001287750 Senior Direct Lending Program, LLC 2024-01-01 2024-12-31 0001287750 Senior Direct Lending Program, LLC 2024-12-31 0001287750 Startec Equity, LLC 2024-01-01 2024-12-31 0001287750 Startec Equity, LLC 2024-12-31 0001287750 SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc. 2024-01-01 2024-12-31 0001287750 SHO Holding I Corporation, Shoes For Crews (Europe) Limited and Never Slip TopCo, Inc. 2024-12-31 0001287750 Visual Edge Technology, Inc. 2024-01-01 2024-12-31 0001287750 Visual Edge Technology, Inc. 2024-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC 2024-01-01 2024-12-31 0001287750 VPROP Operating, LLC and V SandCo, LLC 2024-12-31 0001287750 us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-01-01 2024-12-31 0001287750 arcc:NonQualifyingAssetsMember us-gaap:CustomerConcentrationRiskMember arcc:InvestmentsAtFairValueAndOtherNonQualifyingAssetsMember 2024-01-01 2024-12-31 0001287750 McKenzie Creative Brands, LLC, First lien senior secured loan, First Out Tranche 2024-12-31 0001287750 DFC Global Facility Borrower III LLC, First lien senior secured revolving loan, Secured borrowing 2024-12-31 0001287750 3 Step Sports LLC 2024-12-31 0001287750 760203 N.B. LTD. 2024-12-31 0001287750 Accession Risk Management Group, Inc. and RSC Insurance Brokerage, Inc. 2024-12-31 0001287750 Accommodations Plus Technologies LLC and Accommodations Plus Technologies Holdings LLC 2024-12-31 0001287750 Actfy Buyer, Inc. 2024-12-31 0001287750 Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP 2024-12-31 0001287750 Aduro Advisors, LLC 2024-12-31 0001287750 Advarra Holdings, Inc. 2024-12-31 0001287750 Aerin Medical Inc. 2024-12-31 0001287750 AI Fire Buyer, Inc. and AI Fire Parent LLC 2024-12-31 0001287750 AI Titan Parent, Inc. 2024-12-31 0001287750 Airx Climate Solutions, Inc. 2024-12-31 0001287750 Alcami Corporation and ACM Note Holdings, LLC 2024-12-31 0001287750 Aldinger Company Inc 2024-12-31 0001287750 Alera Group, Inc. 2024-12-31 0001287750 AMCP Clean Acquisition Company, LLC 2024-12-31 0001287750 American Residential Services L.L.C. and Aragorn Parent Holdings LP 2024-12-31 0001287750 Amerivet Partners Management, Inc. and AVE Holdings LP 2024-12-31 0001287750 Anaplan, Inc. 2024-12-31 0001287750 Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua 2024-12-31 0001287750 Apex Service Partners, LLC and Apex Service Partners Holdings, LLC 2024-12-31 0001287750 Applied Technical Services, LLC 2024-12-31 0001287750 Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. 2024-12-31 0001287750 Aptean, Inc. and Aptean Acquiror Inc. 2024-12-31 0001287750 AQ Sage Buyer, LLC 2024-12-31 0001287750 AQ Sunshine, Inc. 2024-12-31 0001287750 Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. 2024-12-31 0001287750 Artifact Bidco, Inc. 2024-12-31 0001287750 Artivion, Inc. 2024-12-31 0001287750 ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP 2024-12-31 0001287750 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (1) 2024-12-31 0001287750 ATI Restoration, LLC 2024-12-31 0001287750 Avalara, Inc. 2024-12-31 0001287750 Avalign Holdings, Inc. and Avalign Technologies, Inc. 2024-12-31 0001287750 Badia Spices, LLC 2024-12-31 0001287750 Bamboo US BidCo LLC 2024-12-31 0001287750 Banyan Software Holdings, LLC and Banyan Software, LP 2024-12-31 0001287750 BCPE Pequod Buyer, Inc. 2024-12-31 0001287750 Beacon Pointe Harmony, LLC 2024-12-31 0001287750 Beacon Wellness Brands, Inc. and CDI Holdings I Corp. 2024-12-31 0001287750 Belfor Holdings, Inc. 2024-12-31 0001287750 Benecon Midco II LLC and Benecon Holdings, LLC 2024-12-31 0001287750 Berner Food & Beverage, LLC 2024-12-31 0001287750 BGI Purchaser, Inc. 2024-12-31 0001287750 BGIF IV Fearless Utility Services, Inc. 2024-12-31 0001287750 BlueHalo Financing Holdings, LLC, BlueHalo Global Holdings, LLC, and BlueHalo, LLC 2024-12-31 0001287750 BNZ TopCo B.V. 2024-12-31 0001287750 Bobcat Purchaser, LLC and Bobcat Topco, L.P. 2024-12-31 0001287750 Borrower R365 Holdings LLC 2024-12-31 0001287750 Bottomline Technologies, Inc. and Legal Spend Holdings, LLC 2024-12-31 0001287750 BradyPlus Holdings, LLC 2024-12-31 0001287750 Broadcast Music, Inc. 2024-12-31 0001287750 Businessolver.com, Inc. 2024-12-31 0001287750 Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP 2024-12-31 0001287750 Captive Resources Midco, LLC 2024-12-31 0001287750 Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. 2024-12-31 0001287750 Center for Autism and Related Disorders, LLC 2024-12-31 0001287750 Centralsquare Technologies, LLC and Supermoose Newco, Inc. 2024-12-31 0001287750 Chariot Buyer LLC 2024-12-31 0001287750 City Line Distributors LLC and City Line Investments LLC 2024-12-31 0001287750 Clarion Home Services Group, LLC and LBC Breeze Holdings LLC 2024-12-31 0001287750 Cliffwater LLC 2024-12-31 0001287750 Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. 2024-12-31 0001287750 CMG HoldCo, LLC and CMG Buyer Holdings, Inc. 2024-12-31 0001287750 Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. 2024-12-31 0001287750 Collision SP Subco, LLC 2024-12-31 0001287750 Compex Legal Services, Inc. 2024-12-31 0001287750 Comprehensive EyeCare Partners, LLC 2024-12-31 0001287750 Computer Services, Inc. 2024-12-31 0001287750 Concert Golf Partners Holdco LLC 2024-12-31 0001287750 Consilio Midco Limited, Compusoft US LLC, and Consilio Investment Holdings, L.P. 2024-12-31 0001287750 Convera International Holdings Limited and Convera International Financial S.A R.L. 2024-12-31 0001287750 CoreLogic, Inc. and T-VIII Celestial Co-Invest LP 2024-12-31 0001287750 Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. 2024-12-31 0001287750 Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. 