10-Q – 2025-10-28 – arcc-20250930.htm

Company (1) Business Description Investment Coupon (3) Reference (7) Spread (3) Acquisition Date Maturity Date Shares/Units Principal Amortized Cost Fair Value % of Net Assets
U.S. Urology Partners, LLC and General Atlantic (USU) Blocker Collection Holdco, L.P. (13) Integrated urologic care platform First lien senior secured loan 8.50 % SOFR (Q) 4.50 % 04/2025 04/2032 10.8   10.8   10.8   (2)(9)
Limited partnership interest 04/2025 2,190,000 2.2   3.0   (2)
13.0   13.8  
United Digestive MSO Parent, LLC and Koln Co-Invest Unblocked, LP (13) Gastroenterology physician group First lien senior secured loan 9.76 % SOFR (Q) 5.75 % 03/2023 03/2029 10.4   10.4   10.4   (2)(9)
Class A interests 03/2023 4,623 4.6   7.2  
15.0   17.6  
Viant Medical Holdings, Inc. Manufacturer of plastic and rubber components for health care equipment First lien senior secured loan 8.16 % SOFR (M) 4.00 % 10/2024 10/2031 5.0   5.0   5.0   (2)(16)
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P. (13) Veterinary hospital operator First lien senior secured loan 10.01 % SOFR (M) 5.75 % 12/2021 12/2027 6.0   6.0   6.0   (2)(9)
First lien senior secured loan 10.01 % SOFR (M) 5.75 % 08/2022 12/2027 9.0   9.0   9.0   (2)(9)
First lien senior secured loan 9.91 % SOFR (M) 5.75 % 08/2023 12/2027 12.3   12.3   12.3   (2)(9)
First lien senior secured loan 9.91 % SOFR (M) 5.75 % 03/2024 12/2027 2.6   2.6   2.6   (2)(9)
First lien senior secured loan 9.41 % SOFR (M) 5.25 % 01/2025 12/2027 2.7   2.7   2.7   (2)(9)
Class A-2 units 12/2021 7,524 7.5   12.4   (2)
Class A-2 units 03/2023 45 0.1   0.1   (2)
40.2   45.1  
WSHP FC Acquisition LLC and WSHP FC Holdings LLC (13) Provider of biospecimen products for pharma research First lien senior secured revolving loan 03/2018 03/2028 —   —   —   (2)(9)(11)
First lien senior secured loan 12.23 % ( 6.00 % PIK)
SOFR (M) 8.00 % 08/2025 04/2030 74.6   74.6   74.6   (2)(9)
First lien senior secured loan 12.00 % PIK
08/2025 03/2030 22.5   19.3   18.7   (2)
Class A preferred units 11/2024 455 0.3   —  
Common units 07/2022 35,299 5.0   0.5  
99.2 93.8

3,536.1   3,409.0   23.80 %
Commercial and Professional Services
Accommodations Plus Technologies LLC (13) Provider of outsourced crew accommodations and logistics management solutions to the airline industry First lien senior secured loan 8.70 % SOFR (Q) 4.50 % 05/2025 05/2032 77.8   77.8   77.0   (2)(9)
Aero Operating LLC Provider of snow removal and melting service for airports and marine terminals First lien senior secured loan 13.44 % ( 2.00 % PIK)
SOFR (Q) 9.00 % 02/2020 02/2026 36.3   36.3   36.3   (2)(9)
First lien senior secured loan 13.44 % ( 2.00 % PIK)
SOFR (Q) 9.00 % 12/2021 02/2026 1.2   1.2   1.2   (2)(9)
37.5   37.5  
Aldinger Company Inc (13) Provider of outsourced calibration and repair services First lien senior secured revolving loan 9.36 % SOFR (Q) 5.25 % 07/2024 07/2027 0.5   0.5   0.5   (2)(9)

See accompanying notes to consolidated financial statements.
23

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 % 07/2024 07/2027 35.7   35.7   35.7   (2)(9)
First lien senior secured loan 9.41 % SOFR (Q) 5.25 % 03/2025 07/2027 10.7   10.7   10.7   (2)(9)
First lien senior secured loan 9.45 % SOFR (Q) 5.25 % 08/2025 07/2027 3.2   3.2   3.2   (2)(9)
50.1   50.1  
Argenbright Holdings V, LLC, Amberstone Security Group Limited, Unifi Aviation North America LLC and Unifi Aviation Canada, Inc. Provider of outsourced security guard services, outsourced facilities management and outsourced aviation services First lien senior secured loan 9.42 % SOFR (Q) 5.00 % 04/2024 09/2028 48.9   48.9   48.9   (2)(6)(9)
Senior subordinated loan 13.52 % ( 6.94 % PIK)
SOFR (Q) 9.25 % 11/2021 11/2028 2.1   2.1   2.1   (2)(6)(9)
Senior subordinated loan 13.68 % ( 6.94 % PIK)
SOFR (Q) 9.25 % 08/2022 11/2028 8.5   8.0   8.6   (2)(6)(9)
59.0   59.6  
ATI Restoration, LLC (13) Provider of disaster recovery services First lien senior secured revolving loan 9.89 % SOFR (Q) 5.50 % 07/2020 07/2026 8.7   8.7   8.7   (2)(9)(12)
First lien senior secured loan 9.88 % SOFR (Q) 5.50 % 07/2020 07/2026 32.1   32.1   32.1   (2)(9)
First lien senior secured loan 9.78 % SOFR (M) 5.50 % 05/2022 07/2026 47.5   47.5   47.5   (2)(9)
First lien senior secured loan 9.86 % SOFR (Q) 5.50 % 09/2023 07/2026 11.8   11.8   11.8   (2)(9)
100.1   100.1  
Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC (13) Provider of fire and life safety services including inspection and repair First lien senior secured loan 8.91 % SOFR (M) 4.75 % 01/2025 01/2031 6.9   6.9   6.9   (2)(9)
Class A-1 units 01/2025 1,368 1.4   1.6   (2)
8.3   8.5  
Bobtail AcquisitionCo, LLC (13) Provider of non-hazardous liquid waste collection, transportation, processing, recycling, reclamation, and disposal services First lien senior secured revolving loan 8.77 % SOFR (S) 4.75 % 09/2025 09/2031 0.2   0.2   0.2   (2)(12)
First lien senior secured loan 8.92 % SOFR (M) 4.75 % 09/2025 09/2031 28.3   28.3   28.0   (2)
28.5 28.2
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP (13) Outsourced supply chain solutions provider to operators of distribution centers First lien senior secured revolving loan 08/2024 05/2029 —   —   —   (2)(9)(11)
First lien senior secured loan 8.76 % SOFR (M) 4.50 % 08/2024 11/2029 6.5   6.5   6.5   (2)(9)
Second lien senior secured loan 12.76 % SOFR (M) 8.50 % 08/2024 11/2030 87.5   87.5   87.5   (2)(9)
Class A units 11/2020 10,581 7.3   17.1   (2)
101.3 111.1
Compex Legal Services, Inc. (13) Provider of outsourced litigated and non-litigated medical records retrieval services First lien senior secured revolving loan 9.78 % SOFR (Q) 5.45 % 05/2022 02/2026 2.5   2.5   2.5   (2)(9)
First lien senior secured loan 10.42 % SOFR (Q) 6.00 % 07/2023 02/2026 1.9   1.9   1.9   (2)(9)
4.4   4.4  
Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. (13) Provider of business decisioning data and analytics First lien senior secured revolving loan 08/2025 08/2032 —   —   —   (2)(9)(11)

See accompanying notes to consolidated financial statements.
24

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 9.67 % SOFR (M) 5.50 % 08/2025 08/2032 379.5   379.5   375.7   (2)(9)
Series A units 8.00 % PIK
08/2025 540,800 5.5   5.4   (2)
385.0   381.1  
Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC (13) Technology based aggregator for facility maintenance services First lien senior secured revolving loan 04/2025 04/2032 —   —   —   (2)(9)(11)
First lien senior secured loan 8.50 % SOFR (Q) 4.50 % 04/2025 04/2032 110.0   110.0   110.0   (2)(9)
Common member units 08/2020 9,624,000 7.7   17.6   (2)
117.7   127.6  
Dorado Bidco, Inc. (13) Provider of consumer and market insights for the food and beverage industry First lien senior secured loan 8.41 % SOFR (M) 4.25 % 09/2024 09/2031 7.7   7.7   7.7   (2)(9)
DP Flores Holdings, LLC (13) Benefits administrator of tax-advantaged reimbursement plans First lien senior secured loan 10.66 % ( 3.25 % PIK)
SOFR (M) 6.50 % 09/2024 09/2030 27.7   27.6   27.7   (2)(9)
Drogon Bidco Inc. & Drogon Aggregator LP (13) Provider of fire safety and life safety services First lien senior secured loan 8.91 % SOFR (M) 4.75 % 08/2024 08/2031 19.7   19.7   19.7   (2)(9)
Class A-2 common units 08/2024 1,850,000 1.9   1.9   (2)
21.6   21.6  
DTI Holdco, Inc. and OPE DTI Holdings, Inc. Provider of legal process outsourcing and managed services Class A common stock 08/2014 7,500 7.5   12.4   (2)
Class B common stock 08/2014 7,500 —   —   (2)
7.5   12.4  
Duraserv LLC (13) Provider of commercial loading dock maintenance and remodeling services First lien senior secured loan 8.89 % SOFR (M) 4.75 % 06/2024 06/2031 29.1   29.1   29.1   (2)(9)
First lien senior secured loan 8.89 % SOFR (M) 4.75 % 03/2025 06/2031 0.8   0.8   0.8   (2)(9)
29.9   29.9  
Elevation Services Parent Holdings, LLC (13) Elevator service platform First lien senior secured revolving loan 10.90 % SOFR (Q) 6.50 % 12/2020 12/2028 2.8   2.8   2.6   (2)(9)(12)
First lien senior secured loan 10.95 % SOFR (Q) 6.50 % 12/2020 12/2028 10.0   10.0   9.3   (2)(9)
First lien senior secured loan 10.92 % SOFR (Q) 6.50 % 05/2022 12/2028 13.8   13.8   12.9   (2)(9)
26.6   24.8  
Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC (13) Provider of tax, comprehensive assurance and consulting services First lien senior secured revolving loan 8.73 % SOFR (M) 4.75 % 07/2025 07/2031 2.0   2.0   2.0   (2)(9)
First lien senior secured loan 8.87 % SOFR (S) 4.75 % 07/2025 07/2031 24.9   24.9   24.6   (2)(9)
Common stock 07/2025 4,273,000 4.3   4.3  
31.2   30.9  
EMB Purchaser, Inc. (13) Provider of fire and life safety solutions First lien senior secured loan 8.59 % SOFR (Q) 4.50 % 03/2025 03/2032 93.0   93.0   93.0   (2)(9)
Firebird Acquisition Corp, Inc. (13) Provider of fire safety and life safety services First lien senior secured revolving loan 01/2025 02/2032 —   —   —   (2)(9)(11)
First lien senior secured loan 9.31 % ( 2.75 % PIK)
SOFR (Q) 5.00 % 01/2025 02/2032 16.0   16.0   16.0   (2)(9)
First lien senior secured loan 8.71 % SOFR (M) 4.50 % 01/2025 02/2032 1.4   1.4   1.4   (2)(9)

See accompanying notes to consolidated financial statements.
25

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
17.4   17.4  
FlyWheel Acquireco, Inc. (13) Professional employer organization offering human resources, compliance and risk management services First lien senior secured revolving loan 10.66 % SOFR (M) 6.50 % 05/2023 05/2028 2.2   2.2   2.2   (2)(9)
First lien senior secured loan 10.66 % SOFR (M) 6.50 % 05/2023 05/2030 51.6   51.6   51.6   (2)(9)
53.8   53.8  
Frontline Road Safety Operations, LLC (13) Provider of pavement marking services to roadways First lien senior secured revolving loan 9.07 % SOFR (Q) 4.75 % 03/2025 03/2032 0.3   0.3   0.3   (2)(12)
First lien senior secured loan 9.32 % ( 2.00 % PIK)
SOFR (Q) 5.00 % 03/2025 03/2032 65.7   65.7   65.7   (2)
66.0   66.0  
G702 Buyer, Inc. (13) Provider of standardized contracts and forms platform for the architecture, engineering, and construction industry First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 07/2025 07/2031 10.5   10.5   10.4   (2)(9)
HH-Stella, Inc. and Bedrock Parent Holdings, LP (13) Provider of municipal solid waste transfer management services First lien senior secured revolving loan 9.65 % SOFR (Q) 5.50 % 04/2021 04/2027 1.3   1.3   1.3   (2)(9)(12)
First lien senior secured loan 9.65 % SOFR (Q) 5.50 % 04/2021 04/2028 8.7   8.7   8.7   (2)(9)
First lien senior secured loan 9.66 % SOFR (Q) 5.50 % 09/2023 04/2028 21.6   21.6   21.6   (2)(9)
First lien senior secured loan 9.65 % SOFR (Q) 5.50 % 04/2024 04/2028 17.7   17.7   17.7   (2)(9)
Class A units 04/2021 32,982 3.3   3.5   (2)
52.6   52.8  
HP RSS Buyer, Inc. (13) Provider of road striping, and road safety related services First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 12/2023 12/2029 16.8   16.8   16.8   (2)(9)
First lien senior secured loan 8.87 % SOFR (Q) 4.75 % 03/2024 12/2029 6.7   6.7   6.7   (2)(9)
First lien senior secured loan 8.92 % SOFR (Q) 4.75 % 07/2025 12/2029 0.1   0.1   0.1   (2)(9)
23.6 23.6
IRI Group Holdings, Inc. and Circana, LLC (13) Market research company focused on the consumer packaged goods industry First lien senior secured revolving loan 04/2025 12/2028 —   —   —   (2)(11)
First lien senior secured loan 8.66 % SOFR (M) 4.50 % 04/2025 12/2029 159.9   159.8   159.9   (2)(9)
159.8   159.9  
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. (13) Provider of commercial and industrial waste processing and disposal services First lien senior secured revolving loan 8.87 % SOFR (M) 4.68 % 08/2022 08/2030 3.4   3.4   3.4   (2)(9)(12)
First lien senior secured loan 8.87 % SOFR (M) 4.68 % 08/2022 08/2031 4.9   4.9   4.9   (2)(9)
First lien senior secured loan 8.87 % SOFR (M) 4.68 % 08/2024 08/2031 3.9   3.9   3.9   (2)(9)
Class A units 09/2022 13,324 14.0   23.6   (2)
26.2   35.8  
Kellermeyer Bergensons Services, LLC and KBS TopCo, LLC Provider of janitorial and facilities management services First lien senior secured loan 9.71 % PIK
SOFR (Q) 5.25 % 11/2019 11/2028 44.8   44.8   44.8   (2)(9)

See accompanying notes to consolidated financial statements.
26

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 12/2023 11/2028 15.2   13.9   4.3   (2)(8)
Preferred units 03/2024 4,042,767 7.7   —   (2)
Class A common units 03/2024 4,042,767 —   —   (2)
66.4   49.1  
Kings Buyer, LLC (13) Provider of comprehensive outsourced waste management consolidation services First lien senior secured revolving loan 11.50 % Base Rate (Q) 4.25 % 09/2023 10/2027 1.5   1.5   1.4   (2)(9)
First lien senior secured loan 9.65 % SOFR (Q) 5.25 % 09/2023 10/2027 16.2   16.2   15.4   (2)(9)
17.7   16.8  
KPS Global LLC and Cool Group LLC (13) Manufacturer of walk-in cooler and freezer systems First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 09/2024 09/2030 5.2   5.2   5.2   (2)(9)
Laboratories Bidco LLC and Laboratories Topco LLC (13) Lab testing services for nicotine containing products First lien senior secured revolving loan 6.20 % SOFR (Q) 1.75 % 07/2021 07/2029 14.8   14.4   11.5   (2)(9)
First lien senior secured revolving loan 8.00 % Base Rate (Q) 0.75 % 07/2021 07/2029 4.6   4.5   3.6   (2)(9)
First lien senior secured revolving loan 8.00 % Base Rate (Q) 0.75 % 07/2021 07/2029 6.0   6.0   4.7   (9)
First lien senior secured loan 4.35 % CORRA (Q) 1.75 % 10/2019 07/2029 23.9   24.3   18.6   (2)(9)
First lien senior secured loan 5.90 % SOFR (Q) 1.75 % 10/2019 07/2029 17.4   16.9   13.6   (2)(9)
First lien senior secured loan 5.90 % SOFR (Q) 1.75 % 10/2020 07/2029 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 5.86 % SOFR (Q) 1.75 % 07/2021 07/2029 4.6   4.5   3.6   (2)(9)
Class A units 07/2021 3,099,335 4.6   —   (2)
75.3   55.7  
LBC Woodlands Purchaser LLC and LBC Woodlands Holdings LP (13) Provider of human resources and workforce management solutions First lien senior secured loan 9.31 % SOFR (Q) 5.00 % 07/2024 07/2031 19.0   19.0   18.8   (2)(9)
Class A common units 07/2024 1,205,000 1.2   0.9   (2)
20.2   19.7  
Lightbeam Bidco, Inc. (13) Provider of yard management services First lien senior secured revolving loan 05/2023 05/2029 —   —   —   (2)(9)(11)
First lien senior secured loan 9.31 % SOFR (Q) 5.00 % 05/2023 05/2030 5.2   5.2   5.2   (2)(9)
First lien senior secured loan 9.20 % SOFR (Q) 5.00 % 11/2023 05/2030 3.3   3.3   3.3   (2)(9)
8.5   8.5  
LJP Purchaser, Inc. and LJP Topco, LP (13) Provider of non-hazardous solid waste and recycling services First lien senior secured loan 10.39 % SOFR (Q) 6.25 % 09/2022 09/2028 10.3   10.3   10.3   (2)(9)
Class A units 8.00 % PIK
09/2022 5,098,000 6.5   6.5   (2)
16.8   16.8  
Microstar Logistics LLC, Microstar Global Asset Management LLC, MStar Holding Corporation and Kegstar USA Inc. Keg management solutions provider First lien senior secured loan 12.50 % SOFR (Q) 8.50 % 12/2024 12/2030 135.1   135.1   135.1   (2)(9)
MSIS Holdings, Inc. and MS Precision Parent, LP (13) Provider of heavy industrial machinery maintenance and repair services First lien senior secured revolving loan 03/2025 03/2031 —   —   —   (2)(9)(11)
First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 03/2025 03/2031 23.6   23.6   23.6   (2)(9)

See accompanying notes to consolidated financial statements.
27

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
Class A-1 units 03/2025 1,184,000 1.2   1.3   (2)
24.8   24.9  
NAS, LLC and Nationwide Marketing Group, LLC (13) Buying and marketing services organization for appliance, furniture and consumer electronics dealers First lien senior secured revolving loan 10.94 % SOFR (Q) 6.50 % 11/2020 04/2026 1.9   1.9   1.9   (2)(9)
First lien senior secured loan 10.96 % SOFR (Q) 6.50 % 11/2020 04/2026 6.1   6.1   6.1   (2)(9)
First lien senior secured loan 10.96 % SOFR (Q) 6.50 % 12/2021 04/2026 2.3   2.3   2.3   (2)(9)
First lien senior secured loan 10.96 % SOFR (Q) 6.50 % 05/2022 04/2026 1.3   1.3   1.3   (2)(9)
11.6   11.6  
Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. (13) Provider of audience insights, data and analytics to entertainment industry First lien senior secured revolving loan 10/2022 10/2027 —   —   —   (2)(11)
First lien senior secured loan 9.18 % SOFR (Q) 4.75 % 10/2022 10/2028 80.1   76.5   76.1   (2)(9)(16)
First lien senior secured loan 9.43 % SOFR (Q) 5.00 % 10/2022 04/2029 97.1   92.2   92.3   (2)(9)(16)
First lien senior secured notes 9.29 % 11/2022 04/2029 52.8   51.9   51.8   (2)(16)
Second lien senior secured loan 14.18 % SOFR (Q) 9.75 % 10/2022 10/2029 203.4   203.2   203.4   (2)(9)
Limited partnership interests 10/2022 4,040,000 4.1   6.5   (2)
427.9   430.1  
Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1 Operator of multiple franchise concepts primarily related to home maintenance or repairs Limited partner interest 09/2021 9,725,000 9.7   13.1   (2)
North Haven Stack Buyer, LLC (13) Provider of environmental testing services First lien senior secured revolving loan 8.95 % SOFR (Q) 4.75 % 07/2021 07/2031 2.7   2.6   2.7   (2)(9)
First lien senior secured revolving loan 11.00 % Base Rate (Q) 3.75 % 07/2021 07/2031 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 8.95 % SOFR (Q) 4.75 % 07/2021 07/2027 14.4   14.4   14.4   (2)(9)
First lien senior secured loan 8.95 % SOFR (Q) 4.75 % 08/2023 07/2027 4.7   4.7   4.7   (2)(9)
First lien senior secured loan 8.95 % SOFR (Q) 4.75 % 06/2024 07/2027 10.7   10.6   10.7   (2)(9)
First lien senior secured loan 8.95 % SOFR (Q) 4.75 % 06/2024 07/2027 0.3   0.3   0.3   (2)
First lien senior secured loan 8.95 % SOFR (Q) 4.75 % 06/2025 07/2031 0.3   0.3   0.3   (2)(9)
First lien senior secured loan 8.95 % SOFR (Q) 4.75 % 06/2025 07/2027 3.3   3.3   3.3   (2)(9)
First lien senior secured loan 8.95 % SOFR (Q) 4.75 % 06/2025 07/2027 0.2   0.2   0.2   (2)
First lien senior secured loan 8.95 % SOFR (Q) 4.75 % 07/2025 07/2027 8.3   8.3   8.3   (2)(9)
44.9   45.1  
Priority Waste Holdings LLC, Priority Waste Holdings Indiana LLC and Priority Waste Super Holdings, LLC Solid waste services provider First lien senior secured loan 12.29 % SOFR (Q) 8.00 % 08/2023 08/2029 35.0   34.6   32.5   (2)(9)
First lien senior secured loan 12.29 % SOFR (Q) 8.00 % 06/2024 08/2029 11.1   10.4   10.4   (2)(9)
Warrant to purchase units of Class A common units 08/2023 08/2036 38,235 0.6   2.1   (2)

See accompanying notes to consolidated financial statements.
28

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
Warrant to purchase units of Class A common units 06/2024 06/2036 6,400 0.9   0.3   (2)
46.5   45.3  
Pritchard Industries, LLC and LJ Pritchard TopCo Holdings, LLC Provider of janitorial and facilities management services First lien senior secured loan 9.90 % SOFR (Q) 5.75 % 10/2021 10/2027 66.5   66.5   63.8   (2)(9)
First lien senior secured loan 10.15 % SOFR (Q) 6.00 % 11/2023 10/2027 18.9   18.9   18.3   (2)(9)
Class A units 10/2021 8,749,201 9.0   5.0   (2)
94.4   87.1  
PS Operating Company LLC and PS Op Holdings LLC (5) Specialty distributor and solutions provider to the swine and poultry markets First lien senior secured revolving loan 12/2021 12/2026 4.9   3.8   1.6   (2)(8)
First lien senior secured loan 12/2021 12/2026 18.6   15.5   5.9   (2)(8)
Common unit 12/2021 279,200 7.4   —   (2)
26.7   7.5  
PSC Parent, Inc. (13) Provider of operational services for US petrochemical and refining companies First lien senior secured revolving loan 9.41 % SOFR (M) 5.25 % 04/2024 04/2030 1.6   1.6   1.6   (2)(9)(12)
First lien senior secured loan 9.15 % SOFR (M) 5.00 % 04/2024 04/2031 53.7   53.7   53.7   (2)(9)
55.3   55.3  
PYE-Barker Fire & Safety, LLC (13) Provider of fire protection services and products First lien senior secured revolving loan 8.50 % SOFR (Q) 4.50 % 05/2024 05/2030 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 8.50 % SOFR (Q) 4.50 % 05/2024 05/2031 15.8   15.8   15.8   (2)(9)
16.3   16.3  
R2 Acquisition Corp. Marketing services Common stock 05/2007 250,000 0.2   0.4   (2)
RE Community Holdings GP, LLC and RE Community Holdings, LP Operator of municipal recycling facilities Limited partnership interest 03/2011 2.49 % —   —   (2)
Limited partnership interest 03/2011 2.86 % —   —   (2)
—   —  
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P. (13) Provider of FDA registration and consulting services First lien senior secured revolving loan 9.17 % SOFR (Q) 5.00 % 08/2021 08/2029 4.6   4.6   4.6   (2)(9)
First lien senior secured loan 9.20 % SOFR (Q) 5.00 % 08/2021 08/2029 3.5   3.5   3.5   (2)(9)
First lien senior secured loan 9.11 % SOFR (Q) 5.00 % 03/2025 08/2029 5.5   5.5   5.4   (2)(9)
Limited partner interests 08/2021 1.09 % 2.7   1.9   (2)
16.3 15.4
Research Now Group, LLC and Dynata, LLC and New Insight Holdings, Inc. Provider of outsourced data collection to the market research industry Common units 07/2024 49 —   —   (2)
Warrants to purchase shares of common stock 07/2024 07/2028 142 —   —   (2)
—   —  
Rodeo AcquisitionCo LLC (13) Provider of food inspection and recovery services First lien senior secured revolving loan 9.81 % SOFR (Q) 5.50 % 07/2021 07/2027 2.1   2.1   2.1   (2)(9)
First lien senior secured loan 9.85 % SOFR (Q) 5.50 % 07/2021 07/2027 16.5   16.5   16.5   (2)(9)
18.6   18.6  