2024-12-31 0001287750 Coupa Holdings, LLC and Coupa Software Incorporated 2024-12-31 0001287750 Cradle Lux Bidco S.A.R.L. 2024-12-31 0001287750 Creek Parent, Inc. and Creek Feeder, L.P. 2024-12-31 0001287750 Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC 2024-12-31 0001287750 CST Holding Company 2024-12-31 0001287750 CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC 2024-12-31 0001287750 Datix Bidco Limited and RL Datix Holdings (USA), Inc. 2024-12-31 0001287750 Davidson Hotel Company LLC 2024-12-31 0001287750 DecoPac, Inc. and KCAKE Holdings Inc. 2024-12-31 0001287750 Demakes Borrower, LLC 2024-12-31 0001287750 Denali Holdco LLC and Denali Apexco LP 2024-12-31 0001287750 DFC Global Facility Borrower III LLC 2024-12-31 0001287750 DFS Holding Company, Inc. 2024-12-31 0001287750 Diamond Mezzanine 24 LLC 2024-12-31 0001287750 Diligent Corporation and Diligent Preferred Issuer, Inc. 2024-12-31 0001287750 Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. 2024-12-31 0001287750 Dorado Bidco, Inc. 2024-12-31 0001287750 DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (1) 2024-12-31 0001287750 DP Flores Holdings, LLC 2024-12-31 0001287750 DriveCentric Holdings, LLC 2024-12-31 0001287750 Drogon Bidco Inc. & Drogon Aggregator LP 2024-12-31 0001287750 DRS Holdings III, Inc. and DRS Holdings I, Inc. 2024-12-31 0001287750 Duraserv LLC 2024-12-31 0001287750 Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP 2024-12-31 0001287750 Echo Purchaser, Inc. 2024-12-31 0001287750 Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. 2024-12-31 0001287750 Edmunds Govtech, Inc. 2024-12-31 0001287750 EIS Legacy Holdco, LLC 2024-12-31 0001287750 Elemica Parent, Inc. & EZ Elemica Holdings, Inc. 2024-12-31 0001287750 Elevation Services Parent Holdings, LLC 2024-12-31 0001287750 Empower Payments Investor, LLC 2024-12-31 0001287750 Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc. 2024-12-31 0001287750 eResearch Technology, Inc. and Astorg VII Co-Invest ERT 2024-12-31 0001287750 ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. 2024-12-31 0001287750 Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC 2024-12-31 0001287750 Eternal Aus Bidco Pty Ltd 2024-12-31 0001287750 Evolent Health LLC and Evolent Health, Inc. 2024-12-31 0001287750 Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. 2024-12-31 0001287750 Excelitas Technologies Corp. 2024-12-31 0001287750 Expereo USA, Inc. and Ristretto Bidco B.V. 2024-12-31 0001287750 Extrahop Networks, Inc. 2024-12-31 0001287750 Faraday Buyer, LLC 2024-12-31 0001287750 Fever Labs, Inc. 2024-12-31 0001287750 Finastra USA, Inc., DH Corporation/Societe DH, and Finastra Europe S.A R.L. 2024-12-31 0001287750 FL Hawk Intermediate Holdings, Inc. 2024-12-31 0001287750 Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. 2024-12-31 0001287750 Flint OpCo, LLC 2024-12-31 0001287750 FlyWheel Acquireco, Inc. 2024-12-31 0001287750 Forescout Technologies, Inc. 2024-12-31 0001287750 Foundation Risk Partners, Corp. 2024-12-31 0001287750 FS Squared Holding Corp. and FS Squared, LLC 2024-12-31 0001287750 Galway Borrower LLC 2024-12-31 0001287750 Generator US Buyer, Inc. and Total Power Limited 2024-12-31 0001287750 Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. 2024-12-31 0001287750 GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC 2024-12-31 0001287750 GI Ranger Intermediate LLC 2024-12-31 0001287750 Global Music Rights, LLC 2024-12-31 0001287750 GNZ Energy Bidco Limited and Galileo Co-investment Trust I 2024-12-31 0001287750 GraphPAD Software, LLC, Insightful Science Intermediate I, LLC and Insightful Science Holdings, LLC 2024-12-31 0001287750 GS SEER Group Borrower LLC and GS SEER Group Holdings LLC 2024-12-31 0001287750 GSV Purchaser, Inc. 2024-12-31 0001287750 GTCR Everest Borrower, LLC 2024-12-31 0001287750 GTCR F Buyer Corp. and GTCR (D) Investors LP (1) 2024-12-31 0001287750 Guidepoint Security Holdings, LLC 2024-12-31 0001287750 Harvey Tool Company, LLC 2024-12-31 0001287750 HealthEdge Software, Inc. 2024-12-31 0001287750 Heavy Construction Systems Specialists, LLC 2024-12-31 0001287750 Helios Service Partners, LLC and Astra Service Partners, LLC 2024-12-31 0001287750 Help/Systems Holdings, Inc. 2024-12-31 0001287750 HGC Holdings, LLC 2024-12-31 0001287750 HH-Stella, Inc. and Bedrock Parent Holdings, LP 2024-12-31 0001287750 Higginbotham Insurance Agency, Inc. 2024-12-31 0001287750 High Street Buyer, Inc. and High Street Holdco LLC (1) 2024-12-31 0001287750 Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC 2024-12-31 0001287750 Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP 2024-12-31 0001287750 HP RSS Buyer, Inc. 2024-12-31 0001287750 HPCC Parent, Inc. and Patriot Container Corp. 2024-12-31 0001287750 HuFriedy Group Acquisition LLC 2024-12-31 0001287750 Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP 2024-12-31 0001287750 Hyland Software, Inc. 2024-12-31 0001287750 Icefall Parent, Inc. 2024-12-31 0001287750 IFH Franchisee Holdings, LLC 2024-12-31 0001287750 Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. 2024-12-31 0001287750 Inszone Mid, LLC and INSZ Holdings, LLC 2024-12-31 0001287750 Internet Truckstop Group LLC 2024-12-31 0001287750 IQN Holding Corp. 2024-12-31 0001287750 IRI Group Holdings, Inc., Circana, LLC and IRI-NPD Co-Invest Aggregator, L.P. 2024-12-31 0001287750 ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. 2024-12-31 0001287750 ITI Holdings, Inc. 2024-12-31 0001287750 Kaseya Inc. and Knockout Intermediate Holdings I Inc. 2024-12-31 0001287750 KBHS Acquisition, LLC (d/b/a Alita Care, LLC) 2024-12-31 0001287750 Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC 2024-12-31 0001287750 Kene Acquisition, Inc. and Kene Holdings, L.P. 2024-12-31 0001287750 Keystone Agency Partners LLC 2024-12-31 0001287750 Kings Buyer, LLC 2024-12-31 0001287750 KPS Global LLC and Cool Group LLC 2024-12-31 0001287750 Laboratories Bidco LLC and Laboratories Topco LLC 2024-12-31 0001287750 LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP 2024-12-31 0001287750 LeanTaaS Holdings, Inc. 2024-12-31 0001287750 Legends Hospitality Holding Company, LLC and ASM Buyer, Inc. 2024-12-31 0001287750 Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. 2024-12-31 0001287750 Lew's Intermediate Holdings, LLC 2024-12-31 0001287750 Lido Advisors, LLC 2024-12-31 0001287750 Lightbeam Bidco, Inc. 2024-12-31 0001287750 LivTech Purchaser, Inc. 2024-12-31 0001287750 LJP Purchaser, Inc. and LJP Topco, LP 2024-12-31 0001287750 Mai Capital Management Intermediate LLC 2024-12-31 0001287750 Majesco and Magic Topco, L.P. 2024-12-31 0001287750 Manna Pro Products, LLC 2024-12-31 0001287750 Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP 2024-12-31 0001287750 McKenzie Creative Brands, LLC 2024-12-31 0001287750 Medlar Bidco Limited 2024-12-31 0001287750 Metatiedot Bidco OY and Metatiedot US, LLC 2024-12-31 0001287750 Meyer Laboratory, LLC and Meyer Parent, LLC 2024-12-31 0001287750 Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. 2024-12-31 0001287750 Modigent, LLC and OMERS PMC Investment Holdings LLC 2024-12-31 0001287750 Monica Holdco (US) Inc. 2024-12-31 0001287750 Moonraker AcquisitionCo LLC and Moonraker HoldCo LLC 2024-12-31 0001287750 Mountaineer Merger Corporation 2024-12-31 0001287750 Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC 2024-12-31 0001287750 MRI Software LLC 2024-12-31 0001287750 Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc. 2024-12-31 0001287750 NAS, LLC and Nationwide Marketing Group, LLC 2024-12-31 0001287750 Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. 2024-12-31 0001287750 Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. 2024-12-31 0001287750 Netsmart, Inc. and Netsmart Technologies, Inc. 2024-12-31 0001287750 New ChurcHill HoldCo LLC and Victory Topco, LP 2024-12-31 0001287750 Next Holdco, LLC 2024-12-31 0001287750 NMC Skincare Intermediate Holdings II, LLC 2024-12-31 0001287750 NMN Holdings III Corp. and NMN Holdings LP 2024-12-31 0001287750 North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. 2024-12-31 0001287750 North Haven Fairway Buyer, LLC, Fairway Lawns, LLC and Command Pest Control, LLC 2024-12-31 0001287750 North Haven Stack Buyer, LLC 2024-12-31 0001287750 North Star Acquisitionco, LLC and Toucan Bidco Limited 2024-12-31 0001287750 Northwinds Holding, Inc. and Northwinds Services Group LLC 2024-12-31 0001287750 OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP 2024-12-31 0001287750 OMH-HealthEdge Holdings, LLC 2024-12-31 0001287750 OneDigital Borrower LLC 2024-12-31 0001287750 Optimizely North America Inc. and Optimizely Sweden Holdings AB 2024-12-31 0001287750 Packaging Coordinators Midco, Inc. 2024-12-31 0001287750 Paragon 28, Inc. and Paragon Advanced Technologies, Inc. 2024-12-31 0001287750 Paris US Holdco, Inc. & 1001028292 Ontario Inc. 2024-12-31 0001287750 Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (1) 2024-12-31 0001287750 Pathway Vet Alliance LLC and Jedi Group Holdings LLC 2024-12-31 0001287750 Patriot Growth Insurance Services, LLC 2024-12-31 0001287750 PCIA SPV-3, LLC and ASE Royal Aggregator, LLC 2024-12-31 0001287750 PCS MidCo, Inc. and PCS Parent, L.P. 2024-12-31 0001287750 PDDS HoldCo, Inc. 2024-12-31 0001287750 PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC 2024-12-31 0001287750 Pelican Products, Inc. 2024-12-31 0001287750 People Corporation 2024-12-31 0001287750 Perforce Software, Inc. 2024-12-31 0001287750 Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP 2024-12-31 0001287750 PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P. 2024-12-31 0001287750 PestCo Holdings, LLC and PestCo, LLC 2024-12-31 0001287750 Petrus Buyer, Inc. 2024-12-31 0001287750 PetVet Care Centers, LLC 2024-12-31 0001287750 Petvisor Holdings, LLC 2024-12-31 0001287750 Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc. 2024-12-31 0001287750 Ping Identity Holding Corp. 2024-12-31 0001287750 Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. 2024-12-31 0001287750 PracticeTek Purchaser, LLC, PracticeTek MidCo, LLC and GSV PracticeTek Holdings, LLC 2024-12-31 0001287750 Precision Concepts International LLC and Precision Concepts Canada Corporation 2024-12-31 0001287750 Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. 2024-12-31 0001287750 Premiere Buyer, LLC 2024-12-31 0001287750 Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP 2024-12-31 0001287750 Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC 2024-12-31 0001287750 ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P. 2024-12-31 0001287750 Project Essential Bidco, Inc. and Project Essential Super Parent, Inc. 2024-12-31 0001287750 Project Potter Buyer, LLC and Project Potter Parent, L.P. 2024-12-31 0001287750 Proofpoint, Inc. 2024-12-31 0001287750 PSC Parent, Inc. 2024-12-31 0001287750 PYE-Barker Fire & Safety, LLC 2024-12-31 0001287750 Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC 2024-12-31 0001287750 QBS Parent, Inc. 2024-12-31 0001287750 QF Holdings, Inc. 2024-12-31 0001287750 Qnnect, LLC and Connector TopCo, LP 2024-12-31 0001287750 Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. 2024-12-31 0001287750 Radius Aerospace, Inc. and Radius Aerospace Europe Limited 2024-12-31 0001287750 Radwell Parent, LLC 2024-12-31 0001287750 Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC 2024-12-31 0001287750 Raven Acquisition Holdings, LLC 2024-12-31 0001287750 Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC 2024-12-31 0001287750 RB Holdings InterCo, LLC 2024-12-31 0001287750 Reagent Chemical & Research, LLC 2024-12-31 0001287750 Reddy Ice LLC 2024-12-31 0001287750 Redwood Services, LLC and Redwood Services Holdco, LLC 2024-12-31 0001287750 Reef Lifestyle, LLC 2024-12-31 0001287750 Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. 