See accompanying notes to consolidated financial statements.
29

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
Saturn Purchaser Corp. (13) Private aviation management company First lien senior secured loan 9.16 % SOFR (M) 4.85 % 07/2023 07/2030 1.7   1.7   1.7   (2)(9)
Schill Landscaping and Lawn Care Services LLC, Tender Lawn Care ULC and Landscape Parallel Partners, L.P. (13)(14) Provider of landscape design and planning, and snow removal services First lien senior secured loan 10.01 % SOFR (M) 5.75 % 12/2021 12/2027 3.4   3.4   3.4   (2)(9)
First lien senior secured loan 10.01 % SOFR (M) 5.75 % 03/2024 12/2027 1.5   1.5   1.5   (2)(9)
Class A units 12/2021 8,464 21.5   45.1   (2)
26.4   50.0  
Shermco Intermediate Holdings, Inc. (13) Provider of electrician services First lien senior secured revolving loan 8.87 % SOFR (S) 5.00 % 05/2022 12/2026 1.0   1.0   1.0   (2)(12)
First lien senior secured loan 8.87 % SOFR (S) 5.00 % 05/2022 12/2026 5.1   5.1   5.1   (2)(9)
First lien senior secured loan 8.92 % SOFR (S) 5.00 % 09/2023 12/2026 1.9   1.9   1.9   (2)(9)
First lien senior secured loan 9.22 % SOFR (Q) 5.00 % 12/2024 12/2026 2.2   2.2   2.2   (2)(9)
First lien senior secured loan 8.87 % SOFR (S) 5.00 % 04/2025 12/2026 1.1   1.1   1.1   (2)(9)
First lien senior secured loan 9.24 % SOFR (Q) 5.00 % 06/2025 06/2027 2.5   2.5   2.5   (2)(9)
13.8   13.8  
SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP Manufacturer and distributor of personal protection equipment, commercial cleaning, maintenance and safety products Limited partnership class A-1 units 06/2020 2,173 1.1   —   (2)
Limited partnership class A-2 units 06/2020 2,173 1.1   —   (2)
2.2   —  
Startec Equity, LLC (5) Communication services Member interest 04/2010 190,581 —   —  
SV Newco 2, Inc. and Site 2020 Incorporated (13) Provider of outsourced traffic control safety services First lien senior secured loan 11.00 % Base Rate (Q) 3.75 % 05/2024 06/2031 2.7   2.7   2.7   (2)(6)(9)
First lien senior secured loan 8.75 % SOFR (M) 4.75 % 05/2024 06/2031 33.8   33.8   33.8   (2)(6)(9)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 09/2025 06/2031 2.5   2.5   2.5   (2)(6)(9)
39.0   39.0  
Systems Planning and Analysis, Inc. (13) Provider of systems engineering and technical assistance to the US DoD First lien senior secured revolving loan 8.90 % SOFR (M) 4.75 % 05/2022 08/2027 0.4   0.3   0.4   (2)(9)
First lien senior secured loan 8.92 % SOFR (S) 4.75 % 05/2022 08/2027 1.0   1.0   1.0   (2)(9)
1.3   1.4  
Talon Buyer Inc. and Talon Holdings SCSP (13) Provider of fire safety and life safety services First lien senior secured loan 8.82 % SOFR (Q) 4.50 % 07/2025 07/2032 16.2   16.2   16.0   (2)(9)
Class A units 07/2025 6,445,000 6.4   6.4   (2)(6)
22.6   22.4  
The Hiller Companies, LLC (13) Provider of fire protection and life safety products First lien senior secured revolving loan 06/2024 06/2030 —   —   —   (2)(9)(11)
First lien senior secured loan 9.29 % SOFR (Q) 5.00 % 06/2024 06/2030 48.4   48.4   48.4   (2)(9)
First lien senior secured loan 9.05 % SOFR (Q) 4.75 % 07/2025 06/2030 2.1   2.1   2.1   (2)(9)
50.5   50.5  

See accompanying notes to consolidated financial statements.
30

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
Thermostat Purchaser III, Inc. (13) Provider of commercial HVAC equipment maintenance and repair services First lien senior secured revolving loan 08/2021 08/2028 —   —   —   (2)(11)
Second lien senior secured loan 11.60 % SOFR (Q) 7.25 % 08/2021 08/2029 23.0   23.0   23.0   (2)(9)
23.0   23.0  
TSS Buyer, LLC (13) Provider of outsourced testing, inspection, certification, and compliance services to healthcare and life sciences end markets First lien senior secured loan 9.96 % SOFR (Q) 5.50 % 07/2023 06/2029 2.2   2.2   2.2   (2)(9)
TVG-MGT Upper Intermediate Holdings, LLC Management consulting firm servicing education, technology and public sectors Senior subordinated loan 14.00 % PIK
08/2025 08/2031 24.8   24.8   24.1   (2)
Class A common units 08/2025 2,712 4.1   4.1   (2)
28.9   28.2  
Unity Purchaser, LLC and Unity Ultimate Holdings, LP (13) Provider of specialty mechanical services for critical HVAC, plumbing, and related systems First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 01/2025 01/2031 10.6   10.6   10.6   (2)(9)
Class A-1 units 01/2025 2,068,000 2.1   2.5   (2)
12.7   13.1  
UP Intermediate II LLC and UPBW Blocker LLC (13) Provider of essential mechanical, electrical and plumbing services to commercial customers First lien senior secured revolving loan 03/2024 03/2031 —   —   —   (2)(9)(11)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 07/2025 03/2032 15.2   15.2   15.2   (2)(9)
Senior preferred units 15.00 % PIK
07/2025 10,340 1.1   1.1   (2)
Common units 03/2024 60,470 6.0   6.6   (2)
Common units 09/2024 3,918 0.3   0.4   (2)
22.6   23.3  
Valcourt Holdings II, LLC and Jobs Holdings, Inc. (13) Provider of window cleaning and building facade maintenance and restoration services First lien senior secured loan 9.40 % SOFR (Q) 5.00 % 11/2023 11/2029 55.4   55.4   55.4   (2)(9)
Visual Edge Technology, Inc. (5) Provider of outsourced office solutions with a focus on printer and copier equipment and other parts and supplies First lien senior secured loan 11.35 % ( 1.25 % PIK)
SOFR (Q) 7.00 % 07/2023 12/2025 33.7   33.6   33.7   (2)(9)
First lien senior secured loan 16.48 % ( 6.25 % PIK)
SOFR (Q) 12.00 % 07/2023 12/2025 7.1   7.1   7.1   (2)(9)
Senior preferred stock 07/2023 4,737 50.0   20.6   (2)
Junior preferred stock 07/2023 6,600 —   —   (2)
Warrant to purchase shares of common stock 08/2017 08/2030 10,358,572 3.9   —   (2)
94.6   61.4  
VRC Companies, LLC (13) Provider of records and information management services Senior subordinated loan 12.00 % ( 2.00 % PIK)
05/2022 06/2028 5.3   5.3   5.3   (2)

See accompanying notes to consolidated financial statements.
31

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
W.S. Connelly & Co., LLC and WSC Ultimate Holdings, LLC (13) Provider of agronomics products for landscapers, contractors and golf course end users First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 05/2024 05/2030 23.5   23.5   23.5   (2)(9)
First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 04/2025 05/2030 2.0   2.0   2.0   (2)(9)
Class A preferred units 10.00 % PIK
05/2024 9,260 1.1   1.1  
Class A common units 05/2024 862 —   0.4  
26.6   27.0  
Wash Encore Holdings, LLC Provider of outsourced healthcare linen management solutions First lien senior secured loan 10.96 % SOFR (Q) 6.50 % 07/2021 07/2027 95.8   95.8   95.8   (2)(9)
First lien senior secured loan 10.76 % SOFR (M) 6.50 % 07/2024 07/2027 16.5   16.3   16.5   (2)(9)
112.1   112.3  
XIFIN, Inc. and ACP Charger Co-Invest LLC Revenue cycle management provider to labs Class A units 02/2020 180,000 1.8   2.8   (2)
Class B units 12/2021 46,363 0.9   1.3   (2)
2.7   4.1  
Zinc Buyer Corporation and Marmic Fire & Safety Co., Inc. (13) Provider of recurring fire protection services First lien senior secured revolving loan 07/2024 07/2031 —   —   —   (2)(9)(11)
First lien senior secured loan 9.05 % SOFR (Q) 4.75 % 07/2024 07/2031 12.5   12.5   12.5   (2)(9)
12.5   12.5  

3,319.2   3,277.1   22.88 %
Financial Services
Aduro Advisors, LLC (13) Provider of fund administration services First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 07/2024 07/2030 8.2   8.2   8.2   (2)(9)
AQ Sage Buyer, LLC (13) Provider of actuarial consulting and comprehensive wealth management services First lien senior secured revolving loan 10.14 % SOFR (Q) 6.00 % 05/2022 01/2028 0.1   0.1   0.1   (2)(6)(9)
First lien senior secured loan 10.12 % SOFR (Q) 6.00 % 05/2022 01/2028 3.5   3.5   3.5   (2)(6)(9)
3.6   3.6  
BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC Provider of comprehensive suite of investment management and wealth planning solutions First lien senior secured loan 10.92 % SOFR (Q) 6.75 % 09/2021 09/2027 0.2   0.2   0.2   (2)(9)
Senior subordinated loan 9.30 % PIK
09/2021 09/2026 6.5   6.5   6.5   (2)
Common units 09/2021 6,692,157 6.7   12.0   (2)
13.4   18.7  
Beacon Pointe Harmony, LLC (13) Provider of comprehensive wealth management services First lien senior secured loan 8.91 % SOFR (M) 4.75 % 12/2021 12/2028 9.5   9.5   9.5   (2)(6)(9)
First lien senior secured loan 8.91 % SOFR (M) 4.75 % 07/2023 12/2028 3.8   3.8   3.8   (2)(6)(9)
First lien senior secured loan 8.91 % SOFR (M) 4.75 % 06/2024 12/2028 2.2   2.2   2.2   (2)(6)(9)
15.5   15.5  
Clearstead Advisors, LLC (13) A leading wealth management firm focused on serving institutional and high net-worth private clients First lien senior secured revolving loan 8.67 % SOFR (M) 4.50 % 05/2025 02/2028 0.3   0.3   0.3   (2)(6)(9)

See accompanying notes to consolidated financial statements.
32

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 8.79 % SOFR (S) 4.50 % 05/2025 02/2028 8.4   8.4   8.4   (2)(6)(9)
8.7   8.7  
Convera International Holdings Limited and Convera International Financial S.A R.L. (13) Provider of B2B international payment and FX risk management solutions First lien senior secured loan 10.15 % SOFR (Q) 6.00 % 03/2022 03/2028 0.1   0.1   0.1   (2)(6)(9)
First lien senior secured loan 10.15 % SOFR (Q) 6.00 % 06/2023 03/2028 0.1   0.1   0.1   (2)(6)(9)
First lien senior secured loan 10.15 % SOFR (Q) 6.00 % 11/2024 03/2028 8.8   8.8   8.8   (2)(6)(9)
9.0   9.0  
CrossCountry Mortgage, LLC and CrossCountry Holdco, LLC Mortgage company originating loans in the retail and consumer direct channels Series D preferred units 11/2023 90,577 24.9   30.4  
Series B-3 units 08/2025 11,069 3.1   3.1  
28.0   33.5  
eCapital Finance Corp. Consolidator of commercial finance businesses Senior subordinated loan 12.13 % SOFR (M) 7.75 % 01/2020 12/2028 56.0   55.4   56.0   (2)(9)
Senior subordinated loan 12.13 % SOFR (M) 7.75 % 11/2020 12/2028 5.4   5.3   5.4   (2)(9)
Senior subordinated loan 12.13 % SOFR (M) 7.75 % 01/2022 12/2028 24.3   24.1   24.3   (2)(9)
Senior subordinated loan 12.17 % SOFR (M) 7.75 % 04/2022 12/2028 55.8   55.2   55.8   (2)(9)
Senior subordinated loan 12.13 % SOFR (M) 7.75 % 10/2023 12/2028 12.3   12.2   12.3   (2)(9)
Senior subordinated loan 12.13 % SOFR (M) 7.75 % 10/2024 12/2028 42.1   41.8   42.2   (2)(9)
Senior subordinated loan 12.88 % SOFR (M) 8.50 % 12/2024 12/2028 21.9   21.7   21.9   (2)(9)
Senior subordinated loan 11.52 % SOFR (M) 7.25 % 09/2025 10/2029 5.8   5.8   5.8   (2)(9)
221.5 223.7
Endeavor Bidco LLC and Endeavor TopCo, Inc. Global securities finance trading platform First lien senior secured loan 8.25 % SOFR (Q) 4.25 % 08/2024 08/2029 6.1   6.1   6.1   (2)(9)
First lien senior secured loan 8.25 % SOFR (Q) 4.25 % 07/2025 08/2029 5.9   5.9   5.8   (2)(9)
Class A common units 08/2024 1,859 1.9   2.7  
13.9   14.6  
EP Wealth Advisors, LLC Wealth management and financial planning firm First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 09/2020 09/2029 0.6   0.6   0.6   (2)(9)
First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 11/2022 09/2029 0.2   0.2   0.2   (2)(9)
0.8   0.8  
GAPCO AIV Interholdco (CP), L.P. Wealth management and financial planning firm Senior subordinated loan 10.89 % PIK
SOFR (Q) 6.75 % 03/2025 03/2033 48.2   48.2   48.2   (2)(6)(9)
Grit Buyer, Inc. and Integrum Grit Co-Invest LP (13)(14) Specialized finance and accounting advisory firm First lien senior secured revolving loan 8.82 % SOFR (Q) 4.50 % 07/2025 07/2031 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.81 % SOFR (Q) 4.50 % 07/2025 07/2032 56.2   56.2   55.3   (2)(9)
Limited partnership interests 07/2025 4,420,500 3.5   3.5   (2)(6)
59.8   58.9  
GTCR F Buyer Corp. and GTCR (D) Investors LP (13)(14) Provider of end-to-end tech-enabled administrative services to private foundations First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 09/2023 09/2030 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 11/2024 09/2030 0.6   0.6   0.6   (2)(9)

See accompanying notes to consolidated financial statements.
33

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 partnership interests 09/2023 4,873,286 4.9   9.7   (2)
11.1   15.9  
HighTower Holding, LLC Provider of investment, financial and retirement planning services Senior subordinated loan 6.75 % 06/2022 04/2029 8.1   7.2   8.0   (2)(6)(16)
Ivy Hill Asset Management, L.P. (5) Asset management services Subordinated revolving loan 10.67 % SOFR (Q) 6.50 % 02/2018 01/2030 99.0   99.0   99.0   (6)(9)
Member interest 06/2009 100 % 1,700.5   1,919.1   (6)
1,799.5   2,018.1  
Lido Advisors, LLC (13) Wealth management and financial planning firm First lien senior secured revolving loan 8.87 % SOFR (Q) 4.75 % 06/2021 05/2032 2.1   2.1   2.1   (2)(9)
First lien senior secured loan 9.06 % SOFR (Q) 4.75 % 06/2021 05/2032 2.3   2.3   2.3   (2)(9)
First lien senior secured loan 9.81 % SOFR (Q) 5.50 % 06/2021 05/2032 2.9   2.9   2.9   (2)(9)
First lien senior secured loan 8.87 % SOFR (Q) 4.75 % 06/2023 05/2032 6.0   6.0   6.0   (2)(9)
First lien senior secured loan 8.99 % SOFR (Q) 4.75 % 11/2024 05/2032 7.5   7.5   7.5   (2)(9)
First lien senior secured loan 8.93 % SOFR (Q) 4.75 % 05/2025 05/2032 2.6   2.6   2.6   (2)(9)
Class Z Preferred Units 7.00 % PIK
08/2025 9,671,180 10.1   10.0  
Class A-0 common units 08/2025 4,835,590 5.0   5.0  
38.5   38.4  
Mai Capital Management Intermediate LLC (13) Provider of comprehensive wealth management services and registered investment advisor First lien senior secured revolving loan 8.75 % SOFR (Q) 4.75 % 08/2024 08/2031 0.4   0.4   0.4   (2)(6)(9)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 08/2024 08/2031 10.8   10.8   10.8   (2)(6)(9)
11.2   11.2  
MC Accelerate Co-Invest Feeder LP and MC CIF Wealth Management (UK) Ltd. Global wealth management firm Z1 preferred shares 12.00 % PIK
08/2025 08/2031 12,901 12.8   12.8   (2)(6)
Z2 preferred shares 12.00 % ( 6.00 % PIK)
08/2025 08/2031 12,901 12.8   12.8   (2)(6)
Membership interest 08/2025 1,000 —   —   (2)(6)
25.6   25.6  
Medlar Bidco Limited (13) Provider of fund and corporate services to alternative assets industry First lien senior secured loan 9.13 % SONIA (S) 5.00 % 12/2024 05/2032 27.2   26.9   26.8   (2)(6)
First lien senior secured loan 6.97 % Euribor (Q) 5.00 % 12/2024 05/2032 33.8   32.7   33.3   (2)(6)
59.6   60.1  
Merit Financial Group, LLC and CWC Fund I Co-Invest (MFA) LP (13) Registered investment adviser platform First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 08/2025 08/2032 12.5   12.5   12.4   (2)(6)(9)
Limited partnership interests 08/2025 4,655,000 4.7   4.7   (6)
17.2   17.1  
Monica Holdco (US), Inc. (13) Investment technology and advisory firm First lien senior secured loan 9.90 % SOFR (Q) 5.75 % 01/2021 07/2030 2.5   2.5   2.5   (2)(6)(9)
First lien senior secured loan 9.25 % SOFR (Q) 5.25 % 08/2024 07/2030 2.7   2.7   2.7   (2)(6)(9)

See accompanying notes to consolidated financial statements.
34

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 9.40 % SOFR (Q) 5.25 % 07/2025 07/2030 4.3   4.3   4.3   (2)(6)(9)
9.5   9.5  
Nexus Buyer LLC Provider of FDIC-insured deposit placement services Second lien senior secured loan 9.91 % SOFR (M) 5.75 % 08/2025 02/2032 124.9   123.8   124.6   (2)(16)
Pathstone Family Office LLC and Kelso XI Tailwind Co-Investment, L.P. (13)(14) Provider of comprehensive wealth management services and registered investment advisor First lien senior secured loan 9.26 % SOFR (M) 5.00 % 05/2023 05/2029 4.8   4.8   4.8   (2)(6)(9)
First lien senior secured loan 9.26 % SOFR (M) 5.00 % 09/2023 05/2029 7.9   7.9   7.9   (2)(6)(9)
First lien senior secured loan 9.26 % SOFR (M) 5.00 % 06/2024 05/2029 0.3   0.3   0.3   (2)(6)(9)
First lien senior secured loan 9.26 % SOFR (M) 5.00 % 12/2024 05/2029 4.0   4.0   4.0   (2)(6)(9)
Limited partnership interests 09/2023 1,965,100 2.0   2.7   (6)
19.0   19.7  
PCIA SPV-3, LLC and ASE Royal Aggregator, LLC (13) Provider of comprehensive wealth management services First lien senior secured loan 9.25 % SOFR (Q) 5.25 % 08/2023 08/2029 8.4   8.4   8.4   (2)(6)(9)
Preferred units 07/2023 6,431,667 6.5   8.2   (6)
14.9   16.6  
PCS MidCo, Inc. and PCS Parent, L.P. (13) Provider of 401K recordkeeping software solutions First lien senior secured loan 9.75 % SOFR (Q) 5.75 % 03/2024 03/2030 8.6   8.6   8.6   (2)(9)
Class A units 03/2024 785,000 0.8   0.7   (2)
9.4   9.3  
Perigon Wealth Management, LLC, Perigon Wealth Advisors Holdings Company, LLC and CWC Fund I Co-Invest (Prism) LP (13) Wealth management and financial planning firm First lien senior secured loan 8.91 % SOFR (M) 4.75 % 03/2024 03/2031 3.8   3.8   3.8   (2)(6)(9)
Limited partnership interest 03/2024 2,374,000 2.4   2.5   (6)
6.2   6.3  
Petrus Buyer, Inc. (13) Provider of REIT research data and analytics First lien senior secured revolving loan 8.82 % SOFR (Q) 4.50 % 11/2022 10/2029 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 8.80 % SOFR (Q) 4.50 % 11/2022 10/2029 6.5   6.5   6.5   (2)(9)
First lien senior secured loan 8.72 % SOFR (Q) 4.50 % 02/2025 10/2029 1.2   1.2   1.2   (2)(9)
7.9   7.9  
RFS Opco LLC (13) Provider of wealth management services First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 04/2024 04/2031 18.5   18.5   18.5   (2)(6)(9)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 12/2024 04/2031 6.9   6.9   6.9   (2)(6)(9)
25.4   25.4  
Rialto Management Group, LLC (13) Investment and asset management platform focused on real estate First lien senior secured revolving loan 12/2024 12/2030 —   —   —   (2)(6)(9)(11)
First lien senior secured loan 9.16 % SOFR (M) 5.00 % 12/2024 12/2030 22.9   22.8   22.9   (2)(6)(9)
22.8   22.9  
RWA Wealth Partners, LLC (13) Provider of comprehensive wealth management services First lien senior secured revolving loan 8.75 % SOFR (Q) 4.75 % 11/2024 11/2030 0.1   0.1   0.1   (2)(6)(9)
First lien senior secured loan 8.95 % SOFR (Q) 4.75 % 11/2024 11/2030 8.5   8.5   8.5   (2)(6)(9)
8.6   8.6  