2024-12-31 0001287750 Relativity ODA LLC 2024-12-31 0001287750 Repairify, Inc. and Repairify Holdings, LLC 2024-12-31 0001287750 Revalize, Inc. 2024-12-31 0001287750 RFS Opco LLC 2024-12-31 0001287750 Rialto Management Group, LLC 2024-12-31 0001287750 Riser Topco II, LLC 2024-12-31 0001287750 RMS HoldCo II, LLC & RMS Group Holdings, Inc. 2024-12-31 0001287750 Rodeo AcquisitionCo LLC 2024-12-31 0001287750 Royal Borrower, LLC and Royal Parent, LP 2024-12-31 0001287750 RTI Surgical, Inc. and Pioneer Surgical Technology, Inc. 2024-12-31 0001287750 Runway Bidco, LLC 2024-12-31 0001287750 RWA Wealth Partners, LLC 2024-12-31 0001287750 SageSure Holdings, LLC and SageSure LLC 2024-12-31 0001287750 SAPPHIRE SOFTWARE BUYER, INC. 2024-12-31 0001287750 Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. (1) 2024-12-31 0001287750 SCIH Salt Holdings Inc. 2024-12-31 0001287750 SCM Insurance Services Inc. 2024-12-31 0001287750 SePro Holdings, LLC 2024-12-31 0001287750 Severin Acquisition, LLC 2024-12-31 0001287750 SG Acquisition, Inc. 2024-12-31 0001287750 Shermco Intermediate Holdings, Inc. 2024-12-31 0001287750 Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC 2024-12-31 0001287750 SIG Parent Holdings, LLC 2024-12-31 0001287750 Silk Holdings III Corp. and Silk Holdings I Corp. 2024-12-31 0001287750 SM Wellness Holdings, Inc. and SM Holdco, LLC 2024-12-31 0001287750 Smarsh Inc. and Skywalker TopCo, LLC 2024-12-31 0001287750 Spaceship Purchaser, Inc. 2024-12-31 0001287750 Spark Purchaser, Inc. 2024-12-31 0001287750 Spirit RR Holdings, Inc. and Winterfell Co-Invest SCSp 2024-12-31 0001287750 St Athena Global LLC and St Athena Global Holdings Limited 2024-12-31 0001287750 Star US Bidco LLC 2024-12-31 0001287750 Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC 2024-12-31 0001287750 Sugar PPC Buyer LLC 2024-12-31 0001287750 Sun Acquirer Corp. and Sun TopCo, LP 2024-12-31 0001287750 Sundance Group Holdings, Inc. 2024-12-31 0001287750 Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation 2024-12-31 0001287750 Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. 2024-12-31 0001287750 Superman Holdings, LLC 2024-12-31 0001287750 Supplying Demand, Inc. 2024-12-31 0001287750 Surescripts, LLC 2024-12-31 0001287750 SV Newco 2, Inc. and Site 2020 Incorporated 2024-12-31 0001287750 Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc. 2024-12-31 0001287750 Synergy HomeCare Franchising, LLC and NP/Synergy Holdings, LLC 2024-12-31 0001287750 Systems Planning and Analysis, Inc. 2024-12-31 0001287750 Tamarack Intermediate, L.L.C. and Tamarack Parent, L.L.C. 2024-12-31 0001287750 Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. 2024-12-31 0001287750 TCI Buyer LLC and TCI Holdings, LP 2024-12-31 0001287750 TCP Hawker Intermediate LLC 2024-12-31 0001287750 Team Acquisition Corporation 2024-12-31 0001287750 The Arcticom Group, LLC and AMCP Mechanical Holdings, LP 2024-12-31 0001287750 The Hiller Companies, LLC 2024-12-31 0001287750 The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC 2024-12-31 0001287750 The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP 2024-12-31 0001287750 Thermostat Purchaser III, Inc. 2024-12-31 0001287750 THG Acquisition, LLC 2024-12-31 0001287750 Transit Technologies LLC 2024-12-31 0001287750 Triwizard Holdings, Inc. and Triwizard Parent, LP 2024-12-31 0001287750 Truck-Lite Co., LLC, Ecco Holdings Corp. and Clarience Technologies, LLC 2024-12-31 0001287750 Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC 2024-12-31 0001287750 TSS Buyer, LLC 2024-12-31 0001287750 Two Six Labs, LLC 2024-12-31 0001287750 United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP 2024-12-31 0001287750 UP Intermediate II LLC and UPBW Blocker LLC 2024-12-31 0001287750 US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. 2024-12-31 0001287750 Valcourt Holdings II, LLC and Jobs Holdings, Inc. 2024-12-31 0001287750 Verista, Inc. 2024-12-31 0001287750 Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC 2024-12-31 0001287750 Victors Purchaser, LLC and WP Victors Co-Investment, L.P. 2024-12-31 0001287750 Viper Bidco, Inc. 2024-12-31 0001287750 Vobev, LLC and Vobev Holdings, LLC 2024-12-31 0001287750 VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. 2024-12-31 0001287750 VRC Companies, LLC 2024-12-31 0001287750 W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC 2024-12-31 0001287750 Watermill Express, LLC and Watermill Express Holdings, LLC 2024-12-31 0001287750 Waverly Advisors, LLC and WAAM Topco, LLC 2024-12-31 0001287750 WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. 2024-12-31 0001287750 Wealth Enhancement Group, LLC 2024-12-31 0001287750 WebPT, Inc. and WPT Intermediate Holdco, Inc. 2024-12-31 0001287750 Wellington Bidco Inc. and Wellington TopCo LP 2024-12-31 0001287750 Wellington-Altus Financial Inc. (2) 2024-12-31 0001287750 Wellness AcquisitionCo, Inc. 2024-12-31 0001287750 WorkWave Intermediate II, LLC 2024-12-31 0001287750 World Insurance Associates, LLC and World Associates Holdings, LLC 2024-12-31 0001287750 Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (1) 2024-12-31 0001287750 WRE Sports Investments LLC 2024-12-31 0001287750 WSHP FC Acquisition LLC and WSHP FC Holdings LLC 2024-12-31 0001287750 XIFIN, Inc. and ACP Charger Co-Invest LLC 2024-12-31 0001287750 YE Brands Holdings, LLC 2024-12-31 0001287750 ZB Holdco LLC and ZB TopCo LLC 2024-12-31 0001287750 ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP 2024-12-31 0001287750 Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. 2024-12-31 0001287750 arcc:RevolvingAndDelayedDrawLoanCommitmentsMember 2024-12-31 0001287750 AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP 2024-12-31 0001287750 Constellation Wealth Capital Fund, L.P. 2024-12-31 0001287750 DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 2024-12-31 0001287750 GTCR F Buyer Corp. and GTCR (D) Investors LP 2024-12-31 0001287750 HFCP XI (Parallel - A), L.P. 2024-12-31 0001287750 High Street Buyer, Inc. and High Street Holdco LLC 2024-12-31 0001287750 Linden Structured Capital Fund II-A LP 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM  10-Q
ý        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025

OR

o          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____          

Commission File No.  814-00663  
ARES CAPITAL CORPORATION
(Exact name of Registrant as specified in its charter) 

Maryland   33-1089684
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification Number)

245 Park Avenue , 44 th  Floor , New York , NY 10167
(Address of principal executive office)   (Zip Code)
( 212 ) 750-7300
(Registrant’s telephone number, including area code)
____________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol Name of each exchange on which registered
Common stock, par value $0.001 per share ARCC NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:   Yes     ý    No   o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x
  Accelerated filer  o

Non-accelerated filer o
  Smaller reporting company  o

  Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o  No ý

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class   Outstanding at October 23, 2025
Common stock, $0.001 par value   715,726,600

ARES CAPITAL CORPORATION
 
INDEX
 

Part I. Financial Information
 

Item 1. Financial Statements
 

  Consolidated Balance Sheet as of S e ptember 30, 2025 (unaudited) and December 31, 2024
3

  Consolidated Statement of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited)
4

  Consolidated Schedule of Investments as of September 30, 2025 (unaudited) and December 31, 2024
5

  Consolidated Statement of Stockholders’ Equity for the three and nine months ended September 30, 2025 (unaudited) and the year ended December 31, 2024
154

  Consolidated Statement of Cash Flows for the three and nine months ended September 30, 2025 and 2024 (unaudited)
155

  Notes to Consolidated Financial Statements (unaudited)
156

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
199

Item 3. Quantitative and Qualitative Disclosures About Market Risk
234

Item 4. Controls and Procedures
235

     
Part II. Other Information
 

Item 1. Legal Proceedings
236

Item 1A. Risk Factors
236

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
236

Item 3. Defaults Upon Senior Securities
237

Item 4. Mine Safety Disclosures
237

Item 5. Other Information
237

Item 6. Exhibits
238

Signatures
239

2

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements

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

  As of
September 30, 2025 December 31, 2024

(unaudited)
ASSETS
Investments at fair value    
Non-controlled/non-affiliate company investments $ 24,552   $ 22,145  
Non-controlled affiliate company investments 599   707  
Controlled affiliate company investments 3,542   3,868  
Total investments at fair value (amortized cost of $ 28,567 and $ 26,374 , respectively)
28,693   26,720  
Cash and cash equivalents 1,036   635  
Restricted cash 218   225  
Interest receivable 256   292  

Receivable for open trades 375   224  
Other assets 228   158  
Total assets $ 30,806   $ 28,254  
LIABILITIES  
Debt $ 15,605   $ 13,727  
Base management fee payable 108   100  
Income based fee payable 88   91  
Capital gains incentive fee payable 97   105  
Interest and facility fees payable 129   170  
Payable to participants 112   163  
Interest rate swap collateral payable 106   62  
Payable for open trades 1   236  
Accounts payable and other liabilities 214   121  
Deferred tax liabilities 24   92  

Secured borrowings —   32  
Total liabilities 16,484   14,899  
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY  
Common stock, par value $ 0.001 per share, 1,000 common shares authorized; 716 and 672 common shares issued and outstanding, respectively
1   1  
Capital in excess of par value 13,470   12,502  
Accumulated undistributed earnings 851   852  
Total stockholders’ equity 14,322   13,355  
Total liabilities and stockholders’ equity $ 30,806   $ 28,254  
NET ASSETS PER SHARE $ 20.01   $ 19.89  

See accompanying notes to consolidated financial statements.