See accompanying notes to consolidated financial statements.
35

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
Steward Partners Global Advisory, LLC and Steward Partners Investment Advisory, LLC (13) Wealth management platform First lien senior secured revolving loan 8.91 % SOFR (S) 4.75 % 06/2025 10/2028 0.1   0.1   0.1   (2)(6)(9)
First lien senior secured loan 8.92 % SOFR (M) 4.75 % 12/2023 10/2028 4.9   4.8   4.9   (2)(6)(9)
First lien senior secured loan 8.91 % SOFR (M) 4.75 % 06/2025 10/2028 0.6   0.6   0.6   (2)(6)(9)
5.5   5.6  
The Edelman Financial Center, LLC Provider of investment, financial and retirement planning services Second lien senior secured loan 9.41 % SOFR (M) 5.25 % 05/2024 10/2028 0.1   0.1   0.1   (2)(6)(16)
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC (13) Provider of comprehensive wealth management services First lien senior secured revolving loan 11.75 % Base Rate (Q) 4.50 % 03/2022 03/2028 0.3   0.3   0.3   (2)(6)(9)
First lien senior secured loan 9.65 % SOFR (Q) 5.50 % 03/2022 03/2028 3.9   3.9   3.9   (2)(6)(9)
First lien senior secured loan 10.19 % SOFR (Q) 5.75 % 05/2025 03/2028 0.5   0.5   0.5   (2)(6)(9)
Senior subordinated loan 12.00 % PIK
03/2022 03/2029 4.2   4.2   4.2   (2)(6)
Series A preferred units 03/2022 7,199 7.2   6.8   (2)(6)
Common units 03/2022 7,199 —   —   (2)(6)
16.1   15.7  
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP (13) Provider of asset-servicing capabilities for fund managers First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 07/2025 07/2032 22.1   22.1   21.9   (2)(9)
TPG IX Cardiff Debt HoldCo I, LLC, TPG IX Cardiff Debt Holdco II, LLC, TPG IX Cardiff CI I, L.P., and TPG IX Cardiff CI II, L.P. Provider of comprehensive wealth management services First lien senior secured loan 10.30 % SOFR (Q) 6.00 % 01/2025 01/2033 11.4   11.4   11.4   (2)(6)(9)
Limited partnership interest 11/2024 5,719,511 5.8   6.7   (2)(6)
17.2   18.1  
Waverly Advisors, LLC and WAAM Topco, LLC (13) Wealth management and financial planning firm First lien senior secured revolving loan 9.90 % SOFR (Q) 5.75 % 03/2022 03/2028 0.8   0.8   0.8   (2)(6)(9)
First lien senior secured loan 9.90 % SOFR (Q) 5.75 % 03/2022 03/2028 0.7   0.7   0.7   (2)(6)(9)
First lien senior secured loan 9.65 % SOFR (Q) 5.50 % 03/2024 03/2028 5.0   5.0   5.0   (2)(6)(9)
First lien senior secured loan 9.21 % SOFR (Q) 5.00 % 01/2025 03/2028 18.4   18.4   18.4   (2)(6)(9)
Class A units 06/2023 1,432,867 1.7   3.8   (6)
26.6   28.7  
Wealth Enhancement Group, LLC (13) Wealth management and financial planning firm First lien senior secured loan 8.79 % SOFR (Q) 4.50 % 10/2019 10/2028 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 8.79 % SOFR (M) 4.50 % 11/2020 10/2028 1.9   1.9   1.9   (2)(9)
First lien senior secured loan 8.79 % SOFR (Q) 4.50 % 06/2021 10/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.79 % SOFR (Q) 4.50 % 08/2021 10/2028 0.9   0.9   0.9   (2)(9)
First lien senior secured loan 8.79 % SOFR (Q) 4.50 % 02/2024 10/2028 16.6   16.6   16.6   (2)(9)
First lien senior secured loan 8.78 % SOFR (Q) 4.50 % 12/2024 10/2028 5.4   5.4   5.4   (2)(9)
25.4   25.4  

See accompanying notes to consolidated financial statements.
36

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
Wellington-Altus Financial Inc. (13)(14) Wealth management and advisory firm First lien senior secured revolving loan 08/2024 08/2030 —   —   —   (2)(6)(9)(11)
First lien senior secured loan 7.99 % CORRA (Q) 5.00 % 08/2024 08/2030 0.8   0.8   0.8   (2)(6)(9)
Common stock 08/2024 74,001 2.6   3.2   (2)(6)
3.4   4.0  
Wharf Street Ratings Acquisition LLC (13) Global credit rating agency First lien senior secured loan 8.91 % SOFR (M) 4.75 % 09/2025 09/2032 18.3   18.3   18.1   (2)(9)

2,782.7   3,026.2   21.13 %
Insurance
15484880 Canada Inc. and 15484910 Canada Inc. (13) Independent insurance broker First lien senior secured revolving loan 8.06 % CORRA (Q) 5.25 % 04/2025 04/2031 0.3   0.3   0.3   (2)(6)(9)
First lien senior secured loan 8.27 % CORRA (M) 5.25 % 04/2025 04/2031 28.1   27.3   28.1   (2)(6)(9)
Senior subordinated loan 14.00 % PIK
04/2025 04/2035 14.0   13.7   14.0   (2)(6)
Class A2 shares 04/2025 19,825,189 13.8   14.2   (2)(6)
55.1   56.6  
Acrisure, LLC Independent property and casualty insurance brokerage First lien senior secured loan 7.16 % SOFR (M) 3.00 % 10/2023 11/2030 0.3   0.3   0.3   (2)(16)
AQ Sunshine, Inc. (13) Specialized insurance broker First lien senior secured revolving loan 9.25 % SOFR (Q) 5.25 % 07/2024 07/2030 1.9   1.9   1.9   (2)(9)
First lien senior secured loan 9.25 % SOFR (Q) 5.25 % 07/2024 07/2031 115.1   115.1   115.1   (2)(9)
117.0   117.0  
Ardonagh Midco 3 Limited, Ardonagh Group Finco Pty Limited, Ardonagh Finco LLC, Ardonagh Finco B.V., and MDCP Co-Investors (Jade I), L.P. Insurance broker and underwriting servicer First lien senior secured loan 6.94 % SOFR (Q) 2.75 % 01/2025 02/2031 35.9   35.9   35.7   (2)(6)(16)
Limited partnership interest 06/2025 17,510,000 24.1   26.7   (2)(6)
60.0   62.4  
Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. (13) Insurance program administrator First lien senior secured revolving loan 8.66 % SOFR (Q) 4.50 % 04/2025 04/2032 0.8   0.8   0.8   (2)(9)
First lien senior secured loan 8.64 % SOFR (M) 4.50 % 04/2025 04/2032 14.7   14.7   14.7   (2)(9)
15.5   15.5  
Benecon Midco II LLC and Benecon Holdings, LLC (13) Employee benefits provider for small and mid-size employers First lien senior secured loan 8.74 % SOFR (M) 4.75 % 01/2024 01/2031 82.5   82.5   82.5   (2)(9)
Class A units 01/2024 7,796,550 27.1   34.2  
109.6   116.7  
Captive Resources Midco, LLC (13) Provider of independent consulting services to member-owned group captives First lien senior secured loan 8.66 % SOFR (M) 4.50 % 07/2022 07/2029 5.8   5.8   5.8   (2)(9)
Daylight Beta Parent LLC and CFCo, LLC (4) Health insurance sales platform provider First lien senior secured loan 09/2023 09/2033 14.3   12.0   1.2   (2)(8)
First lien senior secured loan 09/2023 09/2038 20.8   0.5   —   (2)
Class B units 09/2023 32,391,330 —   —   (2)
12.5   1.2  

See accompanying notes to consolidated financial statements.
37

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
Diamond Mezzanine 24 LLC (13) Property and casualty insurance underwriting and distribution platform First lien senior secured revolving loan 9.22 % SOFR (Q) 5.00 % 10/2024 10/2030 0.3   0.3   0.3   (2)(9)
First lien senior secured loan 9.31 % SOFR (Q) 5.00 % 10/2024 10/2030 19.4   19.4   19.4   (2)(9)
19.7   19.7  
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP (13)(14) Managing general agent insurance distribution platform First lien senior secured revolving loan 9.25 % SOFR (Q) 5.25 % 12/2023 12/2029 0.2   0.2   0.2   (2)(6)(9)
First lien senior secured loan 9.25 % SOFR (Q) 5.25 % 12/2023 12/2030 17.2   17.2   17.2   (2)(6)(9)
Limited partnership interest 03/2024 1,348,309 1.3   1.9   (2)(6)
18.7   19.3  
Forza Insurance Holdings, LLC Operator of insurance brands and platforms First lien senior secured loan 9.50 % SOFR (Q) 5.50 % 02/2025 02/2030 38.8   38.8   38.8   (2)(9)
Foundation Risk Partners, Corp. (13) Full service independent insurance agency First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 10/2021 10/2030 78.0   78.0   78.0   (2)(9)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 04/2022 10/2030 9.3   9.3   9.3   (2)(9)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 11/2023 10/2030 17.3   17.3   17.3   (2)(9)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 05/2024 10/2030 16.3   16.3   16.3   (2)(9)
120.9   120.9  
Galway Borrower LLC (13) Insurance service provider First lien senior secured revolving loan 8.49 % SOFR (Q) 4.50 % 09/2021 09/2028 2.3   2.3   2.3   (2)(9)(12)
First lien senior secured loan 8.50 % SOFR (Q) 4.50 % 09/2021 09/2028 33.4   33.4   33.4   (2)(9)
35.7   35.7  
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. (13) Insurance broker First lien senior secured revolving loan 7.57 % CORRA (M) 5.00 % 03/2024 03/2031 0.3   0.3   0.3   (2)(6)(9)
First lien senior secured loan 7.80 % CORRA (Q) 5.00 % 03/2024 03/2031 9.6   9.8   9.6   (2)(6)(9)
10.1   9.9  
Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc. (13) Independent retail insurance broker First lien senior secured loan 8.67 % SOFR (M) 4.50 % 08/2023 11/2028 5.3   5.3   5.3   (2)(9)
First lien senior secured loan 8.91 % SOFR (M) 4.75 % 03/2024 11/2028 3.0   3.0   3.0   (2)(9)
Series A preferred shares 10.50 % 12/2024 1,000 1.0   1.0   (2)
9.3   9.3  
High Street Buyer, Inc. and High Street Holdco LLC (13)(14) Insurance brokerage platform First lien senior secured loan 9.25 % SOFR (Q) 5.25 % 04/2021 04/2028 22.2   22.2   22.2   (2)(9)
First lien senior secured loan 9.25 % SOFR (Q) 5.25 % 08/2021 04/2028 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 9.25 % SOFR (Q) 5.25 % 02/2022 04/2028 19.5   19.5   19.5   (2)(9)
First lien senior secured loan 8.50 % SOFR (Q) 4.50 % 03/2024 04/2028 25.6   25.6   25.6   (2)(9)
Series A preferred units 10.00 % PIK
04/2021 172,211,694 241.8   241.8   (2)
Series A preferred units 10.00 % PIK
12/2023 20,106,667 24.1   24.1   (2)
Series A preferred units 10.00 % PIK
04/2024 1,386,667 1.6   1.6   (2)
Series A preferred units 10.00 % PIK
07/2024 4,506,667 5.1   5.1   (2)
Series A common units 10.00 % PIK
04/2021 5,562,381 9.7   17.7   (2)

See accompanying notes to consolidated financial statements.
38

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
Series C common units 10.00 % PIK
04/2021 10,043,368 3.6   31.9   (2)
353.3   389.6  
Inszone Mid, LLC and INSZ Holdings, LLC (13) Insurance brokerage firm First lien senior secured loan 9.27 % SOFR (Q) 5.25 % 12/2023 11/2029 26.8   26.8   26.8   (2)(9)
First lien senior secured loan 9.25 % SOFR (Q) 5.25 % 07/2024 11/2029 24.7   24.7   24.7   (2)(9)
Limited partnership interests 11/2022 2,146,088 1.7   3.5  
Common units 11/2023 8,473,000 8.5   13.8  
61.7   68.8  
King Risk Partners, LLC (13) Retail insurance brokerage firm First lien senior secured loan 8.66 % SOFR (M) 4.50 % 04/2025 04/2031 10.0   10.0   9.9   (2)(9)
Koala Investment Holdings, Inc. (13) Insurance brokerage platform First lien senior secured loan 8.50 % SOFR (M) 4.50 % 08/2025 08/2032 24.2   24.2   24.0   (2)(9)
OakBridge Insurance Agency LLC and Maple Acquisition Holdings, LP (13) Insurance brokerage platform First lien senior secured loan 9.97 % SOFR (M) 5.75 % 11/2023 11/2029 10.9   10.9   10.9   (2)(9)
First lien senior secured loan 9.27 % SOFR (M) 5.00 % 06/2025 11/2029 1.0   1.0   1.0   (2)(9)
Class A2 units 11/2023 115,928 2.3   2.9   (2)
14.2   14.8  
OneDigital Borrower LLC (13) Benefits broker and outsourced workflow automation platform provider for brokers First lien senior secured revolving loan 11/2020 05/2027 —   —   —   (2)(11)
Patriot Growth Insurance Services, LLC (13) National retail insurance agency First lien senior secured loan 9.15 % SOFR (Q) 5.00 % 10/2021 10/2028 15.5   15.4   15.5   (2)(9)
People Corporation (13) Provider of group benefits, group retirement and human resources services First lien senior secured revolving loan 8.27 % CORRA (Q) 5.25 % 02/2021 02/2027 3.7   3.8   3.7   (2)(6)(9)
First lien senior secured revolving loan 8.24 % CDOR (M) 5.25 % 02/2021 02/2027 0.7   0.8   0.7   (2)(6)(9)
First lien senior secured loan 8.27 % CORRA (Q) 5.25 % 02/2021 02/2028 41.4   45.4   41.4   (2)(6)(9)
First lien senior secured loan 8.27 % CORRA (Q) 5.25 % 09/2021 02/2028 24.3   25.3   24.3   (2)(6)(9)
First lien senior secured loan 8.27 % CORRA (Q) 5.25 % 09/2023 02/2028 14.6   14.8   14.6   (2)(6)(9)
First lien senior secured loan 8.00 % CORRA (Q) 5.00 % 12/2024 02/2028 5.4   5.4   5.4   (2)(6)(9)
95.5   90.1  
SageSure Holdings, LLC and SageSure LLC (13) Insurance service provider First lien senior secured loan 9.03 % SOFR (M) 4.75 % 08/2024 01/2030 51.8   51.8   51.8   (2)(9)
First lien senior secured loan 9.27 % SOFR (M) 5.00 % 01/2025 01/2030 38.5   38.5   38.5   (2)(9)
First lien senior secured loan 9.03 % SOFR (M) 4.75 % 01/2025 01/2030 59.4   59.4   59.4   (2)(9)
Series A units 05/2025 710 70.0   75.9  
219.7   225.6  
SCM Insurance Services Inc. (13) Provider of claims management, claims investigation & support and risk management solutions for the Canadian property and casualty insurance industry First lien senior secured loan 8.89 % CORRA (M) 6.25 % 06/2022 08/2026 19.7   20.3   19.7   (2)(6)(9)
SelectQuote, Inc. and SQ ABS Issuer, LLC Direct to consumer insurance distribution platform First lien senior secured notes 9.65 % 10/2024 10/2039 1.5   1.5   1.5   (2)
First lien senior secured notes 7.80 % 10/2024 10/2039 2.3   2.3   2.3   (2)

See accompanying notes to consolidated financial statements.
39

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 10.76 % SOFR (M) 6.50 % 10/2024 09/2027 9.1   8.6   9.1   (2)(9)
Warrant to purchase shares of common stock 10/2024 10/2028 179,068 —   —   (2)
12.4   12.9  
SG Acquisition, Inc. (13) Provider of insurance solutions for car sales First lien senior secured loan 9.05 % SOFR (Q) 4.75 % 04/2024 04/2030 44.8   44.8   44.8   (2)(9)
SIG Parent Holdings, LLC (13) Independent insurance brokerage First lien senior secured loan 8.91 % SOFR (M) 4.75 % 08/2024 08/2031 57.7   57.7   57.7   (2)(9)
Slaine Holdings LLC (13) Holding company of insurance service providers Senior subordinated loan 10.91 % SOFR (M) 6.75 % 05/2025 05/2030 49.2   49.2   48.2   (2)(9)
THG Acquisition, LLC (13) Multi-line insurance broker First lien senior secured revolving loan 11.00 % Base Rate (Q) 3.75 % 10/2024 10/2031 7.5   7.5   7.5   (9)
First lien senior secured loan 8.91 % SOFR (M) 4.75 % 10/2024 10/2031 36.6   36.6   36.6   (2)(9)
44.1   44.1  
Truist Insurance Holdings, LLC and McGriff Insurance Services, LLC (13) Insurance brokerage firm First lien senior secured loan 6.75 % SOFR (Q) 2.75 % 03/2024 05/2031 0.1   0.1   0.1   (2)(16)
World Insurance Associates, LLC and World Associates Holdings, LLC (13) Insurance service provider First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 10/2023 04/2030 9.8   9.7   9.8   (2)(9)

1,661.3   1,704.7   11.90 %
Consumer Services
Aimbridge Topco, LLC Hotel operator Common Units 03/2025 56,310 3.3   3.4   (2)
American Residential Services L.L.C. and Aragorn Parent Holdings LP Heating, ventilation and air conditioning services provider Series A preferred units 10.00 % PIK
10/2020 2,531,500 4.1   7.2   (2)
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC (13) Provider of residential HVAC, plumbing, and electrical maintenance and repair services First lien senior secured revolving loan 10/2023 10/2029 —   —   —   (2)(9)(11)
First lien senior secured loan 9.19 % SOFR (Q) 5.00 % 09/2024 10/2030 200.5   200.2   200.5   (2)(9)
Series B common units 10/2023 262,165 7.2   11.4  
207.4   211.9  
Belfor Holdings, Inc. (13) Disaster recovery services provider First lien senior secured revolving loan 11/2023 11/2028 —   —   —   (2)(11)
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC (13) Provider of HVAC and plumbing services to residential and commercial customers First lien senior secured revolving loan 10.30 % SOFR (Q) 6.00 % 12/2021 12/2027 0.8   0.8   0.8   (2)(9)
First lien senior secured revolving loan 12.25 % Base Rate (Q) 5.00 % 12/2021 12/2027 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 12.41 % ( 6.00 % PIK)
SOFR (Q) 8.00 % 12/2021 12/2027 3.4   3.4   3.3   (2)(9)
First lien senior secured loan 12.38 % ( 6.25 % PIK)
SOFR (Q) 8.25 % 03/2023 12/2027 6.7   6.7   6.5   (2)(9)
Class A units 12/2021 4,296 4.3   2.7  
15.3   13.4  
ClubCorp Holdings, Inc. (13) Operator of golf and country clubs First lien senior secured loan 9.16 % SOFR (M) 5.00 % 07/2025 07/2032 40.7   40.7   40.5   (2)(9)

See accompanying notes to consolidated financial statements.
40

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
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. (13) Provider of commercial HVAC equipment maintenance and repair services First lien senior secured revolving loan 8.52 % SOFR (S) 4.50 % 05/2022 11/2030 0.9   0.9   0.9   (2)(9)
First lien senior secured loan 8.63 % SOFR (Q) 4.50 % 05/2022 11/2030 28.7   28.7   28.7   (2)(9)
First lien senior secured loan 8.65 % SOFR (Q) 4.50 % 11/2023 11/2030 2.8   2.8   2.8   (2)(9)
Common stock 05/2022 302 3.1   9.5   (2)
35.5   41.9  
Concert Golf Partners Holdco LLC (13) Golf club owner and operator First lien senior secured loan 8.66 % SOFR (M) 4.50 % 04/2024 03/2031 4.0   4.0   4.0   (2)(9)
First lien senior secured loan 8.66 % SOFR (M) 4.50 % 03/2025 03/2031 34.5   34.5   34.5   (2)(9)
38.5   38.5  
CST Holding Company (13) Provider of ignition interlock devices First lien senior secured loan 9.26 % SOFR (M) 5.00 % 11/2022 11/2028 11.4   11.4   11.4   (2)(9)
First lien senior secured loan 9.26 % SOFR (M) 5.00 % 07/2024 11/2028 0.1   0.1   0.1   (2)(9)
11.5   11.5  
Davidson Hotel Company LLC (13) Provider of hotel operations solutions and advisory services First lien senior secured loan 9.16 % SOFR (M) 5.00 % 10/2024 10/2031 8.3   8.3   8.3   (2)(9)
Equinox Holdings, Inc. Operator of luxury, full-service health fitness clubs First lien senior secured loan 12.25 % ( 4.13 % PIK)
SOFR (Q) 8.25 % 03/2024 03/2029 45.7   44.9   45.7   (2)(9)
Second lien senior secured loan 16.00 % PIK
03/2024 06/2027 4.4   4.3   4.4   (2)
49.2   50.1  
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC (13) Provider of plumbing and HVAC services First lien senior secured revolving loan 9.19 % SOFR (Q) 5.00 % 06/2024 06/2030 3.9   3.9   3.8   (2)(9)(12)
First lien senior secured loan 9.32 % SOFR (Q) 5.00 % 06/2024 06/2031 151.5   151.4   148.5   (2)(9)
Preferred units 15.00 % PIK
07/2023 685 8.9   8.9   (2)
Class A units 11/2020 6,447 22.9   28.3   (2)
187.1   189.5  
Eternal Aus Bidco Pty Ltd (13) Operator of cemetery, crematoria and funeral services First lien senior secured loan 9.85 % BBSY (Q) 6.25 % 11/2023 11/2029 7.5   7.4   7.5   (2)(6)(9)
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. (13) Fitness facility operator First lien senior secured loan 9.50 % SOFR (Q) 5.50 % 08/2023 04/2029 5.4   5.3   5.4   (2)(9)
First lien senior secured loan 9.50 % SOFR (Q) 5.50 % 05/2024 04/2029 0.9   0.9   0.9   (2)(9)
6.2   6.3  
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP (4) Crunch Fitness franchisee First lien senior secured revolving loan 8.15 % SOFR (M) 4.00 % 08/2024 08/2030 2.5   2.5   2.5   (2)(9)
First lien senior secured loan 9.14 % SOFR (M) 5.00 % 08/2024 08/2031 10.5   10.5   10.5   (2)(9)
Common units 07/2024 11,957,000 12.0   12.2   (2)
25.0   25.2  
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. (13) Distributor of instructional products, services and resources First lien senior secured revolving loan 9.78 % SOFR (M) 5.50 % 08/2018 04/2026 9.9   9.9   9.8   (2)(9)(12)
First lien senior secured loan 9.76 % SOFR (Q) 5.50 % 07/2017 04/2026 28.7   28.7   28.4   (2)(9)
First lien senior secured loan 9.76 % SOFR (Q) 5.50 % 08/2018 04/2026 1.1   1.1   1.1   (2)(9)

See accompanying notes to consolidated financial statements.
41

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 9.76 % SOFR (Q) 5.50 % 06/2024 04/2026 7.4   7.4   7.3   (2)(9)
First lien senior secured loan 10.07 % SOFR (Q) 5.50 % 05/2025 04/2026 5.0   5.0   4.9   (2)(9)
Series A preferred stock 10/2014 1,272 0.7   0.8   (2)
52.8   52.3  
Flint OpCo, LLC (13) Provider of residential HVAC and plumbing services First lien senior secured loan 8.92 % SOFR (Q) 4.75 % 08/2023 08/2030 6.9   6.9   6.9   (2)(9)
First lien senior secured loan 8.99 % SOFR (M) 4.75 % 05/2024 08/2030 2.6   2.6   2.6   (2)(9)
9.5   9.5  
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC (13) Provider of commercial and residential HVAC, electrical, and plumbing services First lien senior secured revolving loan 04/2023 04/2029 —   —   —   (2)(9)(11)
First lien senior secured loan 10.75 % SOFR (Q) 6.75 % 04/2023 04/2030 24.4   24.4   24.4   (2)(9)
Class A common units 04/2023 4,424 4.4   3.1   (2)
28.8   27.5  
Helios Service Partners, LLC and Astra Service Partners, LLC (13) Critical HVAC, refrigeration, and plumbing services for commercial businesses First lien senior secured revolving loan 9.27 % SOFR (Q) 5.00 % 08/2023 03/2027 1.2   1.2   1.2   (2)(9)(12)
First lien senior secured loan 9.09 % SOFR (Q) 5.00 % 08/2023 03/2027 10.6   10.6   10.6   (2)(9)
First lien senior secured loan 9.37 % SOFR (Q) 5.00 % 01/2024 03/2027 3.0   3.0   3.0   (2)(9)
14.8   14.8  
HGC Holdings, LLC (13) Operator of golf facilities First lien senior secured loan 8.64 % SOFR (M) 4.50 % 06/2025 06/2029 67.5   67.5   67.0   (2)(9)
IFH Franchisee Holdings, LLC (13) Operator of fitness centers First lien senior secured revolving loan 8.21 % SOFR (Q) 4.00 % 12/2024 12/2029 4.3   4.3   4.3   (2)(9)
First lien senior secured loan 9.71 % SOFR (Q) 5.50 % 12/2024 12/2029 54.9   54.9   54.9   (2)(9)
59.2   59.2  
Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. (13) Provider of residential roofing and exterior repair and replacement services First lien senior secured revolving loan 12.25 % Base Rate (Q) 5.00 % 12/2022 12/2028 0.7   0.7   0.7   (2)(6)(9)
First lien senior secured loan 10.00 % SOFR (Q) 6.00 % 12/2022 12/2028 14.6   14.6   14.6   (2)(6)(9)
First lien senior secured loan 10.00 % SOFR (Q) 6.00 % 11/2023 12/2028 6.3   6.3   6.3   (2)(6)(9)
First lien senior secured loan 8.45 % CORRA (Q) 6.00 % 11/2023 12/2028 1.3   1.3   1.3   (2)(6)(9)
First lien senior secured loan 9.50 % SOFR (Q) 5.50 % 10/2024 12/2028 5.5   5.5   5.5   (2)(6)(9)
Class A units 12/2022 9,524,000 9.5   11.3   (2)(6)
37.9   39.7  
Leviathan Intermediate Holdco, LLC and Leviathan Holdings, L.P. (13) Franchising platform offering adolescent development programs First lien senior secured loan 10.00 % SOFR (Q) 6.00 % 12/2022 12/2027 30.0   30.0   30.0   (2)(9)
First lien senior secured loan 10.00 % SOFR (Q) 6.00 % 01/2025 12/2027 1.4   1.4   1.4   (2)(9)
Limited partnership interests 12/2022 2,149,690 2.1   2.7  
33.5   34.1  