3

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

  For the Three Months Ended September 30, For the Nine Months Ended September 30,
  2025 2024 2025 2024

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

Basic and diluted net income per common share (see Note 10) $ 0.57   $ 0.62   $ 1.45   $ 1.90  

Weighted average shares of common stock outstanding (see Note 10) 709   635   694   614  

See accompanying notes to consolidated financial statements.
4

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

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

See accompanying notes to consolidated financial statements.
5

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

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

See accompanying notes to consolidated financial statements.
6

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

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

See accompanying notes to consolidated financial statements.
7

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

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

See accompanying notes to consolidated financial statements.
8

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

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

See accompanying notes to consolidated financial statements.
9

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

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

See accompanying notes to consolidated financial statements.
10

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

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

See accompanying notes to consolidated financial statements.
11

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

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

See accompanying notes to consolidated financial statements.
12

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

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

See accompanying notes to consolidated financial statements.
13

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

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

See accompanying notes to consolidated financial statements.
14

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

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

See accompanying notes to consolidated financial statements.
15

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
First lien senior secured loan 9.20 % SOFR (M) 5.00 % 10/2023 03/2028 10.8   10.8   10.8   (2)(9)
First lien senior secured loan 9.15 % SOFR (M) 5.00 % 06/2024 03/2028 5.8   5.8   5.8   (2)(9)
First lien senior secured loan 9.19 % SOFR (M) 5.00 % 07/2025 03/2029 7.6   7.6   7.6   (2)(9)
Class A-2 units 03/2022 5,057 5.1   7.8  
63.5   66.2  
TCP Hawker Intermediate LLC (13) Workforce management solutions provider First lien senior secured revolving loan 7.75 % SOFR (Q) 3.75 % 11/2024 08/2029 3.4   3.4   3.4   (2)(9)
First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 08/2019 08/2029 50.3   50.3   50.3   (2)(9)
First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 11/2024 08/2029 2.0   2.0   2.0   (2)(9)
55.7   55.7  
Transit Technologies LLC (13) Provider of transportation management software and
specialty telematics solutions First lien senior secured loan 8.85 % SOFR (Q) 4.75 % 08/2024 08/2031 12.0   12.0   12.0   (2)(9)
First lien senior secured loan 8.63 % SOFR (M) 4.50 % 09/2025 08/2031 8.0   8.0   7.9   (2)(9)
20.0   19.9  
UKG Inc. and H&F Unite Partners, L.P. Provider of cloud based HCM solutions for businesses Limited partnership interests 05/2019 12,583,556 12.6   31.9   (2)(6)
UserZoom Technologies, Inc. User experience research automation software First lien senior secured loan 11.63 % SOFR (Q) 7.50 % 02/2023 04/2029 5.8   5.8   5.9   (2)(9)
Vamos Bidco, Inc. (13) Provider of software and data services to the alcoholic beverage industry First lien senior secured revolving loan 8.95 % SOFR (Q) 4.75 % 01/2025 01/2032 0.8   0.8   0.8   (2)(9)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 01/2025 01/2032 18.2   18.2   18.0   (2)(9)
19.0   18.8  
Victors Purchaser, LLC and WP Victors Co-Investment, L.P. (13) Third-party maintenance provider for hardware and data center infrastructure First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 08/2024 08/2031 6.6   6.6   6.6   (2)(9)
Partnership units 08/2024 2,482,000 2.5   2.9   (2)
9.1   9.5  
Viper Bidco, Inc. (13) Provider of SaaS based supply chain risk management solutions First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 11/2024 11/2031 17.7   17.7   17.7   (2)(9)
First lien senior secured loan 8.72 % SONIA (Q) 4.75 % 11/2024 11/2031 11.0   10.3   11.0   (2)(9)
28.0   28.7  
WebPT, Inc. and WPT Intermediate Holdco, Inc. (13) Electronic medical record software provider First lien senior secured revolving loan 10.55 % SOFR (Q) 6.25 % 08/2019 01/2028 0.7   0.7   0.7   (2)(9)
First lien senior secured loan 10.55 % SOFR (Q) 6.25 % 08/2019 01/2028 0.1   0.1   0.1   (2)(9)
Senior subordinated loan 13.25 % PIK
05/2024 05/2029 72.0   72.0   66.9   (2)
72.8   67.7  
Wellington Bidco Inc. and Wellington TopCo LP (13) Provider of ERP and payments software for local governments First lien senior secured revolving loan 8.75 % SOFR (Q) 4.75 % 06/2024 06/2030 0.6   0.6   0.6   (2)(9)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 06/2024 06/2030 4.0   4.0   4.0   (2)(9)
Class A-2 preferred units 06/2024 2,323,000 2.4   2.8   (2)
7.0   7.4  

See accompanying notes to consolidated financial statements.
16

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Wellness AcquisitionCo, Inc. (13) Provider of retail consumer insights and analytics for manufacturers and retailers in the natural, organic and specialty products industry First lien senior secured revolving loan 02/2025 01/2029 —   —   —   (2)(9)(11)
First lien senior secured loan 8.93 % SOFR (Q) 4.75 % 02/2025 01/2029 18.3   18.3   18.3   (2)(9)
18.3   18.3  
WorkWave Intermediate II, LLC (13) Provider of cloud-based field services and fleet management solutions First lien senior secured revolving loan 9.75 % SOFR (Q) 5.75 % 09/2025 09/2032 0.3   0.3   0.3   (2)(9)
First lien senior secured loan 10.60 % ( 3.25 % PIK)
SOFR (Q) 6.50 % 06/2021 06/2027 54.4   54.4   53.8   (2)(9)
First lien senior secured loan 10.50 % ( 3.25 % PIK)
SOFR (Q) 6.50 % 02/2022 06/2027 19.8   19.8   19.6   (2)(9)
First lien senior secured loan 10.60 % ( 3.25 % PIK)
SOFR (Q) 6.50 % 03/2024 06/2027 6.6   6.6   6.5   (2)(9)
First lien senior secured loan 10.25 % ( 3.13 % PIK)
SOFR (Q) 6.25 % 09/2025 09/2032 62.2   62.2   61.6   (2)(9)
143.3   141.8  
ZenDesk, Inc., Zoro TopCo, Inc. and Zoro TopCo, LP (13) Provider of cloud-based customer support solutions First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 12/2022 11/2028 32.7   32.7   32.7   (2)(9)
Series A preferred stock 13.50 % PIK
SOFR (Q) 9.50 % 11/2022 19,398 27.9   27.9   (2)(9)
Class A common units 11/2022 269,100 2.7   2.5   (2)
63.3   63.1  
ZocDoc, Inc. (13) Healthcare marketplace connecting patients and providers First lien senior secured loan 9.46 % SOFR (Q) 5.25 % 05/2024 07/2030 64.9   64.9   63.6   (2)(9)
First lien senior secured loan 9.25 % SOFR (M) 5.25 % 07/2025 07/2030 1.6   1.6 1.6 (2)(9)
66.5   65.2  