See accompanying notes to consolidated financial statements.
42

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
LHS Borrower, LLC and LH Equity Investors, L.P. and Leaf Home, LLC and GC Fund IV Blocker LLC Provider of direct-to-consumer residential home improvement solutions First lien senior secured loan 9.41 % SOFR (M) 5.25 % 09/2025 09/2031 173.3   173.3   171.6   (2)(9)
Limited partnership interest 09/2025 64,787 67.3   65.4   (2)
240.6   237.0  
ME Equity LLC Franchisor in the massage industry Common stock 09/2012 3,000,000 3.0   4.7   (2)
Modigent, LLC and OMERS PMC Investment Holdings LLC (13) Provider of commercial HVAC services First lien senior secured revolving loan 9.00 % SOFR (Q) 5.00 % 08/2022 08/2027 2.2   2.2   2.2   (2)(9)
First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 08/2022 08/2028 12.3   12.2   12.3   (2)(9)
First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 09/2023 08/2028 6.3   6.3   6.3   (2)(9)
Preferred units 14.00 % PIK
05/2025 82 0.9   0.9   (2)
Class A units 08/2022 1,001 9.7   11.8   (2)
31.3   33.5  
Mustang Prospects Holdco, LLC, Mustang Prospects Purchaser, LLC and Senske Acquisition, Inc. (13) Provider of lawn care, tree care and pest control services First lien senior secured revolving loan 06/2024 06/2031 —   —   —   (2)(9)(11)
First lien senior secured loan 9.03 % SOFR (Q) 5.00 % 06/2024 06/2031 27.8   27.8   27.8   (2)(9)
First lien senior secured loan 9.17 % SOFR (Q) 5.00 % 08/2025 06/2031 0.9   0.9   0.9   (2)(9)
Class A preferred units 09/2024 678 0.7   0.7  
Class B common units 09/2024 677,504 0.3   0.3  
29.7   29.7  
North Haven Fairway Buyer, LLC and Fairway Lawns, LLC (13) Provider of lawncare services First lien senior secured revolving loan 9.06 % SOFR (Q) 5.00 % 12/2022 05/2028 4.3   4.3   4.3   (2)(9)
First lien senior secured loan 9.13 % SOFR (Q) 5.00 % 12/2022 05/2028 17.6   17.5   17.6   (2)(9)
First lien senior secured loan 9.18 % SOFR (Q) 5.00 % 06/2024 05/2028 4.1   4.1   4.1   (2)(9)
First lien senior secured loan 9.32 % SOFR (Q) 5.00 % 02/2025 05/2028 10.1   10.1   10.1   (2)(9)
36.0   36.1  
Northwinds Holding, Inc. and Northwinds Services Group LLC (13) Provider of HVAC and plumbing services First lien senior secured loan 9.71 % SOFR (Q) 5.25 % 05/2023 05/2029 26.8   26.8   26.8   (2)(9)
First lien senior secured loan 9.62 % SOFR (Q) 5.25 % 08/2024 05/2029 6.2   6.2   6.2   (2)(9)
First lien senior secured loan 9.58 % SOFR (Q) 5.25 % 06/2025 05/2029 0.8   0.8   0.8   (2)(9)
Common units 05/2023 2,911,607 4.0   5.3   (2)
37.8   39.1  
OTG Concessions Management, LLC and Octa Parent Holdings, LLC Airport restaurant operator Second lien notes 10.00 % PIK
02/2024 02/2031 8.8   8.8   8.2   (2)
Participation rights 02/2024 02/2054 1 —   —   (2)
8.8   8.2  
PestCo Holdings, LLC and PestCo, LLC (13) Provider of pest control services to the residential and commercial markets First lien senior secured loan 8.91 % SOFR (M) 4.75 % 08/2025 08/2030 18.0   18.0   17.9   (2)(9)
Class A units 01/2023 139 1.9   2.8  

See accompanying notes to consolidated financial statements.
43

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
19.9   20.7  
Pinnacle MEP Intermediate Holdco LLC and BPCP Pinnacle Holdings, Inc. (13) Provider of commercial and residential HVAC, electrical & plumbing services First lien senior secured revolving loan 9.46 % SOFR (Q) 5.25 % 10/2024 10/2030 1.3   1.3   1.2   (2)(9)
First lien senior secured loan 9.52 % SOFR (Q) 5.25 % 10/2024 10/2030 6.6   6.6   6.3   (2)(9)
Common stock 10/2024 667 0.7   0.2   (2)
8.6   7.7  
Premiere Buyer, LLC (13) Third-party residential property manager for multi-family residential properties in the United States First lien senior secured loan 8.83 % SOFR (Q) 4.50 % 05/2024 05/2031 5.5   5.5   5.5   (2)(9)
First lien senior secured loan 8.83 % SOFR (Q) 4.50 % 04/2025 05/2031 1.0   1.0   1.0   (2)(9)
6.5   6.5  
Pyramid-BMC IntermediateCo I, LLC and Pyramid Investors, LLC (13) Hotel operator First lien senior secured loan 9.57 % SOFR (Q) 5.25 % 01/2023 01/2028 7.5   7.5   7.5   (2)(9)
First lien senior secured loan 9.57 % SOFR (Q) 5.25 % 10/2024 01/2028 2.6   2.6   2.6   (2)(9)
Preferred membership units 8.00 % PIK
07/2016 996,833 1.2   3.1  
11.3   13.2  
Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. (13) Car wash operator First lien senior secured loan 8.91 % SOFR (M) 4.75 % 05/2024 06/2031 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 8.91 % SOFR (M) 4.75 % 06/2025 06/2031 2.5   2.5   2.5   (2)(9)
Limited partnership interest 06/2024 11,184,000 11.2   13.1   (2)
19.3   21.2  
Radiant Intermediate Holding, LLC Provider of HVAC, plumbing and electrical services First lien senior secured loan 10.30 % SOFR (Q) 6.00 % 04/2023 11/2026 2.1   2.1   1.9   (2)(9)
Redwood Services LP (13) Provider of residential HVAC and plumbing services First lien senior secured revolving loan 06/2025 06/2032 —   —   —   (2)(9)(11)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 06/2025 06/2032 26.6   26.6   26.4   (2)(9)
26.6   26.4  
Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc. Provider of safety systems for business and residential customers First lien senior secured loan 11.69 % SOFR (M) 7.25 % 08/2020 05/2025 24.0   24.0   24.0   (2)(9)
Taymax Group, L.P., Taymax Group G.P., LLC, PF Salem Canada ULC and TCP Fit Parent, L.P. (13) Planet Fitness franchisee First lien senior secured revolving loan 9.39 % SOFR (M) 5.13 % 07/2018 07/2026 0.2   0.2   0.2   (2)(9)
First lien senior secured revolving loan 9.92 % SOFR (M) 5.50 % 01/2024 07/2026 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 9.35 % SOFR (M) 5.08 % 03/2020 07/2026 1.3   1.3   1.3   (2)(9)
First lien senior secured loan 9.76 % SOFR (M) 5.50 % 01/2024 07/2026 0.4   0.4   0.4   (2)(9)
Class A units 07/2018 37,020 3.8   9.5  
5.8   11.5  

See accompanying notes to consolidated financial statements.
44

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
The Arcticom Group, LLC and AMCP Mechanical Holdings, LP (13) Refrigeration, heating, ventilation and air conditioning services provider First lien senior secured revolving loan 12.19 % ( 4.50 % PIK)
SOFR (M) 8.00 % 12/2021 12/2027 12.1   12.1   12.0   (2)(9)
First lien senior secured loan 12.16 % ( 4.50 % PIK)
SOFR (M) 8.00 % 12/2021 12/2027 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 12.16 % ( 4.50 % PIK)
SOFR (M) 8.00 % 08/2022 12/2027 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 12.16 % ( 4.50 % PIK)
SOFR (M) 8.00 % 04/2023 12/2027 1.7   1.7   1.6   (2)(9)
First lien senior secured loan 12.16 % ( 4.50 % PIK)
SOFR (M) 8.00 % 10/2023 12/2027 5.5   5.5   5.4   (2)(9)
First lien senior secured loan 12.16 % ( 4.50 % PIK)
SOFR (M) 8.00 % 08/2024 12/2027 10.9   10.9   10.8   (2)(9)
Class A units 12/2021 8,493,698 8.5   7.4  
Class C units 03/2023 333,510 —   —  
39.1   37.6  
Triwizard Holdings, Inc. and Triwizard Parent, LP (13) Parking management and hospitality services provider First lien senior secured revolving loan 9.23 % SOFR (Q) 5.00 % 06/2023 06/2029 4.2   4.2   4.2   (2)(9)(12)
Class A-2 common units 06/2023 30,000 3.0   5.0   (2)
7.2   9.2  
Vertex Service Partners, LLC and Vertex Service Partners Holdings, LLC (13) Provider of residential roofing repair & replacement First lien senior secured revolving loan 10.00 % SOFR (Q) 6.00 % 11/2023 11/2030 1.3   1.3   1.2   (2)(9)(12)
First lien senior secured loan 10.00 % SOFR (Q) 6.00 % 11/2023 11/2030 15.1   15.1   14.5   (2)(9)
First lien senior secured loan 9.25 % SOFR (Q) 5.25 % 10/2024 11/2030 2.9   2.9   2.8   (2)(9)
Class B common units 11/2023 212 0.2   0.3  
19.5   18.8  
Vista Higher Learning, LLC Developer of print and digital language learning solutions for K–12 and higher education institutions First lien senior secured loan 8.77 % SOFR (S) 4.75 % 09/2025 09/2031 33.1   33.1   32.7   (2)(9)
YE Brands Holdings, LLC (13) Sports camp operator First lien senior secured revolving loan 8.75 % SOFR (Q) 4.75 % 10/2021 10/2027 0.6   0.6   0.6   (2)(9)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 10/2021 10/2027 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 06/2022 10/2027 7.9   7.9   7.9   (2)(9)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 09/2023 10/2027 3.6   3.6   3.6   (2)(9)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 01/2024 10/2027 2.8   2.8   2.8   (2)(9)
15.0   15.0  
ZBS Mechanical Group Co-Invest Fund 2, LLC and ZBS Mechanical Group Co-Invest II Fund 2, LLC Provider of residential HVAC and plumbing services Membership interest 10/2021 2,771,000 1.4   7.3  
Membership interest 02/2025 264,161 0.3   1.4  
1.7   8.7  

1,570.4   1,602.7   11.19 %
Consumer Distribution and Retail

See accompanying notes to consolidated financial statements.
45

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
Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. Manufacturer and distributor of specialty bakery ingredients First lien senior secured loan 8.78 % SOFR (M) 4.50 % 07/2023 09/2028 16.1   16.1   16.1   (2)(9)
Second lien senior secured loan 11.28 % SOFR (M) 7.00 % 09/2021 09/2029 29.5   29.5   29.5   (2)(9)
Class A preferred units 8.00 % PIK
09/2021 08/2051 5,484 7.6   9.2   (2)
Series A preferred shares 11.00 % PIK
09/2021 08/2051 21,921 34.3   34.3   (2)
87.5   89.1  
Bamboo Purchaser, Inc. Provider of nursery, garden, and greenhouse products First lien senior secured loan 11/2021 11/2027 17.4   17.4   5.9   (2)(8)
BGI Purchaser, Inc. (13) Developer and manufacturer of customized natural and clean flavorings for the food & beverage end market First lien senior secured revolving loan 8.20 % SOFR (Q) 4.00 % 05/2024 05/2030 12.6   12.6   12.6   (2)(9)
First lien senior secured loan 9.20 % SOFR (Q) 5.00 % 05/2024 05/2031 10.5   10.5   10.5   (2)(9)
23.1   23.1  
Blazing Star Parent, LLC Retail pharmacy provider First lien senior secured loan 11.20 % SOFR (Q) 7.00 % 08/2025 08/2030 100.7   100.7   99.2   (2)(9)
BR PJK Produce, LLC Specialty produce distributor First lien senior secured loan 10.69 % SOFR (Q) 6.25 % 12/2023 11/2027 4.0   4.0   4.0   (2)(9)
First lien senior secured loan 10.69 % SOFR (Q) 6.25 % 09/2024 11/2027 0.7   0.7   0.7   (2)(9)
4.7   4.7  
BradyPlus Holdings, LLC (13) Distributor of foodservice disposables and janitorial sanitation products First lien senior secured loan 9.31 % SOFR (Q) 5.00 % 10/2023 10/2029 128.2   128.2   128.2   (2)(9)
City Line Distributors LLC and City Line Investments LLC (13) Specialty food distributor First lien senior secured loan 10.54 % SOFR (Q) 6.00 % 08/2023 08/2028 4.4   4.4   4.4   (2)(9)
Class A units 8.00 % PIK
08/2023 4,172,852 4.9   5.3   (2)
9.3   9.7  
DecoPac, Inc. and KCAKE Holdings Inc. (13) Supplier of cake decorating solutions and products to in-store bakeries First lien senior secured revolving loan 9.43 % SOFR (M) 5.25 % 05/2021 05/2030 5.5   5.5   5.5   (2)(9)
First lien senior secured loan 9.41 % SOFR (M) 5.25 % 09/2024 05/2030 170.5   170.5   170.5   (2)(9)
Common stock 05/2021 9,599 7.4   14.5   (2)
183.4   190.5  
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. (13) Provider of visual communications solutions First lien senior secured revolving loan 10.26 % SOFR (M) 6.00 % 03/2019 03/2026 0.6   0.6   0.6   (2)(9)
First lien senior secured loan 10.26 % SOFR (M) 6.00 % 03/2019 03/2026 15.2   15.2   15.2   (2)(9)
First lien senior secured loan 10.26 % SOFR (M) 6.00 % 08/2019 03/2026 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 10.26 % SOFR (M) 6.00 % 06/2021 03/2026 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 10.26 % SOFR (M) 6.00 % 01/2024 03/2026 8.0   8.0   8.0   (2)(9)
Common units 03/2019 600 0.6   1.1   (2)
24.6   25.1  
FS Squared Holding Corp. and FS Squared, LLC (13) Provider of on-site vending and micro market solutions First lien senior secured revolving loan 12/2024 12/2030 —   —   —   (2)(9)(11)
First lien senior secured loan 8.93 % SOFR (Q) 4.75 % 12/2024 12/2030 87.7   87.7   87.7   (2)(9)
87.7   87.7  

See accompanying notes to consolidated financial statements.
46

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
GPM Investments, LLC and ARKO Corp. Convenience store operator Common stock 12/2020 2,088,478 19.8   9.5   (16)
Warrant to purchase common stock 12/2020 12/2025 1,088,780 1.6   —   (2)(16)
21.4   9.5  
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP (13) Distributor of HVAC, plumbing, and water heater equipment, parts, supplies and fixtures First lien senior secured revolving loan 8.82 % SOFR (Q) 4.50 % 11/2023 11/2029 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 10.32 % SOFR (Q) 6.00 % 11/2023 11/2029 5.2   5.2   5.2   (2)(9)
Limited partnership interest 11/2023 5,441,000 5.9   6.7   (2)
11.2   12.0  
LJ Perimeter Buyer, Inc. and LJ Perimeter Co-Invest, L.P. (14) Distributor of specialty foods First lien senior secured loan 10.93 % SOFR (Q) 6.50 % 10/2022 10/2028 39.2   39.2   36.1   (2)(9)
Limited partnership interests 10/2022 9,683,991 9.7   3.3   (2)
48.9   39.4  
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC Distributor of OEM appliance aftermarket parts First lien senior secured loan 8.19 % SOFR (Q) 3.75 % 06/2021 06/2028 0.4   0.4   0.3   (2)(9)
First lien senior secured loan 8.19 % SOFR (Q) 3.75 % 12/2021 06/2028 0.2   0.2   0.2   (2)(9)
Class A common units 06/2021 5,796 6.1   —   (2)
6.7   0.5  
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP (13) Auto parts retailer First lien senior secured revolving loan 7.27 % SOFR (Q) 3.25 % 05/2021 05/2028 1.4   1.4   1.4   (2)(12)
Series A preferred stock 7.00 % PIK
05/2021 68,601 93.2   93.2   (2)
Class A-1 units 05/2021 24,586 24.6   40.0   (2)
119.2   134.6  
Monolith Brands Group, Inc. E-commerce platform focused on consolidating DTC branded businesses Series A-1 preferred stock 04/2022 701,255 15.5   —   (2)
Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP Operator of retail and wholesale tree and plant nurseries Limited partnership interests 10/2021 21,939,152 20.8   18.2  
Mountaineer Merger Corporation (13) Discount retailer that specialized in apparel, housewares, accessories, and a selection of other products First lien senior secured revolving loan 9.31 % SOFR (Q) 5.00 % 10/2024 10/2027 5.3   5.1   5.0   (2)
Mr. Greens Intermediate, LLC, Florida Veg Investments LLC, MRG Texas, LLC and Restaurant Produce and Services Blocker, LLC (13) Produce distribution platform First lien senior secured revolving loan 10.01 % SOFR (Q) 5.75 % 05/2023 05/2031 1.6   1.6   1.6   (2)(9)(12)
First lien senior secured loan 10.17 % SOFR (Q) 5.75 % 05/2023 05/2031 10.0   10.0   10.0   (2)(9)
First lien senior secured loan 10.17 % SOFR (Q) 5.75 % 06/2025 05/2031 2.4   2.4   2.4   (2)(9)

See accompanying notes to consolidated financial statements.
47

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
Class B limited liability company interest 05/2023 3.64 % 9.6   8.8   (2)
23.6   22.8  
North Haven Falcon Buyer, LLC and North Haven Falcon Holding Company, LLC Manufacturer of aftermarket golf cart parts and accessories First lien senior secured loan 05/2021 05/2027 28.7   25.6   12.3   (2)(8)
Class A units 05/2021 50,000 5.0   —  
30.6   12.3  
Phoenix YW Buyer, Inc. and Phoenix YW Parent, Inc. (13) Distributor and marketer of personal care products First lien senior secured loan 8.91 % SOFR (M) 4.75 % 05/2024 05/2030 50.3   50.3   50.3   (2)(6)(9)
Class B common stock 8.00 % PIK
05/2024 2,215 2.5   8.6   (2)(6)
52.8   58.9  
Reddy Ice LLC (13) Packaged ice manufacturer and distributor First lien senior secured revolving loan 11.75 % Base Rate (Q) 4.50 % 04/2024 04/2029 1.8   1.7   1.8   (2)(9)(12)
First lien senior secured revolving loan 9.66 % SOFR (M) 5.50 % 04/2024 04/2029 3.1   2.8   3.1   (2)(9)(12)
First lien senior secured revolving loan 11.75 % Base Rate (Q) 4.50 % 04/2024 04/2029 3.0   3.0   3.0   (9)
First lien senior secured loan 9.79 % SOFR (Q) 5.50 % 04/2024 04/2029 125.6   125.6   125.6   (2)(9)
133.1   133.5  
Royal Borrower, LLC and Royal Parent, LP (13) Distributor of fresh produce and dairy products First lien senior secured revolving loan 07/2024 07/2030 —   —   —   (2)(9)(11)
First lien senior secured loan 9.43 % SOFR (M) 5.25 % 07/2024 07/2030 20.5   20.5   20.5   (2)(9)
Class A preferred units 10.00 % PIK
07/2024 2,255,000 2.6   2.3  
23.1   22.8  
SFE Intermediate Holdco LLC Provider of outsourced foodservice to K-12 school districts First lien senior secured loan 10.20 % SOFR (M) 5.75 % 07/2017 07/2026 6.1   6.1   6.1   (2)(9)
First lien senior secured loan 10.20 % SOFR (M) 5.75 % 09/2018 07/2026 9.8   9.8   9.8   (2)(9)
First lien senior secured loan 10.20 % SOFR (M) 5.75 % 03/2022 07/2026 0.4   0.4   0.4   (2)(9)
16.3   16.3  
Shur-Co Acquisition, Inc. and Shur-Co Holdco, Inc. Provider of tarp systems and accessories for trucks, trailers, carts, and specialty equipment used in the agriculture, construction and flatbed markets First lien senior secured loan 9.66 % SOFR (M) 5.50 % 06/2021 07/2030 31.2   31.2   31.2   (2)(9)
First lien senior secured loan 9.66 % SOFR (M) 5.50 % 06/2022 07/2030 0.5   0.5   0.5   (2)(9)
First lien senior secured loan 9.66 % SOFR (M) 5.50 % 03/2023 07/2030 6.1   6.1   6.1   (2)(9)
First lien senior secured loan 9.66 % SOFR (M) 5.50 % 05/2024 07/2030 12.6   12.6   12.6   (2)(9)
First lien senior secured loan 9.66 % SOFR (M) 5.50 % 08/2024 07/2030 5.4   5.4   5.4   (2)(9)
Common stock 06/2021 75,990 7.6   16.8   (2)
63.4   72.6  
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P. (13) Producer and packager of compressed, household, and packaged salt First lien senior secured loan 9.40 % SOFR (Q) 5.25 % 07/2021 07/2028 23.8   23.8   23.8   (2)(9)
Limited partner interests 07/2021 0.42 % 0.8   1.5   (2)

See accompanying notes to consolidated financial statements.
48

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
24.6   25.3  
VRS Buyer, Inc. (13) Provider of on-site mobile and rail re-fueling solutions First lien senior secured loan 9.08 % SOFR (Q) 4.75 % 07/2025 07/2032 109.5   109.5   108.4   (2)(9)
Worldwide Produce Acquisition, LLC and REP WWP Coinvest IV, L.P. (13)(14) Fresh and specialty food distributor First lien senior secured revolving loan 11.03 % SOFR (Q) 6.75 % 02/2023 01/2029 0.3   0.3   0.2   (2)(9)(12)
First lien senior secured loan 11.91 % ( 5.25 % PIK)
SOFR (M) 7.75 % 02/2023 01/2029 8.4   8.4   7.4   (2)(9)
Common units 01/2023 1,673,000 1.7   —  
10.4   7.6  
ZB Holdco LLC and ZB TopCo LLC (13) Distributor of Mediterranean food and beverages First lien senior secured revolving loan 9.89 % SOFR (Q) 5.75 % 02/2022 02/2028 6.3   6.3   6.3   (2)(9)(12)
First lien senior secured loan 9.90 % SOFR (Q) 5.75 % 02/2022 02/2028 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 9.92 % SOFR (Q) 5.75 % 08/2023 02/2028 8.6   8.6   8.6   (2)(9)
First lien senior secured loan 10.02 % SOFR (Q) 5.75 % 03/2024 02/2028 14.6   14.6   14.6   (2)(9)
First lien senior secured loan 10.23 % SOFR (Q) 5.75 % 01/2025 02/2028 7.5   7.5   7.5   (2)(9)
First lien senior secured loan 10.15 % SOFR (Q) 5.75 % 05/2025 02/2028 7.4   7.4   7.4   (2)(9)
Series A units 06/2023 4,699 3.0   8.4   (2)
47.6   53.0  