6,661.3   6,653.3   46.46 %
Health Care Equipment and Services
Absolute Dental Group LLC and Absolute Dental Equity, LLC (5)(13) Dental services provider First lien senior secured revolving loan 6.13 % PIK
06/2021 06/2026 1.4   1.4   1.3   (2)(9)
First lien senior secured revolving loan 4.78 % PIK
06/2021 06/2026 18.5   18.5   16.6   (2)(9)
First lien senior secured revolving loan 4.63 % PIK
06/2021 06/2026 0.8   0.8   0.7   (2)(9)
First lien senior secured revolving loan 4.63 % PIK
06/2021 06/2026 0.8   0.8   0.7   (2)(9)
First lien senior secured loan 4.63 % PIK
09/2024 06/2026 44.4   44.4   40.0   (2)(9)
Class A preferred units 09/2024 20,000,000 16.2   —   (2)
Class A common units 06/2021 6,553,553 4.7   —   (2)
86.8   59.3  
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC (5)(13) Dental services provider First lien senior secured loan 11.15 % ( 3.00 % PIK)
SOFR (Q) 7.00 % 09/2016 09/2026 15.7   15.7   15.7   (2)(9)

See accompanying notes to consolidated financial statements.
17

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
Second lien senior secured loan 5.00 % PIK
06/2023 03/2027 49.7   49.7   45.2   (2)
Membership units 09/2016 3,000,000 —   —   (2)
Class A common units 06/2023 7,604,889 29.4   —   (2)
94.8   60.9  
Advarra Holdings, Inc. (13) Provider of central institutional review boards over clinical trials First lien senior secured loan 8.66 % SOFR (M) 4.50 % 08/2022 09/2031 4.0   4.0   4.0   (2)(9)
Aerin Medical Inc. (13) Developer and manufacturer of non-invasive nasal treatment solutions First lien senior secured loan 11.25 % ( 3.88 % PIK)
SOFR (M) 7.25 % 12/2024 12/2030 15.6   15.4   15.6   (2)(9)
Series G preferred shares 12/2024 877,379 1.0   1.0   (2)
16.4   16.6  
AHR Funding Holdings, Inc. and AHR Parent Holdings, LP Provider of revenue cycle management solutions to hospitals Series A preferred shares 12.75 % PIK
07/2022 07/2028 35,000 52.1   52.1   (2)
Provider of Revenue Cycle Management solutions to hospitals Preferred units 8.00 % PIK
07/2022 9,900 12.7   11.6   (2)
Class B common units 07/2022 100,000 0.1   —   (2)
64.9   63.7  
Amerivet Partners Management, Inc. and AVE Holdings LP Veterinary practice management platform Subordinated loan 8.25 % PIK
11/2023 12/2030 74.8   73.8   62.1   (2)
Class A units 03/2024 2,922 2.9   —   (2)
Class C units 11/2023 7,144 1.4   —   (2)
78.1   62.1  
Artivion, Inc. (13) Manufacturer, processor and distributor of medical devices and implantable human tissues First lien senior secured revolving loan 7.79 % SOFR (Q) 3.50 % 01/2024 01/2031 0.9   0.9   0.9   (2)(6)(9)
First lien senior secured loan 9.04 % SOFR (Q) 4.75 % 01/2024 01/2031 11.5   11.5   11.5   (2)(6)(9)
12.4   12.4  
AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP (13)(14) Revenue cycle management provider to the physician practices and acute care hospitals First lien senior secured loan 6.91 % SOFR (M) 2.75 % 07/2023 02/2029 0.1   0.1   0.1   (2)(9)(16)
Series A preferred stock 10.75 % PIK
02/2022 198,505 293.1   293.1   (2)
Class A units 02/2022 10,487,951 10.5   14.8   (2)
303.7   308.0  
Avalign Holdings, Inc. and Avalign Technologies, Inc. (13) Full-service contract manufacturer of medical device components for the orthopedic OEM industry First lien senior secured revolving loan 10.66 % SOFR (M) 6.50 % 03/2024 12/2028 1.6   1.6   1.4   (2)(9)
First lien senior secured loan 11.45 % ( 3.63 % PIK)
SOFR (Q) 7.25 % 03/2024 12/2028 39.7   39.7   34.9   (2)(9)
41.3   36.3  
BAART Programs, Inc., MedMark Services, Inc., and Canadian Addiction Treatment Centres LP Opiod treatment provider First lien senior secured loan 9.26 % SOFR (Q) 5.00 % 05/2022 06/2027 5.8   5.9   5.0   (2)(9)
Bambino Group Holdings, LLC Dental services provider Class A preferred units 12/2016 1,000,000 1.0   0.8   (2)