1,450.4   1,415.9   9.89 %
Sports, Media and Entertainment
22 HoldCo Limited Sports and entertainment platform Senior subordinated loan 11.75 % PIK
SONIA (S) 7.50 % 08/2023 08/2033 69.1   65.5   69.1   (2)(6)(9)
3 Step Sports LLC (13) Provider of integrated youth sports solutions First lien senior secured loan 12.01 % ( 1.50 % PIK)
SOFR (Q) 8.00 % 10/2023 10/2029 12.5   12.5   12.3   (2)(9)
Aventine Intermediate LLC & Aventine Holdings II LLC Media and production company First lien senior secured loan 10.10 % ( 3.50 % PIK)
SOFR (Q) 6.00 % 12/2021 06/2029 6.3   6.3   6.0   (2)(9)
Second lien senior secured loan 10.25 % PIK
12/2021 12/2030 50.6   50.6   39.4   (2)
56.9   45.4  
Axiomatic, LLC Premiere e-sports and video game investment platform Class A-1 units 05/2022 500,000 4.7   5.9  
Bad Vibes Forever, LLC and Bad Vibes Forever Publishing, LLC The estate and entity that owns the music copyright of the artist XXXTentacion First lien senior secured loan 9.68 % SOFR (S) 5.50 % 06/2025 06/2032 20.4   20.4   20.1   (2)(9)
CFC Funding LLC SME-related SPV Loan instrument units 9.75 % PIK
07/2023 16,680 20.2   20.2   (6)
CMW Parent LLC (fka Black Arrow, Inc.) Multiplatform media firm Series A units 09/2015 32 —   —  
Dundee Eros, LP Catalog of premier music intellectual property Limited partnership interest 11/2024 4,803,441 4.8   4.5   (2)
Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited Multi-club sports platform Senior subordinated loan 19.00 % PIK
12/2022 12/2028 0.7   0.7   0.7   (2)(6)
Senior subordinated loan 12/2022 12/2028 57.2   57.2   32.8   (2)(6)(8)
Senior subordinated loan 07/2025 01/2027 7.4   6.7   4.2   (2)(6)(8)
Ordinary shares 09/2023 494 4.4   —   (2)(6)

See accompanying notes to consolidated financial statements.
49

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
Warrant to purchase shares of ordinary shares 12/2022 11/2028 180 —   —   (2)(6)
Warrant to purchase shares of ordinary shares 12/2022 11/2028 199 —   —   (2)(6)
69.0   37.7  
FEH Group, LLC. Professional sports team and entertainment complex Class A common interest 12/2024 26 182.7   208.6  
Class A common interest 12/2024 26 5.3   6.1  
Class A common interest 12/2024 26 1.3   1.5  
189.3   216.2  
Fever Labs, Inc. (13) Technology led marketing and ticketing platform for live events First lien senior secured revolving loan 11.00 % 08/2024 11/2028 10.0   10.0   10.0   (2)
First lien senior secured loan 11.00 % 05/2024 11/2028 16.9   16.0   16.9   (2)
Series B redeemable preferred stock 13.50 % PIK
06/2025 8,824 9.2   9.2   (2)
Series E-5 Convertible Shares 08/2024 217,907 0.9   1.2   (2)
Warrant to purchase shares of common stock 06/2025 06/2035 177,076 —   —   (2)
36.1   37.3  
Global Music Rights, LLC (13) Music right management company First lien senior secured loan 8.50 % SOFR (Q) 4.50 % 12/2024 12/2031 220.9   220.9   220.9   (2)(9)
GSM Rights Fund II LP (14) Private investment firm specializing in music rights and IP assets Class B Interest 03/2025 03/2031 2,242,422 2.2   2.2   (6)
League One Volleyball Clubs, LLC and League One Volleyball, Inc. Operator of youth volleyball clubs Series B preferred stock 07/2023 194 —   —   (2)
Series C preferred stock 09/2024 67 —   —   (2)
Warrant to purchase shares of common stock 01/2025 01/2030 8 —   —   (2)
—   —  
Legends Hospitality Holding Company, LLC, ASM Buyer, Inc., Legends ASM Holdco I, LLC, and Stadium Coinvest (B)-III, L.P. (13) Hospitality platform provider of premium experiential services First lien senior secured revolving loan 9.16 % SOFR (M) 5.00 % 08/2024 08/2030 1.1   1.1   1.1   (2)(9)(12)
First lien senior secured loan 9.19 % SOFR (Q) 5.00 % 08/2024 08/2031 2.1   2.1   2.1   (2)(9)
First lien senior secured loan 9.71 % ( 2.75 % PIK)
SOFR (Q) 5.50 % 08/2024 08/2031 57.9   57.9   57.9   (2)(9)
Limited partnership interest 02/2025 6,555,000 6.7   7.1   (2)
67.8   68.2  
LiveBarn Inc. Provider of Live & On Demand broadcasting of amateur and youth sporting events Middle preferred shares 08/2023 4,902,988 17.3   25.9   (2)(6)
Miami Beckham United LLC American professional soccer club Class A preferred units 9.50 % PIK
09/2021 85,000 122.0   122.0  
Class B preferred units 9.50 % PIK
06/2023 42,500 52.5   52.5  

See accompanying notes to consolidated financial statements.
50

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
174.5   174.5  
Production Resource Group, L.L.C. and PRG III, LLC (4) Provider of rental equipment, labor, production management, scenery, and other products to various entertainment end-markets First lien senior secured loan 11.65 % PIK
SOFR (Q) 7.50 % 07/2020 08/2029 17.5   17.4   17.5   (2)(9)
First lien senior secured loan 11.65 % PIK
SOFR (Q) 7.50 % 06/2021 08/2029 1.0   1.0   1.0   (2)(9)
First lien senior secured loan 11.65 % PIK
SOFR (Q) 7.50 % 08/2021 08/2029 8.6   8.6   8.6   (2)(9)
First lien senior secured loan 11.65 % PIK
SOFR (Q) 7.50 % 05/2024 08/2029 29.8   29.6   29.8   (2)(9)
First lien senior secured loan 11.65 % PIK
SOFR (Q) 7.50 % 03/2025 08/2029 2.7   2.7   2.7   (2)(9)
First lien senior secured loan 11.96 % PIK
SOFR (M) 7.50 % 04/2025 08/2029 2.7   2.6   2.7   (2)(9)
First lien senior secured loan 9.97 % PIK
SOFR (Q) 5.50 % 07/2025 08/2029 2.5   2.5   2.5   (2)(9)
First lien senior secured loan 08/2018 08/2029 56.3   51.6   16.3   (2)(8)
Class A units 10/2020 113,617 4.9   —   (2)
120.9   81.1  
Professional Fighters League, LLC and PFL MMA, Inc. Mixed martial arts league First lien senior secured loan 14.00 % PIK
01/2021 01/2026 24.6   24.5   24.6   (2)
Second lien senior secured loan 16.00 % PIK
11/2022 01/2026 0.2   0.2   0.2   (2)
Series E preferred stock 04/2022 219,035 0.7   0.7   (2)
Warrant to purchase shares of common stock 01/2021 01/2027 3,223,122 1.7   —   (2)
Warrant to purchase shares of common stock 11/2022 11/2029 68,787 0.2   —   (2)
27.3   25.5  
Sandlot Action Sports, LLC Youth sports platform Common units 05/2024 3,384 —   —  
Shout! Factory, LLC (13) Multi-platform media company specialized in film and TV distribution, development and production First lien senior secured revolving loan 9.25 % SOFR (Q) 5.25 % 07/2025 06/2031 0.4   0.4   0.4   (2)(9)
First lien senior secured loan 9.25 % SOFR (Q) 5.25 % 07/2025 06/2031 18.3   18.3   18.0   (2)(9)
18.7   18.4  
South Florida Motorsports, LLC Professional sporting event Class A common interest 12/2024 26 5.5   5.5  
Storm Investment S.a.r.l. and Atletico Holdco, S.L. Spanish soccer club First lien senior secured loan 3.75 % 06/2021 06/2029 72.4   73.6   72.4   (2)(6)
Class A redeemable shares 06/2021 3,297,791 1.6   7.5   (2)(6)
Class B redeemable shares 06/2021 3,297,791 1.6   7.5   (2)(6)
Class C redeemable shares 06/2021 3,297,791 1.6   7.5   (2)(6)
Class D redeemable shares 06/2021 3,297,791 1.6   7.5   (2)(6)
Class E redeemable shares 06/2021 3,297,791 1.6   7.5   (2)(6)
Class F redeemable shares 06/2021 3,297,791 1.6   7.5   (2)(6)

See accompanying notes to consolidated financial statements.
51

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
Class G redeemable shares 06/2021 3,297,791 1.6   7.5   (2)(6)
Class H redeemable shares 06/2021 3,297,791 1.6   7.5   (2)(6)
Class I redeemable shares 06/2021 3,297,791 1.6   7.5   (2)(6)
Ordinary shares 06/2021 3,958 —   0.7   (2)(6)
88.0 140.6
The Teaching Company Holdings, Inc. Education publications provider Preferred stock 09/2006 10,663 1.1   2.3   (2)
Common stock 09/2006 15,393 —   —   (2)
1.1   2.3  
WRE Sports Investments LLC Professional sports club First lien senior secured loan 11.00 % ( 5.50 % PIK)
07/2024 07/2031 27.4   27.4   27.4   (2)

1,251.0   1,261.2   8.81 %
Investment Funds and Vehicles
ACAS Equity Holdings Corporation (5) Investment company Common stock 01/2017 589 0.4   0.5   (6)
Constellation Wealth Capital Fund, L.P. (14) Specialist alternative asset management platform Limited partner interests 01/2024 4,504,728 4.1   4.5   (6)(16)
CREST Exeter Street Solar 2004-1 Investment vehicle Preferred shares 01/2017 06/2039 3,500,000 —   —   (6)
CWC Fund I Co-Invest (ALTI) LP Global wealth and alternatives manager Limited partnership interest 03/2024 6,224,000 6.2   7.2   (2)(6)
European Capital UK SME Debt LP (4) Investment partnership Limited partnership interest 01/2017 44.73 % —   0.2   (6)
HCI Equity, LLC (5) Investment company Member interest 04/2010 100.00 % —   —   (6)(16)
Linden Structured Capital Fund II-A LP (14) Investment partnership Limited partnership interest 07/2024 1,191,069 0.9   0.9   (2)(6)(16)
Partnership Capital Growth Investors III, L.P. (4) Investment partnership Limited partnership interest 10/2011 11.50 % 0.7   3.4   (2)(6)(16)
PCG-Ares Sidecar Investment, L.P. (4)(14) Investment partnership Limited partnership interest 05/2014 99.80 % 4.5   0.4   (6)(16)
PCG-TAC-CV, LP (5) Investment partnership Limited partnership interest 01/2025 99.80 % —   6.9   (2)(6)(16)
Piper Jaffray Merchant Banking Fund I, L.P. Investment partnership Limited partnership interest 08/2012 2.02 % 0.1   0.6   (6)(16)
Senior Direct Lending Program, LLC (5)(15) Co-investment vehicle Subordinated certificates 11.98 % SOFR (Q) 8.00 % 07/2016 12/2036 1,052.3   1,048.4   1,041.9   (6)(10)
Member interest 87.50 % —   —   (6)
1,048.4   1,041.9  

1,065.3   1,066.5   7.45 %
Capital Goods
AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. (13) Manufacturer of commercial refrigeration and foodservice equipment First lien senior secured revolving loan 10.70 % SOFR (S) 6.50 % 08/2025 08/2030 1.3   1.3   1.3   (2)(6)(9)
First lien senior secured loan 10.70 % SOFR (Q) 6.50 % 08/2025 08/2030 35.2   35.2   34.7   (2)(6)(9)
36.5   36.0  

See accompanying notes to consolidated financial statements.
52

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
AI Aqua Merger Sub, Inc. End to end provider of water solutions to a wide range of customer bases First lien senior secured loan 7.28 % SOFR (M) 3.00 % 12/2024 07/2028 1.0   1.0   1.0   (2)(9)(16)
Airx Climate Solutions, Inc. (13) Provider of commercial HVAC equipment and services First lien senior secured loan 9.95 % SOFR (Q) 5.75 % 11/2023 11/2029 9.8   9.8   9.8   (2)(9)
First lien senior secured loan 9.20 % SOFR (Q) 5.00 % 07/2024 11/2029 9.6   9.6   9.5   (2)(9)
19.4   19.3  
Align Precision Group, LLC and Align Precision Topco, L.P. (13) Manufacturer of precision machined components for defense and high-tech industrial platforms First lien senior secured loan 10.78 % PIK
SOFR (Q) 6.75 % 07/2025 07/2030 14.0   14.0   14.0   (2)(9)
Class A-2 Units 07/2025 6,310 —   0.4   (2)
14.0   14.4  
Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC Provider of military aircraft aftermarket parts and distribution, repair and logistics services First lien senior secured loan 9.76 % SOFR (M) 5.50 % 05/2025 05/2030 2.8   1.9   2.8   (2)(9)
First lien senior secured loan 10.92 % ( 2.00 % PIK)
SOFR (M) 6.50 % 05/2025 05/2030 0.5   0.1   0.1   (2)(9)
First lien senior secured loan 11.16 % ( 6.00 % PIK)
SOFR (M) 7.00 % 05/2025 05/2030 1.6   0.4   0.4   (2)(9)
First lien senior secured loan 9.76 % SOFR (M) 5.50 % 06/2025 05/2030 0.3   0.3   0.3   (2)(9)
Membership Interest 05/2025 4,015 —   —   (2)
2.7   3.6  
Arrowhead Holdco Company and Arrowhead GS Holdings, Inc. Distributor of non-discretionary, mission-critical aftermarket replacement parts First lien senior secured loan 6.65 % SOFR (Q) 2.50 % 08/2021 08/2028 0.1   0.1   0.1   (2)(9)
Common stock 08/2021 5,054 5.1   —   (2)
5.2   0.1  
BGIF IV Fearless Utility Services, Inc. (13) Maintenance and installation service provider for electric transmission and distribution infrastructure First lien senior secured revolving loan 06/2024 06/2030 —   —   —   (2)(9)(11)
First lien senior secured loan 9.14 % SOFR (M) 5.00 % 06/2024 06/2031 35.0   35.0   35.0   (2)(9)
35.0   35.0  
Burgess Point Purchaser Corporation Remanufacturer of mission-critical and non-discretionary aftermarket vehicle, industrial, energy storage, and solar replacement parts First lien senior secured loan 9.51 % SOFR (M) 5.25 % 07/2022 07/2029 21.7   20.8   18.7   (2)(9)(16)
CPIG Holdco Inc. Distributor of engineered fluid power and complex machined solutions First lien senior secured loan 11.39 % SOFR (Q) 7.00 % 04/2023 04/2028 14.5   14.5   14.5   (2)(9)
DFS Holding Company, Inc. Distributor of maintenance, repair, and operations parts, supplies, and equipment to the foodservice industry First lien senior secured loan 11.16 % SOFR (M) 7.00 % 01/2023 01/2029 2.1   2.0   2.0   (2)(9)
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP (13) Provider of aerospace technology and equipment First lien senior secured revolving loan 10.94 % SOFR (Q) 6.50 % 12/2020 12/2027 3.2   3.2   3.2   (2)(9)
First lien senior secured loan 10.94 % SOFR (Q) 6.50 % 12/2020 12/2027 25.4   25.4   25.4   (2)(9)
Common units 12/2020 9,773,000 9.8   16.2  

See accompanying notes to consolidated financial statements.
53

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
38.4   44.8  
EIS Legacy Holdco, LLC (13) Distributor of electric applicator components First lien senior secured loan 8.80 % SOFR (Q) 4.50 % 11/2024 11/2031 14.2   14.2   14.2   (2)(9)
ESCP PPG Holdings, LLC (4) Distributor of new equipment and aftermarket parts to the heavy-duty truck industry Class A-1 units 08/2022 96,897 2.3   0.6   (2)
Class A-2 units 12/2016 3,500 3.5   1.0   (2)
5.8   1.6  
Generator US Buyer, Inc. and Total Power Limited (13) Provider of generator-based power solutions First lien senior secured revolving loan 7.70 % CORRA (Q) 5.25 % 07/2024 07/2030 0.1   0.1   0.1   (2)(6)(9)
First lien senior secured loan 7.70 % CORRA (Q) 5.25 % 07/2024 07/2030 5.7   5.7   5.7   (2)(6)(9)
First lien senior secured loan 9.25 % SOFR (Q) 5.25 % 10/2024 07/2030 1.3   1.3   1.3   (2)(6)(9)
7.1   7.1  
Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC (13) Provider of underground utility locating and concrete scanning First lien senior secured revolving loan 10.75 % Base Rate (Q) 3.50 % 01/2025 01/2032 1.2   1.2   1.2   (2)(9)
Member Units 01/2025 20,000,000 20.0   21.7   (2)
21.2   22.9  
GSV Purchaser, Inc. (13) Provider of maintenance, repair, and sales services for commercial emergency power backup generators First lien senior secured loan 8.73 % SOFR (Q) 4.50 % 08/2024 08/2031 0.1   0.1   0.1   (2)(9)
Harvey Tool Company, LLC (13) Manufacturer of cutting tools used in the metalworking industry First lien senior secured loan 8.91 % SOFR (M) 4.75 % 10/2021 08/2032 52.9   52.9   52.7   (2)(9)
First lien senior secured loan 6.91 % Euribor (M) 5.00 % 08/2025 08/2032 8.4   8.3   8.3   (2)(9)
61.2   61.0  
Helix Acquisition Holdings, Inc. Manufacturer of springs, fasteners and custom components First lien senior secured loan 11.26 % SOFR (M) 7.00 % 03/2023 03/2030 11.9   11.9   11.9   (2)(9)
Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC (13) Manufacturer of mission critical, IP-driven avionics products and provider of an integrated suite of pilot training solutions First lien senior secured revolving loan 8.50 % SOFR (Q) 4.50 % 03/2025 03/2032 1.0   1.0   1.0   (2)(9)(12)
First lien senior secured revolving loan 10.75 % Base rate (Q) 3.50 % 03/2025 03/2032 3.0   3.0   3.0   (2)(9)(12)
First lien senior secured loan 8.50 % SOFR (Q) 4.50 % 03/2025 03/2032 48.5   48.5   48.5   (2)(9)
52.5   52.5  
HPCC Parent, Inc. and Patriot Container Corp. (13) Manufacturer of waste handling and recycling equipment First lien senior secured loan 13.00 % ( 7.00 % PIK)
09/2024 09/2030 83.2   83.2   83.2   (2)
Common stock 09/2024 459,208 4.4   4.4   (2)
87.6   87.6  
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation (5) Provider of high-speed intelligent document scanning hardware and software Senior subordinated loan 14.00 % ( 7.00 % PIK)
01/2017 12/2028 19.5   19.3   19.4   (2)
Class A common stock 01/2017 48,544 14.8   67.8  
34.1   87.2  
JSG II, Inc. and Checkers USA, Inc. (13) Manufacturer and supplier of non-PPE safety solutions for compliance-driven end markets First lien senior secured revolving loan 8.66 % SOFR (S) 4.50 % 09/2025 09/2032 0.5   0.5   0.5   (2)(9)

See accompanying notes to consolidated financial statements.
54

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 8.66 % SOFR (S) 4.50 % 09/2025 09/2032 58.0   57.8   57.8   (2)(9)
58.3   58.3  
Kene Acquisition, Inc. and Kene Holdings, L.P. (13) National utility services firm providing engineering and consulting services to natural gas, electric power and other energy and industrial end markets First lien senior secured loan 9.56 % SOFR (Q) 5.25 % 02/2024 02/2031 5.2   5.2   5.2   (2)(9)
Class A units 08/2019 4,549,000 0.5   9.4   (2)
5.7 14.6
LTG Acquisition, Inc. Designer and manufacturer of display, lighting and passenger communication systems for mass transportation markets Class A membership units 01/2017 5,000 5.1   —  
NCWS Intermediate, Inc. and NCWS Holdings LP Manufacturer and supplier of car wash equipment, parts and supplies to the conveyorized car wash market Class A-2 common units 12/2020 12,296,000 12.9   1.1   (2)
OPH NEP Investment, LLC (4) Provider of energy services for multi-family property owners, developers, and managers Senior subordinated loan 10.00 % ( 7.00 % PIK)
05/2024 05/2032 32.0   30.7   31.4   (2)
Senior subordinated loan 10.00 % ( 7.00 % PIK)
03/2025 05/2032 4.3   4.0   4.2   (2)
Class B common units 05/2024 8 1.9   2.8  
36.6   38.4  
Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC Provider of structural integrity management services to transmission and distribution infrastructure Second lien senior secured loan 11.03 % SOFR (M) 6.75 % 06/2021 06/2029 55.3   55.3   53.6   (2)(9)
Paris US Holdco, Inc. & 1001028292 Ontario Inc. (13) Manufacturer of high-tolerance precision machined components and assemblies for the aerospace and defense industry First lien senior secured revolving loan 8.91 % SOFR (M) 4.75 % 12/2024 12/2031 0.2   0.2   0.2   (2)(6)(9)
First lien senior secured loan 8.91 % SOFR (M) 4.75 % 12/2024 12/2031 0.1   0.1   0.1   (2)(6)(9)
0.3   0.3  
Pave America Holding, LLC (13) Provider of high-quality asphalt and concrete services for commercial properties First lien senior secured revolving loan 8.76 % SOFR (M) 4.75 % 08/2025 08/2032 3.3   3.3   3.2   (2)(9)
First lien senior secured loan 9.25 % ( 2.88 % PIK)
SOFR (Q) 5.25 % 08/2025 08/2032 22.5   22.5   22.3   (2)(9)
25.8   25.5  
PumpTech, LLC and Impel CV-B, LP (13)(14) Provider of flow control equipment and related services including pumping products and process solutions for water, wastewater, and industrial applications First lien senior secured revolving loan 8.89 % SOFR (M) 4.75 % 01/2025 01/2031 0.4   0.4   0.3   (2)(9)
First lien senior secured revolving loan 11.00 % Base Rate (Q) 3.75 % 01/2025 01/2031 0.4   0.4   0.3   (2)(9)

See accompanying notes to consolidated financial statements.
55

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 8.90 % SOFR (M) 4.75 % 01/2025 01/2031 12.6   12.6   12.4   (2)(9)
Limited partnership interest 03/2025 752,822 0.8   0.8   (2)
14.2   13.8  
Qnnect, LLC and Connector TopCo, LP Manufacturer of highly engineered hermetic packaging products Limited partnership interests 11/2022 992,500 9.9   19.0   (2)
Radius Aerospace, Inc. and Radius Aerospace Europe Limited (13) Metal fabricator in the aerospace industry First lien senior secured revolving loan 10.29 % ( 0.25 % PIK)
SOFR (S) 6.00 % 03/2019 03/2027 0.7   0.7   0.7   (2)(6)(9)
First lien senior secured revolving loan 9.97 % ( 0.25 % PIK)
SONIA (M) 6.00 % 11/2019 03/2027 2.1   2.0   2.1   (2)(6)(9)
First lien senior secured loan 10.15 % ( 0.25 % PIK)
SOFR (Q) 6.00 % 06/2024 03/2027 9.9   9.9   9.9   (2)(6)(9)
12.6   12.7  
Radwell Parent, LLC (13) Distributor of maintenance, repair, and operations parts First lien senior secured revolving loan 9.50 % SOFR (Q) 5.50 % 12/2022 04/2029 1.2   1.1   1.2   (2)(9)
First lien senior secured loan 9.50 % SOFR (Q) 5.50 % 12/2022 04/2029 0.1   0.1   0.1   (2)(9)
1.2   1.3  
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation (13) Manufacturer of metal castings, precision machined components and sub-assemblies in the electrical products, power transmission and distribution and general industrial markets First lien senior secured revolving loan 10.01 % SOFR (M) 5.75 % 10/2017 12/2027 5.1   5.1   5.1   (2)(9)(12)
First lien senior secured loan 10.01 % SOFR (M) 5.75 % 04/2024 12/2027 3.7   3.7   3.7   (2)(9)
First lien senior secured loan 10.01 % SOFR (M) 5.75 % 03/2025 12/2027 15.0   15.0   15.0   (2)(9)
23.8   23.8  
Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. (13) Provider of aircraft component maintenance, repair, and overhaul services First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 05/2024 05/2031 38.7   38.7   38.7   (2)(9)
Series A common units 05/2024 1,042 1.0   1.7   (2)
39.7   40.4  
Titan BW Borrower L.P. (13) Provider of aftermarket and OEM solutions to the commercial and military aerospace industry First lien senior secured loan 9.45 % ( 2.88 % PIK)
SOFR (Q) 5.25 % 07/2025 07/2032 62.7   62.7   62.0   (2)(9)
Two Six Labs, LLC (13) Provider of information operations, cyber, and data analytics products and services for government and defense contracts First lien senior secured revolving loan 9.25 % SOFR (Q) 5.25 % 05/2022 08/2027 4.9   4.7   4.9   (2)(9)
First lien senior secured loan 10.00 % SOFR (Q) 6.00 % 10/2023 08/2027 8.5   8.5   8.5   (2)(9)
13.2   13.4  
Werner Finco LP Provider of safety access and secure storage products across access equipment, ladders, and truck & van solutions. First lien senior secured loan 9.52 % SOFR (Q) 5.50 % 06/2025 06/2031 110.0   110.0   108.4   (2)(9)

See accompanying notes to consolidated financial statements.
56

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
972.5   1,022.1   7.14 %
Pharmaceuticals, Biotechnology and Life Sciences
Abzena Holdings, Inc. and Astro Group Holdings Ltd. Organization providing discovery, development and manufacturing services to the pharmaceutical and biotechnology industries Class A ordinary shares 05/2021 2,476,744 5.7   4.5   (2)(6)
Alcami Corporation and ACM Note Holdings, LLC (13) Outsourced drug development services provider First lien senior secured loan 11.34 % SOFR (Q) 7.00 % 12/2022 12/2028 9.9   9.9   9.9   (2)(9)
Senior subordinated loan 12.00 % PIK
12/2022 06/2029 23.2   23.2   23.2   (2)
33.1   33.1  
Bamboo US BidCo LLC (13) Biopharmaceutical company First lien senior secured loan 9.56 % SOFR (Q) 5.25 % 09/2023 09/2030 34.1   34.1   34.1   (2)(9)
First lien senior secured loan 9.48 % SOFR (Q) 5.25 % 11/2024 09/2030 3.4   3.4   3.4   (2)(9)
37.5   37.5  
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. (13) Provider of biological products to life science and pharmaceutical companies First lien senior secured revolving loan 9.95 % SOFR (Q) 5.75 % 10/2021 10/2027 2.1   2.1   2.1   (2)(9)
First lien senior secured loan 9.95 % SOFR (Q) 5.75 % 10/2021 10/2028 30.9   30.9   29.7   (2)(9)
First lien senior secured loan 9.95 % SOFR (Q) 5.75 % 06/2023 10/2028 11.3   11.3   10.9   (2)(9)
First lien senior secured loan 9.95 % SOFR (Q) 5.75 % 08/2024 10/2028 6.9   6.9   6.6   (2)(9)
Preferred units 8.00 % PIK
10/2021 10/2051 3,020 4.1   1.4   (2)
Series A preferred shares 13.75 % PIK
10/2021 60,236 104.2   102.1   (2)
Class A common units 10/2021 30,500 —   —   (2)
159.5   152.8  
Creek Parent, Inc. and Creek Feeder, L.P. (13) Provider of delivery technologies, development, drug manufacturing, biologics, gene therapies and consumer health products First lien senior secured revolving loan 12/2024 12/2031 —   —   —   (2)(9)
First lien senior secured loan 9.14 % SOFR (M) 5.00 % 12/2024 12/2031 207.6   207.6   207.6   (2)(9)
Limited partnership interest 12/2024 6,891,000 6.9   9.9   (2)
214.5   217.5  
Gula Buyer Inc. and Gula Co-Invest II, L.P. Distributor and manufacturer of veterinarian-grade pet prescription medications and health products First lien senior secured loan 8.72 % SOFR (M) 4.50 % 10/2024 10/2031 124.9   124.9   124.9   (2)(9)
Common units 03/2025 434 0.5   0.5   (2)
125.4   125.4  
NMC Skincare Intermediate Holdings II, LLC (13) Developer, manufacturer and marketer of skincare products First lien senior secured revolving loan 10.74 % SOFR (Q) 6.50 % 10/2018 10/2028 1.9   1.9   1.7   (2)(9)
First lien senior secured revolving loan 10.85 % SOFR (Q) 6.50 % 05/2022 10/2028 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 10.94 % ( 1.50 % PIK)
SOFR (Q) 6.50 % 10/2018 10/2028 28.7   28.7   26.7   (2)(9)

See accompanying notes to consolidated financial statements.
57

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 10.94 % ( 1.50 % PIK)
SOFR (Q) 6.50 % 05/2022 10/2028 4.2   4.2   3.9   (2)(9)
35.0   32.5  
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P. Contract research organization providing research and development and testing of medical devices First lien senior secured revolving loan 8.69 % SOFR (Q) 4.50 % 09/2021 03/2027 2.5   2.5   2.5   (2)(9)
First lien senior secured loan 10.17 % SOFR (Q) 6.00 % 09/2020 09/2027 46.2   46.2   46.2   (2)(9)
First lien senior secured loan 10.17 % SOFR (Q) 6.00 % 12/2020 09/2027 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 10.17 % SOFR (Q) 6.00 % 02/2021 09/2027 2.5   2.5   2.5   (2)(9)
First lien senior secured loan 10.17 % SOFR (Q) 6.00 % 09/2021 09/2027 9.2   9.2   9.2   (2)(9)
Senior subordinated loan 11.00 % PIK
03/2023 03/2027 1.8   1.8   1.8   (2)
Class A preferred units 8.00 % PIK
09/2020 13,528 20.1   20.1   (2)
82.4   82.4  
Verista, Inc. (13) Provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector First lien senior secured loan 11.04 % ( 0.75 % PIK)
SOFR (Q) 6.75 % 05/2022 02/2027 0.8   0.8   0.7   (2)(9)
WCI-BXC Purchaser, LLC and WCI-BXC Investment Holdings, L.P. (13) Manufacturer of monoclonal antibodies First lien senior secured loan 10.50 % SOFR (Q) 6.25 % 11/2023 11/2030 4.9   4.9   4.9   (2)(9)
Limited partnership interest 11/2023 1,529,000 1.5   1.6   (2)
6.4 6.5

700.3   692.9   4.84 %
Independent Power and Renewable Electricity Producers
Apex Clean Energy TopCo, LLC (4) Developer, builder and owner of utility-scale wind and solar power facilities Class A common units 11/2021 1,335,610 134.7   225.6  
Class B common units 07/2025 113,136 11.3   19.1  
146.0   244.7  
BNZ TopCo B.V. (13) Developer and operator of solar photovoltaic plants Senior subordinated loan 8.25 % Euribor (Q) 6.25 % 10/2024 10/2030 13.3   11.9   13.1   (2)(6)(9)
PosiGen, Inc. Seller and leaser of solar power systems for residential and commercial customers Warrant to purchase shares of series D-1 preferred stock 06/2021 06/2028 7,616 —   —   (2)
Warrant to purchase shares of common stock 01/2020 01/2027 5,560 —   —   (2)
—   —  
Sunrun Atlas Depositor 2019-2, LLC and Sunrun Atlas Holdings 2019-2, LLC Residential solar energy provider First lien senior secured loan 3.61 % 10/2019 02/2055 0.1   0.1   0.1   (2)
Senior subordinated loan 11.21 % ( 7.66 % PIK)
SOFR (Q) 6.90 % 11/2019 11/2026 183.0   183.0   162.8   (2)(9)
183.1   162.9  

See accompanying notes to consolidated financial statements.
58

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
Sunrun Luna Holdco 2021, LLC Residential solar energy provider Senior subordinated loan 11.06 % SOFR (Q) 6.75 % 03/2022 04/2027 150.0   150.0   136.5   (2)(6)(9)
Sunrun Xanadu Issuer 2019-1, LLC and Sunrun Xanadu Holdings 2019-1, LLC Residential solar energy provider First lien senior secured loan 3.98 % 06/2019 06/2054 0.3   0.3   0.2   (2)
Senior subordinated loan 10.90 % ( 6.90 % PIK)
SOFR (Q) 6.90 % 06/2019 07/2030 85.2   85.2   82.6   (2)(9)
85.5 82.8

576.5   640.0   4.47 %
Materials
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC (5)(13) Producer and filler of aluminum beverage cans First lien senior secured loan 9.61 % PIK
SOFR (Q) 5.50 % 02/2025 02/2030 13.9   13.9   13.9   (2)(9)
First lien senior secured loan 11.75 % PIK
Base Rate (Q) 4.50 % 02/2025 02/2030 0.4   0.4   0.4   (2)(9)
Common units 02/2025 268,223 17.6   7.8   (2)
31.9   22.1  
AP Adhesives Holdings, LLC (13) Distributor of industrial adhesives and equipment First lien senior secured loan 9.08 % SOFR (S) 4.75 % 04/2025 04/2032 32.3   32.3   32.0   (2)(9)
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP (13) Manufacturer and supplier of printed packaging and trimmings First lien senior secured revolving loan 10.28 % SOFR (M) 6.00 % 12/2021 12/2027 4.6   4.6   4.6   (2)(9)
First lien senior secured loan 10.57 % SOFR (Q) 6.00 % 12/2021 12/2027 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 10.31 % SOFR (Q) 6.00 % 10/2024 12/2027 3.3   3.3   3.3   (2)(9)
Class A units 12/2021 201,557 20.2   20.5   (2)
28.2   28.5  
Bulab Holdings, Inc. and Buckman PPC Co-Invest LP (13) A privately held, global specialty chemical company that provides process and water treatment chemistry for various industries First lien senior secured loan 6.66 % Euribor (M) 4.75 % 06/2025 07/2032 10.1   10.1   10.0   (2)(9)
First lien senior secured loan 8.91 % SOFR (M) 4.75 % 06/2025 07/2032 52.7   52.7   52.2   (2)(9)
Limited partnership interest 06/2025 1,968,000 2.0   2.0   (2)
64.8   64.2  
Halex Holdings, Inc. (5) Manufacturer of flooring installation products Common stock 01/2017 51,853 —   —  
Meyer Laboratory, LLC and Meyer Parent, LLC (13) Provider of industrial and institutional cleaning chemicals and application systems First lien senior secured revolving loan 12.00 % Base Rate (Q) 4.75 % 02/2024 02/2030 1.8   1.8   1.7   (2)(9)
First lien senior secured loan 9.75 % SOFR (Q) 5.75 % 02/2024 02/2030 31.7   31.7   29.8   (2)(9)
Common units 02/2024 440,000 0.4   0.2  
33.9   31.7  
MP Midco Holdings, LLC and MP Topco Holdings, LLC Food contract manufacturer First lien senior secured loan 10.81 % SOFR (Q) 6.50 % 03/2025 03/2030 9.6   9.6   9.7   (2)(9)(16)
Common units 03/2025 639,359 5.1   12.9   (2)(16)
14.7   22.6  
NCP-MSI Buyer, Inc. and NCP MSI Co-Invest, LP (13)(14) Manufacturing and packaging company for major brands First lien senior secured revolving loan 7.99 % SOFR (Q) 3.75 % 03/2025 03/2031 4.0   4.0   4.0   (2)(9)(12)

See accompanying notes to consolidated financial statements.
59

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 revolving loan 10.00 % Base Rate (Q) 2.75 % 03/2025 03/2031 5.0   5.0   5.0   (9)(12)
First lien senior secured loan 9.05 % SOFR (Q) 4.75 % 03/2025 03/2031 25.4   25.4   25.4   (2)(9)
Limited partnership interest 03/2025 852,666 0.9   0.9   (2)
35.3   35.3  
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V. (13) Manufacturer of thermoformed packaging for medical devices First lien senior secured revolving loan 9.66 % SOFR (M) 5.50 % 03/2024 03/2031 1.7   1.7   1.6   (2)(6)(9)
First lien senior secured revolving loan 7.41 % Euribor (M) 5.50 % 03/2024 03/2031 0.1   0.1   0.1   (2)(6)(9)
First lien senior secured loan 9.66 % SOFR (M) 5.50 % 03/2024 03/2031 16.4   16.4   16.1   (2)(6)(9)
First lien senior secured loan 7.48 % Euribor (Q) 5.50 % 03/2024 03/2031 36.1   33.3   35.4   (2)(6)(9)
Class A units 07/2019 6,762,668 6.8   6.4   (2)(6)
58.3   59.6  
Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C. Developer and manufacturer of absorbent pads for food products First lien senior secured loan 12.63 % ( 1.00 % PIK)
SOFR (S) 8.25 % 12/2020 12/2026 22.3   22.2   22.3   (2)(9)
First lien senior secured loan 12.63 % ( 1.00 % PIK)
SOFR (S) 8.25 % 12/2022 12/2026 0.3   0.3   0.3   (2)(9)
Class A preferred units 12/2020 4,772 4.6   3.9   (2)
Class C units 12/2020 4,772 —   —   (2)
27.1   26.5  
Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC (13) Manufacturer of specialized acrylic and polycarbonate sheets First lien senior secured revolving loan 11.22 % SOFR (M) 7.00 % 05/2025 02/2030 2.1   2.1   2.0   (2)(9)(12)
First lien senior secured loan 12.22 % ( 4.00 % PIK)
SOFR (M) 8.00 % 05/2025 05/2030 262.9   262.9   257.7   (2)(9)
Preferred units 10/2023 841 0.1   —   (2)
Preferred units 05/2025 26,025 0.4   0.4   (2)
Co-Invest units 12/2018 5,969 0.6   0.1   (2)
266.1   260.2  
Precision Concepts Parent Inc., Precision Concepts International LLC, and Precision Concepts Canada Corporation (13) Manufacturer of diversified packaging solutions and plastic injection molded products First lien senior secured loan 8.95 % SOFR (Q) 4.75 % 07/2025 08/2032 18.6   18.6   18.4   (2)(6)(9)
Reagent Chemical & Research, LLC (13) Supplier of liquid hydrochloric acid First lien senior secured revolving loan 04/2024 04/2030 —   —   —   (2)(9)(11)
First lien senior secured loan 9.41 % SOFR (M) 5.25 % 04/2024 04/2031 11.4   11.4   11.4   (2)(9)
11.4   11.4  
SCI PH Parent, Inc. Industrial container manufacturer, reconditioner and servicer Series B shares 08/2018 11 1.1   1.8   (2)
Sterilex LLC (13) Provider of enhanced sanitation technologies and solutions within the food supply chain First lien senior secured loan 9.27 % SOFR (S) 5.25 % 09/2025 09/2030 5.3   5.3   5.2   (2)(9)

629.0   619.5   4.33 %

See accompanying notes to consolidated financial statements.
60

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
Consumer Durables & Apparel
Bowhunter Holdings, LLC Provider of branded archery and bowhunting accessories Common units 04/2014 421 4.2   —  
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. (4) Designer, marketer and distributor of licensed and owned apparel First lien senior secured loan 9.75 % SOFR (Q) 5.50 % 02/2024 08/2029 28.4   26.6   28.4   (2)(9)
Senior subordinated loan 12.25 % PIK
SOFR (Q) 8.00 % 02/2024 02/2031 29.2   27.7   29.2   (2)(9)
Senior subordinated loan 10.75 % SOFR (Q) 6.50 % 02/2024 02/2031 24.0   22.4   24.0   (2)(9)
Class A LP interests 02/2024 6.27 % 2.9   7.3   (2)
79.6   88.9  
DRS Holdings III, Inc. and DRS Holdings I, Inc. (13) Footwear and orthopedic foot-care brand First lien senior secured loan 9.41 % SOFR (M) 5.25 % 03/2025 11/2028 60.5   60.5   60.5   (2)(9)
Common stock 11/2019 8,549 8.5   9.6   (2)
69.0   70.1  
Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. (13) A designer and manufacturer of consumer fashion accessories First lien senior secured revolving loan 9.00 % SOFR (M) 5.00 % 08/2025 08/2030 2.9   2.9   2.8   (2)(6)(9)
Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC (5)(13) Provider of footwear and other accessories First lien senior secured loan 10.01 % ( 4.00 % PIK)
SOFR (Q) 6.00 % 06/2025 10/2028 14.0   14.0   14.0   (2)(9)
First lien senior secured loan 10.31 % PIK
SOFR (S) 6.00 % 07/2025 10/2028 28.0   28.0   28.0   (2)(9)
Common units 07/2025 28,049,368 41.9   42.1   (2)
83.9   84.1  
Johnnie-O Inc. and Johnnie-O Holdings Inc. Apparel retailer First lien senior secured loan 10.69 % SOFR (Q) 6.25 % 03/2022 03/2027 17.5   17.3   17.5   (2)(9)
Series A convertible preferred stock 03/2022 144,210 4.2   5.1   (2)
Warrant to purchase shares of common stock 03/2022 03/2032 93,577 1.5   3.3   (2)
23.0   25.9  
Lew's Intermediate Holdings, LLC (13) Outdoor brand holding company First lien senior secured revolving loan 8.68 % SOFR (M) 4.50 % 02/2021 02/2026 1.7   1.7   1.5   (2)
First lien senior secured loan 9.20 % SOFR (Q) 5.00 % 02/2021 02/2028 1.0   1.0   0.8   (2)(9)
2.7   2.3  
Pelican Products, Inc. (13) Flashlights manufacturer First lien senior secured revolving loan 8.15 % SOFR (Q) 4.00 % 12/2021 12/2026 2.2   2.2   1.9   (2)(9)
Second lien senior secured loan 12.01 % SOFR (Q) 7.75 % 12/2021 12/2029 60.0   60.0   52.8   (2)(9)
62.2   54.7  
Rawlings Sporting Goods Company, Inc. and SEP Diamond Fund, L.P. (13)(14) Sports equipment manufacturing company First lien senior secured revolving loan 8.13 % SOFR (M) 3.75 % 11/2024 11/2029 1.1   1.1   1.1   (2)(9)
First lien senior secured loan 8.90 % SOFR (Q) 4.75 % 12/2020 11/2030 43.4   43.4   43.4   (2)(9)
First lien senior secured loan 8.90 % SOFR (Q) 4.75 % 11/2021 11/2030 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.90 % SOFR (Q) 4.75 % 02/2024 11/2030 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 8.90 % SOFR (Q) 4.75 % 11/2024 11/2030 3.3   3.3   3.3   (2)(9)

See accompanying notes to consolidated financial statements.
61

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 partnership interest 06/2024 11,052,702 11.1   16.1   (2)
64.6   69.6  
Reef Lifestyle, LLC (13) Apparel retailer First lien senior secured revolving loan 12.26 % ( 2.25 % PIK)
SOFR (Q) 8.00 % 10/2018 10/2027 25.9   25.9   25.9   (2)(9)(12)
First lien senior secured revolving loan 12.20 % ( 2.25 % PIK)
SOFR (Q) 8.00 % 07/2020 10/2027 4.5   4.5   4.5   (2)(9)(12)
First lien senior secured loan 12.20 % ( 2.25 % PIK)
SOFR (Q) 8.00 % 10/2018 10/2027 20.1   20.1   20.1   (2)(9)
First lien senior secured loan 12.20 % ( 2.25 % PIK)
SOFR (Q) 8.00 % 07/2020 10/2027 3.8   3.8   3.8   (2)(9)
54.3   54.3  
S Toys Holdings LLC (fka The Step2 Company, LLC) (5) Toy manufacturer Common units 04/2011 1,116,879 —   —  
Class B common units 10/2014 126,278,000 —   —  
Warrant to purchase units 04/2010 12/2050 3,157,895 —   —  
—   —  
Shoes For Crews Global, LLC and Shoes For Crews Holdings, LLC (4)(13) Manufacturer and distributor of slip resistant footwear First lien senior secured loan 10.78 % SOFR (M) 6.50 % 04/2024 07/2029 1.2   1.2   1.2   (2)(9)
First lien senior secured loan 10.78 % SOFR (M) 6.50 % 06/2024 07/2029 6.5   6.5   6.5   (2)(9)
First lien senior secured loan 11.29 % ( 5.00 % PIK)
SOFR (M) 7.00 % 06/2024 07/2029 3.8   3.8   3.8   (2)(9)
Class A common units 06/2024 8,474 10.5   11.7   (2)
22.0   23.2  
Sport Maska Inc. (13) Manufacturer of hockey equipment and related accessories First lien senior secured revolving loan 8.23 % CORRA (M) 5.50 % 12/2024 12/2030 0.6   0.6   0.6   (2)(6)(9)(12)
First lien senior secured revolving loan 9.43 % SOFR (M) 5.25 % 12/2024 12/2030 8.9   9.3   9.3   (2)(6)(9)(12)
First lien senior secured loan 8.04 % CDOR (M) 5.50 % 12/2024 12/2030 36.2   35.1   36.2   (2)(6)(9)
45.0   46.1  
St Athena Global LLC and St Athena Global Holdings Limited (13) Designer and manufacturer of branded premium-quality tableware First lien senior secured revolving loan 9.52 % SOFR (Q) 5.25 % 06/2024 06/2029 0.7   0.7   0.7   (2)(6)(9)
First lien senior secured loan 9.51 % SOFR (Q) 5.25 % 06/2024 06/2030 29.8   29.8   29.2   (2)(6)(9)
First lien senior secured loan 9.22 % SONIA (M) 5.25 % 06/2024 06/2030 18.2   17.0   17.8   (2)(6)(9)
47.5   47.7  
Team Acquisition Corporation (13) Provider of team uniforms and athletic wear First lien senior secured revolving loan 11.31 % SOFR (Q) 7.00 % 01/2024 11/2028 0.7   0.6   0.6   (2)(9)
First lien senior secured loan 11.16 % SOFR (M) 7.00 % 01/2024 11/2029 34.3   33.8   31.2   (2)(9)
34.4   31.8  

595.3   601.5   4.20 %
Food and Beverage
American Seafoods Group LLC and American Seafoods Partners LLC Harvester and processor of seafood Class A units 08/2015 77,922 0.1   —   (2)

See accompanying notes to consolidated financial statements.
62

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
Warrant to purchase units of Class A units 08/2015 08/2035 7,422,078 7.4   4.4   (2)
7.5   4.4  
Badia Spices, LLC (13) Spices & seasonings brand First lien senior secured loan 8.38 % SOFR (S) 4.25 % 11/2024 11/2030 121.4   121.4   121.4   (2)(9)
Berner Food & Beverage, LLC (13) Supplier of dairy-based food and beverage products First lien senior secured revolving loan 10.96 % SOFR (Q) 6.50 % 07/2021 07/2026 0.8   0.8   0.8   (2)(9)
First lien senior secured loan 10.96 % SOFR (Q) 6.50 % 12/2024 07/2027 1.4   1.4   1.4   (2)(9)
2.2   2.2  
Bragg Live Food Products, LLC and SPC Investment Co., L.P. (4) Health food company Common units 03/2019 14,850 8.4   22.3   (2)
CHG PPC Parent LLC & PPC CHG Blocker LLC Diversified food products manufacturer Common units 12/2021 59 3.0   5.1   (2)
Demakes Enterprises, LLC Value-added protein manufacturer First lien senior secured loan 10.00 % SOFR (Q) 6.00 % 12/2023 12/2029 6.2   6.2   6.2   (2)(9)
Florida Food Products, LLC Provider of plant extracts and juices First lien senior secured loan 9.28 % SOFR (M) 5.00 % 10/2021 10/2028 0.4   0.4   0.3   (2)(9)
First lien senior secured loan 9.16 % SOFR (M) 5.00 % 06/2022 10/2028 0.4   0.4   0.3   (2)(9)
Second lien senior secured loan 10/2021 10/2029 71.8   69.5   47.4   (2)(8)
70.3   48.0  
Forward Keystone Holdings, LP (13) Provider of better-for-you breakfast and snacking brand Senior subordinated loan 15.00 % ( 8.00 % PIK)
03/2025 03/2029 25.6   25.6   25.6   (2)
Common units 03/2025 3,852,000 3.9   4.0   (2)
29.5   29.6  
Gotham Greens Holdings, PBC Producer of vegetables and culinary herbs for restaurants and retailers First lien senior secured loan 15.00 % ( 2.00 % PIK)
SOFR (S) 11.13 % 06/2022 12/2026 20.4   20.4   19.8   (9)
First lien senior secured loan 15.00 % ( 2.00 % PIK)
SOFR (S) 11.13 % 06/2022 12/2026 15.9   15.9   15.4   (9)
Series E-1 preferred stock 06/2022 188,605 14.2   —   (2)
Warrant to purchase shares of Series E-1 preferred stock 06/2022 06/2032 78,216 —   —   (2)
50.5   35.2  
HBH Buyer, LLC (13) Food retailer specializing in fully cooked hams and catering services First lien senior secured loan 9.24 % SOFR (S) 5.25 % 09/2025 09/2031 23.9   23.9   23.6   (2)(9)
KNPC HoldCo, LLC Producer of trail mix and mixed nut snack products First lien senior secured loan 10.05 % SOFR (S) 5.75 % 04/2022 10/2029 5.5   5.5   5.5   (2)(9)
First lien senior secured loan 11.30 % SOFR (S) 7.00 % 12/2022 10/2029 1.3   1.3   1.3   (2)(9)
First lien senior secured loan 10.55 % SOFR (S) 6.25 % 11/2023 10/2029 2.7   2.7   2.7   (2)(9)
First lien senior secured loan 10.05 % SOFR (S) 5.75 % 12/2024 10/2029 27.5   27.5   27.5   (2)(9)
37.0   37.0  
Max US Bidco Inc. Manufacturer of premium dry dog food First lien senior secured loan 9.00 % SOFR (Q) 5.00 % 10/2023 10/2030 1.0   0.9   1.0   (2)(16)
Primo Water Holdings Inc / Triton Water Holdings Inc Producer and provider of bottled water brands First lien senior secured loan 6.25 % SOFR (Q) 2.25 % 03/2021 03/2028 1.0   0.9   1.0   (2)(9)(16)
Senior subordinated loan 6.25 % 03/2021 04/2029 0.1   0.1   0.1   (2)(6)(16)
1.0   1.1  