See accompanying notes to consolidated financial statements.
18

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

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

See accompanying notes to consolidated financial statements.
19

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC (13) On-demand supply chain automation solutions provider to the healthcare industry First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 12/2024 12/2031 231.0   231.0   231.0   (2)(9)
Class A units 06/2017 15,706,534 12.9   47.4   (2)
243.9   278.4  
Global Medical Response, Inc. and GMR Buyer Corp. Emergency air medical services provider Series B preferred shares 15.00 % PIK
05/2024 63,277 75.3   77.3   (2)
Warrant to purchase units of common stock 03/2018 03/2028 115,733 0.9   1.5   (2)
Warrant to purchase units of common stock 12/2021 12/2031 1,927 0.1   —   (2)
Warrants to purchase shares of common stock 05/2024 05/2031 3,116,642 —   40.5   (2)
76.3   119.3  
Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP (13) Provider of software solutions to healthcare payors First lien senior secured revolving loan 06/2025 06/2032 —   —   —   (2)(9)(11)
First lien senior secured loan 9.41 % ( 2.25 % PIK)
SOFR (M) 5.25 % 06/2025 06/2032 231.3   231.3   229.0   (2)(9)
First lien senior secured loan 9.41 % ( 2.25 % PIK)
SOFR (M) 5.25 % 09/2025 06/2032 20.6   20.6   20.3   (2)(9)
Class A units 09/2025 259,900 2.6   2.6   (2)
254.5   251.9  
Honor Technology, Inc. Nursing and home care provider Warrant to purchase shares of Series D-2 preferred stock 08/2021 08/2031 133,333 0.1   —   (2)
HuFriedy Group Acquisition LLC (13) Manufacturer of surgical dental equipment and sterile instruments First lien senior secured revolving loan 05/2024 05/2031 —   —   —   (2)(9)(11)
First lien senior secured loan 9.67 % SOFR (Q) 5.50 % 05/2024 05/2031 74.7   74.7   74.7   (2)(9)
74.7   74.7  
KBHS Acquisition, LLC (d/b/a Alita Care, LLC) Provider of behavioral health services First lien senior secured revolving loan 03/2017 03/2027 4.2   4.3   3.2   (2)(8)
Lifescan Global Corporation Provider of blood glucose monitoring systems for home and hospital use First lien senior secured loan 05/2022 12/2026 4.8   3.5   4.6   (2)(8)(16)
Second lien senior secured loan 05/2022 03/2027 0.2   0.2   0.1   (2)(8)
3.7   4.7  
LivTech Purchaser, Inc. (13) Provider of senior care end-to-end software, payments and RCM platform First lien senior secured loan 9.15 % SOFR (Q) 5.00 % 11/2024 11/2031 9.3   9.3   9.3   (2)(9)
Napa Management Services Corporation and ASP NAPA Holdings, LLC Anesthesia management services provider Preferred units 15.00 % PIK
06/2020 1,842 0.2   0.2   (2)
Senior preferred units 8.00 % PIK
06/2020 5,320 0.4   0.4   (2)
Class A units 04/2016 25,277 2.5   3.7   (2)
3.1   4.3  
Next Holdco, LLC (13) Provider of electronic medical record and practice management software First lien senior secured loan 9.48 % SOFR (Q) 5.25 % 11/2023 11/2030 6.4   6.4   6.4   (2)(9)

See accompanying notes to consolidated financial statements.
20

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
NMN Holdings III Corp. and NMN Holdings LP (13) Provider of complex rehabilitation technology solutions for patients with mobility loss First lien senior secured revolving loan 07/2024 07/2031 —   —   —   (2)(11)
First lien senior secured loan 8.66 % SOFR (M) 4.50 % 07/2024 07/2031 165.5   165.5   165.5   (2)(9)
First lien senior secured loan 7.76 % CORRA (S) 5.00 % 09/2025 07/2031 13.3   13.4   13.3   (2)(9)
First lien senior secured loan 9.03 % SOFR (M) 4.75 % 09/2025 07/2031 7.2   7.2   7.2   (2)(9)
Partnership units 11/2018 30,000 3.0   8.0   (2)
189.1   194.0  
Nomi Health, Inc. Provider of software payment services for healthcare industry First lien senior secured loan 12.54 % SOFR (Q) 8.25 % 07/2023 07/2028 11.4   11.4   11.7   (2)(9)
First lien senior secured loan 12.54 % SOFR (Q) 8.25 % 06/2024 07/2028 6.8   6.8   7.0   (2)(9)
Warrant to purchase shares of Series B preferred stock 07/2023 07/2033 9,941 —   —   (2)
Warrant to purchase units of Class A common stock 06/2024 06/2034 22,211 —   —   (2)
18.2   18.7  
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC (5)(13) Behavioral health and special education platform provider First lien senior secured loan 13.65 % PIK
SOFR (Q) 9.50 % 01/2023 02/2027 4.1   4.1   4.1   (2)(9)
First lien senior secured loan 09/2019 02/2027 71.6   49.3   24.3   (2)(8)
First lien senior secured loan 02/2022 02/2027 14.6   10.2   5.0   (2)(8)
Preferred units 07/2021 417,189 —   —   (2)
Preferred stock 02/2022 7,983 3.1   —   (2)
Class A common units 09/2019 9,549,000 9.5   —   (2)
Common units 02/2022 7,584 —   —   (2)
76.2   33.4  
Pathway Vet Alliance LLC and Jedi Group Holdings LLC (13) Veterinary hospital operator Second lien senior secured loan 03/2020 06/2028 81.0   75.5   52.7   (2)(8)
Class R common units 03/2020 6,004,768 6.0   —   (2)
81.5   52.7  
PetVet Care Centers, LLC (13) Veterinary hospital operator First lien senior secured loan 10.16 % SOFR (M) 6.00 % 11/2023 11/2030 130.5   130.5   114.8   (2)(9)
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP (13) Provider of employer-sponsored onsite health and wellness clinics and pharmacies First lien senior secured revolving loan 02/2024 03/2030 —   —   —   (2)(9)(11)
First lien senior secured loan 9.25 % SOFR (Q) 5.25 % 02/2024 03/2031 53.8   53.8   53.8   (2)(9)
Class A units 07/2018 9,775 9.8   22.4   (2)
63.6   76.2  
Project Alliance Buyer, LLC (13) Provider of technology solutions for specialty medication management First lien senior secured loan 9.20 % SOFR (Q) 5.00 % 08/2025 08/2031 10.9   10.9   10.7   (2)(9)
Revival Animal Health, LLC (13) B2B distributor of animal health products First lien senior secured revolving loan 10.00 % SOFR (Q) 6.00 % 01/2025 01/2028 1.1   1.1   1.1   (2)(9)
First lien senior secured loan 10.10 % SOFR (Q) 6.00 % 01/2025 01/2028 26.8   26.8   26.6   (2)(9)
First lien senior secured loan 10.00 % SOFR (Q) 6.00 % 04/2025 01/2028 2.0   2.0   2.0   (2)(9)

See accompanying notes to consolidated financial statements.
21

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)

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

See accompanying notes to consolidated financial statements.
22

ARES CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2025
(dollar amounts in millions)
(unaudited)