See accompanying notes to consolidated financial statements.
63

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
RB Holdings InterCo, LLC (13) Manufacturer of pet food and treats First lien senior secured revolving loan 9.42 % SOFR (Q) 5.00 % 05/2022 05/2028 0.6   0.6   0.6   (2)(9)
First lien senior secured loan 9.40 % SOFR (Q) 5.00 % 05/2022 05/2028 11.2   11.2   10.9   (2)(9)
11.8   11.5  
Spindrift Beverage Co., Inc. and SBC Aggregator LP (13)(14) Premium flavored sparkling water brand First lien senior secured loan 9.29 % SOFR (Q) 5.00 % 02/2025 02/2032 12.2   12.2   12.2   (2)(9)
Limited partnership units 02/2025 8,739 8.7   11.1   (2)
20.9   23.3  
Sugar PPC Buyer LLC (13) Manufacturer and distributor of food products First lien senior secured loan 9.57 % SOFR (Q) 5.25 % 10/2023 10/2031 15.6   15.6   15.6   (2)(9)
First lien senior secured loan 9.56 % SOFR (Q) 5.25 % 07/2024 10/2031 1.2   1.2   1.2   (2)(9)
16.8   16.8  
Teasdale Foods, Inc. and Familia Group Holdings Inc. Provider of beans, sauces and hominy to the retail, foodservice and wholesale channels First lien senior secured loan 12.11 % ( 3.40 % PIK)
SOFR (Q) 7.65 % 12/2020 12/2027 76.7   76.7   60.6   (2)(9)
Warrant to purchase shares of common stock 02/2019 02/2034 57,827 —   —   (2)
76.7   60.6  
Watermill Express, LLC and Watermill Express Holdings, LLC (13) Owner and operator of self-service water and ice stations First lien senior secured revolving loan 8.82 % SOFR (Q) 4.75 % 04/2021 04/2031 0.3   0.3   0.3   (2)(9)(12)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 04/2021 04/2031 20.6   20.6   20.6   (2)(9)
First lien senior secured loan 8.76 % SOFR (Q) 4.75 % 01/2024 04/2031 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 9.03 % SOFR (Q) 4.75 % 08/2024 04/2031 3.9   3.9   3.9   (2)(9)
First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 04/2025 04/2031 3.7   3.7   3.7   (2)(9)
Class E units 07/2025 45,449 —   —  
34.1   34.1  

522.1   483.4   3.38 %
Automobiles & Components
Automotive Keys Group, LLC and Automotive Keys Investor, LLC Provider of replacement wireless keys for automotive market First lien senior secured loan 10.65 % SOFR (Q) 6.50 % 12/2021 08/2026 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 10.65 % SOFR (Q) 6.50 % 12/2022 08/2026 4.4   4.4   3.8   (2)(9)
Preferred units 11/2020 4,113,113 5.1   0.2   (2)
Preferred units 11/2020 1,095,046 1.1   0.1   (2)
Class A common units 11/2020 5,208,159 —   —   (2)
10.7   4.2  
Collision SP Subco, LLC (13) Provider of auto body collision repair services First lien senior secured revolving loan 8.95 % SOFR (Q) 4.75 % 01/2024 01/2030 0.2   0.2   0.2   (2)(9)
First lien senior secured loan 9.04 % SOFR (S) 4.75 % 01/2024 01/2030 9.8   9.8   9.8   (2)(9)
First lien senior secured loan 9.04 % SOFR (Q) 4.75 % 04/2025 01/2030 0.2   0.2   0.2   (2)(9)
10.2   10.2  

See accompanying notes to consolidated financial statements.
64

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
Continental Acquisition Holdings, Inc. Distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets First lien senior secured loan 01/2021 07/2028 40.3   37.0   22.6   (2)(8)
First lien senior secured loan 12/2021 07/2028 6.1   5.5   3.4   (2)(8)
Class A units 07/2025 52,073 —   —   (2)
42.5   26.0  
Faraday Buyer, LLC (13) Manufacturer and supplier for the power utility and automotive markets worldwide First lien senior secured loan 10.00 % SOFR (Q) 6.00 % 10/2022 10/2028 54.5   54.5   54.5   (2)(9)
First lien senior secured loan 10.00 % SOFR (Q) 6.00 % 11/2023 10/2028 7.8   7.8   7.8   (2)(9)
62.3   62.3  
Faraday&Future Inc., FF Inc., Faraday SPE, LLC and Faraday Future Intelligent Electric Inc. Electric vehicle manufacturer Warrant to purchase shares of Class A common stock 08/2021 08/2027 27,824,527 2.3   —   (2)
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC (13) Manufacturer and distributor of automotive fluids Co-invest units 11/2020 59,230 5.9   11.7   (2)
New ChurcHill HoldCo LLC and Victory Topco, LP (13) Operator of collision repair centers First lien senior secured loan 9.50 % SOFR (Q) 5.50 % 11/2023 11/2029 19.5   19.5   19.5   (2)(9)
Class A-2 common units 11/2023 20,170 2.0   4.7   (2)
21.5   24.2  
Sun Acquirer Corp. and Sun TopCo, LP (13) Automotive parts and repair services retailer First lien senior secured revolving loan 09/2021 09/2027 —   —   —   (2)(11)
First lien senior secured loan 8.66 % SOFR (M) 4.50 % 09/2021 09/2028 52.4   52.2   52.4   (2)(9)
First lien senior secured loan 8.66 % SOFR (M) 4.50 % 11/2021 09/2028 9.2   9.1   9.2   (2)(9)
First lien senior secured loan 8.66 % SOFR (M) 4.50 % 06/2022 09/2028 12.2   12.2   12.2   (2)(9)
First lien senior secured loan 8.66 % SOFR (M) 4.50 % 11/2024 09/2028 5.9   5.9   5.9   (2)(9)
Class A units 09/2021 79,688 8.0   12.0   (2)
87.4   91.7  
Telle Tire & Auto Service, LLC and Next Horizon Capital TireCo SPV, LP (13) Provider of automobile parts and auto repair services First lien senior secured revolving loan 9.14 % SOFR (S) 4.75 % 03/2025 03/2031 0.2   0.2   0.2   (2)(9)
First lien senior secured revolving loan 11.00 % Base Rate (Q) 3.75 % 03/2025 03/2031 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.93 % SOFR (S) 4.75 % 03/2025 03/2031 3.7   3.7   3.7   (2)(9)
First lien senior secured loan 8.67 % SOFR (S) 4.75 % 07/2025 03/2031 2.5   2.5   2.5   (2)(9)
Limited partnership interests 03/2025 330,000 0.3   0.3  
6.8   6.8  
Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP (13) Provider of global transportation safety and productivity applications First lien senior secured revolving loan 06/2025 02/2031 —   —   —   (2)(9)(11)
First lien senior secured loan 9.14 % SOFR (M) 5.00 % 06/2025 02/2032 147.4   147.4   147.4   (2)(9)
Class A units 09/2025 55,220 5.5   5.5   (2)
152.9   152.9  

See accompanying notes to consolidated financial statements.
65

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

402.5   390.0   2.72 %
Household & Personal Products
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. (13) Provider of personal care appliances First lien senior secured loan 10.51 % ( 0.50 % PIK)
SOFR (M) 6.25 % 12/2021 12/2027 3.7   3.7   3.4   (2)(9)
Common stock 12/2021 6,149 6.1   2.6   (2)
9.8   6.0  
Foundation Consumer Brands, LLC (13) Pharmaceutical holding company of over the counter brands First lien senior secured loan 9.47 % SOFR (Q) 5.00 % 02/2021 02/2029 32.2   31.9   32.2   (2)(9)
First lien senior secured loan 9.47 % SOFR (Q) 5.00 % 06/2023 02/2029 0.2   0.2   0.2   (2)(9)
32.1   32.4  
LifeStyles Bidco Ltd., Lifestyles US Holdco, Inc. and LifeStyles Parent, L.P. Provider of intimate wellness products First lien senior secured loan 9.75 % SOFR (Q) 5.75 % 11/2022 11/2028 18.1   18.1   18.1   (2)(6)(9)
First lien senior secured loan 9.75 % SOFR (Q) 5.75 % 12/2023 11/2028 9.3   8.7   9.3   (2)(6)(9)
Preferred units 8.00 % PIK
11/2022 3,178 4.0   4.0   (2)(6)
Class B common units 11/2022 32,105 —   1.1   (2)(6)
30.8   32.5  
pH Beauty Holdings III, Inc. Beauty and personal care platform First lien senior secured loan 9.27 % SOFR (S) 5.00 % 02/2025 09/2027 25.3   25.3   25.3   (2)
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P. (13) Manufacturer and supplier of natural fragrance materials and cosmeceuticals First lien senior secured revolving loan 11.26 % SOFR (M) 7.00 % 08/2021 08/2027 2.5   2.5   2.3   (2)(9)
First lien senior secured loan 11.26 % SOFR (M) 7.00 % 08/2021 08/2027 28.0   28.0   25.8   (2)(9)
Limited partner interests 08/2021 2.69 % 5.0   1.5   (2)
35.5   29.6  
RD Holdco Inc. (5) Manufacturer and marketer of carpet cleaning machines Senior subordinated loan 01/2017 10/2026 31.4   18.6   16.2   (2)(8)
Senior subordinated loan 04/2023 10/2026 1.2   0.9   0.6   (2)(8)
Common stock 01/2017 458,596 14.0   —  
33.5   16.8  
Silk Holdings III Corp. and Silk Holdings I Corp. Producer of personal care products First lien senior secured revolving loan 7.42 % SOFR (Q) 3.25 % 05/2023 05/2029 0.1   0.1   0.1   (2)(9)
First lien senior secured loan 8.66 % SOFR (M) 4.50 % 05/2023 05/2029 66.5   66.5   66.5   (2)(9)
Common stock 05/2023 14,199 14.2   28.1   (2)
80.8   94.7  
TCI Buyer LLC and TCI Holdings, LP (13) Contract formulator and manufacturer of beauty and personal care products First lien senior secured loan 8.66 % SOFR (M) 4.50 % 11/2024 11/2030 32.7   32.7   32.7   (2)(9)
Common stock 11/2024 24,010 2.4   2.8   (2)
35.1   35.5  
Walnut Parent, Inc. Manufacturer of natural solution pest and animal control products First lien senior secured loan 10.01 % SOFR (M) 5.75 % 11/2020 11/2027 14.3   14.3   13.7   (2)(9)
First lien senior secured loan 10.01 % SOFR (M) 5.75 % 04/2022 11/2027 0.1   0.1   0.1   (2)(9)
14.4 13.8
WU Holdco, Inc. (13) Manufacturer and distributor of household cleaning products with focus on specialized surfaces First lien senior secured loan 8.75 % SOFR (Q) 4.75 % 04/2025 04/2032 10.6   10.5 10.5 (2)(9)

See accompanying notes to consolidated financial statements.
66

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

307.8   297.1   2.07 %
Energy
GNZ Energy Bidco Limited and Galileo Co-investment Trust I (13) Independent fuel provider in New Zealand First lien senior secured loan 9.24 % BKBM (Q) 6.00 % 05/2022 07/2027 28.2   30.5   28.2   (2)(6)(9)
Common units 07/2022 17,616,667 5.1   9.1   (2)(6)
35.6   37.3  
HighPeak Energy, Inc. Oil and gas exploration and production company First lien senior secured loan 11.65 % SOFR (Q) 7.50 % 09/2023 09/2028 156.7   155.4   156.7   (2)(6)(9)
Murchison Oil and Gas, LLC and Murchison Holdings, LLC Exploration and production company Preferred units 06/2022 41,000 —   0.8  
Phoenix Operating LLC Oil and gas investment company First lien senior secured loan 11.10 % SOFR (Q) 7.00 % 08/2025 12/2027 46.0   43.2   43.0   (2)(9)
VPROP Operating, LLC and V SandCo, LLC (5)(13) Sand-based proppant producer and distributor to the oil and natural gas industry First lien senior secured loan 13.93 % PIK
SOFR (M) 9.50 % 06/2020 11/2026 6.8   6.8   6.8   (2)(9)
First lien senior secured loan 13.93 % PIK
SOFR (M) 9.50 % 11/2020 11/2026 5.6   5.6   5.6   (2)(9)
First lien senior secured loan 13.93 % PIK
SOFR (M) 9.50 % 12/2024 12/2025 4.9   4.9   4.9   (2)(9)
First lien senior secured loan 03/2017 11/2026 31.1   30.3   24.6   (2)(8)
Class A units 11/2020 347,900 32.8   —   (2)
80.4   41.9  

314.6 279.7 1.95 %
Gas Utilities
Ferrellgas, L.P. and Ferrellgas Partners, L.P. Distributor of propane and related accessories Senior preferred units 8.96 % 03/2021 64,155 64.2   71.5  
Class B units 09/2022 95,354 15.4   24.4   ‘(2)
79.6 95.9
Opal Fuels Intermediate HoldCo LLC, and Opal Fuels Inc. Owner of natural gas facilities First lien senior secured loan 7.50 % SOFR (Q) 3.50 % 09/2023 09/2028 0.1   0.1   0.1   (2)(6)
Class A common stock 07/2022 3,059,533 23.3   6.7   (6)(16)
23.4   6.8  

103.0   102.7   0.72 %
Technology Hardware & Equipment
Everspin Technologies, Inc. Designer and manufacturer of computer memory solutions Warrant to purchase shares of common stock 10/2016 10/2026 18,461 0.4   —  
Excelitas Technologies Corp. (13) Provider of photonic solutions First lien senior secured loan 9.41 % SOFR (M) 5.25 % 05/2024 08/2029 7.1   7.1   7.1   (2)(9)
FL Hawk Intermediate Holdings, Inc. (13) Provider of variable data labeling for the apparel industry First lien senior secured loan 8.66 % SOFR (M) 4.50 % 10/2024 02/2030 9.3   9.2   9.3   (2)(9)
PerkinElmer U.S. LLC and NM Polaris Co-Invest, L.P. Provider of analytical instrumentation and testing equipment and services First lien senior secured loan 8.91 % SOFR (M) 4.75 % 03/2023 03/2029 17.1   17.1   17.1   (2)(9)
First lien senior secured loan 8.91 % SOFR (M) 4.75 % 10/2023 03/2029 2.7   2.7   2.7   (2)(9)

See accompanying notes to consolidated financial statements.
67

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 8.91 % SOFR (M) 4.75 % 05/2024 03/2029 4.2   4.2   4.2   (2)(9)
Class A-2 units 01/2022 34,832 4.8   5.2  
Limited partnership interests 03/2023 0.55 % 9.9   14.8   (2)
38.7   44.0  
Repairify, Inc. and Repairify Holdings, LLC (13) Provider of automotive diagnostics scans and solutions First lien senior secured revolving loan 9.56 % SOFR (Q) 5.25 % 06/2021 06/2027 5.1   5.1   5.1   (2)(9)
First lien senior secured loan 9.40 % SOFR (Q) 5.25 % 05/2025 06/2027 5.0   5.0   5.0   (2)(9)
Class A common units 06/2021 163,820 4.9   2.5   (2)
15.0   12.6  

70.4   73.0   0.51 %
Telecommunication Services
Expereo USA, Inc. and Ristretto Bidco B.V. (13) Global internet managed service provider First lien senior secured loan 10.54 % ( 3.50 % PIK)
SOFR (Q) 6.50 % 12/2024 12/2030 61.6   61.6   61.0   (2)(6)(9)

61.6   61.0   0.43 %
Transportation
Nordic Ferry Infrastructure AS Private passenger & freight ferry transportation company Senior subordinated loan 7.03 % Euribor (Q) 5.00 % 11/2024 11/2031 0.1   0.1   0.1   (2)(6)
Senior subordinated loan 9.29 % NIBOR (Q) 5.00 % 11/2024 11/2031 0.1   0.1   0.1   (2)(6)
0.2   0.2  
Zeppelin US Buyer Inc. and Providence Equity Partners IX-C L.P. (13)(14) Specialty logistics platform for high-stakes projects in music, sports, production, fine art, and automotive industries First lien senior secured revolving loan 8.92 % SOFR (M) 4.75 % 07/2025 08/2032 0.6   0.6   0.6   (2)(9)
First lien senior secured loan 8.93 % SOFR (Q) 4.75 % 07/2025 08/2032 11.0   11.0   10.9   (2)(9)
Limited partnership interest 07/2025 1,392,000 1.4   1.4   (2)
13.0   12.9  

13.2   13.1   0.09 %

Total Investments $ 28,566.5   $ 28,692.6   (17) 200.35 %

See accompanying notes to consolidated financial statements.
68

Derivative Instruments

Forward currency contracts

Description Notional Amount to be Purchased Notional Amount to be sold Counterparty Settlement Date Unrealized Appreciation / (Depreciation)
Foreign currency forward contract $ 160    CAD 217   Canadian Imperial Bank of Commerce October 24, 2025 $ 4  
Foreign currency forward contract $ 159   £ 144   Canadian Imperial Bank of Commerce June 11, 2027 ( 1 )
Foreign currency forward contract $ 111   € 94   Canadian Imperial Bank of Commerce October 24, 2025 —  
Foreign currency forward contract $ 102   € 86   Royal Bank of Canada October 24, 2025 —  
Foreign currency forward contract $ 84   £ 68   Royal Bank of Canada August 21, 2026 ( 4 )
Foreign currency forward contract $ 76   £ 56   Canadian Imperial Bank of Commerce October 24, 2025 1  
Foreign currency forward contract $ 69    CAD 95   Canadian Imperial Bank of Commerce March 31, 2028 —  
Foreign currency forward contract $ 67   € 58   Canadian Imperial Bank of Commerce June 11, 2027 ( 1 )
Foreign currency forward contract $ 66   £ 48   Royal Bank of Canada October 24, 2025 1  
Foreign currency forward contract $ 58   ¥ 8,131   Royal Bank of Canada January 31, 2028 —  
Foreign currency forward contract $ 55    CAD 78   Canadian Imperial Bank of Commerce March 31, 2027 ( 1 )
Foreign currency forward contract $ 55    CAD 76   Royal Bank of Canada January 31, 2028 ( 1 )
Foreign currency forward contract $ 55   £ 41   Royal Bank of Canada July 28, 2028 —  
Foreign currency forward contract $ 55   £ 40   Canadian Imperial Bank of Commerce July 28, 2028 —  
Foreign currency forward contract $ 48    CAD 65   Royal Bank of Canada October 24, 2025 1  
Foreign currency forward contract $ 47   £ 35   Royal Bank of Canada June 27, 2028 —  
Foreign currency forward contract $ 39    NZD 64   Royal Bank of Canada October 24, 2025 2  
Foreign currency forward contract $ 19   £ 15   Canadian Imperial Bank of Commerce August 21, 2026 —  
Foreign currency forward contract $ 16   € 13   Canadian Imperial Bank of Commerce August 14, 2028 —  
Foreign currency forward contract $ 15    AUD 22   Canadian Imperial Bank of Commerce November 17, 2026 —  
Foreign currency forward contract $ 6    NOK 64   Canadian Imperial Bank of Commerce October 24, 2025 —  
Total $ 1  

Interest rate swaps

Description Hedged Item Company Receives Company Pays Counterparty Maturity Date Notional Amount Fair Value Upfront Payments/Receipts Change in Unrealized Appreciation / (Depreciation)
Interest rate swap January 2027 Notes 7.000   % SOFR + 2.5810 %
Wells Fargo Bank, N.A. 01/15/2027 $ 900   $ 9   $ —   $ ( 1 )
Interest rate swap March 2029 Notes 5.875   % SOFR + 2.0230 %
Wells Fargo Bank, N.A. 03/01/2029 1,000   14   —   1  
Interest rate swap July 2029 Notes 5.950   % SOFR + 1.6430 %
Wells Fargo Bank, N.A. 07/15/2029 850   27   —   —  
Interest rate swap September 2030 Notes 5.500   % SOFR + 1.7705 %
Wells Fargo Bank, N.A. 09/01/2030 750   9   —   1  
Interest rate swap January 2031 Notes 5.100   % SOFR + 1.7270 %
SMBC Capital Markets, Inc. 01/15/2031 650   ( 1 ) —   ( 1 )
Interest rate swap March 2032 Notes 5.800   % SOFR + 1.6995 %
Wells Fargo Bank, N.A. 03/08/2032 1,000   34   —   2  
Total $ 5,150   $ 92   $ —   $ 2  
______________________________________________

(1) Other than the Company’s investments listed in footnote 5 below (subject to the limitations set forth therein), the Company does not “Control” any of its portfolio companies, for the purposes of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In general, under the Investment Company Act, the Company would “Control” a portfolio company if the Company owned more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. All of the Company’s portfolio company investments, which as of September 30, 2025 represented 200 % of the Company’s net assets or 93 % of the Company’s total assets, are subject to legal restrictions on sales.

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

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

See accompanying notes to consolidated financial statements.
69

(4) As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” because it owns 5% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the nine months ended September 30, 2025 in which the issuer was an Affiliated Person of the Company (but not a portfolio company that the Company is deemed to Control) are as follows:

For the Nine Months Ended September 30, 2025 As of September 30, 2025

(in millions)
Company Purchases (cost) Redemptions (cost) Sales (cost) Interest income Capital
structuring service fees Dividend income Other income Net realized gains (losses) Net 
unrealized gains (losses) Fair Value
Align Precision Group, LLC and Align Precision Topco, L.P. $ 1.1   $ —   $ —   $ 0.4   $ —   $ —   $ —   $ —   $ 0.4   $ 14.4  
Apex Clean Energy TopCo, LLC 11.4   —   —   —   —   —   —   —   11.1   244.8  
APG Intermediate Holdings Corporation and APG Holdings, LLC —   13.1   —   —   —   —   —   —   2.0   7.6  
Bragg Live Food Products, LLC and SPC Investment Co., L.P. —   26.2   —   1.4   —   0.3   0.1   —   ( 7.7 ) 22.3  
Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P. —   4.9   —   6.8   —   —   0.1   0.4   ( 11.5 ) 88.9  
Daylight Beta Parent LLC and CFCo, LLC —   —   —   —   —   —   —   —   ( 1.2 ) 1.2  
ESCP PPG Holdings, LLC —   —   —   —   —   —   —   —   ( 2.0 ) 1.6  
European Capital UK SME Debt LP —   1.0   —   —   —   —   —   6.2   ( 6.1 ) 0.2  
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP 3.9   0.4   30.2   2.0   —   —   0.1   —   ( 0.8 ) 25.2  
OPH NEP Investment, LLC 4.1   —   —   2.8   0.1   —   —   —   0.1   38.4  
Partnership Capital Growth Investors III, L.P. —   1.1   —   —   —   —   —   —   ( 0.2 ) 3.4  
PCG-Ares Sidecar Investment, L.P. —   —   —   —   —   —   —   —   ( 0.2 ) 0.4  
PCG-TAC-CV, LP (fka PCG-Ares Sidecar Investment II, L.P.) —   7.3   —   —   —   —   —   1.3   ( 8.3 ) —  
Pluralsight, LLC and Pluralsight Holdings, LLC and Paradigmatic Holdco LLC —   0.1   —   3.3   —   —   0.1   —   ( 10.4 ) 46.5  
Production Resource Group, L.L.C. and PRG III, LLC 7.6   0.4   —   7.8   0.4   —   —   —   ( 41.0 ) 81.1  
Shoes For Crews Global, LLC and Shoes for Crews Holdings, LLC —   0.1   —   1.0   —   —   —   —   0.4   23.3  
$ 28.1   $ 54.6   $ 30.2   $ 25.5   $ 0.5   $ 0.3   $ 0.4   $ 7.9   $ ( 75.4 ) $ 599.3  

See accompanying notes to consolidated financial statements.
70

(5) As defined in the Investment Company Act, the Company is deemed to be both an “Affiliated Person” and “Control” this portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the nine months ended September 30, 2025 in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are as follows:

For the Nine Months Ended September 30, 2025 As of September 30, 2025

(in millions)
Company Purchases (cost) Redemptions (cost) Sales (cost) Interest income Capital
structuring service fees Dividend income Other income Net realized gains (losses) Net 
unrealized gains (losses) Fair Value
Absolute Dental Group LLC and Absolute Dental Equity, LLC $ 9.9   $ 4.3   $ —   $ 4.4   $ —   $ —   $ 0.1   $ —   $ ( 18.4 ) $ 59.3  
ACAS Equity Holdings Corporation —   —   —   —   —   —   —   —   —   0.5  
ADF Capital, Inc., ADF Restaurant Group, LLC, and ARG Restaurant Holdings, Inc. —   —   —   —   —   —   —   —   —   —  
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC 2.8   0.2   —   4.3   —   —   —   —   ( 5.8 ) 60.9  
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC 2.8   —   —   0.8   —   —   —   —   ( 9.9 ) 22.1  
Halex Holdings, Inc. —   —   —   —   —   —   —   —   —   —  
HCI Equity, LLC —   —   —   —   —   —   —   —   —   —  
Imaging Business Machines, L.L.C. and Scanner Holdings Corporation 1.3   —   —   2.0   —   —   0.4   —   18.8   87.2  
Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC —   —   —   0.6   —   —   —   —   0.1   84.1  
Ivy Hill Asset Management, L.P. 294.0   195.0   —   2.1   —   219.0   —   —   3.8   2,018.1  
Olympia Acquisition, Inc., Olympia TopCo, L.P., and Asclepius Holdings LLC —   —   —   0.4   —   —   0.1   —   ( 5.0 ) 33.4  
PCG-TAC-CV, LP (fka PCG-Ares Sidecar Investment II, L.P.) —   —   —   —   —   —   —   ( 0.1 ) 0.2   6.9  
Potomac Intermediate Holdings II LLC 28.7   —   239.5   —   0.8   —   0.5   261.8   ( 139.8 ) —  
PS Operating Company LLC and PS Op Holdings LLC 1.8   4.2   —   —   —   —   —   —   1.0   7.5  
RD Holdco Inc. —   3.8   —   —   —   —   —   —   5.6   16.8  
S Toys Holdings LLC (fka The Step2 Company, LLC) —   —   —   —   —   —   —   —   —   —  
Senior Direct Lending Program, LLC 123.8   338.8   —   109.5   3.6   —   3.2   ( 111.6 ) 64.6   1,041.9  
Startec Equity, LLC —   —   —   —   —   —   —   0.5   —   —  
Visual Edge Technology, Inc. 6.6   0.1   —   3.6   0.2   2.8   —   ( 0.2 ) ( 27.2 ) 61.4  
VPROP Operating, LLC and V SandCo, LLC —   —   —   3.8   —   —   —   —   ( 37.9 ) 41.9  
$ 471.7   $ 546.4   $ 239.5   $ 131.5   $ 4.6   $ 221.8   $ 4.3   $ 150.4   $ ( 149.9 ) $ 3,542.0  

______________________________________________________________________

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

(6) This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such

See accompanying notes to consolidated financial statements.
71

acquisition is made, qualifying assets represent at least 70% of the Company's total assets. Pursuant to Section 55(a) of the Investment Company Act, 20 % of the Company's total assets are represented by investments at fair value and other assets that are considered “non-qualifying assets” as of September 30, 2025.

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

(8) Loan was on non-accrual status as of September 30, 2025.

(9) Loan includes interest rate floor feature.

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

(11) As of September 30, 2025, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(12) As of September 30, 2025, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 7 for further information on letters of credit commitments related to certain portfolio companies.

(13) As of September 30, 2025, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 7 for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

See accompanying notes to consolidated financial statements.
72

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
15484880 Canada Inc. and 15484910 Canada Inc. $ 12.8   $ ( 0.3 ) $ 12.5   $ —   $ —   $ 12.5  
3 Step Sports LLC 10.4   —   10.4   —   ( 10.0 ) 0.4  
Absolute Dental Group LLC and Absolute Dental Equity, LLC 24.8   ( 21.5 ) 3.3   —   —   3.3  
Accommodations Plus Technologies LLC 12.0   —   12.0   —   —   12.0  
ACP Avenu Midco LLC 15.2   —   15.2   —   —   15.2  
Actfy Buyer, Inc. 18.6   —   18.6   —   —   18.6  
Activate Holdings (US) Corp. and CrossPoint Capital AS SPV, LP 3.6   —   3.6   —   —   3.6  
ADG, LLC, GEDC Equity, LLC and RC IV GEDC Investor LLC 9.5   —   9.5   —   —   9.5  
Adonis Acquisition Holdings LLC and Adonis Acquisition Holdings Parent LLC 1.2   —   1.2   —   —   1.2  
Adonis Bidco Inc. 84.6   —   84.6   —   —   84.6  
Aduro Advisors, LLC 5.3   —   5.3   —   —   5.3  
Advarra Holdings, Inc. 0.4   —   0.4   —   —   0.4  
Aerin Medical Inc. 4.4   —   4.4   —   —   4.4  
AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. 3.8   ( 1.3 ) 2.5   —   —   2.5  
AI Titan Parent, Inc. 18.5   —   18.5   —   —   18.5  
Airx Climate Solutions, Inc. 9.9   —   9.9   —   —   9.9  
Alcami Corporation and ACM Note Holdings, LLC 1.9   —   1.9   —   —   1.9  
Aldinger Company Inc 5.5   ( 0.5 ) 5.0   —   —   5.0  
Align Precision Group, LLC and Align Precision Topco, L.P. 1.0   —   1.0   —   —   1.0  
Anaplan, Inc. 1.4   —   1.4   —   —   1.4  
AP Adhesives Holdings, LLC 16.4   —   16.4   —   —   16.4  
Apex Service Partners, LLC and Apex Service Partners Holdings, LLC 8.6   ( 0.4 ) 8.2   —   —   8.2  
API Military Inc. and Allclear Group LLC 1.1   —   1.1   —   —   1.1  
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc. 0.1   —   0.1   —   —   0.1  
Aptean, Inc. and Aptean Acquiror Inc. 4.8   ( 0.1 ) 4.7   —   —   4.7  
AQ Sage Buyer, LLC 0.7   ( 0.1 ) 0.6   —   —   0.6  
AQ Sunshine, Inc. 24.3   ( 1.9 ) 22.4   —   —   22.4  

Artifact Bidco, Inc. 6.9   —   6.9   —   —   6.9  
Artivion, Inc. 23.9   ( 0.9 ) 23.0   —   —   23.0  
ASP-r-pac Acquisition CO LLC and ASP-r-pac Holdings LP 6.2   ( 4.6 ) 1.6   —   —   1.6  

AthenaHealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP 9.0   —   9.0   —   —   9.0  
ATI Restoration, LLC 20.9   ( 11.5 ) 9.4   —   —   9.4  
Avalign Holdings, Inc. and Avalign Technologies, Inc. 5.3   ( 1.6 ) 3.7   —   —   3.7  
Badia Spices, LLC 16.8   —   16.8   —   —   16.8  

Bamboo US BidCo LLC 14.1   —   14.1   —   —   14.1  
Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. 19.9   —   19.9   —   —   19.9  
Bayou Intermediate II, LLC 11.1   —   11.1   —   —   11.1  
BCPE Pequod Buyer, Inc. 8.6   —   8.6   —   —   8.6  
Beacon Pointe Harmony, LLC 9.3   —   9.3   —   —   9.3  
Beacon Wellness Brands, Inc. and CDI Holdings I Corp. 0.5   —   0.5   —   —   0.5  
Belfor Holdings, Inc. 58.5   ( 6.2 ) 52.3   —   —   52.3  
Bellwether Buyer, L.L.C. and Bellwether Topco V Buyer, Inc. 10.9   ( 0.8 ) 10.1   —   —   10.1  
Benecon Midco II LLC and Benecon Holdings, LLC 8.7   —   8.7   —   —   8.7  
Berner Food & Beverage, LLC 1.7   ( 0.8 ) 0.9   —   —   0.9  
BGI Purchaser, Inc. 35.3   ( 12.6 ) 22.7   —   —   22.7  
BGIF IV Fearless Utility Services, Inc. 15.2   ( 0.2 ) 15.0   —   —   15.0  
Bluejack Fire Acquisition, Inc. and Bluejack Fire Holdings LLC 12.0   —   12.0   —   —   12.0  
BNZ TopCo B.V. 22.6   —   22.6   —   —   22.6  
Bobcat Purchaser, LLC and Bobcat Topco, L.P. 2.5   —   2.5   —   —   2.5  
Bobtail AcquisitionCo, LLC 26.9   ( 0.8 ) 26.1   —   —   26.1  
Borrower R365 Holdings LLC 1.5   —   1.5   —   —   1.5  
Bottomline Technologies, Inc. 2.6   —   2.6   —   —   2.6  

See accompanying notes to consolidated financial statements.
73

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
BradyPlus Holdings, LLC 2.5   —   2.5   —   —   2.5  
BrightStar Group Holdings, Inc. 3.6   ( 0.2 ) 3.4   —   —   3.4  
Bulab Holdings, Inc. and Buckman PPC Co-Invest LP 17.5   —   17.5   —   —   17.5  
Businessolver.com, Inc. 0.4   —   0.4   —   —   0.4  
BVI Medical, Inc. and BVI Group Limited 17.1   —   17.1   —   —   17.1  
Cambrex Corporation 33.3   —   33.3   —   —   33.3  
Capstone Acquisition Holdings, Inc., Capstone Logistics Holdings, Inc. and Capstone Parent Holdings, LP 28.1   ( 16.2 ) 11.9   —   —   11.9  
Captive Resources Midco, LLC 1.6   —   1.6   —   —   1.6  
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc. 5.0   —   5.0   —   —   5.0  
Cascade Parent Inc. 2.8   —   2.8   —   —   2.8  
Centralsquare Technologies, LLC and Supermoose Newco, Inc. 15.8   ( 0.4 ) 15.4   —   —   15.4  
Chariot Buyer LLC 12.3   —   12.3   —   —   12.3  
City Line Distributors LLC and City Line Investments LLC 2.7   —   2.7   —   —   2.7  
Clarion Home Services Group, LLC and LBC Breeze Holdings LLC 1.4   ( 1.0 ) 0.4   —   —   0.4  
Clearstead Advisors, LLC 0.6   ( 0.3 ) 0.3   —   —   0.3  
Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P. 19.0   —   19.0   —   —   19.0  
ClubCorp Holdings, Inc. 7.3   —   7.3   —   —   7.3  
CMG HoldCo, LLC and CMG Buyer Holdings, Inc. 50.3   ( 0.9 ) 49.4   —   —   49.4  
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc. 21.1   ( 2.1 ) 19.0   —   —   19.0  
Collision SP Subco, LLC 6.8   ( 0.2 ) 6.6   —   —   6.6  
Compex Legal Services, Inc. 3.6   ( 2.5 ) 1.1   —   —   1.1  
Computer Services, Inc. 38.5   —   38.5   —   —   38.5  
Concert Golf Partners Holdco LLC 57.4   —   57.4   —   —   57.4  

Convera International Holdings Limited and Convera International Financial S.A R.L. 2.3   —   2.3   —   —   2.3  
CoreLogic, Inc. and T-VIII Celestial Co-Invest LP 38.9   ( 12.7 ) 26.2   —   —   26.2  
Cority Software Inc., Cority Software (USA) Inc., and Cority Parent, Inc. 0.9   ( 0.7 ) 0.2   —   —   0.2  
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. 38.7   ( 8.9 ) 29.8   —   —   29.8  
Coupa Holdings, LLC and Coupa Software Incorporated 0.9   —   0.9   —   —   0.9  

Cradle Lux Bidco S.A.R.L. and Hamilton Thorne Inc. 4.0   —   4.0   —   —   4.0  
Creek Parent, Inc. and Creek Feeder, L.P. 30.1   ( 0.1 ) 30.0   —   —   30.0  
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC 0.1   —   0.1   —   —   0.1  
CST Holding Company 1.9   —   1.9   —   —   1.9  
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC 47.2   —   47.2   —   —   47.2  

Datix Bidco Limited and RL Datix Holdings (USA), Inc. 47.1   —   47.1   —   —   47.1  
Davidson Hotel Company LLC 4.0   —   4.0   —   —   4.0  
DecoPac, Inc. and KCAKE Holdings Inc. 19.9   ( 5.5 ) 14.4   —   —   14.4  
Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. 36.2   ( 1.0 ) 35.2   —   —   35.2  
Diamond Mezzanine 24 LLC 1.0   ( 0.3 ) 0.7   —   —   0.7  
Digicert, Inc., Dcert Buyer, Inc., DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P. 4.8   —   4.8   —   —   4.8  
Diligent Corporation and Diligent Preferred Issuer, Inc. 5.4   ( 0.3 ) 5.1   —   —   5.1  
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc. 9.3   ( 0.6 ) 8.7   —   —   8.7  
Divisions Holding Corporation, Divisions, Inc. and RC V Tecmo Investor LLC 9.6   ( 0.1 ) 9.5   —   —   9.5  
Dorado Bidco, Inc. 7.4   —   7.4   —   —   7.4  
DOXA Insurance Holdings LLC and Rocket Co-Invest, SLP 14.8   ( 0.2 ) 14.6   —   —   14.6  
Doxim Inc. 2.7   ( 0.5 ) 2.2   —   —   2.2  
DP Flores Holdings, LLC 11.4   —   11.4   —   —   11.4  
DriveCentric Holdings, LLC 13.3   —   13.3   —   —   13.3  
Drogon Bidco Inc. & Drogon Aggregator LP 9.7   —   9.7   —   —   9.7  
DRS Holdings III, Inc. and DRS Holdings I, Inc. 10.9   —   10.9   —   —   10.9  
Duraserv LLC 8.7   —   8.7   —   —   8.7  

See accompanying notes to consolidated financial statements.
74

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP 9.6   ( 3.2 ) 6.4   —   —   6.4  
Echo Purchaser, Inc. 3.0   —   3.0   —   —   3.0  
Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer, Inc. 50.4   —   50.4   —   —   50.4  
Edmunds Govtech, Inc. 21.5   ( 1.7 ) 19.8   —   —   19.8  
Einstein Parent, Inc. 4.8   —   4.8   —   —   4.8  
EIS Legacy Holdco, LLC 23.8   —   23.8   —   —   23.8  
Elemica Parent, Inc. & EZ Elemica Holdings, Inc. 7.3   ( 7.1 ) 0.2   —   —   0.2  
Elevation Services Parent Holdings, LLC 3.5   ( 3.3 ) 0.2   —   —   0.2  
Elliott Davis Advisory, LLC and Elliott Davis Advisory HoldCo, LLC 9.5   ( 2.0 ) 7.5   —   —   7.5  
EMB Purchaser, Inc. 26.8   —   26.8   —   —   26.8  
Empower Payments Investor, LLC 6.3   —   6.3   —   —   6.3  
Enverus Holdings, Inc. and Titan DI Preferred Holdings, Inc. 11.7   ( 0.4 ) 11.3   —   —   11.3  
eResearchTechnology, Inc. and Astorg VII Co-Invest ERT 34.5   —   34.5   —   —   34.5  
ESHA Research, LLC and RMCF VI CIV XLVIII, L.P. 1.1   ( 0.3 ) 0.8   —   —   0.8  
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC 49.3   ( 8.5 ) 40.8   —   —   40.8  
Eternal Aus Bidco Pty Ltd 1.1   —   1.1   —   —   1.1  
Evolent Health LLC and Evolent Health, Inc. 25.8   —   25.8   —   —   25.8  
Excel Fitness Consolidator LLC, Health Buyer LLC and Excel Fitness Holdings, Inc. 3.6   —   3.6   —   —   3.6  
Excelitas Technologies Corp. 27.1   —   27.1   —   —   27.1  
Expereo USA, Inc. and Ristretto Bidco B.V. 16.6   —   16.6   —   —   16.6  
Extrahop Networks, Inc. 4.3   —   4.3   —   —   4.3  
Faraday Buyer, LLC 5.1   —   5.1   —   —   5.1  
Fever Labs, Inc. 16.4   ( 10.0 ) 6.4   —   —   6.4  
Firebird Acquisition Corp, Inc. 10.1   ( 0.1 ) 10.0   —   —   10.0  
Fitness Ventures Holdings, Inc. and Meaningful Partners Fitness Ventures Co-Investment LP 2.5   ( 2.5 ) —   —   —   —  
FL Hawk Intermediate Holdings, Inc. 1.3   —   1.3   —   —   1.3  
Flexera Software LLC 1.5   —   1.5   —   —   1.5  
Flinn Scientific, Inc. and WCI-Quantum Holdings, Inc. 17.5   ( 9.9 ) 7.6   —   —   7.6  
Flint OpCo, LLC 9.1   —   9.1   —   —   9.1  
FlyWheel Acquireco, Inc. 8.2   ( 2.2 ) 6.0   —   —   6.0  
Forescout Technologies, Inc. 2.4   —   2.4   —   —   2.4  
Forward Keystone Holdings, LP 8.1   —   8.1   —   —   8.1  
Fossil Group, Inc., Fossil Partners, L.P., and Fossil Canada Inc. 20.8   ( 2.9 ) 17.9   —   —   17.9  
Foundation Consumer Brands, LLC 2.4   —   2.4   —   —   2.4  
Foundation Risk Partners, Corp. 27.8   —   27.8   —   —   27.8  
Frontline Road Safety Operations, LLC 2.3   ( 0.4 ) 1.9   —   —   1.9  
FS Squared Holding Corp. and FS Squared, LLC 25.1   ( 0.3 ) 24.8   —   —   24.8  
G702 Buyer, Inc. 1.9   —   1.9   —   —   1.9  
Galway Borrower LLC 24.7   ( 2.7 ) 22.0   —   —   22.0  

Generator US Buyer, Inc. and Total Power Limited 1.2   ( 0.1 ) 1.1   —   —   1.1  
Gestion ABS Bidco Inc. / ABS Bidco Holdings Inc. 6.3   ( 0.3 ) 6.0   —   —   6.0  
GHP-VGS Purchaser LLC 8.7   —   8.7   —   —   8.7  
GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC 22.2   —   22.2   —   —   22.2  
GI Ranger Intermediate LLC 3.6   —   3.6   —   —   3.6  
Global Music Rights, LLC 15.0   —   15.0   —   —   15.0  
GNZ Energy Bidco Limited and Galileo Co-investment Trust I 2.9   —   2.9   —   —   2.9  
Goldeneye Parent, LLC 2.6   —   2.6   —   —   2.6  
Grit Buyer, Inc. and Integrum Grit Co-Invest LP 28.8   ( 0.1 ) 28.7   —   —   28.7  
Ground Penetrating Radar Systems, LLC and RC VI Buckeye Holdings LLC 9.4   ( 1.2 ) 8.2   —   —   8.2  
GS SEER Group Borrower LLC and GS SEER Group Holdings LLC 4.3   ( 0.1 ) 4.2   —   —   4.2  
GSV Purchaser, Inc. 4.1   —   4.1   —   —   4.1  
GTCR Everest Borrower, LLC 1.2   —   1.2   —   —   1.2  

See accompanying notes to consolidated financial statements.
75

(in millions)
Portfolio Company Total revolving and delayed draw loan commitments Less: funded commitments Total unfunded commitments Less: commitments substantially at discretion of the Company Less: unavailable commitments due to borrowing base or other covenant restrictions Total net unfunded revolving and delayed draw commitments
GTCR F Buyer Corp. and GTCR (D) Investors LP 0.9   —   0.9   —   —   0.9  
Guidepoint Security Holdings, LLC 3.4   —   3.4   —   —   3.4  
Harvey Tool Company, LLC 63.3   —   63.3   —   —   63.3  
HBH BUYER, LLC 2.5   —   2.5   —   —   2.5  
Heavy Construction Systems Specialists, LLC 4.0   —   4.0   —   —   4.0  
Helios Service Partners, LLC and Astra Service Partners, LLC 7.8   ( 1.7 ) 6.1   —   —   6.1  
Help/Systems Holdings, Inc. 15.0   —   15.0   —   —   15.0  
HGC Holdings, LLC 34.4   —   34.4   —   —   34.4  
HH-Stella, Inc. and Bedrock Parent Holdings, LP 5.4   ( 2.2 ) 3.2   —   —   3.2  
Higginbotham Insurance Agency, Inc. and HIG Intermediate, Inc. 2.2   —   2.2   —   —   2.2  
High Street Buyer, Inc. and High Street Holdco LLC 6.1   —   6.1   —   —   6.1  
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC 17.5   —   17.5   —   —   17.5  
Hills Distribution, Inc., Hills Intermediate FT Holdings, LLC and GMP Hills, LP 0.4   ( 0.1 ) 0.3   —   —   0.3  
Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP 130.0   ( 0.2 ) 129.8   —   —   129.8  
Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC 21.5   ( 4.4 ) 17.1   —   —   17.1  
HP RSS Buyer, Inc. 16.4   —   16.4   —   —   16.4  
HPCC Parent, Inc. and Patriot Container Corp. 5.8   —   5.8   —   —   5.8  
HuFriedy Group Acquisition LLC 8.3   ( 0.3 ) 8.0   —   —   8.0  
Huskies Parent, Inc., GI Insurity Parent LLC and GI Insurity TopCo LP 13.3   ( 9.4 ) 3.9   —   —   3.9  
Hyland Software, Inc. 2.0   —   2.0   —   —   2.0  
Hyphen Solutions, LLC 9.6   —   9.6   —   —   9.6  
Icefall Parent, Inc. 1.1   —   1.1   —   —   1.1  
ID.me, LLC and ID.me, Inc. 29.4   —   29.4   —   —   29.4  
IFH Franchisee Holdings, LLC 18.9   ( 4.3 ) 14.6   —   —   14.6  
Implus Footcare, LLC, Implus Holdings, LLC, and Implus Topco, LLC 1.5   —   1.5   —   —   1.5  
Infinity Home Services Holdco, Inc., D'Angelo & Sons Construction Limited and IHS Parent Holdings, L.P. 20.9   ( 0.7 ) 20.2   —   —   20.2  
Innovative Systems L.L.C. 3.1   —   3.1   —   —   3.1  
Inszone Mid, LLC and INSZ Holdings, LLC 45.0   —   45.0   —   —   45.0  
Internet Truckstop Group LLC 1.2   —   1.2   —   —   1.2  
IQN Holding Corp. 2.3   ( 1.1 ) 1.2   —   —   1.2  
IRI Group Holdings, Inc. and Circana, LLC 23.7   ( 0.1 ) 23.6   —   —   23.6  
ISQ Hawkeye Holdco, Inc. and ISQ Hawkeye Holdings, L.P. 30.2   ( 3.7 ) 26.5   —   —   26.5  
JAMS Holdings LP and Jams Buyer LLC 7.0   —   7.0   —   —   7.0